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Business Segments | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2024 and 2023 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, 2024 |  |  |  |  |  |  |
Net interest income | $ 7,509 |  | $ - |  | $ - |  | $ 7,509
Provision for credit losses | 92 |  | - |  | - |  | 92
Net interest income after recovery of provision for credit losses | 7,417 |  | - |  | - |  | 7,417
Noninterest income | 1,034 |  | 1,326 |  | 1,463 |  | 3,823
Noninterest expenses | 7,029 |  | 967 |  | 780 |  | 8,776
Income before income taxes | 1,422 |  | 359 |  | 683 |  | 2,464
Income tax expense | 255 |  | 76 |  | 143 |  | 474
Net income | $ 1,167 |  | $ 283 |  | $ 540 |  | $ 1,990
Total assets | $ 993,406 |  | $ 3,714 |  | $ 10,943 |  | $ 1,008,063
For the three months ended September 30, 2023 |  |  |  |  |  |  |
Net interest income | $ 7,364 |  | $ - |  | $ - |  | $ 7,364
Recovery of provision for credit losses | (164) |  | - |  | - |  | (164)
Net interest income after recovery of provision for 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
|  |  |  |  | Investment |  |
| Community |  |  |  | Advisory |  |
| Banking |  | Mortgage |  | Services |  | Total
For the nine months ended September 30, 2024 |  |  |  |  |  |  |
Net interest income | $ 21,550 |  | $ - |  | $ - |  | $ 21,550
Recovery of provision for credit losses | (584) |  | - |  | - |  | (584)
Net interest income after recovery of provision for credit losses | 22,134 |  | - |  | - |  | 22,134
Noninterest income | 4,212 |  | 3,526 |  | 3,583 |  | 11,321
Noninterest expenses | 20,815 |  | 2,785 |  | 2,002 |  | 25,602
Income before income taxes | 5,531 |  | 741 |  | 1,581 |  | 7,853
Income tax expense | 1,039 |  | 156 |  | 332 |  | 1,527
Net income | $ 4,492 |  | $ 585 |  | $ 1,249 |  | $ 6,326
Total assets | $ 993,406 |  | $ 3,714 |  | $ 10,943 |  | $ 1,008,063
For the nine months ended September 30, 2023 |  |  |  |  |  |  |
Net interest income | $ 22,351 |  | $ - |  | $ - |  | $ 22,351
Recovery of provision for credit losses | (278) |  | - |  | - |  | (278)
Net interest income after recovery of provision for 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

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