Bank of the James Announces Fourth Quarter, Full Year 2020 Financial Results and Declaration of Dividend
Bank of the James Financial Group (NASDAQ:BOTJ) reported strong fourth quarter and full-year results for 2020, achieving net income of $1.71 million or $0.39 per share for Q4, and $4.98 million or $1.15 per share for the year. Total noninterest income surged 53% to $11 million, driven by record revenue from residential mortgage sales. Total assets increased to $851.4 million, with a strong liquidity position and a stable asset quality of 0.34% nonperforming loans. The board declared a $0.07 per share dividend, and a share repurchase program was authorized, reflecting continued commitment to maximizing shareholder value.
- Net income increased by 12.5% YoY to $1.71 million in Q4 2020.
- Total noninterest income rose 53% YoY to $11 million, driven by strong residential mortgage activity.
- Total assets grew to $851.4 million, up from $725.4 million YoY, indicating solid growth.
- Declared a quarterly cash dividend of $0.07 per share, showcasing commitment to shareholders.
- Total stockholders’ equity increased to $66.7 million from $61.4 million YoY.
- Net income for 2020 declined by 11.2% YoY, indicating potential headwinds.
- Net interest income after provision for loan losses decreased to $22.6 million from $24 million YoY.
- Commercial loans decreased significantly due to PPP loans being forgiven, impacting revenue.
Preserving Asset Quality, Maintaining Safe Operations, Strong Residential Mortgage Activity
LYNCHBURG, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, today announced unaudited results for the three and 12 month periods ended December 31, 2020.
Net income for the three months ended December 31, 2020 was
Robert R. Chapman III, President and CEO, commented: “In 2020, our Company’s primary areas of focus were ensuring the health and safety of our employees and our customers, providing responsive service and operating efficiently with robust technological capabilities, and maintaining asset quality and liquidity in a fast-changing and challenging marketplace. While adapting to a more digital and socially distanced environment, our experienced bankers demonstrated flexibility and dedication as they met the challenges and provided the financial guidance, services and products customers needed.
“Our Company’s response to unprecedented economic and operating conditions enabled Bank of the James to deliver a positive financial performance, which included the best fourth quarter earnings in the Company’s history. We strengthened the balance sheet by enhancing liquidity, increasing the allowance for loan losses, lowering total nonperforming assets, and increasing total assets compared with a year earlier. Our financial performance continued a longstanding history of building shareholder value, including the continuation of a quarterly cash dividend. As we enter 2021, we continue to be on alert in a still-evolving and challenging economic environment.”
Highlights
- Net income in 2020 reflected strong noninterest income, which included record revenue from the gain on sale of originated residential mortgages to the secondary market. For the year ended December 31, 2020, total noninterest income was
$11.0 million , up53% compared with$7.2 million a year earlier. In addition to gains on sales of residential mortgages, noninterest income also reflected increased year-over-year income from gains on sales of available-for-sale securities, higher revenue from corporate treasury services, and loan processing and other fees. - Net interest income was
$6.9 million in the fourth quarter of 2020, up from$6.1 million a year earlier. For the year ended December 31, 2020, net interest income was$25.1 million compared with$24.6 million a year earlier. As a result of reduced commercial loan demand and activity due to the pandemic, interest income for the twelve months ended December 31, 2020 was slightly lower than 2019. The decrease was more than offset by lower interest expense during the same period. - Loans, net of the allowance for loan losses, were
$601.9 million at December 31, 2020, compared with$573.3 million at December 31, 2019. The increase primarily reflects the addition of government-guaranteed Payroll Protection Program (PPP) loans. Net loans declined from the end of the third quarter of 2020 as government PPP loans were forgiven. - Asset quality remained sound at
0.34% of nonperforming loans to total loans. The allowance for loan losses to total loans increased to1.17% at December 31, 2020 (approximately1.27% excluding government-guaranteed PPP loans) from0.84% at December 31, 2019, primarily reflecting increased reserves related to the impact of COVID-19. - Total deposits increased sharply to
$765.0 million at December 31, 2020 from$649.5 million at December 31, 2019. The increase reflects core deposit growth (noninterest-bearing demand, NOW, savings and money market accounts) as customers maintained higher balances, attributable in part to government economic stimulus funds not yet deployed, and also organic growth from increased deposit relationships. - Total stockholders’ equity was
$66.7 million at December 31, 2020 compared with$61.4 million at December 31, 2019. Book value per share rose to$15.38 per share from$14.10 t he prior year. - On January 19, 2021 the Company’s board of directors approved a
$0.07 per share dividend payable to stockholders of record on March 5, 2021, to be paid on March 19, 2021. - The Company's board of directors has also authorized a share repurchase program extending through January 18, 2022, which authorizes the Company to buy back up to 47,000 shares on such terms and conditions as the Company deems favorable and in compliance with Rule 10b-18 of the Securities Exchange Act of 1934.
“The pandemic and economic uncertainty in 2020 impacted our normal commercial lending activity and growth; however, we did earn new customers and help meet the capital needs of business customers with our wide variety of lending products and capabilities. Driven in part by PPP lending, commercial lending was up significantly year-over year. Both residential and commercial construction lending continued at a brisk pace. Our participation in the PPP was a positive experience, helping many small and medium-sized businesses throughout the region. We are ready to provide further assistance as a subsequent round of government-backed financing has just become available.
“Our mortgage business had an exceptional year as demand for homes throughout our served region was very strong. Our mortgage team, working with advanced technology, credit analysis and loan processing tools, were able to communicate and work with customers quickly and efficiently in a digitally driven environment. Residential mortgage origination activity drove significant noninterest income growth.
“While we remain cautious and watchful, we were last year, and continue to be encouraged by the relative economic strength of our region despite the appropriately cautious approach taken by businesses and individuals. Unemployment rates in the markets we serve have trended below national averages, housing demand has been strong, in part caused by low home inventories, and there continues to be generally stable business activity.
“We continue to focus on protecting the health and safety of employees and customers while effectively conducting business. We have continued our tradition of supporting the community through financial support of charitable and civic organizations, and we express unwavering gratitude for the services being provided by community outreach organizations, healthcare professionals, first-responders, and essential workers.”
Fourth Quarter, Full Year 2020 Operational Review
Total interest income was
Despite a larger deposit base and increased core deposits (noninterest-bearing demand, NOW, savings and money market accounts) interest expense during the quarter and year ended December 31, 2020 decreased as compared to the same periods last year due to a decrease in rates paid on interest-bearing liabilities from
Net interest income after the provision for loan losses was
For the full year of 2020, net interest income after the provision for loan losses was
The average rate earned on loans was
J. Todd Scruggs, Executive Vice President and CFO, commented: “While the reduction in the year-over-year margin and spread was disappointing, because of the challenges presented by the operating environment, we consider the reduction acceptable. Throughout the year, pressure on interest rates, the addition of low-interest PPP loans, which had a negative impact on rates earned, and carrying additional contingent liquidity in the form of Fed funds contributed to net interest margin compression.
“We received some PPP forgiveness payments in the fourth quarter of 2020, and while some PPP fees were accreted into interest income, the fees did not offset a decline in loan yields. In 2021 we anticipate that we will realize additional fees related to the PPP loans of approximately
In the fourth quarter of 2020, noninterest income, including gains from the sale of residential mortgages to the secondary market and income from the Bank’s line of treasury management services for commercial customers was
Noninterest income growth was a major factor in the Company’s full year 2020 financial results. Noninterest income for the year ended December 31, 2020 was
Noninterest expense for the three months and full year ended December 31, 2020 increased compared with a year earlier, reflecting increased personnel expenses that included performance-based compensation for residential mortgage production and costs related to an early retirement program. Noninterest expense in the full year of 2020 included approximately
For the year ended December 31, 2020, Return on Average Assets (ROAA) was
Balance Sheet Review: Asset Quality, Prudent Reserves, Liquidity
Total assets were
Loans, net of allowance for loan losses of
Commercial lending, excluding PPP lending, decreased in 2020. The Company approved and closed new loans, but not at a sufficient pace to offset payoffs and normal amortization. The Company has increased the allowance for loan and lease losses (ALLL) throughout 2020 to reflect the Company’s ongoing consideration of the pandemic in the development of the allowance estimate.
Residential mortgage origination was strong throughout 2020, generating fee income and gains from sale to the secondary market. The Company maintained a relatively stable portfolio of retained residential mortgages, which was
Total commercial loans were
Asset quality has remained strong, with a ratio of nonperforming loans to total loans of
Chapman noted that diligently managing credit quality and promptly working with customers to address credit issues contributed to what management believes was a relatively modest increase in nonperforming loans given the economic conditions. The Company’s allowance for loan losses to nonperforming loans increased to
Total deposits at December 31, 2020 were
The Company continued to build measures of shareholder value, with total stockholders’ equity of
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 Subsidiaries
Dollar amounts in thousands, except per share data
Unaudited
Selected Data
| Selected Data: | Three months ending Dec 31, 2020 | Three months ending Dec 31, 2019 | Change | Year to date Dec 31, 2020 | Year to date Dec 31, 2019 | Change | ||||||||
| Interest income | $ | 7,779 | $ | 7,596 | 2.41 | % | $ | 29,686 | $ | 29,816 | -0.44 | % | ||
| Interest expense | 890 | 1,491 | -40.31 | % | 4,540 | 5,264 | -13.75 | % | ||||||
| Net interest income | 6,889 | 6,105 | 12.84 | % | 25,146 | 24,552 | 2.42 | % | ||||||
| Provision for loan losses | 200 | 89 | 124.72 | % | 2,548 | 523 | 387.19 | % | ||||||
| Noninterest income | 2,936 | 2,149 | 36.62 | % | 10,975 | 7,188 | 52.69 | % | ||||||
| Noninterest expense | 7,518 | 6,336 | 18.66 | % | 27,394 | 24,283 | 12.81 | % | ||||||
| Income taxes | 397 | 309 | 28.48 | % | 1,199 | 1,329 | -9.78 | % | ||||||
| Net income | 1,710 | 1,520 | 12.50 | % | 4,980 | 5,605 | -11.15 | % | ||||||
| Weighted average shares outstanding - basic | 4,339,436 | 4,368,034 | (28,598 | ) | 4,341,575 | 4,375,814 | (34,239 | ) | ||||||
| Weighted average shares outstanding - diluted | 4,339,436 | 4,376,985 | (37,549 | ) | 4,341,575 | 4,381,597 | (40,022 | ) | ||||||
| Basic net income per share | $ | 0.39 | $ | 0.35 | $ | 0.04 | $ | 1.15 | $ | 1.28 | $ | (0.13 | ) | |
| Fully diluted net income per share | $ | 0.39 | $ | 0.35 | $ | 0.04 | $ | 1.15 | $ | 1.28 | $ | (0.13 | ) | |
| Balance Sheet at period end: | Dec 31, 2020 | Dec 31, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | ||||||||
| Loans, net | $ | 601,934 | $ | 573,274 | 5.00 | % | $ | 573,274 | $ | 530,016 | 8.16 | % | ||
| Loans held-for-sale | 7,102 | 4,221 | 68.25 | % | 4,221 | 1,670 | 152.75 | % | ||||||
| Total securities | 93,856 | 63,343 | 48.17 | % | 63,343 | 56,427 | 12.26 | % | ||||||
| Total deposits | 764,967 | 649,459 | 17.79 | % | 649,459 | 612,043 | 6.11 | % | ||||||
| Stockholders' equity | 66,732 | 61,445 | 8.60 | % | 61,445 | 55,143 | 11.43 | % | ||||||
| Total assets | 851,386 | 725,394 | 17.37 | % | 725,394 | 674,897 | 7.48 | % | ||||||
| Shares outstanding | 4,339,436 | 4,357,436 | (18,000 | ) | 4,357,436 | 4,378,436 | (21,000 | ) | ||||||
| Book value per share | $ | 15.38 | $ | 14.10 | $ | 1.28 | $ | 14.10 | $ | 12.59 | $ | 1.51 | ||
| Daily averages: | Three months ending Dec 31, 2020 | Three months ending Dec 31, 2019 | Change | Year to date Dec 31, 2020 | Year to date Dec 31, 2019 | Change | ||||||||||
| Loans, net | $ | 614,472 | $ | 531,836 | 15.54 | % | $ | 608,831 | $ | 551,362 | 10.42 | % | ||||
| Loans held-for-sale | 9,269 | 3,821 | 142.58 | % | 6,876 | 3,559 | 93.20 | % | ||||||||
| Total securities | 82,520 | 61,230 | 34.77 | % | 65,458 | 58,584 | 11.73 | % | ||||||||
| Total deposits | 772,437 | 649,769 | 18.88 | % | 725,878 | 628,680 | 15.46 | % | ||||||||
| Stockholders' equity | 63,429 | 60,416 | 4.99 | % | 62,193 | 58,871 | 5.64 | % | ||||||||
| Interest earning assets | 799,604 | 666,410 | 19.99 | % | 758,439 | 651,770 | 16.37 | % | ||||||||
| Interest bearing liabilities | 636,901 | 567,112 | 12.31 | % | 608,680 | 544,038 | 11.88 | % | ||||||||
| Total assets | 854,729 | 724,495 | 17.98 | % | 805,120 | 698,655 | 15.24 | % | ||||||||
| Financial Ratios: | Three months ending Dec 31, 2020 | Three months ending Dec 31, 2019 | Change | Year to date Dec 31, 2020 | Year to date Dec 31, 2019 | Change | ||||||||||
| Return on average assets | 0.79 | % | 0.83 | % | (0.04 | ) | 0.62 | % | 0.80 | % | (0.18 | ) | ||||
| Return on average equity | 10.70 | % | 9.98 | % | 0.72 | 8.01 | % | 9.52 | % | (1.51 | ) | |||||
| Net interest margin | 3.42 | % | 3.63 | % | (0.21 | ) | 3.32 | % | 3.77 | % | (0.45 | ) | ||||
| Efficiency ratio | 76.52 | % | 76.76 | % | (0.24 | ) | 75.84 | % | 76.51 | % | (0.67 | ) | ||||
| Average equity to average assets | 7.42 | % | 8.34 | % | (0.92 | ) | 7.72 | % | 8.43 | % | (0.71 | ) | ||||
| Allowance for loan losses: | Three months ending Dec 31, 2020 | Three months ending Dec 31, 2019 | Change | Year to date Dec 31, 2020 | Year to date Dec 31, 2019 | Change | ||||||||||
| Beginning balance | $ | 6,966 | $ | 4,773 | 45.95 | % | $ | 4,829 | $ | 4,581 | 5.41 | % | ||||
| Provision for losses | 200 | 89 | 124.72 | % | 2,548 | 523 | 387.19 | % | ||||||||
| Charge-offs | (52 | ) | (44 | ) | 18.18 | % | (448 | ) | (363 | ) | 23.42 | % | ||||
| Recoveries | 42 | 11 | 281.82 | % | 227 | 88 | 157.95 | % | ||||||||
| Ending balance | 7,156 | 4,829 | 48.19 | % | 7,156 | 4,829 | 48.19 | % | ||||||||
| Nonperforming assets: | Dec 31, 2020 | Dec 31, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | ||||||
| Total nonperforming loans | $ | 2,064 | $ | 1,301 | 58.65 | % | $ | 1,301 | $ | 2,939 | -55.73 | % |
| Other real estate owned | 1,105 | 2,339 | -52.76 | % | 2,339 | 2,430 | -3.74 | % | ||||
| Total nonperforming assets | 3,169 | 3,640 | -12.94 | % | 3,640 | 5,369 | -32.20 | % | ||||
| Troubled debt restructurings - (performing portion) | 392 | 410 | -4.39 | % | 410 | 424 | -3.30 | % | ||||
| Asset quality ratios: | Dec 31, 2020 | Dec 31, 2019 | Change | Dec 31, 2019 | Dec 31, 2018 | Change | ||||||
| Nonperforming loans to total loans | 0.34 | % | 0.23 | % | 0.11 | 0.23 | % | 0.55 | % | (0.32 | ) | |
| Allowance for loan losses to total loans | 1.17 | % | 0.84 | % | 0.33 | 0.84 | % | 0.86 | % | (0.02 | ) | |
| Allowance for loan losses to nonperforming loans | 346.71 | % | 371.18 | % | (24.47 | ) | 371.18 | % | 155.87 | % | 215.31 | |
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
| (unaudited) | ||||||
| Assets | 12/31/2020 | 12/31/2019 | ||||
| Cash and due from banks | $ | 31,683 | $ | 30,794 | ||
| Federal funds sold | 69,203 | 8,317 | ||||
| Total cash and cash equivalents | 100,886 | 39,111 | ||||
| Securities held-to-maturity (fair value of | 3,671 | 3,688 | ||||
| Securities available-for-sale, at fair value | 90,185 | 59,655 | ||||
| Restricted stock, at cost | 1,551 | 1,506 | ||||
| Loans, net of allowance for loan losses of | 601,934 | 573,274 | ||||
| Loans held-for-sale | 7,102 | 4,221 | ||||
| Premises and equipment, net | 16,621 | 16,297 | ||||
| Software, net | 361 | 401 | ||||
| Interest receivable | 2,350 | 1,866 | ||||
| Cash value - bank owned life insurance | 16,355 | 13,686 | ||||
| Other real estate owned | 1,105 | 2,339 | ||||
| Deferred tax asset | 1,219 | 1,177 | ||||
| Other assets | 8,046 | 8,173 | ||||
| Total assets | $ | 851,386 | $ | 725,394 | ||
| Liabilities and Stockholders' Equity | ||||||
| Deposits | ||||||
| Noninterest bearing demand | $ | 143,345 | $ | 93,936 | ||
| NOW, money market and savings | 463,506 | 362,821 | ||||
| Time | 158,116 | 192,702 | ||||
| Total deposits | 764,967 | 649,459 | ||||
| Capital notes | 10,027 | 5,000 | ||||
| Income taxes payable | 286 | 124 | ||||
| Interest payable | 85 | 173 | ||||
| Other liabilities | 9,289 | 9,193 | ||||
| Total liabilities | $ | 784,654 | $ | 663,949 | ||
| Stockholders' equity | ||||||
| Common stock | $ | 9,286 | $ | 9,325 | ||
| Additional paid-in-capital | 30,989 | 31,225 | ||||
| Accumulated other comprehensive income (loss) | 1,792 | (5 | ) | |||
| Retained earnings | 24,665 | 20,900 | ||||
| Total stockholders' equity | $ | 66,732 | $ | 61,445 | ||
| Total liabilities and stockholders' equity | $ | 851,386 | $ | 725,394 | ||
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)
| (unaudited) | For the Three Months | For the Year | ||||||||||
| Ended December 31, | Ended December 31, | |||||||||||
| Interest Income | 2020 | 2019 | 2020 | 2019 | ||||||||
| Loans | $ | 7,326 | $ | 7,009 | $ | 28,021 | $ | 27,559 | ||||
| Securities | ||||||||||||
| US Government and agency obligations | 184 | 210 | 690 | 755 | ||||||||
| Mortgage backed securities | 53 | 49 | 217 | 220 | ||||||||
| Municipals | 123 | 76 | 372 | 315 | ||||||||
| Dividends | 30 | 33 | 78 | 93 | ||||||||
| Other (Corporates) | 46 | 24 | 117 | 94 | ||||||||
| Interest bearing deposits | 4 | 73 | 89 | 326 | ||||||||
| Federal Funds sold | 13 | 122 | 102 | 454 | ||||||||
| Total interest income | 7,779 | 7,596 | 29,686 | 29,816 | ||||||||
| Interest Expense | ||||||||||||
| Deposits | ||||||||||||
| NOW, money market savings | 135 | 455 | 804 | 1,537 | ||||||||
| Time Deposits | 646 | 907 | 3,205 | 3,201 | ||||||||
| Finance leases | 28 | 30 | 115 | 71 | ||||||||
| Brokered time deposits | - | 49 | 143 | 255 | ||||||||
| Capital notes | 81 | 50 | 273 | 200 | ||||||||
| Total interest expense | 890 | 1,491 | 4,540 | 5,264 | ||||||||
| Net interest income | 6,889 | 6,105 | 25,146 | 24,552 | ||||||||
| Provision for loan losses | 200 | 89 | 2,548 | 523 | ||||||||
| Net interest income after provision for loan losses | 6,689 | 6,016 | 22,598 | 24,029 | ||||||||
| Noninterest income | ||||||||||||
| Gains on sale of loans held-for-sale | 2,226 | 1,151 | 7,812 | 4,254 | ||||||||
| Service charges, fees and commissions | 533 | 437 | 2,033 | 1,785 | ||||||||
| Life insurance income | 147 | 431 | 436 | 679 | ||||||||
| Other | 30 | 27 | 50 | 76 | ||||||||
| Gain on sales of available-for-sale securities | - | 103 | 644 | 394 | ||||||||
| Total noninterest income | 2,936 | 2,149 | 10,975 | 7,188 | ||||||||
| Noninterest expenses | ||||||||||||
| Salaries and employee benefits | 4,390 | 3,655 | 15,430 | 13,092 | ||||||||
| Occupancy | 401 | 403 | 1,638 | 1,655 | ||||||||
| Equipment | 612 | 586 | 2,350 | 2,107 | ||||||||
| Supplies | 126 | 130 | 479 | 597 | ||||||||
| Professional, data processing, and other outside expense | 807 | 871 | 3,691 | 3,432 | ||||||||
| Marketing | 167 | 217 | 667 | 866 | ||||||||
| Credit expense | 281 | 175 | 1,112 | 653 | ||||||||
| Other real estate expenses | 308 | 26 | 443 | 366 | ||||||||
| FDIC insurance expense | 116 | (49 | ) | 336 | 226 | |||||||
| Other | 310 | 322 | 1,248 | 1,289 | ||||||||
| Total noninterest expenses | 7,518 | 6,336 | 27,394 | 24,283 | ||||||||
| Income before income taxes | 2,107 | 1,829 | 6,179 | 6,934 | ||||||||
| Income tax expense | 397 | 309 | 1,199 | 1,329 | ||||||||
| Net Income | $ | 1,710 | $ | 1,520 | $ | 4,980 | $ | 5,605 | ||||
| Weighted average shares outstanding - basic | 4,339,436 | 4,368,034 | 4,341,575 | 4,375,814 | ||||||||
| Weighted average shares outstanding - diluted | 4,339,436 | 4,376,985 | 4,341,575 | 4,381,597 | ||||||||
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FAQ
What were Bank of the James' earnings for Q4 2020?
Bank of the James reported net income of $1.71 million or $0.39 per diluted share for Q4 2020.
How much did noninterest income increase for Bank of the James in 2020?
Noninterest income increased by 53% to $11 million for Bank of the James in 2020.
What is the stock price performance of BOTJ post-earnings announcement?
Following the earnings announcement, BOTJ demonstrated stability in stock performance reflecting strong financials.
What dividend was declared by Bank of the James?
The board declared a $0.07 per share dividend payable on March 19, 2021.
How has Bank of the James' asset quality performed in 2020?
Bank of the James maintained a sound asset quality with nonperforming loans at 0.34% of total loans as of December 31, 2020.
Bank of the James Financial Group, Inc
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BOTJ Stock Data
66.97M
3.84M
15.42%
21.92%
0.12%
Banks - Regional
State Commercial Banks
United States of America
LYNCHBURG
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