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, 2018.
Net income for the three months ended June 30,
2018 was $1.30 million or $0.30 per diluted share, up 65% compared
with $787,000 or $0.18 per diluted share for the three months ended
June 30, 2017. For the six months ended June 30, 2018, net income
rose 57% to $2.42 million or $0.55 per diluted share, compared with
$1.55 million or $0.35 per diluted share for the six months ended
June 30, 2017.
Highlights
- Commercial & industrial (C&I) lending and commercial
real estate (CRE) lending were the major contributors to 15% growth
of interest income from earning assets in the second quarter of
2018 compared with the second quarter of 2017.
- Net interest income before the provision for loan losses was
$5.80 million in the second quarter of 2018, up 13% from the second
quarter of 2017, led primarily by growth in commercial
lending.
- Total noninterest income, primarily reflecting increased fee
income from treasury services, income from the Company’s insurance
and investments business, and growth in gains on sale of
residential mortgage loans, rose 20% in the second quarter of 2018
compared with the second quarter of 2017. In the first half of
2018, total noninterest income was up 27% as compared to the first
half of 2017.
- Deposits were $596.07 million, a company record, led by core
deposit growth (noninterest-bearing demand, NOW, savings and money
market accounts).
- Total assets, driven primarily by a 7% year-over-year growth in
net loans and loans held for sale, increased to a Company-record
$655.87 million at June 30, 2018. Asset quality ratios remained
strong, reflecting loan portfolio strength.
- Measures of productivity trended positively, as Return on
Average Assets (ROAA) was 0.79% for the quarter ended June 30, 2018
as compared to 0.54% for the quarter ended June 30, 2017, and
Return on Average Equity (ROAE) increased to 9.67% for the quarter
ended June 30, 2018 from 6.13% a year earlier. The Company’s
efficiency ratio was 73.3% in the second quarter of 2018, improving
from 75.6% a year earlier.
- Total stockholders’ equity increased to $52.52 million at June
30, 2018 from $51.67 million December 31, 2017, and retained
earnings increased to $14.17 million from $12.27 million at
year-end 2017. Based on the results achieved in the first quarter,
on July 17, 2018 the Company’s board of directors approved a $0.06
per share dividend payable to stockholders of record on September
7, 2018, to be paid on September 21, 2018.
Robert R. Chapman III, President and CEO, commented: “Our
financial results, including one of the best quarters for earnings
in the Company’s history, reflected the continued revenue
contributions throughout the Company. Continuing gains in
productivity and efficiency, as seen in higher year-over-year ROAA
and ROAE and an improved efficiency ratio, are supporting our goal
of generating an accelerating and predictable earnings flow.
Managing interest expense while growing our deposit base, and
maintaining solid loan quality have also supported earnings
growth.
“Commercial lending and banking continued the positive
performance of the past several quarters, and our BOTJ Investment
Services team and Mortgage Lending group both had record quarters
for production. Our expanded team of mortgage lenders, and
continuing success in growing our reputation throughout our served
markets as a mortgage origination leader led to this positive
performance. Contributions from BOTJ Investment Services, gains on
sale of originated mortgages, and revenue from commercial treasury
services have supported growth of noninterest income.”
Second Quarter, First Half 2018 Operational
Review
Total interest income was $6.73 million in the second quarter of
2018, up 15% from $5.85 million a year earlier. The primary driver
of interest income growth continued to be loans. Although interest
expense rose year-over-year with an increase in deposits and market
driven rate increases, net interest income was up 13% to $5.80
million for the quarter ended June 30, 2018 compared with a year
earlier. First half 2018 net interest income increased 12% compared
with a year earlier.
The Company’s provision for loan losses was 29% lower in the
second quarter of 2018 compared with a year earlier, and 38% lower
in the first half of 2018 compared with a year earlier. Chapman
noted the Company believes it continues to reserve prudently for
probable loan losses, consistent with loan portfolio growth. The
second quarter of 2018 loan loss provision was $315,000 compared
with $445,000 in the second quarter of 2017, and the loan loss
provision in the first half of 2018 was $337,000, compared with
$545,000 in the first half of 2017.
Net interest income after provision for loan losses in the
second quarter of 2018 was $5.49 million compared with $4.70
million in the second quarter of 2017. Net interest income after
provision for loan losses in the first half of 2018 was $10.80
million compared with $9.43 million a year earlier.
Commercial lending growth, stable to slightly increasing rates,
and expense management contributed to a 3.74% net interest margin,
with a 3.60% interest spread in the second quarter of 2018,
essentially stable compared with a year earlier. The Company’s
average earned rates on loans, including fees, was 4.72% in the
second quarter of 2018, up from 4.57% in the second quarter of
2017. Average rates on total earning assets for the quarter ended
June 30, 2018 were 4.33%, compared to 4.26% a year earlier.
J. Todd Scruggs, Executive Vice President and CFO, commented:
“While we look to keep pace with prevailing market interest rates,
we have not focused on squeezing a few basis points out of every
rate fluctuation. Our commercial clients pay what we believe to be
a fair rate, which reflects the added value they receive from our
services and advisory capabilities. We feel this philosophy has
been the key to maintaining strong margins and a high level of
client retention.”
Growth in core interest bearing deposits and a slight decline in
higher-interest time deposits enabled the Company to achieve a
0.69% average rate paid on interest bearing deposits in the second
quarter of 2018, compared with 0.63% a year earlier. “Growth in
relationship banking, including linked deposits, has enabled our
Company to build core deposits and manage rates,” Scruggs
explained. “We have tried to avoid competing for high-rate time
deposit business.”
Noninterest income, including gains from the sale of residential
mortgages to the secondary market, revenue growth from BOTJ
Investment Services, and income from the Bank's line of treasury
management services for commercial customers demonstrated strong
year-over-year growth. Noninterest income rose 20% to $1.44 million
for the three months ended June 30, 2018 from $1.20 million for the
three months ended June 30, 2017, and increased 27% to $2.63
million for the six months ended June 30, 2018 from $2.07 million
for the six months ended June 30, 2017. Strong residential mortgage
origination activity contributed to a pipeline of loans held for
sale of $5.82 million at June 30, 2018 compared with $2.63 million
at December 31, 2017, which the Company anticipates will generate
gains from mortgage loan sales in the third quarter of 2018.
Chapman noted: “Mortgage lending has benefitted from trends that
include strong housing demand in our markets, rising home prices,
and the prospect of rising interest rates. However, we believe our
ability to capture more than a fair share of market-driven activity
stems from our team’s outreach, and leveraging our reputation for
service, convenience, and solutions. Maintaining a
customer-focused, high-touch approach to the mortgage lending
process earns us business and referrals. We also focus on building
banking relationships with mortgage clients, making the mortgage
lending process much more than a one-time transaction.”
Income from service charges, fees and commissions, which
included growing fee income from the Company’s suite of treasury
services for businesses and income from BOJT Investment Services,
increased to $465,000 in the second quarter of 2018 from $443,000
in the second quarter of 2017, and to $929,000 in the first half of
2018, up from $828,000 in the first half of 2017. A continuing
trend of strong residential mortgage originations generated a 46%
increase in gain on sales of loans in the second quarter of 2018
compared with a year earlier, and 54% year-over-year growth in the
first half of 2018 compared with the first half of 2017.
Noninterest expense for the three months ended June 30, 2018 was
$5.31 million compared with $4.76 million a year earlier, primarily
reflecting increased personnel expenses from a larger team of
producing individuals, professional expenses, and data processing
expenses. This increase was partially offset by lower expenses in
categories including occupancy, equipment and marketing. In the
first half of 2018, noninterest expense was $10.40 million compared
with $9.25 million in the first half of 2017.
“We are very encouraged to see that the productivity from our
investments in quality people and selected support systems are
having a definite impact on the Company’s efficiency,” noted
Chapman. “In addition to the strong positive year-over-year gains
in return on average assets and equity, our efficiency ratio of
73.3% for the quarter was the lowest it has been in quite some
time. We continue to focus on greater efficiency, but we are
pleased with the trend.”
Balance Sheet Review: Growth, Asset Quality
Total assets were a record $655.87 million, up from $626.34
million at December 31, 2017. The primary driver of asset growth
continues to be loans held for investment, net of the allowance for
loan losses, which totaled $523.73 million, up from $491.02 million
at December 31, 2017. Loans held for sale were more than double the
total at year-end 2017, reflecting the consistent growth of
residential mortgage originations and positioning those loans for
placement in the secondary market.
The Company’s commercial loan portfolio, primarily commercial
and industrial (C&I) loans, increased 5% to $102.16 million at
June 30, 2018 compared with commercial loans at June 30, 2017.
Owner occupied real estate loans, led by CRE lending, increased 7%
year-over-year to $155.88 million, and non-owner occupied real
estate (primarily commercial and investment property) increased by
16% year-over-year to $171.57 million. Total construction lending
slowed year-over-year, primarily reflecting project seasonality and
a very strong 2017 for both residential and commercial real estate
construction activity. Consumer loans and consumer lines of credit
totals were essentially unchanged from the prior year.
Total deposits at June 30, 2018 rose to $596.07 million from
$567.49 million at December 31, 2017 and $532.86 million at June
30, 2017. Noninterest bearing deposits rose to $86.76 million at
June 30, 2018 from $83.96 million at March 31, 2018 and $74.10
million at December 31, 2017. Interest-bearing demand and savings
deposits were $328.08 million at June 30, 2018 compared with
$318.52 million at March 31, 2018 and $307.99 million at December
31, 2017. Core deposits were approximately 70% of total
deposits.
Asset quality remained strong, with a nonperforming loans to
total loans ratio of 0.60% at June 30, 2018, compared with 0.87% at
December 31, 2017. Total nonperforming assets, inclusive of Other
Real Estate Owned (OREO), declined 17% from year-end 2017 to $5.78
million. Total nonperforming loans of $3.20 million at June 30,
2018 were down 26% from $4.31 million at December 31, 2017. The
Company’s allowance for loan losses was $4.69 million, with a ratio
of 0.89% allowance for loan losses to total loans and a 146.7% loss
allowance to nonperforming loans.
The Company grew measures of stockholder value. Total
stockholders’ equity was $52.52 million at June 30, 2018, compared
with $51.68 million at March 31, 2018 and $51.67 million at
December 31, 2017. Retained earnings were $14.17 million, up from
$12.27 million at December 31, 2017. Tangible book value per share
increased to $12.00 at June 30, 2018 from $11.80 at December 31,
2017. The Bank's regulatory capital ratios continued to exceed
accepted regulatory standards for a well-capitalized
institution.
Chapman concluded: “The positive impact of the investments in
growth is generating revenue, and supporting new and expanded
relationships with customers throughout our served markets. Looking
ahead to the second half of 2018, economic conditions are positive
and we have a team in place that we believe will generate continued
revenue and earnings growth, and with it, enhanced value for
shareholders.”
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 three limited services offices, and two loan production
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.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief
Financial Officer (434) 846-2000.tscruggs@bankofthejames.com
FINANCIAL STATEMENTS FOLLOW
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share dataunaudited
Selected Data: |
ThreemonthsendingJun
30,2018 |
ThreemonthsendingJun
30,2017 |
Change |
YeartodateJun
30,2018 |
YeartodateJun
30,2017 |
Change |
Interest income |
$ |
6,725 |
|
$ |
5,851 |
|
|
14.94 |
% |
$ |
12,880 |
|
$ |
11,360 |
|
|
13.38 |
% |
Interest expense |
|
922 |
|
|
711 |
|
|
29.68 |
% |
|
1,746 |
|
|
1,382 |
|
|
26.34 |
% |
Net interest income |
|
5,803 |
|
|
5,140 |
|
|
12.90 |
% |
|
11,134 |
|
|
9,978 |
|
|
11.59 |
% |
Provision for loan losses |
|
315 |
|
|
445 |
|
|
(29.21 |
%) |
|
337 |
|
|
545 |
|
|
(38.17 |
%) |
Noninterest income |
|
1,441 |
|
|
1,204 |
|
|
19.68 |
% |
|
2,627 |
|
|
2,065 |
|
|
27.22 |
% |
Noninterest expense |
|
5,306 |
|
|
4,756 |
|
|
11.56 |
% |
|
10,403 |
|
|
9,253 |
|
|
12.43 |
% |
Income taxes |
|
323 |
|
|
356 |
|
|
(9.27 |
%) |
|
598 |
|
|
698 |
|
|
(14.33 |
%) |
Net income |
|
1,300 |
|
|
787 |
|
|
65.18 |
% |
|
2,423 |
|
|
1,547 |
|
|
56.63 |
% |
Weighted average sharesoutstanding - basic |
|
4,378,436 |
|
|
4,378,436 |
|
|
- |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
- |
|
Weighted average sharesoutstanding - diluted |
|
4,378,436 |
|
|
4,378,519 |
|
|
(83 |
) |
|
4,378,481 |
|
|
4,378,527 |
|
|
(46 |
) |
Basic net incomeper share |
$ |
0.30 |
|
$ |
0.18 |
|
$ |
0.12 |
|
$ |
0.55 |
|
$ |
0.35 |
|
$ |
0.20 |
|
Fully diluted net incomeper share |
$ |
0.30 |
|
$ |
0.18 |
|
$ |
0.12 |
|
$ |
0.55 |
|
$ |
0.35 |
|
$ |
0.20 |
|
Balance Sheet atperiod end: |
Jun 30,2018 |
Dec 31,2017 |
Change |
Jun 30,2017 |
Dec 31,2016 |
Change |
Loans, net |
$ |
523,730 |
|
$ |
491,022 |
|
6.66 |
% |
$ |
483,248 |
|
$ |
464,353 |
|
|
4.07 |
% |
Loans held for sale |
|
5,815 |
|
|
2,626 |
|
121.44 |
% |
|
2,514 |
|
|
3,833 |
|
|
(34.41 |
%) |
Total securities |
|
57,394 |
|
|
61,025 |
|
-5.95 |
% |
|
52,603 |
|
|
44,075 |
|
|
19.35 |
% |
Total deposits |
|
596,068 |
|
|
567,493 |
|
5.04 |
% |
|
532,862 |
|
|
523,112 |
|
|
1.86 |
% |
Stockholders' equity |
|
52,524 |
|
|
51,665 |
|
1.66 |
% |
|
51,058 |
|
|
49,421 |
|
|
3.31 |
% |
Total assets |
|
655,866 |
|
|
626,341 |
|
4.71 |
% |
|
595,637 |
|
|
574,195 |
|
|
3.73 |
% |
Shares outstanding |
|
4,378,436 |
|
|
4,378,436 |
|
- |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
- |
|
Book value per share |
$ |
12.00 |
|
$ |
11.80 |
|
0.20 |
|
$ |
11.66 |
|
$ |
11.29 |
|
$ |
0.37 |
|
Daily averages: |
ThreemonthsendingJun
30,2018 |
ThreemonthsendingJun
30,2017 |
Change |
YeartodateJun
30,2018 |
YeartodateJun
30,2017 |
Change |
Loans, net |
$ |
518,972 |
|
$ |
471,770 |
|
10.01 |
% |
$ |
505,794 |
|
$ |
468,052 |
|
8.06 |
% |
Loans held for sale |
|
3,706 |
|
|
2,347 |
|
57.90 |
% |
|
3,076 |
|
|
1,871 |
|
64.40 |
% |
Total securities |
|
60,959 |
|
|
54,130 |
|
12.62 |
% |
|
61,811 |
|
|
52,532 |
|
17.66 |
% |
Total deposits |
|
597,379 |
|
|
530,487 |
|
12.61 |
% |
|
584,104 |
|
|
524,100 |
|
11.45 |
% |
Stockholders' equity |
|
53,913 |
|
|
51,483 |
|
4.72 |
% |
|
53,383 |
|
|
51,228 |
|
4.21 |
% |
Interest earning assets |
|
622,956 |
|
|
551,552 |
|
12.95 |
% |
|
608,485 |
|
|
544,693 |
|
11.71 |
% |
Interest bearing liabilities |
|
504,581 |
|
|
424,884 |
|
18.76 |
% |
|
476,569 |
|
|
420,597 |
|
13.31 |
% |
Total assets |
|
660,578 |
|
|
588,167 |
|
12.31 |
% |
|
645,290 |
|
|
580,404 |
|
11.18 |
% |
Financial Ratios: |
ThreemonthsendingJun
30,2018 |
ThreemonthsendingJun
30,2017 |
Change |
YeartodateJun
30,2018 |
YeartodateJun
30,2017 |
Change |
Return on average assets |
0.79 |
% |
0.54 |
% |
0.25 |
|
0.76 |
% |
0.54 |
% |
0.22 |
|
Return on average equity |
9.67 |
% |
6.13 |
% |
3.54 |
|
9.15 |
% |
6.09 |
% |
3.06 |
|
Net interest margin |
3.74 |
% |
3.74 |
% |
- |
|
3.69 |
% |
3.70 |
% |
(0.01 |
%) |
Efficiency ratio |
73.25 |
% |
74.97 |
% |
(1.72 |
) |
75.60 |
% |
76.83 |
% |
(1.23 |
) |
Average equity toaverage assets |
8.16 |
% |
8.75 |
% |
(0.59 |
) |
8.27 |
% |
8.83 |
% |
(0.56 |
) |
Allowance for loan losses: |
ThreemonthsendingJun
30,2018 |
ThreemonthsendingJun
30,2017 |
Change |
YeartodateJun
30,2018 |
YeartodateJun
30,2017 |
Change |
Beginning balance |
$ |
4,671 |
|
$ |
5,716 |
|
(18.28 |
%) |
$ |
4,752 |
|
$ |
5,716 |
|
(16.86 |
%) |
Provision for losses |
|
315 |
|
|
445 |
|
(29.21 |
%) |
|
337 |
|
|
545 |
|
(38.17 |
%) |
Charge-offs |
|
(315 |
) |
|
(96 |
) |
227.08 |
% |
|
(555 |
) |
|
(226 |
) |
145.13 |
% |
Recoveries |
|
17 |
|
|
67 |
|
(74.63 |
%) |
|
154 |
|
|
97 |
|
58.76 |
% |
Ending balance |
|
4,688 |
|
|
6,132 |
|
(23.53 |
%) |
|
4,688 |
|
|
6,132 |
|
(23.53 |
%) |
Nonperforming assets: |
Jun 30,2018 |
Dec 31,2017 |
Change |
Jun 30,2017 |
Dec 31,2016 |
Change |
Total nonperforming loans |
$ |
3,195 |
|
$ |
4,308 |
|
(25.84 |
%) |
$ |
2,649 |
|
$ |
2,550 |
|
3.88 |
% |
Other real estate owned |
|
2,585 |
|
|
2,650 |
|
(2.45 |
%) |
|
2,775 |
|
|
2,370 |
|
17.09 |
% |
Total nonperforming assets |
|
5,780 |
|
|
6,958 |
|
(16.93 |
%) |
|
5,424 |
|
|
4,920 |
|
10.24 |
% |
Troubled debt restructurings - (performing portion) |
|
432 |
|
|
440 |
|
(1.82 |
%) |
|
448 |
|
|
455 |
|
(1.54 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios: |
Jun 30,2018 |
Dec 31,2017 |
Change |
Jun 30,2017 |
Dec 31,2016 |
Change |
Nonperforming loans tototal loans |
|
0.60 |
% |
|
0.87 |
% |
(0.27 |
) |
|
0.54 |
% |
|
0.54 |
% |
(0.00 |
) |
Allowance for loan lossesto total loans |
|
0.89 |
% |
|
0.96 |
% |
(0.07 |
) |
|
1.25 |
% |
|
1.22 |
% |
0.03 |
|
Allowance for loan lossesto nonperforming loans |
|
146.73 |
% |
|
110.31 |
% |
36.42 |
|
|
231.48 |
% |
|
224.16 |
% |
7.32 |
|
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated 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 |
2018 |
|
2017 |
|
2018 |
|
2017 |
Loans |
$ |
6,195 |
|
$ |
5,465 |
|
$ |
11,869 |
|
$ |
10,653 |
Securities |
|
US
Government and agency obligations |
|
186 |
|
|
121 |
|
|
384 |
|
|
234 |
Mortgage
backed securities |
|
66 |
|
|
77 |
|
|
134 |
|
|
143 |
Municipals |
|
83 |
|
|
90 |
|
|
165 |
|
|
170 |
Dividends |
|
23 |
|
|
28 |
|
|
31 |
|
|
35 |
Other
(Corporates) |
|
24 |
|
|
30 |
|
|
47 |
|
|
57 |
Interest
bearing deposits |
|
56 |
|
|
17 |
|
|
91 |
|
|
32 |
Federal
Funds sold |
|
92 |
|
|
23 |
|
|
159 |
|
|
36 |
Total interest income |
|
6,725 |
|
|
5,851 |
|
|
12,880 |
|
|
11,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
Deposits |
|
NOW,
money market savings |
|
231 |
|
|
175 |
|
|
423 |
|
|
344 |
Time
Deposits |
|
543 |
|
|
425 |
|
|
1,044 |
|
|
827 |
FHLB
borrowings |
|
16 |
|
|
- |
|
|
17 |
|
|
- |
Brokered
time deposits |
|
82 |
|
|
61 |
|
|
162 |
|
|
124 |
Capital
notes |
|
50 |
|
|
50 |
|
|
100 |
|
|
87 |
Total interest expense |
|
922 |
|
|
711 |
|
|
1,746 |
|
|
1,382 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
5,803 |
|
|
5,140 |
|
|
11,134 |
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
315 |
|
|
445 |
|
|
337 |
|
|
545 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
5,488 |
|
|
4,695 |
|
|
10,797 |
|
|
9,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
Gains on
sale of loans held for sale |
|
873 |
|
|
598 |
|
|
1,493 |
|
|
969 |
Service
charges, fees and commissions |
|
465 |
|
|
443 |
|
|
929 |
|
|
828 |
Increase
in cash value of life insurance |
|
85 |
|
|
87 |
|
|
170 |
|
|
173 |
Other |
|
18 |
|
|
24 |
|
|
35 |
|
|
33 |
Gain on
sales of available-for-sale securities |
|
- |
|
|
52 |
|
|
- |
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
1,441 |
|
|
1,254 |
|
|
2,627 |
|
|
2,065 |
|
|
Noninterest
expenses |
|
Salaries
and employee benefits |
|
2,832 |
|
|
2,396 |
|
|
5,545 |
|
|
4,776 |
Occupancy |
|
360 |
|
|
365 |
|
|
755 |
|
|
737 |
Equipment |
|
398 |
|
|
438 |
|
|
777 |
|
|
786 |
Supplies |
|
140 |
|
|
123 |
|
|
289 |
|
|
257 |
Professional, data processing, and other outside expense |
|
837 |
|
|
697 |
|
|
1,652 |
|
|
1,377 |
Marketing |
|
187 |
|
|
236 |
|
|
327 |
|
|
384 |
Credit
expense |
|
112 |
|
|
137 |
|
|
237 |
|
|
231 |
Other
real estate expenses |
|
86 |
|
|
24 |
|
|
126 |
|
|
36 |
FDIC
insurance expense |
|
99 |
|
|
88 |
|
|
200 |
|
|
191 |
Other |
|
255 |
|
|
252 |
|
|
495 |
|
|
478 |
Total noninterest expenses |
|
5,306 |
|
|
4,756 |
|
|
10,403 |
|
|
9,253 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
1,623 |
|
|
1,143 |
|
|
3,021 |
|
|
2,245 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
323 |
|
|
356 |
|
|
598 |
|
|
698 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,300 |
|
$ |
787 |
|
$ |
2,423 |
|
$ |
1,547 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
4,378,436 |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
4,378,436 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
4,378,436 |
|
|
4,378,519 |
|
|
4,378,481 |
|
|
4,378,527 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic |
$ |
0.30 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted |
$ |
0.30 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts) |
|
|
|
|
|
|
(unaudited) |
|
|
|
Assets |
6/30/2018 |
|
|
12/31/2017 |
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
25,717 |
|
|
$ |
20,267 |
|
Federal funds sold |
|
8,132 |
|
|
|
16,751 |
|
Total
cash and cash equivalents |
|
33,849 |
|
|
|
37,018 |
|
|
|
|
|
|
|
|
|
Securities
held-to-maturity (fair value of $3,448 in 2018 and $5,619 in
2017) |
|
3,706 |
|
|
|
5,713 |
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value |
|
53,688 |
|
|
|
55,312 |
|
Restricted stock, at
cost |
|
1,462 |
|
|
|
1,505 |
|
|
|
|
|
|
|
|
|
Loans, net of allowance
for loan losses of $4,688 in 2018 and $4,752 in 2017 |
|
523,730 |
|
|
|
491,022 |
|
Loans held for
sale |
|
5,815 |
|
|
|
2,626 |
|
Premises and equipment,
net |
|
11,877 |
|
|
|
11,890 |
|
Software, net |
|
118 |
|
|
|
165 |
|
Interest
receivable |
|
1,755 |
|
|
|
1,713 |
|
|
|
|
|
|
|
|
|
Cash value - bank owned
life insurance |
|
13,188 |
|
|
|
13,018 |
|
Other real estate
owned |
|
2,585 |
|
|
|
2,650 |
|
Income taxes
receivable |
|
1,339 |
|
|
|
1,366 |
|
Deferred tax asset |
|
1,695 |
|
|
|
1,418 |
|
Other assets |
|
1,059 |
|
|
|
925 |
|
Total assets |
$ |
655,866 |
|
|
$ |
626,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
86,757 |
|
|
|
74,102 |
|
NOW,
money market and savings |
|
328,082 |
|
|
|
307,987 |
|
Time |
|
181,229 |
|
|
|
185,404 |
|
Total deposits |
|
596,068 |
|
|
|
567,493 |
|
|
|
|
|
|
|
|
|
Capital notes |
|
5,000 |
|
|
|
5,000 |
|
Interest payable |
|
107 |
|
|
|
111 |
|
Other liabilities |
|
2,167 |
|
|
|
2,072 |
|
Total liabilities |
$ |
603,342 |
|
|
$ |
574,676 |
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
Common
stock $2.14 par value; authorized 10,000,000 shares; issued and
outstanding 4,378,436 as of June 30, 2018 and December 31,
2017 |
|
9,370 |
|
|
|
9,370 |
|
Additional paid-in-capital |
|
31,495 |
|
|
|
31,495 |
|
Accumulated other comprehensive (loss) |
|
(2,508 |
) |
|
|
(1,469 |
) |
Retained
earnings |
|
14,167 |
|
|
|
12,269 |
|
Total
stockholders' equity |
$ |
52,524 |
|
|
$ |
51,665 |
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
655,866 |
|
|
$ |
626,341 |
|
|
|
|
|
|
|
|
|
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