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Globe and Mail
04-08-2025
- Business
- Globe and Mail
Bank of the James Announces Second Quarter, First Half of 2025 Financial Results
LYNCHBURG, Va., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the 'Company') (NASDAQ:BOTJ), the parent company of Bank of the James (the 'Bank'), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. ('PWW'), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and six month periods ended June 30, 2025. The Bank serves Region 2000 (the greater Lynchburg metropolitan statistical area) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets. Net income for the three months ended June 30, 2025 was $2.70 million or $0.60 per basic and diluted share compared with $2.15 million or $0.47 per basic and diluted share for the three months ended June 30, 2024. Net income for the six months ended June 30, 2025 was $3.55 million or $0.79 per basic and diluted share compared with $4.34 million or $0.95 per basic and diluted share for the six months ended June 30, 2024. Robert R. Chapman III, CEO of the Bank, commented: 'Our financial results, and particularly the second quarter 2025 performance, demonstrated continued traction in commercial lending, mortgage originations and core deposits. Strong earnings in the second quarter and first half establish a solid base for continuing positive financial performance as we enter the second half of 2025. 'Net interest margin and interest spread have consistently improved during the past year, reflecting a focus on keeping loan yields on pace with the prevailing interest rate environment, controlling interest expense, and managing our level of borrowings. Net interest margin of 3.45% in the second quarter of 2025 was the highest in a number of quarters. 'Maintaining high quality interest-earning assets, as seen in our asset quality ratios, continues to support sound margins and quality earnings. Diligent credit management and monitoring has an important role in maintaining exceptional asset quality. 'Our strategy of generating interest and noninterest income from a variety of sources has provided financial stability and predictable earnings during the past few years, which have been marked by economic challenges and uncertainty. A balanced revenue stream from commercial and retail banking, and fees from sources such as wealth management, cash management services, mortgage loan originations and more have resulted in consistently strong financial performance and cash generation. 'A strong cash position enabled our parent company to achieve a significant milestone in the second quarter as it officially retired approximately $10 million in capital notes. This is expected to reduce our interest expense by approximately $327,000 annually and. in the current interest rate environment, should help lower the overall rate on interest-bearing liabilities. Our financial performance over the years generated the cash position needed to retire this debt, allowing us to avoid refinancing at today's higher interest rates. The Bank continues to be well capitalized, with a Tier 1 leverage ratio of 8.85% at June 30, 2025. 'This debt offering provided capital at an important time for the Company and it was accomplished entirely through a private transaction between the Company and a group of investors. As we retire this debt, we wish to thank the numerous local investors who demonstrated their support for, and confidence in, the Company in a very tangible way. 'The Company continues building value for shareholders, as evidenced by growth in stockholders' equity, retained earnings, and significant growth of book value per share in the second quarter. We remain focused on efficient operations, maintaining superior asset quality, and sustainable growth.' Second Quarter, First Half of 2025 Highlights Net income and earnings per share ('EPS') in the second quarter of 2025 partially reflected a $528,000 recovery of allowance for credit losses. Total interest income rose 6% to $11.64 million in the second quarter of 2025 compared with $10.94 million a year earlier. In the first half of 2025, total interest income was $22.87 million, up 7% from $21.44 million a year earlier. The growth in both periods primarily reflected higher yields on loans, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased meaningfully in both periods of 2025 from the comparable 2024 periods. Net interest income after recovery of credit losses was $8.78 million in the second quarter of 2025, up 22% from a year earlier. In the first half of 2025, net interest income after recovery of credit losses was $16.36 million, up 11% from $14.72 million a year earlier. Interest expense in the second quarter and first half of 2025 declined 12% and 7%, respectively, compared with the second quarter and first half of 2024, respectively, reflecting ongoing rate management and a focus on growing lower cost core deposits. Net interest margin in the second quarter of 2025 rose to 3.45% compared with 3.02% a year earlier and 3.25% in the first quarter of 2025. In the first half of 2025, net interest margin increased to 3.34% compared to 3.02% in the first half of 2024. Interest spread in the second quarter and first half of 2025 increased significantly from the prior year's periods. Total noninterest income of $4.08 million in the second quarter of 2025 and $7.36 million in the first half of 2025 were relatively stable compared with the previous year's periods, primarily reflecting continuing strong contributions from commercial treasury services, residential mortgage origination fee income, and wealth management fee income from PWW. Loans, net of the allowance for credit losses, increased to $649.09 million at June 30, 2025 from $636.55 million at December 31, 2024 and $616.09 million a year earlier. Commercial real estate loans (owner occupied and non-owner occupied) led lending activity, increasing to $355.67 million from $335.53 million at December 31, 2024. Measures of asset quality remained strong, highlighted by a ratio of nonperforming loans to total loans of 0.28% at June 30, 2025, with no other real estate owned (OREO). Total assets were $1.04 billion at June 30, 2025 compared with $979.24 million at December 31, 2024. Total deposits were $910.53 million at June 30, 2025, up from $882.40 million at December 31, 2024, reflecting the Bank's continuing focus on growing core deposits (noninterest bearing demand deposits, NOW, money market and savings). Shareholder value measures included growth in stockholders' equity to $71.67 million at June 30, 2025 from $64.87 million at December 31, 2024, higher retained earnings, and a book value per share of $15.77, up from $14.28 at December 31, 2024. In the second quarter of 2025, the parent company extinguished its issue of approximately $10 million of capital notes, which will have a positive impact on interest expense and the rate on interest-bearing liabilities. On July 12, 2025, the Company's board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of September 12, 2025 to be paid on September 26, 2025. Second Quarter, First Half of 2025 Operational Review Net interest income for the second quarter of 2025 was $8.25 million, up 16% from $7.09 million in the second quarter of 2024. In the first half of 2025, net interest income grew 14% to $15.97 million from $14.04 million in the first half of 2024. Total interest income was $11.64 million in the second quarter of 2025 compared with $10.94 million a year earlier. In the first half of 2025, total interest income rose to $22.87 million from $21.44 million in the first half of 2024. The year-over-year increases in both 2025 periods primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment. Investment portfolio management and appropriate rate increases on loans continued to contribute to year-over-year growth in the yield on total earning assets, which was 4.86% in the second quarter of 2025 compared with 4.68% a year earlier. In the first half of 2025, the yield on total earning assets was 4.79% compared with 4.62% a year earlier. Total interest expense in the second quarter of 2025 declined 12% to $3.39 million compared with $3.84 million in the second quarter of 2024. In the first half of 2025, total interest expense declined to $6.90 million from $7.40 million in the prior year's first half. Lower interest expense in both periods of 2025 primarily reflected a relatively stable interest rate environment and the Bank's management of rates paid on interest-bearing deposits, including time deposits. A generally stable interest rate environment and the Company's upward adjustments to floating rate commercial loans and rates on originated and retained residential mortgages contributed to gradual margin pressure relief during the past several quarters. In the second quarter of 2025, the net interest margin was 3.45% compared with 3.02% in the second quarter of 2024, while interest spread increased to 3.15% from 2.69% a year earlier. In the first half of 2025, net interest margin was 3.34% and net interest spread was 3.15% compared with 3.04% and 2.68%, respectively, in the first half of 2024. Noninterest income in the second quarter of 2025 was $4.08 million compared with $4.19 million in the second quarter of 2024. Noninterest income in the first half of 2025 was $7.36 million compared with $7.50 million in the first half of 2024. The predominant amount of noninterest income in both periods of 2025 was generated by fees from debit card activity, commercial treasury services, gains on sale of loans held for sale by our mortgage division, and wealth management fees generated by PWW. Noninterest expense in the second quarter of 2025 was $9.46 million compared with $8.74 million a year earlier. In the first half of 2025, noninterest expense was $19.28 million compared with $16.83 million in the first half of 2024. The year-over-year increases primarily reflected consulting fees incurred in negotiating an amendment to the agreement with a major vendor, the addition of revenue-generating employees, new banking facilities in strategic locations, and quarterly accruals of year-end employee compensation. Balance Sheet: Strong Cash Position, High Asset Quality Total assets were $1.04 billion at June 30, 2025 compared with $979.24 million at December 31, 2024. The increase was due primarily to increases in securities available-for-sale, at fair value, and loan growth, primarily commercial real estate loans. Loans, net of allowance for credit losses, were $649.09 at June 30, 2025 compared with $636.55 at December 31, 2024, reflecting growth of commercial real estate loans. Commercial real estate loans (owner-occupied and non-owner occupied, excluding construction loans) totaled $355.68 million at June 30, 2025 compared with $335.53 million at December 31, 2024, reflecting growth from new loans that was partially offset by loan amortizations and payoffs. Of this amount, at June 30, 2025, commercial real estate (non-owner occupied) was $202.15 million and commercial real estate (owner occupied) was $153.53 million. The Bank closely monitors concentrations in these segments and has no commercial real estate loans secured by large office buildings in large metropolitan city centers. Commercial construction/land loans were $10.68 million, declining from $11.54 million at March 31, 2025 and $23.88 million at December 31, 2024 levels as projects concluded. Residential construction/land loans at June 30, 2025 were $29.04 million up from $26.15 million at December 31, 2024, reflecting continued home building strength and activity in several markets. Commercial and industrial loans were $70.51 million at June 30, 2025 compared to $66.42 million at December 31, 2024. Residential mortgage loans that the Company intends to keep on the balance sheet totaled $108.88 million at June 30, 2025, down slightly from $111.65 million at December 31, 2024. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) totaled $80.62 million, compared with $78.31 million at December 31, 2024, and remained relatively stable year-over-year. Ongoing high asset quality continues to have a positive impact on the Company's financial performance. The ratio of nonperforming loans to total loans at June 30, 2025 was 0.28% compared with 0.25% at December 31, 2024. High asset quality was also reflected in the allowance for credit losses for loans to total loans, which declined to 0.96% at June 30, 2025 from 1.09% at December 31, 2024. Total nonperforming loans were $1.85 million at June 30, 2025 compared with $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans. The Tier 1 leverage ratio at the Bank level was 8.85% at June 30, 2025, reflecting a well-capitalized institution. Total deposits were $910.53 million at June 30, 2025 compared with $882.40 million at December 31, 2024. Core deposits (noninterest bearing demand deposits, NOW, money market and savings) were $681.36 million compared with $651.90 million at December 31, 2024. Time deposits were stable, reflecting the Bank's focus on growing and retaining lower-cost core deposits. At June 30, 2025 and December 31, 2024, the Bank had no brokered deposits. Key measures of shareholder value continued to trend positively. Stockholders' equity rose to $71.67 million at June 30, 2025 from $64.87 million at December 31, 2024. Retained earnings increased to $45.44 million at June 30, 2025 from $42.80 million at December 31, 2024. Book value per share rose to $15.77 at June 30, 2025 from $14.28 at December 31, 2024, and continued to reflect quarterly fluctuations in required fair market valuations of the Company's available-for-sale investment portfolio. Interest rate fluctuations result in adjustments to the fair value in the Company's available-for-sale securities portfolio (known as 'mark-to-market'), which are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank's regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly rated debt instruments. The Company does not expect to realize the unrealized losses, as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio. About the Company Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol 'BOTJ' on the NASDAQ Stock Market, LLC. Additional information on the Company is available at Cautionary Statement Regarding Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'believe,' 'estimate,' 'expect,' 'intend,' 'anticipate,' 'plan' and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the date on which they were made. Bank of the James Financial Group, Inc. (the 'Company') undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank, as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission. CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000. (unaudited) Assets June 30, 2025 December 31, 2024 Cash and due from banks $ 22,587 $ 23,287 Federal funds sold 55,320 50,022 Total cash and cash equivalents 77,907 73,309 Securities held-to-maturity, at amortized cost 3,598 3,606 Securities available-for-sale, at fair value 196,585 187,916 Restricted stock, at cost 1,828 1,821 Loans, net of allowance for credit losses of $6,308 as of June 30, 2025 and $7,044 as of December 31, 2024 649,089 636,552 Loans held for sale 4,226 3,616 Premises and equipment, net 19,044 19,313 Interest receivable 3,148 3,065 Cash value - bank owned life insurance 23,285 22,907 Customer relationship Intangible 6,445 6,725 Goodwill 2,054 2,054 Deferred tax asset, net 7,774 8,936 Other assets 9,259 9,424 Total assets $ 1,004,242 $ 979,244 Liabilities and Stockholders' Equity Deposits Noninterest bearing demand $ 137,801 $ 129,692 NOW, money market and savings 543,555 522,208 Time 229,171 230,504 Total deposits 910,527 882,404 Capital notes, net - 10,048 Other borrowings 8,992 9,300 Income taxes payable 310 86 Interest payable 856 722 Other liabilities 11,892 11,819 Total liabilities $ 932,577 $ 914,379 Stockholders' equity Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of June 30, 2025 and December 31, 2024 9,723 9,723 Additional paid-in-capital 35,253 35,253 Accumulated other comprehensive loss (18,753) (22,915) Retained earnings 45,442 42,804 Total stockholders' equity $ 71,665 $ 64,865 Total liabilities and stockholders' equity $ 1,004,242 $ 979,244 Bank of the James Financial Group, Inc. and Subsidiaries Consolidated Statements of Income (dollar amounts in thousands, except per share amounts) (unaudited) For the Three Months For the Six Months Ended June 30, Ended June 30, Interest Income 2025 2024 2025 2024 Loans $ 9,341 $ 8,347 $ 18,247 $ 16,371 Securities US Government and agency obligations 548 361 1,002 699 Mortgage backed securities 377 723 764 1,532 Municipals 354 307 683 611 Dividends 35 35 48 47 Corporates 136 136 271 271 Interest bearing deposits 127 192 250 325 Federal Funds sold 720 834 1,607 1,588 Total interest income 11,638 10,935 22,872 21,444 Interest Expense Deposits NOW, money market savings 1,258 1,383 2,506 2,658 Time Deposits 1,945 2,266 4,024 4,356 Finance leases 17 20 34 40 Other borrowings 87 94 176 186 Capital notes 81 81 163 163 Total interest expense 3,388 3,844 6,903 7,403 Net interest income 8,250 7,091 15,969 14,041 Recovery of credit losses (528) (123) (391) (676) Net interest income after recovery of credit losses 8,778 7,214 16,360 14,717 Noninterest income Gains on sale of loans held for sale 1,589 1,273 2,426 2,200 Service charges, fees and commissions 975 986 1,956 1,939 Wealth management fees 1,300 1,176 2,555 2,339 Life insurance income 190 183 378 342 Other 21 533 43 638 Gain on sales of available-for-sale securities - 40 - 40 Total noninterest income 4,075 4,191 7,358 7,498 Noninterest expenses Salaries and employee benefits 5,357 4,892 10,134 9,337 Occupancy 497 486 1,067 979 Equipment 654 632 1,324 1,239 Supplies 168 121 310 266 Professional, data processing, and other outside expense 1,537 1,443 4,072 2,995 Marketing 237 231 435 261 Credit expense 263 234 449 422 FDIC insurance expense 120 126 262 235 Amortization of intangibles 140 140 280 280 Other 482 434 948 813 Total noninterest expenses 9,455 8,739 19,281 16,827 Income before income taxes 3,398 2,666 4,437 5,388 Income tax expense 694 518 891 1,053 Net Income $ 2,704 $ 2,148 $ 3,546 $ 4,335 Weighted average shares outstanding - basic 4,543,338 4,543,338 4,543,338 4,543,338 Weighted average shares outstanding - diluted 4,543,338 4,543,338 4,543,338 4,543,338 Net income per common share - basic $ 0.60 $ 0.47 $ 0.79 $ 0.95 Net income per common share - diluted $ 0.60 $ 0.47 $ 0.79 $ 0.95 Bank of the James Financial Group, Inc. and Subsidiaries Dollar amounts in thousands, except per share data unaudited Selected Data: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Interest income $ 11,638 $ 10,935 6.43 % $ 22,872 $ 21,444 6.66 % Interest expense 3,388 3,844 -11.86 % 6,903 7,403 -6.75 % Net interest income 8,250 7,091 16.34 % 15,969 14,041 13.73 % Provision for (recovery of) credit losses (528) (123) 329.27 % (391) (676) -42.16 % Noninterest income 4,075 4,191 -2.77 % 7,358 7,498 -1.87 % Noninterest expense 9,455 8,739 8.19 % 19,281 16,827 14.58 % Income taxes 694 518 33.98 % 891 1,053 -15.38 % Net income 2,704 2,148 25.88 % 3,546 4,335 -18.20 % Weighted average shares outstanding - basic 4,543,338 4,543,338 - 4,543,338 4,543,338 - Weighted average shares outstanding - diluted 4,543,338 4,543,338 - 4,543,338 4,543,338 - Basic net income per share $ 0.60 $ 0.47 $ 0.13 $ 0.79 $ 0.95 $ (0.16) Fully diluted net income per share $ 0.60 $ 0.47 $ 0.13 $ 0.79 $ 0.95 $ (0.16) Balance Sheet at period end: Jun 30, 2025 Dec 31, 2024 Change Jun 30, 2024 Dec 31, 2023 Change Loans, net $ 649,089 $ 636,552 1.97 % $ 616,088 $ 601,921 2.35 % Loans held for sale 4,226 3,616 16.87 % 4,835 1,258 284.34 % Total securities 200,183 191,522 4.52 % 209,791 220,132 -4.70 % Total deposits 910,527 882,404 3.19 % 884,902 878,459 0.73 % Stockholders' equity 71,665 64,865 10.48 % 61,706 60,039 2.78 % Total assets 1,004,242 979,244 2.55 % 978,011 969,371 0.89 % Shares outstanding 4,543,338 4,543,338 - 4,543,338 4,543,338 - Book value per share $ 15.77 $ 14.28 $ 1.49 $ 13.58 $ 13.21 $ 0.37 Daily averages: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Loans $ 653,758 $ 614,579 6.37 % $ 650,292 $ 611,375 6.37 % Loans held for sale 3,657 4,134 -11.54 % 3,027 3,307 -8.47 % Total securities (book value) 224,411 242,349 -7.40 % 221,625 245,549 -9.74 % Total deposits 920,286 897,749 2.51 % 921,241 891,152 3.38 % Stockholders' equity 68,256 60,197 13.39 % 66,526 60,045 10.79 % Interest earning assets 961,123 941,099 2.13 % 964,062 934,396 3.17 % Interest bearing liabilities 795,621 778,210 2.24 % 798,331 771,969 3.41 % Total assets 1,020,390 994,871 2.57 % 1,020,182 982,441 3.84 % Financial Ratios: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Return on average assets 1.06 % 0.87 % 0.19 0.70 % 0.89 % (0.19) Return on average equity 15.89 % 14.35 % 1.54 10.81 % 14.60 % (3.79) Net interest margin 3.45 % 3.02 % 0.43 3.34 % 3.02 % 0.32 Efficiency ratio 76.71 % 77.46 % (0.75) 82.66 % 78.12 % 4.54 Average equity to average assets 6.69 % 6.05 % 0.64 6.52 % 6.11 % 0.41 Allowance for credit losses: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Beginning balance $ 7,022 $ 6,920 1.47 % $ 7,044 $ 7,412 -4.96 % Provision for (recovery of) credit losses* (555) (99) 460.61 % (526) (600) -12.33 % Charge-offs (160) (19) 742.11 % (223) (84) 165.48 % Recoveries 1 149 -99.33 % 13 223 -94.17 % Ending balance 6,308 6,951 -9.25 % 6,308 6,951 -9.25 % * does not include provision for or recovery of unfunded loan commitment liability Nonperforming assets: Jun 30, 2025 Dec 31, 2024 Change Jun 30, 2024 Dec 31, 2023 Change Total nonperforming loans $ 1,846 $ 1,640 12.56 % $ 797 $ 391 103.84 % Total nonperforming assets 1,846 1,640 12.56 % 797 391 103.84 %
National Post
16-06-2025
- Business
- National Post
BWXT Announces Leadership Changes
Article content LYNCHBURG, Va. — BWX Technologies, Inc. (NYSE: BWXT) announced today the appointment of Kevin M. McCoy as the company's chief nuclear officer. In this role, McCoy will support the Department of Defense and Department of the Navy to accelerate the pace of Columbia and Virginia Class submarine production programs for the U.S. Navy. Article content Since 2022, McCoy has served as president of BWXT's Government Operations segment where he was responsible for overseeing BWXT's Nuclear Operations and Technical Services Groups and its subsidiary Advanced Technologies, LLC. Article content McCoy has over 40 years of leadership experience in shipyard operations, nuclear industrial operations and senior engineering positions in the U.S. Navy and private sector. He served as chief engineer of the U.S. Navy from 2005 to 2008 and as commander of the Naval Sea Systems Command (NAVSEA) from 2008 to 2013. He retired with the rank of Vice Admiral. Before joining BWXT, McCoy served as president of Irving Shipbuilding Inc. in Nova Scotia, Canada, from 2013 to 2021. Article content With extensive shipbuilding and ship repair related experience, McCoy's accomplishments include the design, procurement, construction oversight, maintenance, modernization and engineering support of the U.S. Navy's fleet of submarines, surface ships, aircraft carriers and weapon systems. He served in leadership positions in five of the U.S. Navy's nuclear shipyards and commanded the Portsmouth Naval Shipyard from 2001 to 2004. Article content 'Kevin McCoy has been a tremendously successful leader at BWXT and throughout his career,' said Rex Geveden, BWXT president and chief executive officer. 'His commitment to our Navy and the nation is inspirational, and we are proud to be partnering with the U.S. Navy on this critical endeavor.' Article content With McCoy's new role, BWXT is also making the following leadership announcements: Article content Joseph K. Miller succeeds McCoy as president of Government Operations. Since 2021, Miller has served as president of BWXT Advanced Technologies. Under Miller's leadership, Advanced Technologies achieved 10x growth in program content and successfully contracted two federally funded first-of-a-kind prototype programs for advanced nuclear microreactors. Miller joined BWXT in 2011 as an engineer working on advanced commercial energy solutions, had advanced into managerial roles by 2013, became the program manager for advanced nuclear applications in 2017, and general manager of Advanced Technologies in 2020. Before joining BWXT, he was a mechanical test engineer for new construction of Virginia-class submarines at Newport News Shipbuilding and a semiconductor equipment engineer at Samsung Austin Semiconductor. Miller began his career serving in the U.S. Navy onboard the USS Norfolk (SSN 714). Article content Miller holds a master's degree in radiation health physics from Oregon State University and a bachelor's degree in nuclear engineering from Thomas Edison State College. He serves on the Central Virginia Community College Educational Foundation Board, the Nuclear Energy Maritime Organization Ltd. Board and the Oregon State University Nuclear Science and Engineering Advisory Board. Article content 'Under Joe's leadership, BWXT Advanced Technologies has transformed initial concepts into real hardware, advancing not only the company, but nuclear power and propulsion capabilities across the nation,' said Geveden. 'He will bring his leadership and enthusiasm to Government Operations, focusing on safely delivering critical systems to our national security customers, and building further success on the strong foundation laid by Kevin McCoy and the Government Operations team.' Article content Katherine (Kate) Haggerty Kelly succeeds Miller as president of BWXT Advanced Technologies. Kelly has been the director for space and emerging programs of Advanced Technologies since 2022, leading the strategy and execution of the space and advanced manufacturing portfolio. Article content Before her current position, Kelly was the advanced nuclear systems program manager, focused on developing nuclear projects to promote the company's R&D interests in advanced manufacturing and nuclear thermal propulsion technologies. She also held project management, quality control and operational excellence positions within BWXT's Nuclear Operations Group in Lynchburg, Virginia. She joined the company in 2012 as a system design engineer on a small modular reactor program. Article content Kelly received the Women in Aerospace Initiative-Inspiration-Impact Award for her contributions to the space nuclear industry and her advocacy for promoting people in aerospace. She earned a bachelor's degree in chemical engineering from the University of Notre Dame and has Lean Six Sigma Black Belt and Project Management Professional ® certifications. Article content 'Kate Kelly is a rising star at BWXT,' said Joseph Miller, president of Government Operations. 'Her engineering expertise, program management skills and innate leadership capabilities will bring much continued success.' Article content About BWXT Article content At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With nearly 10,000 employees, BWXT and its affiliated companies have 20 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. For more information, visit Article content , Article content X Article content , Article content Facebook Article content and Article content . Article content Article content Article content Article content Article content Contacts Article content Media Contact Article content Article content John Dobken Article content Article content Senior Manager, Media & Public Relations Article content Article content 202.428.6913 Article content jcdobken@ Article content Investor Contact Article content Article content Chase Jacobson Article content Article content Article content
Yahoo
14-06-2025
- Business
- Yahoo
Popular Virginia Restaurant Closes After 16 Years
After 16 years in operation, a well-established eatery in downtown Lynchburg, Virginia has shuttered. RA Bistro, which gained a strong following for its contemporary American cuisine, closed its doors Friday, effective immediately. Owner Alex Richardson announced the news in a post on Facebook. "With Father's Day on Sunday and Restaurant Week starting tomorrow, I had to take a hard look at what was truly best for our team, our guests, and the future," Richardson wrote. "That meant choosing to close now, while I could still do so with intention and care — and with respect for everything this space has represented." Richardson did not provide further reasoning for the decision, but did salute his staff members and customers in his farewell address. "To our amazing staff, past and present — thank you for your heart and your hustle. To our loyal guests — thank you for letting us be a part of your stories," he said. "It's been an unforgettable journey. I'll forever be proud of what we built in Downtown Lynchburg!" RA Bistro was known for its classic steak, chicken, pasta and seafood dishes, as well as its Martini selections. "Rip to all the martinis I never got to try," one disappointed customers commented on Facebook. "NOOOOO I need the steak pasta recipe pleaseeee," another person added. "My husband and I's first date spot best chicken parm in the whole world. Heartbroken," said a third commenter. There are no indications yet as to what will be replacing the restaurant at its 1344 Main St. location. Popular Virginia Restaurant Closes After 16 Years first appeared on Men's Journal on Jun 14, 2025
National Post
12-06-2025
- Business
- National Post
BWXT-Led Team Awarded Canadian Nuclear Laboratories Contract from Atomic Energy of Canada Limited
Article content Article content LYNCHBURG, Va. — BWX Technologies, Inc. (NYSE: BWXT) announced today an Atomic Energy of Canada Limited award for the management and operation of Canadian Nuclear Laboratories Ltd. (CNL). Article content Nuclear Laboratory Partners of Canada Inc. ( NLPC) is a Canadian joint venture that has been selected as the preferred bidder for managing CNL after a competitive procurement process that began in 2023. The NLPC team is led by three primary joint venture partners, BWXT, Kinectrics, and Amentum, and a key subcontractor, Battelle. Nuclear Laboratories Partners of Canada Inc. will assume responsibility of CNL, with Dennis Carr as president and CEO, on Sept. 13, 2025, following a transition period that will commence in the coming weeks. The contract, valued at C$1.2 billion per year on average, is for six years with extension periods that can be exercised based on performance for up to a total of 20 years. Article content BWXT's Canadian operations include operating sites in Ontario and British Columbia, employing more than 1,800 people who support the nuclear energy industry. The company is also a certified PAIR-Committed organization supporting Indigenous communities. 'BWXT is honored to lead a dedicated team that will build on decades of impressive work accomplished by the employees of CNL,' said Heatherly Dukes, president, BWXT Technical Services Group, Inc. 'Our management team looks forward to meeting the employees and union leadership of CNL when we begin our transition activities. We are also looking forward to being part of the community and getting to know local leaders and rightsholders.' Article content As Canada's premier nuclear science and technology organization, CNL is a world leader in developing nuclear technology for peaceful and innovative applications. The laboratory maintains a critical portfolio of work that includes development of clean energy sources, innovations in nuclear medicine, and restoration and protection of Canada's environment. Article content Under this new contract, CNL will specifically focus on science and technology, decommissioning and waste management, and Chalk River revitalization missions. The Chalk River Laboratories represent the largest single complex within Canada's science and technology infrastructure. The site contains several licensed nuclear facilities and more than 50 other unique facilities and laboratories. Article content Forward-Looking Statements Article content BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the contract to manage and operate Canadian Nuclear Laboratories, Ltd., future work at Canadian Nuclear Laboratories, Ltd., and the award or exercise of any contract options or orders. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT's annual report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Article content About BWXT Article content At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With nearly 10,000 employees, BWXT and its affiliated companies have 20 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. For more information, visit Article content , Article content X Article content , Article content Facebook Article content and Article content Instagram Article content . Article content Article content Article content Article content Article content Contacts Article content Media Contact Article content Article content John Dobken Article content Article content Senior Manager, Media & Public Relations Article content Article content 202.428.6913 Article content jcdobken@ Article content Investor Contact Article content Article content Chase Jacobson Article content Article content Article content Article content
Yahoo
11-06-2025
- General
- Yahoo
Structure Fire in Lynchburg
Lynchburg, VA (WFXR) — The Lynchburg Fire Department is investigating an apartment fire in Lynchburg Tuesday night. It happened at the Lakeside Plaza Apartments, where people were trapped inside the building. LFD says the occupants were safely removed and no injuries have been reported yet. However, two pet cats were killed in the fire. Firefighters arrived on the scene Tuesday evening to find heavy smoke coming from the second floor of the building. LFD says the residents of the building will be displaced, as the building is without power. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
