Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2020

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,
	2020	2019
Assets
Cash	$4,400	$212
Taxes receivable	74	15

Investment in subsidiaries	72,482	66,256

Other assets	10	8

Total assets	$76,966	$66,491

Liabilities and stockholders’ equity

Capital notes	$10,027	$5,000
Other liabilities	207	46
Total Liabilities	$10,234	$5,046

Common stock $2.14 par value	$9,286	$9,325
Additional paid-in-capital	30,989	31,225
Retained earnings	24,665	20,900
Accumulated other comprehensive income (loss)	1,792	(5)
Total stockholders’ equity	$66,732	$61,445

Total liabilities and stockholders’ equity	$76,966	$66,491

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

Statements of Income
	Years Ended December 31,
	2020	2019
Income
Dividends from subsidiary	$1,000	$1,800

Operating expenses
Interest on capital notes	273	200
Legal and professional fees	159	166
Other expense	136	147

Total expenses	568	513

Income tax (benefit)	(119)	(108)

Income before equity in undistributed income of subsidiaries	551	1,395

Equity in undistributed income of subsidiaries	4,429	4,210

Net income	$4,980	$5,605

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


Statements of Cash Flows
	Years Ended December 31,
	2020	2019

Cash flows from operating activities
Net income	$4,980	$5,605

Adjustments to reconcile net income to net cash provided by operating activities
Amortization of debt issuance costs	2	-
(Increase) decrease in income taxes receivable	(59)	10
(Increase) decrease in other assets	(2)	11
Increase (decrease) in other liabilities	161	(12)
Equity in undistributed net (income) of subsidiaries	(4,429)	(4,210)

Net cash provided by operating activities	$651	$1,404

Cash flows from financing activities
Dividends paid to common stockholders	$(1,215)	$(1,226)
Retirement of capital notes	(5,000)	-
Proceeds from sale of capital notes, net of issuance costs	10,025	-
Repurchase of common stock	(275)	(315)

Net cash provided by (used in) financing activities	$3,537	$(1,541)

Increase (decrease) in cash and cash equivalents	$4,188	$(137)

Cash and cash equivalents at beginning of period	212	349

Cash and cash equivalents at end of period	$4,400	$212