| 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 Sheets | | | | | | (dollars in thousands) | December 31, | | 2025 | | 2024 | Assets | | | | | | Cash | $ | 2,152 | | $ | 5,875 | Taxes receivable | | 170 | | | 176 | Investment in subsidiaries | | 86,879 | | | 78,273 | Other assets | | 228 | | | 303 | Total assets | $ | 89,429 | | $ | 84,627 | | | | | | | Liabilities and stockholders’ equity | | | | | | | | | | | | Capital notes, net | $ | - | | $ | 10,048 | Other borrowings | | 8,796 | | | 9,300 | Other liabilities | | 585 | | | 414 | Total Liabilities | $ | 9,381 | | $ | 19,762 | | | | | | | Common stock $2.14 par value | $ | 9,723 | | $ | 9,723 | Additional paid-in-capital | | 35,253 | | | 35,253 | Retained earnings | | 50,009 | | | 42,804 | Accumulated other comprehensive loss | | (14,937) | | | (22,915) | Total stockholders’ equity | $ | 80,048 | | $ | 64,865 | | | | | | | Total liabilities and stockholders’ equity | $ | 89,429 | | $ | 84,627 |
Note 25 – Condensed financial statements of parent company (continued) | | | | | | | | | | | | Statements of Income | | | | | | (dollars in thousands) | Years Ended December 31, | | 2025 | | 2024 | Income | | | | | | Dividends from subsidiaries | $ | 9,000 | | $ | 7,700 | | | | | | | Operating expenses | | | | | | Interest on capital notes and other borrowings | | 552 | | | 702 | Legal and professional fees | | 207 | | | 127 | Other expense | | 52 | | | 1 | | | | | | | Total operating expenses | | 811 | | | 830 | | | | | | | Income tax | | (206) | | | (195) | | | | | | | Income before equity in undistributed income of subsidiaries | | 8,395 | | | 7,065 | | | | | | | Equity in undistributed income of subsidiaries | | 627 | | | 879 | | | | | | | Net income | $ | 9,022 | | $ | 7,944 |
Note 25 – Condensed financial statements of parent company (continued) | | | | | | Statements of Cash Flows | (dollars in thousands) | Years Ended December 31, | | 2025 | | 2024 | | | | | | | Cash flows from operating activities | | | | | | Net income | $ | 9,022 | | $ | 7,944 | | | | | | | Adjustments to reconcile net income to net cash provided by operating activities | | | | | | Amortization of debt issuance costs | | 2 | | | 6 | Decrease (increase) in income taxes receivable | | 6 | | | (84) | Decrease in other assets | | 75 | | | 112 | Increase in other liabilities | | 170 | | | 138 | Equity in undistributed net income of subsidiaries | | (627) | | | (879) | | | | | | | Net cash provided by operating activities | $ | 8,648 | | $ | 7,237 | | | | | | | Cash flows from investing activities | | | | | | Net cash used in investing activities | $ | - | | $ | - | | | | | | | Cash flows from financing activities | | | | | | Dividends paid to common stockholders | $ | (1,817) | | $ | (1,818) | Principal payments on other borrowings | | (504) | | | (590) | Repayment of capital notes | | (10,050) | | | - | | | | | | | Net cash used in financing activities | $ | (12,371) | | $ | (2,408) | | | | | | | Decrease in cash and cash equivalents | $ | (3,723) | | $ | 4,829 | | | | | | | Cash and cash equivalents at beginning of period | | 5,875 | | | 1,046 | | | | | | | Cash and cash equivalents at end of period | $ | 2,152 | | $ | 5,875 |
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