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Business Segments | 9 Months Ended
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Sep. 30, 2023
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, 2023 and 2022 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, 2023 |  |  |  |  |  |  |
Net interest income | $ 7,364 |  | $ - |  | $ - |  | $ 7,364
Recovery of credit losses | (164) |  | - |  | - |  | (164)
Net interest income after recovery of credit losses | 7,528 |  | - |  | - |  | 7,528
Noninterest income | 1,162 |  | 989 |  | 1,050 |  | 3,201
Noninterest expenses | 6,661 |  | 1,073 |  | 406 |  | 8,140
Income (loss) before income taxes | 2,029 |  | (84) |  | 644 |  | 2,589
Income tax expense (benefit) | 393 |  | (17) |  | 135 |  | 511
Net income (loss) | $ 1,636 |  | $ (67) |  | $ 509 |  | $ 2,078
Total assets | $ 945,407 |  | $ 3,781 |  | $ 11,699 |  | $ 960,887
For the three months ended September 30, 2022 |  |  |  |  |  |  |
Net interest income | $ 7,900 |  | $ - |  | $ - |  | $ 7,900
Recovery of credit losses | (300) |  | - |  | - |  | (300)
Net interest income after recovery of credit 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
|  |  |  |  | Investment |  |
| Community |  |  |  | Advisory |  |
| Banking |  | Mortgage |  | Services |  | Total
For the nine months ended September 30, 2023 |  |  |  |  |  |  |
Net interest income | $ 22,351 |  | $ - |  | $ - |  | $ 22,351
Recovery of credit losses | (278) |  | - |  | - |  | (278)
Net interest income after recovery of credit losses | 22,629 |  | - |  | - |  | 22,629
Noninterest income | 3,526 |  | 3,065 |  | 3,098 |  | 9,689
Noninterest expenses | 19,751 |  | 2,705 |  | 1,635 |  | 24,091
Income before income taxes | 6,404 |  | 360 |  | 1,463 |  | 8,227
Income tax expense | 1,248 |  | 76 |  | 307 |  | 1,631
Net income | $ 5,156 |  | $ 284 |  | $ 1,156 |  | $ 6,596
Total assets | $ 945,407 |  | $ 3,781 |  | $ 11,699 |  | $ 960,887
For the nine months ended September 30, 2022 |  |  |  |  |  |  |
Net interest income | $ 21,414 |  | $ - |  | $ - |  | $ 21,414
Recovery of credit losses | (900) |  | - |  | - |  | (900)
Net interest income after recovery of credit 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

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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