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Condensed Financial Statements Of Parent Company
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information Of Parent Company [Abstract]  
Condensed Financial Statements Of Parent Company

Note 23  – Condensed financial statements of parent company

 

Financial information pertaining only to Bank of the James Financial Group, Inc. is as follows:

Balance Sheet

 

 

 

 

 

 

December 31,

 

2013

 

2012

Assets

 

 

 

Cash
$
2,430 

 
$
2,761 

Taxes receivable
175 

 
176 

 

 

 

 

Investment in Bank of the James subsidiary
37,210 

 
36,641 

 

 

 

 

    Other assets
26 

 
35 

 

 

 

 

Total assets
$
39,841 

 
$
39,613 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

Capital notes, 6% due 4/2017
$
10,000 

 
$
10,000 

Other liabilities
69 

 

-

Total liabilities
10,069 

 
10,000 

 

 

 

 

Common stock $2.14 par value
$
7,201 

 
$
7,175 

Additional paid-in-capital
22,868 

 
22,806 

Retained earnings (deficit)
2,124 

 
(936)

Accumulated other comprehensive income (loss)
(2,421)

 
568 

Total stockholders’ equity
$
29,772 

 
$
29,613 

 

 

 

 

Total liabilities and stockholders’ equity
$
39,841 

 
$
39,613 

 

 

Note 23 – Condensed financial statements of parent company (continued)

 

Statements of Income

 

 

 

 

Years Ended December 31,

 

2013

 

2012

 

 

 

 

Income

$          -

 

$          -

 

 

 

 

Operating expenses

 

 

 

  Interest on capital notes
600 

 
537 

  Legal and professional fees
101 

 
157 

  Other expense
53 

 
32 

 

 

 

 

  Total expenses
$
754 

 
$
726 

 

 

 

 

  Income tax (benefit)
$
(256)

 
$
(247)

 

 

 

 

(Loss) before equity in undistributed income of subsidiaries
$
(498)

 
$
(479)

 

 

 

 

 Equity in undistributed income - Bank of the James
$
3,558 

 
$
2,611 

 

 

 

 

Net income
$
3,060 

 
$
2,132 

 

 

Note 23 – Condensed financial statements of parent company (continued)

 

 

 

 

 

Statements of Cash Flows

 

 

Years Ended December 31,

 

2013

 

2012

 

 

 

 

Cash flows from operating activities

 

 

 

  Net income
$
3,060 

 
$
2,132 

 

 

 

 

  Adjustments to reconcile net income to net cash used in operating activities

 

 

 

    Decrease in income taxes receivable
1 

 
67 

    (Increase) decrease in other assets
9 

 
(35)

    Increase (decrease) in other liabilities
69 

 
(75)

    Equity in undistributed net (income) of Bank of the James
(3,558)

 
(2,611)

 

 

 

 

    Net cash (used in) operating activities
$
(419)

 
$
(522)

 

 

 

 

Cash flows from financing activities

 

 

 

   Proceeds from exercise of stock options
88 

 
54 

   Payoff of 6% capital notes due 4/1/2012 

-

 
(7,000)

   Proceeds from issuance of 6% capital notes due 4/1/2017

-

 
10,000 

 

 

 

 

    Net cash provided by financing activities
$
88 

 
$
3,054 

 

 

 

 

    Increase (decrease) in cash and cash equivalents
$
(331)

 
$
2,532 

 

 

 

 

Cash and cash equivalents at beginning of period
2,761 

 
229 

 

 

 

 

Cash and cash equivalents at end of period
$
2,430 

 
$
2,761