Bank of the James Announces Second Quarter, First Half of 2024 Financial Results and Declaration of Dividend
Bank of the James Financial Group (NASDAQ:BOTJ) reported net income of $2.15 million or $0.47 per share for Q2 2024, compared to $2.53 million or $0.56 per share in Q2 2023. For H1 2024, net income was $4.34 million or $0.95 per share, versus $4.52 million or $0.99 per share in H1 2023. Key highlights include:
- Total interest income rose 14% to $10.94 million in Q2 2024
- Net interest income after credit loss recovery was $7.21 million in Q2 2024
- Noninterest income increased 22% to $4.19 million in Q2 2024
- Loans, net grew to $616.09 million as of June 30, 2024
- Total deposits reached $884.90 million as of June 30, 2024
- Book value per share increased to $13.58
The company maintained strong asset quality and opened new branches to expand its market presence.
Il Bank of the James Financial Group (NASDAQ:BOTJ) ha riportato un utile netto di 2,15 milioni di dollari o 0,47 dollari per azione per il secondo trimestre del 2024, rispetto a 2,53 milioni di dollari o 0,56 dollari per azione nel secondo trimestre del 2023. Per il primo semestre del 2024, l'utile netto è stato di 4,34 milioni di dollari o 0,95 dollari per azione, contro 4,52 milioni di dollari o 0,99 dollari per azione nel primo semestre del 2023. Tra i principali risultati si evidenziano:
- Il totale dei proventi da interessi è aumentato del 14% a 10,94 milioni di dollari nel secondo trimestre del 2024
- Il reddito netto da interessi, dopo il recupero delle perdite su crediti, è stato di 7,21 milioni di dollari nel secondo trimestre del 2024
- Il reddito non da interessi è aumentato del 22% a 4,19 milioni di dollari nel secondo trimestre del 2024
- I prestiti, netti sono cresciuti a 616,09 milioni di dollari al 30 giugno 2024
- Il totale dei depositi ha raggiunto 884,90 milioni di dollari al 30 giugno 2024
- Il valore contabile per azione è aumentato a 13,58 dollari
L'azienda ha mantenuto una forte qualità degli attivi e ha aperto nuove filiali per espandere la propria presenza sul mercato.
El Bank of the James Financial Group (NASDAQ:BOTJ) reportó un ingreso neto de 2.15 millones de dólares o 0.47 dólares por acción para el segundo trimestre de 2024, en comparación con 2.53 millones de dólares o 0.56 dólares por acción en el segundo trimestre de 2023. Para el primer semestre de 2024, el ingreso neto fue de 4.34 millones de dólares o 0.95 dólares por acción, frente a 4.52 millones de dólares o 0.99 dólares por acción en el primer semestre de 2023. Los principales aspectos destacados incluyen:
- Los ingresos totales por intereses aumentaron un 14% a 10.94 millones de dólares en el segundo trimestre de 2024
- Los ingresos netos por intereses, después de la recuperación de pérdidas crediticias, fueron de 7.21 millones de dólares en el segundo trimestre de 2024
- Los ingresos no por intereses aumentaron un 22% a 4.19 millones de dólares en el segundo trimestre de 2024
- Los préstamos, netos crecieron a 616.09 millones de dólares al 30 de junio de 2024
- Los depósitos totales alcanzaron 884.90 millones de dólares al 30 de junio de 2024
- El valor contable por acción aumentó a 13.58 dólares
La empresa mantuvo una sólida calidad de activos y abrió nuevas sucursales para expandir su presencia en el mercado.
제임스 금융 그룹 (NASDAQ:BOTJ)은 2024년 2분기 동안 275만 달러의 순이익 또는 주당 0.47달러를 보고했습니다. 이는 2023년 2분기 2.53백만 달러 또는 주당 0.56달러와 비교됩니다. 2024년 상반기 동안 순이익은 434만 달러 또는 주당 0.95달러로, 2023년 상반기 4.52백만 달러 또는 주당 0.99달러에 비해 약간 감소하였습니다. 주요 사항은 다음과 같습니다:
- 총 이자 수익이 14% 증가하여 2분기 1,094만 달러에 도달
- 신용 손실 회복 후 순이자 수익이 2분기 721만 달러로 증가
- 비이자 수익이 2분기 419만 달러로 22% 증가
- 순대출이 2024년 6월 30일 기준 6억 1,609만 달러로 증가
- 총 예금이 2024년 6월 30일 기준 8억 8,490만 달러에 도달
- 주당 장부가치가 13.58달러로 증가
회사는 자산 품질을 유지하고 새로운 지점을 열어 시장 존재감을 확장하였습니다.
La Bank of the James Financial Group (NASDAQ:BOTJ) a annoncé un revenu net de 2,15 millions de dollars ou 0,47 dollars par action pour le deuxième trimestre 2024, contre 2,53 millions de dollars ou 0,56 dollars par action pour le deuxième trimestre 2023. Pour le premier semestre 2024, le revenu net a été de 4,34 millions de dollars ou 0,95 dollars par action, contre 4,52 millions de dollars ou 0,99 dollars par action pour le premier semestre 2023. Les principaux points saillants incluent :
- Les revenus d'intérêts totaux ont augmenté de 14 % pour atteindre 10,94 millions de dollars au deuxième trimestre 2024
- Le revenu net d'intérêts après récupération des pertes sur créances était de 7,21 millions de dollars au deuxième trimestre 2024
- Les revenus non d'intérêts ont augmenté de 22 % pour atteindre 4,19 millions de dollars au deuxième trimestre 2024
- Les prêts nets ont augmenté à 616,09 millions de dollars au 30 juin 2024
- Les dépôts totaux ont atteint 884,90 millions de dollars au 30 juin 2024
- La valeur comptable par action a augmenté à 13,58 dollars
L'entreprise a maintenu une solide qualité d'actifs et a ouvert de nouvelles agences pour élargir sa présence sur le marché.
Die Bank of the James Financial Group (NASDAQ:BOTJ) meldete einen Nettoertrag von 2,15 Millionen US-Dollar oder 0,47 US-Dollar pro Aktie für das 2. Quartal 2024, verglichen mit 2,53 Millionen US-Dollar oder 0,56 US-Dollar pro Aktie im 2. Quartal 2023. Für das 1. Halbjahr 2024 betrug der Nettoertrag 4,34 Millionen US-Dollar oder 0,95 US-Dollar pro Aktie, gegenüber 4,52 Millionen US-Dollar oder 0,99 US-Dollar pro Aktie im 1. Halbjahr 2023. Zu den wichtigsten Highlights gehören:
- Die gesamten Zinserträge stiegen im 2. Quartal 2024 um 14% auf 10,94 Millionen US-Dollar
- Der Nettzinsertrag nach Kreditverlustrückgewinnung betrug im 2. Quartal 2024 7,21 Millionen US-Dollar
- Die Nichtzinsüberschüsse erhöhten sich im 2. Quartal 2024 um 22% auf 4,19 Millionen US-Dollar
- Netto-Kredite stiegen bis zum 30. Juni 2024 auf 616,09 Millionen US-Dollar
- Die Gesamteinlagen beliefen sich bis zum 30. Juni 2024 auf 884,90 Millionen US-Dollar
- Buchwert pro Aktie stieg auf 13,58 US-Dollar
Das Unternehmen wies eine starke Asset-Qualität auf und eröffnete neue Filialen, um seine Marktpräsenz auszubauen.
- Total interest income increased 14% year-over-year in Q2 2024
- Noninterest income rose 22% to $4.19 million in Q2 2024
- Loans, net of allowance for credit losses, grew to $616.09 million
- Total deposits increased to $884.90 million
- Book value per share improved to $13.58 from $13.21 at year-end 2023
- Strong asset quality with a ratio of nonperforming loans to total loans of 0.13%
- Opened two new branches to expand market presence and deposit-gathering capabilities
- Net income decreased to $2.15 million in Q2 2024 from $2.53 million in Q2 2023
- Net interest margin declined to 3.02% in Q2 2024
- Interest spread decreased to 2.68% in Q2 2024
- Noninterest expense increased to $16.83 million in H1 2024 from $15.95 million in H1 2023
Bank of the James Financial Group's Q2 2024 results demonstrate resilience in a challenging interest rate environment. Net income for Q2 2024 was
- Total interest income increased
14% year-over-year to$10.94 million in Q2 2024. - Noninterest income rose
22% to$4.19 million , driven by gains on loan sales and wealth management fees. - Loans, net of allowance, grew to
$616.09 million , up from$601.92 million at the end of 2023. - Asset quality remained strong with a nonperforming loans to total loans ratio of
0.13% .
The bank's strategy of diversifying revenue streams and focusing on relationship banking appears to be paying off. However, the higher interest rate environment is pressuring net interest margins, which stood at
Bank of the James' Q2 results reflect broader trends in the banking sector, particularly for regional banks. The bank's performance highlights several key market dynamics:
- Deposit competition remains fierce, with the bank opening two new branches to enhance deposit-gathering capabilities.
- Commercial lending demand is showing signs of recovery, potentially indicating improved business confidence in the bank's served markets.
- The residential mortgage market is picking up, with the bank reporting an uptick in volume and origination fees.
- Digital banking and cash management services are growing in importance for customer retention and acquisition.
Interestingly, the bank is benefiting from market consolidation, as larger banks reduce services in certain areas. This presents an opportunity for regional banks like Bank of the James to capture market share. However, the challenging interest rate environment continues to pressure margins industry-wide. The bank's focus on relationship banking and diverse revenue streams could provide a competitive edge in navigating these headwinds.
For investors, Bank of the James presents a mixed picture. On the positive side, the bank is showing resilience in a challenging environment:
- Book value per share increased to
$13.58 from$13.21 at the end of 2023, indicating growing shareholder value. - The bank maintained its quarterly dividend of
$0.10 per share, suggesting confidence in its financial position. - Strong asset quality and growing loans provide a solid foundation for future earnings.
However, investors should be aware of potential headwinds:
- Net income and earnings per share declined year-over-year, reflecting margin pressures.
- The bank's exposure to commercial real estate (
$319.10 million ) warrants monitoring, given broader market concerns about this sector. - Rising deposit costs could continue to pressure margins in the near term.
The bank's strategy of expanding its footprint and focusing on relationship banking could drive long-term growth. However, the near-term outlook may remain challenging as the bank navigates the current interest rate environment. Investors should weigh these factors carefully and consider their risk tolerance when evaluating Bank of the James as an investment opportunity.
Deposit Expansion, Market Share Growth, Asset Quality
LYNCHBURG, Va., July 26, 2024 (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 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
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 increased14% compared with$9.58 million a year earlier. In the first half of 2024, total interest income rose15% 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 was2.68% . 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 up16% 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
Total interest income was
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
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
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
Noninterest expense in the first half of 2024 was
Balance Sheet: Strong Cash Position, Asset Quality, Stability
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 approximately
Commercial construction/land loans and residential construction/land loans of
Residential mortgage loans 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 June 30, 2024 was
Total deposits were
Key measures of shareholder value continued trending positively. Book value per share was
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 Subsidiaries
Consolidated 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 of June 30, 2024 and | 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 of June 30, 2024 and | 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 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 Subsidiaries
Consolidated 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 Subsidiaries
Dollar amounts in thousands, except per share data
unaudited
Selected Data: | Three months ended Jun 30, 2024 | Three months ended Jun 30, 2023 | Change | Year to date Jun 30, 2024 | Year to date Jun 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: | Three months ended Jun 30, 2024 | Three months ended Jun 30, 2023 | Change | Year to date Jun 30, 2024 | Year to date Jun 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: | Three months ended Jun 30, 2024 | Three months ended Jun 30, 2023 | Change | Year to date Jun 30, 2024 | Year to date Jun 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: | Three months ended Jun 30, 2024 | Three months ended Jun 30, 2023 | Change | Year to date Jun 30, 2024 | Year to date Jun 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 |
![](https://ml.globenewswire.com/media/MDg2NTRmYjEtYjczNS00N2NkLTk0MTctZjA4YTU3YTkxMTg2LTEwMzEwMjA=/tiny/Bank-of-the-James-Financial-Gr.png)
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