Profile: Bank of the James (BOTJ.OQ)
3 Sep 2015
Bank of the James Financial Group, Inc., incorporated on October 23, 1998, is a bank holding company of Bank of the James (Bank). The Bank is a Virginia banking corporation engaged in general retail and commercial banking business. The Company conducts two principal activities: general retail and commercial banking through the Bank and mortgage origination services through Bank of the James Mortgage, a division of the Bank. In addition, the Company provides securities brokerage services through BOTJ Investment, a division of the Bank and acts as an agent for insurance and annuity products through BOTJ Insurance, Inc. (BOTJ Insurance), a wholly owned subsidiary of the Bank. Other services offered by the Bank include safe deposit boxes, traveler's checks, direct deposit of payroll and social security checks, automatic drafts for various accounts, treasury management services and credit card merchant services.
The Bank offers short- to medium-term commercial and consumer loans. Its primary focus is on making loans to small businesses and consumers in the Central Virginia, Region 2000 market area, and on a smaller scale, in Charlottesville and Roanoke. In addition, it also provides real estate finance services. The Bank's primary lending activities are principally directed to its primary market area in the Region 2000 area. Commercial loans include both secured and unsecured loans for working capital (including inventory and receivables), business expansion (including acquisition of real estate and improvements), and purchase of equipment and machinery. Consumer loans include secured and unsecured loans for financing automobiles, home improvements, education and personal investments. Additionally, the Bank originates fixed and floating-rate mortgage loans and real estate construction and acquisition loans.
The Bank's loan portfolio consists of commercial short-term lines of credit, term loans, mortgage financing and construction loans that are used by the borrower to build or develop real estate properties, and consumer loans. The consumer portfolio includes residential real estate mortgages, home equity lines and installment loans. As of December 31, 2014, the Bank had approximately $394.57 million in net loans. Bank of the James Mortgage originates conforming and non-conforming home mortgages primarily in the Region 2000 area.
The investment securities portfolio of the Bank includes the United States agency obligations, the United States treasuries, mortgage-backed securities, municipal and corporate securities. The portfolio of securities available-for-sale amounted to $24,395,000 as of December 31, 2014.
Sources of Funds
Deposits are a major source of the Company's funding. The Bank offers deposit services, including checking accounts, savings accounts and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. In addition, the Bank offers its customers Individual Retirement Accounts (IRAs) and Health Care Savings Accounts (HSAs). As of December 31, 2014, the Bank had approximately $400.93 million in total deposits.
Bank of the James
828 Main Street
LYNCHBURG VA 24504