Bank of the James Financial (BOTJ) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $1.99 million, down from$2.08 million in Q3 2023, while net income for the first nine months of 2024 was $6.33 million compared to$6.60 million in the same period last year[1]. - Noninterest income for Q3 2024 increased by 19% to $3.82 million, and for the first nine months, it rose by 17$11.32 million compared to the same period last year[10]. - Net interest income for the three months ended September 30, 2024, was $7,509 thousand, compared to$7,364 thousand for the same period in 2023, reflecting an increase of 2.0%[20]. - Net income for the three months ended September 30, 2024, was $1,990 thousand, down from$2,078 thousand in the same period of 2023, a decrease of 4.2%[21]. - Basic net income per share decreased to $0.44 for the three months ending September 30, 2024, from$0.46 in the same period last year[23]. Asset and Loan Growth - Total assets grew to $1.01 billion at September 30, 2024, up from$969.37 million at December 31, 2023, primarily due to loan portfolio growth[11]. - Loans, net of allowance for credit losses, increased to $627.11 million at September 30, 2024, compared to$601.92 million at December 31, 2023[7]. - Total assets increased to $1,008,063 thousand as of September 30, 2024, up from$969,371 thousand at December 31, 2023, representing a growth of approximately 4.5%[17]. - Loans, net of allowance for credit losses, increased to $627,112 thousand as of September 30, 2024, compared to$601,921 thousand at December 31, 2023, a growth of 4.2%[17]. Deposit Growth - Total deposits rose to $907.61 million at September 30, 2024, from$878.46 million at December 31, 2023[11]. - Total deposits increased to $907,610 thousand as of September 30, 2024, from$878,459 thousand at December 31, 2023, an increase of 3.0%[17]. - Total deposits rose by 3.32% to $907,610,000 as of September 30, 2024, compared to$878,459,000 at the end of 2023[24]. Equity and Book Value - Book value per share increased to $15.15 at September 30, 2024, up from$13.21 at December 31, 2023[13]. - Stockholders' equity increased to $68,834 thousand as of September 30, 2024, from$60,039 thousand at December 31, 2023, representing a growth of 14.6%[19]. - Stockholders' equity increased by 14.65% to $68,834,000 from$60,039,000 at the end of 2023[24]. Interest Income and Margin - Total interest income for Q3 2024 increased by 14% to $11.56 million, and for the first nine months, it rose by 15$33.01 million compared to the previous year[5]. - The net interest margin for Q3 2024 was 3.16%, slightly lower than 3.21% in Q3 2023 but improved from 3.02% in Q2 2024[8]. - Interest income for the three months ending September 30, 2024, increased by 14.00% to $11,563,000 compared to$10,143,000 for the same period in 2023[23]. Nonperforming Loans and Credit Losses - The ratio of nonperforming loans to total loans was 0.20% at September 30, 2024, indicating strong asset quality[11]. - Total nonperforming loans surged by 231.20% to $1,295,000 compared to$391,000 at the end of 2023[30]. - The allowance for credit losses for loans to total loans was 1.12% as of September 30, 2024, down from 1.22% at the end of 2023[31]. - The provision for credit losses for the three months ended September 30, 2024, was $92 thousand, compared to a recovery of$164 thousand in the same period of 2023[20]. Expenses and Efficiency - The company reported a total noninterest expense of $8,776 thousand for the three months ended September 30, 2024, compared to$8,140 thousand in the prior year, an increase of 7.8%[21]. - The efficiency ratio for the three months ending September 30, 2024, was 77.44%, slightly up from 77.05% in the same period last year[27]. Dividends - A quarterly dividend of $0.10 per common share was approved, to be paid on December 6, 2024[7].