Bank of the James Financial (BOTJ) - 2024 Q2 - Quarterly Results

Financial Performance - Net interest income after recovery of credit losses for Q2 2024 was $7.21 million, down from$7.60 million in Q2 2023, representing a decrease of 5.13%[2] - For the first half of 2024, net interest income after recovery of credit losses was $14.72 million, compared to$15.10 million in the same period last year, a decline of 2.52%[2] - Total interest income for Q2 2024 was $10.94 million, compared to$9.58 million in Q2 2023, representing an increase of 14.19%[10] - Total interest income for Q2 2024 was $10.94 million, a 14$9.58 million in Q2 2023, and $21.44 million for the first half of 2024, up 15$18.68 million a year earlier[23] - Net income for the three months ended June 30, 2024, was $2.15 million, or$0.47 per share, compared to $2.53 million, or$0.56 per share for the same period in 2023, reflecting a decrease of 15.23%[29] - Interest income increased by 14.11% year-over-year, reaching $10.94 million for the three months ended June 30, 2024[27] - Noninterest income for the first half of 2024 was$7.50 million, up from $6.49 million in the same period last year, a growth of 15.59$4.19 million for the three months ended June 30, 2024[27] Asset and Equity Growth - Total assets as of June 30, 2024, were $978.01 million, an increase from$969.37 million as of December 31, 2023, reflecting a growth of 0.66%[8] - Stockholders' equity rose to $61.71 million as of June 30, 2024, up from$60.04 million at the end of 2023, indicating an increase of 2.78%[16] - The company's total assets increased by 0.89% to $978.01 million as of June 30, 2024, from$969.37 million at the end of 2023[27] - Stockholders' equity rose by 2.78% to $61.71 million as of June 30, 2024, compared to$60.04 million at the end of 2023[27] Deposits and Liabilities - Total deposits increased to $884.90 million as of June 30, 2024, compared to$878.46 million at the end of 2023, marking a rise of 0.50%[15] - Total deposits grew by 0.73% to $884.90 million as of June 30, 2024, compared to$878.46 million at the end of 2023[27] - Total liabilities as of June 30, 2024, were $916.31 million, compared to$909.33 million at the end of 2023, reflecting a slight increase of 0.22%[15] Loan Performance - Loans held for sale increased by 9.77% to $4.13 million in Q2 2024 from$3.77 million in Q2 2023[11] - Loans held for sale surged by 284.34%, amounting to $4.84 million as of June 30, 2024, compared to$1.26 million at the end of 2023[27] - The ratio of nonperforming loans to total loans was 0.13% at June 30, 2024, up from 0.06% at December 31, 2023[24] - Total nonperforming loans increased to $797,000 at June 30, 2024, a 103.84$391,000 at December 31, 2023[22] - The allowance for credit losses to total loans decreased to 1.12% at June 30, 2024, from 1.21% at December 31, 2023[19] Strategic Initiatives - The company opened two new branches in Virginia to enhance outreach and deposit-gathering capabilities[24] - A quarterly dividend of $0.10 per common share was approved, payable on September 20, 2024[24] Market Outlook - The company maintained exceptional liquidity and asset quality while growing loans and deposits[30] - The competitive landscape remains favorable, with opportunities arising from larger banks reducing services in the company's markets[30] - The company anticipates continued strong performance and positive economic indicators supporting financial strength in the second half of 2024[30]