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Bank of the James Announces Fourth Quarter, Full Year of 2022 Financial Results and Declaration of Dividend
ソース: Nasdaq GlobeNewswire / 06 2 2023 12:00:01 America/Chicago
LYNCHBURG, Va., Feb. 06, 2023 (GLOBE NEWSWIRE) -- 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 12 month periods ended December 31, 2022. The Bank serves Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, Roanoke, and Wytheville, Virginia markets.
Net income for the three months ended December 31, 2022 was a record $1.95 million or $0.42 per basic and diluted share compared with $1.86 million or $0.39 per basic and diluted share for the three months ended December 31, 2021. Net income for the 12 months ended December 31, 2022 was a Company record $8.96 million or $1.91 per basic and diluted share, up 18% compared with $7.59 million or $1.60 per basic and diluted share for the 12 months ended December 31, 2021. Per share amounts have been adjusted to reflect a 10% stock dividend declared in June 2021.
Robert R. Chapman III, CEO, commented: “The Company’s solid fourth quarter and full-year earnings highlighted the Company’s operational efficiency, exceptionally strong asset quality and capital strength, and prompt adjustments in a rapidly shifting interest rate environment. Throughout the year, the entire Bank of the James team demonstrated a commitment to superior service and operation that enabled us to maximize the value of revenue from a broad range of banking and wealth management capabilities.
“Key performance metrics, including return on average equity and return on average assets improved in 2022. Significantly higher net interest margin and interest spread demonstrated an opportunistic response to changing interest rate scenarios. We anticipate that if and when the rate environment stabilizes during the coming year, we will see increased pressure on margins. We believe our 2022 financial performance demonstrated our ability to effectively address the challenges related to rapidly increasing interest rates.
“Asset quality was a significant highlight, with few nonperforming loans, reduced other real estate owned (OREO), and strong asset quality ratios. We believe the outlook for continuing asset quality is very good, reflecting diligent credit management practices. We have been able to grow commercial, residential mortgage and consumer loan portfolios while at the same time improving already strong loan quality.
“The Company’s consistent earnings and capital strength positioned us to enhance shareholder value by repurchasing approximately 2% of the Company’s outstanding common stock during 2022 – an action that contributed approximately $0.03 to the year’s earnings per share (EPS). Our Board of Directors approved an increased quarterly dividend in 2022, reflecting a commitment to building shareholder value.
“Our served communities and customers continue to demonstrate financial and economic strength, and resilience in the face of inflation and uncertainty about recession later in 2023. We anticipate that while lending and deposit activity is likely to be less robust in the coming quarters, we are confident that Bank of the James is well-positioned to continue forward with moderate growth, superior financial solutions for customers, and positive financial performance.”
Highlights
- Net income in the fourth quarter of 2022 increased 5% from a year earlier, while net income in the 12 months of 2022 rose 18% compared with the 12 months of 2021. Income growth in 2022 was led by higher interest income from commercial real estate and retained residential mortgages, wealth management fees, and fee income from debit card transactions and treasury services.
- Total interest income in the full year of 2022 increased 9%, primarily reflecting commercial loan rate adjustments to keep pace with the rising interest rate environment, an increase in the size of the investment portfolio, and growth of retained residential mortgages. Interest income in the fourth quarter of 2022 rose 23% compared with the fourth quarter of 2021.
- Net interest income rose 22% in the fourth quarter of 2022 compared with a year earlier, primarily reflecting increased interest income and ongoing interest expense management. Net interest income in the 12 months of 2022 grew 10% compared with the 12 months of 2021.
- Prompt response to the changing interest rate environment led to expanded net interest margin and interest spread in fourth quarter and the full year of 2022 compared with both periods of 2021.
- Total noninterest income in the full year of 2022 rose 18% compared with 2021. Slowing income in the second half of 2022 from gain on sale of residential mortgage loans was offset by interchange income on card activity, growth of commercial treasury services income, and wealth management fees generated by PWW, which contributed approximately $0.29 EPS in 2022.
- Loans, net of the allowance for loan losses, increased 5% to $605.37 million at December 31, 2022 compared with $576.47 million at December 31, 2021, primarily reflecting residential mortgage and commercial real estate loan growth.
- Asset quality remained strong, reflected in a ratio of nonperforming loans to total loans of 0.10% at December 31, 2022 compared with 0.16% at December 31, 2021. Total nonperforming loans declined by 34% year-over-year, and the Company significantly trimmed other real estate owned (OREO) during 2022, writing down a significant portion of OREO based on its recently contracted sales price.
- Total deposits declined 4% at December 31, 2022 compared with December 31, 2021. Lower-cost core deposits (noninterest-bearing demand, NOW, savings and money market accounts) continued to comprise approximately 85% of total deposits.
- In both periods of 2022, Return on Average Assets (ROAA) and Return on Average Equity (ROAE) ratios improved significantly from 2021.
- The Company’s share repurchases during 2022 enhanced shareholder value, contributing approximately $0.03 to EPS.
- On January 17, 2023 the Company’s board of directors approved a quarterly dividend of $0.08 per share to stockholders of record as of March 3, 2023 to be paid on March 17, 2023.
- On February 6, 2023, the Company's board of directors approved a stock repurchase plan to purchase up to $998,000 of the Company's common stock. The plan authorizes the Company to make purchases from March 8, 2023 through March 7, 2024, unless extended or sooner terminated. Purchases may be made in open market transactions or privately negotiated transactions, in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. In connection with the adoption of this plan, the board terminated any other repurchase plans still in effect.
Fourth Quarter, 12 Months of 2022 Operational Review
Net interest income after recovery of loan losses for the quarter ended December 31, 2022 was $8.29 million compared with $7.30 million a year earlier, primarily reflecting higher interest income, moderately higher year-over-year interest expense, and no provision for loan losses in the fourth quarter of 2022 and a $500,000 recovery in the fourth quarter of 2021, as indicated by the Bank’s allowance for loan losses methodology.
For the 12 months ended December 31, 2022, net interest income after recovery of loan losses was $30.60 million compared with $27.58 million a year earlier, reflecting increased interest rates and loan growth, higher interest income from the Bank’s securities portfolio, and a $900,000 recovery of loan losses, as indicated by the Bank’s allowance for loan losses methodology, compared with a $500,000 recovery in 2021.
Total interest income increased to $8.94 million in the fourth quarter of 2022 compared with $7.27 million a year earlier. The quarterly increase reflected accelerating organic loan growth and interest rate increases. Higher rates have had a positive impact on the yields earned on interest earning assets. The yield on interest earning assets in the fourth quarter of 2022 was 3.95%, up from 3.18% a year earlier. Total interest income for the 12 months of 2022 was $31.85 million compared with $29.18 million for the 12 months of 2021, also reflecting accelerating organic loan growth and interest rate increases. Yield on interest earning assets for the 12 months of 2022 was 3.46% compared with 3.38% for the 12 months of 2021.
Total interest expense in the fourth quarter of 2022 was $652,000 compared with $468,000 a year earlier, while interest expense in the 12 months of 2022 was $2.15 million compared with $2.10 million in the 12 months of 2021.
J. Todd Scruggs, Executive Vice President and CFO, commented: “Throughout 2022, improvements in net interest margin and net interest spread reflected adjustments to our investment strategy based on our expectation that interest rates would be rising. We have made upward adjustments to rates on interest earning assets to match the rate environment and mitigate higher interest expense.
“We’ve held the line on deposit rates rather than try to compete by offering untenable rates, and are continuing our strong focus on attracting and retaining noninterest-bearing commercial deposits through relationship banking. We are maintaining adequate liquidity by maintaining a stable level of Fed funds and avoiding short-term borrowings, which have become very expensive.”
The net interest margin in the fourth quarter of 2022 was 3.67% and the interest spread was 3.60%, up significantly from the margin and spread in the fourth quarter of 2021. For the full year of 2022, the net interest margin was 3.23% and interest spread was 3.18%, also up from the full year of 2021.
Noninterest income in the fourth quarter of 2022 was $2.73 million compared with $2.90 million in the fourth quarter of 2021, with the decline primarily reflecting lower gains on the sale of residential mortgages and partially offset by year-over-year growth in service charges, fees and commissions resulting from increased debit card income. Noninterest income for the full year of 2022 was $13.24 million compared with $11.21 million for the for the full year of 2021.
Because of rising interest rates during the second half of 2022, rates on in-house mortgages became more attractive and resulted in reduced sales of conventional mortgages to the secondary market. This, in combination with a decrease in conventional mortgage originations due to rising mortgage interest rates, resulted in a decrease in the volume and amount of residential mortgages sold in the secondary market. Noninterest income in 2022 was highlighted by year-over-year increased interchange income earned on card activity and overdraft fees. Income from PWW’s continuing strong performance contributed approximately $0.29 to earnings in 2022.
Noninterest expense in the fourth quarter of 2022 was $8.62 million compared with $7.91 million in the fourth quarter of 2021. In the full year of 2022, noninterest expense was $32.74 million compared with $29.34 million a year earlier. Both periods of 2022 reflected increased salaries and employee benefits related to the addition of PWW and performance-related cash bonuses paid to employees, increases in professional and outside expenses (specifically data processing fees), and an increase in miscellaneous expenses, primarily related to an isolated check forgery that resulted in a charge of $362,000. The Bank has a filed a proof of loss with its insurance company and is waiting for a coverage determination.
For the three months ended December 31, 2022, ROAE was 16.08 % and ROAA was 0.82%, with both ratios improving significantly from a year earlier. For the 12 months ended December 31, 2022, ROAE was 15.59% and ROAA was 0.91%, also up compared with the 12 months of 2021. Efficiency ratio was unchanged year-over-year at 76%.
Balance Sheet Reflects Organic Loan Growth, Strong Asset Quality
Total assets were $928.57 million at December 31, 2022 compared with $987.63 million at December 31, 2021, with the decline primarily reflecting a decline in total deposits, which resulted in a decrease in Fed funds sold, partially offset by an increase in net loans.
Loans, net of allowance for loan losses, increased to $605.37 million at December 31, 2022 from $576.47 million at December 31, 2021. The growth in loans primarily reflected new commercial real estate (CRE) loans and growth in residential mortgages. Commercial real estate loans (owner occupied and non-owner occupied and excluding construction loans) were approximately $341.89 million at December 31, 2022, an increase from $307.95 million at December 31, 2021 that reflected CRE loan activity and growth throughout 2022.
Michael A. Syrek, President of the Bank, commented: “It was a positive year for commercial real estate. We have continued to emphasize building full-service relationships with business clients, including deposits, a robust suite of electronic cash and treasury management offerings, and credit card interchange. Service and relationship banking has contributed to customer retention and mitigated rate shopping as rates have risen.
“We have experienced a slowing of loan demand for all commercial loans in light of increasing rates and general economic uncertainty, including inflation, and the threat of recession. Commercial (C&I) lending has continued to be slow as businesses are drawing down on cash reserves and are operating cautiously. Although we anticipate more subdued commercial lending activity than in past years, we are confident we will earn our share of new business and will continue to have high client retention.”
Commercial loans (primarily C&I loans) were $95.88 million at December 31, 2022 compared with $105.07 million at December 31, 2021. Both commercial and residential construction lending activity slowed in the second half of 2022, primarily reflecting slowing projects related to commercial expansion.
Residential mortgage loans held by the Bank increased 35% to $43.05 million at December 31, 2022 from $31.92 million a year earlier, reflecting increased retention of mortgage loans as higher rates made it more attractive to originate loans in house. Syrek noted that while overall demand for purchase mortgages is generally softening, Bank of the James Mortgage’s well-established reputation for service and loan processing should support continued conventional mortgage activity.
A decline in historical loss experience, improved delinquency trends, and other net improvements in qualitative factors resulted in a reduction of the Company’s allowance for loan losses since December 31, 2021. Asset quality has been consistently strong and stable, with a ratio of nonperforming loans to total loans of 0.10% at December 31, 2022. The allowance for loan losses to total loans was 1.02% at December 31, 2022. As the Company finalizes its allowance for credit losses model in accordance with the current expected credit loss (CECL) standard (which the Bank was required to adopt on January 1, 2023), management believes that the allowance will increase.
Total nonperforming loans of $633,000 declined 34% from December 31, 2021. OREO declined 26% at December 31, 2022 from December 31, 2021, primarily reflecting a third quarter 2022 write-down of a property that went under contract and sale of foreclosed assets throughout the year.
Total deposits at December 31, 2022 were $848.14 million, compared with $887.06 million at December 31, 2021. Total deposits continued to reflect good noninterest demand deposit activity, continued trimming of time deposits, and a high percentage of lower-cost core deposits (noninterest-bearing demand, NOW, savings and money market accounts) as a percent of total deposits.
The Company’s total retained earnings increased significantly to $31.03 million at December 31, 2022 from $23.44 million at December 31, 2021. Some measures of shareholder value declined at December 31, 2022, primarily reflecting market value changes of the Company’s available-for-sale securities portfolio. Total stockholders’ equity was $50.23 million at December 31, 2022 compared with $69.43 million at December 31, 2021. Book value per share was $10.85 at December 31, 2022 compared with $14.65 at December 31, 2021.
These decreases directly resulted from the impact that higher interest rates had on the market value of the Company’s available-for-sale securities portfolio. These mark-to-market losses are excluded from the Bank’s regulatory capital. 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. The duration of the Company’s overall securities portfolio is approximately 6 years.
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, 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 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, changes in the value of real estate securing loans made by the Bank as well as the potential for the resurgence of COVID-19 and 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.
tscruggs@bankofthejames.comCONSOLIDATED FINANCIAL INFORMATION FOLLOWS
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
(unaudited)Assets 12/31/2022 12/31/2021 Cash and due from banks $ 30,025 $ 29,337 Federal funds sold 31,737 153,816 Total cash and cash equivalents 61,762 183,153 Securities held-to-maturity (fair value of $3,135 in 2022 and $4,006 in 2021) 3,639 3,655 Securities available-for-sale, at fair value 185,787 161,267 Restricted stock, at cost 1,387 1,324 Loans, net of allowance for loan losses of $6,259 in 2022 and $6,915 in 2021 605,366 576,469 Loans held for sale 2,423 1,628 Premises and equipment, net 17,974 18,351 Interest receivable 2,736 2,064 Cash value - bank owned life insurance 19,237 18,785 Customer relationship Intangible 7,845 8,406 Goodwill 2,054 3,001 Other real estate owned 566 761 Other assets 17,795 8,770 Total assets $ 928,571 $ 987,634 Liabilities and Stockholders' Equity Deposits Noninterest bearing demand $ 154,884 $ 162,286 NOW, money market and savings 560,479 582,000 Time 132,775 142,770 Total deposits 848,138 887,056 Capital notes, net 10,037 10,031 Other borrowings 10,457 10,985 Interest payable 89 46 Other liabilities 9,624 10,087 Total liabilities $ 878,345 $ 918,205 Stockholders' equity Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,628,657 as of December 31, 2022 and 4,740,657 as of December 31, 2021 9,905 10,145 Additional paid-in-capital 36,068 37,230 Accumulated other comprehensive (loss) (26,781 ) (1,386 ) Retained earnings 31,034 23,440 Total stockholders' equity $ 50,226 $ 69,429 Total liabilities and stockholders' equity $ 928,571 $ 987,634
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 Year Ended December 31, Ended December 31, Interest Income 2022 2021 2022 2021 Loans $ 7,266 $ 6,440 $ 26,175 $ 26,529 Securities US Government and agency obligations 324 235 1,235 875 Mortgage backed securities 460 163 1,656 462 Municipals 285 266 1,152 865 Dividends 30 28 66 67 Corporates 171 88 566 243 Interest bearing deposits 147 7 282 33 Federal Funds sold 258 40 721 107 Total interest income 8,941 7,267 31,853 29,181 Interest Expense Deposits NOW, money market savings 181 145 555 564 Time Deposits 265 215 732 1,105 Finance leases 23 26 96 106 Other borrowings 101 - 440 - Capital notes 82 82 327 327 Total interest expense 652 468 2,150 2,102 Net interest income 8,289 6,799 29,703 27,079 Recovery of loan losses - (500 ) (900 ) (500 ) Net interest income after recovery of loan losses 8,289 7,299 30,603 27,579 Noninterest income Gains on sale of loans held for sale 581 2,090 5,256 8,265 Service charges, fees and commissions 1,028 693 3,591 2,496 Wealth management fees 997 - 3,932 - Life insurance income 114 115 452 430 Other 8 6 16 18 Loss on sales of available-for-sale securities (3 ) - (3 ) - Total noninterest income 2,725 2,904 13,244 11,209 Noninterest expenses Salaries and employee benefits 4,631 4,476 17,682 16,377 Occupancy 466 403 1,814 1,673 Equipment 683 643 2,553 2,526 Supplies 141 117 521 471 Professional, data processing, and other outside expense 1,512 1,116 5,056 4,094 Marketing 259 214 920 934 Credit expense 158 234 923 1,103 Other real estate expenses, net 7 28 214 102 FDIC insurance expense 118 123 500 548 Amortization of intangibles 140 - 560 - Other 503 559 1,994 1,509 Total noninterest expenses 8,618 7,913 32,737 29,337 Income before income taxes 2,396 2,290 11,110 9,451 Income tax expense 442 431 2,151 1,862 Net Income $ 1,954 $ 1,859 $ 8,959 $ 7,589 Weighted average shares outstanding - basic and diluted (1) 4,628,657 4,740,657 4,698,041 4,747,821 Net income per common share - basic and diluted (1) $ 0.42 $ 0.39 $ 1.91 $ 1.60 (1) Shares and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared in June 2021.
Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unauditedSelected Data: Three
months
ending
Dec 31,
2022Three
months
ending
Dec 31,
2021Change Year
to
date
Dec 31,
2022Year
to
date
Dec 31,
2021Change Interest income $ 8,941 $ 7,267 23.04 % $ 31,853 $ 29,181 9.16 % Interest expense 652 468 39.32 % 2,150 2,102 2.28 % Net interest income 8,289 6,799 21.91 % 29,703 27,079 9.69 % Recovery of loan losses - (500 ) -100.00 % (900 ) (500 ) 80.00 % Noninterest income 2,725 2,904 -6.16 % 13,244 11,209 18.16 % Noninterest expense 8,618 7,913 8.91 % 32,737 29,337 11.59 % Income taxes 442 431 2.55 % 2,151 1,862 15.52 % Net income 1,954 1,859 5.11 % 8,959 7,589 18.05 % Weighted average shares outstanding - basic and diluted (1) 4,628,657 4,740,657 (112,000 ) 4,698,041 4,747,821 (49,780 ) Basic and diluted net income per share (1) $ 0.42 $ 0.39 $ 0.03 $ 1.91 $ 1.60 $ 0.31 Balance Sheet at
period end:Dec 31,
2022Dec 31,
2021Change Dec 31,
2021Dec 31,
2020Change Loans, net $ 605,366 $ 576,469 5.01 % $ 576,469 $ 601,934 -4.23 % Loans held for sale 2,423 1,628 48.83 % 1,628 7,102 -77.08 % Total securities 189,426 164,922 14.86 % 164,922 93,856 75.72 % Total deposits 848,138 887,056 -4.39 % 887,056 764,967 15.96 % Stockholders' equity 50,226 69,429 -27.66 % 69,429 66,732 4.04 % Total assets 928,571 987,634 -5.98 % 987,634 851,386 16.00 % Shares outstanding (1) 4,628,657 4,740,657 (112,000 ) 4,740,657 4,339,436 401,221 Book value per share $ 10.85 $ 14.65 $ (3.80 ) $ 14.65 $ 15.38 $ (0.73 ) Daily averages: Three
months
ending
Dec 31,
2022Three
months
ending
Dec 31,
2021Change Year
to
date
Dec 31,
2022Year
to
date
Dec 31,
2021Change Loans $ 618,948 $ 589,277 5.04 % $ 604,990 $ 601,272 0.62 % Loans held for sale 3,722 5,929 -37.22 % 3,913 5,815 -32.71 % Total securities 229,884 159,307 44.30 % 223,137 128,886 73.13 % Total deposits 867,569 873,894 -0.72 % 888,292 833,216 6.61 % Stockholders' equity 48,207 69,173 -30.31 % 57,478 66,937 -14.13 % Interest earning assets 897,711 906,409 -0.96 % 919,992 862,500 6.67 % Interest bearing liabilities 737,375 718,714 2.60 % 746,479 682,089 9.44 % Total assets 950,558 962,006 -1.19 % 980,507 920,474 6.52 % Financial Ratios: Three
months
ending
Dec 31,
2022Three
months
ending
Dec 31,
2021Change Year
to
date
Dec 31,
2022Year
to
date
Dec 31,
2021Change Return on average assets 0.82 % 0.77 % 0.05 0.91 % 0.82 % 0.09 Return on average equity 16.08 % 10.66 % 5.42 15.59 % 11.34 % 4.25 Net interest margin 3.67 % 2.98 % 0.69 3.23 % 3.14 % 0.09 Efficiency ratio 78.25 % 81.55 % (3.30 ) 76.23 % 76.62 % (0.39 ) Average equity to average assets 5.07 % 7.19 % (2.12 ) 5.86 % 7.27 % (1.41 ) Allowance for loan losses: Three
months
ending
Dec 31,
2022Three
months
ending
Dec 31,
2021Change Year
to
date
Dec 31,
2022Year
to
date
Dec 31,
2021Change Beginning balance $ 6,394 $ 7,276 -12.12 % $ 6,915 $ 7,156 -3.37 % Recovery of loan losses - (500 ) -100.00 % (900 ) (500 ) 80.00 % Charge-offs (152 ) (11 ) 1281.82 % (162 ) (91 ) 78.02 % Recoveries 17 150 -88.67 % 406 350 16.00 % Ending balance 6,259 6,915 -9.49 % 6,259 6,915 -9.49 % Nonperforming assets: Dec 31,
2022Dec 31,
2021Change Dec 31,
2021Dec 31,
2020Change Total nonperforming loans $ 633 $ 954 -33.65 % $ 954 $ 2,064 -53.78 % Other real estate owned 566 761 -25.62 % 761 1,105 -31.13 % Total nonperforming assets 1,199 1,715 -30.09 % 1,715 3,169 -45.88 % Troubled debt restructurings - (performing portion) 431 372 15.86 % 372 392 -5.10 % Asset quality ratios: Dec 31,
2022Dec 31,
2021Change Dec 31,
2021Dec 31,
2020Change Nonperforming loans to total loans 0.10 % 0.16 % (0.06 ) 0.16 % 0.34 % (0.18 ) Allowance for loan losses to total loans 1.02 % 1.19 % (0.17 ) 1.19 % 1.17 % 0.02 Allowance for loan losses to nonperforming loans 988.78 % 724.84 % 263.94 724.84 % 346.71 % 378.13 (1) Shares and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared in June 2021.
