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Bank of the James Financial Group Q1 net income up 27%

Bank of the James Financial Group has reported total net income after tax of $504,000 for the first quarter of 2008, a 26.6% increase, compared to net income of $398,000 for the same period of 2007.

Bank of the James Financial Group has reported earnings of $0.20 per basic share ($0.19 diluted) for Q1 2008, compared to $0.16 per basic share ($0.15 diluted) for Q1 2007.

Interest income increased $457,000 or 11.2% for the first quarter of 2008, compared to the same period of 2007.

Robert Chapman, president and CEO of Bank of the James Financial Group, said: We are extremely proud of our first quarter earnings increase over last year. In spite of the recent negative outlook for the economy generally and the financial services industry specifically, we believe this increase in earnings is a significant accomplishment.