Bank of the James Q1 profit jumps on higher net interest income
Overview
U.S. commercial bank's Q1 net income surged, driven by higher net interest and noninterest income
Company improved efficiency ratio as revenue grew and noninterest expense declined
Board declared quarterly dividend of $0.10 per share
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
NET INTEREST INCOME - Higher yields on loans and securities, along with lower deposit costs and retirement of capital notes, boosted net interest income
NONINTEREST INCOME - Growth in mortgage loan sales and wealth management fees drove noninterest income higher
EXPENSE REDUCTIONS - Declines in professional and data processing costs following a core processing contract renegotiation lowered noninterest expense
Company press release: ID:nGNX3KVq2f
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Net Income |
| $2.77 mln |
|
Q1 Net Interest Income |
| $8.73 mln |
|
Q1 Basic EPS |
| $0.61 |
|
Q1 Dividend |
| $0.10 |
|
Q1 Net Interest Margin |
| 3.57% |
|
Q1 Pretax Profit |
| $3.48 mln |
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