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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

Form 10-Q

______________________

(Mark one)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

BANK OF THE JAMES FINANCIAL GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

______________________

Virginia

001-35402

20-0500300

(State or other jurisdiction of

incorporation or organization)

(Commission file number)

(I.R.S. Employer

Identification No.)

828 Main Street, Lynchburg, VA

24504

(Address of principal executive offices)

(Zip Code)

(434) 846-2000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

☐

  

Accelerated filer

 

☐

Non-accelerated filer

 

☒

  

Smaller reporting company

 

☒

Emerging growth company

 

☐

  

 

______________________

Securities registered or to be registered pursuant to Section 12(b) of the Act

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $2.14 per share par value

BOTJ

The NASDAQ Stock Market LLC

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 4,543,338 shares of Common Stock, par value $2.14 per share, were outstanding at August 12, 2024.
‎

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollar amounts in thousands, except per share amounts) (2024 unaudited)

June 30,

December 31,

Assets

2024

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, at amortized cost (fair value of $3,172 as of June 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of June 30, 2024 and December 31, 2023

3,614

3,622

Securities available-for-sale, at fair value

206,177

216,510

Restricted stock, at cost

1,570

1,541

Loans held for sale

4,835

1,258

Loans, net of allowance for credit losses of $6,951 as of June 30, 2024 and $7,412 as of December 31, 2023

616,088

601,921

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 intangibles

7,005

7,285

Goodwill

2,054

2,054

Other assets

18,550

17,780

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 deposits

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

Commitments and Contingencies

 

 

Stockholders' equity

Preferred stock; authorized 1,000,000 shares; none issued and outstanding

$                           -

$                           -

Common stock $2.14 par value; 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

Retained earnings

40,103

36,678

Accumulated other comprehensive loss

(23,373)

(21,615)

Total stockholders' equity

$                 61,706

$                 60,039

Total liabilities and stockholders' equity

$               978,011

$               969,371

1

See accompanying notes to these consolidated financial statements

Table of Contents

 

Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Statements of Income

(dollar amounts in thousands, except per share amounts) (unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

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 - taxable

288

285

574

567

Municipals - tax exempt

19

19

37

37

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 provision for credit losses

(123)

(254)

(676)

(114)

Net interest income after recovery of provision for credit losses

7,214

7,599

14,717

15,101

Noninterest income

Gain on sales 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

Gain on sales and calls of securities, net

40

-

40

-

Other

533

160

638

160

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

695

693

1,496

1,393

Data processing

748

719

1,499

1,390

Marketing

231

285

261

479

Credit

234

209

422

405

2

See accompanying notes to these consolidated financial statements

Table of Contents

 

Other real estate, net

-

7

-

33

FDIC insurance

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

Earnings per common share - basic and diluted

$                     0.47

$                     0.56

$                     0.95

$                     0.99


‎

3

See accompanying notes to these consolidated financial statements

Table of Contents

 

Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(dollar amounts in thousands) (unaudited)

For the Three Months

For the Six Months

Ended June 30,

Ended June 30,

2024

2023

2024

2023

Net Income

$            2,148 

$            2,534 

$            4,335 

$            4,518 

Other comprehensive income (loss):

Unrealized (loss) gain on securities available-for-sale

(495)

(1,602)

(2,186)

1,668 

Tax effect

105

337 

460

(350)

Reclassification adjustment for net gains included in net income

(40)

-

(40)

-

Tax effect

8 

-

8 

-

Other comprehensive (loss) income, net of tax

(422)

(1,265)

(1,758)

1,318 

Comprehensive income

$            1,726 

$            1,269 

$            2,577 

$            5,836 


‎

4

See accompanying notes to these consolidated financial statements

Table of Contents

 

Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(dollar amounts in thousands) (unaudited)

For the Six Months Ended June 30,

2024

2023

Cash flows from operating activities

Net Income

$                             4,335 

$                             4,518 

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

690 

723 

Net amortization and accretion of premiums and discounts on securities

281

204 

Amortization of debt issuance costs

3 

3 

Net gain on sales of available-for-sale securities

(40)

-

Gain on sales of loans held for sale

(2,200)

(2,076)

Proceeds from sales of loans held for sale

89,279 

80,434 

Origination of loans held for sale

(90,656)

(82,095)

Recovery of provision for credit losses

(676)

(114)

Impairment of other real estate owned

-