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Lynchburg-based Bank of the James’ parent company reported Friday a jump in fourth-quarter profit to $1.48 million, or 34 cents per basic and diluted share, up from $360,000, or 8 cents per basic and diluted share, during the same quarter the previous year.
Bank of the James Financial Group executives said the increase was boosted in part by rising interest rates, more commercial real estate lending and an eight-percent increase in deposits from the end of 2017 to the end of 2018.
“A highlight of 2018 was the Company’s deposit growth, particularly lower-cost core deposits, which enabled us to fund increased lending activity with internal resources and minimal reliance on higher-cost borrowings,” Bank of the James President and CEO Bob Chapman said in a news release. Core deposits generally include local customers’ checking and savings accounts but not certificates of deposit.