Business Context and Reporting Period
Company: Bank of the James Financial Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 5, 2020
Reporting Period: The filing reports on a material definitive agreement executed on March 5, 2020, with an effective date retroactive to June 1, 2019.
Key Financial Metrics
This filing does not contain standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a specific lease agreement.
- Monthly Rent Obligation: $33,470.75
- Leased Space: Approximately 32,400 square feet
- Previous Leased Space: Approximately 27,000 square feet
Material Changes Versus Prior Period
The primary material change is the execution of an Amended and Restated Deed of Lease for the Company's headquarters at 828 Main Street, Lynchburg, Virginia.
- Lease Term: The initial term runs from June 1, 2019, through July 31, 2024.
- Renewal Options: The Bank has three (3) 5-year renewal options available after the initial term.
- Space Expansion: The leased area increased by approximately 5,400 square feet to accommodate the relocation of operations from the Church Street location and to support future growth.
- Related Party Transaction: The landlord, Jamesview Investments LLC, is wholly-owned by William C. Bryant III, a member of the Boards of Directors of both the Company and the Bank.
Guidance, Outlook, and Risks
Management Commentary: The additional space was sought to consolidate operations by vacating the Church Street location and to provide capacity for future growth.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies beyond the standard obligations of the lease agreement. The transaction involves a related party, which is disclosed as a material fact.
Unusual Items: None reported in this filing.
Important Facts for Investor Verification
- Verify the total annualized cost of the new lease obligation ($33,470.75 x 12) against the Company's operating expenses in subsequent quarterly reports.
- Confirm the status of the vacated Church Street location and any associated costs or proceeds from that transaction.
- Review the full text of the Amended and Restated Lease (Exhibit 10.1) for specific clauses regarding rent escalations, maintenance responsibilities, or early termination penalties.
- Monitor future filings for the exercise of the three 5-year renewal options.