Bank of the James Financial Group, Inc. (the “Company”)
(NASDAQ:BOTJ), the parent company of Bank of the James (the
“Bank”), a full-service commercial and retail bank, and Pettyjohn,
Wood & White, Inc. (“PWW”), an SEC-registered investment
advisor, today announced unaudited results of operations for the
three month and six month periods ended June 30, 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 June 30, 2024 was $2.15
million or $0.47 per basic and diluted share compared with $2.53
million or $0.56 per basic and diluted share for the three months
ended June 30, 2023. Net income for the six months ended June 30,
2024 was $4.34 million or $0.95 per share compared with $4.52
million or $0.99 per share for the six months ended June 30,
2023.
Robert R. Chapman III, CEO of the Bank, commented: “The
Company’s earnings performance continued to demonstrate success in
responding to prevailing market conditions, providing financial
solutions for our commercial and retail customers and efficiently
managing our operations. We grew loans and deposits, interest
income and noninterest income year-over-year, while maintaining
exceptional liquidity and asset quality.
“Maintaining a balanced revenue stream from a diverse range of
banking and investment advisory services has helped the Company
manage the impact of a higher interest rate environment on margins.
While higher rates have significantly increased the Bank’s interest
expense, it has also provided opportunities for us to generate
higher returns from our own investment portfolio to maintain strong
earnings and grow shareholder value.
“During the second quarter of 2024, there were encouraging signs
that stabilizing interest rates, slowing inflation and continued
economic health in our served markets is supporting positive
trends. We are seeing increased commercial lending demand, an
uptick in residential mortgage volume and origination fees, and
deposit growth.
“Business conditions and residential real estate activity in our
served markets has been healthy throughout this period of interest
rate change. Now, as borrowers adjust to a ‘new normal’, our
experienced banking team members are well-positioned to provide
meaningful financial solutions and superior service and
support.
“We continue to see the benefits of our focus on nurturing
banking relationships. Use of our commercial cash management
services and digital banking capabilities continues to grow.
Linking deposit management, debit and credit services and borrowing
capabilities gives commercial customers value. Residential mortgage
customers and retail banking benefit from our efficient service,
digital capabilities and integrated financial offerings.
“Securing and retaining deposits to support lending activity
remains a priority, as reflected by the opening of two new
locations – one in June and one in July- and deposit growth during
the first half of 2024. The competitive landscape in several of our
served markets continues to be positive for Bank of the James as
national and large regional banks, as well as some smaller
providers, reduce services and leave a void that we are more than
able to fill.
“We believe our strong performance and positive economic
indicators are encouraging as we progress through the second half
of 2024 and will continue to support the Company’s financial
strength and ability to build shareholder value.”
Second Quarter and First Half 2024
Highlights
- Total interest income of $10.94 million in the second quarter
increased 14% compared with $9.58 million a year earlier. In the
first half of 2024, total interest income rose 15% to $21.44
million compared with $18.68 million a year earlier. The growth
primarily reflected commercial loan interest rates, the addition of
mortgages at higher rates, and a higher yield on Fed Funds
sold.
- Net interest income after recovery of credit losses was $7.21
million in the second quarter of 2024 compared with $7.60 million a
year earlier. In the first half of 2024, net interest income after
recovery of credit losses was $14.72 million compared with $15.10
million in the first half of 2023.
- In both the second quarter and first half of 2024, net interest
margin was 3.02% and interest spread was 2.68%. While the margin
and spread declined from a year earlier, management noted both
measures were stabilizing in the second quarter of 2024.
- Total noninterest income for the second quarter of 2024 rose
22% to $4.19 million from $3.44 million for the second quarter of
2023, and was up 16% in the first half of 2024 compared to the same
period a year earlier. Growth primarily reflected gains on sale of
loans held for sale, a gain on an investment in a Small Business
Investment Company (SBIC), fee income generated by commercial
treasury services and wealth management fee income from PWW, which
contributed approximately $0.09 per share to second quarter
earnings and approximately $0.17 per share in the first half of
2024.
- Loans, net of the allowance for credit losses, increased to
$616.09 million at June 30, 2024 compared with $601.92 million at
December 31, 2023, primarily reflecting modest growth in commercial
real estate and residential mortgage loans.
- Asset quality remained strong, with a ratio of nonperforming
loans to total loans of 0.13% at June 30, 2024, minimal levels of
nonperforming loans, and zero other real estate owned (OREO).
- Total deposits were $884.90 million at June 30, 2024 compared
with $878.46 million at December 31, 2023.
- Shareholder value measures at June 30, 2024 included continued
growth from December 31, 2023 in total stockholders’ equity and
retained earnings. Book value per share increased to $13.58 at June
30, 2024 from $13.21 at December 31, 2023.
- The Company opened a new branch in Buchanan, Virginia at the
end of the second quarter and another in Nellysford, Virginia at
the beginning of the third quarter to further expand outreach and
deposit-gathering capabilities.
- On July 16, 2024, the Company’s board of directors approved a
quarterly dividend of $0.10 per common share to stockholders of
record as of September 6, 2024, to be paid on September 20,
2024.
Second Quarter, First Half of 2024 Operational
Review
Net interest income after recovery of credit losses for the
second quarter of 2024 was $7.21 million compared with $7.60
million a year earlier. In the first half of 2024, net interest
income after recovery of credit losses was $14.72 million compared
with $15.10 million a year earlier. The provision recovery in the
first half of 2024 was $676,000 compared with $114,000 in the first
half of 2023.
Total interest income was $10.94 million in the second quarter
of 2024 compared to $9.58 million a year earlier. First half 2024
total interest income was $21.44 million compared with $18.68
million in the prior year’s first half. The year-over-year increase
primarily reflected the Company’s ongoing upward adjustments to
variable rate commercial loans and new loans reflecting the
prevailing rate environment.
The Company has continued to make appropriate upward interest
rate adjustments in variable rate commercial loans and mortgage
loans to keep pace with prevailing rates. Investment portfolio
management has enabled the Company to capitalize on attractive Fed
funds rates. These actions have had a positive impact on yields.
The yield on loans in the second quarter of 2024 was 5.41% compared
with 4.99% a year earlier, and the yield on total earning assets
was 4.66% in the second quarter of 2024, up from 4.31% a year
earlier.
Rates on interest-bearing deposits and total interest-bearing
liabilities have increased during the past quarters, causing
continued pressure on margins. The net interest margin in the
second quarter of 2024 was 3.02% and the interest spread was 2.68%.
Both reflected the impact of a higher interest rate environment as
compared to the prior year.
J. Todd Scruggs, Executive Vice President and CFO of the Bank
commented: “We expect continued pressure on margins and an ongoing
need to offer competitive rates on deposits to attract and retain
depositors. However, as the interest rate environment appears to
have stabilized, our best approximate forecasting indicates modest
margin expansion in coming quarters.”
Total interest expense in the second quarter and first half of
2024 increased 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.
Noninterest income in the second quarter of 2024 rose 22% to
$4.19 million compared with $3.44 million in the second quarter of
2023. In the first half of 2024, noninterest income rose 16% to
$7.50 million from $6.49 million a year earlier. Noninterest income
reflected income contributions from debit card activity, a gain on
an investment in an SBIC, commercial treasury services and mortgage
division along with a strong contribution to earnings by PWW’s
investment management activity. Gains on sale of loans held for
sale were $2.20 million in the first half of 2024, up from $2.08
million in the first half of 2023.
Noninterest expense in the first half of 2024 was $16.83 million
compared with $15.95 million a year earlier. The increase primarily
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 were $978.01 million at June 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 $616.09 million
at June 30, 2024 compared with $601.92 million at December 31,
2023, primarily reflecting stable commercial lending activity and
moderate growth of commercial real estate loans and retained
higher-rate residential mortgages.
Commercial real estate loans (owner-occupied and non-owner
occupied and excluding construction loans) were approximately
$319.10 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
$184,010,000 and commercial owner occupied as approximately
$135,092,000. We closely monitor our concentrations in these
segments. Loans secured by large office buildings do not make up a
significant portion of our non-owner occupied commercial real
estate segment.
Commercial construction/land loans and residential
construction/land loans of $49.46 million at June 30, 2024 were
slightly lower from $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 $64.92 million at June 30, 2024 compared with
$65.32 million at December 31, 2023, reflecting a continued trend
of stability during the first half of 2024.
Residential mortgage loans were $112.73 million at June 30, 2024
and were up slightly from $106.99 million at December 31, 2023 as
the Bank maintained a balance between retaining originated
mortgages and selling others to the secondary market. Consumer
lending (open-end and closed-end) was $76.83 million at June 30,
2024 – essentially unchanged from totals at December 31, 2023 and
down from $80.04 million a year earlier.
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 June 30, 2024 was 0.13% compared with 0.06%
at December 31, 2023. The allowance for credit losses on loans to
total loans decreased to 1.12% at June 30, 2024 from 1.22% on
December 31, 2023. Despite an increase in loan balances, the amount
of additional provision otherwise needed to reflect loan growth was
offset in part by recoveries of approximately $149,000. Total
nonperforming loans were $797,000 at June 30, 2024. As a result of
having no OREO, total nonperforming assets were the same as total
nonperforming loans.
Total deposits were $884.90 million at June 30, 2024, compared
with $878.46 million at December 31, 2023. Noninterest bearing
demand deposits and time deposits grew, and NOW, money market and
savings totals declined moderately.
Key measures of shareholder value continued trending positively.
Book value per share was $13.58 compared with $13.21 at December
31, 2023. Total stockholders’ equity was up slightly to $61.71
million from $60.04 million at December 31, 2023. Retained earnings
at June 30, 2024 were $40.10 million compared with $36.68 million
at December 31, 2023.
Some balance sheet measures are impacted by treasury 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, Charlottesville, Forest,
Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke,
Rustburg, Wytheville, Buchanan and Nellysford. 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 |
6/30/2024 |
|
12/31/2023 |
|
|
|
|
|
|
Cash and due from banks |
$ |
22,526 |
|
$ |
25,613 |
|
| Federal funds sold |
|
52,101 |
|
|
49,225 |
|
|
Total cash and cash equivalents |
|
74,627 |
|
|
74,838 |
|
| |
|
|
|
| Securities held-to-maturity
(fair value of $3,172 as of June 30, 2024 and $3,231 as of December
31, 2023) |
|
3,614 |
|
|
3,622 |
|
| Securities available-for-sale,
at fair value |
|
206,177 |
|
|
216,510 |
|
| Restricted stock, at cost |
|
1,570 |
|
|
1,541 |
|
| Loans, net of allowance for
credit losses of $6,951 as of June 30, 2024 and $7,412 as of
December 31, 2023 |
|
616,088 |
|
|
601,921 |
|
| Loans held for sale |
|
4,835 |
|
|
1,258 |
|
| Premises and equipment,
net |
|
18,043 |
|
|
18,141 |
|
| Interest receivable |
|
2,920 |
|
|
2,835 |
|
| Cash value - bank owned life
insurance |
|
22,528 |
|
|
21,586 |
|
| Customer relationship
Intangible |
|
7,005 |
|
|
7,285 |
|
| Goodwill |
|
2,054 |
|
|
2,054 |
|
| Income taxes receivable |
|
- |
|
|
128 |
|
| Deferred tax asset |
|
8,673 |
|
|
8,206 |
|
| Other assets |
|
9,877 |
|
|
9,446 |
|
|
Total assets |
$ |
978,011 |
|
$ |
969,371 |
|
| |
|
|
|
| |
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
| |
|
|
|
| Deposits |
|
|
|
|
Noninterest bearing demand |
$ |
136,022 |
|
$ |
134,275 |
|
|
NOW, money market and savings |
|
520,847 |
|
|
538,229 |
|
|
Time |
|
228,033 |
|
|
205,955 |
|
| Total deposits |
|
884,902 |
|
|
878,459 |
|
| |
|
|
|
| Capital notes, net |
|
10,045 |
|
|
10,042 |
|
| Other borrowings |
|
9,593 |
|
|
9,890 |
|
| Interest payable |
|
553 |
|
|
480 |
|
| Other liabilities |
|
11,212 |
|
|
10,461 |
|
|
Total liabilities |
$ |
916,305 |
|
$ |
909,332 |
|
| |
|
|
|
| Stockholders' equity |
|
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding |
|
|
|
|
4,543,338 as of June 30, 2024 and December 31, 2023 |
|
9,723 |
|
|
|
9,723 |
|
|
Additional paid-in-capital |
|
35,253 |
|
|
|
35,253 |
|
|
Accumulated other comprehensive loss |
|
(23,373 |
) |
|
|
(21,615 |
) |
|
Retained earnings |
|
40,103 |
|
|
|
36,678 |
|
| Total stockholders'
equity |
$ |
61,706 |
|
|
$ |
60,039 |
|
| |
|
|
|
| Total liabilities and
stockholders' equity |
$ |
978,011 |
|
|
$ |
969,371 |
|
| |
| |
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 Six Months |
|
|
Ended June 30, |
|
Ended June 30, |
|
Interest Income |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Loans |
$ |
8,347 |
|
|
$ |
7,835 |
|
|
$ |
16,371 |
|
|
$ |
15,261 |
|
|
Securities |
|
|
|
|
|
|
|
|
US Government and agency obligations |
|
361 |
|
|
|
321 |
|
|
|
699 |
|
|
|
641 |
|
|
Mortgage backed securities |
|
723 |
|
|
|
406 |
|
|
|
1,532 |
|
|
|
820 |
|
|
Municipals |
|
307 |
|
|
|
304 |
|
|
|
611 |
|
|
|
604 |
|
|
Dividends |
|
35 |
|
|
|
33 |
|
|
|
47 |
|
|
|
41 |
|
|
Corporates |
|
136 |
|
|
|
141 |
|
|
|
271 |
|
|
|
284 |
|
|
Interest bearing deposits |
|
192 |
|
|
|
93 |
|
|
|
325 |
|
|
|
241 |
|
|
Federal Funds sold |
|
834 |
|
|
|
450 |
|
|
|
1,588 |
|
|
|
789 |
|
|
Total interest income |
|
10,935 |
|
|
|
9,583 |
|
|
|
21,444 |
|
|
|
18,681 |
|
| |
|
|
|
|
|
|
|
| Interest
Expense |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
NOW, money market savings |
|
1,383 |
|
|
|
662 |
|
|
|
2,658 |
|
|
|
1,022 |
|
|
Time Deposits |
|
2,266 |
|
|
|
1,374 |
|
|
|
4,356 |
|
|
|
2,235 |
|
|
FHLB borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31 |
|
|
Finance leases |
|
20 |
|
|
|
21 |
|
|
|
40 |
|
|
|
44 |
|
|
Other borrowings |
|
94 |
|
|
|
100 |
|
|
|
186 |
|
|
|
199 |
|
|
Capital notes |
|
81 |
|
|
|
81 |
|
|
|
163 |
|
|
|
163 |
|
|
Total interest expense |
|
3,844 |
|
|
|
2,238 |
|
|
|
7,403 |
|
|
|
3,694 |
|
| |
|
|
|
|
|
|
|
|
Net interest income |
|
7,091 |
|
|
|
7,345 |
|
|
|
14,041 |
|
|
|
14,987 |
|
| |
|
|
|
|
|
|
|
| Recovery of credit losses |
|
(123 |
) |
|
|
(254 |
) |
|
|
(676 |
) |
|
|
(114 |
) |
| |
|
|
|
|
|
|
|
|
Net interest income after recovery of credit
losses |
|
7,214 |
|
|
|
7,599 |
|
|
|
14,717 |
|
|
|
15,101 |
|
| |
|
|
|
|
|
|
|
| Noninterest
income |
|
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
1,273 |
|
|
|
1,153 |
|
|
|
2,200 |
|
|
|
2,076 |
|
|
Service charges, fees and commissions |
|
986 |
|
|
|
955 |
|
|
|
1,939 |
|
|
|
1,938 |
|
|
Wealth management fees |
|
1,176 |
|
|
|
1,042 |
|
|
|
2,339 |
|
|
|
2,048 |
|
|
Life insurance income |
|
183 |
|
|
|
134 |
|
|
|
342 |
|
|
|
266 |
|
|
Other |
|
533 |
|
|
|
160 |
|
|
|
638 |
|
|
|
160 |
|
|
Gain on sales of available-for-sale securities |
|
40 |
|
|
|
- |
|
|
|
40 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
Total noninterest income |
|
4,191 |
|
|
|
3,444 |
|
|
|
7,498 |
|
|
|
6,488 |
|
| |
|
|
|
|
|
|
|
| Noninterest
expenses |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,892 |
|
|
|
4,345 |
|
|
|
9,337 |
|
|
|
8,613 |
|
|
Occupancy |
|
486 |
|
|
|
459 |
|
|
|
979 |
|
|
|
931 |
|
|
Equipment |
|
632 |
|
|
|
636 |
|
|
|
1,239 |
|
|
|
1,312 |
|
|
Supplies |
|
121 |
|
|
|
133 |
|
|
|
266 |
|
|
|
281 |
|
|
Professional, data processing, and other outside expense |
|
1,443 |
|
|
|
1,412 |
|
|
|
2,995 |
|
|
|
2,783 |
|
|
Marketing |
|
231 |
|
|
|
285 |
|
|
|
261 |
|
|
|
479 |
|
|
Credit expense |
|
234 |
|
|
|
209 |
|
|
|
422 |
|
|
|
405 |
|
|
Other real estate expenses, net |
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
33 |
|
|
FDIC insurance expense |
|
126 |
|
|
|
91 |
|
|
|
235 |
|
|
|
195 |
|
|
Amortization of intangibles |
|
140 |
|
|
|
234 |
|
|
|
280 |
|
|
|
373 |
|
|
Other |
|
434 |
|
|
|
65 |
|
|
|
813 |
|
|
|
546 |
|
|
Total noninterest expenses |
|
8,739 |
|
|
|
7,876 |
|
|
|
16,827 |
|
|
|
15,951 |
|
| |
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,666 |
|
|
|
3,167 |
|
|
|
5,388 |
|
|
|
5,638 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
518 |
|
|
|
633 |
|
|
|
1,053 |
|
|
|
1,120 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
2,148 |
|
|
$ |
2,534 |
|
|
$ |
4,335 |
|
|
$ |
4,518 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares
outstanding - basic and diluted |
|
4,543,338 |
|
|
|
4,545,173 |
|
|
|
4,543,338 |
|
|
|
4,581,726 |
|
| |
|
|
|
|
|
|
|
| Net income per common share -
basic and diluted |
$ |
0.47 |
|
|
$ |
0.56 |
|
|
$ |
0.95 |
|
|
$ |
0.99 |
|
| |
| |
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share dataunaudited
|
Selected Data: |
ThreemonthsendedJun
30,2024 |
ThreemonthsendedJun
30,2023 |
Change |
YeartodateJun
30,2024 |
YeartodateJun
30,2023 |
Change |
|
Interest income |
$ |
10,935 |
|
$ |
9,583 |
|
|
14.11 |
% |
$ |
21,444 |
|
$ |
18,681 |
|
|
14.79 |
% |
|
Interest expense |
|
3,844 |
|
|
2,238 |
|
|
71.76 |
% |
|
7,403 |
|
|
3,694 |
|
|
100.41 |
% |
|
Net interest income |
|
7,091 |
|
|
7,345 |
|
|
-3.46 |
% |
|
14,041 |
|
|
14,987 |
|
|
-6.31 |
% |
|
Provision for (recovery of) credit losses |
|
(123 |
) |
|
(254 |
) |
|
-51.57 |
% |
|
(676 |
) |
|
(114 |
) |
|
492.98 |
% |
|
Noninterest income |
|
4,191 |
|
|
3,444 |
|
|
21.69 |
% |
|
7,498 |
|
|
6,488 |
|
|
15.57 |
% |
|
Noninterest expense |
|
8,739 |
|
|
7,876 |
|
|
10.96 |
% |
|
16,827 |
|
|
15,951 |
|
|
5.49 |
% |
|
Income taxes |
|
518 |
|
|
633 |
|
|
-18.17 |
% |
|
1,053 |
|
|
1,120 |
|
|
-5.98 |
% |
|
Net income |
|
2,148 |
|
|
2,534 |
|
|
-15.23 |
% |
|
4,335 |
|
|
4,518 |
|
|
-4.05 |
% |
|
Weighted average shares outstanding - basic and diluted |
|
4,543,338 |
|
|
4,545,173 |
|
|
(1,835 |
) |
|
4,543,338 |
|
|
4,581,726 |
|
|
(38,388 |
) |
|
Basic and diluted net income per share |
$ |
0.47 |
|
$ |
0.56 |
|
$ |
(0.09 |
) |
$ |
0.95 |
|
$ |
0.99 |
|
$ |
(0.04 |
) |
|
Balance Sheet at period end: |
Jun 30,2024 |
Dec 31,2023 |
Change |
Jun 30,2023 |
Dec 31,2022 |
Change |
|
Loans, net |
$ |
616,088 |
$ |
601,921 |
|
2.35 |
% |
$ |
610,418 |
$ |
605,366 |
|
0.83 |
% |
|
Loans held for sale |
|
4,835 |
|
1,258 |
|
284.34 |
% |
|
6,160 |
|
2,423 |
|
154.23 |
% |
|
Total securities |
|
209,791 |
|
220,132 |
|
-4.70 |
% |
|
190,255 |
|
189,426 |
|
0.44 |
% |
|
Total deposits |
|
884,902 |
|
878,459 |
|
0.73 |
% |
|
867,092 |
|
848,138 |
|
2.23 |
% |
|
Stockholders' equity |
|
61,706 |
|
60,039 |
|
2.78 |
% |
|
52,732 |
|
50,226 |
|
4.99 |
% |
|
Total assets |
|
978,011 |
|
969,371 |
|
0.89 |
% |
|
950,896 |
|
928,571 |
|
2.40 |
% |
|
Shares outstanding |
|
4,543,338 |
|
4,543,338 |
|
- |
|
|
4,543,338 |
|
4,628,657 |
|
(85,319 |
) |
|
Book value per share |
$ |
13.58 |
$ |
13.21 |
$ |
0.37 |
|
$ |
11.61 |
$ |
10.85 |
$ |
0.76 |
|
|
Daily averages: |
ThreemonthsendedJun
30,2024 |
ThreemonthsendedJun
30,2023 |
Change |
YeartodateJun
30,2024 |
YeartodateJun
30,2023 |
Change |
|
Loans |
$ |
614,579 |
$ |
624,947 |
|
-1.66 |
% |
$ |
611,375 |
|
$ |
621,268 |
|
-1.59 |
% |
|
Loans held for sale |
|
4,134 |
|
3,766 |
|
9.77 |
% |
|
3,307 |
|
|
3,104 |
|
6.54 |
% |
|
Total securities (book value) |
|
242,349 |
|
222,680 |
|
8.83 |
% |
|
245,549 |
|
|
223,605 |
|
9.81 |
% |
|
Total deposits |
|
897,749 |
|
861,928 |
|
4.16 |
% |
|
891,152 |
|
|
858,429 |
|
3.81 |
% |
|
Stockholders' equity |
|
60,197 |
|
51,712 |
|
16.41 |
% |
|
60,045 |
|
|
50,618 |
|
18.62 |
% |
|
Interest earning assets |
|
941,099 |
|
892,900 |
|
5.40 |
% |
|
934,396 |
|
|
889,540 |
|
5.04 |
% |
|
Interest bearing liabilities |
|
778,210 |
|
733,998 |
|
6.02 |
% |
|
771,969 |
|
|
729,698 |
|
5.79 |
% |
|
Total assets |
|
994,871 |
|
944,883 |
|
5.29 |
% |
|
982,441 |
|
|
941,593 |
|
4.34 |
% |
|
Financial Ratios: |
ThreemonthsendedJun
30,2024 |
ThreemonthsendedJun
30,2023 |
Change |
YeartodateJun
30,2024 |
YeartodateJun
30,2023 |
Change |
|
Return on average assets |
0.87 |
% |
1.08 |
% |
(0.21 |
) |
0.89 |
% |
0.97 |
% |
(0.08 |
) |
|
Return on average equity |
14.35 |
% |
19.65 |
% |
(5.30 |
) |
14.52 |
% |
18.00 |
% |
(3.48 |
) |
|
Net interest margin |
3.02 |
% |
3.30 |
% |
(0.28 |
) |
3.02 |
% |
3.40 |
% |
(0.38 |
) |
|
Efficiency ratio |
77.46 |
% |
73.00 |
% |
4.46 |
|
78.12 |
% |
74.28 |
% |
3.84 |
|
|
Average equity to average assets |
6.05 |
% |
5.47 |
% |
0.58 |
|
6.11 |
% |
5.38 |
% |
0.73 |
|
|
Allowance for credit losses: |
ThreemonthsendedJun
30,2024 |
ThreemonthsendedJun
30,2023 |
Change |
YeartodateJun
30,2024 |
YeartodateJun
30,2023 |
Change |
|
Beginning balance |
$ |
6,920 |
|
$ |
7,715 |
|
-10.30 |
% |
$ |
7,412 |
|
$ |
6,259 |
|
18.42 |
% |
|
Retained earnings adjustment related to impact of adoption of ASU
2016-13 |
|
- |
|
|
- |
|
N/A |
|
- |
|
|
1,245 |
|
-100.00 |
% |
|
Recovery of credit losses* |
|
(99 |
) |
|
(198 |
) |
-50.00 |
% |
|
(600 |
) |
|
(58 |
) |
934.48 |
% |
|
Charge-offs |
|
(19 |
) |
|
(19 |
) |
0.00 |
% |
|
(84 |
) |
|
(52 |
) |
61.54 |
% |
|
Recoveries |
|
149 |
|
|
88 |
|
69.32 |
% |
|
223 |
|
|
192 |
|
16.15 |
% |
|
Ending balance |
|
6,951 |
|
|
7,586 |
|
-8.37 |
% |
|
6,951 |
|
|
7,586 |
|
-8.37 |
% |
| |
|
* Does not include allowance portion related to unfunded
commitments |
|
Nonperforming assets: |
Jun 30,2024 |
Dec 31,2023 |
Change |
Jun 30,2023 |
Dec 31,2022 |
Change |
|
Total nonperforming loans |
$ |
797 |
|
$ |
391 |
|
103.84 |
% |
$ |
415 |
|
$ |
633 |
|
-34.44 |
% |
|
Other real estate owned |
|
- |
|
|
- |
|
N/A |
|
566 |
|
|
566 |
|
0.00 |
% |
|
Total nonperforming assets |
|
797 |
|
|
391 |
|
103.84 |
% |
|
981 |
|
|
1,199 |
|
-18.18 |
% |
|
Asset quality ratios: |
Jun 30,2024 |
Dec 31,2023 |
Change |
Jun 30,2023 |
Dec 31,2022 |
Change |
|
Nonperforming loans to total loans |
0.13 |
% |
0.06 |
% |
0.07 |
|
0.07 |
% |
0.10 |
% |
(0.03 |
) |
|
Allowance for credit losses to total loans |
1.12 |
% |
1.21 |
% |
0.09 |
|
1.23 |
% |
1.02 |
% |
0.20 |
|
|
Allowance for credit losses to nonperforming loans |
872.15 |
% |
1895.65 |
% |
(1,023.51 |
) |
1827.95 |
% |
988.78 |
% |
839.17 |
|
Bank of the James Financ... (NASDAQ:BOTJ)
過去 株価チャート
から 6 2024 まで 7 2024
Bank of the James Financ... (NASDAQ:BOTJ)
過去 株価チャート
から 7 2023 まで 7 2024
