LYNCHBURG, VA – Bank of the James Financial Group Inc. (NASDAQ:BOTJ) announced a quarterly cash dividend on Tuesday, marking a continued commitment to return value to shareholders. The company's Board of Directors declared a dividend of $0.10 per share of common stock, which is scheduled to be paid on September 20, 2024, to stockholders of record at the close of business on September 6, 2024.
This financial event follows the company's regular pattern of dividend distributions, reflecting its financial health and stable performance in the banking sector. Bank of the James, a state commercial bank headquartered in Lynchburg, Virginia, has consistently provided dividends, underscoring its strategic focus on shareholder returns.
As the payment date approaches, shareholders of Bank of the James can anticipate the receipt of dividends, which may contribute to their investment income.
The information disclosed is based on a press release statement as required by the Securities and Exchange Commission (SEC)
In other recent news, Bank of the James Financial Group reported an uplift in its Q1 earnings, with net income rising to $2.19 million from $1.98 million in the same period last year. This increase in earnings was primarily driven by a 15.51% rise in total interest income to $10.51 million, attributed to higher commercial loan interest rates and a higher yield on Fed Funds sold.
However, the bank's net interest margin saw a decrease to 3.02% from 3.48% a year earlier, due to the impact of prevailing interest rate conditions.
The bank also saw an increase in non-interest income to $3.31 million, led by fee income from commercial treasury services and wealth management income from Pettyjohn, Wood & White. The bank's asset quality remained strong, with a ratio of nonperforming loans to total loans at 0.09%. Total deposits also grew to $893.50 million, up from $878.46 million at the end of December 2023.
In further developments, Bank of the James plans to expand its presence in the Roanoke, Lexington, and Charlottesville markets with new offices in Buchanan and Nellysford, Virginia, in the second quarter of 2024.
InvestingPro Insights
Bank of the James Financial Group Inc. (NASDAQ:BOTJ) has demonstrated a solid track record of rewarding shareholders, with a noteworthy dividend increase over the past year. According to recent data, the company has seen a significant 25.0% dividend growth for the last twelve months as of Q1 2024. This is in sync with the company's history of maintaining dividend payments for 11 consecutive years, emphasizing its commitment to consistent shareholder returns.
Investors considering Bank of the James will find additional insights from the InvestingPro platform particularly relevant. An InvestingPro Tip highlights that BOTJ has been trading at a low earnings multiple, with a P/E ratio of 6.2, which might suggest the stock is currently undervalued relative to its earnings. Moreover, the company has been profitable over the last twelve months, which is an encouraging sign for potential investors.
For those looking to delve deeper into the financial health and future prospects of Bank of the James, there are more InvestingPro Tips available. These tips, along with comprehensive analytics, can be found at https://www.investing.com/pro/BOTJ, offering a detailed perspective on the company's performance. Readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a total of 7 additional InvestingPro Tips that can guide investment decisions.
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