XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Business Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2021

Net interest income

$

6,710

$

—

$

6,710

Provision for loan losses

—

—

—

Net interest income after provision for loan losses

6,710

—

6,710

Noninterest income

739

2,310

3,049

Noninterest expenses

5,705

1,532

7,237

Income before income taxes

1,744

778

2,522

Income tax expense

345

163

508

Net income

$

1,399

$

615

$

2,014

Total assets

$

901,350

$

7,014

$

908,364

For the three months ended June 30, 2020

Net interest income

$

5,918

$

—

$

5,918

Provision for loan losses

760

—

760

Net interest income after provision for loan losses

5,158

—

5,158

Noninterest income

839

1,950

2,789

Noninterest expenses

5,609

1,326

6,935

Income before income taxes

388

624

1,012

Income tax expense

60

131

191

Net income

$

328

$

493

$

821

Total assets

$

820,623

$

6,475

$

827,098

Community

Banking

Mortgage

Total

Six months ended June 30, 2021

Net interest income

$

13,458

$

—

$

13,458

Provision for loan losses

—

—

—

Net interest income after provision for loan losses

13,458

—

13,458

Noninterest income

1,399

4,084

5,483

Noninterest expenses

11,209

2,917

14,126

Income before income taxes

3,648

1,167

4,815

Income tax expense

721

245

966

Net income

$

2,927

$

922

$

3,849

Total assets

$

901,350

$

7,014

$

908,364

Six months ended June 30, 2020

Net interest income

$

12,054

$

—

$

12,054

Provision for loan losses

1,648

—

1,648

Net interest income after provision for loan losses

10,406

—

10,406

Noninterest income

1,848

3,127

4,975

Noninterest expenses

10,949

2,183

13,132

Income before income taxes

1,305

944

2,249

Income tax expense

235

198

433

Net income

$

1,070

$

746

$

1,816

Total assets

$

820,623

$

6,475

$

827,098