$BOTJ
BANK OF THE JAMES FINANCIAL GROUP INC

2021 Q1 Form 10-Q Financial Statement

#000119312521158720 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $7.365M $7.488M
YoY Change -1.64% 3.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $506.0K $504.0K
YoY Change 0.4% 33.69%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $617.0K $1.352M
YoY Change -54.36% 22.46%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.293M $1.237M
YoY Change 85.37% -19.68%
Income Tax $458.0K $242.0K
% Of Pretax Income 19.97% 19.56%
Net Earnings $1.835M $995.0K
YoY Change 84.42% -19.37%
Net Earnings / Revenue 24.92% 13.29%
Basic Earnings Per Share $0.38 $0.23
Diluted Earnings Per Share $0.38 $0.23
COMMON SHARES
Basic Shares Outstanding 4.767M 4.348M
Diluted Shares Outstanding 4.767M 4.348M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $124.1M $64.20M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $17.23M $16.49M
YoY Change 4.46% 13.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K
YoY Change -46.67%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $886.4M $746.1M
YoY Change 18.81% 9.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $200.0K
YoY Change -50.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.0K $500.0K
YoY Change -80.0% -83.87%
LONG-TERM LIABILITIES
Long-Term Debt $10.00M $5.000M
YoY Change 100.0% 0.0%
Other Long-Term Liabilities $9.700M $8.900M
YoY Change 8.99% 256.0%
Total Long-Term Liabilities $19.70M $13.90M
YoY Change 41.73% 85.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0K $500.0K
Total Long-Term Liabilities $19.70M $13.90M
Total Liabilities $821.0M $682.7M
YoY Change 20.26% 8.85%
SHAREHOLDERS EQUITY
Retained Earnings $26.20M $21.59M
YoY Change 21.33% 23.43%
Common Stock $40.06M $40.28M
YoY Change -0.53% -1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.33M $63.33M
YoY Change
Total Liabilities & Shareholders Equity $886.4M $746.1M
YoY Change 18.81% 9.01%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $1.835M $995.0K
YoY Change 84.42% -19.37%
Depreciation, Depletion And Amortization $506.0K $504.0K
YoY Change 0.4% 33.69%
Cash From Operating Activities $5.671M $191.0K
YoY Change 2869.11% -38.98%
INVESTING ACTIVITIES
Capital Expenditures $627.0K $159.0K
YoY Change 294.34% -87.64%
Acquisitions
YoY Change
Other Investing Activities -$17.98M $6.900M
YoY Change -360.58% -221.91%
Cash From Investing Activities -$18.11M $6.743M
YoY Change -368.57% -197.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $212.0K $275.0K
YoY Change -22.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.60M 18.15M
YoY Change 96.14% 309.01%
NET CHANGE
Cash From Operating Activities 5.671M 191.0K
Cash From Investing Activities -18.11M 6.743M
Cash From Financing Activities 35.60M 18.15M
Net Change In Cash 23.16M 25.09M
YoY Change -7.66% -1242.87%
FREE CASH FLOW
Cash From Operating Activities $5.671M $191.0K
Capital Expenditures $627.0K $159.0K
Free Cash Flow $5.044M $32.00K
YoY Change 15662.5% -103.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q1 botj Credit Expense
CreditExpense
196000
CY2020Q1 botj Fair Value Of Adjustment For Securities
FairValueOfAdjustmentForSecurities
1856000
CY2020Q4 botj Impaired Loans At Fairvalue
ImpairedLoansAtFairvalue
1829000
CY2021Q1 botj Impaired Loans At Fairvalue
ImpairedLoansAtFairvalue
1842000
CY2021Q1 botj Number Of Jurisdictions
NumberOfJurisdictions
7
CY2021Q1 botj Number Of Loans Modified
NumberOfLoansModified
191
CY2021Q1 botj Number Of Securities Evaluated For Other Than Temporary Impairment
NumberOfSecuritiesEvaluatedForOtherThanTemporaryImpairment
36
CY2021Q1 botj Payments For Origination Of Loans Net Of Principal Collected
PaymentsForOriginationOfLoansNetOfPrincipalCollected
4617000
CY2020Q1 botj Professional Data Processing And Other Outside Expense
ProfessionalDataProcessingAndOtherOutsideExpense
924000
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei City Area Code
CityAreaCode
434
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
90610000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
100094000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2705000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1411000
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
24504
CY2020Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
90185000
CY2021Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
99832000
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
VA
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001275101
CY2020Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
437000
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
4324836
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2582000
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
87917000
CY2021Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
101003000
CY2021Q1 us-gaap Bank Owned Life Insurance
BankOwnedLifeInsurance
16453000
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
828 Main Street
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Lynchburg
CY2020Q1 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
78000
CY2021Q1 dei Entity File Number
EntityFileNumber
001-35402
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
VA
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 us-gaap Available For Sale Securities And Held To Maturity Securities
AvailableForSaleSecuritiesAndHeldToMaturitySecurities
0
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
BANK OF THE JAMES FINANCIAL GROUP INC
CY2021Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">Note 1 &#x2013;</font><font style="display: inline;font-weight:bold;"> Basis of Presentation</font> </p> <p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">The unaudited consolidated financial statements have been prepared by Bank of the James Financial Group, Inc. (</font><font style="display: inline;">&#x201C;</font><font style="display: inline;">Financial</font><font style="display: inline;">&#x201D;</font><font style="display: inline;"> or the </font><font style="display: inline;">&#x201C;</font><font style="display: inline;">Company</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) pursuant to the rules and regulations of the Securities and Exchange Commission. In management&#x2019;s opinion the accompanying financial statements, which unless otherwise noted are unaudited, reflect all adjustments, consisting solely of normal recurring accruals, necessary for a fair presentation of the financial information as of </font><font style="display: inline;">March 31, 2021</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and 2020 </font><font style="display: inline;">and for the </font><font style="display: inline;">three </font><font style="display: inline;">months ended </font><font style="display: inline;">March 31, 2021</font><font style="display: inline;"> and 20</font><font style="display: inline;">20</font><font style="display: inline;"> in conformity with accounting principles generally accepted in the United States of America.&nbsp;&nbsp;Additional information concerning the organization and business of Financial, accounting policies followed, and other related information is contained in Financial&#x2019;s Annual Report on Form 10-K for the year ended December 31, 20</font><font style="display: inline;">20</font><font style="display: inline;">.&nbsp;&nbsp;These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 20</font><font style="display: inline;">20</font><font style="display: inline;"> included in Financial&#x2019;s Annual Report on Form 10-K.&nbsp;&nbsp;Results for the </font><font style="display: inline;">three month period</font><font style="display: inline;"> ended </font><font style="display: inline;">March 31, 2021</font><font style="display: inline;"> are not necessarily indicative of the results that may be expected for the year ending December 31, 202</font><font style="display: inline;">1</font><font style="display: inline;">.</font> </p> <p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">Certain immaterial reclassifications have been made to prior period balances to conform to the current period presentation.</font> </p> <p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">The Company&#x2019;s primary market area consists of the area commonly referred to as Region 2000 which encompasses the </font><font style="display: inline;">seven</font><font style="display: inline;"> jurisdictions of the Town of Altavista, Amherst County, Appomattox County, the Town of Bedford, Bedford County, Campbell County, and the City of Lynchburg.&nbsp;&nbsp;Recently, the Company has expanded into Charlottesville, Roanoke, Blacksburg, Harrisonburg, Lexington, and Rustburg.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">Financial&#x2019;s critical accounting policies include the evaluation of the allowance for loan losses which is based on management&#x2019;s estimate of an amount that is adequate to absorb probable losses inherent in the loan portfolio of Bank of the James (the </font><font style="display: inline;">&#x201C;</font><font style="display: inline;">Bank</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">), Financial&#x2019;s wholly-owned subsidiary. The allowance for loan losses is established through a provision for loan losses based on available information including the composition of the loan portfolio, historical loan losses, specific impaired loans, availability and quality of collateral, age of the various portfolios, changes in local economic conditions, and loan performance and quality of the portfolio. Different assumptions used in evaluating the adequacy of the Bank&#x2019;s allowance for loan losses could result in material changes in Financial&#x2019;s financial condition and results of operations. The Bank&#x2019;s policy with respect to the methodology for determining the allowance for loan losses involves a higher degree of complexity and requires management to make subjective judgments that often require assumptions or estimates about uncertain matters. This critical policy and its assumptions are periodically reviewed with the Board of Directors.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">Financial also considers valuation of other real estate owned (OREO) a critical accounting policy.&nbsp; </font><font style="display: inline;">OREO consists of properties acquired through foreclosure or deed in lieu of foreclosure.&nbsp;&nbsp;These properties are carried at fair value less estimated costs to sell at the date of foreclosure.&nbsp;&nbsp;Losses from the acquisition of property in full or partial satisfaction of loans are charged against the allowance for loan losses.&nbsp;&nbsp;Subsequent write-downs, if any, are charged against expense.&nbsp;&nbsp;Gains and losses on the sales of foreclosed properties are included in determining net income in the year of the sale.&nbsp;&nbsp;Operating costs after acquisition are expensed. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
20-0500300
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
846-2000
CY2021Q1 dei Security12b Title
Security12bTitle
Common Stock, 2.14 per share par value
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q1 dei Trading Symbol
TradingSymbol
BOTJ
CY2020Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-100000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1792000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-925000
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
30989000
CY2021Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
30808000
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q1 us-gaap Assets
Assets
746055000
CY2020Q4 us-gaap Assets
Assets
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CY2021Q1 us-gaap Assets
Assets
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CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
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CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2582000
CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2021Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gains
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CY2020Q4 us-gaap Cash Cash Equivalents And Federal Funds Sold
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CY2021Q1 us-gaap Cash Cash Equivalents And Federal Funds Sold
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CY2020Q4 us-gaap Derivative Assets
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CY2021Q1 us-gaap Derivative Assets
DerivativeAssets
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CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">Note 10</font><font style="display: inline;font-weight:bold;"> &nbsp;&#x2013;</font><font style="display: inline;font-weight:bold;"> Recent accounting pronouncements and other authoritative guidance</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, &#x201C;Financial Instruments &#x2013; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#x201D;&nbsp;&nbsp;The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued multiple updates to ASU 2016-13 as codified in Topic 326, including ASU&#x2019;s 2019-04, 2019-05, 2019-10, 2019-11, 2020-02, and 2020-03.&nbsp;&nbsp;These ASU&#x2019;s have provided for various minor technical corrections and improvements to the codification as well as other transition matters.&nbsp;&nbsp;Smaller reporting companies who file with the U.S. Securities and Exchange Commission (SEC) and all other entities who do not file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022.&nbsp;&nbsp;The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements.&nbsp;&nbsp;The Company has been in discussions with its core processor to coordinate plans for implementation and has contracted with an additional vendor to begin implementation.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119.&nbsp;&nbsp;SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, &#x201C;Financial Instruments &#x2013; Credit Losses.&#x201D;&nbsp;&nbsp;It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-style:italic;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">Note 10 &#x2013; Recent accounting pronouncements and other authoritative guidance (continued</font><font style="display: inline;font-weight:bold;">)</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04 &#x201C;Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.&#x201D; These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022The Company has identified a small number of affected loans and is evaluating other benchmarks to substitute for LIBOR such as SOFR.&nbsp;&nbsp;The Company is assessing ASU 2020-04 and its impact on the Company&#x2019;s transition away from LIBOR for its loan and other financial instruments.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">In October 2020, the FASB issued ASU 2020-08, &#x201C;Codification Improvements to Subtopic 310-20, Receivables &#x2013; Nonrefundable fees and Other Costs.&#x201D; This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. </font><font style="display: inline;">For public business entities, the ASU is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years.&nbsp;&nbsp;Early adoption is not permitted. All entities should apply ASU No. 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. </font><font style="display: inline;">The Company does not expect the adoption of ASU 2020-08 to have a material impact on its consolidated financial statements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;color:#212529;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">In March 2020 (Revised in April 2020), various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (&#x201C;the agencies&#x201D;) issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. Under Accounting Standards Codification 310-40, &#x201C;Receivables &#x2013; Troubled Debt Restructurings by Creditors,&#x201D; (&#x201C;ASC 310-40&#x201D;), a restructuring of debt constitutes a troubled debt restructuring (&#x201C;TDR&#x201D;) if the creditor, for economic or legal reasons related to the debtor&#x2019;s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> </p> <p><font size="1"> </font></p> <p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;">Note 10 &#x2013; Recent accounting pronouncements and other authoritative guidance (continued</font><font style="display: inline;font-weight:bold;">)</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented.&nbsp;&nbsp;In addition, upon expiration of the initial loan </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">modification period, the Bank, pursuant to the &#x201C;Joint Statement on Additional Loan Accommodations Related to COVID-19&#x201D; published August 3, 2020, is encouraged to continue to work with effected borrowers on additional loan modifications. This interagency guidance is expected to continue have a material impact on the Company&#x2019;s financial statements; however, this impact cannot be quantified at this time.</font> </p> <p><font size="1"> </font></p> </div> </div>
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