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Business Segments
 12 Months Ended
Dec. 31, 2015
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.

Note 9 – Business Segments (continued)

Information about reportable business segments and reconciliation of such information to the consolidated financial statements for years ended December 31, 2015 and 2014 was as follows:

 

 

 

 

 

 

 

Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

Community

 

 

 

 

 

Banking

 

Mortgage

 

Total

For the year ended December 31, 2015

 

 

 

 

 

  Net interest income

$       17,611

 

$            -

 

$      17,611

  Provision for loan losses

 282 

 

 -

 

 282 

  Net interest income after provision for loan losses

 17,329 

 

 -

 

 17,329 

  Noninterest income

 1,866 

 

 2,327 

 

 4,193 

  Noninterest expenses

 14,401 

 

 1,778 

 

 16,179 

  Income before income taxes

 4,794 

 

 549 

 

 5,343 

  Income tax expense

 1,464 

 

 187 

 

 1,651 

    Net income

$         3,330

 

$        362

 

$        3,692

    Total assets

$     525,077

 

$     2,066

 

$    527,143

 

 

 

 

 

 

For the year ended December 31, 2014

 

 

 

 

 

  Net interest income

$       16,404

 

$            -

 

$      16,404

  Provision for loan losses

 55 

 

 -

 

 55 

  Net interest income after provision for loan losses

 16,349 

 

 -

 

 16,349 

  Noninterest income

 1,857 

 

 1,730 

 

 3,587 

  Noninterest expenses

 13,811 

 

 1,424 

 

 15,235 

  Income before income taxes

 4,395 

 

 306 

 

 4,701 

  Income tax expense

 1,184 

 

 104 

 

 1,288 

    Net income

$         3,211

 

$        202

 

$        3,413

    Total assets

$     459,804

 

$     1,061

 

$    460,865