Bank of the James reports Q4 EPS 45c vs. 42c last year

Robert Chapman III, CEO, commented: “Our company’s proactive response to the numerous economic and market changes that occurred throughout 2023 contributed to strong earnings and positive financial and operating results. Operational efficiency, diligent expense management and a focus on asset quality ensured a financial performance that drove value for shareholders and assured product and service excellence for customers. Higher interest rates caused fundamental and rapid changes in the banking landscape. Slowing loan demand, rising interest expense, and market and regulatory concerns about banks’ liquidity created challenges that were quickly and effectively addressed by the Company and our experienced team of banking professionals. Our longstanding emphasis on security, liquidity, capital strength, asset quality and superior customer service, which makes for strong relationships, proved critical in 2023. By maintaining exceptional asset quality, we maximized the value of revenues generated. We required minimal provisioning for credit losses, experienced nominal loan charge-offs, and maintained low levels of non-performing and watch-list loans. We concluded 2023 with no foreclosed real estate on our books. This speaks to the financial health and strength of our customers, and to our credit management practices.”