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, 2022. The
Bank serves Region 2000 (the greater Lynchburg MSA), and the
Blacksburg, Charlottesville, Harrisonburg, Lexington, Roanoke, and
Wytheville, Virginia markets.
Net income for the three months ended September 30, 2022 was a
record $2.57 million or $0.55 per basic and diluted share compared
with $1.88 million or $0.40 per basic and diluted share for the
three months ended September 30, 2021. Net income for the nine
months ended September 30, 2022 was $7.01 million or $1.48 per
basic and diluted share compared with $5.73 million or $1.21 per
basic and diluted share for the nine months ended September 30,
2021.
Robert R. Chapman III, CEO, commented: “The Company’s record
third quarter earnings and continued strong financial performance
underscored the importance of balanced income contributions from a
broad range of commercial and retail banking products and expanded
wealth management services. Maintaining high asset quality,
focusing on operational efficiency and interest rate management
supported strong bottom-line performance.
“In the third quarter, productivity as measured by return on
average assets exceeded 1%, reaching its highest level in several
years. Following several years of navigating an extremely low
interest rate environment, our net interest margin improved rapidly
in the quarter, as did interest rate spread. These improvements
were reflected in net income expansion in the third quarter and
nine months of 2022.
“Asset quality remained strong, with few nonperforming loans,
further reduction of the Company’s Other Real Estate Owned (OREO),
and strong asset quality ratios. As in the past two quarters, we
recorded a recovery of loan losses as there was no requirement to
provide for loan losses. Productivity, efficiency and asset quality
have greatly contributed to record earnings.
“Loan growth and the Company’s prompt response to rising
interest rates led to 16% year-over-year growth in net interest
income in the third quarter, and 6% growth in the nine-month period
compared with a year earlier. In both periods of 2022, we saw
double-digit growth of noninterest income compared with a year
earlier. Expanded use of fee-based electronic corporate cash
management services and income from PWW strengthened noninterest
income.
“The Company’s consistent earnings and capital strength
positioned us to enhance shareholder value by repurchasing
approximately 2% of the Company’s outstanding common stock during
the quarter. Our Board of Directors also approved an increased
quarterly dividend of $0.08 per share, an increase of 14% from last
quarter, reflecting a commitment to building value for shareholders
even in the face of changing and challenging stock market
conditions.
“The communities and customers we serve continue to demonstrate
financial strength and stability. Rising interest rates and
concerns about inflation and the economy have understandably slowed
activity in commercial lending. Our residential mortgage
origination business, which has been exceptionally brisk in the
past several years, also experienced the impact of rising interest
rates on demand – particularly mortgage refinancings. We expect
Bank of the James’ reputation for loan processing, service and
pricing will support our continued leadership in purchase mortgage
originations.
“As we progress toward year-end, we look forward to providing
superior financial solutions for customers and growth in value
which shareholders expect.”
Highlights
- Net income in the third quarter of 2022 increased 37% from a
year earlier, while net income in the nine months of 2022 rose 22%
compared with the nine months of 2021. Income growth in both
periods of 2022 reflected balanced contributions from commercial
and retail banking, residential mortgage originations, wealth
management, and loan loss recoveries.
- Total interest income in the third quarter of 2022 increased
15% from the prior year’s third quarter as commercial real estate
lending continued to grow and rate-adjusted loans reflected the
rising interest rate environment.
- Net interest income was $7.9 million in the third quarter of
2022, up 16% from a year earlier, primarily reflecting increased
interest income and continuing low interest expense. Net interest
income in the nine months of 2022 grew 6% compared with the nine
months of 2021.
- Total noninterest income in the third quarter of 2022 rose 37%
compared with a year earlier as slowing income from gain on sale of
residential mortgage loans was more than offset by wealth
management fees and interchange income on card activity.
Noninterest income in the nine months of 2022 increased 27%
compared with the same period of 2021.
- Loans, net of the allowance for loan losses, increased 7% to
$614.11 million at September 30, 2022 compared with $576.50 million
at December 31, 2021, primarily reflecting commercial loan
growth.
- Asset quality remained strong, reflected in a ratio of
nonperforming loans to total loans of 0.13% at September 30, 2022
compared with 0.16% at December 31, 2021. The Company continued to
trim OREO, writing down a significant portion of OREO based on its
recently contracted sales price.
- Total deposits declined marginally at September 30, 2022
compared with December 31, 2021 and reflected continued strength of
lower-cost core deposits (noninterest-bearing demand, NOW, savings
and money market accounts), which were 85% of total deposits.
- In both periods of 2022, Return on Average Assets (ROAA) and
Return on Average Equity (ROAE) ratios improved significantly from
2021.
- The Company repurchased 112,000 shares of its common stock
during the quarter for an aggregate of $1,402,000, which equates to
an average price of approximately $12.51 per share.
- On October 18, 2022 the Company’s board of directors approved a
quarterly dividend of $0.08 per share (up from $0.07 last quarter)
to stockholders of record as of November 25, 2022, to be paid on
December 9, 2022.
Third Quarter, Nine Months of 2022 Operational
Review
Net interest income after recovery of loan losses for the
quarter ended September 30, 2022 was $8.2 million compared with
$6.8 million a year earlier, primarily reflecting higher interest
income, stable year-over-year interest expense, and a $300,000
recovery of loan losses, as indicated by the Bank’s allowance for
loan losses methodology.
For the nine months ended September 30, 2022, net interest
income after recovery of loan losses was $22.3 million compared
with $20.3 million a year earlier, reflecting increased interest
rates, higher interest income from the Bank’s securities portfolio,
a decrease in interest expense, and a $900,000 recovery of loan
losses, as indicated by the Bank’s allowance for loan losses
methodology.
Total interest income increased to $8.4 million in the third
quarter of 2022 compared with $7.3 million a year earlier. The
quarterly increase reflected accelerating organic loan growth and
interest rate increases. Higher rates have had a positive impact on
the yields earned on interest earning assets. The yield on interest
earning assets in the third quarter of 2022 was 3.64%, up
significantly from a year earlier. Total interest income for the
nine months of 2022 was $22.9 million compared with $21.9 million
for the nine months of 2021, also reflecting accelerating organic
loan growth and interest rate increases.
Total interest expense in the third quarter of 2022 was $499,000
compared with $493,000 a year earlier, while interest expense in
the nine months of 2022 was $1.5 million, down 8% from $1.6 million
in the nine months of 2021. Both periods reflected ongoing
reductions in the cost of time deposits, continued high levels of
lower-cost core deposits (noninterest-bearing demand, NOW, savings
and money market accounts), partially offset by interest expense on
a loan used to finance the 2021 acquisition of PWW. In the second
quarter of 2022, the company negotiated a lower rate paid on the
acquisition loan.
J. Todd Scruggs, Executive Vice President and CFO, commented:
“Improvements in net interest margin and net interest spread in the
third quarter of 2022 reflected adjustments to our investment
strategy based on our expectation that interest rates would be
rising, and our ability to successfully manage our deposit
costs.
“Earlier in the year, the Company’s actions included shifting a
significant amount of investment funds from Fed Funds into its
fixed income portfolio as yields became more attractive. We have
also adjusted loan rates upward to be consistent with the rising
interest rate environment with the expectation it might lead to
somewhat slower commercial loan activity. Although some borrowers
have sought lower-rate loans from other lenders or delayed
borrowing decisions, most of our clients continue to appreciate the
value of their full-service relationship with Bank of the
James.”
The net interest margin in the third quarter of 2022 was 3.43%
and the interest spread was 3.38%, up significantly from the margin
and spread in both the third quarter of 2021 and the second quarter
of 2022. For the first nine months of 2022, the net interest margin
was 3.09% and interest spread was 3.04%.
Noninterest income in the third quarter of 2022 was $3.9 million
compared with $2.8 million in the third quarter of 2021, while
noninterest income in the nine months of 2022 was $10.5 million
compared with $8.3 million for the nine months of 2021. Gains on
the sale of residential mortgage loans held for sale declined in
both periods compared with a year earlier. Higher interest rates
negatively impacted mortgage origination activity, particularly
refinancings. Management noted that the Bank’s reputation for
service, pricing, and loan processing efficiency supported
continued purchase mortgage activity.
Growth in fee income in the third quarter of 2022 primarily
reflected increased interchange income earned on card activity and
overdraft fees, as well as a $0.07 per share income contribution
from PWW.
Noninterest expense in the third quarter of 2022 was $8.9
million compared with $7.3 million in the third quarter of 2021. In
the nine months of 2022, noninterest expense was $24.1 million
compared with $21.4 million a year earlier. Both periods of 2022
reflected increased salaries and employee benefits primarily
related to the addition of PWW.
For the three months ended September 30, 2022, ROAE was 19.47%
and ROAA was 1.05%, with both ratios up considerably from a year
earlier. For the nine months ended September 30, 2022, ROAE was
15.45% and ROAA was 0.95%, also up from the nine months of
2021.
Balance Sheet Reflects Organic Loan Growth, Strong Asset
Quality
Total assets were $962.57 million at September 30, 2022 compared
with $987.63 million at December 31, 2021. Loans, net of allowance
for loan losses, increased to $614.12 million at September 30, 2022
from $576.47 million at December 31, 2021. The growth in loans
receivable primarily reflected new CRE loans. Commercial real
estate loans (owner occupied and non-owner occupied and excluding
construction loans) were approximately $336.88 million at September
30, 2022, an increase from $307.95 million at December 31, 2021
that reflected CRE loan activity and growth throughout 2022.
Michael A. Syrek, President of the Bank, commented: “We have had
several years of strong, steady growth in CRE lending, which we
believe reflects the outstanding financial solutions Bank of the
James offers and superior service from skilled relationship
managers. Residential housing construction lending showed continued
year-over-year growth, and commercial construction lending slowed
year-over-year.
“As expected, we did experience a slowing of loan demand in the
third quarter. In light of interest rate increases and economic
uncertainties, we anticipate continuing softening in commercial
loan demand, although we continue to have an attractive loan
pipeline and good loan activity. Importantly, the quality of our
loan portfolio has remained exceptionally high – a very positive
indication of customers’ continued financial strength.”
Commercial loans (primarily C&I loans) were $101.23 million
at September 30, 2022 compared with $105.07 million at December 31,
2021. Commercial construction loans at September 30, 2022 were
$20.34 million, declining slightly from prior quarters as previous
projects were completed. Residential construction lending was up
from a year earlier, reflecting continuing demand for new housing
in several of the Company’s markets. Secured consumer lending
increased significantly at September 30, 2022 compared with
September 30, 2021.
A decline in historical loss experience, improved delinquency
trends, and other net improvements in qualitative factors resulted
in a reduction of the Company’s allowance for loan losses since
December 31, 2021. Asset quality has been consistently strong and
stable, with a ratio of nonperforming loans to total loans of 0.13%
at September 30, 2022. The allowance for loan losses to total loans
was 1.03% at September 30, 2022.
Total nonperforming loans of $788,000 were down 17% from
December 31, 2021. OREO declined 26% at September 30, 2022 from
December 31, 2021, reflecting a third quarter 2022 write-down of a
property that went under contract.
Total deposits at September 30, 2022 were $883.07 million,
compared with $887.06 million at December 31, 2021. Total deposits
continued to reflect good demand deposit activity and continued
trimming of time deposits.
The Company’s total retained earnings increased to $29.5 million
at September 30, 2022 from $23.4 million at December 31, 2021. Some
measures of shareholder value declined at September 30, 2022,
primarily reflecting market value changes of the Company’s
available-for-sale securities portfolio. Total stockholders’ equity
decreased to $48.3 million from $69.4 million at December 31, 2021.
This corresponds to a decrease of $4.21 per share in book value to
$10.44 at September 30, 2022 from $14.65 at December 31, 2021.
These decreases directly resulted from the impact that higher
interest rates had on the market value of the Company’s
available-for-sale securities portfolio.
For the nine months ended September 30, 2022, the value of the
Bank’s available-for-sale securities portfolio has decreased by
$25.70 million. The decrease is attributable to changes in market
rates of interest rather than the credit concerns of the issuers.
This decrease was responsible for a $5.55 per share decrease in
book value from December 31, 2021 through September 30, 2022. This
decrease in book value per share was partially offset by stock
repurchases during the nine months of 2022. These mark-to-market
losses are excluded from the Bank’s regulatory capital. 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. The duration of the Company’s overall
securities portfolio is approximately 6.25 years.
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, 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 the potential for the resurgence of COVID-19 and 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.tscruggs@bankofthejames.com
CONSOLIDATED FINANCIAL INFORMATION
FOLLOWS
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Balance
Sheets(dollar amounts in thousands, except per
share amounts)
|
(unaudited) |
|
|
Assets |
9/30/2022 |
|
12/31/2021 |
|
|
|
|
Cash and due from banks |
$ |
38,622 |
|
|
$ |
29,337 |
|
Federal funds sold |
|
42,398 |
|
|
|
153,816 |
|
Total cash and cash equivalents |
|
81,020 |
|
|
|
183,153 |
|
|
|
|
|
Securities held-to-maturity
(fair value of $3,192 in 2022 and $4,006 in 2021) |
|
3,643 |
|
|
|
3,655 |
|
Securities available-for-sale,
at fair value |
|
191,131 |
|
|
|
161,267 |
|
Restricted stock, at cost |
|
1,387 |
|
|
|
1,324 |
|
|
|
|
|
|
|
|
|
Loans, net of allowance for
loan losses of $6,394 in 2022 and $6,915 in 2021 |
|
614,117 |
|
|
|
576,469 |
|
Loans held for sale |
|
3,239 |
|
|
|
1,628 |
|
Premises and equipment,
net |
|
18,250 |
|
|
|
18,351 |
|
Interest receivable |
|
2,382 |
|
|
|
2,064 |
|
Cash value - bank owned life
insurance |
|
19,123 |
|
|
|
18,785 |
|
Customer relationship
Intangible |
|
7,986 |
|
|
|
8,406 |
|
Goodwill |
|
3,819 |
|
|
|
3,001 |
|
Other real estate owned |
|
566 |
|
|
|
761 |
|
Income taxes receivable |
|
- |
|
|
|
77 |
|
Deferred tax asset |
|
7,431 |
|
|
|
1,371 |
|
Other assets |
|
8,476 |
|
|
|
7,322 |
|
Total assets |
$ |
962,570 |
|
|
$ |
987,634 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Deposits |
|
|
|
Noninterest bearing demand |
$ |
155,984 |
|
|
$ |
162,286 |
|
NOW, money market and savings |
|
598,964 |
|
|
|
582,000 |
|
Time |
|
128,121 |
|
|
|
142,770 |
|
Total deposits |
|
883,069 |
|
|
|
887,056 |
|
|
|
|
|
Capital notes, net |
|
10,037 |
|
|
|
10,031 |
|
Other borrowings |
|
10,596 |
|
|
|
10,985 |
|
Income taxes payable |
|
374 |
|
|
|
- |
|
Interest payable |
|
37 |
|
|
|
46 |
|
Other liabilities |
|
10,118 |
|
|
|
10,087 |
|
Total liabilities |
$ |
914,231 |
|
|
$ |
918,205 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock $2.14 par value; authorized 10,000,000 shares; issued
and outstanding 4,628,657 as of September 30, 2022 and 4,740,657 as
of December 31, 2021 |
|
|
|
|
|
9,905 |
|
|
|
10,145 |
|
Additional paid-in-capital |
|
36,068 |
|
|
|
37,230 |
|
Accumulated other comprehensive loss |
|
(27,084 |
) |
|
|
(1,386 |
) |
Retained earnings |
|
29,450 |
|
|
|
23,440 |
|
Total stockholders'
equity |
$ |
48,339 |
|
|
$ |
69,429 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
962,570 |
|
|
$ |
987,634 |
|
|
|
|
|
|
|
|
|
Bank of the James Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Income(dollar amounts in thousands, except per
share amounts)(unaudited)
|
For the Three Months |
|
For the Nine Months |
|
Ended September 30, |
|
Ended September 30, |
Interest Income |
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
Loans |
$ |
6,830 |
|
|
$ |
6,605 |
|
$ |
18,909 |
|
|
$ |
20,089 |
Securities |
|
|
|
|
|
|
|
US Government and agency obligations |
|
331 |
|
|
|
230 |
|
|
911 |
|
|
|
640 |
Mortgage backed securities |
|
437 |
|
|
|
138 |
|
|
1,196 |
|
|
|
299 |
Municipals |
|
289 |
|
|
|
243 |
|
|
867 |
|
|
|
599 |
Dividends |
|
5 |
|
|
|
4 |
|
|
36 |
|
|
|
39 |
Other (Corporates) |
|
144 |
|
|
|
55 |
|
|
395 |
|
|
|
155 |
Interest bearing deposits |
|
101 |
|
|
|
7 |
|
|
135 |
|
|
|
26 |
Federal Funds sold |
|
262 |
|
|
|
33 |
|
|
463 |
|
|
|
67 |
Total interest income |
|
8,399 |
|
|
|
7,315 |
|
|
22,912 |
|
|
|
21,914 |
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
NOW, money market savings |
|
133 |
|
|
|
146 |
|
|
374 |
|
|
|
419 |
Time Deposits |
|
143 |
|
|
|
239 |
|
|
467 |
|
|
|
890 |
Finance leases |
|
24 |
|
|
|
26 |
|
|
73 |
|
|
|
80 |
Other borrowings |
|
117 |
|
|
|
- |
|
|
339 |
|
|
|
- |
Capital notes |
|
82 |
|
|
|
82 |
|
|
245 |
|
|
|
245 |
Total interest expense |
|
499 |
|
|
|
493 |
|
|
1,498 |
|
|
|
1,634 |
|
|
|
|
|
|
|
|
Net interest income |
|
7,900 |
|
|
|
6,822 |
|
|
21,414 |
|
|
|
20,280 |
|
|
|
|
|
|
|
|
Recovery of loan losses |
|
(300 |
) |
|
|
- |
|
|
(900 |
) |
|
|
- |
|
|
|
|
|
|
|
|
Net interest income after provision for recovery of loan
losses |
|
8,200 |
|
|
|
6,822 |
|
|
22,314 |
|
|
|
20,280 |
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Gains on sale of loans held for sale |
|
1,472 |
|
|
|
2,091 |
|
|
4,675 |
|
|
|
6,175 |
Service charges, fees and commissions |
|
1,313 |
|
|
|
612 |
|
|
2,563 |
|
|
|
1,803 |
Wealth management fees |
|
959 |
|
|
|
- |
|
|
2,935 |
|
|
|
- |
Life insurance income |
|
113 |
|
|
|
117 |
|
|
338 |
|
|
|
315 |
Other income (loss) |
|
(3 |
) |
|
|
2 |
|
|
8 |
|
|
|
12 |
|
|
|
|
|
|
|
|
Total noninterest income |
|
3,854 |
|
|
|
2,822 |
|
|
10,519 |
|
|
|
8,305 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,529 |
|
|
|
4,093 |
|
|
13,051 |
|
|
|
11,901 |
Occupancy |
|
445 |
|
|
|
437 |
|
|
1,348 |
|
|
|
1,270 |
Equipment |
|
647 |
|
|
|
626 |
|
|
1,870 |
|
|
|
1,883 |
Supplies |
|
116 |
|
|
|
120 |
|
|
380 |
|
|
|
354 |
Professional, data processing, and other outside expense |
|
1,619 |
|
|
|
1,029 |
|
|
3,544 |
|
|
|
2,978 |
Marketing |
|
222 |
|
|
|
209 |
|
|
661 |
|
|
|
720 |
Credit expense |
|
244 |
|
|
|
309 |
|
|
765 |
|
|
|
869 |
Other real estate expenses, net |
|
195 |
|
|
|
1 |
|
|
207 |
|
|
|
74 |
FDIC insurance expense |
|
121 |
|
|
|
137 |
|
|
382 |
|
|
|
425 |
Amortization of intangibles |
|
140 |
|
|
|
- |
|
|
420 |
|
|
|
- |
Other |
|
601 |
|
|
|
337 |
|
|
1,491 |
|
|
|
950 |
Total noninterest expenses |
|
8,879 |
|
|
|
7,298 |
|
|
24,119 |
|
|
|
21,424 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,175 |
|
|
|
2,346 |
|
|
8,714 |
|
|
|
7,161 |
|
|
|
|
|
|
|
|
Income tax expense |
|
601 |
|
|
|
465 |
|
|
1,709 |
|
|
|
1,431 |
|
|
|
|
|
|
|
|
Net Income |
$ |
2,574 |
|
|
$ |
1,881 |
|
$ |
7,005 |
|
|
$ |
5,730 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted (1) |
|
4,683,581 |
|
|
|
4,740,657 |
|
|
4,721,423 |
|
|
|
4,750,235 |
|
|
|
|
|
|
|
|
Net income per common share -
basic and diluted (1) |
$ |
0.55 |
|
|
$ |
0.40 |
|
$ |
1.48 |
|
|
$ |
1.21 |
(1) Shares and per share amounts for all periods have been
adjusted to reflect a 10% stock dividend declared in June 2021.
Bank of the James Financial Group, Inc. and
SubsidiariesDollar amounts in thousands, except
per share data(unaudited)
Selected Data: |
ThreemonthsendingSep
30,2022 |
ThreemonthsendingSep
30,2021 |
Change |
YeartodateSep
30,2022 |
YeartodateSep
30,2021 |
Change |
Interest income |
$8,399 |
|
$7,315 |
|
14.82 |
% |
$22,912 |
|
$21,914 |
|
4.55 |
% |
Interest expense |
499 |
|
493 |
|
1.22 |
% |
1,498 |
|
1,634 |
|
-8.32 |
% |
Net interest income |
7,900 |
|
6,822 |
|
15.80 |
% |
21,414 |
|
20,280 |
|
5.59 |
% |
Recovery of loan losses |
(300 |
) |
- |
|
N/A |
|
(900 |
) |
- |
|
N/A |
|
Noninterest income |
3,854 |
|
2,822 |
|
36.57 |
% |
10,519 |
|
8,305 |
|
26.66 |
% |
Noninterest expense |
8,879 |
|
7,298 |
|
21.66 |
% |
24,119 |
|
21,424 |
|
12.58 |
% |
Income taxes |
601 |
|
465 |
|
29.25 |
% |
1,709 |
|
1,431 |
|
19.43 |
% |
Net income |
2,574 |
|
1,881 |
|
36.84 |
% |
7,005 |
|
5,730 |
|
22.25 |
% |
Weighted average shares outstanding - basic (1) |
4,683,581 |
|
4,740,657 |
|
(57,076 |
) |
4,721,423 |
|
4,750,235 |
|
(28,812 |
) |
Weighted average shares outstanding - diluted (1) |
4,683,581 |
|
4,740,657 |
|
(57,076 |
) |
4,721,423 |
|
4,750,235 |
|
(28,812 |
) |
Basic net income per share (1) |
$0.55 |
|
$0.40 |
|
$0.15 |
|
$1.48 |
|
$1.21 |
|
$0.27 |
|
Fully diluted net income per share (1) |
$0.55 |
|
$0.40 |
|
$0.15 |
|
$1.48 |
|
$1.21 |
|
$0.27 |
|
(1) Shares and per share amounts for all periods have been
adjusted to reflect a 10% stock dividend declared in June 2021.
Balance Sheet atperiod end: |
Sep 30,2022 |
Dec 31,2021 |
Change |
Sep 30,2021 |
Dec 31,2020 |
Change |
Loans, net |
$614,117 |
|
$576,469 |
|
6.53 |
% |
$583,572 |
|
$601,934 |
|
-3.05 |
% |
Loans held for sale |
3,239 |
|
1,628 |
|
98.96 |
% |
6,462 |
|
7,102 |
|
-9.01 |
% |
Total securities |
194,774 |
|
164,922 |
|
18.10 |
% |
155,957 |
|
93,856 |
|
66.17 |
% |
Total deposits |
883,069 |
|
887,056 |
|
-0.45 |
% |
853,829 |
|
764,967 |
|
11.62 |
% |
Stockholders' equity |
48,339 |
|
69,429 |
|
-30.38 |
% |
68,902 |
|
66,732 |
|
3.25 |
% |
Total assets |
962,570 |
|
987,634 |
|
-2.54 |
% |
942,631 |
|
851,386 |
|
10.72 |
% |
Shares outstanding |
4,628,657 |
|
4,740,657 |
|
(112,000 |
) |
4,740,657 |
|
4,339,436 |
|
401,221 |
|
Book value per share |
$10.44 |
|
$14.65 |
|
$(4.21 |
) |
$14.53 |
|
$15.38 |
|
$(0.85 |
) |
Daily averages: |
ThreemonthsendingSep
30,2022 |
ThreemonthsendingSep
30,2021 |
Change |
YeartodateSep
30,2022 |
YeartodateSep
30,2021 |
Change |
Loans |
$615,208 |
|
$587,129 |
|
4.78 |
% |
$600,286 |
|
$598,135 |
|
0.36 |
% |
Loans held for sale |
4,217 |
|
5,638 |
|
-25.20 |
% |
3,978 |
|
5,777 |
|
-31.14 |
% |
Total securities |
230,986 |
|
142,670 |
|
61.90 |
% |
220,863 |
|
118,662 |
|
86.13 |
% |
Total deposits |
885,602 |
|
843,452 |
|
5.00 |
% |
895,274 |
|
820,517 |
|
9.11 |
% |
Stockholders' equity |
52,451 |
|
67,657 |
|
-22.48 |
% |
60,603 |
|
66,183 |
|
-8.43 |
% |
Interest earning assets |
916,798 |
|
869,899 |
|
5.39 |
% |
927,482 |
|
847,730 |
|
9.41 |
% |
Interest bearing liabilities |
752,909 |
|
692,709 |
|
8.69 |
% |
749,545 |
|
669,535 |
|
11.95 |
% |
Total assets |
968,985 |
|
930,846 |
|
4.10 |
% |
986,867 |
|
906,389 |
|
8.88 |
% |
Financial Ratios: |
ThreemonthsendingSep
30,2022 |
ThreemonthsendingSep
30,2021 |
Change |
YeartodateSep
30,2022 |
YeartodateSep
30,2021 |
Change |
Return on average assets |
1.05 |
% |
0.80 |
% |
0.25 |
|
0.95 |
% |
0.85 |
% |
0.10 |
|
Return on average equity |
19.47 |
% |
11.03 |
% |
8.44 |
|
15.45 |
% |
11.58 |
% |
3.87 |
|
Net interest margin |
3.43 |
% |
3.11 |
% |
0.32 |
|
3.09 |
% |
3.20 |
% |
(0.11 |
) |
Efficiency ratio |
75.54 |
% |
75.67 |
% |
(0.13 |
) |
75.53 |
% |
74.95 |
% |
0.58 |
|
Average equity to average assets |
5.41 |
% |
7.27 |
% |
(1.86 |
) |
6.14 |
% |
7.30 |
% |
(1.16 |
) |
Allowance for loan losses: |
ThreemonthsendingSep
30,2022 |
ThreemonthsendingSep
30,2021 |
Change |
YeartodateSep
30,2022 |
YeartodateSep
30,2021 |
Change |
Beginning balance |
$6,616 |
|
$7,212 |
|
-8.26 |
% |
$6,915 |
|
$7,156 |
|
-3.37 |
% |
Recovery of loan losses |
(300 |
) |
- |
|
N/A |
|
(900 |
) |
- |
|
N/A |
|
Charge-offs |
(1 |
) |
(16 |
) |
-93.75 |
% |
(10 |
) |
(80 |
) |
-87.50 |
% |
Recoveries |
79 |
|
80 |
|
-1.25 |
% |
389 |
|
200 |
|
94.50 |
% |
Ending balance |
6,394 |
|
7,276 |
|
-12.12 |
% |
6,394 |
|
7,276 |
|
-12.12 |
% |
Nonperforming assets: |
Sep 30,2022 |
Dec 31,2021 |
Change |
Sep 30,2021 |
Dec 31,2020 |
Change |
Total nonperforming loans |
$788 |
|
$954 |
|
-17.40 |
% |
$1,904 |
|
$2,064 |
|
-7.75 |
% |
Other real estate owned |
566 |
|
761 |
|
-25.62 |
% |
806 |
|
1,105 |
|
-27.06 |
% |
Total nonperforming assets |
1,354 |
|
1,715 |
|
-21.05 |
% |
2,710 |
|
3,169 |
|
-14.48 |
% |
Troubled debt restructurings - (performing portion) |
431 |
|
372 |
|
15.86 |
% |
376 |
|
392 |
|
-4.08 |
% |
Asset quality ratios: |
Sep 30,2022 |
Dec 31,2021 |
Change |
Sep 30,2021 |
Dec 31,2020 |
Change |
Nonperforming loans to total loans |
0.13 |
% |
0.16 |
% |
(0.03 |
) |
0.32 |
% |
0.34 |
% |
(0.02 |
) |
Allowance for loan losses to total loans |
1.03 |
% |
1.19 |
% |
(0.16 |
) |
1.23 |
% |
1.17 |
% |
0.06 |
|
Allowance for loan losses to nonperforming loans |
811.42 |
% |
724.84 |
% |
86.58 |
|
382.14 |
% |
346.71 |
% |
35.43 |
|
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