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, 2023. 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 March 31, 2023 was $1.98
million or $0.43 per basic and diluted share compared with $2.14
million or $0.45 per basic and diluted share for the three months
ended March 31, 2022.
Robert R. Chapman III, CEO, commented: “The Company started the
year with another solid quarter that reflected balanced income from
banking operations and investment management. Total loans increased
and our loan portfolio continued to demonstrate diversity and
balance, which minimized exposure to specific client and business
sector risks. Exceptional loan quality reflected strength and
borrowers’ creditworthiness.
“Our emphasis on nurturing long-term, full-service banking
relationships and customer loyalty and confidence was evident as we
grew deposits during the quarter and experienced no meaningful
deposit run-off during a period of uncertainty surrounding the
banking industry. Our attention to maintaining diversity in the
retail and commercial customer base has kept the level of our
uninsured deposits under 20%. Entering the second quarter of 2023,
new deposits have continued to flow into the Bank.
“Growing the loan portfolio and keeping pace with prevailing
interest rates generated significantly higher interest income.
Managing interest expense led to encouraging year-over-year net
interest income growth and meaningful improvements in net interest
margin and interest spread. Noninterest income included solid
contributions from investment management and fee-based services.
While the gains on loans held for sale have decreased because of a
decrease in loan volume at our Mortgage Division, we have been able
to originate and retain more mortgages to take advantage of
increased rates.
“Our capital position, liquidity and reserves are significant
and consistent with our commitment to operate with safety and
security as the highest priorities. We anticipate continuing to
generate new commercial, retail and residential mortgage loans in
coming months, with stable but prudent lending activity.
“We will continue to focus on strong client communication and
retention. Internally, we are focused on systems and processes to
further enhance the Company’s productivity and efficiency, which
will support earnings’ strength and drive shareholder value.”
Highlights
- Total interest income of $9.10 million for the quarter ended
March 31, 2023 rose 32% from March 31, 2022, reflecting commercial
loan rate adjustments to keep pace with the rising interest rate
environment, an increase in the size of the investment portfolio,
and growth of retained residential mortgages.
- Net interest income rose 20% in the first quarter of 2023
compared with a year earlier, primarily reflecting significantly
higher interest income partially offset by increased interest
expense.
- Continued prompt response to the changing interest rate
environment led to sharply improved net interest margin and
interest spread in the first quarter of 2023 compared with the
first quarter of 2022.
- Total noninterest income was $3.04 million in the first quarter
of 2023 compared with $3.63 million a year earlier. Income from
gain on sale of residential mortgage loans declined as volume
declined, partially offset by interchange income on card activity,
growth of commercial treasury services income, and wealth
management fees generated by PWW.
- Loans, net of the allowance for credit losses, increased to
$618.22 million at March 31, 2023 compared with $605.37 million at
March 31, 2022, primarily reflecting commercial real estate and
residential mortgage loan growth.
- Asset quality remained strong, with a ratio of nonperforming
loans to total loans of 0.02% at March 31, 2023 and minimal levels
of nonperforming loans and other real estate owned (OREO).
- Total deposits increased during the first quarter of 2023,
reflecting modest growth in time deposits, as a result of higher
rates paid on certificates of deposit, and relatively stable
lower-cost core deposits (noninterest-bearing demand, NOW, savings
and money market accounts), which comprise more than 80% of total
deposits. Less than 20% of total deposits are uninsured by the
FDIC.
- On April 18, 2023 the Company’s board of directors approved a
quarterly dividend of $0.08 per share to stockholders of record as
of June 2, 2023 to be paid on June 16, 2023.
- In the first quarter of 2023, the Company's board of directors
approved a stock repurchase plan to purchase up to $998,000 of the
Company's common stock. Purchases may be made 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. During the first quarter of 2023, the Company
repurchased 68,619 shares of its common stock at an average price
of $11.85. In addition, since the end of the first quarter, the
Company has purchased an additional 16,700 shares at an average
price of $11.05. Because the Company had used substantially all of
the $998,000 allocated to the repurchase plan, on April 18, 2023,
the Board formally terminated the plan. In conjunction with a
previous repurchase plan, the Company has repurchased just under 4%
of its outstanding common stock since August 2022.
- We adopted the current expected credit loss (CECL) standard
effective January 1, 2023. As discussed below, our allowance for
credit loss increased because of this adoption.
First Quarter of 2023 Operational Review
Net interest income after a $140,000 provision for credit losses
for the quarter ended March 31, 2023 was $7.50 million compared
with $6.69 million a year earlier, which included a $300,000
recovery of credit losses.
The credit loss provision, as indicated by the
Bank’s allowance for credit losses methodology, reflected loan
growth during the first quarter of 2023 and the adoption of the
CECL standard that took effect on January 1, 2023. The change in
methodology resulting from the adoption resulted in an increase in
the allowance for credit loss of $1.25 million, before the effect
of deferred taxes. In addition, the adoption of CECL required us to
create a liability of $779,000 related to unfunded loans. The
offset to the increase was a one-time decrease in retained earnings
in the amount of $1.60 million, which equated to the increase in
allowance, net of deferred taxes. Management had anticipated that
the adoption of CECL would lead to an increase the credit loss
provision.
Total interest income increased to $9.10 million in the first
quarter of 2023 compared with $6.92 million a year earlier. The
year-over-year increase reflected organic loan growth and interest
rate increases. Higher rates have had a positive impact on the
yields earned on interest earning assets. The yield on interest
earning assets in the first quarter of 2023 was 4.14%, up from
3.09% a year earlier. The interest spread was 3.33% compared with
2.80% a year earlier.
Total interest expense in the first quarter of 2023 was $1.46
million compared with $525,000 a year earlier. Rates paid on
interest bearing deposits were 0.71%, up from 0.17% a year earlier,
primarily reflecting increased time deposits and higher deposit
rates commensurate with the current interest rate environment.
J. Todd Scruggs, Executive Vice President and CFO, commented:
“Steady loan growth and timely adjustments to rates on new and
existing loans continues to drive meaningful increases of interest
income, more than offsetting higher interest expense. Improvements
in net interest margin and net interest spread reflected
adjustments to our investment strategy based on rising interest
rates. We are focused on maintaining a healthy balance between cost
of funds and rates generated by earning assets.”
Noninterest income in the first quarter of 2023 was $3.04
million compared with $3.63 million in the first quarter of 2022,
with the decline primarily reflecting lower gains on the sale of
residential mortgages and partially offset by year-over-year growth
in service charges, fees, and commissions resulting from increased
debit card income.
A slowing of conventional mortgage originations due to rising
mortgage interest rates have resulted in a decrease in the volume
and amount of residential mortgages sold in the secondary
market.
Noninterest income in the first quarter of 2023 was highlighted
by solid fee income from corporate treasury services, increased
interchange income earned on card activity and overdraft fees.
Income from PWW contributed approximately $0.07 to earnings per
share in the first quarter of 2023.
Noninterest expense in the first quarter of 2023 was $8.08
million compared with $7.65 million a year earlier, primarily
reflecting slightly increased salaries and employee benefits and
increases in professional and outside expenses (specifically data
processing fees). The Company continued to demonstrate positive
productivity trends in return on average equity, return on average
assets and the efficiency ratio.
First Quarter of 2023 Balance Sheet Review
Total assets were $948.47 million at March 31, 2023 compared
with $928.57 million at December 31, 2022, primarily reflecting
loan and deposit growth during the quarter.
Loans, net of allowance for credit losses, increased to $618.22
million at March 31, 2023 from $605.37 million at December 31,
2022, led by growth in commercial real estate lending and
residential mortgages. Commercial real estate loans (owner occupied
and non-owner occupied and excluding construction loans) were
approximately $356.34 million at March 31, 2023, up from
approximately $320.27 million at March 31, 2022 and $341.89
million at December 31, 2022.
Management noted both the quality and diversity of the
commercial loan portfolio, representing a variety of clients and
business and economic sectors. Of the $124.99 million identified as
non-owner occupied CRE, approximately $46 million represents loans
to lessors of non-residential properties.
Michael A. Syrek, President of the Bank, commented: “While
commercial lending activity has been subdued in the current
interest rate environment, we believe the quality and strength of
the portfolio is excellent. We have experienced growth and,
importantly, high levels of customer retention. Clients in all our
served markets are sound, stable, and performing well.
“Our focus on maintaining strong relationships with clients
contributed to a significantly increased business with several key
customers during the quarter. Customer retention and strong
relationships are supported by the broad range of Bank of the
James’ integrated banking services that include consultation, a
range of banking options, and cash management services.”
Commercial loans (primarily C&I loans) were $93.74 million
at March 31, 2023 compared with $104.92 million a year earlier and
$95.88 million at December 31, 2022. Residential consumer
construction loans were unchanged from a year earlier and
commercial construction loans were $14.47 million at March 31, 2023
compared with $29.28 million a year earlier. Secured consumer loans
rose to $92.63 million at March 31, 2023 from $84.00 million at
March 31, 2022.
Residential mortgage loans held by the Bank increased to $45.58
million at March 31, 2023 compared with $32.94 million at March 31,
2022 and $43.05 million at December 31, 2022.
Asset quality has been consistently strong and stable, with a
ratio of nonperforming loans to total loans of 0.02% at March 31,
2023. The allowance for credit losses to total loans was 1.23% at
March 31, 2023 compared with 1.22% at December 31, 2022. In the
first quarter of 2023, the Company finalized its allowance for
credit losses model in accordance with the CECL standard (which the
Bank was required to adopt on January 1, 2023). Management believes
that the allowance in future quarters may increase to reflect the
change in the model.
Total nonperforming loans were $101,000 at March 31, 2023, down
84% from December 31, 2022. Total nonperforming assets declined to
$641,000 at March 31, 2023 from $1.20 million at December 31,
2022.
Total deposits at March 31, 2023 were $864.44 million compared
with $848.14 million at December 31, 2022. Total deposits continued
to reflect good noninterest demand deposit activity, judicious
addition of time deposits, and were partially offset by a decrease
in core deposits, which despite the decrease represent a high
percentage of our deposits.
Management believes that the Bank has the ability to meet its
liquidity needs. We have on-balance sheet liquidity in the form of
cash and cash equivalent in the amount $64.98 million as of March
31, 2023. In addition, although we have the intention, and
management believes the ability, to hold our available-for-sale
securities to maturity, they serve as an additional source of
on-balance sheet liquidity. We have access to unsecured lines of
credit in an amount of approximately $33 million. Moreover, we have
pledged $37 million in par value of our available-for-sale
securities pursuant to the Bank Term Funding Program and we can
access that amount at any time. Further, we could pledge all or
some of the remaining portions of our securities and loan
portfolios in order to generate additional liquidity, if necessary.
We currently have no borrowings under the Bank Term Funding Program
or our lines of credit.
The Company’s total retained earnings were $31.42 million at
March 31, 2023 compared with $31.03 million at December 31, 2022.
Total stockholders’ equity was $52.38 million at March 31, 2023, up
from $50.23 million at December 31, 2022 but down from historical
levels. Tangible book value per share increased to $11.49 at March
31, 2023 from $10.85 at December 31, 2022. Measures of shareholder
value continue to reflect market value changes of the Company’s
available-for-sale securities portfolio, reflecting the impact of
higher interest rates. These mark-to-market losses are excluded
from the Bank’s regulatory capital. The Company does not expect to
realize the unrealized losses as it has the intent and ability to
hold the securities until their recovery, which may be at maturity.
The duration of the Company’s overall securities portfolio is
approximately 6 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, changes
in the value of real estate securing loans made by the Bank as well
as the potential for the resurgence of COVID-19 and geopolitical
conditions. 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 |
3/31/2023 |
|
12/31/2022 |
|
|
|
|
Cash and due from banks |
$ |
23,282 |
|
|
$ |
30,025 |
|
Federal funds sold |
|
41,695 |
|
|
|
31,737 |
|
Total cash and cash
equivalents |
|
64,977 |
|
|
|
61,762 |
|
|
|
|
|
Securities held-to-maturity,
at amortized cost (fair value of $3,211 in 2023 and $3,135 in
2022) |
|
3,634 |
|
|
|
3,639 |
|
Securities available-for-sale,
at fair value |
|
189,587 |
|
|
|
185,787 |
|
Restricted stock, at cost |
|
1,387 |
|
|
|
1,387 |
|
Loans, net of allowance for
credit losses of $7,715 in 2023 and $6,259 in 2022 |
|
618,223 |
|
|
|
605,366 |
|
Loans held for sale |
|
1,163 |
|
|
|
2,423 |
|
Premises and equipment,
net |
|
17,796 |
|
|
|
17,974 |
|
Interest receivable |
|
2,574 |
|
|
|
2,736 |
|
Cash value - bank owned life
insurance |
|
21,169 |
|
|
|
19,237 |
|
Customer relationship
Intangible |
|
7,705 |
|
|
|
7,845 |
|
Goodwill |
|
2,054 |
|
|
|
2,054 |
|
Other real estate owned |
|
540 |
|
|
|
566 |
|
Other assets |
|
17,662 |
|
|
|
17,795 |
|
Total assets |
$ |
948,471 |
|
|
$ |
928,571 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
$ |
150,829 |
|
|
$ |
154,884 |
|
NOW, money market and savings |
|
544,643 |
|
|
|
560,479 |
|
Time |
|
168,965 |
|
|
|
132,775 |
|
Total deposits |
|
864,437 |
|
|
|
848,138 |
|
|
|
|
|
Capital notes, net |
|
10,039 |
|
|
|
10,037 |
|
Other borrowings |
|
10,314 |
|
|
|
10,457 |
|
Interest payable |
|
218 |
|
|
|
89 |
|
Other liabilities |
|
11,082 |
|
|
|
9,624 |
|
Total liabilities |
$ |
896,090 |
|
|
$ |
878,345 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Preferred stock $2.14 par value; authorized 1,000,000 shares; none
issued and outstanding |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
4,560,038 as of March 31, 2023 and 4,628,657 as of December 31,
2022 |
|
9,758 |
|
|
|
9,905 |
|
Additional paid-in-capital |
|
35,402 |
|
|
|
36,068 |
|
Accumulated other comprehensive (loss) |
|
(24,198 |
) |
|
|
(26,781 |
) |
Retained earnings |
|
31,419 |
|
|
|
31,034 |
|
Total stockholders'
equity |
$ |
52,381 |
|
|
$ |
50,226 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
948,471 |
|
|
$ |
928,571 |
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Income(dollar amounts in thousands, except per
share amounts)(unaudited)
Interest
Income |
For the Three MonthsEnded March
31, |
|
2023 |
|
|
2022 |
|
Loans |
$ |
7,426 |
|
$ |
5,905 |
|
Securities |
|
|
|
US Government and agency obligations |
|
320 |
|
|
258 |
|
Mortgage backed securities |
|
414 |
|
|
307 |
|
Municipals |
|
300 |
|
|
289 |
|
Dividends |
|
8 |
|
|
4 |
|
Other (Corporates) |
|
143 |
|
|
108 |
|
Interest bearing deposits |
|
148 |
|
|
7 |
|
Federal Funds sold |
|
339 |
|
|
37 |
|
Total interest income |
|
9,098 |
|
|
6,915 |
|
|
|
|
|
Interest
Expense |
|
|
|
Deposits |
|
|
|
NOW, money market savings |
|
360 |
|
|
126 |
|
Time Deposits |
|
861 |
|
|
178 |
|
FHLB borrowings |
|
31 |
|
|
- |
|
Finance leases |
|
23 |
|
|
25 |
|
Other borrowings |
|
99 |
|
|
114 |
|
Capital notes |
|
82 |
|
|
82 |
|
Total interest expense |
|
1,456 |
|
|
525 |
|
|
|
|
|
Net interest income |
|
7,642 |
|
|
6,390 |
|
|
|
|
|
Provision for (recovery of)
credit losses |
|
140 |
|
|
(300 |
) |
|
|
|
|
Net interest income after provision for (recovery of)
credit losses |
|
7,502 |
|
|
6,690 |
|
|
|
|
|
Noninterest
income |
|
|
|
Gains on sale of loans held for sale |
|
923 |
|
|
1,904 |
|
Service charges, fees and commissions |
|
983 |
|
|
592 |
|
Wealth management fees |
|
1,006 |
|
|
1,015 |
|
Life insurance income |
|
132 |
|
|
113 |
|
Other |
|
- |
|
|
7 |
|
|
|
|
|
Total noninterest income |
|
3,044 |
|
|
3,631 |
|
|
|
|
|
Noninterest
expenses |
|
|
|
Salaries and employee benefits |
|
4,268 |
|
|
3,989 |
|
Occupancy |
|
472 |
|
|
471 |
|
Equipment |
|
676 |
|
|
606 |
|
Supplies |
|
148 |
|
|
142 |
|
Professional, data processing, and other outside expense |
|
1,371 |
|
|
1,054 |
|
Marketing |
|
194 |
|
|
192 |
|
Credit expense |
|
196 |
|
|
262 |
|
Other real estate expenses, net |
|
26 |
|
|
6 |
|
FDIC insurance expense |
|
104 |
|
|
130 |
|
Amortization of intangibles |
|
140 |
|
|
140 |
|
Other |
|
480 |
|
|
656 |
|
Total noninterest expenses |
|
8,075 |
|
|
7,648 |
|
|
|
|
|
Income before income taxes |
|
2,471 |
|
|
2,673 |
|
|
|
|
|
Income tax expense |
|
487 |
|
|
534 |
|
|
|
|
|
Net Income |
$ |
1,984 |
|
$ |
2,139 |
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted |
|
4,618,684 |
|
|
4,740,657 |
|
|
|
|
|
Net income per common share -
basic and diluted |
$ |
0.43 |
|
$ |
0.45 |
|
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share dataunaudited
Selected Data: |
ThreemonthsendingMar
31,2023 |
ThreemonthsendingMar
31,2022 |
Change |
Interest income |
$ |
9,098 |
$ |
6,915 |
|
31.57% |
Interest expense |
|
1,456 |
|
525 |
|
177.33% |
Net interest income |
|
7,642 |
|
6,390 |
|
19.59% |
Provision for (recovery of) credit losses |
|
140 |
|
(300) |
|
-146.67% |
Noninterest income |
|
3,044 |
|
3,631 |
|
-16.17% |
Noninterest expense |
|
8,075 |
|
7,648 |
|
5.58% |
Income taxes |
|
487 |
|
534 |
|
-8.80% |
Net income |
|
1,984 |
|
2,139 |
|
-7.25% |
Weighted average shares outstanding - basic |
|
4,618,684 |
|
4,740,657 |
|
(121,973) |
Weighted average shares outstanding - diluted |
|
4,618,684 |
|
4,740,657 |
|
(121,973) |
Basic net income per share |
$ |
0.43 |
$ |
0.45 |
$ |
(0.02) |
Fully diluted net income |
$ |
0.43 |
$ |
0.45 |
$ |
(0.02) |
Balance Sheet at |
Mar 31, |
Dec 31, |
|
Mar 31, |
Dec 31, |
|
period end: |
2023 |
2022 |
Change |
2022 |
2021 |
Change |
Loans, net |
$ |
618,223 |
$ |
605,366 |
|
2.12% |
$ |
588,924 |
$ |
576,469 |
|
2.16% |
Loans held for sale |
|
1,163 |
|
2,423 |
|
-52.00% |
|
6,516 |
|
1,628 |
|
300.25% |
Total securities |
|
193,221 |
|
189,426 |
|
2.00% |
|
216,267 |
|
164,922 |
|
31.13% |
Total deposits |
|
864,437 |
|
848,138 |
|
1.92% |
|
881,427 |
|
887,056 |
|
-0.63% |
Stockholders' equity |
|
52,381 |
|
50,226 |
|
4.29% |
|
60,579 |
|
69,429 |
|
-12.75% |
Total assets |
|
948,471 |
|
928,571 |
|
2.14% |
|
973,585 |
|
987,634 |
|
-1.42% |
Shares outstanding |
|
4,560,038 |
|
4,628,657 |
|
(68,619) |
|
4,740,657 |
|
4,740,657 |
|
- |
Book value per share |
$ |
11.49 |
$ |
10.85 |
$ |
0.64 |
$ |
12.78 |
$ |
14.65 |
$ |
(1.87) |
Daily averages: |
ThreemonthsendingMar
31,2023 |
ThreemonthsendingMar
31,2022 |
Change |
Loans |
$ |
617,548 |
$ |
581,619 |
6.18 |
% |
Loans held for sale |
|
2,434 |
|
3,635 |
-33.04 |
% |
Total securities |
|
224,541 |
|
198,551 |
13.09 |
% |
Total deposits |
|
854,900 |
|
876,023 |
-2.41 |
% |
Stockholders' equity |
|
49,512 |
|
70,700 |
-29.97 |
% |
Interest earning assets |
|
891,142 |
|
908,261 |
-1.88 |
% |
Interest bearing liabilities |
|
725,348 |
|
741,202 |
-2.14 |
% |
Total assets |
|
941,647 |
|
977,643 |
-3.68 |
% |
Financial Ratios: |
ThreemonthsendingMar
31,2023 |
ThreemonthsendingMar
31,2022 |
Change |
Return on average assets |
0.85% |
|
0.89% |
|
(0.04) |
|
Return on average equity |
16.25% |
|
12.27% |
|
3.98 |
|
Net interest margin |
3.48% |
|
2.86% |
|
0.62 |
|
Efficiency ratio |
75.57% |
|
76.32% |
|
(0.75) |
|
Average equity to average assets |
5.26% |
|
7.23% |
|
(1.97) |
|
Allowance for credit losses on loans: |
ThreemonthsendingMar
31,2023 |
ThreemonthsendingMar
31,2022 |
Change |
Beginning balance |
$ |
6,259 |
|
$ |
6,915 |
|
-9.49 |
% |
Retained earnings adjustment related to impact of adoption of ASU
2016-13 |
|
1,245 |
|
|
- |
|
N/A |
Provision for (recovery of) credit losses |
|
140 |
|
|
(300) |
|
-146.67 |
% |
Charge-offs |
|
(33) |
|
|
(8) |
|
312.50 |
% |
Recoveries |
|
104 |
|
|
263 |
|
-60.46 |
% |
Ending balance |
|
7,715 |
|
|
6,870 |
|
12.30 |
% |
Nonperforming assets: |
Mar 31,2023 |
Dec 31,2022 |
Change |
Mar 31,2022 |
Dec 31,2021 |
Change |
Total nonperforming loans |
$ |
525 |
$ |
633 |
-84.04% |
$ |
852 |
$ |
954 |
-10.69% |
Other real estate owned |
|
540 |
|
566 |
-4.59% |
|
761 |
|
761 |
0.00% |
Total nonperforming assets |
|
1,065 |
|
1,199 |
-11.18% |
|
1,613 |
|
1,715 |
-5.95% |
Asset quality ratios: |
Mar 31,2023 |
Dec 31,2022 |
Change |
Mar 31,2022 |
Dec 31,2021 |
Change |
Nonperforming loans to total loans |
0.02% |
0.10% |
(0.08) |
0.14% |
0.16% |
(0.02) |
Allowance for credit losses to total loans |
1.23% |
1.22% |
0.01 |
1.15% |
1.19% |
(0.03) |
Allowance for credit losses to nonperforming loans |
7,638.61% |
1,185.47% |
6,453.15 |
806.34% |
724.84% |
81.50 |
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
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