Bank of the James Announces Results for 1st Quarter 2003.Business Editors LYNCHBURG Lynchburg, independent city (1990 pop. 66,049), in but administratively not a part of Campbell co., central Va., on the James River; settled 1757, inc. as a city 1852. It is a trade center and tobacco market in the foothills of the Blue Ridge Mts. , Va.--(BUSINESS WIRE)--April 23, 2003 Bank of the James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BOTJ) (quarterly results unaudited) reported today total net income after tax of $305,000 or $0.33 per basic share for the quarter ending March 31, 2003 compared to net income of $114,000 or $0.12 per share for the same period a year ago. Return on average assets and return on average equity for the quarter ended March 31, 2003 were 1.08% and 11.94% respectively. Net interest income for the quarter ended March 31, 2003 was $1,232,000 as compared to net interest income of $875,000 in the same quarter of 2003, an increase of 40.8%. The growth in net interest income was due to the increase in average interest-earning assets which was the result of growth in the loan and investment portfolios funded by the growth in deposits and an increase in the net interest margin. The net interest margin increased to 4.69% in the first quarter of 2003 from 4.44% in the same period a year ago. The average rate on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin decreased 42 basis points from 7.43% in the first quarter of 2002 to 7.01% in the first quarter of 2003 and the average rate on interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities decreased 78 basis points from 3.20% in the first quarter of 2002 to 2.42% in the first quarter of 2003. Total assets as of March 31, 2003 were $118,560,000 compared to $114,077,000 at the end of 2002, an increase of $4,483,000 or 3.9%. The increase may be attributed to modest deposit growth from $103,509,000 for the period ended December December: see month. 31, 2002 to $105,901,000 at the end of the first quarter, 2003, for an increase of 2.3% Loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. and loan loss provision, increased from $85,750,000 as of December 31, 2002 to $95,110,000 as of March 31, 2003, an increase of 10.9%. This increase can be attributed to a low interest rate environment that made borrowing more attractive to the Bank's customers, the Bank's increased presence in the market, and the Bank's reputation for service. The loan loss provision of $1,208,000 represented 1.25% of total loans at the end of the first quarter, 2003. Management deems this provision to be adequate. Bank of the James currently operates three full service locations in the Lynchburg, Virginia Lynchburg is an independent city located in the Commonwealth of Virginia. As of the 2006 census, the city had a total population of 67,720, but is at about 70,000 residents as of 2007. area and one mortgage division location. Subject to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and other approval, the Bank plans to open an additional branch location in the Forest area of Bedford County, Virginia Bedford County is a county located in the U.S. state of the Commonwealth of Virginia. As of the 2000 census, the population was 60,371. Its county seat is the City of Bedford6 and is part of the Lynchburg MSA. in the first quarter of 2004. Bank of the James common stock is quoted on the Over The Counter Bulletin Board under the symbol "BOTJ" (some web sites require BOTJ.OB to quote). Cautionary Statement Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release report contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. The Bank 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, and changes in the value of real estate securing loans made by the Bank. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Bank of the James' filings with the Federal Reserve Board.
Bank of the James
Balance Sheets
(dollar amounts in thousands)
(results unaudited)
3/31/2003 12/31/2002
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Assets
Cash and due from banks $7,524 $3,800
Federal funds sold 311 4,495
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Total cash and cash
equivalents 7,835 8,295
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Interest bearing deposits - -
Securities held-to-maturity 7,000 8,000
Securities available-for-sale 4,781 8,478
Loans, net 95,110 85,750
Premises and equipment, net 2,454 2,161
Community Banker's Bank stock 56 56
Federal Reserve Bank stock 281 281
Federal Home Loan Bank stock 180 130
Interest receivable 607 613
Deferred tax asset 185 167
Other assets 71 146
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Total Assets $118,560 $114,077
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Liabilities and Stockholders'
Equity
Deposits
Noninterest bearing demand $15,071 $14,321
NOW, money market and savings 25,971 28,737
Time 64,859 60,451
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Total deposits 105,901 103,509
Income taxes payable 165 342
Interest payable 101 112
Other liabilities 2,149 141
-------------------------------
Total liabilities $108,316 $104,104
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Stockholders' equity
Common stock $4 par value;
authorized 10,000,000 shares;
issued and outstanding 935,630
shares 3,743 3,743
Additional paid-in-capital 5,614 5,614
Unrealized gain (loss) on
securities available-for-
sale 59 92
Accumulated deficit 828 524
-------------------------------
Total stockholders' equity 10,244 9,973
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Total liabilities and
stockholders' equity $118,560 $114,077
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Bank of the James
Statement of Operations
(dollar amounts in thousands)
(results unaudited)
For the Three Months Ended March 31, 2003 and 2002
Interest Income 3/31/2003 3/31/2002
-------------------------------
Loans $1,626 $1,332
Federal Funds Sold 1 8
Securities
US Government and agency
obligations 182 52
Other 30 56
-------------------------------
Total interest income 1,839 1,448
-------------------------------
Interest Expense
Federal Funds Purchased 7 -
Deposits
NOW, money market savings 62 52
Time Deposits 538 521
-------------------------------
Total interest expense 607 573
-------------------------------
Net interest income 1,232 875
Provision for loan losses 208 242
-------------------------------
Net interest income after
provision for loan losses 1,024 633
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Other operating income
Service charges, fees,
commissions 385 281
Gain on sale of securities - -
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Other operating expenses
Salaries and employee
benefits 562 438
Occupancy 63 49
Equipment 113 97
Supplies 46 39
Outside expenses 163 110
Marketing 43 33
Credit expense 49 46
Other 68 46
FASB 91 Loan Fee Adjustment (170) (117)
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Total other operating expenses 937 741
-------------------------------
Income (loss) before income taxes 472 173
Income tax (expense) benefit (167) (59)
-------------------------------
Net Income (loss) $305 $114
===============================
Income (loss) per common share
- basic $0.33 $0.12
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