Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend
Bank of the James Financial Group (NASDAQ:BOTJ) reported Q3 2024 net income of $1.99 million ($0.44 per share), compared to $2.08 million ($0.46 per share) in Q3 2023. For the nine months ended September 30, 2024, net income was $6.33 million ($1.39 per share) versus $6.60 million ($1.44 per share) in 2023. Total assets surpassed $1 billion, with loans growing to $627.11 million. The company maintained strong asset quality with a 0.20% ratio of nonperforming loans to total loans. Total deposits increased to $907.61 million, and book value per share rose to $15.15. The board approved a quarterly dividend of $0.10 per share.
Bank of the James Financial Group (NASDAQ:BOTJ) ha riportato un utile netto di $1.99 milioni ($0.44 per azione) per il terzo trimestre del 2024, rispetto a $2.08 milioni ($0.46 per azione) del terzo trimestre del 2023. Per i nove mesi conclusi il 30 settembre 2024, l'utile netto è stato di $6.33 milioni ($1.39 per azione) contro $6.60 milioni ($1.44 per azione) nel 2023. Gli attivi totali hanno superato il miliardo di dollari, con prestiti in crescita fino a $627.11 milioni. L'azienda ha mantenuto una forte qualità degli attivi con un rapporto dello 0.20% di prestiti non performanti rispetto ai prestiti totali. I depositi totali sono aumentati a $907.61 milioni e il valore contabile per azione è salito a $15.15. Il consiglio ha approvato un dividendo trimestrale di $0.10 per azione.
Bank of the James Financial Group (NASDAQ:BOTJ) reportó un ingreso neto de $1.99 millones ($0.44 por acción) en el tercer trimestre de 2024, en comparación con $2.08 millones ($0.46 por acción) en el tercer trimestre de 2023. Para los nueve meses finalizados el 30 de septiembre de 2024, el ingreso neto fue de $6.33 millones ($1.39 por acción) frente a $6.60 millones ($1.44 por acción) en 2023. Los activos totales superaron $1 mil millones, con préstamos aumentando a $627.11 millones. La empresa mantuvo una sólida calidad de activos con un ratio del 0.20% de préstamos no productivos respecto a los préstamos totales. Los depósitos totales aumentaron a $907.61 millones, y el valor contable por acción se elevó a $15.15. La Junta aprobó un dividendo trimestral de $0.10 por acción.
Bank of the James Financial Group (NASDAQ:BOTJ)는 2024년 3분기 순이익이 $1.99백만 ($0.44 per 주식)으로 보고되었으며, 이는 2023년 3분기 $2.08백만 ($0.46 per 주식)과 비교됩니다. 2024년 9월 30일 종료된 9개월 동안의 순이익은 $6.33백만 ($1.39 per 주식)으로, 2023년의 $6.60백만 ($1.44 per 주식)과 비교됩니다. 총 자산은 10억 달러를 초과하였고, 대출은 $627.11백만으로 증가했습니다. 회사는 비수익 대출 비율이 총 대출의 0.20%로 강력한 자산 품질을 유지하고 있습니다. 총 예금은 $907.61백만으로 증가하였고, 주당 장부 가치는 $15.15로 상승했습니다. 이사회는 주당 $0.10의 분기 배당금을 승인했습니다.
Bank of the James Financial Group (NASDAQ:BOTJ) a annoncé un revenu net de 1,99 million USD (0,44 USD par action) pour le troisième trimestre 2024, comparé à 2,08 millions USD (0,46 USD par action) pour le troisième trimestre 2023. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net était de 6,33 millions USD (1,39 USD par action) contre 6,60 millions USD (1,44 USD par action) en 2023. Les actifs totaux ont dépassé 1 milliard USD, avec des prêts augmentant à 627,11 millions USD. L'entreprise a maintenu une solide qualité d'actifs avec un ratio de 0,20 % de prêts non performants par rapport aux prêts totaux. Les dépôts totaux ont augmenté à 907,61 millions USD et la valeur comptable par action a augmenté à 15,15 USD. Le conseil a approuvé un dividende trimestriel de 0,10 USD par action.
Bank of the James Financial Group (NASDAQ:BOTJ) meldete für das 3. Quartal 2024 einen Nettogewinn von 1,99 Millionen USD (0,44 USD pro Aktie), verglichen mit 2,08 Millionen USD (0,46 USD pro Aktie) im 3. Quartal 2023. Für die neun Monate bis zum 30. September 2024 betrug der Nettogewinn 6,33 Millionen USD (1,39 USD pro Aktie) im Vergleich zu 6,60 Millionen USD (1,44 USD pro Aktie) im Jahr 2023. Die Gesamtaktiva überstiegen 1 Milliarde USD, die Ausleihungen stiegen auf 627,11 Millionen USD. Das Unternehmen hielt eine starke Vermögensqualität mit einem Ratio von 0,20% unrentabler Kredite zu Gesamtkrediten. Die Gesamt-Einlagen stiegen auf 907,61 Millionen USD und der Buchwert pro Aktie erhöhte sich auf 15,15 USD. Der Vorstand genehmigte eine vierteljährliche Dividende von 0,10 USD pro Aktie.
- Total assets surpassed $1 billion, increasing from $969.37 million at December 31, 2023
- Loans grew to $627.11 million from $601.92 million at year-end 2023
- Total deposits increased to $907.61 million from $878.46 million at year-end 2023
- Book value per share improved significantly to $15.15 from $13.21 at year-end 2023
- Strong asset quality with only 0.20% nonperforming loans to total loans ratio
- Total interest income increased 14% year-over-year to $11.56 million in Q3 2024
- Net income decreased to $1.99 million in Q3 2024 from $2.08 million in Q3 2023
- Net interest margin declined to 3.16% from 3.21% year-over-year
- Interest spread decreased to 2.81% from 2.94% compared to Q3 2023
- Nine-month net income declined to $6.33 million from $6.60 million year-over-year
Insights
The Q3 2024 results for Bank of the James show mixed performance with some concerning trends. Net income declined to
Notable positives include
However, rising interest expenses and compressed margins remain key challenges, though recent Fed signals suggest potential relief ahead. The maintained
The bank's strategic execution deserves attention. The expansion into Buchanan and Nellysford markets demonstrates thoughtful growth, while maintaining strong deposit relationships has helped grow total deposits to
The loan portfolio composition remains conservative, with no exposure to large metropolitan office buildings - a important differentiator given current commercial real estate concerns. The
The zero OREO and minimal nonperforming loans indicate superior credit quality management, though increased provisions may be needed if economic conditions deteriorate.
Year-Over-Year Loan Growth, Deposit Expansion, High Asset Quality
LYNCHBURG, Va., Oct. 25, 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 nine month periods ended September 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 September 30, 2024 was
Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.
“Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.
“Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the
“Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by
“Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.
“The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.
“During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.
“Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.
“Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.
“We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”
Third Quarter and First Nine Months of 2024 Highlights
- Total interest income of
$11.56 million in the third quarter of 2024 increased14% from a year earlier, and increased from$10.94 million in the second quarter of 2024. In the first nine months of 2024, total interest income of$33.01 million rose15% compared with a year earlier. The growth in the quarter and first nine months primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. - Net interest income after provision for (recovery of) credit losses in the third quarter of 2024 was down marginally compared with the third quarter of 2023. For the first nine months of 2024, net interest income after provision for (recovery of) credit losses was relatively stable compared with the first nine months of 2023. The first nine months of 2024 reflected loan loss recoveries driven by strong asset quality. The third quarter of 2024 reflects a small credit loss provision based primarily on loan growth. Results in both 2024 periods reflected the impact of elevated interest expense.
- Net interest margin in the third quarter of 2024 was
3.16% , marginally lower than a year earlier but up from second quarter of 2024 net interest margin of3.02% . Interest spread was2.81% in the third quarter of 2024. In the first nine months of 2024, net interest margin was3.07% and interest spread was2.73% . - Total noninterest income for the third quarter of 2024 rose
19% compared with the third quarter of 2023, and in the first nine months of 2024 increased17% compared with the first nine months of 2023. Growth primarily reflected gains on sale of loans held for sale, strong wealth management fee income contributions from PWW, and fee income generated by commercial treasury services and residential mortgage originations. - Loans, net of the allowance for credit losses, increased to
$627.11 million at September 30, 2024 compared with$601.92 million at December 31, 2023, primarily reflecting overall loan stability and growth in CRE and residential mortgage loans. - Measures of asset quality included a ratio of nonperforming loans to total loans of
0.20% at September 30, 2024, minimal levels of nonperforming loans, and zero other real estate owned (OREO). - Total assets increased to
$1.01 billion at September 30, 2024 from$969.37 million at December 31, 2023. - Total deposits increased to
$907.61 million at September 30, 2024 compared with$878.46 million at December 31, 2023. - Shareholder value measures at September 30, 2024 reflected consistent growth from December 31, 2023 in total stockholders’ equity and retained earnings. Book value per share of
$15.15 has increased significantly from$13.58 at June 30, 2024 and$13.21 at December 31, 2023. - On October 15, 2024, the Company’s board of directors approved a quarterly dividend of
$0.10 per common share to stockholders of record as of November 22, 2024, to be paid on December 6, 2024.
Third Quarter, First Nine Months of 2024 Operational Review
Net interest income after provision for credit losses for the third quarter of 2024 was
Total interest income increased to
Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was
Total interest expense in the third quarter and first nine months of 2024 increased significantly 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. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was
J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of
Noninterest income in the third quarter of 2024 rose
Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased
Noninterest expense in the third quarter of 2024 was
Balance Sheet: Strong Cash Position, Asset Quality, Stability
Total assets grew to
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
Commercial and industrial loans were
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 September 30, 2024 was
Total deposits were
Key measures of shareholder value continued trending positively. Book value per share rose to
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 | 9/30/2024 | 12/31/2023 | ||||||||
| Cash and due from banks | $ | 22,692 | $ | 25,613 | ||||||
| Federal funds sold | 86,515 | 49,225 | ||||||||
| Total cash and cash equivalents | 109,207 | 74,838 | ||||||||
| Securities held-to-maturity, at amortized cost (fair value of | 3,610 | 3,622 | ||||||||
| Securities available-for-sale, at fair value | 192,469 | 216,510 | ||||||||
| Restricted stock, at cost | 1,821 | 1,541 | ||||||||
| Loans held for sale | 3,239 | 1,258 | ||||||||
| Loans, net of allowance for credit losses of | 627,112 | 601,921 | ||||||||
| Premises and equipment, net | 19,378 | 18,141 | ||||||||
| Interest receivable | 2,697 | 2,835 | ||||||||
| Cash value - bank owned life insurance | 22,716 | 21,586 | ||||||||
| Customer relationship intangible | 6,865 | 7,285 | ||||||||
| Goodwill | 2,054 | 2,054 | ||||||||
| Income taxes receivable | - | 128 | ||||||||
| Deferred tax asset | 7,576 | 8,206 | ||||||||
| Other assets | 9,319 | 9,446 | ||||||||
| Total assets | $ | 1,008,063 | $ | 969,371 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||
| Deposits | ||||||||||
| Noninterest bearing demand | $ | 132,223 | $ | 134,275 | ||||||
| NOW, money market and savings | 540,966 | 538,229 | ||||||||
| Time | 234,421 | 205,955 | ||||||||
| Total deposits | 907,610 | 878,459 | ||||||||
| Capital notes, net | 10,046 | 10,042 | ||||||||
| Other borrowings | 9,444 | 9,890 | ||||||||
| Income taxes payable | 212 | - | ||||||||
| Interest payable | 758 | 480 | ||||||||
| Other liabilities | 11,159 | 10,461 | ||||||||
| Total liabilities | $ | 939,229 | $ | 909,332 | ||||||
| Stockholders' equity | ||||||||||
| Common stock | 9,723 | 9,723 | ||||||||
| Additional paid-in-capital | 35,253 | 35,253 | ||||||||
| Accumulated other comprehensive (loss) | (17,782 | ) | (21,615 | ) | ||||||
| Retained earnings | 41,640 | 36,678 | ||||||||
| Total stockholders' equity | $ | 68,834 | $ | 60,039 | ||||||
| Total liabilities and stockholders' equity | $ | 1,008,063 | $ | 969,371 | ||||||
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operation
(dollar amounts in thousands, except per share amounts)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| Interest Income | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Loans | $ | 9,004 | $ | 7,990 | $ | 25,375 | $ | 23,251 | ||||||
| Securities | ||||||||||||||
| US Government and agency obligations | 369 | 321 | 1,068 | 962 | ||||||||||
| Mortgage backed securities | 442 | 435 | 1,974 | 1,255 | ||||||||||
| Municipals - taxable | 298 | 286 | 872 | 853 | ||||||||||
| Municipals - tax exempt | 18 | 18 | 55 | 55 | ||||||||||
| Dividends | 12 | 8 | 59 | 49 | ||||||||||
| Corporates | 136 | 139 | 407 | 423 | ||||||||||
| Interest bearing deposits | 303 | 134 | 628 | 375 | ||||||||||
| Federal Funds sold | 981 | 812 | 2,569 | 1,601 | ||||||||||
| Total interest income | 11,563 | 10,143 | 33,007 | 28,824 | ||||||||||
| Interest Expense | ||||||||||||||
| Deposits | ||||||||||||||
| NOW, money market savings | 1,487 | 894 | 4,145 | 1,916 | ||||||||||
| Time deposits | 2,375 | 1,683 | 6,731 | 3,918 | ||||||||||
| FHLB borrowings | - | - | - | 31 | ||||||||||
| Finance leases | 18 | 22 | 58 | 66 | ||||||||||
| Other borrowings | 92 | 98 | 278 | 297 | ||||||||||
| Capital notes | 82 | 82 | 245 | 245 | ||||||||||
| Total interest expense | 4,054 | 2,779 | 11,457 | 6,473 | ||||||||||
| Net interest income | 7,509 | 7,364 | 21,550 | 22,351 | ||||||||||
| Provision for (recovery of) credit losses | 92 | (164 | ) | (584 | ) | (278 | ) | |||||||
| Net interest income after recovery of provision for credit losses | 7,417 | 7,528 | 22,134 | 22,629 | ||||||||||
| Noninterest income | ||||||||||||||
| Gain on sales of loans held for sale | 1,326 | 989 | 3,526 | 3,065 | ||||||||||
| Service charges, fees and commissions | 991 | 1,004 | 2,930 | 2,942 | ||||||||||
| Wealth management fees | 1,244 | 1,050 | 3,583 | 3,098 | ||||||||||
| Life insurance income | 189 | 139 | 531 | 405 | ||||||||||
| Gain on sales and calls of securities, net | 31 | - | 669 | - | ||||||||||
| Other | 42 | 19 | 82 | 179 | ||||||||||
| Total noninterest income | 3,823 | 3,201 | 11,321 | 9,689 | ||||||||||
| Noninterest expenses | ||||||||||||||
| Salaries and employee benefits | 4,920 | 4,683 | 14,256 | 13,296 | ||||||||||
| Occupancy | 514 | 458 | 1,493 | 1,389 | ||||||||||
| Equipment | 640 | 501 | 1,879 | 1,813 | ||||||||||
| Supplies | 131 | 118 | 397 | 399 | ||||||||||
| Professional | 718 | 682 | 2,214 | 2,075 | ||||||||||
| Data processing | 764 | 689 | 2,263 | 2,079 | ||||||||||
| Marketing | 220 | 204 | 481 | 683 | ||||||||||
| Credit | 190 | 218 | 612 | 623 | ||||||||||
| Other real estate | - | 3 | - | 36 | ||||||||||
| FDIC insurance | 94 | 126 | 329 | 321 | ||||||||||
| Amortization of intangibles | 140 | 46 | 420 | 420 | ||||||||||
| Other | 445 | 412 | 1,258 | 957 | ||||||||||
| Total noninterest expenses | 8,776 | 8,140 | 25,602 | 24,091 | ||||||||||
| Income before income taxes | 2,464 | 2,589 | 7,853 | 8,227 | ||||||||||
| Income tax expense | 474 | 511 | 1,527 | 1,631 | ||||||||||
| Net Income | $ | 1,990 | $ | 2,078 | $ | 6,326 | $ | 6,596 | ||||||
| Weighted average shares outstanding - basic and diluted | 4,543,338 | 4,543,338 | 4,543,338 | 4,568,789 | ||||||||||
| Earnings per common share - basic and diluted | $ | 0.44 | $ | 0.46 | $ | 1.39 | $ | 1.44 | ||||||
Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited
| Selected Data: | Three months ending Sep 30, 2024 | Three months ending Sep 30, 2023 | Change | Year to date Sep 30, 2024 | Year to date Sep 30, 2023 | Change | ||||||||||||
| Interest income | $ | 11,563 | $ | 10,143 | 14.00 | % | $ | 33,007 | $ | 28,824 | 14.51 | % | ||||||
| Interest expense | 4,054 | 2,779 | 45.88 | % | 11,457 | 6,473 | 77.00 | % | ||||||||||
| Net interest income | 7,509 | 7,364 | 1.97 | % | 21,550 | 22,351 | -3.58 | % | ||||||||||
| Provision for (recovery of) credit losses | 92 | (164 | ) | -156.10 | % | (584 | ) | (278 | ) | 110.07 | % | |||||||
| Noninterest income | 3,823 | 3,201 | 19.43 | % | 11,321 | 9,689 | 16.84 | % | ||||||||||
| Noninterest expense | 8,776 | 8,140 | 7.81 | % | 25,602 | 24,091 | 6.27 | % | ||||||||||
| Income taxes | 474 | 511 | -7.24 | % | 1,527 | 1,631 | -6.38 | % | ||||||||||
| Net income | 1,990 | 2,078 | -4.23 | % | 6,326 | 6,596 | -4.09 | % | ||||||||||
| Weighted average shares outstanding - basic | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,568,789 | (25,451 | ) | |||||||||||
| Weighted average shares outstanding - diluted | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,568,789 | (25,451 | ) | |||||||||||
| Basic net income per share | $ | 0.44 | $ | 0.46 | $ | (0.02 | ) | $ | 1.39 | $ | 1.44 | $ | (0.05 | ) | ||||
| Fully diluted net income per share | $ | 0.44 | $ | 0.46 | $ | (0.02 | ) | $ | 1.39 | $ | 1.44 | $ | (0.05 | ) | ||||
| Balance Sheet at period end: | Sep 30, 2024 | Dec 31, 2023 | Change | Sep 30, 2023 | Dec 31, 2022 | Change | ||||||||||||
| Loans, net | $ | 627,112 | $ | 601,921 | 4.19 | % | $ | 599,585 | $ | 605,366 | -0.95 | % | ||||||
| Loans held for sale | 3,239 | 1,258 | 157.47 | % | 3,325 | 2,423 | 37.23 | % | ||||||||||
| Total securities | 196,079 | 220,132 | -10.93 | % | 185,603 | 189,426 | -2.02 | % | ||||||||||
| Total deposits | 907,610 | 878,459 | 3.32 | % | 880,203 | 848,138 | 3.78 | % | ||||||||||
| Stockholders' equity | 68,834 | 60,039 | 14.65 | % | 50,129 | 50,226 | -0.19 | % | ||||||||||
| Total assets | 1,008,063 | 969,371 | 3.99 | % | 960,887 | 928,571 | 3.48 | % | ||||||||||
| Shares outstanding | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,628,657 | (85,319 | ) | |||||||||||
| Book value per share | $ | 15.15 | $ | 13.21 | $ | 1.94 | $ | 11.03 | $ | 10.85 | $ | 0.18 | ||||||
| Daily averages: | Three months ending Sep 30, 2024 | Three months ending Sep 30, 2023 | Change | Year to date Sep 30, 2024 | Year to date Sep 30, 2023 | Change | ||||||||||||
| Loans | $ | 629,860 | $ | 612,021 | 2.91 | % | $ | 617,582 | $ | 618,152 | -0.09 | % | ||||||
| Loans held for sale | 3,845 | 4,421 | -13.03 | % | 3,454 | 3,548 | -2.65 | % | ||||||||||
| Total securities (book value) | 220,730 | 222,969 | -1.00 | % | 237,215 | 223,391 | 6.19 | % | ||||||||||
| Total deposits | 902,615 | 869,655 | 3.79 | % | 895,000 | 862,212 | 3.80 | % | ||||||||||
| Stockholders' equity | 61,576 | 52,564 | 17.14 | % | 60,564 | 51,274 | 18.12 | % | ||||||||||
| Interest earning assets | 946,518 | 909,774 | 4.04 | % | 937,793 | 897,364 | 4.51 | % | ||||||||||
| Interest bearing liabilities | 785,980 | 740,516 | 6.14 | % | 776,672 | 733,343 | 5.91 | % | ||||||||||
| Total assets | 995,101 | 953,546 | 4.36 | % | 986,132 | 945,389 | 4.31 | % | ||||||||||
| Financial Ratios: | Three months ending Sep 30, 2024 | Three months ending Sep 30, 2023 | Change | Year to date Sep 30, 2024 | Year to date Sep 30, 2023 | Change | ||||||||||||
| Return on average assets | 0.80 | % | 0.86 | % | (0.06 | ) | 0.86 | % | 0.93 | % | (0.07 | ) | ||||||
| Return on average equity | 12.86 | % | 15.68 | % | (2.82 | ) | 13.95 | % | 17.20 | % | (3.25 | ) | ||||||
| Net interest margin | 3.16 | % | 3.21 | % | (0.05 | ) | 3.07 | % | 3.33 | % | (0.26 | ) | ||||||
| Efficiency ratio | 77.44 | % | 77.05 | % | 0.39 | 77.89 | % | 75.19 | % | 2.70 | ||||||||
| Average equity to average assets | 6.19 | % | 5.51 | % | 0.68 | 6.14 | % | 5.42 | % | 0.72 | ||||||||
| Allowance for credit losses: | Three months ending Sep 30, 2024 | Three months ending Sep 30, 2023 | Change | Year to date Sep 30, 2024 | Year to date Sep 30, 2023 | Change | ||||||||||||
| Beginning balance | $ | 6,951 | $ | 7,586 | -8.37 | % | $ | 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* | 106 | (130 | ) | -181.54 | % | (494 | ) | (188 | ) | 162.77 | % | |||||||
| Charge-offs | - | (144 | ) | -100.00 | % | (84 | ) | (196 | ) | -57.14 | % | |||||||
| Recoveries | 21 | 8 | 162.50 | % | 244 | 200 | 22.00 | % | ||||||||||
| Ending balance | 7,078 | 7,320 | -3.31 | % | 7,078 | 7,320 | -3.31 | % | ||||||||||
* does not include provision for or recovery of unfunded loan commitment liability
| Nonperforming assets: | Sep 30, 2024 | Dec 31, 2023 | Change | Sep 30, 2023 | Dec 31, 2022 | Change | ||||||||||||
| Total nonperforming loans | $ | 1,295 | $ | 391 | 231.20 | % | $ | 585 | $ | 633 | -7.58 | % | ||||||
| Other real estate owned | - | - | N/A | - | 566 | -100.00 | % | |||||||||||
| Total nonperforming assets | 1,295 | 391 | 231.20 | % | 585 | 1,199 | -51.21 | % | ||||||||||
| Asset quality ratios: | Sep 30, 2024 | Dec 31, 2023 | Change | Sep 30, 2023 | Dec 31, 2022 | Change | ||||||||||||
| Nonperforming loans to total loans | 0.20 | % | 0.06 | % | 0.14 | 0.10 | % | 0.10 | % | (0.01 | ) | |||||||
| Allowance for credit losses for loans to total loans | 1.12 | % | 1.22 | % | (0.10 | ) | 1.21 | % | 1.02 | % | 0.18 | |||||||
| Allowance for credit losses for loans to nonperforming loans | 546.56 | % | 1894.56 | % | 1,348.00 | 1251.28 | % | 989.42 | % | 261.86 | ||||||||
FAQ
What was Bank of the James (BOTJ) earnings per share for Q3 2024?
How much did Bank of the James (BOTJ) total deposits grow in 2024?
What dividend did Bank of the James (BOTJ) declare for Q3 2024?
What was Bank of the James (BOTJ) book value per share as of September 30, 2024?
