Bank of the James Q2 profit rises on higher net interest income
BOTJ•Outlook and dividend
The company said it does not expect the recent pace of loan growth to continue in the coming quarters.
Bank of the James said it will continue to focus on operating efficiency and expense management, while looking for well-structured loan originations amid current market conditions.
The company declared a Q2 dividend of $0.10.
Quarterly profit rises
Virginia commercial bank Bank of the James said second-quarter net income rose 20% year over year, with basic earnings per share climbing to $0.71.
The company reported Q2 net income of $3.24 million and pretax profit of $4.07 million.
Income growth and expense control support results
Net interest income increased to $9.25 million, supported by a higher net interest margin and lower deposit costs.
Noninterest income also rose, led by higher wealth management fees and service charges.
At the same time, noninterest expense declined year over year, and the company said its efficiency ratio improved. Nonperforming loans also declined from the prior year.
