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Business Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2013 and 2012 was as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

Six months ended June 30, 2013

 

 

 

 

 

  Net interest income

$        7,878

 

$            -

 

$        7,878

  Provision for loan losses
290 

 

 -

 
290 

  Net interest income after provision for loan losses
7,588 

 

 -

 
7,588 

  Noninterest income
1,210 

 
659 

 
1,869 

  Noninterest expenses
6,683 

 
519 

 
7,202 

  Income before income taxes
2,115 

 
140 

 
2,255 

  Income tax expense
623 

 
47 

 
670 

    Net income

$        1,492

 

$          93

 

$        1,585

    Total assets

$    429,937

 

$        934

 

$    430,871

 

 

 

 

 

 

Six months ended June 30, 2012

 

 

 

 

 

  Net interest income

$        7,702

 

$            -

 

$        7,702

  Provision for loan losses
1,175 

 

 -

 
1,175 

  Net interest income after provision for loan losses
6,527 

 

 -

 
6,527 

  Noninterest income
999 

 
515 

 
1,514 

  Noninterest expenses
6,407 

 
436 

 
6,843 

  Income before income taxes
1,119 

 
79 

 
1,198 

  Income tax expense
325 

 
27 

 
352 

    Net income

$           794

 

$          52

 

$           846

    Total assets

$    431,967

 

$     1,237

 

$    433,204

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

Three months ended June 30, 2013

 

 

 

 

 

  Net interest income

$        3,957

 

$            -

 

$        3,957

  Provision for loan losses
55 

 

 -

 
55 

  Net interest income after provision for loan losses
3,902 

 

 -

 
3,902 

  Noninterest income
565 

 
340 

 
905 

  Noninterest expenses
3,405 

 
266 

 
3,671 

  Income before income taxes
1,062 

 
74 

 
1,136 

  Income tax expense
314 

 
25 

 
339 

    Net income

$           748

 

$          49

 

$           797

    Total assets

$    429,937

 

$        934

 

$    430,871

 

 

 

 

 

 

Three months ended June 30, 2012

 

 

 

 

 

  Net interest income

$        3,836

 

$            -

 

$        3,836

  Provision for loan losses
425 

 

 -

 
425 

  Net interest income after provision for loan losses
3,411 

 

 -

 
3,411 

  Noninterest income
554 

 
289 

 
843 

  Noninterest expenses
3,318 

 
241 

 
3,559 

  Income before income taxes
647 

 
48 

 
695 

  Income tax expense
193 

 
16 

 
209 

    Net income

$           454

 

$          32

 

$           486

    Total assets

$    431,967

 

$     1,237

 

$    433,204