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 and six month periods ended June 30, 2022. The Bank
serves Region 2000 (the greater Lynchburg MSA), and the Blacksburg,
Charlottesville, Harrisonburg, Lexington, Roanoke, and Wytheville,
Virginia markets.
Net income for the three months ended June 30, 2022 was $2.29
million or $0.48 per basic and diluted share compared with $2.01
million or $0.42 per basic and diluted share for the three months
ended June 30, 2021. Net income for the six months ended June 30,
2022 was $4.43 million or $0.93 per basic and diluted share
compared with $3.85 million or $0.81 per basic and diluted share
for the six months ended June 30, 2021.
Robert R. Chapman III, CEO, commented: “The Company’s record
second quarter earnings and strong financial performance in the
first half reflected balanced income contributions from our wide
range of commercial, retail and wealth management services. The
Company efficiently transitioned from the economic and
pandemic-influenced climate of the past two years towards a more
normalized environment, albeit one with new challenges and
uncertainties, particularly inflation and a rapidly rising interest
rate environment.
“Commercial real estate lending (CRE), which was strong
throughout the pandemic, continued to grow. We had a record quarter
for new loans in owner-occupied and non-owner-occupied CRE that
reflected confidence in and the attractiveness of our markets.
Commercial and industrial lending activity began a slow return
towards more normal levels following the pandemic as business
activity accelerated. The second quarter of 2022 reflected 6% net
interest income growth from a year earlier.
“The electronic and web-based treasury services we offer to help
businesses efficiently manage their finances continue to grow in
use and popularity. Our reputation for service, expertise, and
pricing led to these fee-based services enhancing noninterest
income for the Company and allowed us to grow full-service
relationships and attract new commercial banking customers. We
continue to attract commercial and retail deposit business, which
provides a foundation for lending.
“Our residential mortgage origination business, which has been
exceptionally brisk in the past several years, continued at a
strong pace, although rising interest rates have, as expected,
impacted demand. Our established reputation for fast and efficient
loan processing and outstanding service continues to position Bank
of the James as a preferred mortgage provider, helping to ensure
that we maintain a strong market share of origination business.
“The acquisition of Pettyjohn, Wood & White (PWW) in
December has much enhanced the Company’s investment and wealth
management capabilities and provided a new source of income. In its
first six months with Bank of the James Financial Group, Inc., PWW
contributed $2.0 million in revenue and $668,000 in net income, or
$0.14 per share.
“As we enter the second half of 2022, we hope to stay ahead of
the curve in providing the financial solutions customers need and
the growth in value which shareholders expect.”
Highlights
- Net income in the second quarter and first half of 2022 was
highlighted by continuing revenue contributions from gains on the
sale of originated residential mortgages and mortgage loan
processing fees, a $600,000 recovery of loan losses in the first
half, and strong income contribution from PWW.
- Total interest income in the second quarter of 2022 increased
5% to $7.6 million from $7.2 million a year earlier, primarily
reflecting increases in interest rates, commercial real estate loan
growth and a gradual return to more normalized commercial and
industrial lending following the pandemic and conclusion of
Paycheck Protection Program (PPP) loan activity.
- Net interest income after recovery of loan losses was $7.4
million in the second quarter of 2022 compared with $6.7 million in
the second quarter of 2021. The increase was primarily due to
increased interest income, the positive impact of a $300,000
recovery of loan losses in the quarter, and reduced interest
expense. First half 2022 net interest income increased slightly
from a year earlier.
- Total noninterest income in the second quarter was relatively
flat but increased in the first half of 2022 when compared with the
first half of 2021. Noninterest income from gains on sale of
mortgage loans remained strong in the 2022 periods, but were lower
than a year earlier, reflecting slower residential mortgage
origination activity as interest rates rose. For the year to date,
noninterest income increased primarily due to the revenue of PWW
but was partially offset by a decrease in the gain on loans held
for sale.
- Loans, net of the allowance for loan losses, increased to
$607.32 million at June 30, 2022 compared with $576.47 million at
December 31, 2021, primarily reflecting steady commercial loan
growth throughout the first half of 2022. The Company had $4.5
million of loans held for sale, primarily originated residential
mortgages, at June 30, 2022 that will be placed with the secondary
market in subsequent quarters.
- The Company experienced approximately $18 million in loan
portfolio growth in the second quarter of 2022.
- Asset quality remained exceptionally strong, reflected in a
ratio of nonperforming loans to total loans of 0.14% at June 30,
2022 compared with 0.16% at December 31, 2021.
- Total deposits were $875.35 million at June 30, 2022, down
marginally from December 31, 2021, but reflecting continued
strength of lower-cost core deposits (noninterest-bearing demand,
NOW, savings and money market accounts), which were 85% of total
deposits.
- On July 19, 2022 the Company’s board of directors approved a
quarterly $0.07 per share dividend payable to stockholders of
record on September 2, 2022, to be paid on September 16, 2022.
- On July 19, 2022, the Company’s board of directors approved a
stock repurchase plan to purchase up to $500,000 of the Company’s
common stock through July 18, 2023 in open market transactions or
privately negotiated transactions, in accordance with Rule 10b5-1
and Rule 10b-18 under the Securities Exchange Act of 1934, as
amended.
Second Quarter, First Half 2022 Operational
Review
Net interest income after recovery of loan losses for the
quarter ended June 30, 2022 was $7.4 million compared with $6.7
million a year earlier, primarily reflecting higher interest
income, reduced interest expense, and a $300,000 recovery of loan
losses, as indicated by the Bank’s allowance for loan losses
methodology.
For the six months ended June 30, 2022, net interest income
after recovery of loan losses was $14.1 million compared with $13.5
million a year earlier, reflecting increased interest rates, an
increase in interest income from the Bank’s securities portfolio, a
decrease in interest expense, and a $600,000 recovery of loan
losses, as indicated by the Bank’s allowance for loan losses
methodology.
Total interest income increased to $7.6 million in the second
quarter of 2022 compared with $7.2 million a year earlier, and up
from $6.92 million in the first quarter of 2022. Year-over-year
quarterly comparisons reflected lower accreted fees from PPP loan
processing, accelerating organic loan growth and interest rate
increases. Management anticipates higher rates will continue to
have a positive impact on both earning assets and loan yields in
the coming quarters. The return on interest earning assets during
the second quarter of 2022 was 3.19% as compared to 3.39% in the
second quarter of 2021. Total interest income in the first half of
2022 was $14.5 million compared with $14.6 million in the first
half of 2021.
Total interest expense in the second quarter of 2022 was
$474,000 compared with $524,000 a year earlier, primarily
reflecting ongoing reductions in the cost 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 quarter, the Company maintained low rates on deposits
despite the rising rate environment and also negotiated a lower
rate paid on the acquisition loan. In the first half of 2022, total
interest expense was $1.0 million compared with $1.1 million in the
first half of 2021.
During the first half of 2022, the Company diligently monitored
and managed funds held as investments, anticipating and responding
to a changing rate environment. Actions included shifting 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. The
net interest margin was 2.99% and the interest spread was 2.93% in
the second quarter of 2022 and 2.92% and 2.87%, respectively, in
the first half of 2022.
Noninterest income in the second quarters of both 2022 and 2021
was $3.0 million, reflecting mortgage processing fees, strong but
lower gains from the sale of residential mortgages to the secondary
market, income from the Bank’s line of treasury management services
for commercial customers, and fee income from PWW. Noninterest
income in the first half of 2022 was $6.7 million compared with
$5.5 million a year earlier.
Noninterest expense in the second quarter of 2022 was $7.6
million compared with $7.2 million in the second quarter of 2021.
In the first half of 2022, noninterest expense was $15.2 million
compared with $14.1 million a year earlier. Both periods of 2022
reflected increased salaries and employee benefits primarily
related to the addition of PWW.
For the three months ended June 30, 2022, return on average
equity (ROAE) was 12.68% and return on average assets (ROAA) was
0.89%, essentially stable compared with a year earlier. For the six
months ended June 30, 2022, ROAE was 12.48% and ROAA was 0.89%,
also relatively unchanged from a year earlier.
Balance Sheet Reflects Organic Loan Growth, Strong Asset
Quality
Total assets were $961.34 million at June 30, 2022 compared with
$987.63 million at December 31, 2021, with the decline primarily
reflecting a trimming of cash and cash equivalents during the first
half and the final payoffs of PPP loans, partially offset by
increased securities available for sale, organic (non-PPP) loan
growth and increases in the deferred tax asset and loans held for
sale.
Loans, net of allowance for loan losses, increased to $607.32
million at June 30, 2022 from $576.47 million at December 31, 2021.
The growth in loans receivable primarily reflected new CRE loans.
Commercial real estate loans (owner occupied and non-owner occupied
and excluding construction loans) were approximately $331.00
million at June 30, 2022, an increase from $307.95 million at
December 31, 2021 and significantly up from $295.80 million at June
30, 2021.
Michael A. Syrek, President of the Bank, commented: “The second
quarter of 2022 was one of our strongest quarters ever for lending,
with particularly strong activity in commercial real estate and
consumer lending. The Bank increased its loan portfolio by
approximately $18 million during the quarter, driven by high
quality new loans. We achieved this growth despite receiving a
payoff of $12 million in commercial credits.
“While customers are dealing with the same challenges as the
rest of the country – inflation, fuel prices, supply chain
difficulties - the general economic health of our served markets is
sound. We have solid loan pipelines, continued growth in the use of
commercial treasury services, excellent customer credit quality and
strong relationships with customers.”
Commercial loans (primarily C&I loans) were $102.88 million
at June 30, 2022 compared with $105.07 million at December 31,
2021. The commercial loan portfolio at quarter-end was
approximately $33 million lower than a year earlier, primarily
reflecting the completed paydowns and forgiveness of PPP loans.
Management noted that businesses’ significant cash reserves and
conservative operations driven by inflation concerns, supply chain
issues and a tight labor market continue to have a drag on normal
levels of commercial and industrial lending.
Commercial construction loans at June 30, 2022 of $23.1 million
declined slightly from prior quarters as previous projects were
completed. Residential construction lending has steadily increased,
reflecting continuing demand for new housing in several of the
Company’s markets. Secured consumer lending increased significantly
at June 30, 2022 compared with June 30, 2021.
Improved qualitative factors due to the economy and delinquency
trends (as reflected in the non-performing loan ratio improvement)
resulted in recovery of $600,000 from the allowance for loan losses
in the first half of 2022. Asset quality has been consistently
strong and stable, with a ratio of nonperforming loans to total
loans of 0.14% at June 30, 2022. The allowance for loan losses to
total loans was 1.08% at June 30, 2022 as compared to 1.19% at
December 31, 2021. Total nonperforming loans of $855,000 were down
10% from December 31, 2021. 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 June 30, 2022 were $875.35 million, compared
with $887.06 million at December 31, 2021. Total deposits continued
to reflect good demand deposit activity and continued trimming of
time deposits.
At June 30, 2022, the Company reported total retained earnings
of $27.2 million compared with $23.4 million at December 31, 2021.
Total stockholders’ equity decreased by $16.1 million to $53.3
million as of June 30, 2022 from $69.4 million at December 31,
2021. This corresponds to a decrease of $3.40 per share in book
value to $11.25 at June 30, 2022 from $14.05 at December 31, 2021.
These decreases directly resulted from the impact that increased
interest rates had on the market value of the Company’s
available-for-sale securities portfolio. As of June 30, 2022, the
Bank had a net unrealized loss of $21.26 million on the market
value of its available-for-sale securities portfolio. This loss was
responsible for a $4.49 per share decrease in tangible book value.
This decrease in book value per share was partially offset by the
Company’s earnings during the first six months of 2022. These
mark-to-market losses should accrete back to capital over time. The
duration of our overall securities portfolio is 6.5 years.
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,
Rustburg, and Wytheville. 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 |
6/30/2022 |
|
12/31/2021 |
|
|
|
|
Cash and due from banks |
$34,249 |
|
|
$29,337 |
|
Federal funds sold |
|
40,605 |
|
|
|
153,816 |
|
Total cash and cash equivalents |
|
74,854 |
|
|
|
183,153 |
|
|
|
|
|
Securities held-to-maturity
(fair value of $3,361 in 2022 and $4,006 in 2021) |
|
3,647 |
|
|
|
3,655 |
|
Securities available-for-sale,
at fair value |
|
201,429 |
|
|
|
161,267 |
|
Restricted stock, at cost |
|
1,387 |
|
|
|
1,324 |
|
Loans, net of allowance for
loan losses of $6,616 in 2022 and $6,915 in 2021 |
|
607,322 |
|
|
|
576,469 |
|
Loans held for sale |
|
4,460 |
|
|
|
1,628 |
|
Premises and equipment,
net |
|
18,152 |
|
|
|
18,190 |
|
Software, net |
|
- |
|
|
|
161 |
|
Interest receivable |
|
2,315 |
|
|
|
2,064 |
|
Cash value - bank owned life
insurance |
|
19,010 |
|
|
|
18,785 |
|
Customer relationship
Intangible |
|
8,126 |
|
|
|
8,406 |
|
Goodwill |
|
3,819 |
|
|
|
3,001 |
|
Other real estate owned |
|
761 |
|
|
|
761 |
|
Income taxes receivable |
|
- |
|
|
|
77 |
|
Deferred tax asset |
|
5,883 |
|
|
|
1,371 |
|
Other assets |
|
8,412 |
|
|
|
7,322 |
|
Total assets |
$959,577 |
|
|
$987,634 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
$148,292 |
|
|
$162,286 |
|
NOW, money market and savings |
|
591,615 |
|
|
|
582,000 |
|
Time |
|
135,439 |
|
|
|
142,770 |
|
Total deposits |
|
875,346 |
|
|
|
887,056 |
|
|
|
|
|
Capital notes, net |
|
10,035 |
|
|
|
10,031 |
|
Other borrowings |
|
10,721 |
|
|
|
10,985 |
|
Income taxes payable |
|
133 |
|
|
|
- |
|
Interest payable |
|
37 |
|
|
|
46 |
|
Other liabilities |
|
9,987 |
|
|
|
10,087 |
|
Total liabilities |
$906,259 |
|
|
$918,205 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,740,657 as of June 30, 2022 and December 31, 2021 |
|
10,145 |
|
|
|
10,145 |
|
Additional paid-in-capital |
|
37,230 |
|
|
|
37,230 |
|
Accumulated other comprehensive (loss) |
|
(21,264) |
|
|
|
(1,386) |
|
Retained earnings |
|
27,207 |
|
|
|
23,440 |
|
Total stockholders'
equity |
$53,318 |
|
|
$69,429 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$959,577 |
|
|
$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 MonthsEnded June
30, |
|
For the Six MonthsEnded June
30, |
Interest Income |
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
Loans |
$6,174 |
|
|
$6,624 |
|
$12,079 |
|
|
$13,484 |
Securities |
|
|
|
|
|
|
|
US Government and agency obligations |
|
322 |
|
|
|
219 |
|
|
580 |
|
|
|
410 |
Mortgage backed securities |
|
452 |
|
|
|
84 |
|
|
759 |
|
|
|
161 |
Municipals |
|
289 |
|
|
|
203 |
|
|
578 |
|
|
|
356 |
Dividends |
|
27 |
|
|
|
29 |
|
|
31 |
|
|
|
35 |
Corporates |
|
143 |
|
|
|
50 |
|
|
251 |
|
|
|
100 |
Interest bearing deposits |
|
27 |
|
|
|
5 |
|
|
34 |
|
|
|
19 |
Federal Funds sold |
|
164 |
|
|
|
20 |
|
|
201 |
|
|
|
34 |
Total interest income |
|
7,598 |
|
|
|
7,234 |
|
|
14,513 |
|
|
|
14,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW, money market savings |
|
115 |
|
|
|
138 |
|
|
241 |
|
|
|
273 |
Time Deposits |
|
146 |
|
|
|
278 |
|
|
324 |
|
|
|
651 |
Finance leases |
|
24 |
|
|
|
27 |
|
|
49 |
|
|
|
54 |
Other borrowings |
|
108 |
|
|
|
- |
|
|
222 |
|
|
|
- |
Capital notes |
|
81 |
|
|
|
81 |
|
|
163 |
|
|
|
163 |
Total interest expense |
|
474 |
|
|
|
524 |
|
|
999 |
|
|
|
1,141 |
|
|
|
|
|
|
|
|
Net interest income |
|
7,124 |
|
|
|
6,710 |
|
|
13,514 |
|
|
|
13,458 |
|
|
|
|
|
|
|
|
Recovery of loan losses |
|
(300) |
|
|
|
- |
|
|
(600) |
|
|
|
- |
|
|
|
|
|
|
|
|
Net interest income after recovery of loan
losses |
|
7,424 |
|
|
|
6,710 |
|
|
14,114 |
|
|
|
13,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
1,299 |
|
|
|
2,310 |
|
|
3,203 |
|
|
|
4,084 |
Service charges, fees and commissions |
|
658 |
|
|
|
637 |
|
|
1,250 |
|
|
|
1,191 |
Wealth management fees |
|
961 |
|
|
|
- |
|
|
1,976 |
|
|
|
- |
Life insurance income |
|
112 |
|
|
|
100 |
|
|
225 |
|
|
|
198 |
Other |
|
4 |
|
|
|
2 |
|
|
11 |
|
|
|
10 |
|
|
|
|
|
|
|
|
Total noninterest income |
|
3,034 |
|
|
|
3,049 |
|
|
6,665 |
|
|
|
5,483 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,533 |
|
|
|
4,076 |
|
|
8,522 |
|
|
|
7,808 |
Occupancy |
|
432 |
|
|
|
405 |
|
|
903 |
|
|
|
833 |
Equipment |
|
617 |
|
|
|
631 |
|
|
1,223 |
|
|
|
1,257 |
Supplies |
|
122 |
|
|
|
116 |
|
|
264 |
|
|
|
234 |
Professional, data processing, and other outside expense |
|
871 |
|
|
|
1,035 |
|
|
1,925 |
|
|
|
1,949 |
Marketing |
|
247 |
|
|
|
238 |
|
|
439 |
|
|
|
511 |
Credit expense |
|
259 |
|
|
|
284 |
|
|
521 |
|
|
|
560 |
Other real estate expenses, net |
|
6 |
|
|
|
7 |
|
|
12 |
|
|
|
73 |
FDIC insurance expense |
|
131 |
|
|
|
123 |
|
|
261 |
|
|
|
288 |
Amortization of intangibles |
|
140 |
|
|
|
- |
|
|
280 |
|
|
|
- |
Other |
|
234 |
|
|
|
322 |
|
|
890 |
|
|
|
613 |
Total noninterest expenses |
|
7,592 |
|
|
|
7,237 |
|
|
15,240 |
|
|
|
14,126 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,866 |
|
|
|
2,522 |
|
|
5,539 |
|
|
|
4,815 |
|
|
|
|
|
|
|
|
Income tax expense |
|
574 |
|
|
|
508 |
|
|
1,108 |
|
|
|
966 |
|
|
|
|
|
|
|
|
Net Income |
$2,292 |
|
|
$2,014 |
|
$4,431 |
|
|
$3,849 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted (1) |
|
4,740,657 |
|
|
|
4,748,356 |
|
|
4,740,657 |
|
|
|
4,757,480 |
|
|
|
|
|
|
|
|
Net income per common share -
basic and diluted (1) |
$0.48 |
|
|
$0.42 |
|
$0.93 |
|
|
$0.81 |
|
|
|
|
|
|
|
|
(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: |
ThreemonthsendingJune
30,2022 |
ThreemonthsendingJune
30,2021 |
Change |
YeartodateJune
30,2022 |
YeartodateJune
30,2021 |
Change |
Interest income |
$7,598 |
$7,234 |
5.03% |
$14,513 |
$14,599 |
-0.59% |
Interest expense |
474 |
524 |
-9.54% |
999 |
1,141 |
-12.45% |
Net interest income |
7,124 |
6,710 |
6.17% |
13,514 |
13,458 |
0.42% |
Recovery of loan losses |
(300) |
- |
- |
(600) |
- |
- |
Noninterest income |
3,034 |
3,049 |
-0.49% |
6,665 |
5,483 |
21.56% |
Noninterest expense |
7,592 |
7,237 |
4.91% |
15,240 |
14,126 |
7.89% |
Income taxes |
574 |
508 |
12.99% |
1,108 |
966 |
14.70% |
Net income |
2,292 |
2,014 |
13.80% |
4,431 |
3,849 |
15.12% |
Weighted average shares outstanding - basic (1) |
4,740,657 |
4,748,356 |
(7,699) |
4,740,657 |
4,757,480 |
(16,823) |
Weighted average shares outstanding - diluted (1) |
4,740,657 |
4,748,356 |
(7,699) |
4,740,657 |
4,757,480 |
(16,823) |
Basic net income per share (1) |
$0.48 |
$0.42 |
$0.06 |
$0.93 |
$0.81 |
$0.12 |
Fully diluted net income per share (1) |
$0.48 |
$0.42 |
$0.06 |
$0.93 |
$0.81 |
$0.12 |
(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: |
June 30,2022 |
Dec 31,2021 |
Change |
June 30,2021 |
Dec 31,2020 |
Change |
Loans, net |
$607,322 |
$576,469 |
5,35% |
$595,172 |
$601,934 |
-1,12% |
Loans held for sale |
4,460 |
1,628 |
173,96% |
6,253 |
7,102 |
-11,95% |
Total securities |
205,076 |
164,922 |
24,35% |
134,627 |
93,856 |
43,44% |
Total deposits |
875,346 |
887,056 |
-1,32% |
819,442 |
764,967 |
7,12% |
Stockholders' equity |
53,318 |
69,429 |
-23,21% |
68,091 |
66,732 |
2,04% |
Total assets |
959,577 |
987,634 |
-2,66% |
908,364 |
851,386 |
6,69% |
Shares outstanding |
4,740,657 |
4,740,657 |
- |
4,741,560 |
4,339,436 |
402,124 |
Book value per share |
$11,25 |
$14,65 |
$(3,40) |
$14,36 |
$15,38 |
$(1,02) |
Daily averages: |
ThreemonthsendingJune
30,2022 |
ThreemonthsendingJune
30,2021 |
Change |
YeartodateJune
30,2022 |
YeartodateJune
30,2021 |
Change |
Loans |
$596,775 |
$610,338 |
-2.22% |
$592,702 |
$610,876 |
-2.98% |
Loans held for sale |
4,074 |
5,542 |
-26.49% |
3,856 |
5,848 |
-34.06% |
Total securities |
232,697 |
116,214 |
100.23% |
215,718 |
106,283 |
102.97% |
Total deposits |
924,094 |
829,187 |
-12.00% |
900,192 |
808,861 |
-10.59% |
Stockholders' equity |
72,489 |
66,066 |
9.72% |
71,600 |
65,434 |
9.42% |
Interest earning assets |
957,353 |
855,748 |
11.87% |
932,943 |
836,285 |
11.56% |
Interest bearing liabilities |
753,863 |
671,812 |
12.21% |
747,567 |
657,756 |
13.65% |
Total assets |
1,030,984 |
918,350 |
12.26% |
1,006,321 |
897,917 |
12.07% |
Financial Ratios: |
ThreemonthsendingJune
30,2022 |
ThreemonthsendingJune
30,2021 |
Change |
YeartodateJune
30,2022 |
YeartodateJune
30,2021 |
Change |
Return on average assets |
0.89% |
0.88% |
0.01 |
0.89% |
0.86% |
0.03 |
Return on average equity |
12.68% |
12.23% |
0.45 |
12.48% |
11.86% |
0.62 |
Net interest margin |
2.99% |
3.15% |
(0.16) |
2.92% |
3.25% |
(0.33) |
Efficiency ratio |
74.74% |
74.16% |
0.58 |
75.52% |
74.58% |
0.94 |
Average equity to average assets |
7.03% |
7.19% |
(0.16) |
7.12% |
7.29% |
(0.17) |
Allowance for loan losses: |
ThreemonthsendingJune
30,2022 |
ThreemonthsendingJune
30,2021 |
Change |
YeartodateJune
30,2022 |
YeartodateJune
30,2021 |
Change |
Beginning balance |
$6,870 |
$7,106 |
-3.32% |
$6,915 |
$7,156 |
-3.37% |
Recovery of loan losses |
(300) |
- |
- |
(600) |
- |
- |
Charge-offs |
(1) |
- |
- |
(9) |
(64) |
-85.94% |
Recoveries |
47 |
106 |
-55.66% |
310 |
120 |
158.33% |
Ending balance |
6,616 |
7,212 |
-8.26% |
6,616 |
7,212 |
-8.26% |
Nonperforming assets: |
June 30,2022 |
Dec 31,2021 |
Change |
June 30,2021 |
Dec 31,2020 |
Change |
Total nonperforming loans |
$855 |
$954 |
-10.38% |
$1,985 |
$2,064 |
-3.83% |
Other real estate owned |
761 |
761 |
0.00% |
761 |
1,105 |
-31.13% |
Total nonperforming assets |
1,616 |
1,715 |
-5.77% |
2,746 |
3,169 |
-13.35% |
Troubled debt restructurings - (performing portion) |
432 |
372 |
16.13% |
380 |
392 |
-3.06% |
Asset quality ratios: |
June 30,2022 |
Dec 31,2021 |
Change |
June 30,2021 |
Dec 31,2020 |
Change |
Nonperforming loans to total loans |
0.14% |
0.16% |
(0.02) |
0.33% |
0.34% |
(0.01) |
Allowance for loan losses to total loans |
1.08% |
1.19% |
(0.11) |
1.20% |
1.17% |
0.02 |
Allowance for loan losses to nonperforming loans |
773.80% |
724.84% |
48.96 |
363.32% |
346.71% |
16.62 |
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