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Business Segments
 3 Months Ended
Mar. 31, 2020
Business Segments [Abstract]  
Business Segments

Note 7 – 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, 2020 and 2019 was as follows (dollars in thousands):

Note 7 – Business Segments (continued)











 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

Three months ended March 31, 2020

 

 

 

 

 

   Net interest income

$        6,136

 

$            -

 

$        6,136

   Provision for loan losses

 888 

 

 -

 

 888 

   Net interest income after provision for loan losses

 5,248 

 

 -

 

 5,248 

   Noninterest income

 1,009 

 

 1,177 

 

 2,186 

   Noninterest expenses

 5,340 

 

 857 

 

 6,197 

   Income before income taxes

 917 

 

 320 

 

 1,237 

   Income tax expense

 175 

 

 67 

 

 242 

     Net income

$           742

 

$        253

 

$           995

     Total assets

$    739,651

 

$     6,404

 

$    746,055



 

 

 

 

 

Three months ended March 31, 2019

 

 

 

 

 

   Net interest income

$        6,130

 

$            -

 

$        6,130

   Provision for loan losses

 210 

 

 -

 

 210 

   Net interest income after provision for loan losses

 5,920 

 

 -

 

 5,920 

   Noninterest income

 528 

 

 691 

 

 1,219 

   Noninterest expenses

 5,025 

 

 574 

 

 5,599 

   Income before income taxes

 1,423 

 

 117 

 

 1,540 

   Income tax expense

 281 

 

 25 

 

 306 

     Net income

$        1,142

 

$          92

 

$        1,234

     Total assets

$    681,531

 

$     2,857

 

$    684,388