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Lending reserve provision cuts Bank of the James Financial Group earnings

A provision for a commercial lending relationship for unit Bank of the James resulted in a decrease of roughly $604,000, or 14 cents per share, in Bank of the James Financial Group Inc.'s earnings both for the quarter and year ended Dec. 31, 2016.

The provision of $915,000 was made Jan. 17 by the company's board and was made effective for the quarter and year ended Dec. 31, 2016.

It involves two outstanding loans to a commercial construction contractor with a principal balance on the two notes totaling approximately $915,000. The bank has a longstanding relationship with the borrower, who has consistently complied with its obligations, the bank said in a Form 8-K filed Jan. 23.

The bank said it received information regarding the borrower's business that led management to downgrade the loans to a "substandard" risk rating and it deemed the loans 100% impaired. Therefore, it added the full amount of the loans to the allowance for loan losses.

The company reported net income for the three months ended Dec. 31, 2016, of $293,000 or 7 cents per share, compared to $825,000, or 22 cents per share, for the same period a year ago. Net income for the 12 months ended Dec. 31, 2016, was $3.29 million, or 75 cents per share, compared to $3.69 million, or $1.07 per share, for the full year of 2015.