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Business Segments | 3 Months Ended
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Mar. 31, 2025
Business Segments [Abstract] |
Business Segments | Note 7 – Business Segments ### Segment Overview The Company reports three business segments: 1.Community Banking – Provides loans, deposits, and related banking services to retail and commercial customers primarily in Central Virginia. Revenue is primarily from net interest income. 2.Mortgage Banking – Originates residential mortgage loans for sale into the secondary market, typically with servicing released. Revenue consists mainly of gains on loan sales. 3.Investment Advisory – Offers investment advisory and financial planning services through Pettyjohn, Wood & White, Inc. Revenue is primarily fee-based, tied to assets under management (AUM). Segments refer business to one another when appropriate. Robert R. Chapman III, President of Financial is our Chief Operating Decision Maker (CODM). The CODM evaluates performance and allocates resources based on segment profit (pre-tax income). 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. Segment accounting policies are consistent with those in the consolidated financial statements. ‎ Note 7 – Business Segments (continued) 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 three months ended March 31, 2025, these significant approximate expenses included: Community Banking: Salaries and employee benefits ($3.738 million), data processing ($820 thousand), professional services ($1.656 million, equipment ($646 thousand) and occupancy ($535 thousand). Mortgage Banking: Salaries and employee benefits ($622 thousand), credit-related expenses ($131 thousand), and occupancy costs ($32 thousand). Investment Advisory: Salaries and employee benefits ($417 thousand) and amortization of intangible assets ($140 thousand). 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 $642.4 million at March 31,2025 as compared to $636.6 million at December 31, 2024 and $601.1 million at March 31, 2024. Deposits totaled $918.5 million, $889.5 million and $894.6 million as March 31, 2025, December 31, 2024, and March 31, 2024 respectively. Investment Advisory: AUM decreased to $842.5 million from $854.0 million at December 31, 2024. AUM increased from the March 31, 2024 total of $770.9 million. 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 three months ended March 31, 2025 and 2024. ‎ Note 7 – Business Segments (continued)
| Business Segments as of the Three Months Ended
| March 31, 2025
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 11,234 | $ - | $ - | $ - | $ - | $ 11,234
Interest expense | 3,344 |  |  | 171 | - | 3,515
Net interest income | 7,890 | - | - | (171) | - | 7,719
Gains on sales of loans | - | 837 | - | - | - | 837
Other noninterest income | 1,221 | - | 1,255 | 992 | (1,022) | 2,446
Net revenue | 9,111 | 837 | 1,255 | 821 | (1,022) | 11,002
Less: |  |  |  |  |  |
Provision for credit losses | 137 | - | - | - | - | 137
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,738 | 622 | 417 | - | - | 4,777
Occupancy | 535 | 32 | 33 | - | (30) | 570
Equipment | 646 | 14 | 9 | 1 | - | 670
Supplies | 130 | 4 | 8 | - | - | 142
Professional and other outside expenses | 1,656 | - | 37 | 22 | - | 1,715
Data processing | 820 | - | - | - | - | 820
Marketing | 180 | 2 | 3 | 13 | - | 198
Credit expense | 55 | 131 | - | - | - | 186
Other real estate expenses, net | - | - | - | - | - | -
FDIC insurance expense | 142 | - | - | - | - | 142
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 400 | 31 | 35 | - | - | 466
Total noninterest expense | 8,302 | 836 | 682 | 36 | (30) | 9,826
Segment income before income taxes | 672 | 1 | 573 | 785 | (992) | 1,039
Allocated income tax expense | 98 | - | 155 | (56) | - | 197
Segment net income | $ 574 | $ 1 | $ 418 | $ 841 | $ (992) | $ 842
Segment assets at March 31, 2025 | $ 998,304 | $ 3,992 | $ 9,989 | $ 107,644 | $ (108,203) | $ 1,011,726
Supplemental Data: |  |  |  |  |  |
Total loans held for investment, net | $ 642,388 | $ - | $ - | $ - | $ - | $ 642,388
Total deposits | $ 918,503 | $ - | $ - | $ - | $ (6,820) | $ 911,683
Assets under management | $ - | $ - | $ 842,540 | $ - | $ - | $ 842,540
| Business Segments as of the Three Months Ended
| March 31, 2024
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 10,509 | $ - | $ - | $ - | $ - | $ 10,509
Interest expense | 3,385 | - | - | 174 | - | 3,559
Net interest income | 7,124 | - | - | (174) | - | 6,950
Gains on sales of loans | - | 927 | - | - | $ - | 927
Other noninterest income | 1,241 | - | 1,163 | 2,240 | (2,264) | 2,380
Net revenue | 8,365 | 927 | 1,163 | 2,066 | (2,264) | 10,257
Less: |  |  |  |  |  |
(Recovery of) credit losses | (553) | - | - | - | - | (553)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,519 | 498 | 428 | - | - | 4,445
Occupancy | 458 | 33 | 26 | - | (24) | 493
Equipment | 577 | 19 | 11 | - | - | 607
Supplies | 132 | 4 | 9 | - | - | 145
Professional and other outside expenses | 741 | - | 33 | 27 | - | 801
Data processing | 751 | - | - | - | - | 751
Marketing | 161 | - | 5 | (136) | - | 30
Credit expense | 72 | 116 | - | - | - | 188
Other real estate expenses, net | - | - | - | - | - | -
FDIC insurance expense | 109 | - | - | - | - | 109
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 333 | 12 | 32 | 2 | - | 379
Total noninterest expense | 6,853 | 682 | 684 | (107) | (24) | 8,088
Segment income before income taxes | 2,065 | 245 | 479 | 2,173 | (2,240) | 2,722
Allocated income tax expense | 448 | - | 101 | (14) | - | 535
Segment net income | 1,617 | 245 | 378 | 2,187 | (2,240) | 2,187
Segment assets at March 31, 2024 | $ 972,854 | $ 1,620 | $ 10,904 | $ 103,289 | $ (103,776) | $ 984,891
Supplemental Data: |  |  |  |  |  |
Total loans held for investment, net | $ 601,115 | $ - | $ - | $ - | $ - | $ 601,115
Total deposits | $ 894,562 | $ - | $ - | $ - | $ (1,083) | $ 893,479
Assets under management | $ - | $ - | $ 770,936 | $ - | $ - | $ 770,936

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