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Condensed Financial Statements Of Parent Company
12 Months Ended
Dec. 31, 2018
Condensed Financial Statements Of Parent Company [Abstract]  
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