Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2024

Note 25 - Condensed financial statements of parent company

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


Balance Sheets
(dollars in thousands)	December 31,
	2024		2023
Assets
Cash	$	5,875	$	1,046
Taxes receivable		176		92

Investment in subsidiaries		78,273		78,694

Other assets		303		414

Total assets	$	84,627	$	80,246

Liabilities and stockholders’ equity

Capital notes	$	10,048	$	10,042
Other borrowings		9,300		9,890
Other liabilities		414		275
Total Liabilities	$	19,762	$	20,207

Common stock $2.14 par value	$	9,723	$	9,723
Additional paid-in-capital		35,253		35,253
Retained earnings		42,804		36,678
Accumulated other comprehensive loss		(22,915)		(21,615)
Total stockholders’ equity	$	64,865	$	60,039

Total liabilities and stockholders’ equity	$	84,627	$	80,246

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



Statements of Income
(dollars in thousands)	Years Ended December 31,
	2024		2023
Income
Dividends from subsidiaries	$	7,700	$	2,000


Operating expenses
Interest on capital notes and other borrowings		702		725
Legal and professional fees		127		207
Other expense		1		137

Total expenses		830		1,069

Income tax (benefit)		(195)		(613)

Income before equity in undistributed income of subsidiaries		7,065		1,544

Equity in undistributed income of subsidiaries		879		7,160

Net income	$	7,944	$	8,704

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



Statements of Cash Flows
(dollars in thousands)	Years Ended December 31,
	2024		2023

Cash flows from operating activities
Net income	$	7,944	$	8,704

Adjustments to reconcile net income to net cash provided by operating activities
Amortization of debt issuance costs		6		10
(Increase) in income taxes receivable		(84)		(16)
Decrease (increase) in other assets		112		(390)
Increase in other liabilities		138		20
Equity in undistributed net income of subsidiaries		(879)		(7,160)

Net cash provided by operating activities	$	7,237	$	1,168

Cash flows from investing activities
Net cash used in investing activities	$	—	$	—

Cash flows from financing activities
Dividends paid to common stockholders	$	(1,818)	$	(1,461)
Principal payments on other borrowings		(590)		(577)
Repurchase of common stock		—		(997)

Net cash (used in) financing activities	$	(2,408)	$	(3,035)

(Decrease) increase in cash and cash equivalents	$	4,829	$	(1,867)

Cash and cash equivalents at beginning of period		1,046		2,913

Cash and cash equivalents at end of period	$	5,875	$	1,046