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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | Note 12 – Subsequent Events ﻿ On December 17, 2019, the Company authorized a Voluntary Early Retirement Incentive Plan (the "Voluntary Plan") to be offered to certain eligible long-term employees of Bank of the James, a Virginia banking corporation that is a wholly-owned subsidiary of the Company (the "Bank"). Eight (8) of the nine (9) employees eligible to participate elected to take early retirement. Upon acceptance of the early retirement offers on April 3, 2020, each of the retiring individuals received from the Company a one-time lump sum payment, in an amount calculated on the basis of his or her y ears of service as an employee. In connection with the Voluntary Plan, on April 3, 2020 the Company incurred a total expense of approximately $630,000, substantially all of which was attributable to the one-time termination benefits paid by the Company. There are no future cash expe nditures to be paid under the Voluntary Plan. ﻿ On April 13, 2020, the Company commenced a private placement of unregistered debt securities (the “2020 Offering”). In the 2020 Offering, the Company is offering up to $12,000,000 in principal of notes (the “2020 Notes.”) The 2020 Notes will bear interest at the rate of 3.25% per year with interest payable quarterly in arrears. The 2020 Notes will mature on June 30, 2025 and are subject to full or partial repayment on or after June 30, 2021. The Company intends to use the proceeds from the 2020 Offering for general corporate purposes in the discretion of Company’s management. Such purposes may include the payment of principal of the Company’s currently outstanding 4.00% notes that were issued in 2017, contribution of additional capital to the Bank, payment of interest on the 2020 Notes, and other general corporate purposes.

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- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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