Bank of the James Financial Group, Inc. (the “Company”)
(NASDAQ:BOTJ), the parent company of Bank of the James, a
full-service commercial and retail bank serving the greater
Lynchburg area (Region 2000), and the Charlottesville,
Harrisonburg, and Roanoke, Virginia markets, today announced
unaudited results for the three months and six months ended June
30, 2017.
Net income for the three months ended June 30, 2017 was $787,000
or $0.18 per diluted share compared with $1.05 million or $0.24 per
diluted share for the three months ended June 30, 2016. For the six
months ended June 30, 2017, net income was $1.55 million or $0.35
per diluted share compared with $1.94 million or $0.44 per diluted
share for the six months ended June 30, 2016.
Robert R. Chapman III, President and CEO, commented: “As we
passed the halfway mark of 2017, the Company’s financial results
continued to reflect the positive impact of a strategy to drive
steady growth throughout a larger served market. Our team is doing
a tremendous job of retaining valued clients and earning new
business. We are pleased with the positive reception Bank of the
James has received in Charlottesville, Roanoke and
Harrisonburg.
“We believe the positive impact of investments made in
experienced, motivated people, technology and leading-edge products
is already evident in financial results that reflect steady growth
in areas such as lending, net interest income and deposits. The
Company’s success in building commercial banking has been
rewarding, continuing to exceed expectations. Throughout this
period of investment and growth, we have been pleased to deliver
increased value to stockholders, whose support has enabled us to
invest in the future.”
Highlights
- Interest income from earning assets of $5.85 million increased
10.5% in the second quarter of 2017 compared with the second
quarter of 2016. Net interest income before provision for loan
losses of $5.14 million in the second quarter of 2017 increased
8.4% compared with the second quarter of 2016.
- In the first half of 2017, interest income from earning assets
grew 7.9% compared with the first half of 2016, while net interest
income increased 5.8% compared with a year earlier.
- Led by increasing use of business-related electronic treasury
management services, service charges, fees, and commissions
increased to $898,000 in the first half of 2017 from $734,000 in
the first half of 2016.
- Strong commercial lending activity and new customer
relationships, particularly in the Company’s Charlottesville,
Harrisonburg and Roanoke, Virginia markets, led to a Company-record
$483.25 million in total loans, net of the allowance for loan
losses. Loans increased from $466.24 million at March 31, 2017 and
$464.35 million at December 31, 2016, and were up 6.9% from loans,
net at June 30, 2016.
- Commercial and industrial loans (C&I) increased 14%
year-over-year, while owner occupied real estate, led by commercial
real estate (CRE) portfolio growth, rose 13% at June 30, 2017
compared with June 30, 2016.
- Total assets rose to $595.64 million at June 30, 2017, the
highest in Company history.
- Asset quality ratios reflected continuing loan portfolio
strength.
- Total stockholders’ equity increased to $51.06 million, up from
$49.42 million at December 31, 2016. Book value per share rose to
$11.66 at June 30, 2017 from $11.29 at December 31, 2016.
- Based on the results achieved in the second quarter, on July
18, 2017 the Company’s board of directors approved a $0.06 per
share dividend payable to stockholders of record on September 8,
2017, to be paid on September 22, 2017.
Chapman noted: “A critical aspect of our growth strategy is for
productivity and efficiency to continue to improve, which will
translate to increased profitability and earnings growth. A
critical part of our success is prudent, sustainable growth, with a
clear focus on maintaining strong asset quality. We believe our
results reflect this commitment to growth and quality.”
Second Quarter 2017 Operational Review
Total interest income was $5.85 million in the second quarter of
2017, growing 10.5% compared with total interest income of $5.29
million in the second quarter of 2016, and up more than $300,000
from the first quarter of 2017. The average rate earned on loans,
including fees, was 4.57% in the second quarter of 2017, up from
4.50% in the second quarter of 2016, and slightly higher than the
average rate in the first quarter of 2017. The average rate earned
on total earning assets in the second quarter of 2017 was 4.26%,
reflecting relative stability compared with the past several
quarters.
Total interest expense was $711,000 for the three months ended
June 30, 2017, compared with $550,000 for the three months ended
June 30, 2016. The increase partially reflected interest paid on
capital notes issued in February 2017. Addressing the prospect of
rising rates on deposit accounts, the Company also has selectively
grown certificates of deposit to lock in deposits at current
rates.
The Company continued to grow noninterest bearing demand
accounts, primarily reflecting increased commercial banking
business throughout the franchise. The average rate paid on
interest bearing accounts was 0.63% in the second quarter of 2017,
which was consistent with the previous several quarters. For the
six months ended June 30, 2017, the Company’s net interest margin
for was 3.70% and net interest spread was 3.55%
Net interest income increased to $5.14 million for the three
months ended June 30, 2017 from $4.74 million for the three months
ended June 30, 2016, primarily reflecting loan growth, and was up
from $4.84 million for the three months ended March 31, 2017. Net
interest income after provision for loan losses was $4.70 million
for the three months ended June 30, 2017 compared with $4.49
million for the three months ended June 30, 2016.
Noninterest income, including gains from the sale of residential
mortgages to the secondary market, and income from the bank's line
of treasury management services for commercial customers was $1.25
million in the second quarter of 2017 compared with $1.32 million
in the second quarter of 2016. Income from gains on sale of loans
held for sale increased from the first quarter of 2017, and were
down modestly from a year earlier when mortgage activity was
particularly strong. Continued growth in fee-based treasury
services for businesses was partially reflected within the 36%
growth in service charges, fees, and commissions in the second
quarter of 2017 compared with the second quarter of 2016.
Noninterest expense for the three months ended June 30, 2017 was
$4.81 million compared with $4.25 million a year earlier, with the
increase primarily reflecting the Company’s investment in an
expanded banking team and market expansion.
J. Todd Scruggs, Executive Vice President and CFO, noted: “We
anticipate personnel and facility-related expenses will level out
in the coming quarters, as we have essentially completed our recent
expansion strategy. We have already seen growth and accelerating
productivity that we expect will be reflected in accelerating
earnings going forward.”
First Half 2017 Operational Overview
Total interest income of $11.36 million in the first half of
2017 rose 8% compared to $10.53 million in the first half of 2016,
led by a 6.7% growth in loan-generated interest income. Net
interest income in the first half of 2017 increased to $9.98
million from $9.43 million in the first half of 2016, primarily
reflecting increased total interest income, partially offset by
increased total interest expense related to capital notes issued
and growth in time deposits and related interest. Net interest
income after provision for loan losses rose 5% to $9.43 million
from $8.98 million. The provision for loan losses was $545,000 in
the first six months of 2017 compared with $450,000 in the first
six months of 2016, with the increase primarily reflecting
appropriate reserving to match loan growth.
The Company's net interest margin was 3.70% in the six months of
2017 compared with 3.84% a year earlier, and net interest spread
was 3.55% compared with 3.71% for the six months ended June 30,
2016. Average rates earned on loans, including fees, was 4.52% in
the first half of 2017 and average rates earned on total earning
assets was 4.21%.
Noninterest income was $2.14 million for the six months ended
June 30, 2017, compared with $2.32 million for the six months ended
June 30, 2016, primarily reflecting lower gains on sale of loans
held for sale, partially offset by increases in service charges,
fees and commission income. Management noted that tight residential
housing inventories have contributed to a general slowing of
purchase mortgage originations. Higher noninterest expense in the
first half of 2017 compared with the previous year’s six-month
period primarily reflected the investments in personnel and
infrastructure the Company made during the past year.
Balance Sheet Reflects Consistent Growth
Total assets rose to $595.64 million at June 30, 2017 from
$574.20 million at December 31, 2016, and were up 9% from $545.73
million a year ago. The primary driver of asset growth has
been loans held for investment, net of the allowance for loan
losses, which totaled $483.25 million, up from $464.35 million at
December 31, 2016. The loan portfolio grew 7% year-over-year,
primarily reflecting consistent growth in commercial lending.
The Company’s commercial loan portfolio (primarily C&I)
increased to $97.37 million at June 30, 2017, a 14% increase
compared with commercial loans a year earlier. Owner occupied real
estate loans, led by CRE lending, increased 13% to $145.12 million
at June 30, 2017 from $128.89 million at June 30, 2016.
Non-owner occupied real estate (primarily commercial and
investment property) increased 5% year-over year. Total
construction loans increased 8%, led by new home construction.
Consumer lines of credit (primarily home equity) increased
slightly, and consumer loans declined modestly.
Total deposits at June 30, 2017 were $532.86 million compared
with $523.11 million at December 31, 2016, and up from $493.54
million at June 30, 2016. The Bank continued to attract noninterest
bearing deposits, which increased to $111.68 million at June 30,
2017 from $102.65 million at December 31, 2016. Core deposits
(noninterest bearing, NOW, money market and savings deposits)
comprised approximately 68% of the Company’s total deposits.
As the Company has grown assets, quality ratios have remained
sound. The 0.54% ratio of nonperforming loans to total loans at
June 30, 2017 was unchanged from December 31, 2016. The Company's
allowance for loan losses to total loans was 1.25%, and the Company
maintained a strong allowance for loan losses as a percent of
nonperforming loans. Total nonperforming assets were $5.42 million
at June 30, 2017 compared with $4.92 million at December 31, 2016.
The increase primarily reflected one classified commercial loan
being moved to nonperforming status during the first quarter of
2017. The Bank's regulatory capital ratios continued to exceed
accepted regulatory standards for a well-capitalized
institution.
The Company grew measures of stockholder value, including
tangible book value per share and total stockholders' equity. Total
stockholders' equity increased to $51.06 million at June 30, 2017,
compared with $49.42 million at December 31, 2016. Retained
earnings rose to $11.18 million at June 30, 2017 from $10.16
million at December 31, 2016.
Chapman concluded: “We entered the second half of 2017 with good
momentum, including robust loan pipelines and new business
opportunities. We believe if we continue to execute on our
strategy, the Company should deliver positive financial results and
value for our stockholders.”
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 operates 13 banking
offices and two limited services offices in Virginia serving
Altavista, Amherst, Appomattox, Bedford, Charlottesville, Forest,
Harrisonburg, Lynchburg, Madison Heights, and Roanoke. 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. 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
www.bankofthejames.bank.
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 dates 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, and
changes in the value of real estate securing loans made by Bank of
the James (the "Bank"), a subsidiary of the Company. 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 and previously filed by the Bank (as predecessor of the
Company) with the Federal Reserve Board.
FINANCIAL STATEMENTS FOLLOW
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Bank of the James Financial Group, Inc. and
Subsidiaries(000's) except ratios and percent
dataunaudited |
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Selected Data: |
|
ThreemonthsendingJun
30,2017 |
ThreemonthsendingJun
30,2016 |
Change |
YeartodateJun
30,2017 |
YeartodateJun
30,2016 |
Change |
Interest income |
|
$ |
5,851 |
|
$ |
5,293 |
|
|
10.54 |
% |
|
$ |
11,360 |
|
$ |
10,528 |
|
|
7.90 |
% |
Interest expense |
|
|
711 |
|
|
550 |
|
|
29.27 |
% |
|
|
1,382 |
|
|
1,098 |
|
|
25.87 |
% |
Net interest income |
|
|
5,140 |
|
|
4,743 |
|
|
8.37 |
% |
|
|
9,978 |
|
|
9,430 |
|
|
5.81 |
% |
Provision for loan losses |
|
|
445 |
|
|
250 |
|
|
78.00 |
% |
|
|
545 |
|
|
450 |
|
|
21.11 |
% |
Noninterest income |
|
|
1,254 |
|
|
1,316 |
|
|
-4.71 |
% |
|
|
2,135 |
|
|
2,324 |
|
|
-8.13 |
% |
Noninterest expense |
|
|
4,806 |
|
|
4,254 |
|
|
12.98 |
% |
|
|
9,323 |
|
|
8,444 |
|
|
10.41 |
% |
Income taxes |
|
|
356 |
|
|
504 |
|
|
-29.37 |
% |
|
|
698 |
|
|
922 |
|
|
-24.30 |
% |
Net income |
|
|
787 |
|
|
1,051 |
|
|
-25.12 |
% |
|
|
1,547 |
|
|
1,938 |
|
|
-20.18 |
% |
Weighted average shares outstanding - basic |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
0.00 |
% |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
0.00 |
% |
Weighted average shares outstanding - diluted |
|
|
4,378,519 |
|
|
4,378,436 |
|
N/M |
|
|
|
4,378,527 |
|
|
4,378,436 |
|
N/M |
|
Basic net income per share |
|
$ |
0.18 |
|
$ |
0.24 |
|
$ |
(0.06 |
) |
|
$ |
0.35 |
|
$ |
0.44 |
|
$ |
(0.09 |
) |
Fully diluted net income per share |
|
$ |
0.18 |
|
$ |
0.24 |
|
$ |
(0.06 |
) |
|
$ |
0.35 |
|
$ |
0.44 |
|
$ |
(0.09 |
) |
Balance Sheet at period end: |
|
Jun 30,2017 |
Dec 31,2016 |
Change |
Jun 30,2016 |
Dec 31,2015 |
Change |
Loans, net |
|
$ |
483,248 |
|
$ |
464,353 |
|
4.07 |
% |
|
$ |
452,044 |
|
$ |
430,445 |
|
|
5.02 |
% |
Loans held for sale |
|
|
2,514 |
|
|
3,833 |
|
-34.41 |
% |
|
|
4,452 |
|
|
1,964 |
|
|
126.68 |
% |
Total securities |
|
|
52,603 |
|
|
44,075 |
|
19.35 |
% |
|
|
37,118 |
|
|
38,515 |
|
|
-3.63 |
% |
Total deposits |
|
|
532,862 |
|
|
523,112 |
|
1.86 |
% |
|
|
493,535 |
|
|
467,610 |
|
|
5.54 |
% |
Stockholders' equity |
|
|
51,058 |
|
|
49,421 |
|
3.31 |
% |
|
|
50,553 |
|
|
48,196 |
|
|
4.89 |
% |
Total assets |
|
|
595,637 |
|
|
574,195 |
|
3.73 |
% |
|
|
545,730 |
|
|
527,143 |
|
|
3.53 |
% |
Shares outstanding |
|
|
4,378,436 |
|
|
4,378,436 |
|
- |
|
|
|
4,378,436 |
|
|
4,378,436 |
|
|
- |
|
Book value per share |
|
$ |
11.66 |
|
$ |
11.29 |
|
0.37 |
|
|
$ |
11.55 |
|
$ |
11.01 |
|
$ |
0.54 |
|
Daily averages: |
|
ThreemonthsendingJun
30,2017 |
ThreemonthsendingJun
30,2016 |
Change |
YeartodateJun
30,2017 |
YeartodateJun
30,2016 |
Change |
Loans, net |
|
$ |
471,770 |
|
$ |
437,619 |
|
7.80 |
% |
|
$ |
468,052 |
|
$ |
434,903 |
|
7.62 |
% |
Loans held for sale |
|
|
2,347 |
|
|
4,457 |
|
-47.34 |
% |
|
|
1,871 |
|
|
3,580 |
|
-47.74 |
% |
Total securities |
|
|
54,130 |
|
|
41,040 |
|
31.90 |
% |
|
|
52,532 |
|
|
40,669 |
|
29.17 |
% |
Total deposits |
|
|
530,487 |
|
|
483,453 |
|
9.73 |
% |
|
|
524,100 |
|
|
476,486 |
|
9.99 |
% |
Stockholders' equity |
|
|
51,483 |
|
|
49,351 |
|
4.32 |
% |
|
|
51,228 |
|
|
49,041 |
|
4.46 |
% |
Interest earning assets |
|
|
551,552 |
|
|
500,942 |
|
10.10 |
% |
|
|
544,693 |
|
|
494,770 |
|
10.09 |
% |
Interest bearing liabilities |
|
|
424,884 |
|
|
385,670 |
|
10.17 |
% |
|
|
420,597 |
|
|
382,104 |
|
10.07 |
% |
Total assets |
|
|
588,167 |
|
|
533,648 |
|
10.22 |
% |
|
|
580,404 |
|
|
527,299 |
|
10.07 |
% |
Financial Ratios: |
|
ThreemonthsendingJun
30,2017 |
ThreemonthsendingJun
30,2016 |
Change |
YeartodateJun
30,2017 |
YeartodateJun
30,2016 |
Change |
Return on average assets |
|
0.54 |
% |
|
0.79 |
% |
|
(0.25 |
) |
|
0.54 |
% |
|
0.74 |
% |
|
(0.20 |
) |
Return on average equity |
|
6.13 |
% |
|
8.54 |
% |
|
(2.41 |
) |
|
6.09 |
% |
|
7.93 |
% |
|
(1.84 |
) |
Net interest margin |
|
3.74 |
% |
|
3.80 |
% |
|
-0.06 |
% |
|
3.70 |
% |
|
3.84 |
% |
|
-0.14 |
% |
Efficiency ratio |
|
75.16 |
% |
|
70.21 |
% |
|
4.95 |
|
|
76.97 |
% |
|
71.84 |
% |
|
5.13 |
|
Average equity to average assets |
|
8.75 |
% |
|
9.25 |
% |
|
(0.50 |
) |
|
8.83 |
% |
|
9.30 |
% |
|
(0.47 |
) |
Allowance for loan losses: |
|
ThreemonthsendingJun
30,2017 |
ThreemonthsendingJun
30,2016 |
Change |
YeartodateJun
30,2017 |
YeartodateJun
30,2016 |
Change |
Beginning balance |
|
$ |
5,716 |
|
|
$ |
4,750 |
|
|
20.34 |
% |
|
$ |
5,716 |
|
|
$ |
4,683 |
|
|
22.06 |
% |
Provision for losses |
|
|
445 |
|
|
|
250 |
|
|
78.00 |
% |
|
|
545 |
|
|
|
450 |
|
|
21.11 |
% |
Charge-offs |
|
|
(96 |
) |
|
|
(127 |
) |
|
-24.41 |
% |
|
|
(226 |
) |
|
|
(378 |
) |
|
-40.21 |
% |
Recoveries |
|
|
67 |
|
|
|
14 |
|
|
378.57 |
% |
|
|
97 |
|
|
|
132 |
|
|
-26.52 |
% |
Ending balance |
|
|
6,132 |
|
|
|
4,887 |
|
|
25.48 |
% |
|
|
6,132 |
|
|
|
4,887 |
|
|
25.48 |
% |
Nonperforming assets: |
|
Jun 30,2017 |
Dec 31,2016 |
Change |
Jun 30,2016 |
Dec 31,2015 |
Change |
Total nonperforming loans |
|
$ |
2,649 |
|
$ |
2,550 |
|
3.88 |
% |
|
$ |
2,540 |
|
$ |
3,406 |
|
-25.43 |
% |
Other real estate owned |
|
|
2,775 |
|
|
2,370 |
|
17.09 |
% |
|
|
2,420 |
|
|
1,965 |
|
23.16 |
% |
Total nonperforming assets |
|
|
5,424 |
|
|
4,920 |
|
10.24 |
% |
|
|
4,960 |
|
|
5,371 |
|
-7.65 |
% |
Troubled debt restructurings - (performing portion) |
|
|
448 |
|
|
455 |
|
-1.54 |
% |
|
|
639 |
|
|
646 |
|
-1.08 |
% |
Asset quality ratios: |
|
Jun 30,2017 |
Dec 31,2016 |
Change |
Jun 30,2016 |
Dec 31,2015 |
Change |
Nonperforming loans to total loans |
|
0.54 |
% |
|
0.54 |
% |
|
(0.00 |
) |
|
0.56 |
% |
|
0.77 |
% |
|
(0.21 |
) |
Allowance for loan losses to total loans |
|
1.25 |
% |
|
1.22 |
% |
|
0.03 |
|
|
1.07 |
% |
|
1.08 |
% |
|
(0.01 |
) |
Allowance for loan losses to nonperforming loans |
|
231.48 |
% |
|
224.16 |
% |
|
7.32 |
|
|
192.40 |
% |
|
137.49 |
% |
|
54.91 |
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts) |
|
|
|
|
|
|
|
Assets |
|
6/30/2017 |
|
|
|
12/31/2016 |
Cash and due from
banks |
|
$ |
18,117 |
|
|
|
|
$ |
16,938 |
|
Federal funds sold |
|
|
5,115 |
|
|
|
|
|
11,745 |
|
Total
cash and cash equivalents |
|
|
23,232 |
|
|
|
|
|
28,683 |
|
|
|
|
|
|
|
|
Securities
held-to-maturity (fair value of $3,284 in 2017 and $3,273 in
2016) |
|
|
3,288 |
|
|
|
|
|
3,299 |
|
Securities
available-for-sale, at fair value |
|
|
49,315 |
|
|
|
|
|
40,776 |
|
Restricted stock, at
cost |
|
|
1,505 |
|
|
|
|
|
1,373 |
|
Loans, net of allowance
for loan losses of $6,132 in 2017 and $5,716 2016 |
|
|
483,248 |
|
|
|
|
|
464,353 |
|
Loans held for
sale |
|
|
2,514 |
|
|
|
|
|
3,833 |
|
Premises and equipment,
net |
|
|
11,191 |
|
|
|
|
|
10,771 |
|
Software, net |
|
|
225 |
|
|
|
|
|
176 |
|
Interest
receivable |
|
|
1,298 |
|
|
|
|
|
1,378 |
|
Cash value - bank owned
life insurance |
|
|
12,846 |
|
|
|
|
|
12,673 |
|
Other real estate
owned |
|
|
2,775 |
|
|
|
|
|
2,370 |
|
Income taxes
receivable |
|
|
1,291 |
|
|
|
|
|
1,214 |
|
Deferred tax asset |
|
|
2,057 |
|
|
|
|
|
2,374 |
|
Other assets |
|
|
852 |
|
|
|
|
|
922 |
|
Total assets |
|
$ |
595,637 |
|
|
|
|
$ |
574,195 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
Noninterest bearing demand |
|
|
111,678 |
|
|
|
|
|
102,654 |
|
NOW,
money market and savings |
|
|
249,594 |
|
|
|
|
|
255,429 |
|
Time |
|
|
171,590 |
|
|
|
|
|
165,029 |
|
Total deposits |
|
|
532,862 |
|
|
|
|
|
523,112 |
|
|
|
|
|
|
|
|
Repurchase
agreements |
|
|
5,000 |
|
|
|
|
|
- |
|
Capital notes 4% due
1/24/2022 |
|
|
5,000 |
|
|
|
|
|
- |
|
Interest payable |
|
|
78 |
|
|
|
|
|
88 |
|
Other liabilities |
|
|
1,639 |
|
|
|
|
|
1,574 |
|
Total liabilities |
|
$ |
544,579 |
|
|
|
|
$ |
524,774 |
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
Common
stock $2.14 par value; authorized 10,000,000 shares; issued and
outstanding |
|
|
|
|
|
|
4,378,436
as of June 30, 2017 and December 31, 2016 |
|
|
9,370 |
|
|
|
|
|
9,370 |
|
Additional paid-in-capital |
|
|
31,495 |
|
|
|
|
|
31,495 |
|
Accumulated other comprehensive (loss) |
|
|
(985 |
) |
|
|
|
|
(1,600 |
) |
Retained
earnings |
|
|
11,178 |
|
|
|
|
|
10,156 |
|
Total
stockholders' equity |
|
$ |
51,058 |
|
|
|
|
$ |
49,421 |
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
595,637 |
|
|
|
|
$ |
574,195 |
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Statements of Income
(unaudited)(dollar amounts in thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
For the Three Months |
|
|
|
For the Six Months |
|
|
Ended June 30, |
|
|
|
Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
2017 |
|
|
2016 |
Interest
Income |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,465 |
|
$ |
5,007 |
|
|
|
$ |
10,653 |
|
$ |
9,985 |
Securities |
|
|
|
|
|
|
|
|
|
|
US
Government and agency obligations |
|
|
121 |
|
|
125 |
|
|
|
|
234 |
|
|
264 |
Mortgage
backed securities |
|
|
77 |
|
|
68 |
|
|
|
|
143 |
|
|
120 |
Municipals |
|
|
90 |
|
|
46 |
|
|
|
|
170 |
|
|
90 |
Dividends |
|
|
28 |
|
|
27 |
|
|
|
|
35 |
|
|
33 |
Other
(Corporates) |
|
|
30 |
|
|
3 |
|
|
|
|
57 |
|
|
9 |
Interest
bearing deposits |
|
|
17 |
|
|
9 |
|
|
|
|
32 |
|
|
15 |
Federal
Funds sold |
|
|
23 |
|
|
8 |
|
|
|
|
36 |
|
|
12 |
Total interest income |
|
|
5,851 |
|
|
5,293 |
|
|
|
|
11,360 |
|
|
10,528 |
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
NOW,
money market savings |
|
|
175 |
|
|
139 |
|
|
|
|
344 |
|
|
275 |
Time
Deposits |
|
|
425 |
|
|
373 |
|
|
|
|
827 |
|
|
742 |
Federal
Funds purchased |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
4 |
Brokered
time deposits |
|
|
61 |
|
|
38 |
|
|
|
|
124 |
|
|
69 |
Capital
notes |
|
|
50 |
|
|
- |
|
|
|
|
87 |
|
|
8 |
Total interest expense |
|
|
711 |
|
|
550 |
|
|
|
|
1,382 |
|
|
1,098 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,140 |
|
|
4,743 |
|
|
|
|
9,978 |
|
|
9,430 |
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses |
|
|
445 |
|
|
250 |
|
|
|
|
545 |
|
|
450 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
|
4,695 |
|
|
4,493 |
|
|
|
|
9,433 |
|
|
8,980 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
Gains on
sale of loans held for sale |
|
|
598 |
|
|
681 |
|
|
|
|
969 |
|
|
1,172 |
Service
charges, fees and commissions |
|
|
493 |
|
|
362 |
|
|
|
|
898 |
|
|
734 |
Increase
in cash value of life insurance |
|
|
87 |
|
|
65 |
|
|
|
|
173 |
|
|
130 |
Other |
|
|
24 |
|
|
45 |
|
|
|
|
33 |
|
|
60 |
Gain on
sales of available-for-sale securities |
|
|
52 |
|
|
163 |
|
|
|
|
62 |
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
|
1,254 |
|
|
1,316 |
|
|
|
|
2,135 |
|
|
2,324 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
2,396 |
|
|
2,162 |
|
|
|
|
4,776 |
|
|
4,399 |
Occupancy |
|
|
365 |
|
|
305 |
|
|
|
|
737 |
|
|
637 |
Equipment |
|
|
438 |
|
|
314 |
|
|
|
|
786 |
|
|
633 |
Supplies |
|
|
123 |
|
|
108 |
|
|
|
|
257 |
|
|
227 |
Professional, data processing, and other outside expense |
|
|
697 |
|
|
701 |
|
|
|
|
1,377 |
|
|
1,363 |
Marketing |
|
|
236 |
|
|
201 |
|
|
|
|
384 |
|
|
320 |
Credit
expense |
|
|
187 |
|
|
106 |
|
|
|
|
301 |
|
|
189 |
Other
real estate expenses |
|
|
24 |
|
|
4 |
|
|
|
|
36 |
|
|
5 |
FDIC
insurance expense |
|
|
88 |
|
|
91 |
|
|
|
|
191 |
|
|
183 |
Other |
|
|
252 |
|
|
262 |
|
|
|
|
478 |
|
|
488 |
Total noninterest expenses |
|
|
4,806 |
|
|
4,254 |
|
|
|
|
9,323 |
|
|
8,444 |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,143 |
|
|
1,555 |
|
|
|
|
2,245 |
|
|
2,860 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
356 |
|
|
504 |
|
|
|
|
698 |
|
|
922 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
787 |
|
$ |
1,051 |
|
|
|
$ |
1,547 |
|
$ |
1,938 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
|
|
4,378,436 |
|
|
4,378,436 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
|
4,378,519 |
|
|
4,378,436 |
|
|
|
|
4,378,527 |
|
|
4,378,436 |
|
|
|
|
|
|
|
|
|
|
|
Net Income per common
share - basic |
|
$ |
0.18 |
|
$ |
0.24 |
|
|
|
$ |
0.35 |
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
Net Income per common
share - diluted |
|
$ |
0.18 |
|
$ |
0.24 |
|
|
|
$ |
0.35 |
|
$ |
0.44 |
CONTACT:
J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000
tscruggs@bankofthejames.com
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