Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend
Bank of the James Financial Group (NASDAQ:BOTJ) reported Q4 2024 net income of $1.62 million ($0.36 per share), down from $2.11 million ($0.45 per share) in Q4 2023. Full-year 2024 net income was $7.94 million ($1.75 per share) compared to $8.70 million ($1.91 per share) in 2023.
Key highlights include: 6% loan growth to $636.55 million, 9% increase in commercial real estate loans to $335.53 million, and total deposits growth to $882.40 million. Net interest margin improved to 3.18% in Q4 2024, showing an upward trend from previous quarters. Total interest income rose 13% to $44.64 million for 2024.
Asset quality remained strong with nonperforming loans at 0.25% of total loans. Stockholders' equity grew 8% year-over-year, with book value per share increasing to $14.28. The board approved a quarterly dividend of $0.10 per share, payable March 21, 2025.
Bank of the James Financial Group (NASDAQ:BOTJ) ha registrato un reddito netto di $1.62 milioni ($0.36 per azione) nel quarto trimestre del 2024, in calo rispetto ai $2.11 milioni ($0.45 per azione) del quarto trimestre del 2023. Il reddito netto per l'intero anno 2024 è stato di $7.94 milioni ($1.75 per azione), rispetto agli $8.70 milioni ($1.91 per azione) del 2023.
Tra i principali risultati: crescita dei prestiti del 6% a $636.55 milioni, aumento del 9% nei prestiti per immobili commerciali a $335.53 milioni e crescita totale dei depositi a $882.40 milioni. Il margine di interesse netto è migliorato al 3.18% nel quarto trimestre del 2024, mostrando una tendenza al rialzo rispetto ai trimestri precedenti. Il reddito totale da interesse è aumentato del 13% a $44.64 milioni per il 2024.
La qualità degli attivi è rimasta solida con prestiti non performanti all'0.25% del totale dei prestiti. Il patrimonio netto degli azionisti è cresciuto dell'8% anno su anno, con il valore contabile per azione aumentato a $14.28. Il consiglio ha approvato un dividendo trimestrale di $0.10 per azione, pagabile il 21 marzo 2025.
Bank of the James Financial Group (NASDAQ:BOTJ) reportó un ingreso neto en el cuarto trimestre de 2024 de $1.62 millones ($0.36 por acción), una disminución desde los $2.11 millones ($0.45 por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de $7.94 millones ($1.75 por acción) en comparación con los $8.70 millones ($1.91 por acción) en 2023.
Los puntos destacados incluyen: crecimiento del 6% en préstamos a $636.55 millones, aumento del 9% en préstamos de bienes raíces comerciales a $335.53 millones y crecimiento total de depósitos a $882.40 millones. El margen de interés neto mejoró al 3.18% en el cuarto trimestre de 2024, mostrando una tendencia al alza con respecto a los trimestres anteriores. Los ingresos totales por intereses aumentaron un 13% a $44.64 millones para 2024.
La calidad de los activos se mantuvo sólida con préstamos no rentables en 0.25% del total de préstamos. El patrimonio de los accionistas creció un 8% interanual, con un valor en libros por acción que aumentó a $14.28. La junta aprobó un dividendo trimestral de $0.10 por acción, pagadero el 21 de marzo de 2025.
제임스 금융 그룹 (NASDAQ:BOTJ)는 2024년 4분기 순이익이 $1.62 백만 ($0.36 주당)으로 2023년 4분기 $2.11 백만 ($0.45 주당)에서 감소했다고 보고했습니다. 2024년 전체 연간 순이익은 $7.94 백만 ($1.75 주당)으로 2023년의 $8.70 백만 ($1.91 주당)과 비교되었습니다.
주요 하이라이트에는: 대출 6% 성장으로 $636.55 백만, 상업용 부동산 대출 9% 증가하여 $335.53 백만, 총 예금 성장 $882.40 백만이 포함됩니다. 순이자 마진은 2024년 4분기에 3.18%로 향상되어 이전 분기들에 비해 상승세를 보였습니다. 2024년 총 이자 수익은 13% 증가하여 $44.64 백만에 달했습니다.
자산 품질은 총 대출의 0.25% 비율로 부실 대출이 발생하며 강하게 유지되었습니다. 주주 자본은 전년 대비 8% 증가했으며, 주당 장부 가치는 $14.28로 증가했습니다. 이사회는 주당 $0.10의 분기 배당금을 승인했으며, 이는 2025년 3월 21일 지급됩니다.
Bank of the James Financial Group (NASDAQ:BOTJ) a rapporté un revenu net de 1,62 million de dollars (0,36 $ par action) au quatrième trimestre de 2024, en baisse par rapport à 2,11 millions de dollars (0,45 $ par action) au quatrième trimestre de 2023. Le revenu net pour l'ensemble de l'année 2024 s'élevait à 7,94 millions de dollars (1,75 $ par action) par rapport à 8,70 millions de dollars (1,91 $ par action) en 2023.
Les points clés comprennent : croissance des prêts de 6% à 636,55 millions de dollars, augmentation de 9% des prêts immobiliers commerciaux à 335,53 millions de dollars et croissance totale des dépôts à 882,40 millions de dollars. La marge d'intérêt nette s'est améliorée à 3,18 % au quatrième trimestre de 2024, montrant une tendance à la hausse par rapport aux trimestres précédents. Les revenus d'intérêts totaux ont augmenté de 13 % pour atteindre 44,64 millions de dollars en 2024.
La qualité des actifs est restée forte avec des prêts non performants représentant 0,25 % du total des prêts. Les capitaux propres des actionnaires ont augmenté de 8 % d'une année sur l'autre, le montant net par action ayant augmenté à 14,28 $. Le conseil d'administration a approuvé un dividende trimestriel de 0,10 $ par action, payable le 21 mars 2025.
Bank of the James Financial Group (NASDAQ:BOTJ) berichtete von einem Nettogewinn von $1.62 Millionen ($0.36 pro Aktie) im vierten Quartal 2024, ein Rückgang von $2.11 Millionen ($0.45 pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 betrug $7.94 Millionen ($1.75 pro Aktie) im Vergleich zu $8.70 Millionen ($1.91 pro Aktie) im Jahr 2023.
Wichtige Highlights sind: 6% Kreditwachstum auf $636.55 Millionen, 9% Anstieg bei gewerblichen Immobilienkrediten auf $335.53 Millionen sowie ein Anstieg der Gesamteinlagen auf $882.40 Millionen. Die Nettozinsspanne verbesserte sich im vierten Quartal 2024 auf 3.18%, was einen Aufwärtstrend im Vergleich zu den vorherigen Quartalen zeigt. Die Zinserträge stiegen um 13% auf $44.64 Millionen für 2024.
Die Asset-Qualität blieb stark mit notleidenden Krediten in Höhe von 0.25% der Gesamtkredite. Das Eigenkapital der Aktionäre stieg im Jahresvergleich um 8%, während der Buchwert pro Aktie auf $14.28 anstieg. Der Vorstand genehmigte eine vierteljährliche Dividende von $0.10 pro Aktie, die am 21. März 2025 zahlbar ist.
- Total loans increased 6% year-over-year to $636.55 million
- Commercial real estate loans grew 9% to $335.53 million
- Total interest income rose 13% to $44.64 million
- Noninterest income increased 18% to $15.14 million
- Strong asset quality with nonperforming loans ratio of 0.25%
- Stockholders' equity grew 8% with book value per share rising to $14.28
- Q4 2024 net income decreased to $1.62M from $2.11M in Q4 2023
- Full-year 2024 net income declined to $7.94M from $8.70M in 2023
- Net interest margin decreased to 3.11% in 2024 from 3.29% in 2023
- Interest expense increased 60.12% year-over-year to $15.41M
Insights
Bank of the James demonstrated resilient performance in a challenging interest rate environment, with several notable strengths despite earnings pressure. The 13% growth in interest income to
The margin expansion trend is particularly encouraging, with net interest margin improving sequentially from
Asset quality metrics remain exceptional, with nonperforming loans at just
The strategic investment in a new card processing contract, while impacting Q4 expenses with a
The 8% growth in stockholders' equity and increase in book value to
Loan Growth, Deposit Expansion, High Asset Quality
LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) -- 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 12 month periods ended December 31, 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 December 31, 2024 was
Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.
“With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.
“Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose
“Total loans, net, increased
“Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.
“Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.
“We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose
“We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”
Fourth Quarter and Full Year of 2024 Highlights
- Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a
$534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to$438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of$2.1 million associated with the contract. - Total interest income rose
13% to$44.64 million for the full year of 2024 compared with$39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to5.50% in 2024 compared with5.05% in 2023. - Net interest income after provision for (recovery of) credit losses in the full year of 2024 was
$29.89 million compared with$29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense. - Net interest margin in the fourth quarter of 2024 was
3.18% , trending up from3.16% in the third quarter and3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was3.11% compared with3.29% in 2023. Interest spread for the full year of 2024 was2.78% compared with3.06% a year earlier. - Total noninterest income for the full year of 2024 was
$15.14 million , up17.64% from$12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed$0.34 per share to earnings in 2024. - Loans, net of the allowance for credit losses, increased
6% to$636.55 million at December 31, 2024 compared with$601.92 million at December 31, 2023. - Commercial real estate loans (owner occupied and non-owner occupied) grew
9% to$335.53 million at December 31, 2024 from$306.86 million a year earlier. - Measures of asset quality included a ratio of nonperforming loans to total loans of
0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO). - Total assets were
$979.24 million at December 31, 2024 compared with$969.37 million at December 31, 2023. - Total deposits were
$882.40 million at December 31, 2024, up from$878.46 million at December 31, 2023. - Shareholder value measures included
8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of$42.80 million , up from$36.68 million a year earlier, and a book value per share of$14.28 compared with$13.21 at December 31, 2023. - On January 21, 2025 the Company’s board of directors approved a quarterly dividend of
$0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.
Fourth Quarter, Full Year of 2024 Operational Review
Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was
Total interest income increased to
During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were
Total interest expense in the fourth quarter of 2024 was
A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was
Noninterest income in the fourth quarter of 2024 rose
Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were
Noninterest expense in the fourth quarter of
Balance Sheet: Strong Cash Position, High Asset Quality
Total assets were
Loans, net of allowance for credit losses, were
Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were
Commercial construction/land loans and residential construction/land loans were
Residential mortgage loans that we intend to keep on the balance sheet were
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 December 31, 2024 was
Total deposits were
Key measures of shareholder value were positive. Stockholders’ equity increased
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 Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
| (unaudited) | |||||||
| Assets | 12/31/2024 | 12/31/2023 | |||||
| Cash and due from banks | $ | 23,287 | $ | 25,613 | |||
| Federal funds sold | 50,022 | 49,225 | |||||
| Total cash and cash equivalents | 73,309 | 74,838 | |||||
| Securities held-to-maturity (fair value of | 3,606 | 3,622 | |||||
| Securities available-for-sale, at fair value | 187,916 | 216,510 | |||||
| Restricted stock, at cost | 1,821 | 1,541 | |||||
| Loans, net of allowance for credit losses of | 636,552 | 601,921 | |||||
| Loans held for sale | 3,616 | 1,258 | |||||
| Premises and equipment, net | 19,313 | 18,141 | |||||
| Interest receivable | 3,065 | 2,835 | |||||
| Cash value - bank owned life insurance | 22,907 | 21,586 | |||||
| Customer relationship Intangible | 6,725 | 7,285 | |||||
| Goodwill | 2,054 | 2,054 | |||||
| Income taxes receivable | - | 128 | |||||
| Deferred tax asset | 8,936 | 8,206 | |||||
| Other assets | 9,424 | 9,446 | |||||
| Total assets | $ | 979,244 | $ | 969,371 | |||
| Liabilities and Stockholders' Equity | |||||||
| Deposits | |||||||
| Noninterest bearing demand | $ | 129,692 | $ | 134,275 | |||
| NOW, money market and savings | 522,208 | 538,229 | |||||
| Time | 230,504 | 205,955 | |||||
| Total deposits | 882,404 | 878,459 | |||||
| Capital notes, net | 10,048 | 10,042 | |||||
| Other borrowings | 9,300 | 9,890 | |||||
| Income taxes payable | 86 | - | |||||
| Interest payable | 722 | 480 | |||||
| Other liabilities | 11,819 | 10,461 | |||||
| Total liabilities | $ | 914,379 | $ | 909,332 | |||
| Stockholders' equity | |||||||
| Common stock | 9,723 | 9,723 | |||||
| Additional paid-in-capital | 35,253 | 35,253 | |||||
| Accumulated other comprehensive (loss) | (22,915 | ) | (21,615 | ) | |||
| Retained earnings | 42,804 | 36,678 | |||||
| Total stockholders' equity | $ | 64,865 | $ | 60,039 | |||
| Total liabilities and stockholders' equity | $ | 979,244 | $ | 969,371 | |||
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)
| For the Year Ended | ||||||||
| Ended December 31, | ||||||||
| Interest Income | 2024 | 2023 | ||||||
| Loans | $ | 34,505 | $ | 31,378 | ||||
| Securities | ||||||||
| US Government and agency obligations | 1,471 | 1,273 | ||||||
| Mortgage-backed securities | 2,381 | 1,899 | ||||||
| Municipals | 1,244 | 1,212 | ||||||
| Dividends | 95 | 82 | ||||||
| Corporates | 543 | 560 | ||||||
| Interest bearing deposits | 775 | 496 | ||||||
| Federal Funds sold | 3,629 | 2,462 | ||||||
| Total interest income | 44,643 | 39,362 | ||||||
| Interest Expense | ||||||||
| Deposits | ||||||||
| NOW, money market savings | 5,455 | 2,984 | ||||||
| Time Deposits | 9,173 | 5,796 | ||||||
| FHLB borrowings | - | 31 | ||||||
| Finance leases | 76 | 86 | ||||||
| Other borrowings | 376 | 398 | ||||||
| Capital notes | 327 | 327 | ||||||
| Total interest expense | 15,407 | 9,622 | ||||||
| Net interest income | 29,236 | 29,740 | ||||||
| Recovery of credit losses | (655 | ) | (179 | ) | ||||
| Net interest income after recovery of credit losses | 29,891 | 29,919 | ||||||
| Noninterest income | ||||||||
| Gains on sale of loans held for sale | 4,494 | 3,938 | ||||||
| Service charges, fees and commissions | 4,003 | 3,901 | ||||||
| Wealth management fees | 4,843 | 4,197 | ||||||
| Life insurance income | 721 | 548 | ||||||
| Other | 1,014 | 283 | ||||||
| Gain on sales of available-for-sale securities | 62 | - | ||||||
| Total noninterest income | 15,137 | 12,867 | ||||||
| Noninterest expenses | ||||||||
| Salaries and employee benefits | 19,294 | 18,311 | ||||||
| Occupancy | 1,964 | 1,819 | ||||||
| Equipment | 2,499 | 2,416 | ||||||
| Supplies | 542 | 530 | ||||||
| Professional, data processing, and other outside expense | 6,528 | 5,296 | ||||||
| Marketing | 768 | 919 | ||||||
| Credit expense | 816 | 805 | ||||||
| Other real estate expenses, net | - | 40 | ||||||
| FDIC insurance expense | 441 | 419 | ||||||
| Amortization of intangibles | 560 | 560 | ||||||
| Other | 1,693 | 1,392 | ||||||
| Total noninterest expenses | 35,105 | 32,507 | ||||||
| Income before income taxes | 9,923 | 10,279 | ||||||
| Income tax expense | 1,979 | 1,575 | ||||||
| Net Income | $ | 7,944 | $ | 8,704 | ||||
| Weighted average shares outstanding - basic and diluted | 4,543,338 | 4,562,374 | ||||||
| Net income per common share - basic and diluted | $ | 1.75 | $ | 1.91 | ||||
Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited
| Selected Data: | Three months ending Dec 31, 2024 | Three months ending Dec 31, 2023 | Change | Year to date Dec 31, 2024 | Year to date Dec 31, 2023 | Change | ||||||||||||
| Interest income | $ | 11,636 | $ | 10,538 | 10.42 | % | $ | 44,643 | $ | 39,362 | 13.42 | % | ||||||
| Interest expense | 3,950 | 3,149 | 25.44 | % | 15,407 | 9,622 | 60.12 | % | ||||||||||
| Net interest income | 7,686 | 7,389 | 4.02 | % | 29,236 | 29,740 | -1.69 | % | ||||||||||
| Provision for (recovery of) credit losses | (71 | ) | 99 | -171.72 | % | (655 | ) | (179 | ) | 265.92 | % | |||||||
| Noninterest income | 3,816 | 3,178 | 20.08 | % | 15,137 | 12,867 | 17.64 | % | ||||||||||
| Noninterest expense | 9,503 | 8,416 | 12.92 | % | 35,105 | 32,507 | 7.99 | % | ||||||||||
| Income taxes | 452 | (56 | ) | -907.14 | % | 1,979 | 1,575 | 25.65 | % | |||||||||
| Net income | 1,618 | 2,108 | -23.24 | % | 7,944 | 8,704 | -8.73 | % | ||||||||||
| Weighted average shares outstanding - basic and diluted | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,562,374 | (19,036 | ) | |||||||||||
| Basic and diluted net income per share | $ | 0.36 | $ | 0.45 | $ | (0.09 | ) | $ | 1.75 | $ | 1.91 | $ | (0.16 | ) | ||||
| Balance Sheet at period end: | Dec 31, 2024 | Dec 31, 2023 | Change | Dec 31, 2023 | Dec 31, 2022 | Change | ||||||||
| Loans, net | $ | 636,552 | $ | 601,921 | 5.75 | % | $ | 601,921 | $ | 605,366 | -0.57 | % | ||
| Loans held for sale | 3,616 | 1,258 | 187.44 | % | 1,258 | 2,423 | -48.08 | % | ||||||
| Total securities | 191,522 | 220,132 | -13.00 | % | 220,132 | 189,426 | 16.21 | % | ||||||
| Total deposits | 882,404 | 878,459 | 0.45 | % | 878,459 | 848,138 | 3.58 | % | ||||||
| Stockholders' equity | 64,865 | 60,039 | 8.04 | % | 60,039 | 50,226 | 19.54 | % | ||||||
| Total assets | 979,244 | 969,371 | 1.02 | % | 969,371 | 928,571 | 4.39 | % | ||||||
| Shares outstanding | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,628,657 | (85,319 | ) | |||||||
| Book value per share | $ | 14.28 | $ | 13.21 | $ | 1.07 | $ | 13.21 | $ | 10.85 | $ | 2.36 | ||
| Daily averages: | Three months ending Dec 31, 2024 | Three months ending Dec 31, 2023 | Change | Year to date Dec 31, 2024 | Year to date Dec 31, 2023 | Change | ||||||||||
| Loans | $ | 642,197 | $ | 609,800 | 5.31 | % | $ | 623,769 | $ | 616,047 | 1.25 | % | ||||
| Loans held for sale | 3,612 | 3,406 | 6.05 | % | 3,494 | 3,512 | -0.51 | % | ||||||||
| Total securities (book value) | 218,680 | 236,267 | -7.44 | % | 232,992 | 226,637 | 2.80 | % | ||||||||
| Total deposits | 920,655 | 882,277 | 4.35 | % | 901,449 | 867,269 | 3.94 | % | ||||||||
| Stockholders' equity | 68,563 | 50,097 | 36.86 | % | 62,575 | 50,977 | 22.75 | % | ||||||||
| Interest earning assets | 963,217 | 921,665 | 4.51 | % | 939,900 | 903,491 | 4.03 | % | ||||||||
| Interest bearing liabilities | 801,812 | 753,144 | 6.46 | % | 783,003 | 738,335 | 6.05 | % | ||||||||
| Total assets | 1,021,547 | 963,511 | 6.02 | % | 995,738 | 950,276 | 4.78 | % | ||||||||
| Financial Ratios: | Three months ending Dec 31, 2024 | Three months ending Dec 31, 2023 | Change | Year to date Dec 31, 2024 | Year to date Dec 31, 2023 | Change | ||||||||||
| Return on average assets | 0.63 | % | 0.87 | % | (0.24 | ) | 0.80 | % | 0.92 | % | (0.12 | ) | ||||
| Return on average equity | 9.39 | % | 16.69 | % | (7.30 | ) | 12.70 | % | 17.07 | % | (4.37 | ) | ||||
| Net interest margin | 3.18 | % | 3.18 | % | - | 3.11 | % | 3.29 | % | (0.18 | ) | |||||
| Efficiency ratio | 82.62 | % | 79.64 | % | 2.98 | 79.11 | % | 76.29 | % | 2.82 | ||||||
| Average equity to average assets | 6.71 | % | 5.20 | % | 1.51 | 6.28 | % | 5.36 | % | 0.92 | ||||||
| Allowance for credit losses: | Three months ending Dec 31, 2024 | Three months ending Dec 31, 2023 | Change | Year to date Dec 31, 2024 | Year to date Dec 31, 2023 | Change | ||||||||||
| Beginning balance | $ | 7,078 | $ | 7,320 | -3.31 | % | $ | 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* | (39 | ) | 123 | -131.71 | % | (533 | ) | (65 | ) | 720.00 | % | |||||
| Charge-offs | - | (40 | ) | -100.00 | % | (84 | ) | (236 | ) | -64.41 | % | |||||
| Recoveries | 5 | 9 | -44.44 | % | 249 | 209 | 19.14 | % | ||||||||
| Ending balance | 7,044 | 7,412 | -4.96 | % | 7,044 | 7,412 | -4.96 | % | ||||||||
| * does not include provision for or recovery of unfunded loan commitment liability | ||||||||||||||||
| Nonperforming assets: | Dec 31, 2024 | Dec 31, 2023 | Change | Dec 31, 2023 | Dec 31, 2022 | Change | ||||||
| Total nonperforming loans | $ | 1,640 | $ | 391 | 319.44 | % | $ | 391 | $ | 633 | -38.23 | % |
| Other real estate owned | - | - | N/A | - | 566 | -100.00 | % | |||||
| Total nonperforming assets | 1,640 | 391 | 319.44 | % | 391 | 1,199 | -67.39 | % | ||||
| Asset quality ratios: | Dec 31, 2024 | Dec 31, 2023 | Change | Dec 31, 2023 | Dec 31, 2022 | Change | ||||||
| Nonperforming loans to total loans | 0.25 | % | 0.06 | % | 0.19 | 0.06 | % | 0.10 | % | (0.04 | ) | |
| Allowance for credit losses for loans to total loans | 1.09 | % | 1.22 | % | (0.12 | ) | 1.22 | % | 1.02 | % | 0.19 | |
| Allowance for credit losses for loans to nonperforming loans | 429.51 | % | 1895.65 | % | (1,466.14 | ) | 1895.65 | % | 988.78 | % | 906.87 | |
FAQ
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