Bank of the James Financial Group, Inc.
Announces Results For 2nd Quarter 2010
July 21, 2010 12:12 PM Eastern Daylight Time
LYNCHBURG, Va.--(EON: Enhanced Online News)--Bank of the James Financial Group, Inc. (OTCBB:BOJF)
(quarterly consolidated results unaudited) reported today total net income after tax of $770,000 or $0.23 per basic
and diluted share for the quarter ended June 30, 2010 and $1,136,000 or $0.34 per basic and diluted share year-
to-date compared to net income of $185,000 or $0.06 per basic and diluted share and $379,000 or $0.12 per
basic and diluted share for the respective periods a year ago. All earnings per share amounts have been adjusted to
reflect the 10% stock dividend declared by Bank of the James Financial Group, Inc. (the “Company”) at the annual
shareholder’s meeting on May 18, 2010 and payable on July 23, 2010 to shareholders of record as of June 21,
2010, as well as all previously declared and paid stock dividends.
Robert R. Chapman III, President of the Bank commented, “We are pleased with the performance of the Bank,
particularly in light of the difficult economic circumstances. Our results are a testament to the hard work of our
employees and the leadership of our board of directors and management team.”
The increase in net income is primarily attributable to an improvement in the net interest margin resulting from a
decrease in the cost of interest bearing liabilities, primarily certificates of deposit and savings accounts. The net
interest margin improved from 3.17% during the three month period ended June 30, 2009 to 4.24% during the same
period ended June 30, 2010. The stronger margin translated into net interest income of $3,978,000 during the three
month period ended June 30, 2010 as compared to $2,845,000 during the same period a year ago, an increase of
$1,133,000 or 39.8%. Interest income increased by 7.3% and interest expense decreased by 33.7% compared to
the same three month period a year ago.
Also contributing to the increase in net in