Condensed Financial Statements Of Parent Company |
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,
|
|
2018
|
|
2017
|
Assets
|
|
|
|
Cash
|
$349
|
|
$859
|
Taxes receivable
|
25
|
|
120
|
|
|
|
|
Investment in subsidiaries
|
59,808
|
|
55,668
|
|
|
|
|
Other assets
|
19
|
|
18
|
|
|
|
|
Total assets
|
$60,201
|
|
$56,665
|
|
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
Capital notes
|
$5,000
|
|
$5,000
|
Other liabilities
|
58
|
|
-
|
Total Liabilities
|
$5,058
|
|
$5,000
|
|
|
|
|
Common stock $2.14 par value
|
$9,370
|
|
$9,370
|
Additional paid-in-capital
|
31,495
|
|
31,495
|
Retained earnings
|
16,521
|
|
12,269
|
Accumulated other comprehensive (loss)
|
(2,243)
|
|
(1,469)
|
Total stockholders’ equity
|
$55,143
|
|
$51,665
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$60,201
|
|
$56,665
|
Note 25 – Condensed financial statements of parent company (continued)
Statements of Income
|
|
|
|
|
Years Ended December 31,
|
|
2018
|
|
2017
|
Income
|
|
|
|
Dividends from subsidiary
|
$800
|
|
$ -
|
|
|
|
|
Operating expenses
|
|
|
|
Interest on capital notes
|
200
|
|
187
|
Legal and professional fees
|
217
|
|
174
|
Other expense
|
104
|
|
131
|
|
|
|
|
Total expenses
|
521
|
|
492
|
|
|
|
|
Income tax (benefit)
|
(109)
|
|
(167)
|
|
|
|
|
(Loss) income before equity in undistributed income of subsidiaries
|
388
|
|
(325)
|
|
|
|
|
Equity in undistributed income of subsidiaries
|
4,914
|
|
3,247
|
|
|
|
|
Net income
|
$5,302
|
|
$2,922
|
Note 25 – Condensed financial statements of parent company (continued)
|
|
|
|
Statements of Cash Flows
|
|
|
Years Ended December 31,
|
|
2018
|
|
2017
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
Net income
|
$5,302
|
|
$2,922
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
|
|
Decrease (increase) in income taxes receivable
|
95
|
|
(47)
|
(Increase) in other assets
|
(1)
|
|
-
|
Increase in other liabilities
|
58
|
|
-
|
Equity in undistributed net (income) of subsidiaries
|
(4,914)
|
|
(3,247)
|
|
|
|
|
Net cash provided by (used in) operating activities
|
$540
|
|
$(372)
|
|
|
|
|
Cash flows from investing activities
Capital contribution to subsidiary Bank of the James
|
$ -
|
|
$(3,000)
|
Net cash (used in) investing activities
|
$ -
|
|
$(3,000)
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Dividends paid to common stockholders
|
$(1,050)
|
|
$(1,050)
|
Proceeds from sale of 4% capital notes due 1/24/2022
|
-
|
|
5,000
|
|
|
|
|
Net cash provided by financing activities
|
$(1,050)
|
|
$3,950
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
$(510)
|
|
$578
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
859
|
|
281
|
|
|
|
|
Cash and cash equivalents at end of period
|
$349
|
|
$859
|
|