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 Region 2000
(Greater Lynchburg MSA), and the Charlottesville, Harrisonburg,
Roanoke, Blacksburg, and Lexington, Virginia markets, today
announced unaudited results for the three months and 12 months
ended December 31, 2019.
Net income for the three months ended December
31, 2019 was $1.52 million or $0.35 per diluted share, compared
with $1.48 million or $0.34 per diluted share for the three months
ended December 31, 2018. Net income for the 12 months ended
December 31, 2019 was a Company-record $5.61 million or $1.28 per
diluted share, compared with $5.30 million or $1.21 per diluted
share for the 12 months ended December 31, 2018.
Robert R. Chapman III, President and CEO, commented: “It was
rewarding to conclude our 20th year of operations with
Company-record earnings, net loans, total deposits and total
interest and noninterest income. Steady commercial loan growth to
drive interest income, market leadership in residential mortgage
originations, brisk commercial and retail banking activity from an
expanded regional franchise, and high asset quality, each of which
are part of our long-term plan, helped to drive these results.
“At the start of 2019, we announced a plan to invest in new
offices and expand our banking team to support continued growth in
retail and commercial banking. During the year, we established a
presence in the Lexington, Virginia market, opened an office in
Rustburg, Virginia to enhance deposit-gathering capabilities in
Campbell County, relocated a limited service office in
Charlottesville, converting it to a full-service office, and opened
a second office in Roanoke. We expanded our team to efficiently
staff these new offices.
“Even with these investments impacting net income and earnings
per share in 2019, the performance of our team and strength of the
Company’s growth and performance drove record earnings that built
shareholder value, including issuing a special one-time cash
dividend and supporting an increased quarterly cash dividend for
2020. The year reflected our balanced approach to long-term growth
while building the Company’s value.”
Highlights
- Loans, net of the allowance for loan losses, were $573.27
million at December 31, 2019, up 8% from $530.02 million at
December 31, 2018.
- Total loan growth for the year ended December 31, 2019
reflected ongoing portfolio expansion in several categories. The
Commercial & Industrial (C&I), owner-occupied commercial
real estate (CRE), multi-family and construction & land
portfolios increased year-over-year. Overall loans, net of
allowance, increased by 8.2%.
- Total interest income, driven by loan growth, was a
Company-record $29.82 million for the year ended December 31, 2019,
up 11% from $26.97 million for the year ended December 31,
2018.
- Income from gains on sales of residential mortgages to the
secondary market and fees from corporate treasury services
generated increased total noninterest income throughout the year.
Noninterest income in 2019 was $7.19 million, up 37% compared with
$5.24 million in 2019.
- Reflecting the Company’s focus on growing its deposit base to
internally fund loan growth, total deposits rose to $649.46 million
at December 31, 2019, compared with $612.04 million at December 31,
2018. Lower-cost core deposits (noninterest-bearing demand, NOW,
savings and money market accounts) comprised approximately 70% of
the Company’s total deposits.
- Total assets were a Company-record $725.39 million at December
31, 2019. Asset quality remained strong, with the ratio of
nonperforming loans to total loans improving to 0.23% at December
31, 2019 from 0.55% at December 31. 2018.
- With a focus on expansion opportunity and productivity, the
Company in 2019 opened additional full-service facilities in
Charlottesville and Roanoke, as well as new full-service offices in
Lexington and Rustburg, Virginia and consolidated banking
facilities in downtown Lynchburg.
- Expansion and growth continued to build shareholder value.
Total stockholders’ equity increased to $61.55 million at December
31, 2019 from $55.14 million at December 31, 2018. Tangible book
value per share rose to $14.13 from $12.59 at December 31, 2018.
Retained earnings were $20.90 million at December 31, 2019, up from
$16.52 million a year earlier.
- Pursuant to the Company’s stock buyback program that expired in
December 2019, the Company repurchased 21,000 shares of its common
stock in the fourth quarter 2019, at an average at an average price
of $14.94.
- Based on the results achieved in the fourth quarter of 2019,
the Company’s board of directors approved a $0.07 per share
dividend payable to stockholders of record on March 6, 2020, to be
paid on March 20, 2020. The board also authorized the Company to
purchase up to 65,000 shares of its common stock over the course of
the next year, based on market pricing, through a stock buyback
program. Both of these actions were taken at the January 21,
2020 board meeting.
Fourth Quarter, Full Year 2019 Operational
Review
Net interest income was $6.11 million in the fourth quarter of
2019, up slightly compared with a year earlier. Fourth quarter 2019
total interest income rose 6.8% year-over-year to $7.60 million,
however, total interest expense increased significantly from a year
earlier, reflecting deposit growth and Federal Reserve rate changes
prompting rate increases in demand and time deposits. The Company’s
net interest margin was 3.63% in the fourth quarter of 2019
compared with 3.80% a year earlier.
For the year ended December 31, 2019, net interest income rose
5.9% to $24.55 million from $23.18 million the previous year,
driven by record interest income. Higher year-over-year interest
expense also reflected deposit growth and higher rates on
interest-bearing liabilities. The Company’s net interest margin for
full year 2019 was 3.77% compared with 3.75% in 2018.
“For many financial institutions, margin compression has
presented a challenge as rate adjustments led to increased cost of
liabilities and downward pressure on loan yields,” explained J.
Todd Scruggs, Executive Vice President and CFO. “Competition for
deposits and lending business is intense, but we have remained
prudent in our approach to attracting deposits, focusing on
deposits as a valuable component of a broader banking relationship,
and maintaining loan rates that are reasonable for us and our
customers. As a result, we have been satisfied with the relative
strength of our net interest margin.”
Noninterest income, including gains from the sale of residential
mortgages to the secondary market, revenue contributions from BOTJ
Investment Services, and fee income from the Bank’s line of
treasury management services for commercial customers was $2.15
million in the fourth quarter of 2019 compared with $1.29 million
in the fourth quarter of 2018. For the year ended December 31,
2019, noninterest income increased 37% to $7.19 million compared
with $5.24 million for the year ended December 31, 2018. For the
year ended December 31, 2019, gains on sale of loans held for sale
was $4.25 million, up from $2.92 million for the year ended
December 31, 2018.
“Our mortgage division has been doing a tremendous job of
earning mortgage origination business during the past several years
and building on our reputation as a premier provider,” Chapman
explained. “Our performance in 2019 reflected ongoing investment in
technology to facilitate loan processing and credit review, and an
expanded team of professionals dedicated to service and support.
The growth of mortgage originations in our served markets outside
of Region 2000 have played an important role, generating
noninterest income from origination activity and supporting our
practice of generating noninterest income from loan sales to the
secondary market.”
Noninterest expense for the three and 12 months ended December
31, 2019 increased compared with the same periods in 2018,
primarily reflecting increased personnel, marketing, and equipment
costs related to market expansion as well as increased credit
expenses associated with origination of residential mortgage loans.
The Company’s efficiency ratio was higher in both periods compared
to a year earlier, primarily reflecting the addition of personnel
and facilities and an increase in variable compensation related to
increased production in the mortgage and investment divisions.
Balance Sheet Review: Loan and Deposit Growth, Strong
Asset Quality
Total assets increased to $725.39 million at December 31, 2019,
highlighted by growth in loans, net of allowance, to $573.27
million, up from $530.02 million at December 31, 2018. Reflecting
strong residential mortgage originations, loans held-for-sale at
December 31, 2019 were $4.22 million compared with $1.67 million at
December 31, 2018. Fair value of securities available-for-sale was
$59.66 million at December 31, 2019 compared to $52.73 million at
December 31, 2018.
Loans, net of allowance for loan losses, increased $43.26
million to a Company-record $573.27 million at December 31, 2019,
up from $530.02 million at December 31, 2018. The Company’s
allowance for loan losses was $4.83 million, with a lower
year-over-year provision for losses and a significant decline in
charge-offs.
Total nonperforming loans declined to $1.3 million at December
31, 2019, compared with $2.9 million a year earlier, the amount of
owned foreclosed real estate declined slightly, and total
nonperforming assets declined 32% year-over-year. Asset quality
ratios reflected the portfolio’s continued strength, including a
ratio of nonperforming loans to total loans that improved to 0.23%
at year-end from 0.55% a year earlier.
Chapman explained: “We believe the indicators of asset quality,
which have been strong and improving during the past several years,
offer proof that consistent credit review and monitoring practices,
coordinated throughout the Company and all served markets, have
mitigated risk as we have prudently grown our loan portfolio. We
maintain close contact with clients to stay ahead of potential
issues that may arise, and further protect the Company against risk
with what management believes is an adequate allowance for loan
losses.”
Led by commercial lending, the Company’s loan portfolio
continued to provide balanced performance and year-over-year
growth. Commercial real estate loans, both owner occupied and
non-owner occupied, increased to $193.80 million at December 31,
2019 from $182.92 million. Commercial & industrial loans
increased 19% to $84.73 million from $71.14 million, construction
and land loans of $42.57 million were up 24%, and multi-family
mortgages grew 19% to $55.76 million.
Total deposits at December 31, 2019 were $649.46 million, up
from $612.04 million at December 31, 2018, led by continued
strength in core deposits, which comprised 70% of total deposits.
Interest-bearing demand deposits were $362.82 million at December
31, 2019 compared with $331.30 million at December 31, 2018.
Noninterest bearing demand deposits, which are frequently tied to
commercial banking relationships, grew to $93.94 million at
December 31, 2019 compared with $91.36 million at December 31,
2018.
Total stockholders’ equity and tangible book value per share
increased at December 31, 2019 as compared to the prior year end.
Retained earnings increased to $20.90 million at December 31, 2019
from $16.52 million at December 31, 2018. 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 currently services
customers in Virginia from offices located in Altavista, Amherst,
Appomattox, Bedford, Blacksburg, Charlottesville, Forest,
Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, and
Rustburg. 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: |
ThreemonthsendingDec
31,2019 |
ThreemonthsendingDec
31,2018 |
Change |
YeartodateDec
31,2019 |
YeartodateDec
31,2018 |
Change |
Interest income |
$ |
7,596 |
$ |
7,111 |
|
6.82 |
% |
$ |
29,816 |
$ |
26,971 |
|
10.55 |
% |
Interest expense |
|
1,491 |
|
1,059 |
|
40.79 |
% |
|
5,264 |
|
3,795 |
|
38.71 |
% |
Net interest income |
|
6,105 |
|
6,052 |
|
0.88 |
% |
|
24,552 |
|
23,176 |
|
5.94 |
% |
Provision for loan losses |
|
89 |
|
189 |
|
-52.91 |
% |
|
523 |
|
716 |
|
-26.96 |
% |
Noninterest income |
|
2,149 |
|
1,288 |
|
66.85 |
% |
|
7,188 |
|
5,235 |
|
37.31 |
% |
Noninterest expense |
|
6,336 |
|
5,296 |
|
19.64 |
% |
|
24,283 |
|
21,064 |
|
15.28 |
% |
Income taxes |
|
309 |
|
380 |
|
-18.68 |
% |
|
1,329 |
|
1,329 |
|
0.00 |
% |
Net income |
|
1,520 |
|
1,475 |
|
3.05 |
% |
|
5,605 |
|
5,302 |
|
5.71 |
% |
Weighted average shares outstanding - basic |
|
4,368,034 |
|
4,378,436 |
|
(10,402 |
) |
|
4,375,814 |
|
4,378,436 |
|
(2,622 |
) |
Weighted average shares outstanding - diluted |
|
4,376,985 |
|
4,378,436 |
|
(1,451 |
) |
|
4,381,597 |
|
4,378,459 |
|
3,138 |
|
Basic net income per share |
$ |
0.35 |
$ |
0.34 |
$ |
0.01 |
|
$ |
1.28 |
$ |
1.21 |
$ |
0.07 |
|
Fully diluted net income per share |
$ |
0.35 |
$ |
0.34 |
$ |
0.01 |
|
$ |
1.28 |
$ |
1.21 |
$ |
0.07 |
|
Balance Sheet atperiod end: |
Dec 31,2019 |
Dec 31,2018 |
Change |
Dec 31,2018 |
Dec 31,2017 |
Change |
Loans, net |
$ |
573,274 |
$ |
530,016 |
|
8.16 |
% |
$ |
530,016 |
$ |
491,022 |
|
7.94 |
% |
Loans held for sale |
|
4,221 |
|
1,670 |
|
152.75 |
% |
|
1,670 |
|
2,626 |
|
-36.41 |
% |
Total securities |
|
63,343 |
|
56,427 |
|
12.26 |
% |
|
56,427 |
|
61,025 |
|
-7.53 |
% |
Total deposits |
|
649,459 |
|
612,043 |
|
5.93 |
% |
|
612,043 |
|
567,493 |
|
7.85 |
% |
Stockholders' equity |
|
61,551 |
|
55,143 |
|
11.62 |
% |
|
55,143 |
|
51,665 |
|
6.73 |
% |
Total assets |
|
725,394 |
|
674,897 |
|
7.48 |
% |
|
674,897 |
|
626,341 |
|
7.75 |
% |
Shares outstanding |
|
4,357,436 |
|
4,378,436 |
|
(21,000 |
) |
|
4,378,436 |
|
4,378,436 |
|
- |
|
Book value per share |
$ |
14.13 |
$ |
12.59 |
$ |
1.54 |
|
$ |
12.59 |
$ |
11.80 |
$ |
0.79 |
|
Daily averages: |
ThreemonthsendingDec
31,2019 |
ThreemonthsendingDec
31,2018 |
Change |
YeartodateDec
31,2019 |
YeartodateDec
31,2018 |
Change |
Loans, net |
$ |
561,836 |
$ |
525,960 |
6.82 |
% |
$ |
551,362 |
$ |
515,200 |
7.02 |
% |
Loans held for sale |
|
3,821 |
|
3,262 |
17.14 |
% |
|
3,559 |
|
3,138 |
13.42 |
% |
Total securities |
|
61,230 |
|
59,647 |
2.65 |
% |
|
58,584 |
|
60,880 |
-3.77 |
% |
Total deposits |
|
649,769 |
|
610,612 |
6.41 |
% |
|
628,680 |
|
595,434 |
5.58 |
% |
Stockholders' equity |
|
60,416 |
|
56,077 |
7.74 |
% |
|
58,871 |
|
54,461 |
8.10 |
% |
Interest earning assets |
|
666,410 |
|
632,245 |
5.40 |
% |
|
651,770 |
|
618,812 |
5.33 |
% |
Interest bearing liabilities |
|
567,112 |
|
524,878 |
8.05 |
% |
|
544,038 |
|
499,499 |
8.92 |
% |
Total assets |
|
724,495 |
|
673,113 |
7.63 |
% |
|
698,655 |
|
656,938 |
6.35 |
% |
Financial Ratios: |
ThreemonthsendingDec
31,2019 |
ThreemonthsendingDec
31,2018 |
Change |
YeartodateDec
31,2019 |
YeartodateDec
31,2018 |
Change |
Return on average assets |
0.83 |
% |
0.87 |
% |
(0.04 |
) |
0.80 |
% |
0.81 |
% |
(0.01 |
) |
Return on average equity |
9.98 |
% |
10.44 |
% |
(0.46 |
) |
9.52 |
% |
9.74 |
% |
(0.22 |
) |
Net interest margin |
3.63 |
% |
3.80 |
% |
(0.17 |
) |
3.77 |
% |
3.75 |
% |
0.02 |
|
Efficiency ratio |
76.76 |
% |
72.15 |
% |
4.61 |
|
76.51 |
% |
74.14 |
% |
2.37 |
|
Average equity to |
|
|
|
|
|
|
average assets |
8.34 |
% |
8.33 |
% |
0.01 |
|
8.43 |
% |
8.29 |
% |
0.14 |
|
Allowance for loan losses: |
ThreemonthsendingDec
31,2019 |
ThreemonthsendingDec
31,2018 |
Change |
YeartodateDec
31,2019 |
YeartodateDec
31,2018 |
Change |
Beginning balance |
$ |
4,773 |
|
$ |
4,561 |
|
4.65 |
% |
$ |
4,581 |
|
$ |
4,752 |
|
-3.60 |
% |
Provision for losses |
|
89 |
|
|
189 |
|
-52.91 |
% |
|
523 |
|
|
716 |
|
-26.96 |
% |
Charge-offs |
|
(44 |
) |
|
(185 |
) |
-76.22 |
% |
|
(363 |
) |
|
(1,064 |
) |
-65.88 |
% |
Recoveries |
|
11 |
|
|
16 |
|
-31.25 |
% |
|
88 |
|
|
177 |
|
-50.28 |
% |
Ending balance |
|
4,829 |
|
|
4,581 |
|
5.41 |
% |
|
4,829 |
|
|
4,581 |
|
5.41 |
% |
Nonperforming assets: |
Dec 31,2019 |
Dec 31,2018 |
Change |
Dec 31,2018 |
Dec 31,2017 |
Change |
Total nonperforming loans |
$ |
1,301 |
$ |
2,939 |
-55.73 |
% |
$ |
2,939 |
$ |
4,309 |
-31.79 |
% |
Other real estate owned |
|
2,339 |
|
2,430 |
-3.74 |
% |
|
2,430 |
|
2,650 |
-8.30 |
% |
Total nonperforming assets |
|
3,640 |
|
5,369 |
-32.20 |
% |
|
5,369 |
|
6,959 |
-22.85 |
% |
Troubled debt restructurings - (performing portion) |
|
410 |
|
424 |
-3.30 |
% |
|
424 |
|
440 |
-3.64 |
% |
Asset quality ratios: |
Dec 31,2019 |
Dec 31,2018 |
Change |
Dec 31,2018 |
Dec 31,2017 |
Change |
Nonperforming loans to |
|
|
|
|
|
|
total loans |
0.23 |
% |
0.55 |
% |
(0.32 |
) |
0.55 |
% |
0.87 |
% |
(0.32 |
) |
Allowance for loan losses |
|
|
|
|
|
|
to total loans |
0.84 |
% |
0.86 |
% |
(0.02 |
) |
0.86 |
% |
0.96 |
% |
(0.10 |
) |
Allowance for loan losses |
|
|
|
|
|
|
to nonperforming loans |
371.18 |
% |
155.87 |
% |
215.31 |
|
155.87 |
% |
110.28 |
% |
45.59 |
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
12/31/2019 |
|
12/31/2018 |
Cash and due from banks |
$ |
30,794 |
|
|
$ |
26,725 |
|
Federal funds sold |
|
8,317 |
|
|
|
23,600 |
|
Total cash and cash equivalents |
|
39,111 |
|
|
|
50,325 |
|
|
|
|
|
Securities held-to-maturity
(fair value of $3,861 in 2019 and $3,515 in 2018) |
|
3,688 |
|
|
|
3,700 |
|
Securities available-for-sale,
at fair value |
|
59,655 |
|
|
|
52,727 |
|
Restricted stock, at cost |
|
1,506 |
|
|
|
1,462 |
|
Loans, net of allowance for
loan losses of $4,829 in 2019 and $4,581 in 2018 |
|
573,274 |
|
|
|
530,016 |
|
Loans held for sale |
|
4,221 |
|
|
|
1,670 |
|
Premises and equipment,
net |
|
16,297 |
|
|
|
13,233 |
|
Software, net |
|
401 |
|
|
|
193 |
|
Interest receivable |
|
1,866 |
|
|
|
1,742 |
|
Cash value - bank owned life
insurance |
|
13,686 |
|
|
|
13,359 |
|
Other real estate owned |
|
2,339 |
|
|
|
2,431 |
|
Income taxes receivable |
|
- |
|
|
|
1,102 |
|
Deferred tax asset |
|
1,177 |
|
|
|
1,755 |
|
Other assets |
|
8,173 |
|
|
|
1,182 |
|
Total assets |
$ |
725,394 |
|
|
$ |
674,897 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
$ |
93,936 |
|
|
$ |
91,356 |
|
NOW, money market and savings |
|
362,821 |
|
|
|
331,298 |
|
Time |
|
192,702 |
|
|
|
189,389 |
|
Total deposits |
|
649,459 |
|
|
|
612,043 |
|
|
|
|
|
Capital notes |
|
5,000 |
|
|
|
5,000 |
|
Income taxes payable |
|
124 |
|
|
|
- |
|
Interest payable |
|
173 |
|
|
|
127 |
|
Other liabilities |
|
9,087 |
|
|
|
2,584 |
|
Total liabilities |
$ |
663,843 |
|
|
$ |
619,754 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,357,436 and 4,378,436 as of December 31, 2019 and 2018 |
$ |
9,325 |
|
|
$ |
9,370 |
|
Additional paid-in-capital |
|
31,331 |
|
|
|
31,495 |
|
Accumulated other comprehensive loss |
|
(5 |
) |
|
|
(2,243 |
) |
Retained earnings |
|
20,900 |
|
|
|
16,521 |
|
Total stockholders'
equity |
$ |
61,551 |
|
|
$ |
55,143 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
725,394 |
|
|
$ |
674,897 |
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Income(dollar amounts in thousands, except per
share amounts)(unaudited)
|
For the Three MonthsEnded December
31, |
|
For the Year EndedEnded December
31, |
|
|
Interest
Income |
2019 |
|
2018 |
|
2019 |
|
2018 |
Loans |
$ |
7,009 |
|
|
$ |
6,507 |
|
$ |
27,559 |
|
$ |
24,836 |
Securities |
|
|
|
|
|
|
|
US Government and agency
obligations |
|
210 |
|
|
|
189 |
|
|
755 |
|
|
760 |
Mortgage backed
securities |
|
49 |
|
|
|
60 |
|
|
220 |
|
|
256 |
Municipals |
|
76 |
|
|
|
83 |
|
|
315 |
|
|
331 |
Dividends |
|
33 |
|
|
|
34 |
|
|
93 |
|
|
74 |
Other (Corporates) |
|
24 |
|
|
|
24 |
|
|
94 |
|
|
94 |
Interest bearing deposits |
|
73 |
|
|
|
76 |
|
|
326 |
|
|
227 |
Federal Funds sold |
|
122 |
|
|
|
138 |
|
|
454 |
|
|
393 |
Total interest income |
|
7,596 |
|
|
|
7,111 |
|
|
29,816 |
|
|
26,971 |
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW, money market savings |
|
455 |
|
|
|
277 |
|
|
1,537 |
|
|
961 |
Time Deposits |
|
907 |
|
|
|
650 |
|
|
3,201 |
|
|
2,291 |
FHLB borrowings |
|
- |
|
|
|
- |
|
|
- |
|
|
17 |
Finance leases |
|
30 |
|
|
|
- |
|
|
71 |
|
|
- |
Brokered time deposits |
|
49 |
|
|
|
82 |
|
|
255 |
|
|
326 |
Capital notes |
|
50 |
|
|
|
50 |
|
|
200 |
|
|
200 |
Total interest expense |
|
1,491 |
|
|
|
1,059 |
|
|
5,264 |
|
|
3,795 |
|
|
|
|
|
|
|
|
Net interest income |
|
6,105 |
|
|
|
6,052 |
|
|
24,552 |
|
|
23,176 |
|
|
|
|
|
|
|
|
Provision for loan losses |
|
89 |
|
|
|
189 |
|
|
523 |
|
|
716 |
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
6,016 |
|
|
|
5,863 |
|
|
24,029 |
|
|
22,460 |
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
1,151 |
|
|
|
658 |
|
|
4,254 |
|
|
2,918 |
Service charges, fees and commissions |
|
437 |
|
|
|
495 |
|
|
1,785 |
|
|
1,871 |
Life insurance income |
|
431 |
|
|
|
85 |
|
|
679 |
|
|
341 |
Other |
|
27 |
|
|
|
50 |
|
|
76 |
|
|
105 |
Gain (loss) on sales of available-for-sale securities |
|
103 |
|
|
|
- |
|
|
394 |
|
|
- |
Total noninterest income |
|
2,149 |
|
|
|
1,288 |
|
|
7,188 |
|
|
5,235 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
3,655 |
|
|
|
2,881 |
|
|
13,092 |
|
|
11,279 |
Occupancy |
|
403 |
|
|
|
379 |
|
|
1,655 |
|
|
1,522 |
Equipment |
|
586 |
|
|
|
409 |
|
|
2,107 |
|
|
1,600 |
Supplies |
|
130 |
|
|
|
135 |
|
|
597 |
|
|
548 |
Professional, data processing, and other outside expense |
|
871 |
|
|
|
813 |
|
|
3,432 |
|
|
3,226 |
Marketing |
|
217 |
|
|
|
119 |
|
|
866 |
|
|
611 |
Credit expense |
|
175 |
|
|
|
150 |
|
|
653 |
|
|
528 |
Other real estate expenses |
|
26 |
|
|
|
41 |
|
|
366 |
|
|
277 |
FDIC insurance expense |
|
(49 |
) |
|
|
99 |
|
|
226 |
|
|
398 |
Other |
|
322 |
|
|
|
270 |
|
|
1,289 |
|
|
1,075 |
Total noninterest expenses |
|
6,336 |
|
|
|
5,296 |
|
|
24,283 |
|
|
21,064 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
1,829 |
|
|
|
1,855 |
|
|
6,934 |
|
|
6,631 |
|
|
|
|
|
|
|
|
Income tax expense |
|
309 |
|
|
|
380 |
|
|
1,329 |
|
|
1,329 |
|
|
|
|
|
|
|
|
Net Income |
$ |
1,520 |
|
|
$ |
1,475 |
|
$ |
5,605 |
|
$ |
5,302 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
4,368,034 |
|
|
|
4,378,436 |
|
|
4,375,814 |
|
|
4,378,436 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
4,376,985 |
|
|
|
4,378,436 |
|
|
4,381,597 |
|
|
4,378,459 |
|
|
|
|
|
|
|
|
Net income per common share -
basic |
$ |
0.35 |
|
|
$ |
0.34 |
|
$ |
1.28 |
|
$ |
1.21 |
|
|
|
|
|
|
|
|
Net income per common share -
diluted |
$ |
0.35 |
|
|
$ |
0.34 |
|
$ |
1.28 |
|
$ |
1.21 |
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