Bank of the James Financial Group, Inc.(BOTJ) and its subsidiaries released their unaudite d consolidated financial statements for the first quarter of 2023. The report reveals the company's net income and revenue figures for the three months ended March 31, 2023.
Net Income for Q1 2023
During the first quarter of 2023, Bank of the James Financial Group recorded a net income of $1.98 million. This represents a solid financial performance for the company in the early months of the year.
Quarterly Revenue
The bank's total interest income for the three months ending March 31, 2023, amounted to $9.1 million. This revenue was generated from various sources, including interest income from loans, securities, and interest-bearing deposits, as well as federal funds sold.
The bank's interest income from loans saw a significant increase, reaching $7.4 million in Q1 2023 compared to $5.9 million in the same period of the previous year. Additionally, the bank's noninterest income, which includes gains on sales of loans held for sale and service charges, fees, and commissions, contributed to the total revenue of $9.1 million.
Consolidated Financial Position
As of March 31, 2023, Bank of the James Financial Group's total assets amounted to $948.1 million, showing a growth in comparison to the previous year. The bank's assets include cash and due from banks, securities available-for-sale, loans, and other tangible and intangible assets.
On the liabilities side, the bank's total liabilities stood at $896.1 million, with deposits being the most significant component. Total deposits amounted to $864.4 million, with a combination of noninterest-bearing demand, NOW, money market, savings, and time deposits.
The bank's stockholders' equity was reported at $52.0 million, reflecting the company's financial strength and stability.
Bank of the James Financial Group's financial statements for Q1 2023 reveal positive performance, with net income of $1.98 million and revenue of $9.1 million. The bank's solid financial position and growth in assets indicate a promising start to the year. However, as with any financial institution, uncertainties and challenges in the market could impact future performance. Investors and stakeholders will keep a close eye on the bank's future reports to gauge its continued progress.