Rivalry Announces Revocation of Management Cease Trade Order
The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual and Interim Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.
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The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol 'BOTJ' on the NASDAQ Stock Market, LLC. Additional information on the Company is available at Cautionary Statement Regarding Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. 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Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission. CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000. (unaudited) Assets June 30, 2025 December 31, 2024 Cash and due from banks $ 22,587 $ 23,287 Federal funds sold 55,320 50,022 Total cash and cash equivalents 77,907 73,309 Securities held-to-maturity, at amortized cost 3,598 3,606 Securities available-for-sale, at fair value 196,585 187,916 Restricted stock, at cost 1,828 1,821 Loans, net of allowance for credit losses of $6,308 as of June 30, 2025 and $7,044 as of December 31, 2024 649,089 636,552 Loans held for sale 4,226 3,616 Premises and equipment, net 19,044 19,313 Interest receivable 3,148 3,065 Cash value - bank owned life insurance 23,285 22,907 Customer relationship Intangible 6,445 6,725 Goodwill 2,054 2,054 Deferred tax asset, net 7,774 8,936 Other assets 9,259 9,424 Total assets $ 1,004,242 $ 979,244 Liabilities and Stockholders' Equity Deposits Noninterest bearing demand $ 137,801 $ 129,692 NOW, money market and savings 543,555 522,208 Time 229,171 230,504 Total deposits 910,527 882,404 Capital notes, net - 10,048 Other borrowings 8,992 9,300 Income taxes payable 310 86 Interest payable 856 722 Other liabilities 11,892 11,819 Total liabilities $ 932,577 $ 914,379 Stockholders' equity Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of June 30, 2025 and December 31, 2024 9,723 9,723 Additional paid-in-capital 35,253 35,253 Accumulated other comprehensive loss (18,753) (22,915) Retained earnings 45,442 42,804 Total stockholders' equity $ 71,665 $ 64,865 Total liabilities and stockholders' equity $ 1,004,242 $ 979,244 Bank of the James Financial Group, Inc. and Subsidiaries Consolidated Statements of Income (dollar amounts in thousands, except per share amounts) (unaudited) For the Three Months For the Six Months Ended June 30, Ended June 30, Interest Income 2025 2024 2025 2024 Loans $ 9,341 $ 8,347 $ 18,247 $ 16,371 Securities US Government and agency obligations 548 361 1,002 699 Mortgage backed securities 377 723 764 1,532 Municipals 354 307 683 611 Dividends 35 35 48 47 Corporates 136 136 271 271 Interest bearing deposits 127 192 250 325 Federal Funds sold 720 834 1,607 1,588 Total interest income 11,638 10,935 22,872 21,444 Interest Expense Deposits NOW, money market savings 1,258 1,383 2,506 2,658 Time Deposits 1,945 2,266 4,024 4,356 Finance leases 17 20 34 40 Other borrowings 87 94 176 186 Capital notes 81 81 163 163 Total interest expense 3,388 3,844 6,903 7,403 Net interest income 8,250 7,091 15,969 14,041 Recovery of credit losses (528) (123) (391) (676) Net interest income after recovery of credit losses 8,778 7,214 16,360 14,717 Noninterest income Gains on sale of loans held for sale 1,589 1,273 2,426 2,200 Service charges, fees and commissions 975 986 1,956 1,939 Wealth management fees 1,300 1,176 2,555 2,339 Life insurance income 190 183 378 342 Other 21 533 43 638 Gain on sales of available-for-sale securities - 40 - 40 Total noninterest income 4,075 4,191 7,358 7,498 Noninterest expenses Salaries and employee benefits 5,357 4,892 10,134 9,337 Occupancy 497 486 1,067 979 Equipment 654 632 1,324 1,239 Supplies 168 121 310 266 Professional, data processing, and other outside expense 1,537 1,443 4,072 2,995 Marketing 237 231 435 261 Credit expense 263 234 449 422 FDIC insurance expense 120 126 262 235 Amortization of intangibles 140 140 280 280 Other 482 434 948 813 Total noninterest expenses 9,455 8,739 19,281 16,827 Income before income taxes 3,398 2,666 4,437 5,388 Income tax expense 694 518 891 1,053 Net Income $ 2,704 $ 2,148 $ 3,546 $ 4,335 Weighted average shares outstanding - basic 4,543,338 4,543,338 4,543,338 4,543,338 Weighted average shares outstanding - diluted 4,543,338 4,543,338 4,543,338 4,543,338 Net income per common share - basic $ 0.60 $ 0.47 $ 0.79 $ 0.95 Net income per common share - diluted $ 0.60 $ 0.47 $ 0.79 $ 0.95 Bank of the James Financial Group, Inc. and Subsidiaries Dollar amounts in thousands, except per share data unaudited Selected Data: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Interest income $ 11,638 $ 10,935 6.43 % $ 22,872 $ 21,444 6.66 % Interest expense 3,388 3,844 -11.86 % 6,903 7,403 -6.75 % Net interest income 8,250 7,091 16.34 % 15,969 14,041 13.73 % Provision for (recovery of) credit losses (528) (123) 329.27 % (391) (676) -42.16 % Noninterest income 4,075 4,191 -2.77 % 7,358 7,498 -1.87 % Noninterest expense 9,455 8,739 8.19 % 19,281 16,827 14.58 % Income taxes 694 518 33.98 % 891 1,053 -15.38 % Net income 2,704 2,148 25.88 % 3,546 4,335 -18.20 % Weighted average shares outstanding - basic 4,543,338 4,543,338 - 4,543,338 4,543,338 - Weighted average shares outstanding - diluted 4,543,338 4,543,338 - 4,543,338 4,543,338 - Basic net income per share $ 0.60 $ 0.47 $ 0.13 $ 0.79 $ 0.95 $ (0.16) Fully diluted net income per share $ 0.60 $ 0.47 $ 0.13 $ 0.79 $ 0.95 $ (0.16) Balance Sheet at period end: Jun 30, 2025 Dec 31, 2024 Change Jun 30, 2024 Dec 31, 2023 Change Loans, net $ 649,089 $ 636,552 1.97 % $ 616,088 $ 601,921 2.35 % Loans held for sale 4,226 3,616 16.87 % 4,835 1,258 284.34 % Total securities 200,183 191,522 4.52 % 209,791 220,132 -4.70 % Total deposits 910,527 882,404 3.19 % 884,902 878,459 0.73 % Stockholders' equity 71,665 64,865 10.48 % 61,706 60,039 2.78 % Total assets 1,004,242 979,244 2.55 % 978,011 969,371 0.89 % Shares outstanding 4,543,338 4,543,338 - 4,543,338 4,543,338 - Book value per share $ 15.77 $ 14.28 $ 1.49 $ 13.58 $ 13.21 $ 0.37 Daily averages: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Loans $ 653,758 $ 614,579 6.37 % $ 650,292 $ 611,375 6.37 % Loans held for sale 3,657 4,134 -11.54 % 3,027 3,307 -8.47 % Total securities (book value) 224,411 242,349 -7.40 % 221,625 245,549 -9.74 % Total deposits 920,286 897,749 2.51 % 921,241 891,152 3.38 % Stockholders' equity 68,256 60,197 13.39 % 66,526 60,045 10.79 % Interest earning assets 961,123 941,099 2.13 % 964,062 934,396 3.17 % Interest bearing liabilities 795,621 778,210 2.24 % 798,331 771,969 3.41 % Total assets 1,020,390 994,871 2.57 % 1,020,182 982,441 3.84 % Financial Ratios: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Return on average assets 1.06 % 0.87 % 0.19 0.70 % 0.89 % (0.19) Return on average equity 15.89 % 14.35 % 1.54 10.81 % 14.60 % (3.79) Net interest margin 3.45 % 3.02 % 0.43 3.34 % 3.02 % 0.32 Efficiency ratio 76.71 % 77.46 % (0.75) 82.66 % 78.12 % 4.54 Average equity to average assets 6.69 % 6.05 % 0.64 6.52 % 6.11 % 0.41 Allowance for credit losses: Three months ending Jun 30, 2025 Three months ending Jun 30, 2024 Change Year to date Jun 30, 2025 Year to date Jun 30, 2024 Change Beginning balance $ 7,022 $ 6,920 1.47 % $ 7,044 $ 7,412 -4.96 % Provision for (recovery of) credit losses* (555) (99) 460.61 % (526) (600) -12.33 % Charge-offs (160) (19) 742.11 % (223) (84) 165.48 % Recoveries 1 149 -99.33 % 13 223 -94.17 % Ending balance 6,308 6,951 -9.25 % 6,308 6,951 -9.25 % * does not include provision for or recovery of unfunded loan commitment liability Nonperforming assets: Jun 30, 2025 Dec 31, 2024 Change Jun 30, 2024 Dec 31, 2023 Change Total nonperforming loans $ 1,846 $ 1,640 12.56 % $ 797 $ 391 103.84 % Total nonperforming assets 1,846 1,640 12.56 % 797 391 103.84 %
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Geneva, Switzerland, Aug. 04, 2025 (GLOBE NEWSWIRE) -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, and its parent company, WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN), a global leader in cybersecurity, digital identity, and IoT technologies, today announced that it received final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty under applicable foreign investment regulations and subsequently completed the acquisition of 100% of the share capital and voting rights of IC'ALPS SAS from its current shareholders (the 'Sellers'), effective August 4, 2025. 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With its established certifications in medical, aerospace, and extensive expertise in automotive applications, IC'ALPS remains uniquely positioned to deliver tailored, high-quality designs. The company's trusted partnerships with leading silicon foundries, including TSMC, GlobalFoundries, Intel Foundry, X-FAB, and ams OSRAM, reinforce its reputation as a reliable design partner, enabling clients across diverse industries to achieve cutting-edge performance and innovation while benefiting from IC'ALPS' proven track record and rigorous industry standards. Strategic Vision & Product Innovation Leveraging SEALSQ's expertise in quantum-resistant chip technology and IC'ALPS' proven track record in custom intellectual property block (IP) and ASIC design & supply chain management, this acquisition creates a powerful synergy to revolutionize the development of secure, tailor-made ASICs. The partnership combines SEALSQ's advanced security intellectual property (IP), including NIST-approved post-quantum cryptographic algorithms (CRYSTALS-Kyber and CRYSTALS-Dilithium), with IC'ALPS' cutting-edge analog and digital design capabilities. This collaboration enables SEALSQ to offer an end-to-end EU sovereign Secure ASIC solution, including custom derivatives of the QS7001 open hardware platform, designed to meet stringent security standards such as FIPS 140-3 and CC EAL5+ for mission-critical applications. A key milestone of this collaboration is the development of SEALSQ's QVault TPM, the first chip to emerge from the integration of SEALSQ and IC'ALPS expertise, with initial samples expected in Q1 2026. Built on the QS7001 architecture, the QVault TPM exemplifies the synergy between advanced security IP and cutting-edge ASIC design, delivering unparalleled protection for digital identities and connected devices across diverse industries. Synergistic Benefits On one hand, the acquisition will bolster SEALSQ's Secure Chip custom design strategy: The offering focuses on developing Secure ASICs, for instance customized derivatives of the QS7001 open hardware platform, designed to integrate NIST-approved post-quantum cryptographic algorithms (CRYSTALS-Kyber and CRYSTALS-Dilithium) for robust, quantum-resistant security, but also traditional counter measures and cryptography to prevent more classic attacks. The chips would therefore offer FIP 140-3 and CC EAL5+ certification capabilities, which are commonly required for sensitive applications like Healthcare, Defense and Automotive. (Visit to explore SEALSQ's tailor-made Secure ASIC solutions) On the other hand, IC'ALPS plans to leverage SEALSQ's security IPs to embed quantum-resistant cryptography into its ASIC designs, enhancing the security pillar of its offerings for high-stakes industries, especially Healthcare, Automotive and IoT. This integration addresses the growing demand for secure, high-performance ASICs in a $36.8 billion market (projected by 2032, Fortune Business Insights), where quantum threats and traditional vulnerabilities are increasing concerns. Key Use Cases: Automotive: The partnership delivers ASICs with quantum-safe cryptography and functional safety for connected cars, electric vehicles, and autonomous driving systems, meeting high Automotive Safety Integrity Levels (ASILs). These ASICs provide superior performance, lower power consumption, and cost efficiency compared to standard chips, ensuring secure and reliable vehicle systems. Healthcare: Secure ASICs protect sensitive medical and healthcare systems, safeguarding patient data and ensuring compliance with stringent regulatory requirements. IoT: The collaboration enables secure, low-power ASICs for IoT devices, ensuring data integrity and protection against quantum and classical threats in connected ecosystems. Defense and AI: Tailored microcontrollers support defense applications and AI-driven systems, providing robust security for mission-critical operations. Benefits of ASICs with Integrated Security: ASICs offer unmatched performance, energy efficiency, and cost optimization for specialized applications. By embedding SEALSQ's quantum-resistant security IPs, these ASICs address the vulnerabilities of traditional cryptographic methods (e.g., RSA and ECC) to quantum computing attacks, ensuring long-term protection for critical systems. This is particularly vital as quantum computing advances and industries demand future-proof solutions to safeguard sensitive data and infrastructure. Strategic Quantum Corridor: SEALSQ's operational headquarters in Aix-en-Provence, France, is poised to become a 'Quantum Corridor,' a hub for developing post-quantum semiconductors and identity-focused microchips. This acquisition strengthens SEALSQ's ability to deliver EU-sovereign solutions, meeting the growing global demand for secure, quantum-resistant technologies. More information: | I I About IC'Alps IC'ALPS is your one-stop-shop ASIC partner. Based in France (HQ in Grenoble, two design centers in Grenoble and Toulouse), the company provides customers with a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to the qualification, and the management of the entire production supply chain. Its 90+ engineers' areas of expertise include analogic, digital and mixed-signal circuits (sensor/MEMS interfaces, ultra-low power consumption, power management, high-resolution converters, high voltage, signal processing, ARM and RISC-V based multiprocessors architectures, hardware accelerators) on technologies from 0.18 µm down to 1.8 nm, and from multiple foundries (TSMC, Global Foundries, Tower Semiconductor, X-FAB, STMicroelectronics, Intel Foundry, ams-OSRAM, etc.). The company is active worldwide in medical, industrial, automotive, IoT, AI, mil-aero and digital identity & security sectors. IC'ALPS is ISO 9001:2015, ISO 13485:2016, EN 9100:2018, Common Criteria at site-level, and ready for IATF 16949. About WISeKey WISeKey International Holding Ltd ('WISeKey', SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) Corp which focuses on trusted blockchain NFTs and operates the marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform. Each subsidiary contributes to WISeKey's mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company's semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey's strategic direction and its subsidiary companies, please visit About SEALSQ: SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable. SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries. For more information on our Post-Quantum Semiconductors and security solutions, please visit Forward-Looking Statements This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC. SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. 1 We note that the net loss of IC'ALPS under French GAAP for the twelve months ended December 31, 2024 included sales to SEALSQ in an amount of approximately EUR 615,000. Excluding the sales to SEALSQ, the net loss of IC'ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (2,631,000), based on the draft unaudited revenue of IC'ALPS provided to SEALSQ. We note that the net income of IC'ALPS under French GAAP for the twelve months ended December 31, 2023 included sales to SEALSQ in an amount of approximately EUR 1,168,000. Excluding the sales to SEALSQ, the net income of IC'ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (850,000) based on the audited revenue of IC'ALPS provided to SEALSQ.
