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Business Segments

12 Months Ended

Dec. 31, 2018

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 the Bank’s market areas.  The mortgage segment provides a variety of mortgage loan products principally within the Bank’s market areas.  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, 2018 and 2017 was as follows:




Business Segments

	Community
	Banking		Mortgage		Total
For the year ended December 31, 2018
   Net interest income	$       23,176		$            -		$      23,176
   Provision for loan losses	716		-		716
   Net interest income after provision for loan losses	22,460		-		22,460
   Noninterest income	2,317		2,918		5,235
   Noninterest expenses	18,660		2,404		21,064
   Income before income taxes	6,117		514		6,631
   Income tax expense	1,250		79		1,329
     Net income	$         4,867		$        435		$        5,302
     Total assets	$     673,114		$     1,783		$    674,897

For the year ended December 31, 2017
   Net interest income	$       20,672		$            -		$      20,672
   Provision for loan losses	993		-		993
   Net interest income after provision for loan losses	19,679		-		19,679
   Noninterest income	2,293		2,434		4,727
   Noninterest expenses	17,127		1,919		19,046
   Income before income taxes	4,845		515		5,360
   Income tax expense	2,263		175		2,438
     Net income	$         2,582		$        340		$        2,922
     Total assets	$     623,547		$     2,794		$    626,341




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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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