News Column

BRIEF: Despite down 4th quarter, Bank of the James earnings up in 2013

January 28, 2014

By Barrett Mohrmann, The News & Advance, Lynchburg, Va.

Jan. 28 -- Lynchburg's Bank of the James Financial Group reported a decline in its fourth quarter, but a year of increased earnings for 2013. Earnings for the final three months of 2013 amounted to $633,000 , according the company's earning report released Tuesday. The company's net income in the last quarter of 2012 was $747,000 , the company has reported. However, earnings for 2013 rose 44 percent from the previous year. The company's income as of Dec. 31, 2013 totaled at $3.06 million , up from the $2.13 million for 2013. Total loans from the bank also rose in 2013 to $339.99 million , reflecting growth in commercial real estate and construction, the company reported. "Our financial performance in 2013 reflects the accomplishments of our entire team to deliver growth," said Robert Chapman , president and CEO of the company. ___ (c)2014 The News & Advance (Lynchburg, Va.) Visit The News & Advance (Lynchburg, Va.) at Distributed by MCT Information Services

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Source: News & Advance (Lynchburg, VA)

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