Exhibit 99.1

 

LOGO

Bank of the James Announces Second Quarter, First Half 2020

Financial Results and Declaration of Dividend

PPP Loan Closings, Robust Mortgage Origination, Completed Unregistered Debt Offering

LYNCHBURG, Va., July 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 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, today announced unaudited results for the three months and six months ended June 30, 2020.

Net income for the three months ended June 30, 2020 was $821,000 or $0.19 per diluted share, compared with $1.38 million or $0.31 per diluted share for the three months ended June 30, 2019. Net income for the six months ended June 30, 2020 was $1.82 million or $0.42 per diluted share, compared with $2.61 million or $0.60 per diluted share for the six months ended June 30, 2019.

Highlights

 

   

Net income in the second quarter and first half of 2020 reflected noninterest expenses that included an additional $245,000 in compensation to employees for their work implementing the PPP. Additionally, in the second quarter the Company expensed approximately $750,000 related to an early retirement plan that was previously announced.

 

   

Loans receivable, net of the allowance for loan losses, were $623.56 million at June 30, 2020 compared with $573.27 million at December 31, 2019. The increase primarily reflects the addition of $68 million in government-guaranteed Payroll Protection Plan loans.

 

   

Commercial loans demonstrated stability and continued strong credit quality, and construction continued to be an active lending sector for the Company.

 

   

Nonperforming loans increased as of June 30, 2020, primarily reflecting one relationship of approximately $3.3 million. Management anticipates a significant curtailment of the loan balance upon the sale of the collateral. The Bank has entered into a contract for the sale of the collateral, and the sale is scheduled to close later in the third quarter.

 

   

Interest income from loans in the second quarter of 2020 was $6.7 million compared with $6.8 million in the second quarter of 2019 and increased to $13.7 million in the first half of 2020 compared with $13.5 million in the first half of 2019, primarily reflecting loan growth.

 

   

Continuing strong residential mortgage origination, which generates income from gains on loan sales to the secondary market, contributed significantly to increased total noninterest income, which was $2.8 million in the second quarter of 2020 compared with $1.7 million a year earlier. In the first half of 2020, total noninterest income was $5.0 million, up from $2.9 million a year earlier, reflecting robust residential mortgage origination and growth in fee income from corporate treasury services and other fees.

 

   

Total deposits were $746.0 million at June 30, 2020 compared with $649.5 million at December 31, 2019. The increase reflects increased core deposits (noninterest-bearing demand, NOW, savings and money market accounts) as customers maintained higher balances, attributable in part to PPP loan funds that had yet to be deployed.

 

   

Total stockholders’ equity increased to $64.5 million at June 30, 2020 compared with $61.4 million at December 31, 2019. Tangible book value per share was $14.86 at June 30, 2020 compared with $14.10 per share at December 31, 2019.


   

On July 21, 2020 the Company’s board of directors approved a $0.07 per share dividend payable to stockholders of record on September 4, 2020, to be paid on September 18, 2020.

 

   

Subsequent to the close of the second quarter of 2020, the Company announced on July 8, 2020 that it completed a private placement of an unregistered debt offering of $10.05 million at a 3.25% interest rate. Of that amount, $5 million was used to retire an earlier private placement carrying a higher rate.

 

   

Consistent with the previously filed Form 10-Q for the quarter ended March 31, 2020, the Company again anticipates expanded disclosure related to business sectors and credit quality in its Form 10-Q Quarterly Report covering the three and six month periods ended June 30, 2020 to be filed with the Securities and Exchange Commission.

Robert R. Chapman III, President and CEO, commented: “Although COVID-19 and the subsequent economic slowdown present numerous challenges, we believe the Company delivered a positive financial performance. We focused on being responsive and pro-active in a fluid economic and health-conscious situation, and we will continue to do so.

“We appreciate our team’s dedication and commitment to serving clients safely and professionally, and to keeping operations running smoothly. We implemented extensive practices to protect the health and safety of employees and customers and continued operating consistently, while recognizing that the considerable presence of COVID-19 still presents challenges.

“During the second quarter, Bank of the James processed and closed approximately $68 million in Payroll Protection Plan (PPP) loans to more than 500 small businesses, affecting approximately 9,000 employees and families. We believe we accomplished this process quickly and efficiently so businesses could put funding to work immediately. Recognizing the exceptional dedication of our team, we provided approximately $245,000 in financial rewards to those who worked so hard to implement the PPP program, and to our essential employees who put in extra effort to serve customers and provide operational support therefore offsetting the challenges of social distancing and working from home.

“Margins, returns and interest income were impacted by expected business slowdowns and the issuance of low-interest PPP loans. Importantly, the Bank did not experience any unusual pressure on deposit balances or liquidity positions as a result of COVID-19. We believe the Company’s fundamentals are strong. We have prepared for this period by increasing capital resources, expanding reserves and provisioning for potential loan losses, building cash reserves, and more.

“Our second quarter financial performance was encouraging, and we were able to build shareholder value and pay a dividend to shareholders. We believe the Company is positioned to meet the financial challenges and uncertainty ahead.”

Second Quarter, First Half of 2020 Operational Review

Total interest income was $7.1 million in the second quarter of 2020 compared with $7.4 million a year earlier. Interest expense was $1.2 million in the second quarter of 2020 compared with $1.2 million a year earlier. Although interest rates declined, interest expense remained constant because of a larger deposit base and increased core deposits. The rate paid on liabilities in the second quarter of 2020 was 0.76% compared with 0.93% a year earlier.

Net interest income after provision for loan losses was $5.2 million for the three months ended June 30, 2020 compared with $6.0 million the previous year.

The average rate earned on loans was 4.33% in the second quarter of 2020 compared with 4.97% a year earlier, and the net interest margin was 3.13% compared with 3.82%, primarily reflecting the impact of the lower-yielding PPP loans.

For the six months of 2020, total interest income was $14.6 million compared with $14.6 million in the first six months of 2019. Total interest expense was $2.5 million in the first half of 2020 compared with $2.3 million a year earlier. For the first six months of 2020, net interest income after provision for loan losses was $10.4 million compared with $12.0 million a year earlier, primarily reflecting slower commercial loan activity and an increased loan loss provision. The net interest margin was 3.37% in the first half of 2020 compared with 3.87% a year earlier.

 

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The provision for loan losses was $760,000 and $1,648,000 in the three and six months ended June 30, 2020 compared with $116,000 and $326,000 for the same period a year earlier. The increase primarily reflects increased qualitative allocations related to the COVID-19 pandemic as well as a $300,000 specific reserve for the large loan relationship previously mentioned as migrating to a nonperforming status during the quarter. Of the $1,648,000 in provision in the first six months of 2020, approximately $1,048,000 is attributed to qualitative factors related to the COVID-19 pandemic and its effect on economic conditions, loan concentrations in sectors adversely affected by the pandemic, and loans that have been granted payment deferrals or have been granted interest only payment status in the short term.

J. Todd Scruggs, Executive Vice President and CFO, commented: “The impact of carrying $68 million in PPP loans while also carrying additional contingent liquidity in the form of Fed funds, and a Fed rate cut in the second quarter was clearly evident in our net interest margin and interest rate spread. In general, rates on non-PPP loans have been relatively stable. We don’t anticipate carrying PPP loans for an extended period, so we expect to return to more normalized margins as the PPP program begins to wind down and loan forgiveness begins.”

Noninterest income, including gains from the sale of residential mortgages to the secondary market, revenue contributions from BOTJ Investment Services, and income from the Bank’s line of treasury management services for commercial customers was $2.8 million in the second quarter of 2020, up from $1.7 million in the second quarter of 2019. In the first half of 2020, total noninterest income was $5.0 million compared with $2.9 million in the first half of 2019. The increase in noninterest income was also driven by gains on sales of available-for-sale securities of $213,000 and $644,000 respectively for the three and six months of 2020.

Noninterest expense for the three months and six months ended June 30, 2020 increased compared with the previous year, reflecting personnel expenses that included performance-based compensation and the one-time early retirement expense. Employee salaries of approximately $400,000 were deferred in the current quarter related to PPP loan originations which partially offset the additional expenses. These deferred costs are being recognized over the remaining lives of the PPP loans as a component of interest income along with the related origination fees. This level of deferred origination costs is not expected for future quarters and the recognition of the deferred fees and costs in income will be accelerated upon forgiveness or repayment of the PPP loans. Occupancy, supplies and marketing costs were lower year-over-year.

In the second quarter of 2020, Return on Average Assets (ROAA) was 0.41% compared with 0.80% a year earlier and Return on Average Equity (ROAE) of 5.33% compared with 9.47% a year earlier. In the first half of 2020, ROAA was 0.47% compared with 0.77% a year earlier and ROAE was 5.95% compared with 9.11% a year earlier. The Company’s ROAA decline in the 2020 periods primarily reflected the growth of assets and the higher loan loss provision.

Balance Sheet Review: Sound Asset Quality, Liquidity

Total assets were $827.1 million at June 30, 2020 compared with $725.4 million at December 31, 2019 and $690.1 million at June 30, 2019. While the addition of PPP loans in the second quarter of 2020 resulted in increased assets, a leading driver of year-over-year balance sheet growth was commercial, construction and non-residential loan growth. Loans, net of provision for loan losses were $623.6 million at June 30, 2020, compared with $573.3 million at December 31, 2019 and $552.0 million at June 30, 2019.

Michael A. Syrek, Executive Vice President and Chief Loan Officer, commented: “Understandably, new commercial lending activity slowed in the second quarter of 2020. Beginning in February, we have focused on communicating with clients to help them prepare for the potential impact of COVID-19 and economic slowdowns on their businesses.

“While economic conditions have impacted clients, most have maintained stability in their operations. We have worked remotely and maintained strong relationships to continue providing financial solutions. A number of clients have utilized PPP loans to meet operating cash and payroll requirements as an alternative to utilizing lines of credit, and in our eyes that has been a very appropriate use of the PPP funding we helped provide.

“We are cautiously optimistic about the economic health of our served markets and clients. We serve markets that include several major colleges and universities, so we are closely monitoring decisions regarding fall attendance and the potential impact on clients. We remain flexible and responsive to client needs in what continues to be a fluid situation.”

 

3


Loans held-for-sale were $6.1 million at June 30, 2020, up from $4.2 million at December 31, 2019 and $4.4 million at June 30, 2019, primarily reflecting strong residential mortgage origination activity and placement of residential mortgages in the secondary market.

Brian Cash, President of Bank of the James’ Mortgage Division, explained: “Despite remarkable volatility, uncertainty and change in both the mortgage and housing industries, our growth accelerated. I credit the amazing dedication, determination and heart of our team to serve regardless of the circumstances. The majority of mortgage originations have been purchase mortgages as housing markets have been relatively active in light of COVID-19 impact. Well-established processes, a commitment to service and strong technological capabilities have enabled us to meet the residential mortgage needs of our markets in a time that demands social distancing and increased electronic operation.”

Loans, net of allowance for loan losses of $6.2 million, were $623.56 million at June 30, 2020. At December 31, 2019 loans, net of allowance of $4.8 million, were $573.27 million. The company increased its loan allowance in the first and second quarters of 2020, primarily reflecting the Company’s ongoing consideration of the pandemic in the development of the allowance estimate as mentioned above.

Total deposits at June 30, 2020 were $746.00 million, compared with $649.50 million at December 31, 2019. Increased demand deposits accounted for the growth attributed in part to retention of PPP funds not yet deployed by businesses, which now have approximately 24 months to utilize the funds.

Asset quality remained strong, with a ratio of nonperforming loans to total loans of 0.82% at June 30, 2020. The allowance for loan losses to total loans was 0.98% at June 30, 2020, representing an increase from prior quarters as the Company added to its loan loss reserve. The ratio of the allowance to total loans, excluding the guaranteed PPP loans was approximately 1.11% at June 30, 2020. The Company’s allowance for loan losses to nonperforming loans was 119% at June 30, 2020.

Chapman concluded: “As we continue to navigate a changing and uncertain environment, we are focused on maintaining liquidity, continued capital strength, and diligent credit quality monitoring. We are committed to partnering with clients to provide the services and financial solutions to meet the future with confidence. We are also committed to our served communities and are grateful to have been able to donate this quarter approximately $50,000 to various non-profits that focus on providing food, clothing and shelter.

About the Company

Bank of the James, a wholly owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, and Rustburg. The bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, the effect of the COVID-19 pandemic, and changes in the value of real estate securing loans made by Bank of the James (the “Bank”), a subsidiary of the Company. Additional information

 

4


concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission and previously filed by the Bank (as predecessor of the Company) with the Federal Reserve Board.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

tscruggs@bankofthejames.com

FINANCIAL STATEMENTS FOLLOW

 

5


Bank of the James Financial Group, Inc. and Subsidiaries

Dollar amounts in thousands, except per share data

unaudited

 

Selected Data:

   Three
months
ending
Jun 30,
2020
     Three
months
ending
Jun 30,
2019
     Change     Year
to
date
Jun 30,
2020
     Year
to
date
Jun 30,
2019
     Change  

Interest income

   $ 7,081      $ 7,390        -4.18   $ 14,569      $ 14,624        -0.38

Interest expense

     1,163        1,238        -6.06     2,515        2,342        7.39

Net interest income

     5,918        6,152        -3.80     12,054        12,282        -1.86

Provision for loan losses

     760        116        555.17     1,648        326        405.52

Noninterest income

     2,789        1,659        68.11     4,975        2,878        72.86

Noninterest expense

     6,935        5,975        16.07     13,132        11,574        13.46

Income taxes

     191        343        -44.31     433        649        -33.28

Net income

     821        1,377        -40.38     1,816        2,611        -30.45

Weighted average shares outstanding - basic

     4,339,436        4,378,436        (39,000     4,343,738        4,378,436        (34,698

Weighted average shares outstanding - diluted

     4,339,436        4,383,021        (43,585     4,343,738        4,381,994        (38,256

Basic net income per share

   $ 0.19      $ 0.31      $ (0.12   $ 0.42      $ 0.60      $ (0.18

Fully diluted net income per share

   $ 0.19      $ 0.31      $ (0.12   $ 0.42      $ 0.60      $ (0.18

 

Balance Sheet at period end:

   Jun 30,
2020
     Dec 31,
2019
     Change     Jun 30,
2019
     Dec 31,
2018
     Change  

Loans, net

   $ 623,564      $ 573,274        8.77   $ 551,974      $ 530,016        4.14

Loans held for sale

     6,098        4,221        44.47     4,443        1,670        166.05

Total securities

     58,751        63,343        -7.25     57,512        56,427        1.92

Total deposits

     745,986        649,459        14.86     617,184        612,043        0.84

Stockholders’ equity

     64,465        61,445        4.91     59,249        55,143        7.45

Total assets

     827,098        725,394        14.02     690,095        674,897        2.25

Shares outstanding

     4,339,436        4,357,436        (18,000     4,378,436        4,378,436        —    

Book value per share

   $ 14.86      $ 14.10      $ 0.76     $ 13.53      $ 12.59      $ 0.94  

 

6


Daily averages:

   Three
months
ending
Jun 30,
2020
     Three
months
ending
Jun 30,
2019
     Change     Year
to
date
Jun 30,
2020
     Year
to
date
Jun 30,
2019
     Change  

Loans, net

   $ 620,572      $ 546,162        13.62   $ 597,378      $ 537,763        11.09

Loans held for sale

     5,653        3,948        43.19     4,563        2,981        53.07

Total securities

     56,647        58,214        -2.69     58,296        58,624        -0.56

Total deposits

     731,009        622,390        17.45     695,436        618,240        12.49

Stockholders’ equity

     61,776        58,295        5.97     61,509        57,809        6.40

Interest earning assets

     759,306        645,406        17.65     720,305        640,362        12.48

Interest bearing liabilities

     614,343        535,364        14.75     594,207        530,953        11.91

Total assets

     808,602        690,637        17.08     772,170        684,419        12.82

 

Financial Ratios:

   Three
months
ending
Jun 30,
2020
    Three
months
ending
Jun 30,
2019
    Change     Year
to
date
Jun 30,
2020
    Year
to
date
Jun 30,
2019
    Change  

Return on average assets

     0.41     0.80     (0.39     0.47     0.77     (0.30

Return on average equity

     5.33     9.47     (4.14     5.95     9.11     (3.16

Net interest margin

     3.13     3.82     (0.69     3.37     3.87     (0.50

Efficiency ratio

     79.65     76.49     3.16       77.12     76.35     0.77  

Average equity to average assets

     7.64     8.44     (0.80     7.97     8.45     (0.48

 

Allowance for loan losses:

   Three
months
ending
Jun 30,
2020
    Three
months
ending
Jun 30,
2019
    Change     Year
to
date
Jun 30,
2020
    Year
to
date
Jun 30,
2019
    Change  

Beginning balance

   $ 5,474     $ 4,673       17.14   $ 4,829     $ 4,581       5.41

Provision for losses

     760       116       555.17     1,648       326       405.52

Charge-offs

     (79     (86     -8.14     (339     (219     54.79

Recoveries

     38       21       80.95     55       36       52.78

Ending balance

     6,193       4,724       31.10     6,193       4,724       31.10

 

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Nonperforming assets:

   Jun 30,
2020
     Dec 31,
2019
     Change     Jun 30,
2019
     Dec 31,
2018
     Change  

Total nonperforming loans

   $ 5,186      $ 1,301        298.62   $ 3,485      $ 2,939        18.58

Other real estate owned

     1,616        2,339        -30.91     2,413        2,431        -0.74

Total nonperforming assets

     6,802        3,640        86.87     5,898        5,370        9.83

Troubled debt restructurings - (performing portion)

     402        410        -1.95     418        424        -1.42

 

     Jun 30,     Dec 31,           Jun 30,     Dec 31,        

Asset quality ratios:

   2020     2019     Change     2019     2018     Change  

Nonperforming loans to total loans

     0.82     0.23     0.60       0.63     0.55     0.08  

Allowance for loan losses to total loans

     0.98 %*      0.84     0.15       0.85     0.86     (0.01

Allowance for loan losses to nonperforming loans

     119.42     371.18     (251.76     135.55     155.87     (20.32

 

*

The allowance for loan losses to total loans ratio excluding the SBA guaranteed PPP loans is approximately 1.11%.

 

8


Bank of the James Financial Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollar amounts in thousands, except per share amounts)

 

     (unaudited)         
     6/30/2020      12/31/2019  

Assets

     

Cash and due from banks

   $ 30,669      $ 30,794  

Federal funds sold

     60,131        8,317  
  

 

 

    

 

 

 

Total cash and cash equivalents

     90,800        39,111  
  

 

 

    

 

 

 

Securities held-to-maturity (fair value of $4,283 in 2020 and $3,861 in 2019)

     3,679        3,688  

Securities available-for-sale, at fair value

     55,072        59,655  

Restricted stock, at cost

     1,551        1,506  

Loans, net of allowance for loan losses of $6,193 in 2020 and $4,829 in 2019

     623,564        573,274  

Loans held for sale

     6,098        4,221  

Premises and equipment, net

     16,193        16,297  

Software, net

     429        401  

Interest receivable

     2,505        1,866  

Cash value - bank owned life insurance

     16,387        13,686  

Other real estate owned

     1,616        2,339  

Deferred tax asset

     601        1,177  

Other assets

     8,603        8,173  
  

 

 

    

 

 

 

Total assets

   $ 827,098      $ 725,394  
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Deposits

     

Noninterest bearing demand

     134,523        93,936  

NOW, money market and savings

     424,842        362,821  

Time

     186,621        192,702  
  

 

 

    

 

 

 

Total deposits

     745,986        649,459  

Capital notes

     7,275        5,000  

Income taxes payable

     107        124  

Interest payable

     172        173  

Other liabilities

     9,093        9,193  
  

 

 

    

 

 

 

Total liabilities

   $ 762,633      $ 663,949  
  

 

 

    

 

 

 

Stockholders’ equity

     

Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,339,436 and 4,357,436 as of June 30, 2020 and December 31, 2019

     9,286        9,325  

Additional paid-in-capital

     30,989        31,225  

Accumulated other comprehensive income (loss)

     2,081        (5

Retained earnings

     22,109        20,900  
  

 

 

    

 

 

 

Total stockholders’ equity

   $ 64,465      $ 61,445  
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 827,098      $ 725,394  
  

 

 

    

 

 

 

 

9


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      For the Six Months  
     Ended June 30,      Ended June 30,  
     2020      2019      2020      2019  

Interest Income

           

Loans

   $ 6,732      $ 6,816      $ 13,737      $ 13,470  

Securities

           

US Government and agency obligations

     151        184        338        369  

Mortgage backed securities

     55        56        114        117  

Municipals

     80        81        155        162  

Dividends

     24        33        33        51  

Other (Corporates)

     23        24        46        47  

Interest bearing deposits

     6        74        70        165  

Federal Funds sold

     10        122        76        243  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

     7,081        7,390        14,569        14,624  
  

 

 

    

 

 

    

 

 

    

 

 

 

Interest Expense

           

Deposits

           

NOW, money market savings

     166        362        492        668  

Time Deposits

     864        750        1,761        1,418  

Finance leases

     28        —          58        —    

Brokered time deposits

     48        76        97        156  

Capital notes

     57        50        107        100  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     1,163        1,238        2,515        2,342  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income

     5,918        6,152        12,054        12,282  

Provision for loan losses

     760        116        1,648        326  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income after provision for loan losses

     5,158        6,036        10,406        11,956  
  

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest income

           

Gains on sale of loans held for sale

     1,950        1,075        3,127        1,766  

Service charges, fees and commissions

     514        461        1,002        900  

Life insurance income

     110        84        188        167  

Other

     2        39        14        45  

Gain on sales of available-for-sale securities

     213        —          644        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest income

     2,789        1,659        4,975        2,878  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10


                                                                                                   

Noninterest expenses

           

Salaries and employee benefits

     3,973        3,153        7,327        6,081  

Occupancy

     382        417        818        838  

Equipment

     569        536        1,178        994  

Supplies

     106        142        233        304  

Professional, data processing, and other outside expense

     970        859        1,894        1,674  

Marketing

     179        276        315        421  

Credit expense

     276        156        472        283  

Other real estate expenses

     21        1        120        140  

FDIC insurance expense

     87        94        144        188  

Other

     372        341        631        651  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expenses

     6,935        5,975        13,132        11,574  
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     1,012        1,720        2,249        3,260  

Income tax expense

     191        343        433        649  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Income

   $ 821      $ 1,377      $ 1,816      $ 2,611  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average shares outstanding - basic

     4,339,436        4,378,436        4,343,738        4,378,436  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average shares outstanding - diluted

     4,339,436        4,383,021        4,343,738        4,381,994  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income per common share - basic

   $ 0.19      $ 0.31      $ 0.42      $ 0.60  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income per common share - diluted

   $ 0.19      $ 0.31      $ 0.42      $ 0.60  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

11

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