Bank of the James Financial Group Inc. Files 2023 Annual Report

TL;DR

<b>Bank of the James Financial Group, Inc. (BOTJ) has submitted its 2023 10-K annual report, detailing financial performance and key balance sheet items.</b>

AI Summary

BANK OF THE JAMES FINANCIAL GROUP INC (BOTJ) filed a Annual Report (10-K) with the SEC on March 27, 2024. Bank of the James Financial Group, Inc. (BOTJ) filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial statement items such as Common Stock, Retained Earnings, and Additional Paid-In Capital are detailed for fiscal years 2021, 2022, and 2023. Information regarding share-based compensation, including restricted stock under the Incentive Plan, is provided for 2022 and 2023. The report includes details on assets like Equipment and Buildings, as well as liabilities and equity components.

Why It Matters

For investors and stakeholders tracking BANK OF THE JAMES FINANCIAL GROUP INC, this filing contains several important signals. This 10-K filing provides stakeholders with a comprehensive overview of BOTJ's financial health and operational activities for the fiscal year 2023, enabling informed investment decisions. The detailed breakdown of financial components, including equity, compensation, and asset valuations, allows for a thorough analysis of the company's financial position and strategic direction.

Risk Assessment

Risk Level: low — BANK OF THE JAMES FINANCIAL GROUP INC shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, providing routine financial disclosures without immediate indicators of significant new risks or positive developments.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-K to understand the company's performance, asset quality, and capital adequacy.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-27 — Filing Date (As of date)
• 2023 — Reporting Period (Fiscal year)
• 2022 — Previous Reporting Period (Fiscal year)
• 2021 — Prior Reporting Period (Fiscal year)

Key Players & Entities

• BANK OF THE JAMES FINANCIAL GROUP INC (company) — Filer name
• BOTJ (company) — Ticker symbol
• 2023 (date) — Fiscal year end
• 10-K (document) — Filing type
• VA (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

Bank of the James Financial Group, Inc. operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a financial institution, the company is subject to regulations from various governmental bodies overseeing the banking industry.

What Investors Should Do

1. Analyze the company's balance sheet for changes in assets, liabilities, and equity from the previous year.
2. Review any disclosed information on loan portfolios, interest income, and non-interest income.
3. Examine executive compensation and share-based payment details for insights into management incentives.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $2.14 — nge on Which Registered Common Stock, $2.14 par value BOTJ The NASDAQ Capital M
• $250,000 — ximum amount allowed by law (generally, $250,000 per depositor, subject to aggregation r

Filing Documents

• botj-20231231x10k.htm (10-K) — 10371KB
• botj-20231231xex16_1.htm (EX-16.1) — 8KB
• botj-20231231xex21_1.htm (EX-21.1) — 7KB
• botj-20231231xex23_1.htm (EX-23.1) — 4KB
• botj-20231231xex31_1.htm (EX-31.1) — 19KB
• botj-20231231xex31_2.htm (EX-31.2) — 20KB
• botj-20231231xex32_1.htm (EX-32.1) — 11KB
• botj-20231231xex97_1.htm (EX-97.1) — 29KB
• botj-20231231x10kg001.jpg (GRAPHIC) — 7KB
• botj-20231231xex16_1g001.jpg (GRAPHIC) — 14KB
• botj-20231231xex16_1g002.jpg (GRAPHIC) — 9KB
• botj-20231231xex16_1g003.jpg (GRAPHIC) — 2KB
• botj-20231231xex23_1g001.jpg (GRAPHIC) — 3KB
• 0001562762-24-000069.txt (&nbsp;) — 38667KB
• botj-20231231.xsd (EX-101.SCH) — 77KB
• botj-20231231_cal.xml (EX-101.CAL) — 147KB
• botj-20231231_def.xml (EX-101.DEF) — 384KB
• botj-20231231_lab.xml (EX-101.LAB) — 696KB
• botj-20231231_pre.xml (EX-101.PRE) — 724KB
• botj-20231231x10k_htm.xml (XML) — 11328KB

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 29 Item 1.C. Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 34 PART II 35 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9A.

Controls and Procedures

Controls and Procedures 122 Item 9B. Other Information 123 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 123 PART III 124 Item 10. Directors, Executive Officers and Corporate Governance 124 Item 11.

Executive Compensation

Executive Compensation 124 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 124 Item 13. Certain Relationships and Related Transactions, and Director Independence 124 Item 14. Principal Accountant Fees and Services 124 PART IV 124 Item 15. Exhibits, Financial Statement Schedules 124 Item 16. Form 10–K Summary 126

SIGNATURES

SIGNATURES 127 Table of Contents PART I

Busine ss

Item 1. Busine ss General Bank of the James Financial Group, Inc. ("Financial" or the "Company") is a bank holding company with its headquarters in Lynchburg, Virginia. Financial was incorporated at the direction of Bank of the James (the "Bank" or "Bank of the James") on October 3, 2003 to serve as a bank holding company of the Bank. Financial acquired all of the shares of the Bank in a statutory share exchange on a one-for-one basis on January 1, 2004. The Bank is a Virginia banking corporation headquartered in Lynchburg, Virginia. The Bank was incorporated under the laws of the Commonwealth of Virginia as a state-chartered bank in 1998 and began banking operations in July 1999. The Bank was organized to engage in general retail and commercial banking business. The Bank's principal office is located at 828 Main Street, Lynchburg, Virginia 24504 and its telephone number is (434) 846-2000. The Bank also maintains a website at www.bankofthejames.bank. Financial conducts three principal activities: (1) general retail and commercial banking through Bank of the James; (2) mortgage brokerage services through Bank of the James Mortgage, a division of the Bank (the "Mortgage Division"); and (3) investment advisory (sometimes referred to as wealth management) services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc. ("PWW"). In addition, Financial provides securities brokerage and other investment services through BOTJ Investment, a division of the Bank, and acts as an agent for insurance and annuity products through BOTJ Insurance, Inc., a wholly-owned subsidiary of the Bank. The operating results of these business operations have not had a material impact on our financial performance and are not considered principal activities of Financial at this time. The Bank, BOTJ Insurance, BOTJ Investment Group, Inc., a non-operating subsidiary, and PWW are our only subsidiaries and primary assets. Products and Services Retail and Commercial Banki

View Full Filing

View this 10-K filing on SEC EDGAR