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 (the
greater Lynchburg MSA), and the Blacksburg, Charlottesville,
Harrisonburg, Lexington, and Roanoke, Virginia markets, today
announced unaudited results for the three month period ended March
31, 2021.
Net income for the three months ended March 31, 2021 was $1.84
million or $0.42 per diluted share, which was the highest quarterly
earnings in Company history, compared with $995,000 or $0.23 per
diluted share for the three months ended March 31, 2020.
Robert R. Chapman III, President and CEO, commented: “The
Company delivered strong earnings in the first quarter by
capitalizing on market opportunities, particularly in residential
mortgage originations as well as commercial lending under the
Payroll Protection Plan (PPP). We maximized the value of revenue
generated through disciplined interest expense management and by
maintaining a strong balance sheet and high loan quality. As in
past quarters, brisk residential mortgage activity contributed
significant fee income and gains from the sale of mortgages to
noninterest income, and fee revenue from ongoing PPP lending and
forgiveness made meaningful contributions to interest income.
“As pandemic conditions and economic uncertainties remain, we
have continued our watchfulness, maintaining the strong cash
position, liquidity and reserves built in 2020. We have continued
to operate with a commitment to ensuring customer and employee
health and safety. Technological capabilities and digital
communications have enabled us to provide superior customer service
and effectively manage operations.”
Highlights
- Net income in the first quarter of 2021 was highlighted by
noninterest income of $2.43 million, up 11% from $2.19 million in
the first quarter of 2020, primarily reflecting mortgage loan
processing fees and gains on the sale of originated residential
mortgages to the secondary market, fees from electronic corporate
treasury services, and mortgage loan processing.
- Total interest income was $7.37 million in the first quarter of
2021 compared with $7.49 million a year earlier. Other than PPP
lending, commercial lending demand remained flat, primarily
reflecting the impact of the pandemic and economic conditions on
commercial loan demand, and pressure on interest rates.
- The Company lowered interest expense by 54% year-over-year,
partially offsetting lower interest income and contributing to net
interest income stability. For the three months ended March 31,
2021 net interest income was $6.75 million, up 10% from $6.14
million for the three months ended March 31, 2020.
- Net interest income after the provision for loan losses
increased to $6.7 million at March 31, 2021 compared with $5.2
million at March 31, 2020, reflecting lower year-over-year interest
expense and no provision for loan losses in the first quarter of
2021.
- Loans, net of the allowance for loan losses, were $606.5
million at March 31, 2021, compared with $601.9 million at December
31, 2020 and $570.7 million at March 31, 2020. Loan growth
primarily reflected the addition of government-guaranteed PPP
loans.
- Asset quality remained sound with a 0.32% ratio of
nonperforming loans to total loans, reflecting strong credit
quality and fewer nonperforming loans. The allowance for loan
losses to total loans was 1.16% at March 31, 2021 (approximately
1.25% excluding government-guaranteed PPP loans).
- Total deposits increased to $801.2 million at March 31, 2021
from $765.0 million at December 31, 2020, reflecting continued core
deposit growth (noninterest-bearing demand, NOW, savings and money
market accounts) as customers maintained higher balances,
attributable in part to government economic stimulus funds and
additional PPP lending, and organic growth from increased retail
and commercial deposit relationships.
- Total stockholders’ equity was $65.3 million at March 31, 2021
compared with $63.3 million at March 31, 2020, and book value per
share was $15.11 compared with $14.59 a year earlier.
- On April 20, 2021 the Company’s board of directors approved a
$0.07 per share dividend payable to stockholders of record on June
4, 2021, to be paid on June 18, 2021.
- During the first quarter of 2021, the Company' repurchased
14,600 shares of its common stock under conditions the Company
deemed favorable and in compliance with Rule 10b-18 of the
Securities Exchange Act of 1934.
“While pandemic-related challenges and uncertainties have slowed
normal business activity, we continue to position the Bank for an
eventual return to normal activity. We have a strong loan pipeline
in place. Meanwhile, we are strengthening commercial and retail
banking relationships, providing treasury services to help
customers efficiently manage their businesses, and providing
service and capabilities that we expect will lead to long-term
customer retention.
“Our investment group, retail mortgage team and commercial
bankers continue to provide exceptional service and support to
customers. Their dedication and commitment is the main reason Bank
of the James has been able to post strong financial results and
continue delivering value to shareholders. Although COVID-19
conditions have interrupted our employees’ usual enthusiastic
personal charitable and volunteer support of civic and charitable
organizations, the Company has maintained its financial support for
community outreach organizations during difficult times. We
are grateful for the services they provide.”
First 2021 Operational Review
Total interest income was $7.4 million in the first quarter of
2021 compared with $7.5 million a year earlier, primarily
reflecting declines in commercial lending demand (exclusive of PPP
lending) and continuing downward pressure on interest rates. The
Company’s interest expense was $617,000 in the first quarter of
2021, down 54% from $1.4 million a year earlier as the Company’s
higher-cost time deposits continued to roll off and lower-cost core
deposits (noninterest-bearing demand, NOW, savings and money market
accounts) continued to grow.
The Company trimmed rates on interest bearing liabilities to
0.39% in the first quarter of 2021, compared with 0.94% in the
first quarter of 2020, and 0.55% in the fourth quarter of 2020.
This decrease in rates paid on interest-bearing liabilities
reflected the ongoing positive impact of reduced costs of time
deposits and borrowings. In addition, in 2020 the Company
took advantage of the lower rate environment to use the proceeds of
a private placement of unregistered debt securities to retire
existing, higher costing debt.
Net interest income was $6.7 million for the three months ended
March 31, 2021 compared with $6.1 million at March 31, 2020. The
Company had no provision for loan losses in the first quarter of
2021.The return on interest earning assets was 3.66% in the first
quarter of 2021 compared with 4.43% a year earlier. The net
interest margin was 3.35% for the quarter ended March 31, 2021 and
the interest spread was 3.27% compared with 3.63% and 3.49%,
respectively, a year earlier.
J. Todd Scruggs, Executive Vice President and CFO, commented:
“We continue to address the challenges of a low interest rate
environment, which has put pressure on yields from interest earning
assets, including loans and investments. Although the substantial
number of PPP loans we have made carry low rates, accreting some of
the PPP fees into interest income has provided support for interest
income.
“Disciplined management of interest expense on deposits, no
brokered borrowings, and strong loan quality leading to no loan
loss provision in the first quarter of 2021 contributed to a
year-over-year growth in net interest income after provision for
loan losses.” In the coming quarters, the Company anticipates
additional accretion of fees related to PPP loans as loans are
forgiven or repaid. Scruggs noted in the near term these fees
should have a positive impact on the margin.
In the first quarter of 2021, 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 $2.4 million compared with
$2.2 million in the first quarter of 2020. Strong residential
mortgage originations generated $1.8 million in gains from the sale
of loans held-for-sale in the first quarter of 2021 compared with
$1.2 million in the first quarter of 2020.
Noninterest expense for the three months ended March 31, 2021
increased compared with a year earlier, primarily reflecting
increased personnel expenses that included performance-based
compensation for residential mortgage production and employee work
on PPP loans.
For the three months ended March 31, 2021, Return on Average
Assets (ROAA) was 0.85% compared with 0.54% a year earlier,
primarily reflecting asset growth and increased earnings. Return on
Average Equity (ROAE) increased to 11.49% compared with 6.52% a
year earlier. The Company’s efficiency ratio was stable at 75.03%
in the three months ended March 31, 2021 compared with 74.47% in
the prior year, reflecting a continued companywide focus on
operating expense management and increased digital operations.
Balance Sheet Review: Loan Quality, Maintaining
Liquidity, Strong Reserving
Total assets were $886.4 million at March 31, 2021 compared with
$851.4 million at December 31, 2020 and $746.1 million at March 31,
2020. Asset growth primarily reflected increased loans, net of
allowance for loan losses, driven by PPP loans. Compared with
totals at December 31, 2020, loans held-for-sale declined while
cash reserves and securities available-for-sale increased. The
Company continued to maintain higher levels of cash and liquid
assets consistent with economic conditions and the potential impact
of COVID-19 on customers.
Loans, net of allowance for loan losses of $7.1 million, were
$606.5 million at March 31, 2021 compared with loans, net of
allowance for loan losses of $7.2 million, of $602.0 million at
December 31, 2020 and $570.7 million at March 31, 2020.
Commercial loans were $155.2 million at March 31, 2021 compared
with $115.5 million at March 31, 2020, with growth primarily
reflecting the addition of PPP loans. Slower business activity and
conservative borrowing during the pandemic has depressed commercial
lending. Although the Company has approved and closed new
commercial loans, activity has not been at a sufficient pace to
offset payoffs and normal amortization. Management noted some
businesses have used higher cash reserves to pay down lines of
credit balances.
Commercial real estate lending remained relatively stable
year-over-year. At March 31, 2021, commercial mortgages-owner
occupied were $109.7 million compared with $103.4 million a year
earlier, while commercial mortgages-non-owner occupied were $170.5
million at March 31, 2021 compared with $182.5 million a year
earlier. Commercial construction loans continued to demonstrate
strength, rising to $31.7 million at March 31, 2021 from $16.7
million a year earlier.
Consumer loans were relatively stable year-over-year. Retained
residential mortgage totals declined to $42.9 million at March 31,
2021 from $53.0 million at March 31, 2020, reflecting the Company’s
ongoing practice of selling originated residential mortgages to the
secondary market and judicious management of retained mortgage
loans. Residential construction loans were flat year-over-year.
Asset quality has remained strong, with a ratio of nonperforming
loans to total loans of 0.32% at March 31, 2021 compared with 0.34%
at December 31, 2020. The allowance for loan losses to total loans
was 1.16% (approximately 1.25%, excluding guaranteed PPP loans) at
March 31, 2021 and 0.95% at March 31, 2020. Total nonperforming
loans were $2.0 million at March 31, 2021 compared with $2.1
million at December 31, 2020. Other real estate owned declined to
$761,000 at March 31, 2021 compared with $1.1 million at December
31, 2020.
Chapman noted that while asset quality has been strong and
nonperforming loans to total loans ratios have been low during the
past year, the Company’s allowance for loan losses has remained at
a level that is reflective of management’s estimate of probable
losses inherent in the portfolio, which is primarily attributable
to the economic uncertainties arising from the ongoing COVID-19
pandemic.
Total deposits at March 31, 2021 were $801.2 million, compared
with $765.0 million at December 31, 2020 and $668.3 million at
March 31, 2020. As in the past several quarters, increased demand
deposits accounted for the growth, in part due to increased
balances held by businesses and organic growth in the Bank’s
markets. Time deposits declined during the quarter as the Bank
continued to allow higher interest time deposits to roll off. Core
deposits (noninterest bearing demand, NOW, money market and
savings) were approximately 80% of total deposits at March 31,
2021.
The Company measures of shareholder value included total
stockholder’s equity of $65.3 million at March 31, 2021, compared
with $63.3 million at March 31, 2020, retained earnings of $26.2
million and book value per share of $15.11, down $0.27 from
December 31, 2020 and up considerably compared with $14.59 per
share at March 31, 2020. Strong quarterly earnings enabled the
Company to repurchase 14,600 shares under its stock repurchase
plan, and pay a $0.07 dividend per share. The Company intends
to continue to take advantage of opportunities to repurchase shares
at or below book value.
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, the
effect of the COVID-19 pandemic, 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 data unaudited
Selected Data: |
Three months endingMar
31, 2021 |
Three months endingMar
31, 2020 |
Change |
Interest income |
$ |
7,365 |
$ |
7,488 |
|
-1.64 |
% |
Interest expense |
|
617 |
|
1,352 |
|
-54.36 |
% |
Net interest income |
|
6,748 |
|
6,136 |
|
9.97 |
% |
Provision for loan losses |
|
- |
|
888 |
|
-100.00 |
% |
Noninterest income |
|
2,434 |
|
2,186 |
|
11.34 |
% |
Noninterest expense |
|
6,889 |
|
6,197 |
|
11.17 |
% |
Income taxes |
|
458 |
|
242 |
|
89.26 |
% |
Net income |
|
1,835 |
|
995 |
|
84.42 |
% |
Weighted average shares outstanding - basic |
|
4,333,274 |
|
4,348,040 |
|
(14,766 |
) |
Weighted average shares outstanding - diluted |
|
4,333,274 |
|
4,348,040 |
|
(14,766 |
) |
Basic net income per share |
$ |
0.42 |
$ |
0.23 |
$ |
0.19 |
|
Fully diluted net income per share |
$ |
0.42 |
$ |
0.23 |
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Balance Sheet atperiod end: |
Mar 31,2021 |
Dec 31,2020 |
Change |
Mar 31,2020 |
Dec 31,2019 |
Change |
Loans, net |
$ |
606,485 |
$ |
601,934 |
|
0.76 |
% |
$ |
570,659 |
$ |
573,274 |
|
-0.46 |
% |
Loans held for sale |
|
4,150 |
|
7,102 |
|
-41.57 |
% |
|
6,134 |
|
4,221 |
|
45.32 |
% |
Total securities |
|
103,499 |
|
93,856 |
|
10.27 |
% |
|
58,675 |
|
63,343 |
|
-7.37 |
% |
Total deposits |
|
801,190 |
|
764,967 |
|
4.74 |
% |
|
668,270 |
|
649,459 |
|
2.90 |
% |
Stockholders' equity |
|
65,334 |
|
66,732 |
|
-2.09 |
% |
|
63,328 |
|
61,445 |
|
3.06 |
% |
Total assets |
|
886,360 |
|
851,386 |
|
4.11 |
% |
|
746,055 |
|
725,394 |
|
2.85 |
% |
Shares outstanding |
|
4,324,836 |
|
4,339,436 |
|
(14,600 |
) |
|
4,339,436 |
|
4,357,436 |
|
(18,000 |
) |
Book value per share |
$ |
15.11 |
$ |
15.38 |
$ |
(0.27 |
) |
$ |
14.59 |
$ |
14.10 |
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily averages: |
Three months endingMar
31, 2021 |
Three months endingMar
31, 2020 |
Change |
Loans, net |
$ |
604,264 |
$ |
574,185 |
5.24 |
% |
Loans held for sale |
|
6,158 |
|
3,653 |
68.57 |
% |
Total securities |
|
96,246 |
|
55,962 |
71.98 |
% |
Total deposits |
|
788,308 |
|
659,863 |
19.47 |
% |
Stockholders' equity |
|
64,794 |
|
61,243 |
5.80 |
% |
Interest earning assets |
|
816,611 |
|
677,505 |
20.53 |
% |
Interest bearing liabilities |
|
643,736 |
|
574,060 |
12.14 |
% |
Total assets |
|
873,358 |
|
735,759 |
18.70 |
% |
|
|
|
|
|
|
|
Financial Ratios: |
Three months endingMar
31, 2021 |
Three months endingMar
31, 2020 |
Change |
Return on average assets |
0.85 |
% |
0.54 |
% |
0.31 |
|
Return on average equity |
11.49 |
% |
6.52 |
% |
4.97 |
|
Net interest margin |
3.35 |
% |
3.63 |
% |
(0.31 |
) |
Efficiency ratio |
75.03 |
% |
74.47 |
% |
0.56 |
|
Average equity to average assets |
7.42 |
% |
8.32 |
% |
(0.90 |
) |
Allowance for loan losses: |
Three months endingMar
31, 2021 |
Three months endingMar
31, 2020 |
Change |
Beginning balance |
$ |
7,156 |
|
$ |
4,829 |
|
48.19 |
% |
Provision for losses |
|
- |
|
|
888 |
|
-100.00 |
% |
Charge-offs |
|
(64 |
) |
|
(260 |
) |
-75.38 |
% |
Recoveries |
|
14 |
|
|
17 |
|
-17.65 |
% |
Ending balance |
|
7,106 |
|
|
5,474 |
|
29.81 |
% |
|
|
|
|
|
|
|
|
|
Nonperforming assets: |
Mar 31,2021 |
Dec 31,2020 |
Change |
Mar 31,2020 |
Dec 31,2019 |
Change |
Total nonperforming loans |
$ |
1,963 |
$ |
2,064 |
-4.89 |
% |
$ |
1,454 |
$ |
1,301 |
11.76 |
% |
Other real estate owned |
|
761 |
|
1,105 |
-31.13 |
% |
|
1,761 |
|
2,339 |
-24.71 |
% |
Total nonperforming assets |
|
2,724 |
|
3,169 |
-14.04 |
% |
|
3,215 |
|
3,640 |
-11.68 |
% |
Troubled debt restructurings - (performing portion) |
|
384 |
|
392 |
-2.04 |
% |
|
409 |
|
410 |
-0.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios: |
Mar 31,2021 |
Dec 31,2020 |
Change |
Mar 31,2020 |
Dec 31,2019 |
Change |
Nonperforming loans to total loans |
0.32 |
% |
0.34 |
% |
(0.02 |
) |
0.25 |
% |
0.23 |
% |
0.02 |
Allowance for loan losses to total loans |
1.16 |
% |
1.17 |
% |
(0.01 |
) |
0.95 |
% |
0.84 |
% |
0.11 |
Allowance for loan losses to nonperforming loans |
362.00 |
% |
346.71 |
% |
15.29 |
|
376.48 |
% |
371.18 |
% |
5.30 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
3/31/2021 |
|
12/31/2020 |
Cash and due from banks |
$ |
33,725 |
|
|
$ |
31,683 |
Federal funds sold |
|
90,325 |
|
|
|
69,203 |
Total cash and cash equivalents |
|
124,050 |
|
|
|
100,886 |
|
|
|
|
Securities held-to-maturity
(fair value of $3,948 in 2021 and $4,192 in 2020) |
|
3,667 |
|
|
|
3,671 |
Securities available-for-sale,
at fair value |
|
99,832 |
|
|
|
90,185 |
Restricted stock, at cost |
|
1,551 |
|
|
|
1,551 |
Loans, net of allowance for
loan losses of $7,106 in 2021 and $7,156 in 2020 |
|
606,485 |
|
|
|
601,934 |
Loans held for sale |
|
4,150 |
|
|
|
7,102 |
Premises and equipment,
net |
|
16,925 |
|
|
|
16,621 |
Software, net |
|
303 |
|
|
|
361 |
Interest receivable |
|
2,256 |
|
|
|
2,350 |
Cash value - bank owned life
insurance |
|
16,453 |
|
|
|
16,355 |
Other real estate owned |
|
761 |
|
|
|
1,105 |
Other assets |
|
9,927 |
|
|
|
9,265 |
Total assets |
$ |
886,360 |
|
|
$ |
851,386 |
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
|
158,469 |
|
|
|
143,345 |
NOW, money market and savings |
|
497,191 |
|
|
|
463,506 |
Time |
|
145,530 |
|
|
|
158,116 |
Total deposits |
|
801,190 |
|
|
|
764,967 |
|
|
|
|
Capital notes |
|
10,029 |
|
|
|
10,027 |
Interest payable |
|
64 |
|
|
|
85 |
Other liabilities |
|
9,743 |
|
|
|
9,575 |
Total liabilities |
$ |
821,026 |
|
|
$ |
784,654 |
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,324,836 and 4,339,436 as of March 31, 2021 and December 31,
2020 |
|
9,255 |
|
|
|
9,286 |
Additional paid-in-capital |
|
30,808 |
|
|
|
30,989 |
Accumulated other comprehensive (loss) income |
|
(925 |
) |
|
|
1,792 |
Retained earnings |
|
26,196 |
|
|
|
24,665 |
Total stockholders'
equity |
$ |
65,334 |
|
|
$ |
66,732 |
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
886,360 |
|
|
$ |
851,386 |
|
|
|
|
|
|
|
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 |
|
Ended March 31, |
Interest
Income |
2021 |
|
2020 |
Loans |
$ |
6,860 |
|
$ |
7,005 |
Securities |
|
|
|
US Government and agency obligations |
|
191 |
|
|
187 |
Mortgage backed securities |
|
77 |
|
|
59 |
Municipals |
|
153 |
|
|
75 |
Dividends |
|
6 |
|
|
9 |
Other (Corporates) |
|
50 |
|
|
23 |
Interest bearing deposits |
|
14 |
|
|
64 |
Federal Funds sold |
|
14 |
|
|
66 |
Total interest income |
|
7,365 |
|
|
7,488 |
|
|
|
|
Interest
Expense |
|
|
|
Deposits |
|
|
|
NOW, money market savings |
|
135 |
|
|
326 |
Time Deposits |
|
373 |
|
|
897 |
Finance leases |
|
27 |
|
|
30 |
Brokered time deposits |
|
- |
|
|
49 |
Capital notes |
|
82 |
|
|
50 |
Total interest expense |
|
617 |
|
|
1,352 |
|
|
|
|
Net interest income |
|
6,748 |
|
|
6,136 |
|
|
|
|
Provision for loan losses |
|
- |
|
|
888 |
|
|
|
|
Net interest income after provision for loan
losses |
|
6,748 |
|
|
5,248 |
|
|
|
|
Noninterest
income |
|
|
|
Gains on sale of loans held for sale |
|
1,774 |
|
|
1,177 |
Service charges, fees and commissions |
|
554 |
|
|
488 |
Life insurance income |
|
98 |
|
|
78 |
Other |
|
8 |
|
|
12 |
Gain (loss) on sales of available-for-sale securities |
|
- |
|
|
431 |
Total noninterest income |
|
2,434 |
|
|
2,186 |
|
|
|
|
Noninterest
expenses |
|
|
|
Salaries and employee benefits |
|
3,732 |
|
|
3,354 |
Occupancy |
|
428 |
|
|
436 |
Equipment |
|
626 |
|
|
609 |
Supplies |
|
118 |
|
|
127 |
Professional, data processing, and other outside expense |
|
914 |
|
|
924 |
Marketing |
|
273 |
|
|
136 |
Credit expense |
|
276 |
|
|
196 |
Other real estate expenses |
|
66 |
|
|
99 |
FDIC insurance expense |
|
165 |
|
|
57 |
Other |
|
291 |
|
|
259 |
Total noninterest expenses |
|
6,889 |
|
|
6,197 |
|
|
|
|
Income before income taxes |
|
2,293 |
|
|
1,237 |
|
|
|
|
Income tax expense |
|
458 |
|
|
242 |
|
|
|
|
Net Income |
$ |
1,835 |
|
$ |
995 |
|
|
|
|
Weighted average shares
outstanding - basic |
|
4,333,274 |
|
|
4,348,040 |
Weighted average shares
outstanding - diluted |
|
4,333,274 |
|
|
4,348,040 |
Net income per common share -
basic |
$ |
0.42 |
|
$ |
0.23 |
Net income per common share -
diluted |
$ |
0.42 |
|
$ |
0.23 |
|
|
|
|
|
|
Bank of the James Financ... (NASDAQ:BOTJ)
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Bank of the James Financ... (NASDAQ:BOTJ)
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