Bank of the James Financial Group, Inc. (the “Company”)
(NASDAQ:BOTJ), the parent company of Bank of the James (the
“Bank”), a full-service commercial and retail bank, and Pettyjohn,
Wood & White, Inc. (“PWW”), an SEC-registered investment
advisor, today announced unaudited results of operations for the
three month period ended March 31, 2022. The Bank serves Region
2000 (the greater Lynchburg MSA), and the Blacksburg,
Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia
markets.
Net income for the three months ended March 31, 2022 was $2.14
million or $0.45 per basic and diluted share compared with $1.84
million or $0.38 per basic and diluted share for the three months
ended March 31, 2021.
Robert R. Chapman III, CEO, commented: “Despite the fact that
our interest income declined in 2022 because of the decrease in PPP
loan fees, the first quarter provided a strong start for 2022, with
year-over-year earnings growth that reflected strong fee income
from treasury services and investment management, residential
mortgage loan originations, and gains on sale of residential
mortgages.
“The quality of the Company’s loan portfolio underscored our
financial performance. We finished the quarter with some of the
strongest asset quality ratios and nonperforming loan levels in the
Company’s history. We believe this demonstrates diligent credit
management and partnering with customers who navigated through the
unprecedented economic and health-related challenges and
uncertainties of the past two years.
“Noninterest income reflected fees generated by customers’
increasing use of our suite of electronic corporate treasury
services that enable them to manage finances and operations with
greater efficiency and lower costs. These services play an
important role in cementing full-service relationships with
commercial and nonprofit clients.
“The residential mortgage division continued to make exceptional
contributions to noninterest income, generating fee income from
residential mortgage originations and gains on sales of originated
mortgage loans sold to the secondary market. Although we are now in
a rising interest rate environment, the demand for homes, as well
as new home construction and sales, continues to be robust in the
communities we serve. We also benefit from the reputation our
mortgage team has established for outstanding service and efficient
loan processing, which is driving increasing market share.
“The Company’s wholly-owned investment management subsidiary,
Pettyjohn, Wood & White, an established Lynchburg,
Virginia-based investment advisory firm with more than $650 million
of assets under management, generated gross fee income of
approximately $1 million, which enhanced our noninterest income.
This acquisition, which closed in December 2021, has provided
additional income diversity and a range of investment services that
complement our financial management capabilities. We continue to
look for opportunities to expand sources of noninterest income.
Because the acquisition closed at the end of December 2021, PWW did
not contribute any income in 2021.
“The economic health of our served markets is generally very
good. We are anticipating and addressing the new challenges facing
customers, including rising interest rates, supply chain issues, a
shortage of skilled workers and an inflationary environment. Our
service, expertise, and extensive banking and financial management
capabilities position Bank of the James to meet customers’ needs
while operating in a way that maximizes our productivity,
efficiency, and value for shareholders.”
Highlights
- Net income in the first quarter of 2022 was highlighted by
continuing strong revenue contributions from gains on the sale of
originated residential mortgages and mortgage loan processing fees,
a loan loss provision recovery, and income contributions from
PWW.
- Total interest income of $6.92 million in the first quarter of
2022 declined 6% from $7.37 million a year earlier, primarily
reflecting lower interest yields on loans and lower income from
Payroll Protection Plan (PPP) loan fees as the program continued to
wind down during the quarter.
- Net interest income after recovery of loan losses was $6.69
million at March 31, 2022 compared with $6.75 million at March 31,
2021 and included a 15% year-over-year reduction of interest
expense, reflecting ongoing interest expense management partially
offset by interest payments on a loan used to finance the
acquisition of PWW. The Company recorded a $300,000 recovery of
loan losses in the first quarter of 2022.
- Total noninterest income was $3.63 million at March 31, 2022,
up 49% from $2.43 million a year earlier. Growth primarily
reflected increased gains on sale of loans held for sale, fees
generated by electronic treasury management products, and fee
income from PWW. PWW contributed $1.02 million in non-interest
income in the first quarter of 2022.
- Loans, net of the allowance for loan losses, were $588.92
million at March 31, 2022 compared with $576.47 million at December
31, 2021. The Company also had $6.52 million of loans held for sale
at March 31, 2022 compared with $1.63 million a year earlier,
reflecting strong ongoing residential mortgage originations. Loans,
net at March 31, 2022 were lower than a year earlier, primarily
reflecting paydowns of PPP loans.
- The Company added approximately $13 million in new commercial
real estate loans in the first quarter of 2022. Commercial and
industrial loan levels declined year-over-year, returning to more
normalized levels and reflecting the payoff or forgiveness of PPP
loans.
- Asset quality remained exceptionally strong, reflected in a
ratio of nonperforming loans to total loans of 0.14% at March 31,
2022 compared with 0.16% at December 31, 2021.
- Total deposits were $881.43 million at March 31, 2022, down
marginally from December 31, 2021. Deposits were well above
deposits at March 31, 2021, reflecting continued growth of
lower-cost core deposits (noninterest-bearing demand, NOW, savings
and money market accounts), which increased to 84% of total
deposits..
- Total stockholders’ equity was $60.6 million and book value per
share was $12.78 at March 31, 2022 compared with $14.65 million at
December 31, 2021. The Company’s return on average equity rose to
12.27% from 11.49% a year earlier, while return on average assets
increased to 0.89% from 0.85% a year earlier.
- On April 19, 2022 the Company’s board of directors approved a
quarterly $0.07 per share dividend payable to stockholders of
record on June 3, 2022, to be paid on June 17, 2022.
First Quarter 2022 Operational Review
Net interest income after recovery of loan losses in the first
quarter of 2022 was $6.69 million compared with $6.75 million in
the first quarter of 2021, primarily reflecting slightly lower
interest income, reduced interest expense, and a $300,000 recovery
of loan losses in the first quarter of 2022, as indicated by the
Bank’s allowance for loan losses methodology.
Total interest income was $6.92 million in the first quarter of
2022 compared with $7.37 million a year earlier, reflecting lower
accreted fees from PPP loan processing, modest organic loan growth
and pressure on interest rates. Management noted interest rate
increases during the quarter had minimal impact but anticipates
higher rates will have a positive impact on both earning assets and
loan yields in the coming quarters. The return on interest earning
assets during the first quarter of 2022 was 3.09% as compared to
3.66% in the first quarter of 2021.
Total interest expense in the first quarter of 2022 was $525,000
compared with $617,000 a year earlier, primarily reflecting reduced
costs of time deposits and high levels of lower-cost core deposits
(noninterest-bearing demand, NOW, savings and money market
accounts), partially offset by interest expense on a loan used to
finance the acquisition of PWW.
During the first quarter, the Company shifted a significant
amount of investment funds from Fed funds into its fixed income
portfolio, including $30 million in agency mortgage-backed
securities, as yields became more attractive. This is expected to
have a positive impact in future quarters. The net interest margin
was 2.86% and the interest spread was 2.80% in the first quarter of
2022 compared with 3.35% and 3.27%, respectively, in the first
quarter of 2021.
First quarter 2022 noninterest income increased significantly
from a year earlier to $3.63 million compared with $2.43 million.
The increase primarily reflected gains from the sale of residential
mortgages to the secondary market, mortgage processing fees, income
from the Bank’s line of treasury management services for commercial
customers, and wealth management fee income from PWW. In the first
quarter of 2022, PWW’s net revenue after expenses and before tax
was $445,000.
Noninterest expense in the first quarter of 2022 was $7.65
million compared with $6.89 million in the first quarter of 2021,
primarily reflecting higher salaries and benefits as the Company
invested in hiring, employee retention, and performance-based
compensation for loan production along with the added personnel
expense of PWW employees. Noninterest expense was relatively
unchanged from the fourth quarter of 2021. Return on average equity
was 12.27% and return on average assets was 0.89% at March 31,
2022, up from 11.49% and 0.85%, respectively, a year earlier.
Balance Sheet Review: Strong Asset Quality, Commercial
Lending Momentum
Total assets were $973.59 million at March 31, 2022 compared
with $987.63 million at December 31, 2021 and $886.36 million at
March 31, 2021. The long-term growth in assets primarily reflects
an increase in cash and cash equivalents, and securities
available-for-sale resulting from an increase in deposits.
Loans, net of allowance for loan losses, were $588.92 million at
March 31, 2022, up from $576.47 million at December 31, 2021. The
growth in loans receivable primarily reflected new commercial real
estate (CRE) loans during the first quarter of 2022. Commercial
real estate loans (owner occupied and non-owner occupied and
excluding construction loans) continued the steady growth of past
quarters. At March 31, 2022, CRE loans were approximately $320.27
million, an increase from $307.95 million at December 31, 2021 and
up from $280.12 million at March 31, 2021.
Commercial loans (primarily C&I loans) were $104.92 million
at March 31, 2022 compared with $105.07 million at December 31,
2021. The commercial loan portfolio at quarter-end was
significantly lower than a year earlier, reflecting the completed
paydowns and forgiveness of PPP loans. Management noted that
businesses’ significant cash reserves and conservative operation
driven by inflation concerns, supply chain issues and a tight labor
market continues to slow normal commercial and industrial lending.
The Company anticipates these conditions will continue to impact
commercial and industrial lending in coming quarters.
Commercial construction loans were stable at $29.28 million at
March 31, 2022, reflecting the steady addition of new construction
loans as previous projects are completed. Residential construction
loans remained strong, reflecting active demand for new housing in
several of the Company’s markets. Consumer loans and retained
residential mortgages were relatively unchanged, reflecting the
Company’s emphasis on managing the amount of consumer loans and
residential mortgages it retains.
Improved qualitative factors due to the economy and delinquency
trends (as reflected in the non-performing loan ratio improvement)
resulted in recovery of $300,000 from the allowance for loan losses
in the first quarter of 2022. Asset quality has been consistently
strong, with a ratio of nonperforming loans to total loans of 0.14%
at March 31, 2022 as compared to 0.16% at December 31, 2021. The
allowance for loan losses to total loans was 1.15% at March 31,
2022 as compared to 1.19% at December 31, 2021. Total nonperforming
loans of $852,000 were down 11% from December 31, 2021 and less
than half of the $1.9 million at March 31, 2021. Other real estate
owned has remained at consistently low levels during the past
several quarters. Management believes the current levels of the
allowance for loan losses is a reasonable estimate of the probable
losses inherent in the Company’s loan portfolio.
Total deposits at March 31, 2022 were $881.43 million, compared
with $887.06 million at December 31, 2021. Total deposits continued
to reflect strong demand deposit activity, in part due to increased
balances held by businesses, organic growth in the Bank’s markets
and also new customer deposits. The Bank trimmed time deposits,
while core deposits (noninterest bearing demand, NOW, money market
and savings) increased to approximately 84% of total deposits at
March 31, 2022.
The first quarter of 2022 was the first period reflecting income
generated by PWW. The value of PWW is reflected in the Company’s
balance sheet in the form of goodwill and intangibles. The increase
in other assets was primarily due to $732,000 in fees receivable
related to PWW.
The Company maintained its focus on generating shareholder
value, reflected in total stockholders’ equity, book value per
share, and improving return on average equity, return on average
assets and productivity measures. Due to increased interest rates
in the first quarter of 2022, the Bank had an unrealized decrease
in the value of its securities portfolio, which resulted in a
decrease in stockholder’s equity thereby adversely affecting 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. The Company provides investment advisory services through
its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an
SEC-registered investment advisor. 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 the Bank. 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.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief
Financial Officer (434) 846-2000.tscruggs@bankofthejames.com
CONSOLIDATED FINANCIAL INFORMATION
FOLLOWS
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
3/31/2022 |
|
12/31/2021 |
Cash and due from banks |
$ |
32,780 |
|
|
$ |
29,337 |
|
Federal funds sold |
|
64,027 |
|
|
|
153,816 |
|
Total cash and cash equivalents |
|
96,807 |
|
|
|
183,153 |
|
|
|
|
|
Securities held-to-maturity
(fair value of $3,650 in 2022 and $4,006 in 2021) |
|
3,651 |
|
|
|
3,655 |
|
Securities available-for-sale,
at fair value |
|
212,616 |
|
|
|
161,267 |
|
Restricted stock, at cost |
|
1,324 |
|
|
|
1,324 |
|
Loans, net of allowance for
loan losses of $6,870 in 2022 and $6,915 in 2021 |
|
588,924 |
|
|
|
576,469 |
|
Loans held for sale |
|
6,516 |
|
|
|
1,628 |
|
Premises and equipment,
net |
|
18,010 |
|
|
|
18,190 |
|
Software, net |
|
117 |
|
|
|
161 |
|
Interest receivable |
|
2,194 |
|
|
|
2,064 |
|
Cash value - bank owned life
insurance |
|
18,898 |
|
|
|
18,785 |
|
Customer relationship
Intangible |
|
8,266 |
|
|
|
8,406 |
|
Goodwill |
|
3,001 |
|
|
|
3,001 |
|
Other real estate owned |
|
761 |
|
|
|
761 |
|
Income taxes receivable |
|
- |
|
|
|
77 |
|
Deferred tax asset |
|
3,432 |
|
|
|
1,371 |
|
Other assets |
|
9,068 |
|
|
|
7,322 |
|
Total assets |
$ |
973,585 |
|
|
$ |
987,634 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
|
159,386 |
|
|
|
162,286 |
|
NOW, money market and savings |
|
582,039 |
|
|
|
582,000 |
|
Time |
|
140,002 |
|
|
|
142,770 |
|
Total deposits |
|
881,427 |
|
|
|
887,056 |
|
|
|
|
|
Capital notes |
|
10,034 |
|
|
|
10,031 |
|
Other borrowings |
|
10,856 |
|
|
|
10,985 |
|
Income taxes payable |
|
456 |
|
|
|
- |
|
Interest payable |
|
39 |
|
|
|
46 |
|
Other liabilities |
|
10,194 |
|
|
|
10,087 |
|
Total liabilities |
$ |
913,006 |
|
|
$ |
918,205 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,740,657 as of March 31, 2022 and December 31, 2021 |
|
10,145 |
|
|
|
10,145 |
|
Additional paid-in-capital |
|
37,230 |
|
|
|
37,230 |
|
Accumulated other comprehensive (loss) |
|
(12,043 |
) |
|
|
(1,386 |
) |
Retained earnings |
|
25,247 |
|
|
|
23,440 |
|
Total stockholders'
equity |
$ |
60,579 |
|
|
$ |
69,429 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
973,585 |
|
|
$ |
987,634 |
|
|
|
|
|
|
|
|
|
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 |
|
2022 |
|
|
|
2021 |
|
Loans |
$ |
5,905 |
|
|
$ |
6,860 |
|
Securities |
|
|
|
US Government and agency obligations |
|
258 |
|
|
|
191 |
|
Mortgage backed securities |
|
307 |
|
|
|
77 |
|
Municipals |
|
289 |
|
|
|
153 |
|
Dividends |
|
4 |
|
|
|
6 |
|
Other (Corporates) |
|
108 |
|
|
|
50 |
|
Interest bearing deposits |
|
7 |
|
|
|
14 |
|
Federal Funds sold |
|
37 |
|
|
|
14 |
|
Total interest
income |
|
6,915 |
|
|
|
7,365 |
|
|
|
|
|
Interest
Expense |
|
|
|
Deposits |
|
|
|
NOW, money market savings |
|
126 |
|
|
|
135 |
|
Time Deposits |
|
178 |
|
|
|
373 |
|
Federal Funds purchased |
|
- |
|
|
|
- |
|
FHLB borrowings |
|
- |
|
|
|
- |
|
Finance leases |
|
25 |
|
|
|
27 |
|
Other borrowings |
|
114 |
|
|
|
- |
|
Capital notes |
|
82 |
|
|
|
82 |
|
Total interest expense |
|
525 |
|
|
|
617 |
|
|
|
|
|
Net interest income |
|
6,390 |
|
|
|
6,748 |
|
|
|
|
|
Recovery of loan losses |
|
(300 |
) |
|
|
- |
|
|
|
|
|
Net interest income after recovery of loan
losses |
|
6,690 |
|
|
|
6,748 |
|
|
|
|
|
Noninterest
income |
|
|
|
Gains on sale of loans held for sale |
|
1,904 |
|
|
|
1,774 |
|
Service charges, fees and commissions |
|
592 |
|
|
|
554 |
|
Wealth management fees |
|
1,015 |
|
|
|
- |
|
Life insurance income |
|
113 |
|
|
|
98 |
|
Other |
|
7 |
|
|
|
8 |
|
Total noninterest income |
|
3,631 |
|
|
|
2,434 |
|
|
|
|
|
Noninterest
expenses |
|
|
|
Salaries and employee benefits |
|
3,989 |
|
|
|
3,732 |
|
Occupancy |
|
471 |
|
|
|
428 |
|
Equipment |
|
606 |
|
|
|
626 |
|
Supplies |
|
142 |
|
|
|
118 |
|
Professional, data processing, and other outside expense |
|
1,054 |
|
|
|
914 |
|
Marketing |
|
192 |
|
|
|
273 |
|
Credit expense |
|
262 |
|
|
|
276 |
|
Other real estate expenses, net |
|
6 |
|
|
|
66 |
|
FDIC insurance expense |
|
130 |
|
|
|
165 |
|
Amortization of intangibles |
|
140 |
|
|
|
- |
|
Other |
|
656 |
|
|
|
291 |
|
Total noninterest expenses |
|
7,648 |
|
|
|
6,889 |
|
|
|
|
|
Income before income taxes |
|
2,673 |
|
|
|
2,293 |
|
|
|
|
|
Income tax expense |
|
534 |
|
|
|
458 |
|
|
|
|
|
Net Income |
$ |
2,139 |
|
|
$ |
1,835 |
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted (1) |
|
4,740,657 |
|
|
|
4,766,601 |
|
|
|
|
|
Net income per common share -
basic and diluted (1) |
$ |
0.45 |
|
|
$ |
0.38 |
|
|
|
|
|
(1) Shares and per share amounts for all periods have been
adjusted to reflect a 10% stock dividend declared in June 2021.
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share dataunaudited
Selected Data: |
ThreemonthsendingMar
31,2022 |
ThreemonthsendingMar
31,2021 |
Change |
|
Interest income |
$ |
6,915 |
$ |
7,365 |
-6.11% |
|
Interest expense |
|
525 |
|
617 |
-14.91% |
|
Net interest income |
|
6,390 |
|
6,748 |
-5.31% |
|
Recovery of loan losses |
|
(300) |
|
- |
0.00% |
|
Noninterest income |
|
3,631 |
|
2,434 |
49.18% |
|
Noninterest expense |
|
7,648 |
|
6,889 |
11.02% |
|
Income taxes |
|
534 |
|
458 |
16.59% |
|
Net income |
|
2,139 |
|
1,835 |
16.57% |
|
Weighted average shares outstanding - basic (1) |
4,740,657 |
4,766,601 |
(25,944) |
|
Weighted average shares outstanding - diluted (1) |
4,740,657 |
4,766,601 |
(25,944) |
|
Basic net income per share (1) |
$ |
0.45 |
$ |
0.38 |
$ |
0.07 |
|
Fully diluted net income per share (1) |
$ |
0.45 |
$ |
0.38 |
$ |
0.07 |
|
(1) Shares and per share amounts for all periods have been
adjusted to reflect a 10% stock dividend declared in June 2021.
Balance Sheet atperiod end: |
Mar 31,2022 |
Dec 31,2021 |
Change |
Mar 31,2021 |
Dec 31,2020 |
Change |
Loans, net |
$ |
588,924 |
$ |
576,469 |
|
2.16% |
$ |
606,485 |
$ |
601,934 |
|
0.76% |
Loans held for sale |
|
6,516 |
|
1,628 |
|
300.25% |
|
4,150 |
|
7,102 |
|
-41.57% |
Total securities |
|
216,267 |
|
164,922 |
|
31.13% |
|
103,499 |
|
93,856 |
|
10.27% |
Total deposits |
|
881,427 |
|
887,056 |
|
-0.63% |
|
801,190 |
|
764,967 |
|
4.74% |
Stockholders' equity |
|
60,579 |
|
69,429 |
|
-12.75% |
|
65,334 |
|
66,732 |
|
-2.09% |
Total assets |
|
973,585 |
|
987,634 |
|
-1.42% |
|
886,360 |
|
851,386 |
|
4.11% |
Shares outstanding |
4,740,657 |
4,740,657 |
|
- |
4,324,836 |
4,339,436 |
(14,600) |
Book value per share |
$ |
12.78 |
$ |
14.65 |
$ |
(1.87) |
$ |
15.11 |
$ |
15.38 |
$ |
(0.27) |
Daily averages: |
ThreemonthsendingMar
31,2022 |
ThreemonthsendingMar
31,2021 |
Change |
|
Loans, net |
$ |
581,619 |
$ |
604,264 |
|
-3.75% |
|
Loans held for sale |
|
3,635 |
|
6,158 |
|
-40.97% |
|
Total securities |
|
198,551 |
|
96,246 |
|
106.30% |
|
Total deposits |
|
876,023 |
|
788,308 |
|
11.13% |
|
Stockholders' equity |
|
70,700 |
|
64,794 |
|
9.12% |
|
Interest earning assets |
|
908,261 |
|
816,611 |
|
11.22% |
|
Interest bearing liabilities |
|
741,202 |
|
643,736 |
|
15.14% |
|
Total assets |
|
977,643 |
|
873,358 |
|
11.94% |
|
Financial Ratios: |
ThreemonthsendingMar
31,2022 |
ThreemonthsendingMar
31,2021 |
Change |
|
Return on average assets |
0.89% |
0.85% |
0.04 |
|
Return on average equity |
12.27% |
11.49% |
0.78 |
|
Net interest margin |
2.86% |
3.35% |
(0.49) |
|
Efficiency ratio |
76.32% |
75.03% |
1.29 |
|
Average equity to |
|
|
|
|
average assets |
7.23% |
7.42% |
(0.19) |
|
Allowance for loan losses: |
ThreemonthsendingMar
31,2022 |
ThreemonthsendingMar
31,2021 |
Change |
|
Beginning balance |
$ |
6,915 |
$ |
7,156 |
-3.37% |
|
Recovery of loan losses |
|
(300) |
|
- |
0.00% |
|
Charge-offs |
|
(8) |
|
(64) |
-87.50% |
|
Recoveries |
|
263 |
|
14 |
1778.57% |
|
Ending balance |
|
6,870 |
|
7,106 |
-3.32% |
|
Nonperforming assets: |
Mar 31,2022 |
Dec 31,2021 |
Change |
Mar 31,2021 |
Dec 31,2020 |
Change |
Total nonperforming loans |
$ |
852 |
$ |
954 |
-10.69% |
$ |
1,963 |
$ |
2,064 |
-4.89% |
Other real estate owned |
|
761 |
|
761 |
0.00% |
|
761 |
|
1,105 |
-31.13% |
Total nonperforming assets |
|
1,613 |
|
1,715 |
-5.95% |
|
2,724 |
|
3,169 |
-14.04% |
Troubled debt restructurings - (performing portion) |
|
367 |
|
372 |
-1.34% |
|
384 |
|
392 |
-2.04% |
Asset quality ratios: |
Mar 31,2022 |
Dec 31,2021 |
Change |
Mar 31,2021 |
Dec 31,2020 |
Change |
Nonperforming loans to total loans |
0.14% |
0.16% |
(0.02) |
0.32% |
0.34% |
(0.02) |
Allowance for loan losses to total loans |
1.15% |
1.19% |
(0.03) |
1.16% |
1.17% |
(0.02) |
Allowance for loan losses to nonperforming loans |
806.34% |
724.84% |
81.50 |
362.00% |
346.71% |
15.29 |
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