Finance

Notable News Spotlight: Bank of the James Financial Group (NASDAQ:BOTJ)

Bank of the James Financial Group (NASDAQ:BOTJ) stock reported trading -39.88% off 52-week high price. On the other end, the stock has been noted 21.38% away from low price over the last 52-weeks. The stock disclosed a move of -18.02% away from 50 day moving average and -30.20% away from 200 day moving average. Moving closer, we can see that shares have been trading 5.00% off 20-day moving average. It has market cap of $46.51M and dividend yield of 2.88%.

On April 24, 2020, Bank of the James Financial Group (NASDAQ:BOTJ) the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (Greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, declared unaudited results for the three months ended March 31, 2020.

First Quarter 2020 Highlights

  • Net income for the three months ended March 31, 2020 was $995,000 or $0.23 per diluted share, compared with $1.23 million or $0.28 per diluted share for the three months ended March 31, 2019. This decrease was due primarily to an increase in loan loss provision related to uncertainty surrounding the COVID-19 pandemic.
  • Weighted average shares outstanding (diluted) were 4,348,040 at March 31, 2020 compared with 4,380,959 a year earlier, reflecting a repurchase of 39,000 shares of stock since March 31, 2019. The Company has temporarily suspended stock repurchases under its stock repurchase plan.
  • Loans receivable, net of allowance for loan losses, were $570.66 million compared with $573.27 million at December 31, 2019 and $535.96 million at March 31, 2019.
  • Commercial real estate loans, commercial & industrial loans, construction loans and multi-family mortgage loans increased compared with a year earlier. In light of potential risks to loan quality associated with COVID-19 and associated economic trends, the Company anticipates expanded disclosure related to business sectors and credit quality in its Form 10-Q Quarterly Report for quarter ended March 31, 2020 to be filed with the Securities and Exchange Commission.
  • Loans held for sale (primarily closed residential mortgage originations) were $6.13 million at March 31, 2020 compared with $4.22 million at December 31, 2019. Management noted the secondary market that purchases the majority of the Company’s originated conventional mortgages has continued to be strong and active.
  • Total assets were $746.06 million at March 31, 2020, up from $725.39 million at December 31, 2019 and $684.39 million at March 31, 2019.
  • Asset quality remained strong at March 31, 2020, with a ratio of nonperforming loans to total loans of 0.25%. The Company increased its allowance for loan losses primarily based on our evaluation of qualitative (environmental) factors present and their contribution to our estimate of probable losses inherent in the loan portfolio. At March 31, 2020, the allowance for loan losses to total loans increased to 0.95%, and the allowance for loan losses to nonperforming loans was 376%.

On April 21, 2020 the Company’s board of directors approved a $0.07 per share dividend payable to stockholders of record on June 5, 2020, to be paid on June 19, 2020. The USA based company Bank of the James Financial Group moved with change of 4.63% to $9.71 with the total traded volume of 12853 shares in recent session versus to an average volume of 4.45K shares. The stock was observed in the 5 days activity at -0.88%. The one month performance of stock was 4.97%. BOTJ’s shares are at -35.27% for the quarter and driving a -33.54% return over the course of the past year and is now at -36.41% since this point in 2018.  Right now the stock beta is 1.01. The average volatility for the week and month was at 3.04% and 4.67% respectively. There are 4.79M shares outstanding and 3.87M shares are floated in market.

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