CORRECTING and REPLACING "Bank of the James Announces Second Quarter, First Half of 2025 Financial Results"; Corrects Typos in Narrative Related to Total Assets and Loan Balances
Bank of the James Financial Group (NASDAQ:BOTJ) reported strong Q2 2025 financial results, with net income of $2.70 million ($0.60 per share), up from $2.15 million in Q2 2024. The bank demonstrated improved performance with net interest margin rising to 3.45% and total assets reaching $1.004 billion.
Key highlights include a 6% increase in total interest income to $11.64 million, strong loan growth with net loans of $649.09 million, and exceptional asset quality with nonperforming loans ratio at just 0.28%. The company successfully retired $10 million in capital notes, which is expected to reduce annual interest expense by $327,000.
The board approved a quarterly dividend of $0.10 per share, payable September 26, 2025, while book value per share increased to $15.77 from $14.28 at year-end 2024.
Bank of the James Financial Group (NASDAQ:BOTJ) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 2,70 milioni di dollari (0,60 dollari per azione), in aumento rispetto ai 2,15 milioni di dollari del secondo trimestre 2024. La banca ha mostrato un miglioramento delle performance con un margine di interesse netto salito al 3,45% e un totale attivo che ha raggiunto 1,004 miliardi di dollari.
I punti salienti includono un aumento del 6% del reddito totale da interessi a 11,64 milioni di dollari, una forte crescita dei prestiti con prestiti netti pari a 649,09 milioni di dollari e un’eccellente qualità degli attivi con un rapporto di prestiti in sofferenza di appena 0,28%. La società ha inoltre estinto con successo 10 milioni di dollari in note di capitale, il che dovrebbe ridurre le spese annuali per interessi di 327.000 dollari.
Il consiglio di amministrazione ha approvato un dividendo trimestrale di 0,10 dollari per azione, pagabile il 26 settembre 2025, mentre il valore contabile per azione è aumentato a 15,77 dollari rispetto ai 14,28 dollari di fine 2024.
Bank of the James Financial Group (NASDAQ:BOTJ) reportó sólidos resultados financieros en el segundo trimestre de 2025, con una utilidad neta de 2,70 millones de dólares (0,60 dólares por acción), aumentando desde 2,15 millones en el segundo trimestre de 2024. El banco mostró un mejor desempeño con un margen de interés neto que subió al 3,45% y activos totales que alcanzaron 1.004 millones de dólares.
Los aspectos destacados incluyen un aumento del 6% en ingresos totales por intereses hasta 11,64 millones de dólares, un sólido crecimiento de préstamos con préstamos netos de 649,09 millones de dólares y una calidad excepcional de activos con una tasa de préstamos morosos de solo 0,28%. La compañía retiró exitosamente 10 millones de dólares en notas de capital, lo que se espera reduzca el gasto anual por intereses en 327.000 dólares.
La junta aprobó un dividendo trimestral de 0,10 dólares por acción, pagadero el 26 de septiembre de 2025, mientras que el valor contable por acción aumentó a 15,77 dólares desde 14,28 dólares a finales de 2024.
Bank of the James Financial Group (NASDAQ:BOTJ)는 2025년 2분기 강력한 재무 실적을 보고했습니다. 순이익은 270만 달러 (주당 0.60달러)로, 2024년 2분기의 215만 달러에서 증가했습니다. 은행은 순이자마진이 3.45%로 상승하고 총자산이 10억 400만 달러에 달하는 등 향상된 성과를 보였습니다.
주요 내용으로는 총이자수익이 6% 증가하여 1,164만 달러를 기록했고, 순대출금은 6억 4,909만 달러로 강한 대출 성장세를 보였으며, 부실대출 비율이 단지 0.28%에 불과해 뛰어난 자산 건전성을 유지했습니다. 회사는 1,000만 달러의 자본채권을 성공적으로 상환하여 연간 이자 비용을 32만 7,000달러 줄일 것으로 예상됩니다.
이사회는 주당 0.10달러의 분기 배당금을 승인했으며, 배당금은 2025년 9월 26일에 지급될 예정입니다. 또한 주당 장부 가치는 2024년 말 14.28달러에서 15.77달러로 상승했습니다.
Bank of the James Financial Group (NASDAQ:BOTJ) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 2,70 millions de dollars (0,60 dollar par action), en hausse par rapport à 2,15 millions au deuxième trimestre 2024. La banque a affiché une meilleure performance avec une marge d’intérêt nette en hausse à 3,45% et un total d’actifs atteignant 1,004 milliard de dollars.
Parmi les points clés, on note une augmentation de 6 % des revenus d’intérêts totaux à 11,64 millions de dollars, une forte croissance des prêts avec des prêts nets de 649,09 millions de dollars, et une qualité d’actifs exceptionnelle avec un ratio de prêts non performants à seulement 0,28%. La société a réussi à racheter 10 millions de dollars de billets de capital, ce qui devrait réduire les charges d’intérêts annuelles de 327 000 dollars.
Le conseil d’administration a approuvé un dividende trimestriel de 0,10 dollar par action, payable le 26 septembre 2025, tandis que la valeur comptable par action est passée de 14,28 dollars fin 2024 à 15,77 dollars.
Bank of the James Financial Group (NASDAQ:BOTJ) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 2,70 Millionen US-Dollar (0,60 US-Dollar pro Aktie), gegenüber 2,15 Millionen US-Dollar im zweiten Quartal 2024. Die Bank zeigte eine verbesserte Leistung mit einer Steigerung der Nettozinsmarge auf 3,45% und einem Gesamtvermögen von 1,004 Milliarden US-Dollar.
Wichtige Highlights sind ein 6%iger Anstieg der gesamten Zinserträge auf 11,64 Millionen US-Dollar, starkes Kreditwachstum mit Nettokrediten von 649,09 Millionen US-Dollar sowie eine hervorragende Vermögensqualität mit einer Quote notleidender Kredite von nur 0,28%. Das Unternehmen hat erfolgreich 10 Millionen US-Dollar an Kapitalanleihen zurückgezahlt, was voraussichtlich die jährlichen Zinskosten um 327.000 US-Dollar senken wird.
Der Vorstand genehmigte eine vierteljährliche Dividende von 0,10 US-Dollar pro Aktie, zahlbar am 26. September 2025, während der Buchwert je Aktie von 14,28 US-Dollar Ende 2024 auf 15,77 US-Dollar gestiegen ist.
- Net income increased 26% to $2.70 million in Q2 2025 from $2.15 million in Q2 2024
- Net interest margin improved to 3.45% from 3.02% year-over-year
- Successfully retired $10 million in capital notes, reducing annual interest expense by $327,000
- Strong asset quality with nonperforming loans ratio of only 0.28%
- Total interest income rose 6% to $11.64 million in Q2 2025
- Book value per share increased to $15.77 from $14.28 at year-end 2024
- First half 2025 net income declined to $3.55 million from $4.34 million year-over-year
- Noninterest expense increased to $9.46 million in Q2 2025 from $8.74 million year earlier
- First half noninterest expense rose significantly to $19.28 million from $16.83 million in 2024
Loan Growth, Asset Quality, Declaration of Quarterly Dividend
LYNCHBURG, Va., Aug. 05, 2025 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Bank of the James Financial Group, Inc. (NASDAQ:BOTJ), please note that typos have been corrected in the 10th bullet point and the "Balance Sheet" section of the narrative, relating to total assets and loan balance amounts; where total assets of
Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and six month periods ended June 30, 2025. The Bank serves Region 2000 (the greater Lynchburg metropolitan statistical area) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.
Net income for the three months ended June 30, 2025 was
Robert R. Chapman III, CEO of the Bank, commented: “Our financial results, and particularly the second quarter 2025 performance, demonstrated continued traction in commercial lending, mortgage originations and core deposits. Strong earnings in the second quarter and first half establish a solid base for continuing positive financial performance as we enter the second half of 2025.
“Net interest margin and interest spread have consistently improved during the past year, reflecting a focus on keeping loan yields on pace with the prevailing interest rate environment, controlling interest expense, and managing our level of borrowings. Net interest margin of
“Maintaining high quality interest-earning assets, as seen in our asset quality ratios, continues to support sound margins and quality earnings. Diligent credit management and monitoring has an important role in maintaining exceptional asset quality.
“Our strategy of generating interest and noninterest income from a variety of sources has provided financial stability and predictable earnings during the past few years, which have been marked by economic challenges and uncertainty. A balanced revenue stream from commercial and retail banking, and fees from sources such as wealth management, cash management services, mortgage loan originations and more have resulted in consistently strong financial performance and cash generation.
“A strong cash position enabled our parent company to achieve a significant milestone in the second quarter as it officially retired approximately
“This debt offering provided capital at an important time for the Company and it was accomplished entirely through a private transaction between the Company and a group of investors. As we retire this debt, we wish to thank the numerous local investors who demonstrated their support for, and confidence in, the Company in a very tangible way.
“The Company continues building value for shareholders, as evidenced by growth in stockholders’ equity, retained earnings, and significant growth of book value per share in the second quarter. We remain focused on efficient operations, maintaining superior asset quality, and sustainable growth.”
Second Quarter, First Half of 2025 Highlights
- Net income and earnings per share (“EPS”) in the second quarter of 2025 partially reflected a
$528,000 recovery of allowance for credit losses. - Total interest income rose
6% to$11.64 million in the second quarter of 2025 compared with$10.94 million a year earlier. In the first half of 2025, total interest income was$22.87 million , up7% from$21.44 million a year earlier. The growth in both periods primarily reflected higher yields on loans, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased meaningfully in both periods of 2025 from the comparable 2024 periods. - Net interest income after recovery of credit losses was
$8.78 million in the second quarter of 2025, up22% from a year earlier. In the first half of 2025, net interest income after recovery of credit losses was$16.36 million , up11% from$14.72 million a year earlier. - Interest expense in the second quarter and first half of 2025 declined
12% and7% , respectively, compared with the second quarter and first half of 2024, respectively, reflecting ongoing rate management and a focus on growing lower cost core deposits. - Net interest margin in the second quarter of 2025 rose to
3.45% compared with3.02% a year earlier and3.25% in the first quarter of 2025. In the first half of 2025, net interest margin increased to3.34% compared to3.02% in the first half of 2024. Interest spread in the second quarter and first half of 2025 increased significantly from the prior year’s periods. - Total noninterest income of
$4.08 million in the second quarter of 2025 and$7.36 million in the first half of 2025 were relatively stable compared with the previous year’s periods, primarily reflecting continuing strong contributions from commercial treasury services, residential mortgage origination fee income, and wealth management fee income from PWW. - Loans, net of the allowance for credit losses, increased to
$649.09 million at June 30, 2025 from$636.55 million at December 31, 2024 and$616.09 million a year earlier. - Commercial real estate loans (owner occupied and non-owner occupied) led lending activity, increasing to
$355.67 million from$335.53 million at December 31, 2024. - Measures of asset quality remained strong, highlighted by a ratio of nonperforming loans to total loans of
0.28% at June 30, 2025, with no other real estate owned (OREO). - Total assets were
$1.00 4 billion at June 30, 2025 compared with$979.24 million at December 31, 2024. - Total deposits were
$910.53 million at June 30, 2025, up from$882.40 million at December 31, 2024, reflecting the Bank’s continuing focus on growing core deposits (noninterest bearing demand deposits, NOW, money market and savings). - Shareholder value measures included growth in stockholders’ equity to
$71.67 million at June 30, 2025 from$64.87 million at December 31, 2024, higher retained earnings, and a book value per share of$15.77 , up from$14.28 at December 31, 2024. - In the second quarter of 2025, the parent company extinguished its issue of approximately
$10 million of capital notes, which will have a positive impact on interest expense and the rate on interest-bearing liabilities. - On July 12, 2025, the Company’s board of directors approved a quarterly dividend of
$0.10 per common share to stockholders of record as of September 12, 2025 to be paid on September 26, 2025.
Second Quarter, First Half of 2025 Operational Review
Net interest income for the second quarter of 2025 was
Total interest income was
Investment portfolio management and appropriate rate increases on loans continued to contribute to year-over-year growth in the yield on total earning assets, which was
Total interest expense in the second quarter of 2025 declined
A generally stable interest rate environment and the Company’s upward adjustments to floating rate commercial loans and rates on originated and retained residential mortgages contributed to gradual margin pressure relief during the past several quarters. In the second quarter of 2025, the net interest margin was
Noninterest income in the second quarter of 2025 was
Noninterest expense in the second quarter of 2025 was
Balance Sheet: Strong Cash Position, High Asset Quality
Total assets were
Loans, net of allowance for credit losses, were
Commercial real estate loans (owner-occupied and non-owner occupied, excluding construction loans) totaled
Commercial construction/land loans were
Residential mortgage loans that the Company intends to keep on the balance sheet totaled
Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at June 30, 2025 was
High asset quality was also reflected in the allowance for credit losses for loans to total loans, which declined to
Total deposits were
Key measures of shareholder value continued to trend positively. Stockholders’ equity rose to
Interest rate fluctuations result in adjustments to the fair value in the Company’s available-for-sale securities portfolio (known as “mark-to-market”), which are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly rated debt instruments. The Company does not expect to realize the unrealized losses, as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.
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, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. 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. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. 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 date 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, changes in the value of real estate securing loans made by the Bank, as well as geopolitical conditions. Additional information 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.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.
FINANCIAL RESULTS FOLLOW
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
| (unaudited) | |||||||
| Assets | June 30, 2025 | December 31, 2024 | |||||
| Cash and due from banks | $ | 22,587 | $ | 23,287 | |||
| Federal funds sold | 55,320 | 50,022 | |||||
| Total cash and cash equivalents | 77,907 | 73,309 | |||||
| Securities held-to-maturity, at amortized cost | 3,598 | 3,606 | |||||
| Securities available-for-sale, at fair value | 196,585 | 187,916 | |||||
| Restricted stock, at cost | 1,828 | 1,821 | |||||
| Loans, net of allowance for credit losses of | 649,089 | 636,552 | |||||
| Loans held for sale | 4,226 | 3,616 | |||||
| Premises and equipment, net | 19,044 | 19,313 | |||||
| Interest receivable | 3,148 | 3,065 | |||||
| Cash value - bank owned life insurance | 23,285 | 22,907 | |||||
| Customer relationship Intangible | 6,445 | 6,725 | |||||
| Goodwill | 2,054 | 2,054 | |||||
| Deferred tax asset, net | 7,774 | 8,936 | |||||
| Other assets | 9,259 | 9,424 | |||||
| Total assets | $ | 1,004,242 | $ | 979,244 | |||
| Liabilities and Stockholders' Equity | |||||||
| Deposits | |||||||
| Noninterest bearing demand | $ | 137,801 | $ | 129,692 | |||
| NOW, money market and savings | 543,555 | 522,208 | |||||
| Time | 229,171 | 230,504 | |||||
| Total deposits | 910,527 | 882,404 | |||||
| Capital notes, net | - | 10,048 | |||||
| Other borrowings | 8,992 | 9,300 | |||||
| Income taxes payable | 310 | 86 | |||||
| Interest payable | 856 | 722 | |||||
| Other liabilities | 11,892 | 11,819 | |||||
| Total liabilities | $ | 932,577 | $ | 914,379 | |||
| Stockholders' equity | |||||||
| Common stock | 9,723 | 9,723 | |||||
| Additional paid-in-capital | 35,253 | 35,253 | |||||
| Accumulated other comprehensive loss | (18,753 | ) | (22,915 | ) | |||
| Retained earnings | 45,442 | 42,804 | |||||
| Total stockholders' equity | $ | 71,665 | $ | 64,865 | |||
| Total liabilities and stockholders' equity | $ | 1,004,242 | $ | 979,244 | |||
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, | ||||||||||||||
| Interest Income | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Loans | $ | 9,341 | $ | 8,347 | $ | 18,247 | $ | 16,371 | |||||||
| Securities | |||||||||||||||
| US Government and agency obligations | 548 | 361 | 1,002 | 699 | |||||||||||
| Mortgage backed securities | 377 | 723 | 764 | 1,532 | |||||||||||
| Municipals | 354 | 307 | 683 | 611 | |||||||||||
| Dividends | 35 | 35 | 48 | 47 | |||||||||||
| Corporates | 136 | 136 | 271 | 271 | |||||||||||
| Interest bearing deposits | 127 | 192 | 250 | 325 | |||||||||||
| Federal Funds sold | 720 | 834 | 1,607 | 1,588 | |||||||||||
| Total interest income | 11,638 | 10,935 | 22,872 | 21,444 | |||||||||||
| Interest Expense | |||||||||||||||
| Deposits | |||||||||||||||
| NOW, money market savings | 1,258 | 1,383 | 2,506 | 2,658 | |||||||||||
| Time Deposits | 1,945 | 2,266 | 4,024 | 4,356 | |||||||||||
| Finance leases | 17 | 20 | 34 | 40 | |||||||||||
| Other borrowings | 87 | 94 | 176 | 186 | |||||||||||
| Capital notes | 81 | 81 | 163 | 163 | |||||||||||
| Total interest expense | 3,388 | 3,844 | 6,903 | 7,403 | |||||||||||
| Net interest income | 8,250 | 7,091 | 15,969 | 14,041 | |||||||||||
| Recovery of credit losses | (528 | ) | (123 | ) | (391 | ) | (676 | ) | |||||||
| Net interest income after recovery of credit losses | 8,778 | 7,214 | 16,360 | 14,717 | |||||||||||
| Noninterest income | |||||||||||||||
| Gains on sale of loans held for sale | 1,589 | 1,273 | 2,426 | 2,200 | |||||||||||
| Service charges, fees and commissions | 975 | 986 | 1,956 | 1,939 | |||||||||||
| Wealth management fees | 1,300 | 1,176 | 2,555 | 2,339 | |||||||||||
| Life insurance income | 190 | 183 | 378 | 342 | |||||||||||
| Other | 21 | 533 | 43 | 638 | |||||||||||
| Gain on sales of available-for-sale securities | - | 40 | - | 40 | |||||||||||
| Total noninterest income | 4,075 | 4,191 | 7,358 | 7,498 | |||||||||||
| Noninterest expenses | |||||||||||||||
| Salaries and employee benefits | 5,357 | 4,892 | 10,134 | 9,337 | |||||||||||
| Occupancy | 497 | 486 | 1,067 | 979 | |||||||||||
| Equipment | 654 | 632 | 1,324 | 1,239 | |||||||||||
| Supplies | 168 | 121 | 310 | 266 | |||||||||||
| Professional, data processing, and other outside expense | 1,537 | 1,443 | 4,072 | 2,995 | |||||||||||
| Marketing | 237 | 231 | 435 | 261 | |||||||||||
| Credit expense | 263 | 234 | 449 | 422 | |||||||||||
| FDIC insurance expense | 120 | 126 | 262 | 235 | |||||||||||
| Amortization of intangibles | 140 | 140 | 280 | 280 | |||||||||||
| Other | 482 | 434 | 948 | 813 | |||||||||||
| Total noninterest expenses | 9,455 | 8,739 | 19,281 | 16,827 | |||||||||||
| Income before income taxes | 3,398 | 2,666 | 4,437 | 5,388 | |||||||||||
| Income tax expense | 694 | 518 | 891 | 1,053 | |||||||||||
| Net Income | $ | 2,704 | $ | 2,148 | $ | 3,546 | $ | 4,335 | |||||||
| Weighted average shares outstanding - basic | 4,543,338 | 4,543,338 | 4,543,338 | 4,543,338 | |||||||||||
| Weighted average shares outstanding - diluted | 4,543,338 | 4,543,338 | 4,543,338 | 4,543,338 | |||||||||||
| Net income per common share - basic | $ | 0.60 | $ | 0.47 | $ | 0.79 | $ | 0.95 | |||||||
| Net income per common share - diluted | $ | 0.60 | $ | 0.47 | $ | 0.79 | $ | 0.95 | |||||||
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, 2025 | Three months ending Jun 30, 2024 | Change | Year to date Jun 30, 2025 | Year to date Jun 30, 2024 | Change | ||||||||||||
| Interest income | $ | 11,638 | $ | 10,935 | 6.43 | % | $ | 22,872 | $ | 21,444 | 6.66 | % | ||||||
| Interest expense | 3,388 | 3,844 | -11.86 | % | 6,903 | 7,403 | -6.75 | % | ||||||||||
| Net interest income | 8,250 | 7,091 | 16.34 | % | 15,969 | 14,041 | 13.73 | % | ||||||||||
| Provision for (recovery of) credit losses | (528 | ) | (123 | ) | 329.27 | % | (391 | ) | (676 | ) | -42.16 | % | ||||||
| Noninterest income | 4,075 | 4,191 | -2.77 | % | 7,358 | 7,498 | -1.87 | % | ||||||||||
| Noninterest expense | 9,455 | 8,739 | 8.19 | % | 19,281 | 16,827 | 14.58 | % | ||||||||||
| Income taxes | 694 | 518 | 33.98 | % | 891 | 1,053 | -15.38 | % | ||||||||||
| Net income | 2,704 | 2,148 | 25.88 | % | 3,546 | 4,335 | -18.20 | % | ||||||||||
| Weighted average shares outstanding - basic | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,543,338 | - | ||||||||||||
| Weighted average shares outstanding - diluted | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,543,338 | - | ||||||||||||
| Basic net income per share | $ | 0.60 | $ | 0.47 | $ | 0.13 | $ | 0.79 | $ | 0.95 | $ | (0.16 | ) | |||||
| Fully diluted net income per share | $ | 0.60 | $ | 0.47 | $ | 0.13 | $ | 0.79 | $ | 0.95 | $ | (0.16 | ) | |||||
| Balance Sheet at period end: | Jun 30, 2025 | Dec 31, 2024 | Change | Jun 30, 2024 | Dec 31, 2023 | Change | ||||||||
| Loans, net | $ | 649,089 | $ | 636,552 | 1.97 | % | $ | 616,088 | $ | 601,921 | 2.35 | % | ||
| Loans held for sale | 4,226 | 3,616 | 16.87 | % | 4,835 | 1,258 | 284.34 | % | ||||||
| Total securities | 200,183 | 191,522 | 4.52 | % | 209,791 | 220,132 | -4.70 | % | ||||||
| Total deposits | 910,527 | 882,404 | 3.19 | % | 884,902 | 878,459 | 0.73 | % | ||||||
| Stockholders' equity | 71,665 | 64,865 | 10.48 | % | 61,706 | 60,039 | 2.78 | % | ||||||
| Total assets | 1,004,242 | 979,244 | 2.55 | % | 978,011 | 969,371 | 0.89 | % | ||||||
| Shares outstanding | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,543,338 | - | ||||||||
| Book value per share | $ | 15.77 | $ | 14.28 | $ | 1.49 | $ | 13.58 | $ | 13.21 | $ | 0.37 | ||
| Daily averages: | Three months ending Jun 30, 2025 | Three months ending Jun 30, 2024 | Change | Year to date Jun 30, 2025 | Year to date Jun 30, 2024 | Change | ||||||
| Loans | $ | 653,758 | $ | 614,579 | 6.37 | % | $ | 650,292 | $ | 611,375 | 6.37 | % |
| Loans held for sale | 3,657 | 4,134 | -11.54 | % | 3,027 | 3,307 | -8.47 | % | ||||
| Total securities (book value) | 224,411 | 242,349 | -7.40 | % | 221,625 | 245,549 | -9.74 | % | ||||
| Total deposits | 920,286 | 897,749 | 2.51 | % | 921,241 | 891,152 | 3.38 | % | ||||
| Stockholders' equity | 68,256 | 60,197 | 13.39 | % | 66,526 | 60,045 | 10.79 | % | ||||
| Interest earning assets | 961,123 | 941,099 | 2.13 | % | 964,062 | 934,396 | 3.17 | % | ||||
| Interest bearing liabilities | 795,621 | 778,210 | 2.24 | % | 798,331 | 771,969 | 3.41 | % | ||||
| Total assets | 1,020,390 | 994,871 | 2.57 | % | 1,020,182 | 982,441 | 3.84 | % | ||||
| Financial Ratios: | Three months ending Jun 30, 2025 | Three months ending Jun 30, 2024 | Change | Year to date Jun 30, 2025 | Year to date Jun 30, 2024 | Change | ||||||
| Return on average assets | 1.06 | % | 0.87 | % | 0.19 | 0.70 | % | 0.89 | % | (0.19 | ) | |
| Return on average equity | 15.89 | % | 14.35 | % | 1.54 | 10.81 | % | 14.60 | % | (3.79 | ) | |
| Net interest margin | 3.45 | % | 3.02 | % | 0.43 | 3.34 | % | 3.02 | % | 0.32 | ||
| Efficiency ratio | 76.71 | % | 77.46 | % | (0.75 | ) | 82.66 | % | 78.12 | % | 4.54 | |
| Average equity to average assets | 6.69 | % | 6.05 | % | 0.64 | 6.52 | % | 6.11 | % | 0.41 | ||
| Allowance for credit losses: | Three months ending Jun 30, 2025 | Three months ending Jun 30, 2024 | Change | Year to date Jun 30, 2025 | Year to date Jun 30, 2024 | Change | ||||||||||
| Beginning balance | $ | 7,022 | $ | 6,920 | 1.47 | % | $ | 7,044 | $ | 7,412 | -4.96 | % | ||||
| Provision for (recovery of) credit losses* | (555 | ) | (99 | ) | 460.61 | % | (526 | ) | (600 | ) | -12.33 | % | ||||
| Charge-offs | (160 | ) | (19 | ) | 742.11 | % | (223 | ) | (84 | ) | 165.48 | % | ||||
| Recoveries | 1 | 149 | -99.33 | % | 13 | 223 | -94.17 | % | ||||||||
| Ending balance | 6,308 | 6,951 | -9.25 | % | 6,308 | 6,951 | -9.25 | % | ||||||||
| * does not include provision for or recovery of unfunded loan commitment liability | ||||||||||||||||
| Nonperforming assets: | Jun 30, 2025 | Dec 31, 2024 | Change | Jun 30, 2024 | Dec 31, 2023 | Change | ||||||
| Total nonperforming loans | $ | 1,846 | $ | 1,640 | 12.56 | % | $ | 797 | $ | 391 | 103.84 | % |
| Total nonperforming assets | 1,846 | 1,640 | 12.56 | % | 797 | 391 | 103.84 | % | ||||
| Asset quality ratios: | Jun 30, 2025 | Dec 31, 2024 | Change | Jun 30, 2024 | Dec 31, 2023 | Change | ||||||
| Nonperforming loans to total loans | 0.28 | % | 0.25 | % | 0.03 | 0.13 | % | 0.06 | % | 0.06 | ||
| Allowance for credit losses for loans to total loans | 0.96 | % | 1.09 | % | (0.13 | ) | 1.12 | % | 1.22 | % | (0.10 | ) |
| Allowance for credit losses for loans to nonperforming loans | 341.71 | % | 429.51 | % | (87.80 | ) | 872.15 | % | 1895.65 | % | (1,023.51 | ) |
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