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
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December 31,
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2014
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2013
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Assets
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Cash
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$ 1,375
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$ 2,430
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Taxes receivable
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225
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175
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Investment in subsidiaries
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43,157
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37,210
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Other assets
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19
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26
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Total assets
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$ 44,776
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$ 39,841
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Liabilities and stockholders’ equity
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Capital notes
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$ 10,000
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$ 10,000
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Other liabilities
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-
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69
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Total liabilities
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10,000
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10,069
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Common stock $2.14 par value
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$ 7,215
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$ 7,201
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Additional paid-in-capital
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22,919
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22,868
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Retained earnings
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5,031
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2,124
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Accumulated other comprehensive (loss)
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(389)
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(2,421)
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Total stockholders’ equity
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$ 34,776
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$ 29,772
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Total liabilities and stockholders’ equity
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$ 44,776
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$ 39,841
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Note 23 – Condensed financial statements of parent company (continued)
Statements of Income
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Years Ended December 31,
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2014
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2013
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Income
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$ -
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$ -
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Operating expenses
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Interest on capital notes
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600
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600
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Legal and professional fees
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103
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101
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Other expense
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58
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53
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Total expenses
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761
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754
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Income tax (benefit)
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(259)
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(256)
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(Loss) before equity in undistributed income of subsidiaries
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(502)
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(498)
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Equity in undistributed income of subsidiaries
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3,915
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3,558
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Net income
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$ 3,413
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$ 3,060
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Note 23 – Condensed financial statements of parent company (continued)
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Statements of Cash Flows
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Years Ended December 31,
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2014
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2013
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Cash flows from operating activities
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Net income
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$ 3,413
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$ 3,060
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Adjustments to reconcile net income to net cash used in operating activities
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(Increase) decrease in income taxes receivable
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(50)
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1
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Decrease in other assets
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7
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9
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Increase (decrease) in other liabilities
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(69)
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69
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Equity in undistributed net (income) of Bank of the James
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(3,915)
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(3,558)
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Net cash (used in) operating activities
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$ (614)
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$ (419)
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Cash flows from financing activities
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Proceeds from exercise of stock options
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65
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88
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Dividends paid to common stockholders
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(506)
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-
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Net cash (used in) provided by financing activities
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$ (441)
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$ 88
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(Decrease) in cash and cash equivalents
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$ (1,055)
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$ (331)
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Cash and cash equivalents at beginning of period
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2,430
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2,761
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Cash and cash equivalents at end of period
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$ 1,375
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$ 2,430
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