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Business Segments
 3 Months Ended
Mar. 31, 2024
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-months ended March 31, 2024 and 2023 was as follows (dollars in thousands):


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Note 7 – Business Segments (continued)

Business Segments

Investment

Community

Advisory

Banking

Mortgage

Services

Total

For the three-months ended March 31, 2024

Net interest income

$        6,950

$            -

$              -

$        6,950

Recovery of credit losses

(553)

-

-

(553)

Net interest income after provision for credit losses

7,503

-

-

7,503

Noninterest income

1,217

927

1,163

3,307

Noninterest expenses

6,722

682

684

8,088

Income before income taxes

1,998

245

479

2,722

Income tax expense

382

52

101

535

Net income

$        1,616

$        193

$         378

$        2,187

Total assets

$    968,847

$     5,140

$    10,904

$    984,891

For the three-months ended March 31, 2023

Net interest income

$        7,642

$            -

$              -

$        7,642

Provision for credit losses

140

-

-

140

Net interest income after provision for credit losses

7,502

-

-

7,502

Noninterest income

1,115

923

1,006

3,044

Noninterest expenses

6,728

756

591

8,075

Income before income taxes

1,889

167

415

2,471

Income tax expense

365

35

87

487

Net income

$        1,524

$        132

$         328

$        1,984

Total assets

$    934,789

$     1,674

$    11,638

$    948,101