XML 50 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2015 and 2014 was as follows (dollars in thousands):

Note 8  – Business Segments (continued)

 

 

 

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the nine months ended September 30, 2015

 

 

 

 

 

  Net interest income

$       13,011

 

$            -

 

$      13,011

  Provision for loan losses
277 

 

 -

 
277 

  Net interest income after provision for loan losses
12,734 

 

 -

 
12,734 

  Noninterest income
1,428 

 
1,795 

 
3,223 

  Noninterest expenses
10,390 

 
1,343 

 
11,733 

  Income before income taxes
3,772 

 
452 

 
4,224 

  Income tax expense
1,203 

 
154 

 
1,357 

    Net income

$         2,569

 

$        298

 

$        2,867

    Total assets

$     503,741

 

$     3,874

 

$    507,615

 

 

 

 

 

 

For the nine months ended September 30, 2014

 

 

 

 

 

  Net interest income

$       12,126

 

$            -

 

$      12,126

  Provision for loan losses
55 

 

 -

 
55 

  Net interest income after provision for loan losses
12,071 

 

 -

 
12,071 

  Noninterest income
1,389 

 
1,214 

 
2,603 

  Noninterest expenses
10,071 

 
1,034 

 
11,105 

  Income before income taxes
3,389 

 
180 

 
3,569 

  Income tax expense
1,044 

 
63 

 
1,107 

    Net income

$         2,345

 

$        117

 

$        2,462

    Total assets

$     449,623

 

$     2,063

 

$    451,686

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the three months ended September 30, 2015

 

 

 

 

 

  Net interest income

$         4,491

 

$            -

 

$        4,491

  Provision for loan losses
120 

 

 -

 
120 

  Net interest income after provision for loan losses
4,371 

 

 -

 
4,371 

  Noninterest income
561 

 
637 

 
1,198 

  Noninterest expenses
3,613 

 
505 

 
4,118 

  Income before income taxes
1,319 

 
132 

 
1,451 

  Income tax expense
423 

 
45 

 
468 

    Net income

$            896

 

$          87

 

$           983

    Total assets

$     503,741

 

$     3,874

 

$    507,615

 

 

 

 

 

 

For the three months ended September 30, 2014

 

 

 

 

 

  Net interest income

$         4,149

 

$            -

 

$        4,149

  Provision for loan losses

 -

 

 -

 

 -

  Net interest income after provision for loan losses
4,149 

 

 -

 
4,149 

  Noninterest income
411 

 
518 

 
929 

  Noninterest expenses
3,224 

 
515 

 
3,739 

  Income before income taxes
1,336 

 
3 

 
1,339 

  Income tax expense
409 

 
16 

 
425 

    Net income (loss)

$            927

 

$         (13)

 

$           914

    Total assets

$     449,623

 

$     2,063

 

$    451,686