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LYNCHBURG – Financial institution of the James Monetary Group, Inc. (NASDAQ:BOTJ), father or mother firm of Financial institution of the James, has disclosed unaudited monetary outcomes for the third quarter ending September 30, 2024. The report confirmed a internet revenue of $1.99 million or $0.44 per share, a slight lower from $2.08 million or $0.46 per share for a similar interval in 2023. The nine-month internet revenue additionally fell to $6.33 million or $1.39 per share, in contrast with $6.60 million or $1.44 per share for the earlier yr.
CEO Robert R. Chapman III highlighted the corporate’s steady earnings and progress in shareholder fairness and guide worth per share. Regardless of excessive rates of interest affecting lending exercise, the financial institution continued to search out options for purchasers, contributing to asset progress surpassing $1 billion within the third quarter. The financial institution’s efficiency was attributed to efficient curiosity expense administration, disciplined credit score administration, and a diversified revenue stream.
The financial institution’s complete curiosity revenue for the third quarter rose by 14% year-over-year, with industrial mortgage rates of interest and industrial actual property progress being vital contributors. Web curiosity revenue after provision for credit score losses was barely down in comparison with the third quarter of 2023 however remained steady for the nine-month interval.
Complete noninterest revenue noticed a 19% improve within the third quarter, pushed by wealth administration price revenue, treasury providers, and features from mortgage mortgage gross sales. The financial institution’s asset high quality remained excessive, with a nonperforming loans ratio of 0.20% as of September 30, 2024.
Financial institution of the James continued its enlargement with new areas in Buchanan and Nellysford, Virginia, contributing to deposit progress. Complete deposits elevated to $907.61 million, and complete property reached $1.01 billion. The financial institution’s board of administrators accepted a quarterly dividend of $0.10 per share, payable on December 6, 2024, to shareholders of report as of November 22, 2024.
The financial institution’s govt vp and CFO, J. Todd Scruggs, expressed optimism for margin enhancements in future quarters, following the Federal Reserve’s charge minimize in mid-September.
This monetary replace is predicated on a press launch assertion from Financial institution of the James Monetary Group, Inc.
“In different current information, Financial institution of the James Monetary Group Inc. has introduced a quarterly money dividend of $0.10 per share. This declaration, a typical apply for the corporate, displays its dedication to offering returns to shareholders. The dividend is about to be paid to stockholders of report as of November 22, 2024. Along with this, the corporate has reported a rise in its Q1 earnings, with internet revenue rising to $2.19 million, primarily pushed by a 15.51% rise in complete curiosity revenue. Non-interest revenue additionally noticed a rise, reaching $3.31 million, led by industrial treasury providers and wealth administration revenue. As a part of their current developments, Financial institution of the James Monetary Group additionally plans to broaden its presence within the Roanoke, Lexington, and Charlottesville markets with new places of work opening within the second quarter of 2024. These bulletins spotlight the corporate’s monetary well being and its means to generate enough money circulation to share income with its traders.”
InvestingPro Insights
Financial institution of the James Monetary Group, Inc. (NASDAQ:BOTJ) has demonstrated resilience in a difficult rate of interest setting, as evidenced by its current monetary outcomes. To offer further context to the corporate’s efficiency, let’s look at some key metrics from InvestingPro.
As of the final twelve months ending Q2 2024, BOTJ reported a income of $43.41 million USD. Whereas this represents a slight year-over-year decline of two.79%, it is value noting that the corporate’s quarterly income progress for Q2 2024 was optimistic at 3.28%, indicating a possible turnaround in top-line efficiency.
The corporate’s profitability stays sturdy, with an working revenue margin of 25.25% for a similar interval. This strong margin aligns with the CEO’s feedback on efficient curiosity expense administration and disciplined credit score practices.
InvestingPro Suggestions spotlight that BOTJ is buying and selling at a low earnings a number of, with a P/E ratio of seven.13. This valuation metric means that the inventory could also be undervalued relative to its earnings, which could possibly be of curiosity to value-oriented traders. Moreover, BOTJ has maintained dividend funds for 11 consecutive years and has raised its dividend for 4 consecutive years, reflecting the corporate’s dedication to shareholder returns regardless of market fluctuations.
The corporate’s dividend yield stands at 2.99%, with a notable dividend progress of 25% within the final twelve months. This aligns with the financial institution’s current announcement of a $0.10 per share quarterly dividend and underscores its concentrate on returning worth to shareholders.
Buyers can also have an interest to know that BOTJ has skilled a major worth uptick over the past six months, with a complete return of 36.4%. This optimistic momentum, coupled with the corporate’s steady monetary efficiency, could point out rising investor confidence within the financial institution’s technique and execution.
For readers thinking about a extra complete evaluation, InvestingPro affords further ideas and insights on BOTJ, with a complete of 6 ideas obtainable for this inventory.
This text was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.
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