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 of operations for the
three and 12 month periods ended December 31, 2021.
Net income for the three months ended December 31, 2021 was
$1.86 million or $0.39 per diluted share compared with $1.71
million or $0.36 per diluted share for the three months ended
December 31, 2020. For the 12 months ended December 31, 2021, net
income was $7.59 million or $1.60 per diluted share compared with
$4.98 million or $1.04 per diluted share for the 12 months ended
December 31, 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, President and CEO, commented: “The
Company’s positive financial performance and Company-record annual
net income in 2021 reflected a forward-looking strategic focus
supported by disciplined interest rate management, strong asset
quality, and operational efficiency. The past year presented
challenges but also many opportunities for the Company to serve
customers, assist the communities in which we operate, and continue
delivering value to shareholders.
“Our team did an exceptional job managing operations throughout
the year, and provided prompt, responsive service to commercial and
retail banking customers. Our technological capabilities supported
effective performance, enabling us to operate without interruption
and deliver a full scope of banking services. From residential
mortgage originations to a range of electronic treasury services
for businesses, technology has enabled us to engage with customers
safely and securely.
“The year provided unique opportunities to serve customers, most
notably the Payroll Protection Program (PPP) which provided support
and financial security for businesses. In addition, the interest
rate environment allowed us to maintain strong residential mortgage
activity and increase our presence in the market. Our team provided
the service and support needed to make the PPP a success and meet
the demand for fast, seamless mortgage origination.
“Although normal commercial banking and lending activity slowed
as businesses operated conservatively and accumulated cash
reserves, we maintained stable year-over-year interest income.
Commercial real estate lending was active throughout the year, as
were commercial and residential construction lending, and we
anticipate a continuing return to a more normalized operational
landscape for our customers in the coming year as pandemic
concerns, while still present, appear to be decreasing.
“As we move ahead, we will continue our commitment to managing
credit and risk, maintaining asset quality, and maximizing
efficiency. We are looking forward to new, exciting opportunities
to serve customers and continue building the Company’s value.
“We are also honored to announce our partnership with Pettyjohn,
Wood & White, Inc. at the end of the year, and look forward to
building our future together.”
Highlights
- Net income in 2021 reflected significant noninterest income
contributions from mortgage loan processing fees, gains on the sale
of originated residential mortgages to the secondary market and
continued growth in the Bank’s fee-based corporate electronic
treasury services.
- Total interest income was $7.27 million in the fourth quarter
of 2021 compared with $7.78 million a year earlier, and $29.18
million in the 12 months of 2021 compared with $29.69 million a
year earlier. Interest income from loans in the fourth quarter and
second half of 2021 reflected increasing organic commercial loan
activity and PPP loan processing fees, offset by declining income
related to PPP loans as the program continued to wind down.
- Net interest income after provision for (recovery of) loan
losses was $7.30 million in the fourth quarter of 2021 and $27.58
million in the 12 months of 2021, up from $6.69 million and $22.60
million respectively, in the 2020 periods. The Company had no
provisions for loan losses in 2021 and a $500,000 recovery of loan
losses in the fourth quarter of 2021.
- Strong interest expense management characterized the fourth
quarter and full year performance, with a year-over-year 47% fourth
quarter reduction and a 54% reduction of interest expense in 2021
versus 2020.
- Loans, net of the allowance for loan losses, were $576.5
million at December 31, 2021, compared with $601.9 million at
December 31, 2020, with the decline primarily reflecting paydowns
of PPP loans in the second half of 2021 and a decrease in the
retained residential mortgage portfolio.
- Commercial real estate loans (owner occupied and non-owner
occupied) highlighted lending activity in 2021, increasing 10%
year-over-year despite challenges presented by the pandemic.
- Asset quality remained exceptionally strong throughout
2021.
- Total deposits increased to $887.1 million at December 31, 2021
compared with $765.0 million at December 31, 2020, reflecting
continued growth of lower-cost core deposits (noninterest-bearing
demand, NOW, savings and money market accounts) and fewer time
deposits. Growth has reflected factors including increased market
presence and new and expanded commercial and retail banking
relationships.
- Total stockholders’ equity increased to $69.4 million at
December 31, 2021 compared with $66.7 million at December 31, 2020.
Book value per share declined to $14.65 at December 31, 2021
compared with $15.38 per share at December 31, 2020, primarily
reflecting a 10% stock dividend declared in the second quarter of
2021.
- On January 18, 2022 the Company’s board of directors approved a
quarterly $0.07 per share dividend payable to stockholders of
record on March 4, 2022, to be paid on March 18, 2022.
- In December 2021, the Company announced the acquisition of
Pettyjohn, Wood & White, Inc. a Lynchburg-based SEC-registered
investment advisory firm with more than $650 million in assets
under management. The firm will operate as a wholly-owned
subsidiary of Bank of the James Financial Group, Inc. The
transaction closed on December 31, 2021.
Fourth Quarter, 12 Months of 2021 Operational
Review
Net interest income after recovery of loan losses in the fourth
quarter of 2021 was $7.3 million compared with $6.7 million in the
fourth quarter of 2020, primarily reflecting stable interest
income, sharply reduced interest expense, and, in the fourth
quarter of 2021, a $500,000 recovery of loan losses as indicated by
the Bank’s allowance for loan losses methodology.
Total interest income was $7.3 million in the fourth quarter of
2021 and $7.8 million a year earlier, reflecting 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 fourth quarter of 2021 was 3.18%
as compared to 3.90% during the fourth quarter of 2020.
In the 12 months of 2021, net interest income after provision
for (recovery of) loan losses was $27.6 million, up from $22.6
million in the 12 months of 2020. The year-over-year increase in
2021 primarily reflected stable interest income, a 54% reduction of
interest expense, and the $500,000 recovery of loan losses
previously mentioned, as compared to a $2.5 million loan loss
provision in the 12 months of 2020. Total interest income in the 12
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 in 2021 was 3.38% compared with 3.91% in
2020.
Lower interest expense in the fourth quarter and full year 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 0.31% in 2021, down from 0.74% a year earlier. The
net interest margin was 3.14% and interest spread was 3.08% in 2021
compared with 3.32% and 3.18%, respectively, in 2020.
J. Todd Scruggs, Executive Vice President and CFO, commented:
“Prevailing low interest rates and a strong cash position in light
of pandemic-related risks had a negative impact on the net interest
margin and interest spread. However, as pandemic-related risks
continue to lessen and with the prospect of upcoming Federal
Reserve rate increases, because of an increase in mortgage rates,
in January 2022 we invested $30 million in agency mortgage-backed
securities at an attractive yield.
“We are also positioned to take full advantage of Federal
Reserve rate increases, as a meaningful portion of our loan
portfolio has adjustable rates or will reprice within the next
twelve months. During 2022, we anticipate some relief from the
significant pressure on margins and spreads that has characterized
the past several years.”
In the fourth quarter of 2021, noninterest income, including
gains from the sale of residential mortgages to the secondary
market, mortgage processing fees, and income from the Bank’s line
of treasury management services for commercial customers, was $2.9
million compared with $2.9 million in the fourth quarter of
2020.
In 2021, noninterest income was $11.2 million, up 2% from $11.0
million in 2020. Fees generated by brisk residential mortgage
origination activity and subsequent gains on sale of residential
mortgage loans made important income contributions throughout 2021.
While residential mortgage production remained strong in the second
half of 2021, it showed signs of slowing in the fourth quarter,
reflecting rising interest rates and lack of housing inventory
within the Bank’s markets.
Noninterest expense in the fourth quarter and 12 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 bonuses related to PPP loan production and servicing. The
Company’s return on average assets improved to 0.82% in 2021 from
0.62% a year earlier and Return on Average Equity in 2021 increased
to 11.34% from 8.01% in 2020.
Balance Sheet Review: Strong Asset Quality, Commercial
Lending Momentum
Total assets grew 16% to $987.6 million at December 31, 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 $6.9 million, were
$576.5 million at December 31, 2021 compared with loans, net of
allowance for loan losses of $7.2 million, of $601.9 million at
December 31, 2020. The decline in net loans primarily reflected the
ongoing paydowns and forgiveness of PPP loans as the program
continued to wind down in the second half of 2021. The Company
anticipates most of the remaining PPP loans will be paid off by the
end of the first quarter of 2022.
Commercial loans, including outstanding PPP loans, were $105.1
million at December 31, 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 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.
Commercial real estate loans (owner occupied and non-owner
occupied) increased by approximately $29 million, or 10%, in 2021
despite the pandemic and economic uncertainties. At December 31,
2021, owner-occupied commercial mortgages were $128.8 million
compared with $108.2 million a year earlier. Non-owner occupied
commercial mortgages were $179.1 million at December 31, 2021
compared with $171.1 million a year earlier. Commercial
construction loans demonstrated robust building activity throughout
2021. Residential consumer construction loans were $19.1 million at
December 31, 2021 compared with $15.1 million a year earlier and
reflected active demand for new homes in several of the Company’s
markets.
Consumer loans decreased year-over-year. Retained residential
mortgage totals declined to $32.0 million at December 31, 2021 from
$47.0 million at December 31, 2020, reflecting the Company’s
emphasis on managing the amount of consumer loans and residential
mortgages it retains.
Asset quality has remained strong, with a ratio of nonperforming
loans to total loans of 0.16% at December 31, 2021. The ratio has
remained consistently low throughout 2021. The allowance for loan
losses to total loans was 1.19% at December 31, 2021. Total
nonperforming loans declined 54% at December 31, 2021 compared with
a year earlier. Other real estate owned declined to $761,000 at
December 31, 2021 from $1.1 million a year earlier. The Company’s
allowance loan losses to nonperforming loans ratio reflected the
strong reserves against potential risk that the Company has
maintained during the pandemic period, and the low level of problem
loans.
Total deposits at December 31, 2021 were $887.1 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, while core
deposits (noninterest bearing demand, NOW, money market and
savings) were approximately 83% of total deposits at December 31,
2021.
On December 31, 2021, Bank of the James Financial Group, Inc.
(the "Company") completed its acquisition of Pettyjohn, Wood &
White, Inc. (“PWW”). PWW is an SEC-registered investment advisor
based in Lynchburg, Virginia with more than $650 million in assets
under management at the time of the acquisition. In connection with
the transaction, based on a purchase price of $10.5 million, the
Company recorded $4.7 million of intangible assets which relate
primarily to the amortizable value of customer relationships and
approximately $5.9 million in goodwill.
The Company continued its trend of building shareholder value
each year. Total stockholders’ equity increased to $69.4 million at
December 31, 2021 from $66.7 million a year earlier. Book
value per share of $14.65 compared with $15.38 at December 31,
2020, primarily reflecting increased shares resulting from the 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
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
12/31/2021 |
|
12/31/2020 |
Cash and due from banks |
$ |
29,337 |
|
|
$ |
31,683 |
Federal funds sold |
|
153,816 |
|
|
|
69,203 |
Total cash and cash equivalents |
|
183,153 |
|
|
|
100,886 |
|
|
|
|
Securities held-to-maturity
(fair value of $4,006 in 2021 and $4,192 in 2020) |
|
3,655 |
|
|
|
3,671 |
Securities available-for-sale,
at fair value |
|
161,830 |
|
|
|
90,185 |
Restricted stock, at cost |
|
1,324 |
|
|
|
1,551 |
Loans, net of allowance for
loan losses of $6,915 in 2021 and $7,156 in 2020 |
|
576,469 |
|
|
|
601,934 |
Loans held for sale |
|
1,628 |
|
|
|
7,102 |
Premises and equipment,
net |
|
18,190 |
|
|
|
16,621 |
Software, net |
|
161 |
|
|
|
361 |
Interest receivable |
|
2,064 |
|
|
|
2,350 |
Cash value - bank owned life
insurance |
|
18,785 |
|
|
|
16,355 |
Customer relationship
Intangible |
|
4,735 |
|
|
|
- |
Goodwill |
|
5,901 |
|
|
|
- |
Other real estate owned |
|
761 |
|
|
|
1,105 |
Income taxes receivable |
|
77 |
|
|
|
- |
Deferred tax asset |
|
1,371 |
|
|
|
1,219 |
Other assets |
|
7,530 |
|
|
|
8,046 |
Total assets |
$ |
987,634 |
|
|
$ |
851,386 |
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
|
162,286 |
|
|
|
143,345 |
NOW, money market and savings |
|
582,000 |
|
|
|
463,506 |
Time |
|
142,770 |
|
|
|
158,116 |
Total deposits |
|
887,056 |
|
|
|
764,967 |
|
|
|
|
Capital notes |
|
21,016 |
|
|
|
10,027 |
Income taxes payable |
|
- |
|
|
|
286 |
Interest payable |
|
46 |
|
|
|
85 |
Other liabilities |
|
10,087 |
|
|
|
9,289 |
Total liabilities |
$ |
918,205 |
|
|
$ |
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 December 31, 2021 and 2020 |
|
10,145 |
|
|
|
9,286 |
Additional paid-in-capital |
|
37,230 |
|
|
|
30,989 |
Accumulated other comprehensive (loss) income |
|
(1,386 |
) |
|
|
1,792 |
Retained earnings |
|
23,440 |
|
|
|
24,665 |
Total stockholders'
equity |
$ |
69,429 |
|
|
$ |
66,732 |
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
987,634 |
|
|
$ |
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 Year |
|
Ended December 31, |
|
Ended December 31, |
Interest
Income |
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
|
2020 |
Loans |
$ |
6,440 |
|
|
$ |
7,326 |
|
$ |
26,529 |
|
|
$ |
28,021 |
Securities |
|
|
|
|
|
|
|
US Government and agency obligations |
|
235 |
|
|
|
184 |
|
|
875 |
|
|
|
690 |
Mortgage backed securities |
|
163 |
|
|
|
53 |
|
|
462 |
|
|
|
217 |
Municipals |
|
266 |
|
|
|
123 |
|
|
865 |
|
|
|
372 |
Dividends |
|
28 |
|
|
|
30 |
|
|
67 |
|
|
|
78 |
Other (Corporates) |
|
88 |
|
|
|
46 |
|
|
243 |
|
|
|
117 |
Interest bearing deposits |
|
7 |
|
|
|
4 |
|
|
33 |
|
|
|
89 |
Federal Funds sold |
|
40 |
|
|
|
13 |
|
|
107 |
|
|
|
102 |
Total interest income |
|
7,267 |
|
|
|
7,779 |
|
|
29,181 |
|
|
|
29,686 |
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW, money market savings |
|
145 |
|
|
|
135 |
|
|
564 |
|
|
|
804 |
Time Deposits |
|
215 |
|
|
|
646 |
|
|
1,105 |
|
|
|
3,205 |
Finance leases |
|
26 |
|
|
|
28 |
|
|
106 |
|
|
|
115 |
Brokered time deposits |
|
- |
|
|
|
- |
|
|
- |
|
|
|
143 |
Capital notes |
|
82 |
|
|
|
81 |
|
|
327 |
|
|
|
273 |
Total interest expense |
|
468 |
|
|
|
890 |
|
|
2,102 |
|
|
|
4,540 |
|
|
|
|
|
|
|
|
Net interest income |
|
6,799 |
|
|
|
6,889 |
|
|
27,079 |
|
|
|
25,146 |
|
|
|
|
|
|
|
|
Provision for (recovery of)
loan losses |
|
(500 |
) |
|
|
200 |
|
|
(500 |
) |
|
|
2,548 |
|
|
|
|
|
|
|
|
Net interest income
after provision for (recovery of) loan losses |
|
7,299 |
|
|
|
6,689 |
|
|
27,579 |
|
|
|
22,598 |
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
2,090 |
|
|
|
2,226 |
|
|
8,265 |
|
|
|
7,812 |
Service charges, fees and commissions |
|
693 |
|
|
|
533 |
|
|
2,496 |
|
|
|
2,033 |
Life insurance income |
|
115 |
|
|
|
147 |
|
|
430 |
|
|
|
436 |
Other |
|
6 |
|
|
|
30 |
|
|
18 |
|
|
|
50 |
Gain on sales of available-for-sale securities |
|
- |
|
|
|
- |
|
|
- |
|
|
|
644 |
Total noninterest income |
|
2,904 |
|
|
|
2,936 |
|
|
11,209 |
|
|
|
10,975 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,476 |
|
|
|
4,390 |
|
|
16,377 |
|
|
|
15,430 |
Occupancy |
|
403 |
|
|
|
401 |
|
|
1,673 |
|
|
|
1,638 |
Equipment |
|
643 |
|
|
|
612 |
|
|
2,526 |
|
|
|
2,350 |
Supplies |
|
117 |
|
|
|
126 |
|
|
471 |
|
|
|
479 |
Professional, data processing, and other outside expense |
|
1,116 |
|
|
|
807 |
|
|
4,094 |
|
|
|
3,691 |
Marketing |
|
214 |
|
|
|
167 |
|
|
934 |
|
|
|
667 |
Credit expense |
|
234 |
|
|
|
281 |
|
|
1,103 |
|
|
|
1,112 |
Other real estate expenses |
|
28 |
|
|
|
308 |
|
|
102 |
|
|
|
443 |
FDIC insurance expense |
|
123 |
|
|
|
116 |
|
|
548 |
|
|
|
336 |
Other |
|
559 |
|
|
|
310 |
|
|
1,509 |
|
|
|
1,248 |
Total noninterest expenses |
|
7,913 |
|
|
|
7,518 |
|
|
29,337 |
|
|
|
27,394 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,290 |
|
|
|
2,107 |
|
|
9,451 |
|
|
|
6,179 |
|
|
|
|
|
|
|
|
Income tax expense |
|
431 |
|
|
|
397 |
|
|
1,862 |
|
|
|
1,199 |
|
|
|
|
|
|
|
|
Net Income |
$ |
1,859 |
|
|
$ |
1,710 |
|
$ |
7,589 |
|
|
$ |
4,980 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic (1) |
|
4,740,657 |
|
|
|
4,773,380 |
|
|
4,747,821 |
|
|
|
4,775,733 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted (1) |
|
4,740,657 |
|
|
|
4,773,380 |
|
|
4,747,821 |
|
|
|
4,775,733 |
|
|
|
|
|
|
|
|
Net income per common share -
basic (1) |
$ |
0.39 |
|
|
$ |
0.36 |
|
$ |
1.60 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
Net income per common share -
diluted (1) |
$ |
0.39 |
|
|
$ |
0.36 |
|
$ |
1.60 |
|
|
$ |
1.04 |
(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
|
Three months ending Dec 31, |
|
Year to dateDec 31, |
|
Selected Data: |
|
2021 |
|
|
2020 |
Change |
|
2021 |
|
|
2020 |
Change |
Interest income |
$ |
7,267 |
|
$ |
7,779 |
|
-6.58 |
% |
$ |
29,181 |
|
$ |
29,686 |
|
-1.70 |
% |
Interest expense |
|
468 |
|
|
890 |
|
-47.42 |
% |
|
2,102 |
|
|
4,540 |
|
-53.70 |
% |
Net interest income |
|
6,799 |
|
|
6,889 |
|
-1.31 |
% |
|
27,079 |
|
|
25,146 |
|
7.69 |
% |
Provision for (recovery of) loan losses |
|
(500 |
) |
|
200 |
|
-350.00 |
% |
|
(500 |
) |
|
2,548 |
|
-119.62 |
% |
Noninterest income |
|
2,904 |
|
|
2,936 |
|
-1.09 |
% |
|
11,209 |
|
|
10,975 |
|
2.13 |
% |
Noninterest expense |
|
7,913 |
|
|
7,518 |
|
5.25 |
% |
|
29,337 |
|
|
27,394 |
|
7.09 |
% |
Income taxes |
|
431 |
|
|
397 |
|
8.56 |
% |
|
1,862 |
|
|
1,199 |
|
55.30 |
% |
Net income |
|
1,859 |
|
|
1,710 |
|
8.71 |
% |
|
7,589 |
|
|
4,980 |
|
52.39 |
% |
Weighted average shares outstanding - basic (1) |
|
4,740,657 |
|
|
4,773,380 |
|
(32,723 |
) |
|
4,747,821 |
|
|
4,775,733 |
|
(27,912 |
) |
Weighted average shares outstanding - diluted (1) |
|
4,740,657 |
|
|
4,773,380 |
|
(32,723 |
) |
|
4,747,821 |
|
|
4,775,733 |
|
(27,912 |
) |
Basic net income |
|
|
|
|
|
|
per share (1) |
$ |
0.39 |
|
$ |
0.36 |
$ |
0.03 |
|
$ |
1.60 |
|
$ |
0.04 |
$ |
0.56 |
|
Fully diluted net income per share (1) |
$ |
0.39 |
|
$ |
0.36 |
$ |
0.03 |
|
$ |
1.60 |
|
$ |
1.04 |
$ |
0.56 |
|
(1) Shares and per share amounts for
all periods have been adjusted to reflect a 10% stock dividend
declared in June 2021.
|
Dec 31, |
|
Dec 31, |
|
Balance Sheet at period end: |
|
2021 |
|
2020 |
Change |
|
2020 |
|
2019 |
Change |
Loans, net |
$ |
576,469 |
$ |
601,934 |
|
-4.23 |
% |
$ |
601,934 |
$ |
573,274 |
|
5.00 |
% |
Loans held for sale |
|
1,628 |
|
7,102 |
|
-77.08 |
% |
|
7,102 |
|
4,221 |
|
68.25 |
% |
Total securities |
|
165,485 |
|
93,856 |
|
76.32 |
% |
|
79,299 |
|
63,343 |
|
25.19 |
% |
Total deposits |
|
887,056 |
|
764,967 |
|
15.96 |
% |
|
764,967 |
|
649,459 |
|
17.79 |
% |
Stockholders' equity |
|
69,429 |
|
66,732 |
|
4.04 |
% |
|
66,732 |
|
61,445 |
|
8.60 |
% |
Total assets |
|
987,634 |
|
851,386 |
|
16.00 |
% |
|
851,386 |
|
725,394 |
|
17.37 |
% |
Shares outstanding |
|
4,740,657 |
|
4,339,436 |
|
401,221 |
|
|
4,339,436 |
|
4,357,436 |
|
(18,000 |
) |
Book value per share |
$ |
14.65 |
$ |
15.38 |
$ |
(0.73 |
) |
$ |
15.38 |
$ |
14.10 |
$ |
1.28 |
|
|
Three months endingDec 31, |
|
Year to dateDec 31, |
|
Daily averages: |
|
2021 |
|
2020 |
Change |
|
2021 |
|
2020 |
Change |
Loans, net |
$ |
589,277 |
$ |
614,472 |
-4.10 |
% |
$ |
601,272 |
$ |
608,831 |
-1.24 |
% |
Loans held for sale |
|
5,929 |
|
9,269 |
-36.03 |
% |
|
5,815 |
|
6,876 |
-15.43 |
% |
Total securities |
|
159,307 |
|
82,520 |
93.05 |
% |
|
128,886 |
|
65,458 |
96.90 |
% |
Total deposits |
|
873,894 |
|
772,437 |
13.13 |
% |
|
833,216 |
|
725,878 |
14.79 |
% |
Stockholders' equity |
|
69,173 |
|
63,429 |
9.06 |
% |
|
66,937 |
|
62,193 |
7.63 |
% |
Interest earning assets |
|
906,409 |
|
799,604 |
13.36 |
% |
|
862,500 |
|
758,439 |
13.72 |
% |
Interest bearing liabilities |
|
718,714 |
|
636,901 |
12.85 |
% |
|
682,089 |
|
608,680 |
12.06 |
% |
Total assets |
|
962,006 |
|
854,729 |
12.55 |
% |
|
920,474 |
|
805,120 |
14.33 |
% |
|
Three months endingDec 31, |
|
Year to dateDec 31, |
|
Financial Ratios: |
2021 |
|
2020 |
|
Change |
2021 |
|
2020 |
|
Change |
Return on average assets |
0.77 |
% |
0.79 |
% |
(0.02 |
) |
0.82 |
% |
0.62 |
% |
0.20 |
|
Return on average equity |
10.66 |
% |
10.70 |
% |
(0.04 |
) |
11.34 |
% |
8.01 |
% |
3.33 |
|
Net interest margin |
2.98 |
% |
3.42 |
% |
(0.44 |
) |
3.14 |
% |
3.32 |
% |
(0.18 |
) |
Efficiency ratio |
81.55 |
% |
76.52 |
% |
5.03 |
|
76.62 |
% |
75.84 |
% |
0.78 |
|
Average equity to average assets |
7.19 |
% |
7.42 |
% |
(0.23 |
) |
7.27 |
% |
7.72 |
% |
(0.45 |
) |
|
Three months endingDec 31, |
|
Year to dateDec 31, |
|
Allowance for loan losses: |
|
2021 |
|
|
2020 |
|
Change |
|
2021 |
|
|
2020 |
|
Change |
Beginning balance |
$ |
7,276 |
|
$ |
6,966 |
|
4.45 |
% |
$ |
7,156 |
|
$ |
4,829 |
|
48.19 |
% |
Provision for (recovery of) loan losses |
|
(500 |
) |
|
200 |
|
-350.00 |
% |
|
(500 |
) |
|
2,548 |
|
-119.62 |
% |
Charge-offs |
|
(11 |
) |
|
(52 |
) |
-78.85 |
% |
|
(91 |
) |
|
(448 |
) |
-79.69 |
% |
Recoveries |
|
150 |
|
|
42 |
|
257.14 |
% |
|
350 |
|
|
227 |
|
54.19 |
% |
Ending balance |
|
6,915 |
|
|
7,156 |
|
-3.37 |
% |
|
6,915 |
|
|
7,156 |
|
-3.37 |
% |
Nonperforming assets: |
2021 |
|
2020 |
Change |
|
2020 |
|
2019 |
Change |
Total nonperforming loans |
$ |
954 |
$ |
2,064 |
-53.78 |
% |
$ |
2,064 |
$ |
1,301 |
58.65 |
% |
Other real estate owned |
|
761 |
|
1,105 |
-31.13 |
% |
|
1,105 |
|
2,339 |
-52.76 |
% |
Total nonperforming assets |
|
1,715 |
|
3,169 |
-45.88 |
% |
|
3,169 |
|
3,640 |
-12.94 |
% |
Troubled debt restructurings - (performing portion) |
|
372 |
|
392 |
-5.10 |
% |
|
392 |
|
410 |
-4.39 |
% |
|
Dec 31, |
|
Dec 31, |
|
Asset quality ratios: |
2021 |
|
2020 |
|
Change |
2020 |
|
2019 |
|
Change |
Nonperforming loans to total loans |
0.16 |
% |
0.34 |
% |
(0.18 |
) |
0.34 |
% |
0.23 |
% |
0.11 |
|
Allowance for loan losses to total loans |
1.19 |
% |
1.17 |
% |
0.01 |
|
1.17 |
% |
0.84 |
% |
0.34 |
|
Allowance for loan losses to nonperforming loans |
724.84 |
% |
346.71 |
% |
378.14 |
|
346.71 |
% |
371.18 |
% |
(24.47 |
) |
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