Bank of the James Financial Group, Inc (BOJF.OB), announced fiscal results for the fourth quarter 2007. Specifically, the company reported total net income after tax of $607,000 or $0.24 per basic share for the quarter ended December 31, 2007 and $2,084,000 or $0.82 per basic share year-to-date. Compared to net income of $565,000, or $0.25 per basic share, and $1,765,000, or $0.80 per basic share, for the respective periods a year ago, this represents an increase of 18%.
Non interest income increased from $2,314,000 in the year ended December 31, 2006 to $2,751,000 in the year ended December 31, 2007, an increase of 18.9%. The increase is attributable to fees derived from increased mortgage origination volume, as well as commissions on investments offered through BOTJ Investment Group, Inc, a subsidiary of Bank of the James Financial Group, Inc.
Return on average assets and return on average equity in the fourth quarter 2007 was 0.90% and 10.11% respectively, as compared to 1.01% and 13.52% in the same period a year ago. The decrease in these ratios was expected due to the increase in equity capital.
J. Todd Scruggs, CEO commented, “We are extremely pleased with our 2007 financial performance particularly in light of the difficulties in the financial sector in the second half of 2007. For two consecutive quarters we have achieved the highest net income in the history of the Company. This is attributable to our dedicated employees who focused on execution of our business plan throughout 2007.”
Scruggs added, “We are proud to serve Region 2000 and continue to believe there is potential for additional growth and market penetration in 2008 and beyond. We also wish to reiterate what we have stated previously; Bank of the James made a conscious decision several years ago to avoid any direct exposure to subprime lending. This continues to be our policy moving forward as well.”
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