Bank of the James Financial Group, Inc. reported a net income of $7.94 million for the fiscal year ending December 31, 2024, translating to earnings of $1.75 per share. This represents a decrease from the previous year's net income of $8.70 million, or $1.91 per share. The decline in profitability was primarily attributed to a reduction in net interest income, which fell to $29.24 million from $29.74 million in 2023. The company also experienced an increase in non-interest expenses, driven by higher salaries and employee benefits, as well as professional fees.
Total assets for the company increased by 1.02%, reaching $979.24 million as of December 31, 2024, compared to $969.37 million at the end of 2023. The growth in assets was largely due to an increase in net loans, which rose to $636.55 million from $601.92 million. The bank's net interest margin decreased to 3.11% from 3.29%, reflecting a faster rise in interest expenses compared to interest income. The average interest rate on interest-bearing liabilities increased significantly, contributing to the pressure on net interest income.
In terms of operational developments, Bank of the James expanded its geographic footprint by opening new branches in Nellysford and Buchanan in 2024, as part of its strategy to diversify its market presence. The bank's total deposits also saw a slight increase, rising to $882.40 million from $878.46 million, with a notable shift from non-interest-bearing to interest-bearing accounts. The bank's mortgage division originated 633 loans totaling approximately $190.67 million, an increase from 609 loans totaling $164.51 million in 2023, indicating a growing demand for mortgage products.
The company continues to focus on enhancing its non-interest income streams, particularly through its investment advisory subsidiary, Pettyjohn, Wood & White, which reported an increase in assets under management to approximately $853.97 million. The investment advisory fees rose to $4.84 million in 2024 from $4.20 million in the previous year. Looking ahead, Bank of the James Financial Group anticipates continued growth in its mortgage and investment advisory segments, while remaining vigilant about managing credit risk and operational costs in a fluctuating economic environment.
About BANK OF THE JAMES FINANCIAL GROUP INC
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