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Business Segments | 9 Months Ended
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Sep. 30, 2019
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 and nine months ended September 30, 2019 and 2018 was as follows (dollars in thousands): Note 8 – Business Segments (continued) ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |
﻿Business Segments |  |  |  |  |
﻿ |  |  |  |  |
﻿ | Community |  |  |  |
﻿ | Banking |  | Mortgage |  | Total
﻿Nine months ended September 30, 2019 |  |  |  |  |
﻿ Net interest income | $ 18,447 |  | $ - |  | $ 18,447
﻿ Provision for loan losses | 434 |  | - |  | 434
﻿ Net interest income after provision for loan losses | 18,013 |  | - |  | 18,013
﻿ Noninterest income | 1,936 |  | 3,103 |  | 5,039
﻿ Noninterest expenses | 15,700 |  | 2,247 |  | 17,947
﻿ Income before income taxes | 4,249 |  | 856 |  | 5,105
﻿ Income tax expense | 840 |  | 180 |  | 1,020
﻿ Net income | $ 3,409 |  | $ 676 |  | $ 4,085
﻿ Total assets | $ 702,215 |  | $ 5,899 |  | $ 708,114
﻿ |  |  |  |  |
﻿Nine months ended September 30, 2018 |  |  |  |  |
﻿ Net interest income | $ 17,124 |  | $ - |  | $ 17,124
﻿ Provision for loan losses | 527 |  | - |  | 527
﻿ Net interest income after provision for loan losses | 16,597 |  | - |  | 16,597
﻿ Noninterest income | 1,684 |  | 2,262 |  | 3,946
﻿ Noninterest expenses | 13,922 |  | 1,845 |  | 15,767
﻿ Income before income taxes | 4,359 |  | 417 |  | 4,776
﻿ Income tax expense | 891 |  | 58 |  | 949
﻿ Net income | $ 3,468 |  | $ 359 |  | $ 3,827
﻿ Total assets | $ 665,698 |  | $ 2,740 |  | $ 668,438
﻿ |  |  |  |  |
﻿ | Community |  |  |  |
﻿ | Banking |  | Mortgage |  | Total
﻿Three months ended September 30, 2019 |  |  |  |  |
﻿ Net interest income | $ 6,165 |  | $ - |  | $ 6,165
﻿ Provision for loan losses | 108 |  | - |  | 108
﻿ Net interest income after provision for loan losses | 6,057 |  | - |  | 6,057
﻿ Noninterest income | 824 |  | 1,337 |  | 2,161
﻿ Noninterest expenses | 5,453 |  | 920 |  | 6,373
﻿ Income before income taxes | 1,428 |  | 417 |  | 1,845
﻿ Income tax expense | 283 |  | 88 |  | 371
﻿ Net income | $ 1,145 |  | $ 329 |  | $ 1,474
﻿ Total assets | $ 702,215 |  | $ 5,899 |  | $ 708,114
﻿ |  |  |  |  |
﻿Three months ended September 30, 2018 |  |  |  |  |
﻿ Net interest income | $ 5,990 |  | $ - |  | $ 5,990
﻿ Provision for loan losses | 190 |  | - |  | 190
﻿ Net interest income after provision for loan losses | 5,800 |  | - |  | 5,800
﻿ Noninterest income | 552 |  | 767 |  | 1,319
﻿ Noninterest expenses | 4,715 |  | 649 |  | 5,364
﻿ Income before income taxes | 1,637 |  | 118 |  | 1,755
﻿ Income tax expense | 345 |  | 6 |  | 351
﻿ Net income | $ 1,292 |  | $ 112 |  | $ 1,404
﻿ Total assets | $ 665,698 |  | $ 2,740 |  | $ 668,438
﻿

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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 + Details
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