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Business Segments
 12 Months Ended
Dec. 31, 2022
Business Segments [Abstract]  
Business Segments Note 9 – 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.


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Note 9 – Business Segments (continued)

Information about reportable business segments and reconciliation of such information to the consolidated financial statements as of and for the years ended December 31, 2022 and 2021 was as follows:

Business Segments

Investment

Community

Advisory

Banking

Mortgage

Services

Total

For the year ended December 31, 2022

Net interest income

$

29,703

$

-

$

-

$

29,703

(Recovery of) loan losses

(900)

-

-

(900)

Net interest income after (recovery of) loan losses

30,603

-

-

30,603

Noninterest income

4,056

5,256

3,932

13,244

Noninterest expenses

26,035

4,466

2,236

32,737

Income before income taxes

8,624

790

1,696

11,110

Income tax expense

1,628

166

357

2,151

Net income

6,996

624

1,339

8,959

Total assets as of December 31, 2022

914,420

2,916

11,235

928,571

For the year ended December 31, 2021

Net interest income

$

27,079

$

-

$

-

$

27,079

Provision for loan losses

(500)

-

-

(500)

Net interest income after provision for loan losses

27,579

-

-

27,579

Noninterest income

2,944

8,265

-

11,209

Noninterest expenses

23,432

5,905

-

29,337

Income before income taxes

7,091

2,360

-

9,451

Income tax expense

1,366

496

-

1,862

Net income

$

5,725

1,864

-

7,589

Total assets as of December 31, 2021

$

985,521

2,113

-

987,634