Bank of the James' Q3 profit rises on higher interest income
BOTJ•Bank of the James reported Q3 net income of $3.32 million and basic EPS of $0.73, with higher net interest and noninterest income. Its board approved a 50% increase in the quarterly dividend to $0.15 per share.
1. Quarterly results
Q3 net income was $3.32 million, basic EPS was $0.73 and net interest income was $9.72 million. Net interest margin was 3.81%, and pretax profit was $4.17 million.
2. Income and dividend
Higher net interest income and improved net interest margin, supported by lower deposit costs, drove results. Noninterest income rose modestly, including growth in wealth management fees, while record loan and deposit portfolios contributed to quarterly performance. The board approved a 50% increase in the quarterly dividend to $0.15 per share; the company provided no specific future-quarter or full-year guidance.
