Bank of the James Financial Group Q2 2024 10-Q Filed

TL;DR

**BOTJ 10-Q OUT: Equity details for Q2 2024 filed. Check financials.**

AI Summary

Bank of the James Financial Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position, including equity accounts like Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income across various reporting dates in 2023 and 2024. The company is a commercial bank incorporated in Virginia.

Why It Matters

This filing provides investors and analysts with a detailed look at the financial health and equity structure of Bank of the James Financial Group, crucial for understanding its stability and performance.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) for a publicly traded company, providing standard financial disclosures.

Key Numbers

• Q2 2024 — Reporting Period (Indicates the quarter for which financial data is reported.)
• 2023-04-01 to 2023-06-30 — Prior Year Quarter (Provides comparative data for the second quarter of the previous year.)

Key Players & Entities

• BANK OF THE JAMES FINANCIAL GROUP INC (company) — Filer of the 10-Q
• 0001562762-24-000205 (other) — Accession Number for the filing
• 20240630 (date) — End of the reporting period
• 20240812 (date) — Filing date
• VA (other) — State of incorporation
• 6022 (other) — Standard Industrial Classification for Commercial Banks

FAQ

Key Financial Figures

• $2.14 — e on which registered Common Stock, $2.14 per share par value BOTJ The NASDAQ

Filing Documents

• botj-20240630x10q.htm (10-Q) — 7117KB
• botj-20240630xex31_1.htm (EX-31.1) — 13KB
• botj-20240630xex31_2.htm (EX-31.2) — 13KB
• botj-20240630xex32_1.htm (EX-32.1) — 14KB
• 0001562762-24-000205.txt ( ) — 28000KB
• botj-20240630.xsd (EX-101.SCH) — 33KB
• botj-20240630_cal.xml (EX-101.CAL) — 90KB
• botj-20240630_def.xml (EX-101.DEF) — 187KB
• botj-20240630_lab.xml (EX-101.LAB) — 365KB
• botj-20240630_pre.xml (EX-101.PRE) — 379KB
• botj-20240630x10q_htm.xml (XML) — 9122KB

– 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 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 50

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

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 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

SIGNATURES

SIGNATURES 51 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) 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 Acc

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 June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 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 and six month periods ended June 30, 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 managemen

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View this 10-Q filing on SEC EDGAR