• 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.com

    CONSOLIDATED FINANCIAL INFORMATION FOLLOWS

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)
    (unaudited)

    Assets12/31/2022 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
    unaudited

    Selected Data:Three
    months
    ending
    Dec 31,
    2022
    Three
    months
    ending
    Dec 31,
    2021
    ChangeYear
    to
    date
    Dec 31,
    2022
    Year
    to
    date
    Dec 31,
    2021
    Change
    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,
    2022
    Dec 31,
    2021
    ChangeDec 31,
    2021
    Dec 31,
    2020
    Change
    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,
    2022
    Three
    months
    ending
    Dec 31,
    2021
    ChangeYear
    to
    date
    Dec 31,
    2022
    Year
    to
    date
    Dec 31,
    2021
    Change
    Loans$618,948$589,2775.04%$604,990$601,2720.62%
    Loans held for sale 3,722 5,929-37.22% 3,913 5,815-32.71%
    Total securities 229,884 159,30744.30% 223,137 128,88673.13%
    Total deposits 867,569 873,894-0.72% 888,292 833,2166.61%
    Stockholders' equity 48,207 69,173-30.31% 57,478 66,937-14.13%
    Interest earning assets 897,711 906,409-0.96% 919,992 862,5006.67%
    Interest bearing liabilities 737,375 718,7142.60% 746,479 682,0899.44%
    Total assets 950,558 962,006-1.19% 980,507 920,4746.52%


    Financial Ratios:Three
    months
    ending
    Dec 31,
    2022
    Three
    months
    ending
    Dec 31,
    2021
    ChangeYear
    to
    date
    Dec 31,
    2022
    Year
    to
    date
    Dec 31,
    2021
    Change
    Return on average assets0.82%0.77%0.05 0.91%0.82%0.09 
    Return on average equity16.08%10.66%5.42 15.59%11.34%4.25 
    Net interest margin3.67%2.98%0.69 3.23%3.14%0.09 
    Efficiency ratio78.25%81.55%(3.30)76.23%76.62%(0.39)
    Average equity to average assets5.07%7.19%(2.12)5.86%7.27%(1.41)


    Allowance for loan losses:Three
    months
    ending
    Dec 31,
    2022
    Three
    months
    ending
    Dec 31,
    2021
    ChangeYear
    to
    date
    Dec 31,
    2022
    Year
    to
    date
    Dec 31,
    2021
    Change
    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,
    2022
    Dec 31,
    2021
    ChangeDec 31,
    2021
    Dec 31,
    2020
    Change
    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 37215.86% 372 392-5.10%


    Asset quality ratios:Dec 31,
    2022
    Dec 31,
    2021
    ChangeDec 31,
    2021
    Dec 31,
    2020
    Change
    Nonperforming loans to total loans0.10%0.16%(0.06)0.16%0.34%(0.18)
    Allowance for loan losses to total loans1.02%1.19%(0.17)1.19%1.17%0.02 
    Allowance for loan losses to nonperforming loans988.78%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.

     


    Primary Logo

シェアする