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 nine month periods ended September 30, 2024. The
Bank serves Region 2000 (the greater Lynchburg MSA) and the
Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington,
Nellysford, Roanoke, and Wytheville, Virginia markets.
Net income for the three months ended September 30, 2024 was
$1.99 million or $0.44 per basic and diluted share compared with
$2.08 million or $0.46 per basic and diluted share for the three
months ended September 30, 2023. Net income for the nine months
ended September 30, 2024 was $6.33 million or $1.39 per share
compared with $6.60 million or $1.44 per share for the nine months
ended September 30, 2023.
Robert R. Chapman III, CEO of the Bank, commented: “The Company
delivered stable, strong earnings that contributed to building
value, growing stockholders’ equity, and a significant increase in
book value per share. Our performance once again generated positive
returns for shareholders, which have for many years included paying
a quarterly cash dividend.
“Our performance reflected strong interest expense management,
sound investment practices, and a balanced and diversified stream
of interest and noninterest income. Disciplined credit management
has supported superior asset quality, maximizing the value of the
revenue generated. Our team of skilled, dedicated professionals
continue to do an outstanding job meeting customers’ financial
needs, which has led to consistently positive and steady financial
results.
“Even through a period of unusually high interest rates that has
moderated lending activity and provided challenges, we have worked
with customers to find solutions. A healthy loan portfolio has been
a key growth driver as total assets surpassed the $1 billion mark
in the third quarter. Assets have increased more than $30 million
during 2024, primarily reflecting loan portfolio growth, net of
fees, of more than $25 million since the beginning of the year.
“Initiatives to earn new deposits and a focus on retaining
customers’ deposits have led to growth of total deposits since the
beginning of the year. At September 30, 2024, interest bearing
demand accounts have grown by $2.7 million, time deposits have
increased, and noninterest-bearing demand deposits have held
steady. We continue to focus on building this important source of
funding for loans and providing liquidity.
“Strategic locations in Buchanan, Virginia, opened at the end of
the second quarter, and Nellysford, Virginia, opened at the
beginning of the third quarter, are off to strong starts and
further expand the Bank’s footprint and deposit-gathering
capabilities.
“The third quarter reflected healthy year-over-year growth of
noninterest income. Expanding fee income from wealth management,
treasury services for our business customers, and gains on sales of
originated mortgage loans to the secondary market have fueled
noninterest income.
“During the third quarter of 2024, we saw encouraging signs that
stabilizing interest rates, slowing inflation, and continued
economic health in our served markets is supporting positive
trends. We are continuing to see increased commercial lending
demand, positive trends in residential mortgage volume and
origination fees, and continued deposit growth.
“Looking ahead, we feel that the interest rate environment and
continuing economic stabilization and predictability will be clear
positives. We anticipate a gradual lessening of the intense
pressure on margins and slowing of interest expense increases that
have characterized the past two years.
“Our longstanding commitment to building strong, lasting banking
relationships with customers has provided many opportunities to
demonstrate the Bank of the James’ value. As a result, use of our
commercial cash management services and digital banking
capabilities continues to grow, retail customers take advantage of
a wide range of digital and in-person banking options, and
residential mortgage customers and retail banking customers benefit
from our efficient service, digital capabilities and integrated
financial offerings.
“We feel the Company is well-positioned to continue on our path
of providing superior value to our shareholders, customers, and the
communities we serve.”
Third Quarter and First Nine Months of 2024
Highlights
- Total interest income of $11.56 million in the third quarter of
2024 increased 14% from a year earlier, and increased from $10.94
million in the second quarter of 2024. In the first nine months of
2024, total interest income of $33.01 million rose 15% compared
with a year earlier. The growth in the quarter and first nine
months primarily reflected commercial loan interest rates,
commercial real estate (CRE) growth, and the addition of
higher-rate residential mortgages.
- Net interest income after provision for (recovery of) credit
losses in the third quarter of 2024 was down marginally compared
with the third quarter of 2023. For the first nine months of 2024,
net interest income after provision for (recovery of) credit losses
was relatively stable compared with the first nine months of 2023.
The first nine months of 2024 reflected loan loss recoveries driven
by strong asset quality. The third quarter of 2024 reflects a small
credit loss provision based primarily on loan growth. Results in
both 2024 periods reflected the impact of elevated interest
expense.
- Net interest margin in the third quarter of 2024 was 3.16%,
marginally lower than a year earlier but up from second quarter of
2024 net interest margin of 3.02%. Interest spread was 2.81% in the
third quarter of 2024. In the first nine months of 2024, net
interest margin was 3.07% and interest spread was 2.73%.
- Total noninterest income for the third quarter of 2024 rose 19%
compared with the third quarter of 2023, and in the first nine
months of 2024 increased 17% compared with the first nine months of
2023. Growth primarily reflected gains on sale of loans held for
sale, strong wealth management fee income contributions from PWW,
and fee income generated by commercial treasury services and
residential mortgage originations.
- Loans, net of the allowance for credit losses, increased to
$627.11 million at September 30, 2024 compared with $601.92 million
at December 31, 2023, primarily reflecting overall loan stability
and growth in CRE and residential mortgage loans.
- Measures of asset quality included a ratio of nonperforming
loans to total loans of 0.20% at September 30, 2024, minimal levels
of nonperforming loans, and zero other real estate owned
(OREO).
- Total assets increased to $1.01 billion at September 30, 2024
from $969.37 million at December 31, 2023.
- Total deposits increased to $907.61 million at September 30,
2024 compared with $878.46 million at December 31, 2023.
- Shareholder value measures at September 30, 2024 reflected
consistent growth from December 31, 2023 in total stockholders’
equity and retained earnings. Book value per share of $15.15 has
increased significantly from $13.58 at June 30, 2024 and $13.21 at
December 31, 2023.
- On October 15, 2024, the Company’s board of directors approved
a quarterly dividend of $0.10 per common share to stockholders of
record as of November 22, 2024, to be paid on December 6,
2024.
Third Quarter, First Nine Months of 2024 Operational
Review
Net interest income after provision for credit losses for the
third quarter of 2024 was $7.42 million compared to net interest
income after recovery of credit losses of $7.53 million a year
earlier. In the first nine months of 2024, net interest income
after recovery of credit losses was $22.13 million compared with
$22.63 million a year earlier. The Company recorded a small
provision for credit losses in the third quarter of 2024, primarily
due to higher loan levels. The credit loss recovery in the first
nine months of 2024 was $584,000 compared with $278,000 in the
first nine months of 2023.
Total interest income increased to $11.56 million in the third
quarter of 2024 compared with $10.14 million a year earlier. The
first nine months of 2024 total interest income was $33.01 million,
up from $28.82 million in the first nine months of 2023. The
year-over-year increases primarily reflected upward adjustments to
variable rate commercial loans and new loans reflecting the
prevailing rate environment.
Investment portfolio management has enabled the Company to
capitalize on attractive Fed funds rates. In the third quarter of
2024, the yield on all interest-earning assets was 4.86% compared
with 4.43% a year earlier. The yield on interest-bearing loans,
including fees, was 5.65% in the third quarter of 2024 compared
with 5.13% a year earlier. The interest rates on certain existing
commercial loans continue to reprice upward in accordance with
their terms.
Total interest expense in the third quarter and first nine
months of 2024 increased significantly compared with the prior
periods of 2023, primarily reflecting higher deposit rates
commensurate with the prevailing interest rate environment, and
growth of interest-bearing time deposits. Rates on interest-bearing
deposits and total interest-bearing liabilities have placed
continuing pressure on margins. The net interest margin in the
third quarter of 2024 was 3.16% and the interest spread was 2.81%
compared with 3.21% and 2.94%, respectively, in the third quarter
of 2023.
J. Todd Scruggs, Executive Vice President and CFO of the Bank
commented: “Even before the Federal Reserve announced a 50 basis
point reduction in rates, we anticipated that a stabilizing rate
environment would gradually lessen the pressure on margins we have
experienced. While not directly reflecting the Fed rate cut
announced in mid-September, our third quarter net interest margin
of 3.16% improved from the 3.02% margin in the second quarter of
2024. We anticipate continuing gradual margin and spread
improvement in future quarters.”
Noninterest income in the third quarter of 2024 rose 19% to
$3.82 million compared with $3.20 million in the third quarter of
2023. In the first nine months of 2024, noninterest income was up
17% to $11.32 million from $9.70 million a year earlier.
Noninterest income reflected income contributions from debit
card activity, a gain on an investment in an SBIC fund, commercial
treasury services, and the mortgage division. In the third quarter
of 2024, income from wealth management fees increased 19% compared
with a year earlier and gains on sale of loans held for sale rose
34% from a year earlier.
Noninterest expense in the third quarter of 2024 was $8.78
million, up 8% compared with $8.14 million in the first nine months
of 2023. Noninterest expense in the first nine months of 2024 was
$25.60 million, up 6% from $24.09 million a year earlier.
Noninterest expense in the first nine months of 2024 reflected
additional personnel costs related to staffing new locations, and
the decision to begin accruing for anticipated year-end
performance-based compensation ahead of the fourth quarter.
Balance Sheet: Strong Cash Position, Asset Quality,
Stability
Total assets grew to $1.01 billion at September 30, 2024
compared with $969.37 million at December 31, 2023, with the
increase primarily reflecting loan growth.
Loans, net of allowance for credit losses, were $627.11 million
at September 30, 2024 compared with $601.92 million at December 31,
2023, primarily reflecting growth of commercial real estate loans
and strong, stable residential mortgage, consumer, and construction
lending.
Commercial real estate loans (owner-occupied and non-owner
occupied and excluding construction loans) were $333.77 million
compared with $306.86 million at December 31, 2023, reflecting a
decreasing rate of loan payoffs and new loans. Of this amount,
commercial non-owner occupied was approximately $189.98 million and
commercial owner occupied was $143.79 million. The Bank closely
monitors concentrations in these segments. We have no commercial
real estate loans secured by large office buildings in large
metropolitan city centers.
Commercial construction/land loans and residential
construction/land loans were $50.00 million at September 30, 2024
compared with $53.64 million at December 31, 2023. The Company
continued experiencing positive activity and health in commercial
and residential construction projects.
Commercial and industrial loans were $60.34 million at September
30, 2024, reflecting a continuing trend of stability in this loan
segment. Commercial and industrial loans were $64.92 million at
June 30, 2024 and $65.32 million at December 31, 2023.
Residential mortgage loans were $114.99 million at September 30,
2024 compared with $112.73 million at June 30, 2024 and $106.99
million at December 31, 2023. Growth of retained mortgages has been
minimal, as the Bank has continued to focus on selling the majority
of originated mortgage loans to the secondary market. Consumer
loans (open-end and closed-end) were $75.09 million at September
30, 2024, essentially unchanged from totals at December 31,
2023.
Ongoing high asset quality continues to have a positive impact
on the Company’s financial performance. The ratio of nonperforming
loans to total loans at September 30, 2024 was 0.20% compared with
0.06% at December 31, 2023. The allowance for credit losses on
loans to total loans was 1.12% at September 30, 2024 compared with
1.22% on December 31, 2023. Total nonperforming loans were $1.30
million at September 30, 2024. As a result of having no OREO, total
nonperforming assets were the same as total nonperforming
loans.
Total deposits were $907.61 million at September 30, 2024,
compared with $878.46 million at December 31, 2023. Noninterest
bearing demand deposits were $132.22 million compared with $134.28
million at December 31, 2023. Initiatives to attract deposit
business and new locations contributed to the approximately $2.8
million growth in NOW, money market, and savings totals since
December 31, 2023. Time deposits were $234.42 million at September
30, 2024 compared with $205.96 million at December 31, 2023. At
both September 30, 2024 and December 31, 2023, the Bank had no
brokered deposits.
Key measures of shareholder value continued trending positively.
Book value per share rose to $15.15 compared with $13.21 at
December 31, 2023, reflecting strong financial performance and a
smaller unrealized loss in the Company’s available-for-sale
investment portfolio. Total stockholders’ equity rose to $68.83
million from $60.04 million at December 31, 2023. Retained earnings
at September 30, 2024 were $41.64 million compared with $36.68
million at December 31, 2023.
Some balance sheet measures are impacted by interest rate
fluctuations and fair market valuation measurements in the
Company’s available-for-sale securities portfolio and are reflected
in accumulated other comprehensive loss. These mark-to-market
losses are excluded when calculating the Bank’s regulatory capital
ratios. The available-for-sale securities portfolio is composed
primarily of securities with explicit or implicit government
guarantees, including U.S. Treasuries and U.S. agency obligations,
and other highly-rated debt instruments. 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. Management continues to diligently monitor the
creditworthiness of the issuers of the debt instruments within its
securities portfolio.
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, Buchanan, Charlottesville, Forest,
Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford,
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 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.
FINANCIAL RESULTS FOLLOW
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
| |
|
|
|
| |
(unaudited) |
|
|
|
Assets |
9/30/2024 |
|
12/31/2023 |
|
Cash and due from banks |
$ |
22,692 |
|
|
$ |
25,613 |
|
| Federal funds
sold |
|
86,515 |
|
|
|
49,225 |
|
|
Total cash and cash equivalents |
|
109,207 |
|
|
|
74,838 |
|
| |
|
|
|
| Securities
held-to-maturity, at amortized cost (fair value of $3,328 as of
September 30, 2024 and $3,231 as of December 31, 2023) net of
allowance for credit loss of $0 as of September 30, 2024 and
December 31, 2023 |
|
3,610 |
|
|
|
3,622 |
|
| Securities
available-for-sale, at fair value |
|
192,469 |
|
|
|
216,510 |
|
| Restricted stock,
at cost |
|
1,821 |
|
|
|
1,541 |
|
| Loans held for
sale |
|
3,239 |
|
|
|
1,258 |
|
| Loans, net of
allowance for credit losses of $7,078 as of September 30, 2024 and
$7,412 as of December 31, 2023 |
|
627,112 |
|
|
|
601,921 |
|
| Premises and
equipment, net |
|
19,378 |
|
|
|
18,141 |
|
| Interest
receivable |
|
2,697 |
|
|
|
2,835 |
|
| Cash value - bank
owned life insurance |
|
22,716 |
|
|
|
21,586 |
|
| Customer
relationship intangible |
|
6,865 |
|
|
|
7,285 |
|
| Goodwill |
|
2,054 |
|
|
|
2,054 |
|
| Income taxes
receivable |
|
- |
|
|
|
128 |
|
| Deferred tax
asset |
|
7,576 |
|
|
|
8,206 |
|
| Other assets |
|
9,319 |
|
|
|
9,446 |
|
|
Total assets |
$ |
1,008,063 |
|
|
$ |
969,371 |
|
| |
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Deposits |
|
|
|
|
Noninterest bearing demand |
$ |
132,223 |
|
|
$ |
134,275 |
|
|
NOW, money market and savings |
|
540,966 |
|
|
|
538,229 |
|
|
Time |
|
234,421 |
|
|
|
205,955 |
|
| Total
deposits |
|
907,610 |
|
|
|
878,459 |
|
| |
|
|
|
| Capital notes,
net |
|
10,046 |
|
|
|
10,042 |
|
| Other
borrowings |
|
9,444 |
|
|
|
9,890 |
|
| Income taxes
payable |
|
212 |
|
|
|
- |
|
| Interest
payable |
|
758 |
|
|
|
480 |
|
| Other
liabilities |
|
11,159 |
|
|
|
10,461 |
|
|
Total liabilities |
$ |
939,229 |
|
|
$ |
909,332 |
|
| |
|
|
|
| Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding 4,543,338 as of September 30, 2024 and December 31,
2023 |
|
9,723 |
|
|
|
9,723 |
|
|
Additional paid-in-capital |
|
35,253 |
|
|
|
35,253 |
|
|
Accumulated other comprehensive (loss) |
|
(17,782 |
) |
|
|
(21,615 |
) |
|
Retained earnings |
|
41,640 |
|
|
|
36,678 |
|
| Total
stockholders' equity |
$ |
68,834 |
|
|
$ |
60,039 |
|
| |
|
|
|
| Total
liabilities and stockholders' equity |
$ |
1,008,063 |
|
|
$ |
969,371 |
|
| |
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Operation(dollar amounts in thousands, except per
share amounts)
| |
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
Interest Income |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Loans |
$ |
9,004 |
|
$ |
7,990 |
|
|
$ |
25,375 |
|
|
$ |
23,251 |
|
|
Securities |
|
|
|
|
|
|
|
|
US Government and agency obligations |
|
369 |
|
|
321 |
|
|
|
1,068 |
|
|
|
962 |
|
|
Mortgage backed securities |
|
442 |
|
|
435 |
|
|
|
1,974 |
|
|
|
1,255 |
|
|
Municipals - taxable |
|
298 |
|
|
286 |
|
|
|
872 |
|
|
|
853 |
|
|
Municipals - tax exempt |
|
18 |
|
|
18 |
|
|
|
55 |
|
|
|
55 |
|
|
Dividends |
|
12 |
|
|
8 |
|
|
|
59 |
|
|
|
49 |
|
|
Corporates |
|
136 |
|
|
139 |
|
|
|
407 |
|
|
|
423 |
|
|
Interest bearing deposits |
|
303 |
|
|
134 |
|
|
|
628 |
|
|
|
375 |
|
|
Federal Funds sold |
|
981 |
|
|
812 |
|
|
|
2,569 |
|
|
|
1,601 |
|
|
Total interest income |
|
11,563 |
|
|
10,143 |
|
|
|
33,007 |
|
|
|
28,824 |
|
| |
|
|
|
|
|
|
|
| Interest
Expense |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
NOW, money market savings |
|
1,487 |
|
|
894 |
|
|
|
4,145 |
|
|
|
1,916 |
|
|
Time deposits |
|
2,375 |
|
|
1,683 |
|
|
|
6,731 |
|
|
|
3,918 |
|
|
FHLB borrowings |
|
- |
|
|
- |
|
|
|
- |
|
|
|
31 |
|
|
Finance leases |
|
18 |
|
|
22 |
|
|
|
58 |
|
|
|
66 |
|
|
Other borrowings |
|
92 |
|
|
98 |
|
|
|
278 |
|
|
|
297 |
|
|
Capital notes |
|
82 |
|
|
82 |
|
|
|
245 |
|
|
|
245 |
|
|
Total interest expense |
|
4,054 |
|
|
2,779 |
|
|
|
11,457 |
|
|
|
6,473 |
|
| |
|
|
|
|
|
|
|
|
Net interest income |
|
7,509 |
|
|
7,364 |
|
|
|
21,550 |
|
|
|
22,351 |
|
| |
|
|
|
|
|
|
|
|
Provision for (recovery of) credit losses |
|
92 |
|
|
(164 |
) |
|
|
(584 |
) |
|
|
(278 |
) |
| |
|
|
|
|
|
|
|
|
Net interest income after recovery of provision for credit
losses |
|
7,417 |
|
|
7,528 |
|
|
|
22,134 |
|
|
|
22,629 |
|
| |
|
|
|
|
|
|
|
| Noninterest
income |
|
|
|
|
|
|
|
|
Gain on sales of loans held for sale |
|
1,326 |
|
|
989 |
|
|
|
3,526 |
|
|
|
3,065 |
|
|
Service charges, fees and commissions |
|
991 |
|
|
1,004 |
|
|
|
2,930 |
|
|
|
2,942 |
|
|
Wealth management fees |
|
1,244 |
|
|
1,050 |
|
|
|
3,583 |
|
|
|
3,098 |
|
|
Life insurance income |
|
189 |
|
|
139 |
|
|
|
531 |
|
|
|
405 |
|
|
Gain on sales and calls of securities, net |
|
31 |
|
|
- |
|
|
|
669 |
|
|
|
- |
|
|
Other |
|
42 |
|
|
19 |
|
|
|
82 |
|
|
|
179 |
|
| |
|
|
|
|
|
|
|
|
Total noninterest income |
|
3,823 |
|
|
3,201 |
|
|
|
11,321 |
|
|
|
9,689 |
|
| |
|
|
|
|
|
|
|
| Noninterest
expenses |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,920 |
|
|
4,683 |
|
|
|
14,256 |
|
|
|
13,296 |
|
|
Occupancy |
|
514 |
|
|
458 |
|
|
|
1,493 |
|
|
|
1,389 |
|
|
Equipment |
|
640 |
|
|
501 |
|
|
|
1,879 |
|
|
|
1,813 |
|
|
Supplies |
|
131 |
|
|
118 |
|
|
|
397 |
|
|
|
399 |
|
|
Professional |
|
718 |
|
|
682 |
|
|
|
2,214 |
|
|
|
2,075 |
|
|
Data processing |
|
764 |
|
|
689 |
|
|
|
2,263 |
|
|
|
2,079 |
|
|
Marketing |
|
220 |
|
|
204 |
|
|
|
481 |
|
|
|
683 |
|
|
Credit |
|
190 |
|
|
218 |
|
|
|
612 |
|
|
|
623 |
|
|
Other real estate |
|
- |
|
|
3 |
|
|
|
- |
|
|
|
36 |
|
|
FDIC insurance |
|
94 |
|
|
126 |
|
|
|
329 |
|
|
|
321 |
|
|
Amortization of intangibles |
|
140 |
|
|
46 |
|
|
|
420 |
|
|
|
420 |
|
|
Other |
|
445 |
|
|
412 |
|
|
|
1,258 |
|
|
|
957 |
|
|
Total noninterest expenses |
|
8,776 |
|
|
8,140 |
|
|
|
25,602 |
|
|
|
24,091 |
|
| |
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,464 |
|
|
2,589 |
|
|
|
7,853 |
|
|
|
8,227 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
474 |
|
|
511 |
|
|
|
1,527 |
|
|
|
1,631 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,990 |
|
$ |
2,078 |
|
|
$ |
6,326 |
|
|
$ |
6,596 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares
outstanding - basic and diluted |
|
4,543,338 |
|
|
4,543,338 |
|
|
|
4,543,338 |
|
|
|
4,568,789 |
|
| |
|
|
|
|
|
|
|
| Earnings per common share -
basic and diluted |
$ |
0.44 |
|
$ |
0.46 |
|
|
$ |
1.39 |
|
|
$ |
1.44 |
|
| |
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share dataunaudited
|
Selected Data: |
ThreemonthsendingSep
30,2024 |
ThreemonthsendingSep
30,2023 |
Change |
YeartodateSep
30,2024 |
YeartodateSep
30,2023 |
Change |
|
Interest income |
$ |
11,563 |
|
$ |
10,143 |
|
|
14.00 |
% |
$ |
33,007 |
|
$ |
28,824 |
|
|
14.51 |
% |
|
Interest expense |
|
4,054 |
|
|
2,779 |
|
|
45.88 |
% |
|
11,457 |
|
|
6,473 |
|
|
77.00 |
% |
|
Net interest income |
|
7,509 |
|
|
7,364 |
|
|
1.97 |
% |
|
21,550 |
|
|
22,351 |
|
|
-3.58 |
% |
|
Provision for (recovery of) credit losses |
|
92 |
|
|
(164 |
) |
|
-156.10 |
% |
|
(584 |
) |
|
(278 |
) |
|
110.07 |
% |
|
Noninterest income |
|
3,823 |
|
|
3,201 |
|
|
19.43 |
% |
|
11,321 |
|
|
9,689 |
|
|
16.84 |
% |
|
Noninterest expense |
|
8,776 |
|
|
8,140 |
|
|
7.81 |
% |
|
25,602 |
|
|
24,091 |
|
|
6.27 |
% |
|
Income taxes |
|
474 |
|
|
511 |
|
|
-7.24 |
% |
|
1,527 |
|
|
1,631 |
|
|
-6.38 |
% |
|
Net income |
|
1,990 |
|
|
2,078 |
|
|
-4.23 |
% |
|
6,326 |
|
|
6,596 |
|
|
-4.09 |
% |
|
Weighted average shares outstanding - basic |
|
4,543,338 |
|
|
4,543,338 |
|
|
- |
|
|
4,543,338 |
|
|
4,568,789 |
|
|
(25,451 |
) |
|
Weighted average shares outstanding - diluted |
|
4,543,338 |
|
|
4,543,338 |
|
|
- |
|
|
4,543,338 |
|
|
4,568,789 |
|
|
(25,451 |
) |
|
Basic net incomeper share |
$ |
0.44 |
|
$ |
0.46 |
|
$ |
(0.02 |
) |
$ |
1.39 |
|
$ |
1.44 |
|
$ |
(0.05 |
) |
|
Fully diluted net income per share |
$ |
0.44 |
|
$ |
0.46 |
|
$ |
(0.02 |
) |
$ |
1.39 |
|
$ |
1.44 |
|
$ |
(0.05 |
) |
|
Balance Sheet atperiod end: |
Sep 30,2024 |
Dec 31,2023 |
Change |
Sep 30,2023 |
Dec 31,2022 |
Change |
|
Loans, net |
$ |
627,112 |
|
$ |
601,921 |
|
|
4.19 |
% |
$ |
599,585 |
|
$ |
605,366 |
|
|
-0.95 |
% |
|
Loans held for sale |
|
3,239 |
|
|
1,258 |
|
|
157.47 |
% |
|
3,325 |
|
|
2,423 |
|
|
37.23 |
% |
|
Total securities |
|
196,079 |
|
|
220,132 |
|
|
-10.93 |
% |
|
185,603 |
|
|
189,426 |
|
|
-2.02 |
% |
|
Total deposits |
|
907,610 |
|
|
878,459 |
|
|
3.32 |
% |
|
880,203 |
|
|
848,138 |
|
|
3.78 |
% |
|
Stockholders' equity |
|
68,834 |
|
|
60,039 |
|
|
14.65 |
% |
|
50,129 |
|
|
50,226 |
|
|
-0.19 |
% |
|
Total assets |
|
1,008,063 |
|
|
969,371 |
|
|
3.99 |
% |
|
960,887 |
|
|
928,571 |
|
|
3.48 |
% |
|
Shares outstanding |
|
4,543,338 |
|
|
4,543,338 |
|
|
- |
|
|
4,543,338 |
|
|
4,628,657 |
|
|
(85,319 |
) |
|
Book value per share |
$ |
15.15 |
|
$ |
13.21 |
|
$ |
1.94 |
|
$ |
11.03 |
|
$ |
10.85 |
|
$ |
0.18 |
|
|
Daily averages: |
ThreemonthsendingSep
30,2024 |
ThreemonthsendingSep
30,2023 |
Change |
YeartodateSep
30,2024 |
YeartodateSep
30,2023 |
Change |
|
Loans |
$ |
629,860 |
|
$ |
612,021 |
|
|
2.91 |
% |
$ |
617,582 |
|
$ |
618,152 |
|
|
-0.09 |
% |
|
Loans held for sale |
|
3,845 |
|
|
4,421 |
|
|
-13.03 |
% |
|
3,454 |
|
|
3,548 |
|
|
-2.65 |
% |
|
Total securities (book value) |
|
220,730 |
|
|
222,969 |
|
|
-1.00 |
% |
|
237,215 |
|
|
223,391 |
|
|
6.19 |
% |
|
Total deposits |
|
902,615 |
|
|
869,655 |
|
|
3.79 |
% |
|
895,000 |
|
|
862,212 |
|
|
3.80 |
% |
|
Stockholders' equity |
|
61,576 |
|
|
52,564 |
|
|
17.14 |
% |
|
60,564 |
|
|
51,274 |
|
|
18.12 |
% |
|
Interest earning assets |
|
946,518 |
|
|
909,774 |
|
|
4.04 |
% |
|
937,793 |
|
|
897,364 |
|
|
4.51 |
% |
|
Interest bearing liabilities |
|
785,980 |
|
|
740,516 |
|
|
6.14 |
% |
|
776,672 |
|
|
733,343 |
|
|
5.91 |
% |
|
Total assets |
|
995,101 |
|
|
953,546 |
|
|
4.36 |
% |
|
986,132 |
|
|
945,389 |
|
|
4.31 |
% |
|
Financial Ratios: |
ThreemonthsendingSep
30,2024 |
ThreemonthsendingSep
30,2023 |
Change |
YeartodateSep
30,2024 |
YeartodateSep
30,2023 |
Change |
|
Return on average assets |
|
0.80 |
% |
|
0.86 |
% |
|
(0.06 |
) |
|
0.86 |
% |
|
0.93 |
% |
|
(0.07 |
) |
|
Return on average equity |
|
12.86 |
% |
|
15.68 |
% |
|
(2.82 |
) |
|
13.95 |
% |
|
17.20 |
% |
|
(3.25 |
) |
|
Net interest margin |
|
3.16 |
% |
|
3.21 |
% |
|
(0.05 |
) |
|
3.07 |
% |
|
3.33 |
% |
|
(0.26 |
) |
|
Efficiency ratio |
|
77.44 |
% |
|
77.05 |
% |
|
0.39 |
|
|
77.89 |
% |
|
75.19 |
% |
|
2.70 |
|
|
Average equity toaverage assets |
|
6.19 |
% |
|
5.51 |
% |
|
0.68 |
|
|
6.14 |
% |
|
5.42 |
% |
|
0.72 |
|
|
Allowance for credit losses: |
ThreemonthsendingSep
30,2024 |
ThreemonthsendingSep
30,2023 |
Change |
YeartodateSep
30,2024 |
YeartodateSep
30,2023 |
Change |
|
Beginning balance |
$ |
6,951 |
|
$ |
7,586 |
|
|
-8.37 |
% |
$ |
7,412 |
|
$ |
6,259 |
|
|
18.42 |
% |
|
Retained earnings adjustment related to impact of adoption of ASU
2016-13 |
|
- |
|
|
- |
|
|
N/A |
|
|
- |
|
|
1,245 |
|
|
-100.00 |
% |
|
Provision for (recovery of) credit losses* |
|
106 |
|
|
(130 |
) |
|
-181.54 |
% |
|
(494 |
) |
|
(188 |
) |
|
162.77 |
% |
|
Charge-offs |
|
- |
|
|
(144 |
) |
|
-100.00 |
% |
|
(84 |
) |
|
(196 |
) |
|
-57.14 |
% |
|
Recoveries |
|
21 |
|
|
8 |
|
|
162.50 |
% |
|
244 |
|
|
200 |
|
|
22.00 |
% |
|
Ending balance |
|
7,078 |
|
|
7,320 |
|
|
-3.31 |
% |
|
7,078 |
|
|
7,320 |
|
|
-3.31 |
% |
* does not include provision for or recovery of unfunded loan
commitment liability
|
Nonperforming assets: |
Sep 30,2024 |
Dec 31,2023 |
Change |
Sep 30,2023 |
Dec 31,2022 |
Change |
|
Total nonperforming loans |
$ |
1,295 |
|
$ |
391 |
|
|
231.20 |
% |
$ |
585 |
|
$ |
633 |
|
|
-7.58 |
% |
|
Other real estate owned |
|
- |
|
|
- |
|
|
N/A |
|
|
- |
|
|
566 |
|
|
-100.00 |
% |
|
Total nonperforming assets |
|
1,295 |
|
|
391 |
|
|
231.20 |
% |
|
585 |
|
|
1,199 |
|
|
-51.21 |
% |
|
Asset quality ratios: |
Sep 30,2024 |
Dec 31,2023 |
Change |
Sep 30,2023 |
Dec 31,2022 |
Change |
|
Nonperforming loans to total loans |
|
0.20 |
% |
|
0.06 |
% |
|
0.14 |
|
|
0.10 |
% |
|
0.10 |
% |
|
(0.01 |
) |
|
Allowance for credit losses for loans to total loans |
|
1.12 |
% |
|
1.22 |
% |
|
(0.10 |
) |
|
1.21 |
% |
|
1.02 |
% |
|
0.18 |
|
|
Allowance for credit losses for loans to nonperforming loans |
|
546.56 |
% |
|
1894.56 |
% |
|
1,348.00 |
|
|
1251.28 |
% |
|
989.42 |
% |
|
261.86 |
|
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Bank of the James Financ... (NASDAQ:BOTJ)
Storico
Da Nov 2023 a Nov 2024
