Bank of the James Announces Second Quarter, First Half 2021 Financial Results and Declaration of Dividend

Rhea-AI Summary

Bank of the James Financial Group (NASDAQ:BOTJ) reported strong financial results for the second quarter and first half of 2021. Net income for Q2 was $2.01 million ($0.42 per diluted share), up from $821,000 ($0.17 per diluted share) in Q2 2020. YTD net income reached $3.85 million ($0.81 per diluted share), compared to $1.82 million ($0.38 per diluted share) in the same period last year. The company declared a 10% stock dividend and a quarterly cash dividend of $0.07 per share. Total deposits increased to $819.4 million, reflecting core deposit growth, while net loans declined slightly due to PPP loan paydowns.

Positive

• Net income for Q2 2021 was $2.01 million, a 144% increase year-over-year.
• YTD net income grew to $3.85 million, up 112% compared to the previous year.
• Noninterest income rose by 9% to $3.05 million, driven by mortgage loan processing fees.
• Total deposits increased to $819.4 million, reflecting strong core deposit growth.
• Declared a 10% stock dividend and a quarterly cash dividend of $0.07 per share.

Negative

• Net loans slightly declined to $595.2 million due to ongoing paydowns of PPP loans.
• Commercial loan activity remained subdued due to pandemic impacts and declining demand.
• Return on interest-earning assets decreased to 3.39% from 3.74% year-over-year.

Asset Quality, Commercial Banking Momentum, Active Mortgage Lending

LYNCHBURG, Va., July 23, 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 six month periods ended June 30, 2021.

Net income for the three months ended June 30, 2021 was $2.01 million or $0.42 per diluted share compared with $821 thousand or $0.17 per diluted share for the three months ended June 30, 2020. For the six months ended June 30, 2021, net income was $3.85 million or $0.81 per diluted share compared with $1.82 million or $0.38 million per diluted share for the six months ended June 30, 2020. The outstanding shares used to calculate earnings per share for both the 2020 and 2021 have been adjusted to include a 10% stock dividend declared in June 2021.

Robert R. Chapman III, President and CEO, commented: “Strong second quarter and first half earnings reflected our team’s commitment to serving and supporting clients’ financial needs despite challenges presented by the pandemic and economic uncertainties. Maximizing opportunities to serve in commercial banking, including active participation in the Payroll Protection Program (PPP), and residential mortgage originations have generated revenue gains. Diligent attention to expense management, efficient operation, and maintaining a strong balance sheet and high loan quality have supported the Company’s positive financial performance.

“Our financial performance enabled the Company to thank shareholders for their support and confidence with a 10% stock dividend in the second quarter in addition to our quarterly cash dividend, reflecting our expectations that the Company’s prospects are very encouraging.

“We are heartened by the signs of economic and health recovery in our communities. Our ongoing assessments indicate our customers and communities have essentially weathered the worst of the pandemic conditions and are well-positioned to move ahead. However, we believe there is still a great deal of risk and uncertainty on the health and economic fronts. We continue our diligent credit monitoring and are staying in close contact with customers.

“We are maintaining strong cash reserves to help hedge potential risks related to the ongoing economic uncertainty and COVID-19 Delta variant risks. We also believe that our level of allowance for loan losses is adequate and reflects the current economic uncertainty. We are proceeding with optimism. However, we are proceeding with care and maintaining a prudent financial stance.”

Highlights

• Net income in the second quarter of 2021 included strong noninterest income, which was $3.05 million, up 9% from $2.80 million in the second quarter of 2020, primarily driven by mortgage loan processing fees and gains on the sale of originated residential mortgages to the secondary market, fees from electronic corporate treasury services, and mortgage loan processing. In the first half of 2021, residential mortgage loan origination and gain-on-sale of loans contributed to a 10% year-over-year growth in noninterest income.
• Total interest income was $7.23 million in the second quarter of 2021 compared with $7.08 million a year earlier, and $14.60 million in the first half of 2021 and 2020. Commercial lending activity in both periods of 2021 was subdued, reflecting the impact of the pandemic and economic conditions on commercial loan demand, generally strong cash positions of businesses, and pressure on interest rates.
• Net interest income after provision for loan losses was $6.71 million in the second quarter of 2021 and $13.46 million in the first half of 2021, up 31% and 29%, respectively, compared with the 2020 periods. Net interest income in both periods of 2021 primarily reflected a 55% year-over-year reduction of interest expense and no provision for loan losses in both periods of 2021.
• Loans, net of the allowance for loan losses, were $595.2 million at June 30, 2021, compared with $601.9 million at December 31, 2020, primarily reflecting ongoing paydowns of PPP loans.
• Commercial real estate loans (owner occupied and non-owner occupied) increased in the second quarter of 2021 from the first quarter of 2021 and have grown by $38.2 million since June 30, 2020.
• Asset quality remained sound with a 0.33% ratio of nonperforming loans to total loans, reflecting strong credit quality and fewer nonperforming loans. The allowance for loan losses to total loans was 1.20% at June 30, 2021 (approximately 1.29% excluding government-guaranteed PPP loans).
• Total deposits were $819.4 million at June 30, 2021 compared with $765.0 million at December 31, 2020, reflecting continued core deposit growth (noninterest-bearing demand, NOW, savings and money market accounts) and declines in time deposits.
• Total stockholders’ equity was $68.1 million at June 30, 2021 compared with $66.7 million at December 31, 2020. Book value per share was $14.36 at June 30, 2021 compared with $15.38 per share at December 31, 2020, primarily reflecting the 10% stock dividend declared in the second quarter of 2021.
• On July 20, 2021 the Company’s board of directors approved a quarterly $0.07 per share dividend payable to stockholders of record on September 3, 2021, to be paid on September 17, 2021.

Second Quarter, First Half 2021 Operational Review

Net interest income after provision for loan losses in the second quarter of 2021 was $6.7 million compared with $5.2 million in the second quarter of 2020, reflecting no loan loss provision in the 2021 period and a $760,000 provision in the second quarter of 2020. Total interest income was $7.2 million in the second quarter of 2021, compared with $7.1 million a year earlier. Total interest income in the second quarter and first half of 2021 reflected relatively flat commercial lending activity (exclusive of PPP lending) and continued downward pressure on interest rates. The return on interest earning assets was 3.39% compared with 3.74% a year earlier.

The Company trimmed interest expense to $524,000 in the second quarter of 2021, down 55% compared with a year earlier, reflecting reduced costs of time deposits and borrowings, a retirement of higher-cost debt in 2020, and growth of lower-cost core deposits (noninterest-bearing demand, NOW, savings and money market accounts). The Company lowered the rate paid on total interest-bearing liabilities to 0.31% in the second quarter of 2021 from 0.76% a year earlier. The net interest margin was 3.15% and interest spread was 3.08% in the second quarter of 2021 – relatively consistent with the 2020 period.

In the first half of 2021, net interest income after provision for loan losses was $13.5 million compared with $10.4 million for the six months of 2020. The first half of 2021 reflected similar year-over-year comparisons, including flat total interest income, lower return on interest earning assets, sharply reduced interest expense, and lower rates paid on interest-bearing liabilities. The Company had no provision for loan losses in the first half of 2021 compared with a $1.6 million provision for loan losses in the first half of 2020.

J. Todd Scruggs, Executive Vice President and CFO, commented: “We believe we have maximized revenue opportunities and managed expenses, and thus far we have been able to navigate the challenges posed by the pandemic. We have accreted some of the PPP fees into interest income, which has provided support for interest income and net interest margin during a period of minimal commercial lending growth. We continue to recognize fees from processing the later rounds of PPP loans, although we anticipate this will be slowing in the coming months as PPP loans are paid off and forgiven.

“We anticipate that as businesses continue their recovery and are able to more accurately assess business activity and growth opportunities, we can look forward to a return to more normal interest income activity. We expect a competitive commercial lending market and interest rate pressure will continue as the recovery continues.”

In the second quarter of 2021, 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 $3.0 million compared with $2.8 million in the second quarter of 2020. Strong residential mortgage originations generated $2.3 million in gains from the sale of loans held-for-sale in the second quarter of 2021 compared with $2.0 million in the second quarter of 2020.

Noninterest expense for the three months ended June 30, 2021 increased modestly compared with a year earlier, primarily reflecting increased personnel expenses that included performance-based compensation for residential mortgage production and employee work on PPP loans.

For the three months ended June 30, 2021, Return on Average Assets (ROAA) was 0.88% compared with 0.41% a year earlier, primarily reflecting asset growth and increased earnings. Return on Average Equity (ROAE) increased to 12.23% compared with 5.33% a year earlier. For the three months ended June 30, 2021, the Company’s efficiency ratio was 74.16%, improving from 79.65% for the three months ended June 30, 2020.

Noninterest income in the first half of 2021 was $5.5 million, up 10% from $5.0 million in the first half of 2020, primarily reflecting year-over-year growth in gains from the sale of residential mortgage loans to the secondary market. Noninterest expense increased slightly to $14.1 million in the first half of 2021 from $13.1 million a year earlier. The Company’s ROAA, ROAE and efficiency ratio reflected improvements similar to those in the quarterly comparisons.

Balance Sheet Review: Loan Quality, Strong Reserves, CRE Gains

Total assets were $908.4 million at June 30, 2021 compared with $851.4 million at December 31, 2020, with the increase primarily reflecting an increase in deposits.

Loans, net of allowance for loan losses of $7.2 million, were $595.2 million at June 30, 2021 compared with loans, net of allowance for loan losses of $7.2 million of $601.9 million at December 31, 2020. Net loans declined slightly from $606.5 million at March 31, 2021, which reflected the ongoing paydowns and forgiveness of PPP loans as the program winds down. At June 30, 2021, the Company had approximately $39.3 million of government-guaranteed PPP loans and expects this total to continue declining in the coming months.

Commercial loans, including outstanding PPP loans, were $133.6 million at June 30, 2021, down from $145.1 million at December 31, 2020 and $155.2 million at March 31, 2021. As noted, this decline primarily reflects paydowns of PPP loans. Slower business activity and conservative borrowing during the pandemic continues to depress commercial lending. Although the Company has approved and closed new commercial loans, activity has not been at a sufficient pace to offset payoffs and normal amortization. Management noted some businesses have used higher cash reserves to pay down lines of credit balances.

Commercial real estate and commercial construction lending have increased modestly during the past year despite the pandemic and economic uncertainties. At June 30, 2021, commercial mortgages-owner occupied were $117.8 million compared with $93.0 million a year earlier and increased approximately $8.2 million during the second quarter from $109.7 million at March 31, 2021. Non-owner occupied commercial mortgages were $178.0 million at June 30, 2021 compared with $164.5 million at June 30, 2020 and increased from $170.5 million at March 31, 2021. Commercial construction loans increased to $30.8 million from $20.2 million a year earlier.

Consumer loans were relatively stable year-over-year. Retained residential mortgage totals declined to $37.6 million at June 30, 2021 from $50.4 million at June 30, 2020, reflecting the Company’s ongoing practice of selling originated residential mortgages to the secondary market and judicious management of retained mortgage loans. Residential construction loans increased modestly year-over-year.

Asset quality has remained strong, with a ratio of nonperforming loans to total loans of 0.33% at June 30, 2021 compared with 0.34% at December 31, 2020. The allowance for loan losses to total loans was 1.20% (approximately 1.29%, excluding guaranteed PPP loans) at June 30, 2021 compared with 1.17% at December 31, 2020 (approximately 1.25% excluding PPP loans). Total nonperforming loans were $2.0 million at June 30, 2021 compared with $2.1 million at December 31, 2020. Other real estate owned was $761,000 at June 30, 2021 compared with $1.1 million at December 31, 2020.

The Company maintained a significant 363% allowance for loan losses to nonperforming loans ratio, which management believes reflects estimates of continued loan portfolio risk primarily attributable to the ongoing economic uncertainties arising from the COVID-19 pandemic, which have lingered due to lagging vaccination rates and an increase in cases within our markets related to the Delta variant.

Total deposits at June 30, 2021 were $819.4 million, compared with $765.0 million at December 31, 2020. As in the past several quarters, increased demand deposits accounted for the growth, in part due to increased balances held by businesses and organic growth in the Bank’s markets. Time deposits declined during the quarter as the Bank continued to allow higher interest time deposits to roll off. Core deposits (noninterest bearing demand, NOW, money market and savings) were approximately 82% of total deposits at June 30, 2021.

The Company’s measures of shareholder value included total stockholders’ equity of $68.1 million at June 30, 2021, compared with $66.7 million at December 31, 2020 and book value per share of $14.36. As noted, strong quarterly earnings enabled the Company to issue a 10% stock dividend and continue to pay a quarterly $0.07 dividend per share. The Company intends to continue to take advantage of opportunities to repurchase shares at or below book value.

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:	Three months ending Jun 30, 2021		Three months ending Jun 30, 2020		Change			Year to date Jun 30, 2021		Year to date Jun 30, 2020		Change
Interest income	$	7,234	$	7,081		2.16	%	$	14,599	$	14,569		0.21	%
Interest expense		524		1,163		-54.94	%		1,141		2,515		-54.63	%
Net interest income		6,710		5,918		13.38	%		13,458		12,054		11.65	%
Provision for loan losses		-		760		-100.00	%		-		1,648		-100.00	%
Noninterest income		3,049		2,789		9.32	%		5,483		4,975		10.21	%
Noninterest expense		7,237		6,935		4.35	%		14,126		13,132		7.57	%
Income taxes		508		191		165.97	%		966		433		123.09	%
Net income		2,014		821		145.31	%		3,849		1,816		111.95	%
Weighted average shares outstanding - basic (1)		4,748,356		4,773,380		(25,024	)		4,757,480		4,778,112		(20,632	)
Weighted average shares outstanding - diluted (1)		4,748,356		4,773,380		(25,024	)		4,757,480		4,778,112		(20,632	)
Basic net income per share (1)	$	0.42	$	0.17	$	0.25		$	0.81	$	0.38	$	0.43
Fully diluted net income per share (1)	$	0.42	$	0.17	$	0.25		$	0.81	$	0.38	$	0.43

(1) Shares and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared in June 2021.

Balance Sheet at period end:	Jun 30, 2021		Dec 31, 2020		Change			Jun 30, 2020		Dec 31, 2019		Change
Loans, net	$	595,172	$	601,934		-1.12	%	$	623,564	$	573,274		8.77	%
Loans held for sale		6,253		7,102		-11.95	%		6,098		4,221		44.47	%
Total securities		134,627		93,856		43.44	%		58,751		63,343		-7.25	%
Total deposits		819,442		764,967		7.12	%		745,986		649,459		14.86	%
Stockholders' equity		68,091		66,732		2.04	%		64,465		61,445		4.91	%
Total assets		908,364		851,386		6.69	%		827,098		725,394		14.02	%
Shares outstanding		4,741,560		4,339,436		402,124			4,339,436		4,357,436		(18,000	)
Book value per share	$	14.36	$	15.38	$	(1.02	)	$	14.86	$	14.10	$	0.76

Daily averages:	Three months ending Jun 30, 2021		Three months ending Jun 30, 2020		Change		Year to date Jun 30, 2021		Year to date Jun 30, 2020		Change
Loans, net	$	610,338	$	620,572	-1.65	%	$	610,876	$	597,378	2.26	%
Loans held for sale		5,542		5,653	-1.96	%		5,848		4,563	28.16	%
Total securities		116,214		56,647	105.15	%		106,283		58,296	82.32	%
Total deposits		829,187		731,009	13.43	%		808,861		695,436	16.31	%
Stockholders' equity		66,066		61,776	6.94	%		65,434		61,509	6.38	%
Interest earning assets		855,748		759,306	12.70	%		836,285		720,305	16.10	%
Interest bearing liabilities		671,812		614,343	9.35	%		657,756		594,207	10.69	%
Total assets		918,350		808,602	13.57	%		897,917		772,170	16.28	%

Financial Ratios:	Three months ending Jun 30, 2021		Three months ending Jun 30, 2020		Change		Year to date Jun 30, 2021		Year to date Jun 30, 2020		Change
Return on average assets	0.88	%	0.41	%	0.47		0.86	%	0.47	%	0.39
Return on average equity	12.23	%	5.33	%	6.90		11.86	%	5.95	%	5.91
Net interest margin	3.15	%	3.13	%	0.02		3.25	%	3.37	%	(0.12	)
Efficiency ratio	74.16	%	79.65	%	(5.49	)	74.58	%	77.12	%	(2.54	)
Average equity to average assets	7.19	%	7.64	%	(0.45	)	7.29	%	7.97	%	(0.68	)

Allowance for loan losses:	Three months ending Jun 30, 2021		Three months ending Jun 30, 2020			Change		Year to date Jun 30, 2021			Year to date Jun 30, 2020			Change
Beginning balance	$	7,106	$	5,474		29.81	%	$	7,156		$	4,829		48.19	%
Provision for losses		-		760		-100.00	%		-			1,648		-100.00	%
Charge-offs		-		(79	)	-100.00	%		(64	)		(339	)	-81.12	%
Recoveries		106		38		178.95	%		120			55		118.18	%
Ending balance		7,212		6,193		16.45	%		7,212			6,193		16.45	%

Nonperforming assets:	Jun 30, 2021		Dec 31, 2020		Change		Jun 30, 2020		Dec 31, 2019		Change
Total nonperforming loans	$	1,985	$	2,064	-3.83	%	$	5,186	$	1,301	298.62	%
Other real estate owned		761		1,105	-31.13	%		1,616		2,339	-30.91	%
Total nonperforming assets		2,746		3,169	-13.35	%		6,802		3,640	86.87	%
Troubled debt restructurings - (performing portion)		380		392	-3.06	%		402		410	-1.95	%

Asset quality ratios:	Jun 30, 2021		Dec 31, 2020		Change		Jun 30, 2020		Dec 31, 2019		Change
Nonperforming loans to total loans	0.33	%	0.34	%	(0.01	)	0.82	%	0.23	%	0.59
Allowance for loan losses to total loans	1.20	%	1.17	%	0.03		0.98	%	0.84	%	0.14
Allowance for loan losses to nonperforming loans	363.32	%	346.71	%	16.61		119.42	%	371.18	%	(251.76	)

 

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)

Assets	(unaudited) 6/30/2021			12/31/2020
Cash and due from banks	$	39,395		$	31,683
Federal funds sold		83,894			69,203
Total cash and cash equivalents		123,289			100,886
Securities held-to-maturity (fair value of $4,056 in 2021 and $4,192 in 2020)		3,663			3,671
Securities available-for-sale, at fair value		130,964			90,185
Restricted stock, at cost		1,324			1,551
Loans, net of allowance for loan losses of $7,212 in 2021 and $7,156 in 2020		595,172			601,934
Loans held for sale		6,253			7,102
Premises and equipment, net		16,919			16,621
Software, net		249			361
Interest receivable		2,105			2,350
Cash value - bank owned life insurance		18,553			16,355
Other real estate owned		761			1,105
Other assets		9,112			9,265
Total assets	$	908,364		$	851,386
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing demand		156,594			143,345
NOW, money market and savings		519,434			463,506
Time		143,414			158,116
Total deposits		819,442			764,967
Capital notes		10,029			10,027
Interest payable		56			85
Other liabilities		10,746			9,575
Total liabilities	$	840,273		$	784,654
Stockholders' equity
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,741,560 and 4,339,436 as of June 30, 2021 and December 31, 2020		10,147			9,286
Additional paid-in-capital		37,244			30,989
Accumulated other comprehensive income		336			1,792
Retained earnings		20,364			24,665
Total stockholders' equity	$	68,091		$	66,732
Total liabilities and stockholders' equity	$	908,364		$	851,386

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)

(unaudited)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Interest Income		2021			2020			2021			2020
Loans	$	6,624		$	6,732		$	13,484		$	13,737
Securities
US Government and agency obligations		219			151			410			338
Mortgage backed securities		84			55			161			114
Municipals		203			80			356			155
Dividends		29			24			35			33
Other (Corporates)		50			23			100			46
Interest bearing deposits		5			6			19			70
Federal Funds sold		20			10			34			76
Total interest income		7,234			7,081			14,599			14,569
Interest Expense
Deposits
NOW, money market savings		138			166			273			492
Time Deposits		278			864			651			1,761
Finance leases		27			28			54			58
Brokered time deposits		-			48			-			97
Capital notes		81			57			163			107
Total interest expense		524			1,163			1,141			2,515
Net interest income		6,710			5,918			13,458			12,054
Provision for loan losses		-			760			-			1,648
Net interest income after provision for loan losses		6,710			5,158			13,458			10,406
Noninterest income
Gains on sale of loans held for sale		2,310			1,950			4,084			3,127
Service charges, fees and commissions		637			514			1,191			1,002
Life insurance income		100			110			198			188
Other		2			2			10			14
Gain on sales of available-for-sale securities		-			213			-			644
Total noninterest income		3,049			2,789			5,483			4,975
Noninterest expenses
Salaries and employee benefits		4,076			3,973			7,808			7,327
Occupancy		405			382			833			818
Equipment		631			569			1,257			1,178
Supplies		116			106			234			233
Professional, data processing, and other outside expense		1,035			970			1,949			1,894
Marketing		238			179			511			315
Credit expense		284			276			560			472
Other real estate expenses		7			21			73			120
FDIC insurance expense		123			87			288			144
Other		322			372			613			631
Total noninterest expenses		7,237			6,935			14,126			13,132
Income before income taxes		2,522			1,012			4,815			2,249
Income tax expense		508			191			966			433
Net Income	$	2,014		$	821		$	3,849		$	1,816
Weighted average shares outstanding - basic (1)		4,748,356			4,773,380			4,757,480			4,778,112
Weighted average shares outstanding - diluted (1)		4,748,356			4,773,380			4,757,480			4,778,112
Net income per common share - basic (1)	$	0.42		$	0.17		$	0.81		$	0.38
Net income per common share - diluted (1)	$	0.42		$	0.17		$	0.81		$	0.38

(1) Shares and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared in June 2021.

FAQ

What were Bank of the James' Q2 2021 earnings results?

Bank of the James reported Q2 2021 net income of $2.01 million, or $0.42 per diluted share.

How did Bank of the James perform in the first half of 2021?

In the first half of 2021, net income reached $3.85 million, or $0.81 per diluted share, compared to $1.82 million a year prior.

What is the current stock dividend of Bank of the James?

Bank of the James declared a quarterly cash dividend of $0.07 per share, in addition to a 10% stock dividend.

What changes occurred in Bank of the James' total deposits?

Total deposits increased to $819.4 million at June 30, 2021, up from $765.0 million at the end of 2020.

What challenges did Bank of the James face in Q2 2021?

The company experienced subdued commercial loan activity and a slight decline in net loans due to PPP paydowns.