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v3.22.2.2

Business Segments | 9 Months Ended
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Sep. 30, 2022
Business Segments [Abstract] |
Business Segments | Note 7 – Business Segments The Company has three reportable business segments: (i) a traditional full-service community banking segment, (ii) a mortgage loan origination business, and (iii) a registered investment advisory business (sometimes referred to as the wealth management 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. The investment advisory business offers investment advisory services through Financial’s wholly-owned subsidiary, Pettyjohn, Wood & White, Inc. All of the Company’s reportable segments are service based. The mortgage business is a gain on sale business and the investment advisory business is fee for service based, while the Bank’s primary source of revenue is net interest income. The Bank also provides a referral network for the mortgage origination business and the investment advisory 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 nine months ended September 30, 2022 and 2021 was as follows (dollars in thousands): ‎ Note 7 – Business Segments (continued)
Business Segments |  |  |  |  |  |  |
|  |  |  |  | Investment |  |
| Community |  |  |  | Advisory |  |
| Banking |  | Mortgage |  | Services |  | Total
For the three months ended September 30, 2022 |  |  |  |  |  |  |
Net interest income | $ 7,900 |  | $ - |  | $ - |  | $ 7,900
Recovery of loan losses | (300) |  | - |  | - |  | (300)
Net interest income after recovery of loan losses | 8,200 |  | - |  | - |  | 8,200
Noninterest income | 1,423 |  | 1,472 |  | 959 |  | 3,854
Noninterest expenses | 7,095 |  | 1,280 |  | 504 |  | 8,879
Income before income taxes | 2,528 |  | 192 |  | 455 |  | 3,175
Income tax expense | 505 |  | 40 |  | 56 |  | 601
Net income | $ 2,023 |  | $ 152 |  | $ 399 |  | $ 2,574
Total assets | $ 944,890 |  | $ 4,081 |  | $ 13,599 |  | $ 962,570
For the three months ended September 30, 2021 |  |  |  |  |  |  |
Net interest income | $ 6,822 |  | $ - |  | $ - |  | $ 6,822
Provision for loan losses | - |  | - |  | - |  | -
Net interest income after provision for loan losses | 6,822 |  | - |  | - |  | 6,822
Noninterest income | 731 |  | 2,091 |  | - |  | 2,822
Noninterest expenses | 5,776 |  | 1,522 |  | - |  | 7,298
Income before income taxes | 1,777 |  | 569 |  | - |  | 2,346
Income tax expense | 345 |  | 120 |  | - |  | 465
Net income | $ 1,432 |  | $ 449 |  | $ - |  | $ 1,881
Total assets | $ 935,482 |  | $ 7,149 |  | $ - |  | $ 942,631
|  |  |  |  | Investment |  |
| Community |  |  |  | Advisory |  |
| Banking |  | Mortgage |  | Services |  | Total
For the nine months ended September 30, 2022 |  |  |  |  |  |  |
Net interest income | $ 21,414 |  | $ - |  | $ - |  | $ 21,414
Recovery of loan losses | (900) |  | - |  | - |  | (900)
Net interest income after recovery of loan losses | 22,314 |  | - |  | - |  | 22,314
Noninterest income | 2,909 |  | 4,675 |  | 2,935 |  | 10,519
Noninterest expenses | 18,596 |  | 3,889 |  | 1,634 |  | 24,119
Income before income taxes | 6,627 |  | 786 |  | 1,301 |  | 8,714
Income tax expense | 1,310 |  | 165 |  | 234 |  | 1,709
Net income | $ 5,317 |  | $ 621 |  | $ 1,067 |  | $ 7,005
Total assets | $ 944,890 |  | $ 4,081 |  | $ 13,599 |  | $ 962,570
For the nine months ended September 30, 2021 |  |  |  |  |  |  |
Net interest income | $ 20,280 |  | $ - |  | $ - |  | $ 20,280
Provision for loan losses | - |  | - |  | - |  | -
Net interest income after provision for loan losses | 20,280 |  | - |  | - |  | 20,280
Noninterest income | 2,130 |  | 6,175 |  | - |  | 8,305
Noninterest expenses | 16,985 |  | 4,439 |  | - |  | 21,424
Income before income taxes | 5,425 |  | 1,736 |  | - |  | 7,161
Income tax expense | 1,066 |  | 365 |  | - |  | 1,431
Net income | $ 4,359 |  | $ 1,371 |  | $ - |  | $ 5,730
Total assets | $ 935,482 |  | $ 7,149 |  | $ - |  | $ 942,631

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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