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 serving Region
2000 (the greater Lynchburg MSA), and the Blacksburg,
Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia
markets, today announced unaudited results for the three and nine
month periods ended September 30, 2021.
Net income for the three months ended September 30, 2021 was
$1.88 million or $0.40 per diluted share compared with $1.45
million or $0.30 per diluted share for the three months ended
September 30, 2020. For the nine months ended September 30, 2021,
net income was $5.73 million or $1.21 per diluted share compared
with $3.27 million or $0.68 per diluted share for the nine months
ended September 30, 2020. The outstanding shares used to calculate
earnings per share for both the 2020 and 2021 periods have been
adjusted to include a 10% stock dividend declared in June 2021.
Robert R. Chapman III, CEO, Bank of the James and President of
the Holding Company, commented: “The Company’s quarterly and
year-to-date financial performance reflected continued success in
providing efficient and effective service to customers which again
resulted in solid earnings. A focus on interest expense management
and maintaining strong asset quality have supported the Company’s
positive financial performance.
“Working closely with customers to meet their banking needs,
manage their finances and maintain credit quality during
challenging times has contributed to low levels of nonperforming
loans. The Company has not needed to make any provision for loan
losses in 2021, which has had a positive impact on net interest
income after provision for loan losses and reflects the continuing
financial and economic health of our customer base.
“We actively participated in the Payroll Protection Program
(PPP), which has been a significant element of our 2021 operations
as our team dedicated considerable time and energy to working with
customers to secure loans, and processing and managing these loans.
As the program is in the final stages of winding down, we believe
it has provided meaningful support for the hundreds of commercial
customers who participated. We assisted existing customers and
welcomed many businesses who were working with Bank of the James
for the first time. We look forward to retaining many of these
businesses as clients.
“Throughout the communities we serve, the signs of economic
recovery are very encouraging. While it is too early to declare
victory over COVID-19, the Delta variant and the lingering impact
of the pandemic, all signs point to continuing normalization of
life and activities. Consistent with our Company’s safe, secure
operating philosophy, we are maintaining significant cash reserves
and an adequate allowance for loan loss given the risks and
uncertainties in the current environment. While we maintain a
prudent, cautious stance, we are moving forward with
confidence.”
Highlights
- Net income in the third quarter and nine months of 2021
reflected significant noninterest income contributions from
mortgage loan processing fees, gains on the sale of originated
residential mortgages to the secondary market and continuing growth
in the Bank’s fee-based corporate electronic treasury
services.
- Total interest income was $7.32 million in the third quarter of
2021 compared with $7.34 million a year earlier, and $21.91 million
in the nine months of 2021 compared with $21.91 million a year
earlier. Interest income from loans in the third quarter of 2021
reflected increasing organic commercial loan activity offset by
declining income related to PPP loans as the program continues to
wind down.
- Net interest income after provision for loan losses was $6.82
million in the third quarter of 2021 and $20.28 million in the nine
months of 2021, up 24% and 28%, respectively, compared with the
2020 periods. Net interest income in the three and nine-month
periods ended September 30, 2021 reflected 57% and 55%
year-over-year reductions respectively of interest expense and no
provision for loan losses in both periods of 2021.
- Noninterest income in the third quarter and nine months of 2021
primarily reflected income from residential mortgage loan
processing fees and gains on the sale of originated mortgage loans
as the Bank’s mortgage lending maintained brisk activity.
- Loans, net of the allowance for loan losses, were $583.6
million at September 30, 2021, compared with $601.9 million at
December 31, 2020, primarily reflecting ongoing paydowns of PPP
loans.
- Commercial real estate loans (owner occupied and non-owner
occupied) increased in the third quarter of 2021 from the second
quarter of 2021 and have grown by $24.3 million since September 30,
2020.
- Asset quality was sound with a 0.32% ratio of nonperforming
loans to total loans, reflecting customers’ strong credit quality,
and nonperforming loans remained at low levels. The allowance for
loan losses to total loans was 1.23% at September 30, 2021
(approximately 1.27% excluding government-guaranteed PPP
loans).
- Total deposits increased to $853.8 million at September 30,
2021 compared with $765.0 million at December 31, 2020, reflecting
continued core deposit growth (noninterest-bearing demand, NOW,
savings and money market accounts) and continued trimming of time
deposits. Growth has reflected factors including increased market
presence and new and expanded commercial and retail banking
relationships.
- Total stockholders’ equity was $68.9 million at September 30,
2021 compared with $66.7 million at December 31, 2020. Book value
per share was $14.53 at September 30, 2021 compared with $15.38 per
share at December 31, 2020, primarily reflecting the 10% stock
dividend declared in the second quarter of 2021.
- On October 19, 2021 the Company’s board of directors approved a
quarterly $0.07 per share dividend payable to stockholders of
record on November 26, 2021, to be paid on December 10, 2021.
- The Company’s current stock repurchase plan remains in effect
through January 20, 2022. Although the Company did not repurchase
any stock pursuant to this program during the third quarter of
2021, the Company continues to look for opportunities to repurchase
shares within the safe harbor and when consistent with the
Company’s goals.
- In October 2021 Michael A. Syrek was named President of the
Bank. He has served as Executive Vice President and Chief Loan
Officer since joining the Bank in 2012 and continues to head
commercial banking operations and a growing team of bankers. Robert
Chapman continues to serve as the CEO of the Bank and President of
the Company.
Third Quarter, Nine Months of 2021 Operational
Review
Net interest income after provision for loan losses in the third
quarter of 2021 was $6.8 million compared with $5.5 million in the
third quarter of 2020, with growth reflecting stable interest
income, sharply reduced interest expense and no loan loss provision
in the 2021 period versus a $700,000 provision in the third quarter
of 2020.
Total interest income was $7.3 million in the third quarter of
both 2021 and 2020. Total interest income reflected accreted fees
from PPP loan processing, offset by flat organic loan growth and
continued downward pressure on interest rates. The return on
interest earning assets during the third quarter of 2021 was 3.33%
compared with 3.71% a year earlier.
In the nine months of 2021, net interest income after provision
for loan losses was $20.3 million, up 27% from $15.9 million in the
nine months of 2020. The year-over-year increase during the 2021
period primarily reflected stable interest income, a 55% reduction
of interest expense, and no provision for loan losses compared with
a $2.3 million provision in the nine months of 2020. Total interest
income in the nine months of 2021 reflected relatively flat
commercial lending activity (exclusive of PPP lending), accretion
of PPP loan processing fees, and pressure on interest rates. The
return on interest earning assets was 3.44% compared with 3.92% a
year earlier.
Lower interest expense in both periods of 2021 reflected reduced
costs of time deposits and borrowings, a retirement of higher-cost
debt in 2020, and continued growth of lower-cost core deposits
(noninterest-bearing demand, NOW, savings and money market
accounts). The rate paid on total interest-bearing liabilities was
0.28% in the third quarter of 2021, down from 0.71% a year earlier.
The net interest margin was 3.11% and interest spread was 3.05% in
the third quarter of 2021. The margin and interest spread in the
third quarter and nine months of 2021 were relatively consistent
with the margin and interest spread in the comparable 2020
periods.
In the third 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 $2.8 million compared with
$3.1 million in the third quarter of 2020. Fees generated by brisk
residential mortgage origination activity and subsequent gains on
sale of residential mortgage loans have made important income
contributions throughout 2021.
For the nine months of 2021, noninterest income was $8.3 million
compared with $8.0 million in the comparable period of 2020.
Noninterest expense in the third quarter and nine months of 2021
increased slightly compared with both periods in 2020, primarily
reflecting increased personnel expenses that included
performance-based compensation for residential mortgage production
and employee work on PPP loans. The Company’s Return on Average
Assets and Return on Average Equity in the third quarter and nine
months of 2021 trended positively in the quarterly and nine-month
comparisons.
Balance Sheet Review: Asset Quality, Positive Commercial
Lending Outlook
Total assets were $942.6 million at September 30, 2021 compared
with $851.4 million at December 31, 2020, with the increase
primarily reflecting an increase in cash, cash equivalents, and
securities available-for-sale resulting from an increase in
deposits.
Loans, net of allowance for loan losses of $7.3 million, were
$583.6 million at September 30, 2021 compared with loans, net of
allowance for loan losses of $7.2 million of $601.9 million at
December 31, 2020. On a consecutive quarter basis, the decline in
net loans primarily reflected the ongoing paydowns and forgiveness
of PPP loans as the program continues to wind down. At September
30, 2021, the Company had approximately $19.0 million of
government-guaranteed PPP loans which should decline significantly
in the fourth quarter of 2021.
Commercial loans, including outstanding PPP loans, were $116.9
million at September 30, 2021 compared with $145.1 million at
December 31, 2020. As noted, this decline primarily reflects
paydowns of PPP loans. Slower business activity and conservative
borrowing during the pandemic has slowed normal commercial &
industrial lending; however, management notes as business
conditions improve there are positive signs of increasingly
normalized banking activity and growing full-service
relationships.
Michael A. Syrek, President of the Bank, commented: “Even during
the pandemic, we have been very successful generating CRE and
construction lending. In particular, the Lynchburg and Harrisonburg
markets have been especially active for lending and commercial
banking.
“Importantly, we continue to expand banking relationships with a
host of customers in our served markets, and are earning new
business because of our extensive product capabilities and services
that we believe exceed those of our competitors. Electronic
commercial treasury services, cash management, and depository
products complement lending. We have continued
to approve and close a large volume of new
commercial loans, although not at a sufficient pace to offset
significant PPP forgiveness payoffs combined with normal
amortization.
“As a regional community bank with significant scope and scale,
our wide range of sophisticated products combined with expertise
and personalized financial solutions give us a significant
competitive advantage. As a result, we can look beyond
transactional banking and focus on establishing and growing
full-service banking relationships with business customers. Our
commercial loan pipeline is robust, and we are regularly earning
new customers. We believe that as the climate for businesses
continues to normalize, we will experience even greater
momentum.”
Commercial real estate and commercial construction lending have
increased modestly during the past year despite the pandemic and
economic uncertainties. At September 30, 2021, owner-occupied
commercial mortgages were $123.0 million compared with $102.7
million a year earlier. Non-owner occupied commercial mortgages
were $178.1 million at September 30, 2021 compared with $174.2
million at September 30, 2020. Commercial construction loans were
$26.5 million compared with $21.6 million a year earlier.
Consumer loans increased slightly year-over-year. Retained
residential mortgage totals declined to $34.7 million at September
30, 2021 from $48.5 million at September 30, 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 increased
by 38% year-over-year, reflecting the active demand for new homes
in several of the Company’s markets.
Asset quality has remained strong, with a ratio of nonperforming
loans to total loans of 0.32% at September 30, 2021. The ratio has
remained consistently low throughout the first three quarters of
2021. The allowance for loan losses to total loans was 1.23% at
September 30, 2021 compared with 1.17% at December 31, 2020
(approximately 1.27% excluding PPP loans for both periods). Total
nonperforming loans were $1.9 million at September 30, 2021
compared with $2.1 million at December 31, 2020. Other real estate
owned was $806,000 at September 30, 2021 compared with $1.1 million
at December 31, 2020.
The Company maintained a 382% allowance for loan losses to
nonperforming loans ratio. While loan and asset quality have
remained sound throughout the pandemic period, management has
maintained adequate reserves against continued loan portfolio risk
primarily attributable to the continuing economic uncertainties
arising from COVID-19 and the Delta variant.
Total deposits at September 30, 2021 were $853.8 million,
compared with $765.0 million at December 31, 2020. As in the past
several quarters, increased demand deposits accounted for the
growth, in part due to increased balances held by businesses,
organic growth in the Bank’s markets and also new customer
deposits. The Bank continued to trim time deposits, which have
declined to $140.3 million at September 30, 2021 from $158.1
million at December 31, 2020. Core deposits (noninterest bearing
demand, NOW, money market and savings) were approximately 84% of
total deposits at September 30, 2021.
The Company’s measures of shareholder value included total
stockholders’ equity of $68.9 million at September 30, 2021,
compared with $66.7 million at December 31, 2020, and book value
per share of $14.53 compared with $15.38 at December 31, 2020,
primarily reflecting a 10% stock dividend declared in the second
quarter of 2021.
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 dataunaudited
Selected Data: |
ThreemonthsendingSep
30,2021 |
ThreemonthsendingSep
30,2020 |
Change |
YeartodateSep
30,2021 |
YeartodateSep
30,2020 |
Change |
Interest income |
$ |
7,315 |
|
$ |
7,338 |
|
|
-0.31 |
% |
$ |
21,914 |
|
$ |
21,907 |
|
|
0.03 |
% |
Interest expense |
|
493 |
|
|
1,135 |
|
|
-56.56 |
% |
|
1,634 |
|
|
3,650 |
|
|
-55.23 |
% |
Net interest income |
|
6,822 |
|
|
6,203 |
|
|
9.98 |
% |
|
20,280 |
|
|
18,257 |
|
|
11.08 |
% |
Provision for loan losses |
|
- |
|
|
700 |
|
|
-100.00 |
% |
|
- |
|
|
2,348 |
|
|
-100.00 |
% |
Noninterest income |
|
2,822 |
|
|
3,064 |
|
|
-7.90 |
% |
|
8,305 |
|
|
8,039 |
|
|
3.31 |
% |
Noninterest expense |
|
7,298 |
|
|
6,744 |
|
|
8.21 |
% |
|
21,424 |
|
|
19,876 |
|
|
7.79 |
% |
Income taxes |
|
465 |
|
|
369 |
|
|
26.02 |
% |
|
1,431 |
|
|
802 |
|
|
78.43 |
% |
Net income |
|
1,881 |
|
|
1,454 |
|
|
29.37 |
% |
|
5,730 |
|
|
3,270 |
|
|
75.23 |
% |
Weighted average shares outstanding - basic (1) |
|
4,740,657 |
|
|
4,773,380 |
|
|
(32,723 |
) |
|
4,750,235 |
|
|
4,776,523 |
|
|
(26,288 |
) |
Weighted average shares outstanding - diluted (1) |
|
4,740,657 |
|
|
4,773,380 |
|
|
(32,723 |
) |
|
4,750,235 |
|
|
4,776,523 |
|
|
(26,288 |
) |
Basic net income per share (1) |
$ |
0.40 |
|
$ |
0.30 |
|
$ |
0.10 |
|
$ |
1.21 |
|
$ |
0.68 |
|
$ |
0.53 |
|
Fully diluted net income per share (1) |
$ |
0.40 |
|
$ |
0.30 |
|
$ |
0.10 |
|
$ |
1.21 |
|
$ |
0.68 |
|
$ |
0.53 |
|
(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: |
Sep 30,2021 |
Dec 31,2020 |
Change |
Sep 30,2020 |
Dec 31,2019 |
Change |
Loans, net |
$ |
583,572 |
|
$ |
601,934 |
|
|
-3.05 |
% |
$ |
616,581 |
|
$ |
573,274 |
|
|
7.55 |
% |
Loans held for sale |
|
6,462 |
|
|
7,102 |
|
|
-9.01 |
% |
|
10,232 |
|
|
4,221 |
|
|
142.41 |
% |
Total securities |
|
155,957 |
|
|
93,856 |
|
|
66.17 |
% |
|
79,303 |
|
|
63,343 |
|
|
25.20 |
% |
Total deposits |
|
853,829 |
|
|
764,967 |
|
|
11.62 |
% |
|
763,933 |
|
|
649,459 |
|
|
17.63 |
% |
Stockholders' equity |
|
68,902 |
|
|
66,732 |
|
|
3.25 |
% |
|
65,782 |
|
|
61,445 |
|
|
7.06 |
% |
Total assets |
|
942,631 |
|
|
851,386 |
|
|
10.72 |
% |
|
849,129 |
|
|
725,394 |
|
|
17.06 |
% |
Shares outstanding |
|
4,740,657 |
|
|
4,339,436 |
|
|
401,221 |
|
|
4,339,436 |
|
|
4,357,436 |
|
|
(18,000 |
) |
Book value per share |
$ |
14.53 |
|
$ |
15.38 |
|
$ |
(0.85 |
) |
$ |
15.16 |
|
$ |
14.10 |
|
$ |
1.06 |
|
Daily averages: |
ThreemonthsendingSep
30,2021 |
ThreemonthsendingSep
30,2020 |
Change |
YeartodateSep
30,2021 |
YeartodateSep
30,2020 |
Change |
Loans, net |
$ |
587,129 |
|
$ |
619,574 |
|
-5.24 |
% |
$ |
598,135 |
|
$ |
601,382 |
|
-0.54 |
% |
Loans held for sale |
|
5,638 |
|
|
8,881 |
|
-36.52 |
% |
|
5,777 |
|
|
6,072 |
|
-4.86 |
% |
Total securities |
|
142,670 |
|
|
63,743 |
|
123.82 |
% |
|
118,662 |
|
|
59,358 |
|
99.91 |
% |
Total deposits |
|
843,452 |
|
|
768,618 |
|
9.74 |
% |
|
820,517 |
|
|
720,009 |
|
13.96 |
% |
Stockholders' equity |
|
67,657 |
|
|
62,309 |
|
8.58 |
% |
|
66,183 |
|
|
61,778 |
|
7.13 |
% |
Interest earning assets |
|
869,899 |
|
|
793,709 |
|
9.60 |
% |
|
847,730 |
|
|
744,246 |
|
13.90 |
% |
Interest bearing liabilities |
|
692,709 |
|
|
638,166 |
|
8.55 |
% |
|
669,535 |
|
|
608,968 |
|
9.95 |
% |
Total assets |
|
930,846 |
|
|
849,820 |
|
9.53 |
% |
|
906,389 |
|
|
798,106 |
|
13.57 |
% |
Financial Ratios: |
ThreemonthsendingSep
30,2021 |
ThreemonthsendingSep
30,2020 |
Change |
YeartodateSep
30,2021 |
YeartodateSep
30,2020 |
Change |
Return on average assets |
0.80 |
% |
0.68 |
% |
0.12 |
|
0.85 |
% |
0.55 |
% |
0.30 |
|
Return on average equity |
11.03 |
% |
9.26 |
% |
1.77 |
|
11.58 |
% |
7.05 |
% |
4.53 |
|
Net interest margin |
3.11 |
% |
3.10 |
% |
0.01 |
|
3.20 |
% |
3.27 |
% |
(0.07 |
) |
Efficiency ratio |
75.67 |
% |
72.77 |
% |
2.90 |
|
74.95 |
% |
75.59 |
% |
(0.64 |
) |
Average equity to |
|
|
|
|
|
|
average assets |
7.27 |
% |
7.33 |
% |
(0.06 |
) |
7.30 |
% |
7.74 |
% |
(0.44 |
) |
Allowance for loan losses: |
ThreemonthsendingSep
30,2021 |
ThreemonthsendingSep
30,2020 |
Change |
YeartodateSep
30,2021 |
YeartodateSep
30,2020 |
Change |
Beginning balance |
$ |
7,212 |
|
$ |
6,193 |
|
16.45 |
% |
$ |
7,156 |
|
$ |
4,829 |
|
48.19 |
% |
Provision for losses |
|
- |
|
|
700 |
|
-100.00 |
% |
|
- |
|
|
2,348 |
|
-100.00 |
% |
Charge-offs |
|
(16 |
) |
|
(57 |
) |
-71.93 |
% |
|
(80 |
) |
|
(396 |
) |
-79.80 |
% |
Recoveries |
|
80 |
|
|
130 |
|
-38.46 |
% |
|
200 |
|
|
185 |
|
8.11 |
% |
Ending balance |
|
7,276 |
|
|
6,966 |
|
4.45 |
% |
|
7,276 |
|
|
6,966 |
|
4.45 |
% |
Nonperforming assets: |
Sep 30,2021 |
Dec 31,2020 |
Change |
Sep 30,2020 |
Dec 31,2019 |
Change |
Total nonperforming loans |
$ |
1,904 |
|
$ |
2,064 |
|
-7.75 |
% |
$ |
2,538 |
|
$ |
1,301 |
|
95.08 |
% |
Other real estate owned |
|
806 |
|
|
1,105 |
|
-27.06 |
% |
|
1,405 |
|
|
2,339 |
|
-39.93 |
% |
Total nonperforming assets |
|
2,710 |
|
|
3,169 |
|
-14.48 |
% |
|
3,943 |
|
|
3,640 |
|
8.32 |
% |
Troubled debt restructurings - (performing portion) |
|
376 |
|
|
392 |
|
-4.08 |
% |
|
397 |
|
|
410 |
|
-3.17 |
% |
Asset quality ratios: |
Sep 30,2021 |
Dec 31,2020 |
Change |
Sep 30,2020 |
Dec 31,2019 |
Change |
Nonperforming loans to total loans |
0.32 |
% |
0.34 |
% |
(0.02 |
) |
0.41 |
% |
0.23 |
% |
0.18 |
|
Allowance for loan losses to total loans |
1.23 |
% |
1.17 |
% |
0.06 |
|
1.12 |
% |
0.84 |
% |
0.28 |
|
Allowance for loan losses to nonperforming loans |
382.14 |
% |
346.71 |
% |
35.43 |
|
274.47 |
% |
371.18 |
% |
(96.71 |
) |
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
9/30/2021 |
|
12/31/2020 |
Cash and due from banks |
$ |
30,340 |
|
|
$ |
31,683 |
|
Federal funds sold |
|
116,956 |
|
|
|
69,203 |
|
Total cash and cash equivalents |
|
147,296 |
|
|
|
100,886 |
|
|
|
|
|
Securities held-to-maturity
(fair value of $4,028 in 2021 and $4,192 in 2020) |
|
3,659 |
|
|
|
3,671 |
|
Securities available-for-sale,
at fair value |
|
152,298 |
|
|
|
90,185 |
|
Restricted stock, at cost |
|
1,324 |
|
|
|
1,551 |
|
Loans, net of allowance for
loan losses of $7,276 in 2021 and $7,156 in 2020 |
|
583,572 |
|
|
|
601,934 |
|
Loans held for sale |
|
6,462 |
|
|
|
7,102 |
|
Premises and equipment,
net |
|
17,030 |
|
|
|
16,621 |
|
Software, net |
|
208 |
|
|
|
361 |
|
Interest receivable |
|
2,106 |
|
|
|
2,350 |
|
Cash value - bank owned life
insurance |
|
18,670 |
|
|
|
16,355 |
|
Other real estate owned |
|
806 |
|
|
|
1,105 |
|
Income taxes receivable |
|
312 |
|
|
|
- |
|
Deferred tax asset |
|
1,798 |
|
|
|
1,219 |
|
Other assets |
|
7,090 |
|
|
|
8,046 |
|
Total assets |
$ |
942,631 |
|
|
$ |
851,386 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
|
163,510 |
|
|
|
143,345 |
|
NOW, money market and savings |
|
549,989 |
|
|
|
463,506 |
|
Time |
|
140,330 |
|
|
|
158,116 |
|
Total deposits |
|
853,829 |
|
|
|
764,967 |
|
|
|
|
|
Capital notes |
|
10,031 |
|
|
|
10,027 |
|
Income taxes payable |
|
- |
|
|
|
286 |
|
Interest payable |
|
49 |
|
|
|
85 |
|
Other liabilities |
|
9,820 |
|
|
|
9,289 |
|
Total liabilities |
$ |
873,729 |
|
|
$ |
784,654 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,740,657 and 4,339,436 as of September 30, 2021 and December 31,
2020 |
|
10,145 |
|
|
|
9,286 |
|
Additional paid-in-capital |
|
37,230 |
|
|
|
30,989 |
|
Accumulated other comprehensive (loss) income |
|
(386 |
) |
|
|
1,792 |
|
Retained earnings |
|
21,913 |
|
|
|
24,665 |
|
Total stockholders'
equity |
$ |
68,902 |
|
|
$ |
66,732 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
942,631 |
|
|
$ |
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 |
|
For the Nine Months |
|
Ended September 30, |
|
Ended September 30, |
Interest
Income |
2021 |
|
2020 |
|
2021 |
|
2020 |
Loans |
$ |
6,605 |
|
|
$ |
6,958 |
|
|
$ |
20,089 |
|
|
$ |
20,695 |
|
Securities |
|
|
|
|
|
|
|
US Government and agency obligations |
|
230 |
|
|
|
168 |
|
|
|
640 |
|
|
|
506 |
|
Mortgage backed securities |
|
138 |
|
|
|
50 |
|
|
|
299 |
|
|
|
164 |
|
Municipals |
|
243 |
|
|
|
94 |
|
|
|
599 |
|
|
|
249 |
|
Dividends |
|
4 |
|
|
|
15 |
|
|
|
39 |
|
|
|
48 |
|
Other (Corporates) |
|
55 |
|
|
|
25 |
|
|
|
155 |
|
|
|
71 |
|
Interest bearing deposits |
|
7 |
|
|
|
15 |
|
|
|
26 |
|
|
|
85 |
|
Federal Funds sold |
|
33 |
|
|
|
13 |
|
|
|
67 |
|
|
|
89 |
|
Total interest income |
|
7,315 |
|
|
|
7,338 |
|
|
|
21,914 |
|
|
|
21,907 |
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW, money market savings |
|
146 |
|
|
|
177 |
|
|
|
419 |
|
|
|
669 |
|
Time Deposits |
|
239 |
|
|
|
798 |
|
|
|
890 |
|
|
|
2,559 |
|
Finance leases |
|
26 |
|
|
|
29 |
|
|
|
80 |
|
|
|
87 |
|
Brokered time deposits |
|
- |
|
|
|
46 |
|
|
|
- |
|
|
|
143 |
|
Capital notes |
|
82 |
|
|
|
85 |
|
|
|
245 |
|
|
|
192 |
|
Total interest expense |
|
493 |
|
|
|
1,135 |
|
|
|
1,634 |
|
|
|
3,650 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
6,822 |
|
|
|
6,203 |
|
|
|
20,280 |
|
|
|
18,257 |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
- |
|
|
|
700 |
|
|
|
- |
|
|
|
2,348 |
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
6,822 |
|
|
|
5,503 |
|
|
|
20,280 |
|
|
|
15,909 |
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
2,091 |
|
|
|
2,459 |
|
|
|
6,175 |
|
|
|
5,586 |
|
Service charges, fees and commissions |
|
612 |
|
|
|
498 |
|
|
|
1,803 |
|
|
|
1,500 |
|
Life insurance income |
|
117 |
|
|
|
101 |
|
|
|
315 |
|
|
|
289 |
|
Other |
|
2 |
|
|
|
6 |
|
|
|
12 |
|
|
|
20 |
|
Gain on sales of available-for-sale securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
644 |
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
2,822 |
|
|
|
3,064 |
|
|
|
8,305 |
|
|
|
8,039 |
|
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,093 |
|
|
|
3,713 |
|
|
|
11,901 |
|
|
|
11,040 |
|
Occupancy |
|
437 |
|
|
|
419 |
|
|
|
1,270 |
|
|
|
1,237 |
|
Equipment |
|
626 |
|
|
|
560 |
|
|
|
1,883 |
|
|
|
1,738 |
|
Supplies |
|
120 |
|
|
|
120 |
|
|
|
354 |
|
|
|
353 |
|
Professional, data processing, and other outside expense |
|
1,029 |
|
|
|
990 |
|
|
|
2,978 |
|
|
|
2,884 |
|
Marketing |
|
209 |
|
|
|
185 |
|
|
|
720 |
|
|
|
500 |
|
Credit expense |
|
309 |
|
|
|
359 |
|
|
|
869 |
|
|
|
831 |
|
Other real estate expenses |
|
1 |
|
|
|
15 |
|
|
|
74 |
|
|
|
135 |
|
FDIC insurance expense |
|
137 |
|
|
|
76 |
|
|
|
425 |
|
|
|
220 |
|
Other |
|
337 |
|
|
|
307 |
|
|
|
950 |
|
|
|
938 |
|
Total noninterest expenses |
|
7,298 |
|
|
|
6,744 |
|
|
|
21,424 |
|
|
|
19,876 |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,346 |
|
|
|
1,823 |
|
|
|
7,161 |
|
|
|
4,072 |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
465 |
|
|
|
369 |
|
|
|
1,431 |
|
|
|
802 |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,881 |
|
|
$ |
1,454 |
|
|
$ |
5,730 |
|
|
$ |
3,270 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic (1) |
|
4,740,657 |
|
|
|
4,773,380 |
|
|
|
4,750,235 |
|
|
|
4,776,523 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted (1) |
|
4,740,657 |
|
|
|
4,773,380 |
|
|
|
4,750,235 |
|
|
|
4,776,523 |
|
|
|
|
|
|
|
|
|
Net income per common share -
basic (1) |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
$ |
1.21 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
Net income per common share -
diluted (1) |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
$ |
1.21 |
|
|
$ |
0.68 |
|
(1) Shares and per share amounts for all periods have been
adjusted to reflect a 10% stock dividend declared in June 2021.
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
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Da Lug 2023 a Lug 2024