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Bank of the James’ parent company reported Friday its highest-ever first-quarter profit: $1.234 million, or 28 cents per share, up 9.88% from $1.123 million, or 26 cents per share, during the same quarter the previous year.
Bank of the James Financial Group officials credited the firm’s expanding geographic market, with the accompanying growth in both loans and deposits, as among the reasons for its success.
“Our expanded regional markets continue to drive new business opportunities with solid activity in residential mortgage origination, insurance and investments, commercial banking and deposit growth,” Bank of the James President and CEO Bob Chapman said in a news release.
The Lynchburg-based bank company, which has offices in Blacksburg, Charlottesville, Harrisonburg and Roanoke, has been continuing to extend its reach in recent years,