Bank of the James announces quarterly dividend

Bank of the James Financial Group Inc. (NASDAQ:BOTJ), a Virginia-based state commercial bank with a market capitalization of $60 million, has declared a quarterly cash dividend. On Monday, the company's Board of Directors announced a dividend of $0.10 per share of common stock, representing a 3% yield.

This dividend is scheduled to be paid on March 21, 2025, to shareholders of record as of the close of business on March 7, 2025. According to InvestingPro, BOTJ has maintained dividend payments for 11 consecutive years, with increases in each of the last four years.

The announcement was made in a recent 8-K filing with the United States Securities and Exchange Commission. The bank, headquartered in Lynchburg, VA, operates under the trading symbol BOTJ on the NASDAQ Capital Market.

The declaration of this dividend follows the bank's regular practice of providing returns to its shareholders and reflects its ongoing financial management strategies. As a state commercial bank, Bank of the James operates within the highly regulated financial industry, and its dividend payments are often seen as a sign of financial stability and shareholder commitment.

InvestingPro analysis shows the bank maintains a GOOD financial health score, with particularly strong marks in profitability and relative value metrics. The stock currently trades at an attractive P/E ratio of 7.1, suggesting potential undervaluation according to InvestingPro's Fair Value assessment.

The 8-K filing did not include any additional financial statements, pro forma financial information, or details about transactions involving shell companies. It solely focused on the declaration of the quarterly dividend.

This dividend payment is part of the bank's financial activities as disclosed in the filing, and it is a routine element of its corporate governance. The information regarding the dividend is based on the press release statement filed with the SEC.

Investors and shareholders of Bank of the James Financial Group Inc. typically monitor such filings for updates on the company's financial decisions and distributions. The bank's decision to continue its dividend payments may be of interest to both current and potential investors as they assess the company's performance and their investment strategies.

While the stock has seen a -15.56% YTD return, InvestingPro subscribers can access additional insights through 6 more exclusive ProTips and comprehensive financial metrics to make more informed investment decisions.

In other recent news, Bank of the James Financial Group reported a slight decrease in its third-quarter net income, falling to $1.99 million from $2.08 million in the same period in 2023.

The company's nine-month net income also saw a dip to $6.33 million from $6.60 million the previous year. Despite these decreases, the bank's total interest income for the quarter rose by 14% year-over-year, and noninterest income saw a 19% increase, driven by wealth management fee income, treasury services, and gains from mortgage loan sales.

Bank of the James also revealed recent expansions with new locations in Buchanan and Nellysford, Virginia, contributing to deposit growth. Total (EPA:TTEF) deposits increased to $907.61 million, and total assets reached $1.01 billion. The company has also declared a quarterly dividend of $0.10 per share, emphasizing its commitment to shareholder returns.

In further developments, Bank of the James Financial Group announced plans to expand its presence in the Roanoke, Lexington, and Charlottesville markets with new offices opening in the second quarter of 2024. These recent developments highlight the company's ongoing growth and financial resilience.

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