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Business Segments | 12 Months Ended
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Dec. 31, 2024
Business Segments [Abstract] |
Business Segments | Note 9 – Business Segments Segment Overview The Company has three reportable business segments: 1.Community Banking – This segment operates through Bank of the James, providing traditional banking services including loans, deposits, investments, and insurance to retail and commercial customers throughout Region 2000 and other Central Virginia areas. The primary revenue source is net interest income from lending and deposit-taking activities. 2.Mortgage Banking – The mortgage segment originates residential mortgage loans primarily within Region 2000 and sells these loans in the secondary market through pre-arranged purchase commitments, typically with servicing released. This structure substantially limits the Company’s exposure to credit and interest rate risk. Revenue primarily consists of gains on the sale of loans. Note 9 – Business Segments (continued) 3.Investment Advisory (Wealth Management) – This segment provides investment advisory and financial planning services through Pettyjohn, Wood & White, Inc., a wholly-owned subsidiary. Revenue is fee-based, derived from client advisory fees related to assets under management (AUM). The segments are integrated through cross-referral activities, with the Community Banking segment providing customer referrals to the Mortgage Banking and Investment Advisory segments, and vice versa when appropriate. Chief Operating Decision Maker (CODM) and Segment Performance The Company’s Chief Operating Decision Maker (CODM) is Robert R. Chapman III, President of Financial. The CODM evaluates performance and allocates resources based on segment profit, defined as income before income taxes. This profit measure was selected because it closely aligns with the measures reported in the Company’s consolidated financial statements under GAAP. Segment assets represent those assets directly attributed to each segment or allocated based on actual usage. Income taxes are allocated proportionately based on each segment’s pre-tax income. Segment accounting policies are consistent with the significant accounting policies outlined in these consolidated financial statements, and there were no changes in segmentation or profit measurement methods during the year. Significant Expense Categories Consistent with ASU 2023-07, significant segment expenses reviewed regularly by the CODM and included in segment profit measures are separately presented. For the year ended December 31, 2024, these significant approximate expenses included: Community Banking: Salaries and employee benefits ($14.7 million), data processing ($3.1 million), professional services ($3.3 million), and occupancy ($1.8 million). Mortgage Banking: Salaries and employee benefits ($2.9 million), credit-related expenses ($0.6 million), and occupancy costs ($0.1 million). Investment Advisory: Salaries and employee benefits ($1.7 million), amortization of intangible assets ($0.6 million), and professional services ($0.1 million). Expenses not identified as significant are presented within “Other segment items” and include general and administrative costs that support the segments’ operations, including travel, liability and property insurance, and contribution expenses. Supplemental Segment Data Supplemental data regularly reviewed by the CODM includes total loans held for investment, total deposits, and assets under management (AUM), as these metrics provide additional insights into segment performance: Community Banking: Total loans held for investment, net of allowances, were $636.6 million at December 31, 2024, compared to $601.9 million at December 31, 2023. Deposits totaled $889.5 million and $878.5 million for 2024 and 2023, respectively. Investment Advisory: AUM increased to $853.97 million at December 31, 2024, from $736.88 million at December 31, 2023. Note 9 – Business Segments (continued) Segment financial information, including significant expense categories and supplemental metrics, is presented in the tables below, along with reconciliations to consolidated financial statements for the years ended December 31, 2024, and 2023.
| Business Segments as of the Year Ended
| December 31, 2024
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Other | Eliminations | Consolidated
Interest income | $ 44,643 | $ - | $ - | $ - | $ - | $ 44,643
Interest expense | 14,704 | - | - | 703 | - | 15,407
Net interest income | 29,939 | - | - | (703) | - | 29,236
Gains on sales of loans | - | 4,494 | - | - | - | 4,494
Wealth management fees | - | - | 4,843 | - | - | 4,843
Other noninterest income | 6,053 | - | - | 8,579 | (8,832) | 5,800
Net revenue | 35,992 | 4,494 | 4,843 | 7,876 | (8,832) | 44,373
Less: |  |  |  |  |  |
Provision for (recovery of) credit losses | (655) | - | - | - | - | (655)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 14,681 | 2,876 | 1,737 | - | - | 19,294
Occupancy | 1,842 | 114 | 104 | - | (96) | 1,964
Equipment | 2,406 | 54 | 39 | - | - | 2,499
Supplies | 486 | 20 | 36 | - | - | 542
Professional and other outside expenses | 3,286 | - | 112 | 232 | (159) | 3,471
Data processing | 3,057 | - | - | - | - | 3,057
Marketing | 847 | 6 | 11 | (96) | - | 768
Credit expense | 237 | 579 | - | - | - | 816
Other real estate expenses, net | - | - | - | - | - | -
FDIC insurance expense | 441 | - | - | - | - | 441
Amortization of intangibles | - | - | 560 | - | - | 560
Other (insurance, travel, contributions) | 1,569 | 18 | 115 | (9) | - | 1,693
Total noninterest expense | 28,852 | 3,667 | 2,714 | 127 | (255) | 35,105
Segment income before income taxes | 7,795 | 827 | 2,129 | 7,749 | (8,577) | 9,923
Allocated income tax expense (benefit) | 1,449 | 153 | 572 | (195) | - | 1,979
Segment net income | $ 6,346 | $ 674 | $ 1,557 | $ 7,944 | $ (8,577) | $ 7,944
Segment assets at December 31, 2024 | $ 965,659 | $ 3,992 | $ 11,308 | $ 107,365 | $ (109,080) | $ 979,244
Supplemental Data at December 31, 2024: |  |  |  |  |  |
Total loans held for investment, net | $ 636,552 | $ - | $ - | $ - | $ - | $ 636,552
Total deposits | 889,519 | - | - | - | (7,115) | 882,404
Assets Under Management | - | - | 853,977 | - | - | 853,977
‎ Note 9 – Business Segments (continued)
| Business Segments as of the Year Ended
| December 31, 2023
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Other | Eliminations | Consolidated
Interest income | $ 39,362 | $ - | $ - | $ - | $ - | $ 39,362
Interest expense | 8,897 | - | - | 725 | - | 9,622
Net interest income | 30,465 | - | - | (725) | - | 29,740
Gains on sales of loans | - | 3,938 | - | - | - | 3,938
Wealth management fees | - | - | 4,197 | - | - | 4,197
Other noninterest income | 4,931 | - | - | 9,160 | (9,359) | 4,732
Net revenue | 35,396 | 3,938 | 4,197 | 8,435 | (9,359) | 42,607
Less: |  |  |  |  |  |
Provision for (recovery of) credit losses | (179) | - | - | - | - | (179)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 14,245 | 2,591 | 1,475 | - | - | 18,311
Occupancy | 1,715 | 91 | 63 | - | (50) | 1,819
Equipment | 2,284 | 85 | 46 | 1 | - | 2,416
Supplies | 489 | 19 | 22 | - | - | 530
Professional and other outside expenses | 2,357 | - | 99 | 206 | (149) | 2,513
Data processing | 2,783 | - | - | - | - | 2,783
Marketing | 768 | 8 | 8 | 135 | - | 919
Credit expense | 234 | 571 | - | - | - | 805
Other real estate expenses, net | 40 | - | - | - | - | 40
FDIC insurance expense | 419 | - | - | - | - | 419
Amortization of intangibles | - | - | 560 | - | - | 560
Other (insurance, travel, contributions) | 1,155 | 121 | 114 | 2 | - | 1,392
Total noninterest expense | 26,489 | 3,486 | 2,387 | 344 | (199) | 32,507
Segment income before income taxes | 9,086 | 452 | 1,810 | 8,091 | (9,160) | 10,279
Allocated income tax expense (benefit) | 1,713 | 95 | 380 | (613) | - | 1,575
Segment net income | $ 7,373 | $ 357 | $ 1,430 | $ 8,704 | $ (9,160) | $ 8,704
Segment assets at December 31, 2023 | $ 957,151 | $ 1,620 | $ 11,114 | $ 101,770 | $ (102,284) | $ 969,371
Supplemental Data at December 31, 2023: |  |  |  |  |  |
Total loans held for investment, net | $ 601,921 | $ - | $ - | $ - | $ - | $ 601,921
Total deposits | 880,388 | - | - | - | (1,929) | 878,459
Assets Under Management | - | - | 736,875 | - | - | 736,875

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- Definition The entire disclosure for reporting segments including data and tables. 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