Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2019

Note 25- 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,
	2019	2018
Assets
Cash	$212	$349
Taxes receivable	15	25

Investment in subsidiaries	66,256	59,808

Other assets	8	19

Total assets	$66,491	$60,201

Liabilities and stockholders’ equity

Capital notes	$5,000	$5,000
Other liabilities	46	58
Total Liabilities	$5,046	$5,058

Common stock $2.14 par value	$9,325	$9,370
Additional paid-in-capital	31,225	31,495
Retained earnings	20,900	16,521
Accumulated other comprehensive (loss)	(5)	(2,243)
Total stockholders’ equity	$61,445	$55,143

Total liabilities and stockholders’ equity	$66,491	$60,201

Note 25 – Condensed financial statements of parent company (continued)

Statements of Income
	Years Ended December 31,
	2019	2018
Income
Dividends from subsidiary	$1,800	$800

Operating expenses
Interest on capital notes	200	200
Legal and professional fees	166	217
Other expense	147	104

Total expenses	513	521

Income tax (benefit)	(108)	(109)

Income before equity in undistributed income of subsidiaries	1,395	388

Equity in undistributed income of subsidiaries	4,210	4,914

Net income	$5,605	$5,302

Note 25 – Condensed financial statements of parent company (continued)


Statements of Cash Flows
	Years Ended December 31,
	2019	2018

Cash flows from operating activities
Net income	$5,605	$5,302

Adjustments to reconcile net income to net cash provided by operating activities
Decrease in income taxes receivable	10	95
Decrease (increase) in other assets	11	(1)
(Decrease) increase in other liabilities	(12)	58
Equity in undistributed net (income) of subsidiaries	(4,210)	(4,914)

Net cash provided by operating activities	$1,404	$540

Cash flows from financing activities
Dividends paid to common stockholders	$(1,226)	$(1,050)
Repurchase of common stock	(315)	-

Net cash (used in) financing activities	$(1,541)	$(1,050)

(Decrease) in cash and cash equivalents	$(137)	$(510)

Cash and cash equivalents at beginning of period	349	859

Cash and cash equivalents at end of period	$212	$349