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Business Segments | 6 Months Ended
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Jun. 30, 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 the 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. 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 and six months ended June 30, 2025 and 2024, these significant approximate expenses included: Community Banking: Salaries and employee benefits ($4.013 million and $7.751 million, in the three and six months ended June 30, 2025; and $3.632 million and $7.151 million, in the three and six months ended June 30, 2024); data processing ($719 thousand and $1.539 million, in 2025; and $748 thousand and $1.499 million, in 2024); professional services ($778 thousand and $2.434 million, in 2025; and $653 thousand and $1.394 million, in 2024); equipment ($631 thousand and $1.277 million, in 2025; and $609 thousand and $1.186 million, in 2024); and occupancy ($502 thousand and $1.037 million, in 2025; and $496 thousand and $954 thousand, in 2024). Mortgage Banking: Salaries and employee benefits ($903 thousand and $1.525 million, in the three and six months ended June 30, 2025; and $830 thousand and $1.328 million, in the three and six months ended June 30, 2024); credit-related expenses ($220 thousand and $351 thousand, in 2025; and $189 thousand and $305 thousand, in 2024); and occupancy costs ($27 thousand and $59 thousand, in 2025; and $28 thousand and $61 thousand, in 2024). Investment Advisory: Salaries and employee benefits ($442 thousand and $859 thousand, in the three and six months ended June 30, 2025; and $430 thousand and $858 thousand, in the three and six months ended June 30, 2024); and amortization of intangible assets ($140 thousand and $280 thousand, in both 2025 and 2024). 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 allowance, were $649.1 million at June 30, 2025, compared to $636.6 million at December 31, 2024, and $636.6 million at June 30, 2024. Deposits totaled $915.4 million at June 30, 2025, $882.4 million at December 31, 2024, and $887.1 million at June 30, 2024. ‎ Note 7 – Business Segments (continued) Investment Advisory: Assets under management (AUM) were $930.0 million at June 30, 2025, compared to $854.0 million at December 31, 2024, and $802.9 million at June 30, 2024. 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 and six months ended June 30, 2025 and 2024 (dollars in thousands).
| Business Segments as of the Three Months Ended
| June 30, 2025
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 11,638 | $ - | $ - | $ - | $ - | $ 11,638
Interest expense | 3,186 | - | - | 168 | 34 | 3,388
Net interest income | 8,452 | - | - | (168) | (34) | 8,250
Gains on sales of loans | - | 1,589 | - | - | - | 1,589
Other noninterest income | 1,217 | - | 1,300 | 2,845 | (2,876) | 2,486
Net revenue | 9,669 | 1,589 | 1,300 | 2,677 | (2,910) | 12,325
Less: |  |  |  |  |  |
Recovery of credit losses | (528) | - | - | - | - | (528)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 4,013 | 903 | 442 | - | (1) | 5,357
Occupancy | 502 | 27 | 32 | - | (64) | 497
Equipment | 631 | 14 | 10 | (1) | - | 654
Supplies | 153 | 5 | 10 | - | - | 168
Professional and other outside expenses | 778 | - | 24 | 16 | - | 818
Data processing | 719 | - | - | - | - | 719
Marketing | 222 | - | 7 | 8 | - | 237
Credit expense | 43 | 220 | - | - | - | 263
FDIC insurance expense | 120 | - | - | - | - | 120
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 409 | 51 | 21 | 1 | - | 482
Total noninterest expense | 7,590 | 1,220 | 686 | 24 | (65) | 9,455
Segment income before income taxes | 2,607 | 369 | 614 | 2,653 | (2,845) | 3,398
Allocated income tax expense | 502 | 78 | 166 | (52) | - | 694
Segment net income | $ 2,105 | $ 291 | $ 448 | $ 2,705 | $ (2,845) | $ 2,704
Segment assets at June 30, 2025 | $ 996,032 | $ 3,992 | $ 11,517 | $ 104,891 | $ (112,190) | $ 1,004,242
Supplemental Data at June 30, 2025: |  |  |  |  |  |
Total loans held for investment, net | $ 649,089 | $ - | $ - | $ - | $ - | $ 649,089
Total deposits | 915,417 | - | - | - | (4,890) | 910,527
Assets under management | - | - | 929,957 | - | - | 929,957
(1)Primarily intercompany service fees and dividends eliminated in consolidation. Note 7 – Business Segments (continued)
| Business Segments as of the Three Months Ended
| June 30, 2024
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 10,935 | $ - | $ - | $ - | $ - | $ 10,935
Interest expense | 3,629 | - | - | 175 | 40 | 3,844
Net interest income | 7,306 | - | - | (175) | (40) | 7,091
Gains on sales of loans | - | 1,273 | - | - | - | 1,273
Other noninterest income | 1,756 | - | 1,176 | 2,320 | (2,334) | 2,918
Net revenue | 9,062 | 1,273 | 1,176 | 2,145 | (2,374) | 11,282
Less: |  |  |  |  |  |
(Recovery of) credit losses | (123) | - | - | - | - | (123)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,632 | 830 | 430 | - | - | 4,892
Occupancy | 496 | 28 | 26 | - | (64) | 486
Equipment | 609 | 13 | 10 | - | - | 632
Supplies | 107 | 6 | 8 | - | - | 121
Professional and other outside expenses | 653 | - | 16 | 26 | - | 695
Data processing | 748 | - | - | - | - | 748
Marketing | 214 | - | 1 | 16 | - | 231
Credit expense | 45 | 189 | - | - | - | 234
FDIC insurance expense | 126 | - | - | - | - | 126
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 408 | 5 | 23 | (2) | - | 434
Total noninterest expense | 7,038 | 1,071 | 654 | 40 | (64) | 8,739
Segment income before income taxes | 2,147 | 202 | 522 | 2,105 | (2,310) | 2,666
Allocated income tax expense | 358 | 94 | 109 | (43) | - | 518
Segment net income | $ 1,789 | $ 108 | $ 413 | $ 2,148 | $ (2,310) | $ 2,148
Segment assets at June 30, 2024 | $ 961,214 | $ 5,280 | $ 11,517 | $ 104,891 | $ (104,891) | $ 978,011
Supplemental Data at June 30, 2024: |  |  |  |  |  |
Total loans held for investment, net | $ 636,552 | $ - | $ - | $ - | $ - | $ 636,552
Total deposits | 887,126 | - | - | - | (4,722) | 882,404
Assets under management | - | - | 802,906 | - | - | 802,906
(1)Primarily intercompany service fees and dividends eliminated in consolidation. ‎ Note 7 – Business Segments (continued)
| Business Segments as of the Six Months Ended
| June 30, 2025
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 22,872 | $ - | $ - | $ - | $ - | $ 22,872
Interest expense | 6,530 | - | - | 339 | 34 | 6,903
Net interest income | 16,342 | - | - | (339) | (34) | 15,969
Gains on sales of loans | - | 2,426 | - | - | - | 2,426
Other noninterest income | 2,438 | - | 2,555 | 3,837 | (3,898) | 4,932
Net revenue | 18,780 | 2,426 | 2,555 | 3,498 | (3,932) | 23,327
Less: |  |  |  |  |  |
Recovery of credit losses | (391) | - | - | - | - | (391)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 7,751 | 1,525 | 859 | - | (1) | 10,134
Occupancy | 1,037 | 59 | 65 | - | (94) | 1,067
Equipment | 1,277 | 28 | 19 | - | - | 1,324
Supplies | 283 | 9 | 18 | - | - | 310
Professional and other outside expenses | 2,434 | - | 61 | 38 | - | 2,533
Data processing | 1,539 | - | - | - | - | 1,539
Marketing | 402 | 2 | 10 | 21 | - | 435
Credit expense | 98 | 351 | - | - | - | 449
Other real estate expenses, net | - | - | - | - | - | -
FDIC insurance expense | 262 | - | - | - | - | 262
Amortization of intangibles | - | - | 280 | - | - | 280
Other | 809 | 82 | 56 | 1 | - | 948
Total noninterest expense | 15,892 | 2,056 | 1,368 | 60 | (95) | 19,281
Segment income before income taxes | 3,279 | 370 | 1,187 | 3,438 | (3,837) | 4,437
Allocated income tax expense | 600 | 78 | 321 | (108) | - | 891
Segment net income | $ 2,679 | $ 292 | $ 866 | $ 3,546 | $ (3,837) | $ 3,546
Segment assets at June 30, 2025 | $ 996,032 | $ 3,992 | $ 11,517 | $ 104,891 | $ (112,190) | $ 1,004,242
Supplemental Data at June 30, 2025: |  |  |  |  |  |
Total loans held for investment, net | $ 649,089 | $ - | $ - | $ - | $ - | 649,089
Total deposits | 915,417 | - | - | - | (4,890) | 910,527
Assets under management | - | - | 929,957 | - | - | 929,957
(1)Primarily intercompany service fees and dividends eliminated in consolidation. ‎ Note 7 – Business Segments (continued)
| Business Segments as of the Six Months Ended
| June 30, 2024
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations | Consolidated
Interest income | $ 21,444 | $ - | $ - | $ - | $ - | $ 21,444
Interest expense | 7,014 | - | - | 349 | 40 | 7,403
Net interest income | 14,430 | - | - | (349) | (40) | 14,041
Gains on sales of loans | - | 2,200 | - | - | - | 2,200
Other noninterest income | 2,997 | - | 2,339 | 4,560 | (4,598) | 5,298
Net revenue | 17,427 | 2,200 | 2,339 | 4,211 | (4,638) | 21,539
Less: |  |  |  |  |  |
Recovery of credit losses | (676) | - | - | - | - | (676)
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 7,151 | 1,328 | 858 | - | - | 9,337
Occupancy | 954 | 61 | 52 | - | (88) | 979
Equipment | 1,186 | 32 | 21 | - | - | 1,239
Supplies | 239 | 10 | 17 | - | - | 266
Professional and other outside expenses | 1,394 | - | 49 | 53 | - | 1,496
Data processing | 1,499 | - | - | - | - | 1,499
Marketing | 375 | - | 6 | (120) | - | 261
Credit expense | 117 | 305 | - | - | - | 422
Other real estate expenses, net | - | - | - | - | - | -
FDIC insurance expense | 235 | - | - | - | - | 235
Amortization of intangibles | - | - | 280 | - | - | 280
Other | 741 | 17 | 55 | - | - | 813
Total noninterest expense | 13,891 | 1,753 | 1,338 | (67) | (88) | 16,827
Segment income before income taxes | 4,212 | 447 | 1,001 | 4,278 | (4,550) | 5,388
Allocated income tax expense | 806 | 94 | 210 | (57) | - | 1,053
Segment net income | $ 3,406 | $ 353 | $ 791 | $ 4,335 | $ (4,550) | $ 4,335
Segment assets at June 30, 2024 | $ 961,214 | $ 5,280 | $ 11,517 | $ 104,891 | $ (104,891) | $ 978,011
Supplemental Data at June 30, 2024: |  |  |  |  |  |
Total loans held for investment, net | $ 636,552 | $ - | $ - | $ - | $ - | $ 636,552
Total deposits | 887,126 | $ - | $ - | - | (4,722) | 882,404
Assets under management | $ - | - | $ 802,906 | - | - | $ 802,906
(1) Primarily intercompany service fees and dividends eliminated in consolidation.

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