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Business Segments
 3 Months Ended
Mar. 31, 2018
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, 2018 and 2017 was as follows (dollars in thousands):

Note 8 – Business Segments (continued)











 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

Three months ended March 31, 2018

 

 

 

 

 

   Net interest income

$        5,331

 

$            -

 

$        5,331

   Provision for loan losses

 22 

 

 -

 

 22 

   Net interest income after provision for loan losses

 5,309 

 

 -

 

 5,309 

   Noninterest income

 566 

 

 620 

 

 1,186 

   Noninterest expenses

 4,604 

 

 493 

 

 5,097 

   Income before income taxes

 1,271 

 

 127 

 

 1,398 

   Income tax expense

 248 

 

 27 

 

 275 

     Net income (loss)

$        1,023

 

$        100

 

$        1,123

     Total assets

$    650,068

 

$     3,567

 

$    653,635



 

 

 

 

 

Three months ended March 31, 2017

 

 

 

 

 

   Net interest income

$        4,838

 

$            -

 

$        4,838

   Provision for loan losses

 100 

 

 -

 

 100 

   Net interest income after provision for loan losses

 4,738 

 

 -

 

 4,738 

   Noninterest income

 490 

 

 371 

 

 861 

   Noninterest expenses

 4,128 

 

 369 

 

 4,497 

   Income before income taxes

 1,100 

 

 2 

 

 1,102 

   Income tax expense

 341 

 

 1 

 

 342 

     Net income

$           759

 

$            1

 

$           760

     Total assets

$    576,675

 

$     1,758

 

$    578,433