Bank of the James Announces Strong Financial Results

Positive Earnings, Deposit Growth, Strong Asset Quality

LYNCHBURG, Va., Oct. 20, 2023 (GLOBE NEWSWIRE) —

Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited financial results for the third quarter and first nine months of 2023. The Company reported positive earnings, significant deposit growth, and strong asset quality.

In a statement, CEO Jonathan M. Hoggard expressed pride in the Company’s performance, noting that the results reflect the dedication and hard work of the entire team. Hoggard highlighted the growth in deposits, which he credited to the Bank’s focus on providing exceptional customer service and innovative financial products.

The Company also announced the declaration of a dividend, a testament to its commitment to creating value for shareholders. This marks the X consecutive quarter that the Company has paid a dividend, demonstrating its financial strength and stability.

With a solid foundation and a clear strategic vision, Bank of the James is well-positioned for continued success in the future. The Company remains focused on serving the needs of its customers, supporting the communities it serves, and delivering strong financial results.

How This Will Affect Me

As a customer of Bank of the James, you can expect continued exceptional service, innovative financial products, and a stable, secure banking environment. The positive financial results announced by the Company indicate that your deposits are safe and that the Bank is well-equipped to meet your financial needs now and in the future.

How This Will Affect the World

Strong financial institutions like Bank of the James play a critical role in the global economy. By demonstrating positive earnings, deposit growth, and strong asset quality, the Company contributes to overall financial stability and confidence in the banking industry. This not only benefits customers and shareholders but also helps support economic growth and prosperity on a larger scale.

Conclusion

Bank of the James has once again demonstrated its strength and stability with positive financial results for the third quarter and first nine months of 2023. The Company’s focus on customer service, innovation, and financial performance sets it apart in the banking industry and positions it for continued success in the future. Whether you are a customer or an observer, the strong performance of Bank of the James has positive implications for individuals, communities, and the global economy as a whole.