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Business Segments
 3 Months Ended
Mar. 31, 2021
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, 2021 and 2020 was as follows (dollars in thousands):

Note 7 – Business Segments (continued)











 

 

 

 

 

Business Segments

 

 

 

 

 



 

 

 

 

 



Community

 

 

 

 



Banking

 

Mortgage

 

Total

For the three months ended March 31, 2021

 

 

 

 

 

   Net interest income

$        6,748

 

$            -

 

$        6,748

   Provision for loan losses

 -

 

 -

 

 -

   Net interest income after provision for loan losses

 6,748 

 

 -

 

 6,748 

   Noninterest income

 660 

 

 1,774 

 

 2,434 

   Noninterest expenses

 5,504 

 

 1,385 

 

 6,889 

   Income before income taxes

 1,904 

 

 389 

 

 2,293 

   Income tax expense

 376 

 

 82 

 

 458 

     Net income

$        1,528

 

$        307

 

$        1,835

     Total assets

$    881,535

 

$     4,825

 

$    886,360



 

 

 

 

 

For the 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