XML 92 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Segments
 12 Months Ended
Dec. 31, 2013
Business Segments [Abstract]  
Business Segments

Note 9 –  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 years ended December 31, 2013 and 2012 was as follows (dollars in thousands):

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the year ended December 31, 2013

 

 

 

 

 

  Net interest income

$       15,989

 

$            -

 

$      15,989

  Provision for loan losses
540 

 

 -

 
540 

  Net interest income after provision for loan losses
15,449 

 

 -

 
15,449 

  Noninterest income
2,223 

 
1,255 

 
3,478 

  Noninterest expenses
13,853 

 
972 

 
14,825 

  Income before income taxes
3,819 

 
283 

 
4,102 

  Income tax expense
962 

 
80 

 
1,042 

    Net income

$         2,857

 

$        203

 

$        3,060

    Total assets

$     432,522

 

$     1,989

 

$    434,511

 

 

 

 

 

 

For the year ended December 31, 2012

 

 

 

 

 

  Net interest income

$       15,737

 

$            -

 

$      15,737

  Provision for loan losses
2,289 

 

 -

 
2,289 

  Net interest income after provision for loan losses
13,448 

 

 -

 
13,448 

  Noninterest income
2,361 

 
1,257 

 
3,618 

  Noninterest expenses
13,404 

 
987 

 
14,391 

  Income before income taxes
2,405 

 
270 

 
2,675 

  Income tax expense
451 

 
92 

 
543 

    Net income

$         1,954

 

$        178

 

$        2,132

    Total assets

$     440,452

 

$        929

 

$    441,381