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James Bank Announces Financial Results for the First Half of 2019

LYNCHBURG, Jan. 19, 2019 (GLOBE NEWSWIRE) – Bank of James Financial Group, Inc. ("Company") (NASDAQ: BOTJ), dad or mum company of James James Bank. The Service Commerce and Retail Bank, serving the space 2000 (Larger Lynchburg MSA), and Charlottesville, Harrisonburg, and Roanoke, Virginia, as we speak reported unaudited results for the three months ended June 30, 2016 and six months.

Three months ended June 30, 2019 was $ 1.38 million or $ 0.31 per diluted share, in comparison with $ 30.30 million or $ 0.30 per diluted share for the three months ended June 30, 2018. $ 0.60 per diluted share, compared to $ 2.32 million or $ Zero.55 per diluted share for the six months ended June 30, 2018.

Robert R. Chapman III, CEO, commented: “The steady progress of revenues, loans, belongings and belongings The corporate's e-book worth displays our wonderful work once more with the banking group. The important thing markets in our area in 2000 proceed to ship robust outcomes, and we’ve been very encouraging as a result of the constant progress of the business mortgage, housing loans and deposit progress in the Charlottesville, Harrisonburg and Roanoke markets.

”In June 2019, we opened one other full-service financial institution in Charlottesville and Roanoke – an enlargement that reflects constructive reception and success in this market. This yr, we are establishing a new workplace in Rustburg, Virginia, and can soon be expanding our presence in Lexington, Virginia, extending our footprint to Shenandoah Valley to serve the Buena Vista, Lexington and Rockbridge County communities.

”With the enlargement, we have been anticipating our business to develop, which elevated investment in personnel, gear and amenities. It was notably encouraging that, even at greater operating costs, our company reported larger half-year revenues, reflecting the rising productivity of our established workforce and belongings. ”

Highlights

  • Loan receivables, internet of credit losses, amounted to a document high of $ 551.97 million on June 30, 2019, and grew by more than $ 21 million in the first six months of 2019 from 530.02 million on December 31, 2018.
  • The expansion of business credit was underpinned by expanded business actual estate (CRE) lending in the market served by the company. Real estate loans held by non-owners amounted to USD 185.72 million at 30 June 2019, up 8 per cent on the previous yr. Development loans grew by 17% on the previous yr.
  • Complete income for the second quarter of 2019 elevated by 10% compared to the earlier yr and increased by 14% in the first half of 2019 compared to the first half of 2018.
  • The robust housing loan portfolio, which generates revenue from the sale of secondary market loans, significantly increased the complete quantity of non-interest revenue, $ 1.66 million in the second quarter of 2019. 15% from $ 1.44 million in the second quarter of 2018. In the first half of 1988, mortgage revenue and company finance fees elevated complete revenue of $ 2.88 million, which was $ 2.63 million in the first half of 2018. [19659008] Reflecting the company's emphasis on deposit progress, complete deposits rose to $ 617.18 million as of June 30, 2019 in comparison with $ 612.04 million on December 31, 2018 and $ 596.07 million on June 30, 2018. Core Deposits (Non-Curiosity Demand) , NYT, financial savings and money markets) accounted for about 70% of the firm's complete deposits.
  • Complete belongings increased to $ 690.10 million on June 30, 2019.
  • New full-service workplaces have been opened in Charlottesville and Roanoke, the company's second full-service office in both markets.
  • Shareholders' fairness elevated by more than $ 4 million to $ 59.25 million as of December 31, 2019. 2018. Tangible guide worth per share rose to $ 13.53 when it was $ 12.59 on December 31, 2018 and $ 12.00 on June 30, 2018.

Second Quarter, 2019 First Annual Report

Interest revenue totaled 7 , $ 39 million in Q2 2019 from $ 6.73 million a yr earlier. Lending revenue was 92% of complete curiosity revenue. Curiosity bills increased compared to the earlier yr, reflecting a larger deposit base and rates of interest on demand and deposits. Interest rates on interest-bearing deposits in the second quarter of 2019 have been 0.90% compared to Zero.69% a yr earlier

Internet curiosity revenue on loan loss provisions amounted to USD 6.04 million for the three months ended June 30, 2019. $ 5.49 million in the similar period last yr. In the second quarter of 2019, the progress of business loans and the modest mortgage yield increased to a internet curiosity margin of Three.82% compared to 3.74% in the second quarter of 2018.

Complete income for the six months of 2019 increased from almost 14% to $ 14.62 million as of June 30, 2019, from 12.88 million on June 30, 2018. Curiosity expenses elevated from the previous yr and mirrored a bigger deposit base and interest-bearing deposits. Throughout the six months of 2019, internet curiosity revenue after a credit loss provision was $ 11.96 million, up 11 % from $ 10.80 million for the six months of 2016. The web interest margin was 3.87 % for the six months ended June 30, 2019. Three.69% throughout the six months ended June 30, 2018

J. Todd Scruggs, Government Vice President and CFO, commented: “We have generally been satisfied with the stability of interest rate and interest rates. With higher interest rates, net interest income has shown strong growth from the previous year, supported by credit income and reliable creditworthiness, which has consistently led to low credit loss provisions. ”

Interest revenue, together with features on the sale of mortgage loans to the secondary market, revenue of the BOTJ Funding Providers business area and revenue from the financial providers sector of the bank's business clients in the second quarter of 2019, compared to $ 1.44 million in the second quarter of 2018. In the first half of 2019, curiosity revenue rose to $ 2.88 million compared to $ 2.63 million in the first half of 2016.

At the finish of three months and 6 months, the improve expense expired on June 30, 2019, mainly as a result of larger employees costs and higher utilization and gear costs associated to the beforehand observed market enlargement

Return to average age Zero in Q2 2019 , 80% and Common Equity (ROAE) 9.47%. In the first half of 2019, ROAA was Zero.77% and ROAE 9.11%. In both seasons, ROAA rose slightly from the earlier yr and ROAE decreased slightly from the earlier yr. The corporate's effectivity ratio was larger in each durations compared to the earlier yr, primarily on account of a rise in personnel and amenities and a rise in variable price will increase as housing and funding models elevated.

Stability Sheet Valuation: Steady Progress, Sound Quality

On June 30, 2019, complete belongings totaled $ 690.10 million. The primary contributor to the stability sheet progress continues to be deposits used to finance investment loans, internet of credit score losses of $ 551.97 million 30.6. , 2019. Loans out there for sale amounted to $ 4.44 million. The truthful value of available-for-sale securities was $ 53.82 million in comparison with $ 52.73 million on December 31, 2018.

Business lending continued to increase the company's credit portfolio. progress in real estate loans and 17 % improve in development lending

"The core of successful commercial credit, especially for small and medium-sized businesses, will be building and maintaining relationships, providing expert advice and providing customized financial solutions to every client," defined Michael A. Syrek, Government Vice President and Chief Government. “By building partnerships with clients, we’re flexible and conscious of their wants.

“Business shoppers typically have altering needs based mostly on seasonality, challenge alternatives, and working capital necessities. We give attention to partnering with our shoppers, typically communicating and offering a spread of providers and options will improve customer retention and earn us referrals. “

The company's credit portfolio continued to perform nicely and develop yr on yr. Non-owner-occupied business real estate (primarily business and investment actual estate) was $ 185.72 million at June 30, 2019, in contrast with $ 171.67 million a yr earlier. The proprietor's business property was $ 156.43 million on 30 June 2019, compared with $ 155.88 million on June 30, 2018. Building loans totaled 1-Four household building progress of 89 %, at $ 25.16 million, up 17 % from $ 21.44 million a yr earlier. Loans for shopper and housing loans have been just like those for a yr in the past

The full quantity of deposits on 30 June 2014 was $ 617.18 million, up from 612.04 million on December 31, 2018, pushed by expanded nuclear investments, which accounted for 70 % of deposits. Interest-bearing demand deposits amounted to $ 342.38 million on 30 June 2019 compared to $ 331.30 million on 31 December 2018. Non-interest-bearing demand deposits totaled $ 88.90 million on 30 June 2019 compared to $ 91.36 million on 31 December 2018.

The loan-to-loan ratio was 0.63% on June 30, 2018, compared to Zero.55% on December 31, 2018 and Zero.60% on June 30, 2018. Credit losses totaled Zero.85%. June 30, 2016, which suggests a slight decline on December 31, 2013 and June 30, 2018. During the quarter, the company moderately elevated its credit score loss provisions, especially to keep tempo with credit score progress. On the basis of the continued high quality of the loan, the company didn’t grant loans as a result of loans that had defaulted on the mortgage at 136% on 30 June 2019 compared to 156% on 31 December 2018.

Chapman stated: “We consider that a long-term development to take care of robust asset quality, whereas always increasing business loans and residential mortgages provide a robust assertion on present credit insurance policies and procedures. It additionally talks about the robust judgment of the individuals concerned in figuring out creditworthiness and their commitment to analyzing every borrower and state of affairs. Robust creditworthiness has had a big impression on high quality results and maximized shareholder worth. “

As underlined, shareholders' equity and tangible ebook worth per share elevated on June 30, 2019. Retained earnings elevated to $ 18.61 million as of June 30, 2019 from $ 16.52 million. Dollars 31.12.2018. The bank's regulatory capital ratio continued to exceed accepted requirements for a well-activated institution.

About the Firm

Bank of the James, a totally owned subsidiary of Bank of Bank, James Financial Group, Inc. was opened in July 1999 and is headquartered in Lynchburg, Virginia. The bank at present serves Virginia clients from workplaces in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights and Roanoke. The Bank supplies full funding and insurance coverage providers by means of BOTJ Investment Providers and a subsidiary of BOTJ Insurance coverage Inc. The bank presents a mortgage mortgage via James Mortgage Bank, a division of James Bank. The Bank of James Financial Group, Inc.'s joint stock bank is labeled "BOTJ" with NASDAQ Stock Market, LLC. Extra details about the company may be found at www.bankofthejames.financial institution .

Assertion of Future Statements

This press launch accommodates clauses that type "forward-looking statements". Personal Securities Dispute Resolution Act 1995. The words "believe", "estimate", "expect", "intend", "anticipate", "plan" and comparable expressions and their variations will determine certain such forward-looking statements only from the date they are made. The Bank of James Financial Group, Inc. ("the Company") just isn’t required to update or revise future statements, whether or not new, upcoming, or otherwise. Readers are warned that such forward-looking statements do not assure future efficiency and do not pose risks and uncertainties, and that actual outcomes might differ materially from these talked about in the forward-looking statements. Such elements embrace competitors, common financial circumstances, potential modifications in interest rates and modifications in the worth of actual estate investment loans made by the firm's subsidiary Bank of the James (hereinafter the Bank). . Further info on the elements which will cause precise results to materially deviate from the forward-looking statements is included in the Firm's submissions to the Securities and Change Commission, which the financial institution (as its predecessor) has previously submitted to the Federal Reserve Board.

CONTACT: J. Todd Scruggs, Government Vice President and CFO (434) 846-2000.
tscruggs@bankofthejames.com

FINANCIAL STATEMENTS NEXT

Bank of James Financial Group, Inc. and Subsidiaries
Dollars in Hundreds Excluding Knowledge Per Share
Unaudited

Selected

months
ended
June 30,
2019
Three
months
ended
June 30,
2018
  • change
  • yr

    June 30,
    2019

  • Yr

    June 30,
    2018

    Change Curiosity Revenue $ $ 7,390 $ 7,390 $ 6,725 9.89 % $ 14,624 14,624 14,624 13 , 54 %
    Curiosity expense 1,238 922 34.27 % ] 1.746 34.14 % [1 9659061] Internet Interest Yield 6,152 5,803 6,01 6,01 6,01 12,282 11,134 10 , 31 %
    Credit score Loss Provision 116 315 315 315 315 ]% 326 337 -3.26 %
    Non-interest revenue 1.659 1.659 1.659 15.13 % 2878 [19659065] 26279906 [19659065] 2.627 , 55 %
    Non-interest expenses 5,975 5,306 12.61 12.61 12.61 11.574 10,403 11.26 %
    Revenue Taxes 343 323 323 323 323
  • 649
  • 649 8.53 %
    Internet Revenue 1377 1377 1300 1300 1300 % 2,611 2,433 7.76 %
    Weighted Average Equities – Primary Four,378,436 Four,378,436 4,378,436 4,378,436 4,378,436 Four,378,436 4,378,436] Four,378,436 Four,378,436 Four,378,436
    Weighted common shares, diluted ] 4,383,0 21 4,378,436 ] Four,585 Four,381,994 4,378,481 Three,513 3,513 Three,513 $ Zero, 31 $ 0.30 $ Zero.01 $ 0.60 $ 0.55 $ ] 0.05
    Absolutely diluted earnings per share $ Zero.31 $ Zero.30 $ Zero.01 $ ] $ 0.55 $ 0.05 [19659065]
    Finish of Stability Sheet
    :
    June 30,
    2019
    31. dec
    2018 [19659044] Change
    Dec 30 June 19, 1919, 1919; December,
    2017
    Change
    Loans, internet $ 551,974 $ 551,974 $ 19659049] Four.14 ]% $ 523730 $ 491022 6.66 [19659055]
    Loans for sale 4,433 1,670 166, 05 % 19659064] 121.44 %
    Complete Securities 57.512 56.427 1, 92 61,025 -5,95 %
    Complete wastes 617,184 612 043 Zero.84 0.84 Zero.84 19659065] 596,068 567 493 5.04 %
    Shareholders equity 59,249 55,143 55,143 55,143 ]% 52,524 51,665 1.66 % Complete belongings 690,095 690,095 690,095 690,095 19659069] 19659065] [19659048] [19659065] 655 866 626 341 4.71 %
    Remaining shares 4,378,436 Four,378,436 4,378,436 4,378,436 Four,378,436 Four,378,436 4,378,436 4,378,436 Four,378,436 4,378,436 Four,378,436 to
    Ebook worth per share $ 13.53 $ ] 13.53 $ 12.59 $ Zero.94 $ 12.00 $ 11.80
  • 11.80
  • $ 0.20
    Day by day Averages: Three
    Months
    Ends
    June 30,
    2019
    Three
    Months
    Months
    ended
    June 30,
    2018
    Change [19659041] Yr



    Date
    June 30,
    2019
    Yr

    June 30,
    2018

    ] Change
    Loans, internet $ 542162 $ 518972 Four.47 % $ [19659050] $
    $ [ 505,794 6.32 %
    Loans for sale Three,948 Three.706 3.706 3.706 ] 2,981 Three,076 -Three.09 % Complete securities 58 214 58 214 58 214 58 214 19659064] ] 4.50 % 58,624 61,811 -5,16 %
    19659064] 597,379 Four.19 % 618 240 584 104 5.84 5.84 %
    ] 58295 53913 8.13 % 57809 53383 eight.29 % [19659063] Interest bearing belongings 645 406 [19659064] 622 956 3.60 % [19659062] 608 485 5.24 5.24
    ] [1965961] ] 504581 ] 6.10 % 530953 476569 11.41 % [19659063] Stability sheet complete 690 637 660 578 Four.55 % 684 419 684 419 645 290 645 290 19659070]%
    Economic relations: Three
    months
    ended
    June 30,
    2019 Three
    months
    ended
    June 30,
    ] 2018 Change Yr

    June 30,
    2019 Yr
    to

    June 30,
    2018 Change Average Asset Returns [19659361] Zero.80 % Zero.79 0.01 0.77 % 0.76 % 0.01 [19659063] Average Return on Fairness 9.47 % 9.67 % (0.20 [19659085] 9.11 % 9.19 % 9.19 (0.04 ) Internet Curiosity Margin Three.82 % Three.74 % 0.08 Zero.08 0.08 Zero.08 0.08 ]% 3.69 % 0.18 Effectivity ratio [19659085] 76.49 [19659065]% 73.25 ] 76.35 % 75.60 % 0.75 [19659065] Average Fairness to Average 8.44 eight.44 % eight.44 % 8.16 % 0.28 8.45 % eight.27 % Zero.18 [19659070]

    Credit score loss compensation: Three
    months
    ended
    June 30,
    2019
    Three
    months
    ended on June 19, 19459012,
    2018
    Change Yr Yr

    ] June 30,
    2019

    Yr

    June 30,
    ] 2018

    Change $ $ 4,673 $ Four,671 Zero.04 0.04 ] Four.581 $ 4,752 % % 116 116 116 116 315 % 326 337 -Three.26 % [19659063] Cost-off ( ) (315 ) -72. 70 % (219 ) (555 ) -60.54 %
    From inheritance [19659069] 21 23.53 % 36 154 [19659064] -76.62 [19659064] -76.62 [19659061] Remaining Stability 4,724 4,688 0.77 0.77 0.77 Four,724 4 688 0.77 %
    Non-Efficient Assets: June 30,
    2019 31. dec
    2018 Change Dec 30 June 19, 1919, 1919; Change Non-Borrowing Debt $ 3,485 2939

    18.58 % $ 3195 [19659049] $ $ 4,308 -25,84 % Other actual property holdings 2,413 2 311 2 311 ] 19659064] -0.74 % 2 585 2 650 -2,45 % Non-functional funds 5370 9.83 % 5780 6958 -16.93 [19659070]% Debt debt restructuring – (payable portion) 418 424 -1.42 [19659065] 19659693] 432 440 -1.82 %

    The ratio of asset quality: June 30,
    2019
    31.12. 2018 Amendment 30.
    2018
    Three. December 1,
    2017
    Change
    Non-Loans 0.63 % Zero.55 % Zero.60 % 0.87 % (Zero.27 )
    For complete credit losses Zero, 85 Zero.85 ]% 0.86 (0.01 ) 0, 19 89 % 0.96 % (Zero.07 )
    Credit score losses on loans aside from loans 135.55 % 146.73 % 110.31 % 36.42

    James Financial Group, Inc. and Subsidiaries
    Consolidated Stability Sheet
    (Hundreds of Dollars, Excluding Quantities Per Share) [1 9659807] Belongings (Unaudited)
    6/30/2019 ] 12/31 / 2018 Money and Overdue Banks $ 24,543 Federal belongings bought 7,587 23,600 Complete cash holdings 130 32 130 50,325 Held-to-maturity securities (truthful value $ Three,774 in 2019 and $ 3,515 in 2018) 3 700 Securities out there for sale at truthful worth 53,818 19659835] Re restricted stock at value 1,506 1,462 Loans from $ 4,000 in 2019 and $ 4,581 in 2018 551,974 530,Zero16 Loans for sale Four,433 [196596794] ] Amenities and gear, network 15,664 13 233 Software, Network 212 212 212 193 Curiosity Revenue 1,761 1,191 Money Worth – Bank-Owned Life Insurance coverage ] 13,526 13,359 Different Property Possession 2,423 9833] 2,431 Revenue Taxes Revenue Taxes 454 1,102 Deferred tax asset, internet 19659834] 1,232 1,755 Other belongings 7,268 [1965991] Complete property $ 690,095 19659673] $ 674 897 [1965959] Deposits Non-Growing Demand 88,897 91, 356 NYT, Cash Market and Financial savings 342,384 19659567] 331 298 time 185,903 189 389 Complete Depreciation 617,184 617,184 617,184 617,184 ] 612,Zero43 [19659994] Capital Loans ] 5,00Zero 5,000 5,00Zero 159 127 Different Liabilities 8503 2584 [19659951] Complete Liabilities $ 630,846 $ 619,754 19659808] 2,14 nimellisarvo; valtuutettu 10 000 000 osaketta; myönnetty ja erinomainen 4 378 436
    30. kesäkuuta 2019 ja 31.12.2018 9,370 9,370 9709   31,548       31,495   Collected other comprehensive loss   (275 )    [19659834](2,243 ) Retained earnings   18,606       16,521   Complete stockholders' fairness $ 59,249     $ 55,143           Complete liabilities and stockholders' fairness $ 690,095  [19659809]  $ 674,897                      [19659809]   

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Revenue
    (greenback quantities in hundreds, besides per share amounts)
    (unaudited)

                                          For the Three Months
    Ended June 30,   For the Six Months
    Ended June 30,   Interest Revenue       2019     2018     2019     2018  [19659761]Loans $6,816   $6,195   $13,470   $11,869   Securities            [19660122]    US Government and company obligations   184     186     369     384   Mortgage backed securities   56     66     117     134   Municipals   81     83     162     165   Dividends   33     23     51     31   Other (Corporates)   24[1 9659673]    24     47     47   Interest bearing deposits   74     56[19659809]    165     91   Federal Funds bought   122     92     243     159     Complete curiosity revenue   7,390     6,725     14,624     12,880                     Interest Expense                 Deposits              [19659673]  NOW, cash market savings   362     231     668     423   Time Deposits[19659833]  750     543     1,418     1,044   Brokered time deposits   76     82     156     162   FHLB borrowings   –     16     –     17   Capital notes   50     50     100     100     Complete curiosity expense   1,238     922  [19659693]  2,342     1,746                       Internet interest revenue[19659833]  6,152     5,803     12,282     11,134                     Provision for loan losses   116     315     326     337                       Internet curiosity revenue after provision for mortgage losses   6,036     5,488     11,956     10,797  [19659692]                                    No ninterest revenue                 Positive factors on sale of loans held for sale   1,075     873     1,766     1,493   Service fees, charges and commissions   461     465     900     929   Improve in money value of life insurance   84     85     167     169   Different   39     18     45     36     Complete noninterest revenue   1,659     1,441     2 ,878     2,627                     Noninterest bills                 Salaries and employee advantages   3,153     2,832     6,081     5,545   Occupancy   417     360     838     755   Gear   536     398     994[19659673]    777   Provides   142     140     304     289   Profe ssional, knowledge processing, and other outdoors expense   859     837     1,674     1,652   Advertising   276     187     421     327   Credit expense   156     112     283     237   Different real property bills   1     86     140     126   FDIC insurance expense  [19659793]94     99     188     200   Other   341     255     651     495     Complete noninterest bills   5,975     5,306     11,574     10,403                       Revenue before revenue taxes   1,720     1,623     Three,260     3,021                       Revenue tax expense   343     323   649     598                       Internet Revenue $1,377[1 9659809]  $1,300   $2,611   $ 2,423                     Weighted common shares excellent – primary   4,378,436     Four,378,436     Four,378,436     Four,378,436                     Weighted average shares excellent – diluted   4,383,021     4,378,436     4,381,994     Four,378,481                     Internet revenue per widespread share – primary $Zero.31   $0.30   $Zero.60   $ Zero.55                     Internet revenue per widespread share – diluted $Zero.31   $0.30   $Zero.60   $ Zero.55                    

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