Bank of the James Q1 2024 Financials Filed

TL;DR

**BOTJ Q1 2024 10-Q FILED: Shows retained earnings, paid-in capital, and other comprehensive income for Q1 2024.**

AI Summary

Bank of the James Financial Group Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and position for the first quarter of 2024. Key financial components like retained earnings, additional paid-in capital, and accumulated other comprehensive income are reported for various periods, including March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

This filing provides investors with a detailed look at the financial health and performance of Bank of the James Financial Group Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• Q1 2024 — Reporting Period (Financial performance for the first quarter of 2024 is detailed.)
• 2024-03-31 — Balance Sheet Date (Key financial figures are reported as of this date.)

Key Players & Entities

• BANK OF THE JAMES FINANCIAL GROUP INC (company) — Filer
• 20240331 (date) — Reporting Period End Date
• 20240517 (date) — Filing Date
• 4348462000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

• $2.14 — 3,338 shares of Common Stock, par value $2.14 per share, were outstanding at May 17,

Filing Documents

• botj-20240331x10q.htm (10-Q) — 5986KB
• botj-20240331xex31_1.htm (EX-31.1) — 13KB
• botj-20240331xex31_2.htm (EX-31.2) — 13KB
• botj-20240331xex32_1.htm (EX-32.1) — 14KB
• 0001562762-24-000144.txt ( ) — 25438KB
• botj-20240331.xsd (EX-101.SCH) — 33KB
• botj-20240331_cal.xml (EX-101.CAL) — 87KB
• botj-20240331_def.xml (EX-101.DEF) — 188KB
• botj-20240331_lab.xml (EX-101.LAB) — 357KB
• botj-20240331_pre.xml (EX-101.PRE) — 375KB
• botj-20240331x10q_htm.xml (XML) — 8444KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 44

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities, Use of Proceeds , and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds , and Issuer Purchases of Equity Securities 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

SIGNATURES

SIGNATURES 46 Table of Contents

– FINANCIAL INFORMAT ION

PART I – FINANCIAL INFORMAT ION

Consolidated Financial Statem ents

Item 1. Consolidated Financial Statem ents Bank of the James Financial Group, Inc. and Subsidiaries Consolidated Balance Sheets (dollar amounts in thousands, except per share amounts) (2024 unaudited) March 31, December 31, Assets 2024 2023 Cash and due from banks $ 25,428 $ 25,613 Federal funds sold 62,644 49,225 Total cash and cash equivalents 88,072 74,838 Securities held-to-maturity, at amortized cost (fair value of $ 3,194 as of March 31, 2024 and $ 3,231 as of December 31, 2023) net of allowance for credit loss of $ 0 as of March 31, 2024 and December 31, 2023 3,618 3,622 Securities available-for-sale, at fair value 214,822 216,510 Restricted stock, at cost 1,541 1,541 Loans held for sale 4,640 1,258 Loans, net of allowance for credit losses of $ 6,920 as of March 31, 2024 and $ 7,412 as of December 31, 2023 601,115 601,921 Premises and equipment, net 18,276 18,141 Interest receivable 2,936 2,835 Cash value - bank owned life insurance 22,344 21,586 Customer relationship intangibles 7,145 7,285 Goodwill 2,054 2,054 Other assets 18,328 17,780 Total assets $ 984,891 $ 969,371 Liabilities and Stockholders' Equity Deposits Noninterest bearing demand $ 143,619 $ 134,275 NOW, money market and savings 530,484 538,229 Time deposits 219,391 205,955 Total deposits 893,494 878,459 Capital notes, net 10,044 10,042 Other borrowings 9,741 9,890 Interest payable 522 480 Other liabilities 10,653 10,461 Total liabilities $ 924,454 $ 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 March 31, 2024 and December 31, 2023 9,723 9,723 Additional paid-in-capital 35,253 35,253 Retained earnings 38,412 36,678

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1 – Basis of Presentation Bank of the James Financial Group, Inc.'s ("Financial" or the "Company") primary market area consists of the area commonly referred to as Region 2000 which encompasses the seven jurisdictions of the Town of Altavista, Amherst County, Appomattox County, the Town of Bedford, Bedford County, Campbell County, and the City of Lynchburg. Within the last several years, the Company expanded into Charlottesville, Roanoke, Blacksburg, Harrisonburg, Lexington, Rustburg, and Wytheville. The unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. In management's opinion the accompanying financial statements, which unless otherwise noted are unaudited, reflect all adjustments, consisting solely of normal recurring accruals, necessary for a fair presentation of the financial information as of March 31, 2024 and for the three-months ended March 31, 2024 and 2023 in conformity with accounting principles generally accepted in the United States of America. Additional information concerning the organization and business of Financial, accounting policies followed, and other related information is contained in Financial's Annual Report on Form 10-K for the year ended December 31, 2023. These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 2023 included in Financial's Annual Report on Form 10-K. Results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Note 2 – Significant Accounting Policies and Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions

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View this 10-Q filing on SEC EDGAR