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Business Segments
 3 Months Ended
Mar. 31, 2013
Business Segments [Abstract]  
Business Segments

 

Note 8 – Business Segments

The Company has two reportable business segments: (i) a traditional full service community banking segment and, (ii) a mortgage loan origination business.  The community banking business segment includes Bank of the James which provides loans, deposits, investments and insurance to retail and commercial customers throughout Region 2000.  The mortgage segment provides a variety of mortgage loan products principally within Region 2000.  Mortgage loans are originated and sold in the secondary market through purchase commitments from investors.  Because of the pre-arranged purchase commitments, there is minimal risk to the Company.

Both of the Company’s reportable segments are service based.  The mortgage business is a fee-based business while the Bank’s primary source of revenue is net interest income.  The Bank also provides a referral network for the mortgage origination business.  The mortgage business may also be in a position to refer its customers to the Bank for banking services when appropriate.

Information about reportable business segments and reconciliation of such information to the consolidated financial statements for the three months ended March 31, 2013 and 2012 was as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

Three months ended March 31, 2013

 

 

 

 

 

  Net interest income

$      3,921 

 

$          - 

 

$      3,921 

  Provision for loan losses
235 

 

 -

 
235 

  Net interest income after provision for loan losses
3,686 

 

 -

 
3,686 

  Noninterest income
645 

 
319 

 
964 

  Noninterest expenses
3,278 

 
253 

 
3,531 

  Income before income taxes
1,053 

 
66 

 
1,119 

  Income tax expense
309 

 
22 

 
331 

    Net income

$         744 

 

$        44 

 

$         788 

    Total assets

$  427,233 

 

$      853 

 

$  428,086 

 

 

 

 

 

 

Three months ended March 31, 2012

 

 

 

 

 

  Net interest income

$      3,866 

 

$          - 

 

$      3,866 

  Provision for loan losses
750 

 

 -

 
750 

  Net interest income after provision for loan losses
3,116 

 

 -

 
3,116 

  Noninterest income
445 

 
226 

 
671 

  Noninterest expenses
3,089 

 
195 

 
3,284 

  Income before income taxes
472 

 
31 

 
503 

  Income tax expense
132 

 
11 

 
143 

    Net income

$         340 

 

$        20 

 

$         360 

    Total assets

$  432,291 

 

$   1,081 

 

$  433,372