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Business Segments
 6 Months Ended
Jun. 30, 2015
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 and other areas within Central Virginia.  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 with servicing released.  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, 2015 and 2014 was as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the six months ended June 30, 2015

 

 

 

 

 

  Net interest income

$        8,520

 

$            -

 

$        8,520

  Provision for loan losses
157 

 

 -

 
157 

  Net interest income after provision for loan losses
8,363 

 

 -

 
8,363 

  Noninterest income
867 

 
1,158 

 
2,025 

  Noninterest expenses
6,777 

 
838 

 
7,615 

  Income before income taxes
2,453 

 
320 

 
2,773 

  Income tax expense
780 

 
109 

 
889 

    Net income

$        1,673

 

$        211

 

$        1,884

    Total assets

$    489,821

 

$     3,015

 

$    492,836

 

 

 

 

 

 

For the six months ended June 30, 2014

 

 

 

 

 

  Net interest income

$        7,977

 

$            -

 

$        7,977

  Provision for loan losses
55 

 

 -

 
55 

  Net interest income after provision for loan losses
7,922 

 

 -

 
7,922 

  Noninterest income
978 

 
696 

 
1,674 

  Noninterest expenses
6,847 

 
519 

 
7,366 

  Income before income taxes
2,053 

 
177 

 
2,230 

  Income tax expense
635 

 
47 

 
682 

    Net income

$        1,418

 

$        130

 

$        1,548

    Total assets

$    444,081

 

$     3,279

 

$    447,360

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the three months ended June 30, 2015

 

 

 

 

 

  Net interest income

$        4,324

 

$            -

 

$        4,324

  Provision for loan losses
57 

 

 -

 
57 

  Net interest income after provision for loan losses
4,267 

 

 -

 
4,267 

  Noninterest income
454 

 
624 

 
1,078 

  Noninterest expenses
3,484 

 
451 

 
3,935 

  Income before income taxes
1,237 

 
173 

 
1,410 

  Income tax expense
394 

 
59 

 
453 

    Net income (loss)

$           843

 

$        114

 

$           957

    Total assets

$    489,821

 

$     3,015

 

$    492,836

 

 

 

 

 

 

For the three months ended June 30, 2014

 

 

 

 

 

  Net interest income

$        4,023

 

$            -

 

$        4,023

  Provision for loan losses

 -

 

 -

 

 -

  Net interest income after provision for loan losses
4,023 

 

 -

 
4,023 

  Noninterest income
550 

 
407 

 
957 

  Noninterest expenses
3,497 

 
260 

 
3,757 

  Income before income taxes
1,076 

 
147 

 
1,223 

  Income tax expense
343 

 
37 

 
380 

    Net income

$           733

 

$        110

 

$           843

    Total assets

$    444,081

 

$     3,279

 

$    447,360