Bank of the James reports higher 2Q profit

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July 25, 2019

View full story in The News & Advance.

The Lynchburg-based parent company of Bank of the James reported Friday a higher second-quarter profit of $1.38 million, or 31 cents per share, up about 6% from $1.3 million, or 30 cents per share, during the second quarter last year.

In June, Bank of the James opened full-service banking locations in Charlottesville and Roanoke. The company plans to open a new Rustburg office this year and recently has expanded into Lexington as well. These expansions contributed to noninterest expenses — a category that includes employee salaries, benefits, equipment costs and more — rising 12.61% year-over-year, to $5.98 million in the second quarter, according to a news release from the company.

But Chief Financial Officer Todd Scruggs told The News & Advance the bank also saw strong loan growth during the second quarter. Loans increased $16 million in that quarter alone to $551.97 million, a record high for the company.