Strong Year-Over-Year Earnings Growth, Loan
and Deposit Expansion
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 nine months ended
September 30, 2018.
Net income for the three months ended September
30, 2018 was $1.40 million or $0.32 per diluted share, up 38%
compared with $1.02 million or $0.23 per diluted share for the
three months ended September 30, 2017. For the nine months ended
September 30, 2018, net income rose 49% to $3.83 million or $0.87
per diluted share, compared with $2.56 million or $0.59 per diluted
share for the nine months ended September 30, 2017.
Robert R. Chapman III, President and CEO, commented: “We
continued to have balanced contributions from commercial and retail
lending and banking activities, generating meaningful
year-over-year interest income and non-interest income growth.
Deposit growth of $47 million year-over-year, specifically an
increase core deposits, reflected an ongoing focus on building full
banking relationships with clients. Importantly, deposit growth has
provided attractively priced financing to fund lending, and
contributed to interest expense management and net interest margin
improvement.”
Highlights
- Commercial real estate (CRE), construction and multi-family
housing loans were major contributors to the 15% growth of interest
income from earning assets in the third quarter of 2018 compared
with the third quarter of 2017.
- Net interest income before the provision for loan losses was
$5.99 million in the third quarter of 2018, up 13% from the third
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 continued strong gains on sales of
residential mortgage loans, was up 17% in the nine months of 2018
compared with the nine months of 2017.
- Deposits increased to a record $607.45 million at September 30,
2018, led by core deposit growth (noninterest-bearing demand, NOW,
savings and money market accounts).
- Total assets were a Company record $668.44 million at September
30, 2018.
- Total nonperforming loans declined 45% at September 30, 2018
from December 31, 2017, contributing to strong asset quality
ratios, including an improvement of nonperforming loans to total
loans of 0.44% at September 30, 2018 from 0.87% at December 31,
2017. All asset quality ratios remained strong, reflecting loan
portfolio strength.
- Measures of productivity trended positively, as Return on
Average Assets (ROAA) was 0.84% for the quarter ended September 30,
2018, up from 0.66% for the quarter ended September 30, 2017 (and
up from 0.79% for the quarter ended June 30, 2018). Return on
Average Equity (ROAE) increased significantly to 10.13% for the
quarter ended September 30, 2018 from 7.75% for the quarter ended
September 30, 2017 (and up from 9.67% for the quarter ended June
30, 2018). The Company’s efficiency ratio improved
year-over-year.
- Total stockholders’ equity increased to $53.12 million at
September 30, 2018 from $51.67 million December 31, 2017, and
retained earnings rose to $15.31 million from $12.27 million at
year-end 2017. Based on the results achieved in the third quarter
of 2018, on October 16, 2018 the Company’s board of directors
approved a $0.06 per share dividend payable to stockholders of
record on November 30, 2018, to be paid on December 14, 2018.
Chapman continued: “As we have grown the Company’s loan
portfolio, we believe that we have been very focused in maintaining
sound asset and credit quality by applying thorough credit risk
assessment and ongoing loan quality monitoring. This contributed to
a 45% reduction in the dollar amount of nonperforming loans since
the beginning of 2018, and improved asset quality ratios, including
a meaningful reduction in the ratio of nonperforming loans to total
loans since the beginning of the year. An expanded banking team,
and continued traction in Roanoke, Charlottesville, Harrisonburg
and most recently Appomattox and Blacksburg, while managing
operating expenses and maintaining asset quality, have contributed
to our long-term goals of improved returns on our asset base and
generating accelerating, predictable earnings growth.”
Third Quarter, Nine Months of 2018 Operational
Review
Total interest income was $6.98 million in the third quarter of
2018, up 15% from $6.07 million a year earlier. The primary driver
of interest income growth in the third quarter and nine months of
2018 was an increase in loans combined with an increase in interest
rates. Although interest expense rose year-over-year with an
increase in deposits and market driven rate increases, net interest
income was up 13% to $5.99 million for the quarter ended September
30, 2018 compared with a year earlier. Net interest income in the
nine months of 2018 increased 12% compared with a year earlier.
The Company’s provision for loan losses was 5% lower in the
third quarter of 2018 compared with a year earlier, and 29% lower
in the nine months of 2018 compared with a year earlier. The third
quarter of 2018 loan loss provision was $190,000, down from
$200,000 in the third quarter of 2017, and the loan loss provision
in the nine months of 2018 was $527,000, compared with $745,000 in
the first nine months of 2017.
Net interest income after provision for loan losses in the third
quarter of 2018 was $5.80 million compared with $5.08 million in
the third quarter of 2017. Net interest income after provision for
loan losses in the nine months of 2018 was $16.60 million compared
with $14.52 million a year earlier.
Commercial lending growth, increased rates, and relative
stability in the interest rate spread contributed to a 3.80% net
interest margin in the third quarter of 2018, up from 3.69% a year
earlier. The net interest margin for the nine months of 2018
expanded to 3.73% from 3.68% in the nine months of 2017. Average
rates on total earning assets for the quarter ended September 30,
2018 were 4.47%, compared to 4.20% a year earlier.
Noninterest income, including gains from the sale of residential
mortgages to the secondary market, revenue contributions from BOTJ
Investment Services, and income from the Bank's line of treasury
management services for commercial customers supported continued
positive quarterly growth. Noninterest income rose modestly in the
third quarter of 2018 compared with the third quarter of 2017, and
was up more than 17% for the nine months of 2018 to $4.05 million
from $3.45 million for nine months of 2017.
Ongoing strong residential mortgage origination activity
supported a strong pipeline of loans held for sale, which generated
gains on sale to the secondary market of $767,000 in the third
quarter of 2018, compared with $694,000 in the third quarter of
2017. For the nine months of 2018, gains on the sales of loans held
for sale were $2.26 million, compared with $1.66 million for the
comparable period in 2017.
Chapman noted: “We have been extremely grateful for the
tremendous accomplishments of our Bank of the James Mortgage team
in all our served markets including our most recent establishment
of a mortgage office in Blacksburg. The team’s professionalism and
willingness to go the extra mile for customers, combined with a
finely tuned and efficient approval and closing process, has time
and again earned referrals from customers, real estate agents, and
home builders.
“A focus on mortgage origination has allowed us to emphasize the
service and capabilities that Bank of the James is known for, while
managing the Company’s risk profile by placing closed mortgages in
the secondary market. This has proven to be a very successful
strategy.”
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 BOTJ Investment Services,
was $547,000 in the third quarter of 2018, relatively stable
compared with the third quarter of 2017, and up significantly from
$465,000 in the second quarter of 2018. Income of $1.48 million for
the nine months of 2018 increased from $1.38 million for the nine
months of 2017.
Noninterest expense for the three months ended September 30,
2018 was $5.47 million compared with $4.98 million a year earlier,
primarily reflecting increased personnel expenses from a larger
team of producing individuals, equipment expense, OREO expense, and
to a lesser extent, professional expenses, and data processing
expenses. In the nine months of 2018, noninterest expense was
$15.87 million compared with $14.24 million in the nine months of
2017.
Balance Sheet Review: Growth, Asset Quality
Total assets rose to a Company record $668.44 million. The
primary driver of asset growth continues to be loans held for
investment, net of the allowance for loan losses, which totaled
$524.10 million, up from $491.02 million at December 31, 2017.
Loans held for sale were $2.53 million. Fair market value of
securities available-for-sale was $52.33 million compared with
$55.31 million at December 31, 2017.
The Company’s commercial loan portfolio realized
year-over-year growth in several categories. Non-owner occupied
commercial real estate (primarily commercial and investment
property), increased 30% to $71.10 million at September 30, 2018
from $54.73 million a year earlier. Owner-occupied commercial real
estate of $102.32 million was up 3% from a year earlier, and
mortgages on multi-family properties increased 24% at September 30,
2018 from a year earlier. Construction lending, primarily
reflecting continued strong residential home construction activity,
was up 20% from a year earlier. Agricultural and consumer loans
experienced double-digit growth compared with a year earlier, and
residential mortgages and home equity loans were relatively
stable.
Total deposits at September 30, 2018 rose to $607.45 million
from $567.49 million at December 31, 2017. Much of the deposit
growth reflected increased noninterest bearing demand accounts,
which grew to $89.84 million at September 30, 2018 from $74.10
million at December 31, 2017, and core interest bearing accounts
(NOW, money market and savings), which increased to $329.87 million
from $307.99 million during the same period. Core deposits
comprised approximately 70% of total deposits.
Asset quality remained strong, with a ratio of nonperforming
loans to total loans of 0.44% at September 30, 2018, compared with
0.87% at December 31, 2017. As previously noted, nonperforming
loans declined 45% from December 31, 2017 levels, while total
nonperforming assets, inclusive of Other Real Estate Owned (OREO),
declined 31% from year-end 2017 to $4.81 million. The Company’s
allowance for loan losses was $4.56 million, with a ratio of 0.86%
of allowance for loan losses to total loans and a 194% loss
allowance to nonperforming loans.
The Company grew measures of stockholder value. Total
stockholders’ equity was $53.12 million at September 30, 2018, up
from $51.67 million at December 31, 2017. Retained earnings
increased to $15.31 million, up from $12.27 million at December 31,
2017. Tangible book value per share increased to $12.13 at
September 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.
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: |
ThreemonthsendingSep
30,2018 |
ThreemonthsendingSep
30,2017 |
Change |
YeartodateSep
30,2018 |
YeartodateSep
30,2017 |
Change |
Interest income |
$ |
6,980 |
$ |
6,070 |
|
14.99 |
% |
$ |
19,860 |
$ |
17,430 |
|
13.94 |
% |
Interest expense |
|
990 |
|
786 |
|
25.95 |
% |
|
2,736 |
|
2,168 |
|
26.20 |
% |
Net interest income |
|
5,990 |
|
5,284 |
|
13.36 |
% |
|
17,124 |
|
15,262 |
|
12.20 |
% |
Provision for loan losses |
|
190 |
|
200 |
|
-5.00 |
% |
|
527 |
|
745 |
|
-29.26 |
% |
Noninterest income |
|
1,420 |
|
1,389 |
|
2.23 |
% |
|
4,047 |
|
3,454 |
|
17.17 |
% |
Noninterest expense |
|
5,465 |
|
4,984 |
|
9.65 |
% |
|
15,868 |
|
14,237 |
|
11.46 |
% |
Income taxes |
|
351 |
|
474 |
|
-25.95 |
% |
|
949 |
|
1,172 |
|
-19.03 |
% |
Net income |
|
1,404 |
|
1,015 |
|
38.33 |
% |
|
3,827 |
|
2,562 |
|
49.38 |
% |
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 |
|
(83 |
) |
|
4,378,466 |
|
4,378,524 |
|
(88 |
) |
Basic net income per share |
$ |
0.32 |
$ |
0.23 |
$ |
0.09 |
|
$ |
0.87 |
$ |
0.59 |
$ |
0.28 |
|
Fully diluted net income per share |
$ |
0.32 |
$ |
0.23 |
$ |
0.09 |
|
$ |
0.87 |
$ |
0.59 |
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet atperiod end: |
Sep 30,2018 |
Dec 31,2017 |
Change |
Sep 30,2017 |
Dec 31,2016 |
Change |
Loans, net |
$ |
524,104 |
$ |
491,022 |
6.74 |
% |
$ |
493,764 |
$ |
464,353 |
|
6.33 |
% |
Loans held for sale |
|
2,529 |
|
2,626 |
-3.69 |
% |
|
1,502 |
|
3,833 |
|
-60.81 |
% |
Total securities |
|
56,036 |
|
61,025 |
-8.18 |
% |
|
52,946 |
|
44,075 |
|
20.13 |
% |
Total deposits |
|
607,447 |
|
567,493 |
7.04 |
% |
|
560,515 |
|
523,112 |
|
7.15 |
% |
Stockholders' equity |
|
53,117 |
|
51,665 |
2.81 |
% |
|
51,792 |
|
49,421 |
|
4.80 |
% |
Total assets |
|
668,438 |
|
626,341 |
6.72 |
% |
|
619,336 |
|
574,195 |
|
7.86 |
% |
Shares outstanding |
|
4,378,436 |
|
4,378,436 |
- |
|
|
4,378,436 |
|
4,378,436 |
|
- |
|
Book value per share |
$ |
12.13 |
$ |
11.80 |
$ |
0.33 |
|
$ |
11.83 |
$ |
11.29 |
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily
averages: |
ThreemonthsendingSep
30,2018 |
ThreemonthsendingSep
30,2017 |
Change |
YeartodateSep
30,2018 |
YeartodateSep
30,2017 |
Change |
Loans, net |
$ |
522,944 |
|
$ |
487,051 |
|
7.37 |
% |
$ |
511,573 |
|
$ |
474,455 |
|
7.82 |
% |
Loans held for sale |
|
3,134 |
|
|
3,169 |
|
-1.10 |
% |
|
3,096 |
|
|
2,309 |
|
34.08 |
% |
Total securities |
|
60,281 |
|
|
54,791 |
|
10.02 |
% |
|
61,302 |
|
|
53,293 |
|
15.03 |
% |
Total deposits |
|
602,549 |
|
|
551,629 |
|
9.23 |
% |
|
590,319 |
|
|
535,203 |
|
10.30 |
% |
Stockholders' equity |
|
54,967 |
|
|
51,984 |
|
5.74 |
% |
|
53,917 |
|
|
51,482 |
|
4.73 |
% |
Interest earning assets |
|
625,693 |
|
|
574,214 |
|
8.97 |
% |
|
614,290 |
|
|
554,642 |
|
10.75 |
% |
Interest bearing liabilities |
|
519,235 |
|
|
436,510 |
|
18.95 |
% |
|
490,947 |
|
|
425,959 |
|
15.26 |
% |
Total assets |
|
663,685 |
|
|
612,447 |
|
8.37 |
% |
|
651,489 |
|
|
592,974 |
|
9.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Ratios: |
ThreemonthsendingSep
30,2018 |
ThreemonthsendingSep
30,2017 |
Change |
YeartodateSep
30,2018 |
YeartodateSep
30,2017 |
Change |
Return on average assets |
|
0.84 |
% |
|
0.66 |
% |
0.18 |
|
|
0.79 |
% |
|
0.58 |
% |
0.21 |
|
Return on average equity |
|
10.13 |
% |
|
7.75 |
% |
2.38 |
|
|
9.49 |
% |
|
6.65 |
% |
2.84 |
|
Net interest margin |
|
3.80 |
% |
|
3.69 |
% |
0.11 |
|
|
3.73 |
% |
|
3.68 |
% |
0.05 |
|
Efficiency ratio |
|
73.75 |
% |
|
74.69 |
% |
(0.94 |
) |
|
74.95 |
% |
|
76.07 |
% |
(1.12 |
) |
Average equity to average assets |
|
8.28 |
% |
|
8.49 |
% |
(0.21 |
) |
|
8.28 |
% |
|
8.68 |
% |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses: |
ThreemonthsendingSep
30,2018 |
ThreemonthsendingSep
30,2017 |
Change |
YeartodateSep
30,2018 |
YeartodateSep
30,2017 |
Change |
Beginning balance |
$ |
4,688 |
|
$ |
6,132 |
|
-23.55 |
% |
$ |
4,752 |
|
$ |
5,716 |
|
-16.86 |
% |
Provision for losses |
|
190 |
|
|
200 |
|
-5.00 |
% |
|
527 |
|
|
745 |
|
-29.26 |
% |
Charge-offs |
|
(324 |
) |
|
(325 |
) |
-0.31 |
% |
|
(879 |
) |
|
(551 |
) |
59.53 |
% |
Recoveries |
|
7 |
|
|
13 |
|
-46.15 |
% |
|
161 |
|
|
110 |
|
46.36 |
% |
Ending balance |
|
4,561 |
|
|
6,020 |
|
-24.24 |
% |
|
4,561 |
|
|
6,020 |
|
-24.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets: |
Sep 30,2018 |
Dec 31,2017 |
Change |
Sep 30,2017 |
Dec 31,2016 |
Change |
Total nonperforming loans |
$ |
2,350 |
$ |
4,308 |
-45.45 |
% |
$ |
2,334 |
$ |
2,550 |
-8.47 |
% |
Other real estate owned |
|
2,455 |
|
2,650 |
-7.36 |
% |
|
2,639 |
|
2,370 |
11.35 |
% |
Total nonperforming assets |
|
4,805 |
|
6,958 |
-30.94 |
% |
|
4,973 |
|
4,920 |
1.08 |
% |
Troubled debt restructurings - (performing portion) |
|
428 |
|
440 |
-2.73 |
% |
|
444 |
|
455 |
-2.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality ratios: |
Sep 30,2018 |
Dec 31,2017 |
Change |
Sep 30,2017 |
Dec 31,2016 |
Change |
Nonperforming loans to total loans |
0.44 |
% |
0.87 |
% |
(0.43 |
) |
0.47 |
% |
0.54 |
% |
(0.07 |
) |
Allowance for loan losses to total loans |
0.86 |
% |
0.96 |
% |
(0.10 |
) |
1.20 |
% |
1.22 |
% |
(0.02 |
) |
Allowance for loan losses to nonperforming loans |
194.09 |
% |
110.31 |
% |
83.78 |
|
257.93 |
% |
224.16 |
% |
33.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
Subsidiaries |
Consolidated Balance Sheets |
(dollar amounts in thousands, except per share
amounts) |
|
|
|
|
Assets |
(unaudited) |
|
|
|
|
|
9/30/2018 |
|
12/31/2017 |
|
|
|
|
Cash and due from
banks |
$ |
25,849 |
|
|
$ |
20,267 |
|
Federal funds sold |
|
24,615 |
|
|
|
16,751 |
|
Total
cash and cash equivalents |
|
50,464 |
|
|
|
37,018 |
|
|
|
|
|
Securities
held-to-maturity (fair value of $3,394 in 2018 and $5,619 in
2017) |
|
3,703 |
|
|
|
5,713 |
|
Securities
available-for-sale, at fair value |
|
52,333 |
|
|
|
55,312 |
|
Restricted stock, at
cost |
|
1,462 |
|
|
|
1,505 |
|
Loans, net of allowance
for loan losses of $4,561 in 2018 and $4,752 in 2017 |
|
524,104 |
|
|
|
491,022 |
|
Loans held for
sale |
|
2,529 |
|
|
|
2,626 |
|
Premises and equipment,
net |
|
11,862 |
|
|
|
11,890 |
|
Software, net |
|
218 |
|
|
|
165 |
|
Interest
receivable |
|
1,876 |
|
|
|
1,713 |
|
Cash value - bank owned
life insurance |
|
13,274 |
|
|
|
13,018 |
|
Other real estate
owned |
|
2,455 |
|
|
|
2,650 |
|
Income taxes
receivable |
|
1,315 |
|
|
|
1,366 |
|
Deferred tax asset |
|
1,840 |
|
|
|
1,418 |
|
Other assets |
|
1,003 |
|
|
|
925 |
|
Total assets |
$ |
668,438 |
|
|
$ |
626,341 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
|
89,844 |
|
|
|
74,102 |
|
NOW,
money market and savings |
|
329,870 |
|
|
|
307,987 |
|
Time |
|
187,733 |
|
|
|
185,404 |
|
Total deposits |
|
607,447 |
|
|
|
567,493 |
|
|
|
|
|
Capital notes |
|
5,000 |
|
|
|
5,000 |
|
Interest payable |
|
131 |
|
|
|
111 |
|
Other liabilities |
|
2,743 |
|
|
|
2,072 |
|
Total liabilities |
$ |
615,321 |
|
|
$ |
574,676 |
|
|
|
|
|
Stockholders'
equity |
|
|
|
Common
stock $2.14 par value; authorized 10,000,000 shares; issued and
outstanding 4,378,436 as of September 30, 2018 and December 31,
2017 |
|
9,370 |
|
|
|
9,370 |
|
Additional paid-in-capital |
|
31,495 |
|
|
|
31,495 |
|
Accumulated other comprehensive loss |
|
(3,057 |
) |
|
|
(1,469 |
) |
Retained
earnings |
|
15,309 |
|
|
|
12,269 |
|
Total
stockholders' equity |
$ |
53,117 |
|
|
$ |
51,665 |
|
Total
liabilities and stockholders' equity |
$ |
668,438 |
|
|
$ |
626,341 |
|
|
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 Nine Months |
|
Ended September 30, |
|
Ended September 30, |
Interest
Income |
2018 |
|
2017 |
|
2018 |
|
2017 |
Loans |
$ |
6,460 |
|
$ |
5,683 |
|
$ |
18,329 |
|
$ |
16,336 |
Securities |
|
|
|
|
|
|
|
US
Government and agency obligations |
|
187 |
|
|
131 |
|
|
571 |
|
|
365 |
Mortgage
backed securities |
|
62 |
|
|
71 |
|
|
196 |
|
|
214 |
Municipals |
|
83 |
|
|
88 |
|
|
248 |
|
|
258 |
Dividends |
|
9 |
|
|
7 |
|
|
40 |
|
|
42 |
Other
(Corporates) |
|
23 |
|
|
24 |
|
|
70 |
|
|
81 |
Interest
bearing deposits |
|
60 |
|
|
21 |
|
|
151 |
|
|
53 |
Federal
Funds sold |
|
96 |
|
|
45 |
|
|
255 |
|
|
81 |
Total interest income |
|
6,980 |
|
|
6,070 |
|
|
19,860 |
|
|
17,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW,
money market savings |
|
261 |
|
|
186 |
|
|
684 |
|
|
530 |
Time
Deposits |
|
597 |
|
|
460 |
|
|
1,641 |
|
|
1,287 |
FHLB
borrowings |
|
- |
|
|
- |
|
|
17 |
|
|
- |
Reverse
repurchase agreements |
|
- |
|
|
13 |
|
|
- |
|
|
13 |
Brokered
time deposits |
|
82 |
|
|
77 |
|
|
244 |
|
|
201 |
Capital
notes |
|
50 |
|
|
50 |
|
|
150 |
|
|
137 |
Total interest expense |
|
990 |
|
|
786 |
|
|
2,736 |
|
|
2,168 |
|
|
|
|
|
|
|
|
Net interest income |
|
5,990 |
|
|
5,284 |
|
|
17,124 |
|
|
15,262 |
|
|
|
|
|
|
|
|
Provision for loan
losses |
|
190 |
|
|
200 |
|
|
527 |
|
|
745 |
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
5,800 |
|
|
5,084 |
|
|
16,597 |
|
|
14,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on
sale of loans held for sale |
|
767 |
|
|
694 |
|
|
2,260 |
|
|
1,663 |
Service
charges, fees and commissions |
|
547 |
|
|
549 |
|
|
1,476 |
|
|
1,377 |
Increase
in cash value of life insurance |
|
86 |
|
|
86 |
|
|
256 |
|
|
259 |
Other |
|
20 |
|
|
9 |
|
|
55 |
|
|
42 |
Gain on
sales of available-for-sale securities |
|
- |
|
|
51 |
|
|
- |
|
|
113 |
|
|
|
|
|
|
|
|
Total noninterest income |
|
1,420 |
|
|
1,389 |
|
|
4,047 |
|
|
3,454 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
2,853 |
|
|
2,538 |
|
|
8,398 |
|
|
7,314 |
Occupancy |
|
388 |
|
|
390 |
|
|
1,143 |
|
|
1,127 |
Equipment |
|
414 |
|
|
360 |
|
|
1,191 |
|
|
1,146 |
Supplies |
|
124 |
|
|
133 |
|
|
413 |
|
|
390 |
Professional, data processing, and other outside expense |
|
761 |
|
|
735 |
|
|
2,413 |
|
|
2,112 |
Marketing |
|
165 |
|
|
212 |
|
|
492 |
|
|
596 |
Credit
expense |
|
241 |
|
|
225 |
|
|
478 |
|
|
456 |
Other
real estate expenses |
|
110 |
|
|
42 |
|
|
236 |
|
|
78 |
FDIC
insurance expense |
|
99 |
|
|
94 |
|
|
299 |
|
|
285 |
Other |
|
310 |
|
|
255 |
|
|
805 |
|
|
733 |
Total noninterest expenses |
|
5,465 |
|
|
4,984 |
|
|
15,868 |
|
|
14,237 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
1,755 |
|
|
1,489 |
|
|
4,776 |
|
|
3,734 |
|
|
|
|
|
|
|
|
Income tax expense |
|
351 |
|
|
474 |
|
|
949 |
|
|
1,172 |
|
|
|
|
|
|
|
|
Net Income |
$ |
1,404 |
|
$ |
1,015 |
|
$ |
3,827 |
|
$ |
2,562 |
|
|
|
|
|
|
|
|
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 |
|
|
4,378,466 |
|
|
4,378,524 |
|
|
|
|
|
|
|
|
Net income per common
share - basic |
$ |
0.32 |
|
$ |
0.23 |
|
$ |
0.87 |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
Net income per common
share - diluted |
$ |
0.32 |
|
$ |
0.23 |
|
$ |
0.87 |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
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