Bank of the James posts record Q3 net income of $2.57M, EPS $0.55, up 37% YoY

BANK OF THE JAMES FINANCIAL GROUP INC

2022-Q3 EPS reported $1.48 revenue$2,563,000

Q3 2022 net income $2.57M ($0.55 diluted EPS) vs. $1.88M ($0.40) in Q3 2021; nine-month net income $7.01M ($1.48) vs. $5.73M ($1.21).
Net interest income rose 16% YoY to $7.9M in Q3; net interest margin expanded to 3.43% from 2.93% a year earlier.
Quarterly dividend increased 14% to $0.08/share, payable Dec 9, 2022 to holders of record Nov 25, 2022.
Repurchased 112,000 shares in Q3 for $1.4M (avg. $12.51/share); book value fell to $10.44 from $14.65 due to AFS securities mark-to-market.
Asset quality strong: NPL/total loans 0.13%, allowance to loans 1.03%, and $300K recovery of loan losses in Q3.

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