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Bank of the James Announces First Quarter 2020
Financial Results and Declaration of Dividend
LYNCHBURG, Va., April 24, 2020 Bank of the James Financial Group, Inc. (the Company) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (Greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, today announced unaudited results for the three months ended March 31, 2020.
First Quarter 2020 Highlights
Net income for the three months ended March 31, 2020 was $995,000 or $0.23 per diluted share, compared with $1.23 million or $0.28 per diluted share for the three months ended March 31, 2019. This decrease was due primarily to an increase in loan loss provision related to uncertainty surrounding the COVID-19 pandemic.
Weighted average shares outstanding (diluted) were 4,348,040 at March 31, 2020 compared with 4,380,959 a year earlier, reflecting a repurchase of 39,000 shares of stock since March 31, 2019. The Company has temporarily suspended stock repurchases under its stock repurchase plan.
Loans receivable, net of allowance for loan losses, were $570.66 million compared with $573.27 million at December 31, 2019 and $535.96 million at March 31, 2019.
Commercial real estate loans, commercial & industrial loans, construction loans and multi-family mortgage loans increased compared with a year earlier. In light of potential risks to loan quality associated with COVID-19 and associated economic trends, the Company anticipates expanded disclosure related to business sectors and credit quality in its Form 10-Q Quarterly Report for quarter ended March 31, 2020 to be filed with the Securities and Exchange Commission.
Loans held for sale (primarily closed residential mortgage originations) were $6.13 million at March 31, 2020 compared with $4.22 million at December 31, 2019. Management noted the secondary market that purchases the majority of the Companys originated conventional mortgages has continued to be strong and active.
Total assets were $746.06 million at March 31, 2020, up from $725.39 million at December 31, 2019 and $684.39 million at March 31, 2019.
Asset quality remained strong at March 31, 2020, with a ratio of nonperforming loans to total loans of 0.25%. The Company increased its allowance for loan losses primarily based on our evaluation of qualitative (environmental) factors present and their contribution to our estimate of probable losses inherent in the loan portfolio. At March 31, 2020, the allowance for loan losses to total loans increased to 0.95%, and the allowance for loan losses to nonperforming loans was 376%.
On April 21, 2020 the Companys board of directors approved a $0.07 per share dividend payable to stockholders of record on June 5, 2020, to be paid on June 19, 2020.
The Company has fully implemented its Business Continuity Plan.
The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, April 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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