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Business Segments
 3 Months Ended
Mar. 31, 2016
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 gain on sale 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 months ended March 31, 2016 and 2015 was as follows (dollars in thousands):











 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

Three months ended March 31, 2016

 

 

 

 

 

   Net interest income

$        4,687

 

$            -

 

$        4,687

   Provision for loan losses

 200 

 

 -

 

 200 

   Net interest income after provision for loan losses

 4,487 

 

 -

 

 4,487 

   Noninterest income

 508 

 

 500 

 

 1,008 

   Noninterest expenses

 3,733 

 

 457 

 

 4,190 

   Income before income taxes

 1,262 

 

 43 

 

 1,305 

   Income tax expense

 403 

 

 15 

 

 418 

     Net income

$           859

 

$          28

 

$           887

     Total assets

$    520,801

 

$     3,810

 

$    524,611



 

 

 

 

 

Three months ended March 31, 2015

 

 

 

 

 

   Net interest income

$        4,196

 

$            -

 

$        4,196

   Provision for loan losses

 100 

 

 -

 

 100 

   Net interest income after provision for loan losses

 4,096 

 

 -

 

 4,096 

   Noninterest income

 413 

 

 534 

 

 947 

   Noninterest expenses

 3,293 

 

 387 

 

 3,680 

   Income before income taxes

 1,216 

 

 147 

 

 1,363 

   Income tax expense

 386 

 

 50 

 

 436 

     Net income

$           830

 

$          97

 

$           927

     Total assets

$    486,184

 

$     1,823

 

$    488,007