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Business Segments
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 was as follows:





 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

For the year ended December 31, 2020

 

 

 

 

 

   Net interest income

$       25,146

 

$            -

 

$       25,146

   Provision for loan losses

 2,548 

 

 -

 

 2,548 

   Net interest income after provision for loan losses

 22,598 

 

 -

 

 22,598 

   Noninterest income

 3,163 

 

 7,812 

 

 10,975 

   Noninterest expenses

 22,275 

 

 5,119 

 

 27,394 

   Income before income taxes

 3,486 

 

 2,693 

 

 6,179 

   Income tax expense

 633 

 

 566 

 

 1,199 

     Net income

$         2,853

 

$     2,127

 

$         4,980

     Total assets

$     843,323

 

$     8,063

 

$     851,386



 

 

 

 

 

For the year ended December 31, 2019

 

 

 

 

 

   Net interest income

$       24,552

 

$            -

 

$       24,552

   Provision for loan losses

 523 

 

 -

 

 523 

   Net interest income after provision for loan losses

 24,029 

 

 -

 

 24,029 

   Noninterest income

 2,934 

 

 4,254 

 

 7,188 

   Noninterest expenses

 21,154 

 

 3,129 

 

 24,283 

   Income before income taxes

 5,809 

 

 1,125 

 

 6,934 

   Income tax expense

 1,093 

 

 236 

 

 1,329 

     Net income

$         4,716

 

$        889

 

$         5,605

     Total assets

$     720,965

 

$     4,429

 

$     725,394