Bank of the James Financial Group, Inc. Announces Results of Bank of the James for 4th 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)--Jan. 22, 2004 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. Financial Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BOJF BOJF Bank of the James Finl Group (Lynchburg, VA) ) announced the results of its wholly-owned subsidiary, Bank of the James, for the quarter ended December December: see month. 31, 2003 (quarterly results unaudited). As of January January: see month. 1, 2004, Bank of the James Financial Group, Inc. is the holding company for Bank of the James. Bank of the James Financial Group has no other subsidiaries. Bank of the James Financial Group, Inc. reported today that Bank of the James had total net income after tax of $314,000 or $0.34 per basic share for the quarter ending December 31, 2003 as compared with net income of $290,000 or $0.31 per share for the same period a year ago. Return on average assets and return on average equity for the quarter ended December 31, 2003 were 0.90% and 11.08% respectively. For the full year ended December 31, 2003 Bank of the James' net income was $1,416,000 or $1.51 per basic share compared with net income of $814,000 or $0.87 per basic share for the year ended December 31, 2002. Return on average assets and return on average equity for the year ended December 31, 2003 were 1.14% and 13.20% respectively. Bank of the James' net interest income for 2003 increased $1,514,000 to $5,485,000 or 38.1% from net interest income of $3,971,000 in 2002. 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 4.68% in 2003 from 4.31% in 2002. Bank of the James had total assets as of December 31, 2003 of $145,011,000 compared to $114,071,000 at the end of the same period in 2002, an increase of $30,940,000 or 27.1%. The increase may be attributed to strong deposit growth from $103,509,000 for the period ended December 31, 2002 to $133,485,000 at the end of the same period, 2003, for an increase of 29.0%. Bank of the James' 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. , increased from $85,750,000 as of December 31, 2002 to $114,603,000 as of December 31, 2003, an increase of 33.7%. 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 $1,451,000 represented 1.25% of total loans at the end of the fourth 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. The Bank will open an additional branch located at 17000 Forest Rd. in 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 February February: see month. 2004; the mortgage division will also relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to 17000 Forest Rd. at this time. As of January 1, 2004, Bank of the James is James I, king of Aragón and count of Barcelona James I (James the Conqueror), 1208–76, king of Aragón and count of Barcelona (1213–76), son and successor of Peter II. a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bank of the James Financial Group, Inc. Bank of the James Financial Group, Inc. common stock is quoted on the Over The Counter Bulletin Board under the symbol "BOJF" (some web sites require BOJF.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
(000's) except ratios and percent data
audited
Three Three Year Year
months months to to
ending ending date date
Dec 31, Dec 31, Dec 31, Dec 31,
Selected Data: 2003 2002 Change 2003 2002 Change
----------------------------------------------------------------------
Interest income $2,056 $1,819 13.03% $7,754 $6,522 18.89%
----------------------------------------------------------------------
Interest expense 561 658 -14.74% 2,269 2,551 -11.05%
----------------------------------------------------------------------
Net Interest
income 1,495 1,161 28.77% 5,485 3,971 38.13%
----------------------------------------------------------------------
Provision for
loan losses 118 136 -13.24% 552 624 -11.54%
----------------------------------------------------------------------
Noninterest
income 325 419 -22.43% 1,626 1,380 17.83%
----------------------------------------------------------------------
Noninterest
expense 1,228 1,004 22.31% 4,405 3,493 26.11%
----------------------------------------------------------------------
Income taxes 160 150 6.67% 738 420 75.71%
----------------------------------------------------------------------
Net income 314 290 8.28% 1,416 814 73.96%
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Basic net income
per share $0.34 $0.31 $0.03 $1.51 $0.87 $0.64
----------------------------------------------------------------------
Fully diluted
net income
per share $0.31 $0.30 $0.01 $1.47 $0.85 $0.62
----------------------------------------------------------------------
Book value
per share - - - $12.09 $10.66 $1.43
----------------------------------------------------------------------
Balance Sheet at Dec 31, Dec 31, Dec 31, Dec 31,
period end: 2003 2002 Change 2002 2001 Change
----------------------------------------------------------------------
Loans, net $114,603 $85,750 33.65% $85,750 $63,848 34.30%
----------------------------------------------------------------------
Total securities 14,956 16,478 -9.24% 16,478 5,962 176.38%
----------------------------------------------------------------------
Total deposits 133,485 103,509 28.96% 103,509 66,189 56.38%
----------------------------------------------------------------------
Stockholders'
equity 11,309 9,973 13.40% 9,973 9,121 9.34%
----------------------------------------------------------------------
Total assets 145,011 114,071 27.12% 114,071 75,587 50.91%
----------------------------------------------------------------------
Three Three Year Year
months months to to
ending ending date date
Dec 31, Dec 31, Dec 31, Dec 31,
Daily averages: 2003 2002 Change 2003 2002 Change
----------------------------------------------------------------------
Loans, net $108,899 $82,679 31.71% $100,522 $75,447 33.24%
----------------------------------------------------------------------
Total securities 12,600 14,536 -13.32% 11,508 9,695 18.70%
----------------------------------------------------------------------
Total deposits 126,813 100,910 25.67% 112,320 87,579 28.25%
----------------------------------------------------------------------
Stockholders'
equity 11,247 9,909 13.50% 10,729 9,518 12.72%
----------------------------------------------------------------------
Interest earning
assets 130,791 104,989 24.58% 117,089 92,166 27.04%
----------------------------------------------------------------------
Interest bearing
liabilities 110,692 88,053 25.71% 97,948 76,658 27.77%
----------------------------------------------------------------------
Total Assets 138,286 111,328 24.21% 123,954 97,459 27.19%
----------------------------------------------------------------------
Three Three Year Year
months months to to
ending ending date date
Dec 31, Dec 31, Dec 31, Dec 31,
Financial Ratios: 2003 2002 Change 2003 2002 Change
----------------------------------------------------------------------
Return on average
assets 0.90% 1.03% (0.13) 1.14% 0.84% 0.31
----------------------------------------------------------------------
Return on average
equity 11.08% 11.61% (0.53) 13.20% 8.55% 4.65
----------------------------------------------------------------------
Net Interest
Margin 4.53% 4.39% 0.15 4.68% 4.31% 0.38
----------------------------------------------------------------------
Efficiency ratio 67.47% 63.54% 3.93 61.95% 65.28% (3.33)
----------------------------------------------------------------------
Average Equity to
average assets 8.13% 8.90% (0.77) 8.66% 9.77% (1.11)
----------------------------------------------------------------------
Three Three Year Year
months months to to
ending ending date date
Allowance for loan Dec 31, Dec 31, Dec 31, Dec 31,
losses: 2003 2002 Change 2003 2002 Change
----------------------------------------------------------------------
Beginning balance $1,376 $1,102 24.86% $1,081 $747 44.71%
----------------------------------------------------------------------
Provision for losses 118 136 -13.24% 552 624 -11.54%
----------------------------------------------------------------------
Charge-offs (62) (172) -63.95% (263) (308) -14.61%
----------------------------------------------------------------------
Recoveries 19 15 26.67% 81 18 350.00%
----------------------------------------------------------------------
Ending balance 1,451 1,081 34.23% 1,451 1,081 34.23%
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Nonperforming Dec 31, Dec 31, Dec 31, Dec 31,
assets: 2003 2002 Change 2002 2001 Change
----------------------------------------------------------------------
Nonaccrual loans 85 42 102.38% 42 159 -73.58%
----------------------------------------------------------------------
Restructured loans none none - none none -
----------------------------------------------------------------------
Total nonperforming
loans 85 42 102.38% 42 159 -73.58%
----------------------------------------------------------------------
Other real estate none none none
owned - 111 -100.00%
----------------------------------------------------------------------
Total nonperforming
assets 85 42 102.38% 42 270 -84.44%
----------------------------------------------------------------------
Asset quality Dec 31, Dec 31, Dec 31, Dec 31,
ratios: 2003 2002 Change 2002 2001 Change
----------------------------------------------------------------------
Nonperforming loans
to total loans 0.07% 0.05% 0.02 0.05% 0.25% (0.20)
----------------------------------------------------------------------
Allowance for loan
losses
to total loans 1.25% 1.24% 0.01 1.24% 1.16% 0.09
----------------------------------------------------------------------
Allowance for loan
losses
to nonperforming
loans 1707.06% 2573.81% (866.75) 2573.81% 469.81% 2,104.00
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