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Business Segments
 12 Months Ended
Dec. 31, 2016
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

Note 9 – Business Segments (continued)

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, 2016 and 2015 was as follows:





 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

For the year ended December 31, 2016

 

 

 

 

 

   Net interest income

$       19,224

 

$            -

 

$      19,224

   Provision for loan losses

 1,612 

 

 -

 

 1,612 

   Net interest income after provision for loan losses

 17,612 

 

 -

 

 17,612 

   Noninterest income

 2,338 

 

 2,457 

 

 4,795 

   Noninterest expenses

 15,695 

 

 1,899 

 

 17,594 

   Income before income taxes

 4,255 

 

 558 

 

 4,813 

   Income tax expense

 1,337 

 

 190 

 

 1,527 

     Net income

$         2,918

 

$        368

 

$        3,286

     Total assets

$     570,181

 

$     4,014

 

$    574,195



 

 

 

 

 

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