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Business Segments | 9 Months Ended
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Sep. 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. Significant segment expenses reviewed regularly by the CODM and included in segment profit measures are separately presented. For the three and nine months ended September 30, 2025 and 2024, these significant approximate expenses included: Community Banking: Salaries and employee benefits ($4.16 million and $11.92 million for the three and nine months ended September 30, 2025; and $3.66 million and $10.81 million for the three and nine months ended September 30, 2024); data processing ($381 thousand and $1.98 million in 2025; and $794 thousand and $2.35 million in 2024); professional and other outside expenses ($689 thousand and $3.059 million in 2025; and $645 thousand and $1.98 million in 2024); equipment ($664 thousand and $1.94 million in 2025; and $618 thousand and $1.80 million in 2024); and occupancy ($447 thousand and $1.48 million in 2025; and $446 thousand and $1.40 million in 2024). Mortgage Banking: Salaries and employee benefits ($919 thousand and $2.44 million in 2025; and $835 thousand and $2.16 million in 2024); credit-related expenses ($158 thousand and $509 thousand in 2025; and $152 thousand and $457 thousand in 2024); and occupancy costs ($39 thousand and $98 thousand in 2025; and $25 thousand and $86 thousand in 2024). Investment Advisory: Salaries and employee benefits ($432 thousand and $1.29 million in 2025; and $427 thousand and $1.29 million in 2024); and amortization of intangible assets ($140 thousand and $420 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 $653.3 million at September 30, 2025, compared to $636.6 million at December 31, 2024, and $627.1 million at September 30, 2024. Deposits totaled $922.1 million at September 30, 2025, $882.4 million at December 31, 2024, and $909.5 million at September 30, 2024. Investment Advisory: Assets under management (AUM) were $984.7 million at September 30, 2025, compared to $854.0 million at December 31, 2024, and $842.8 million at September 30, 2024. Note 7 – Business Segments (continued)
| Business Segments as of the Three Months Ended
| September 30, 2025
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations (1) | Consolidated
Interest income | $ 11,771 | $ - | $ - | $ - | $ - | $ 11,771
Interest expense | 3,437 | - | - | 68 | (34) | 3,471
Net interest income | 8,334 | - | - | (68) | 34 | 8,300
Gains on sales of loans | - | 1,242 | - | - | - | 1,242
Wealth management fees | - | - | 1,362 | - | - | 1,362
Other noninterest income | 1,594 | - | - | 2,835 | (2,864) | 1,565
Net revenue | 9,928 | 1,242 | 1,362 | 2,767 | (2,830) | 12,469
Less: |  |  |  |  |  |
Provision for credit losses | 91 | - | - | - | - | 91
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 4,164 | 919 | 432 | - | 1 | 5,516
Occupancy | 447 | 39 | 33 | - | 4 | 523
Equipment | 664 | 19 | 14 | - | - | 697
Supplies | 139 | 6 | 8 | - | - | 153
Professional and other outside expenses | 689 | - | 13 | 23 | - | 725
Data processing | 381 | - | - | - | - | 381
Marketing | 228 | 3 | 1 | 17 | - | 249
Credit expense | 58 | 158 | - | - | - | 216
FDIC insurance expense | 132 | - | - | - | - | 132
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 448 | (51) | 31 | - | - | 428
Total noninterest expense | 7,350 | 1,093 | 672 | 40 | 5 | 9,160
Segment income before income taxes | 2,487 | 149 | 690 | 2,727 | (2,835) | 3,218
Allocated income tax expense (benefit) | 349 | 32 | 110 | (25) | - | 466
Segment net income | $ 2,138 | $ 117 | $ 580 | $ 2,752 | $ (2,835) | $ 2,752
Segment assets at September 30, 2025 | $ 1,007,040 | $ 3,992 | $ 10,331 | $ 102,021 | $ (103,259) | $ 1,020,125
Supplemental Data at September 30, 2025: |  |  |  |  |  |
Total loans held for investment, net | $ 653,288 | $ - | $ - | $ - | $ - | $ 653,288
Total deposits | 922,113 | - | - | - | (2,317) | 919,796
Assets under management | - | - | 984,747 | - | - | 984,747
(1)Primarily intercompany service fees and dividends eliminated in consolidation. ‎ Note 7 – 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 three and nine months ended September 30, 2025 and 2024 (dollars in thousands).
| Business Segments as of the Three Months Ended
| September 30, 2024
Dollars in Thousands | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations (1) | Consolidated
Interest income | $ 11,563 | $ - | $ - | $ - | $ - | $ 11,563
Interest expense | 3,920 | - | - | 174 | (40) | 4,054
Net interest income | 7,643 | - | - | (174) | 40 | 7,509
Gains on sales of loans | - | 1,326 | - | - | - | 1,326
Wealth management fees | - | - | 1,244 | - | - | 1,244
Other noninterest income | 1,277 | - | - | 2,155 | (2,179) | 1,253
Net revenue | 8,920 | 1,326 | 1,244 | 1,981 | (2,139) | 11,332
Less: |  |  |  |  |  |
Provision for credit losses | 92 | - | - | - | - | 92
Noninterest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,658 | 835 | 427 | - | - | 4,920
Occupancy | 446 | 25 | 27 | - | 16 | 514
Equipment | 618 | 12 | 10 | - | - | 640
Supplies | 116 | 5 | 10 | - | - | 131
Professional and other outside expenses | 645 | - | 22 | 21 | - | 688
Data processing | 794 | - | - | - | - | 794
Marketing | 202 | 2 | 4 | 12 | - | 220
Credit expense | 38 | 152 | - | - | - | 190
FDIC insurance expense | 94 | - | - | - | - | 94
Amortization of intangibles | - | - | 140 | - | - | 140
Other | 419 | 1 | 24 | 1 | - | 445
Total noninterest expense | 7,030 | 1,032 | 664 | 34 | 16 | 8,776
Segment income before income taxes | 1,798 | 294 | 580 | 1,947 | (2,155) | 2,464
Allocated income tax expense (benefit) | 334 | 62 | 122 | (44) | - | 474
Segment net income | $ 1,464 | $ 232 | $ 458 | $ 1,991 | (2,155) | $ 1,990
Segment assets at September 30, 2024 | $ 992,773 | $ 5,280 | $ 10,943 | $ 106,281 | (107,214) | $ 1,008,063
Supplemental Data at September 30, 2024: |  |  |  |  |  |
Total loans held for investment, net | $ 627,112 | $ - | $ - | $ - | $ - | $ 627,112
Total deposits | 909,460 | - | - | - | (2,566) | 906,894
Assets under management | - | - | 842,775 | - | - | 842,775
(1)Primarily intercompany service fees and dividends eliminated in consolidation. Note 7 – Business Segments (continued)
|  | Business Segments as of the Nine Months Ended
|  | September 30, 2025
Dollars in Thousands |  | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations (1) | Consolidated
Interest income |  | $ 34,643 | $ - | $ - | $ - | $ - | $ 34,643
Interest expense |  | 9,917 | - | - | 407 | 50 | 10,374
Net interest income |  | 24,726 | - | - | (407) | (50) | 24,269
Gains on sales of loans |  | - | 3,668 | - | - | - | 3,668
Wealth management fees |  | - | - | 3,917 | - | - | 3,917
Other noninterest income |  | 4,032 | - | - | 6,672 | (6,762) | 3,942
Net revenue |  | 28,758 | 3,668 | 3,917 | 6,265 | (6,812) | 35,796
Less: |  |  |  |  |  |  |
Recovery of credit losses |  | (301) | - | - | - | - | (301)
Noninterest expense: |  |  |  |  |  |  |
Salaries and employee benefits |  | 11,915 | 2,444 | 1,291 | - | - | 15,650
Occupancy |  | 1,484 | 98 | 98 | - | (90) | 1,590
Equipment |  | 1,941 | 47 | 33 | - | - | 2,021
Supplies |  | 422 | 15 | 26 | - | - | 463
Professional and other outside expenses |  | 3,059 | - | 74 | 61 | - | 3,194
Data processing |  | 1,984 | - | - | - | - | 1,984
Marketing |  | 630 | 5 | 11 | 38 | - | 684
Credit expense |  | 156 | 509 | - | - | - | 665
FDIC insurance expense |  | 394 | - | - | - | - | 394
Amortization of intangibles |  | - | - | 420 | - | - | 420
Other |  | 1,257 | 31 | 87 | 1 | - | 1,376
Total noninterest expense |  | 23,242 | 3,149 | 2,040 | 100 | (90) | 28,441
Segment income before income taxes |  | 5,766 | 519 | 1,878 | 6,165 | (6,672) | 7,656
Allocated income tax expense |  | 949 | 110 | 431 | (133) | - | 1,357
Segment net income |  | $ 4,817 | $ 409 | $ 1,447 | $ 6,298 | $ (6,672) | $ 6,299
Segment assets at September 30, 2025 |  | $ 1,007,040 | $ 3,992 | $ 10,331 | $ 102,021 | $ (103,259) | $ 1,020,125
Supplemental Data at September 30, 2025: |  |  |  |  |  |  |
Total loans held for investment, net |  | $ 653,288 | $ - | $ - | $ - | $ - | $ 653,288
Total deposits |  | 922,113 | - | - | - | (2,317) | 919,796
Assets under management |  | - | - | 984,747 | - | - | 984,747
(1)Primarily intercompany service fees and dividends eliminated in consolidation. ‎ Note 7 – Business Segments (continued)
|  | Business Segments as of the Nine Months Ended
|  | September 30, 2024
Dollars in Thousands |  | Community Banking | Mortgage Banking | Investment Advisory | Holding Company | Eliminations (1) | Consolidated
Interest income |  | $ 33,007 | $ - | $ - | $ - | $ - | $ 33,007
Interest expense |  | 10,934 | - | - | 523 | - | 11,457
Net interest income |  | 22,073 | - | - | (523) | - | 21,550
Gains on sales of loans |  | - | 3,526 | - | - | - | 3,526
Wealth management fees |  | - | - | 3,583 | - | - | 3,583
Other noninterest income |  | 4,274 | - | - | 6,715 | (6,777) | 4,212
Net revenue |  | 26,347 | 3,526 | 3,583 | 6,192 | (6,777) | 29,288
Less: |  |  |  |  |  |  |
Recovery of credit losses |  | (584) | - | - | - | - | (584)
Noninterest expense: |  |  |  |  |  |  |
Salaries and employee benefits |  | 10,808 | 2,163 | 1,285 | - | - | 14,256
Occupancy |  | 1,400 | 86 | 79 | - | (72) | 1,493
Equipment |  | 1,804 | 44 | 31 | - | - | 1,879
Supplies |  | 355 | 15 | 27 | - | - | 397
Professional and other outside expenses |  | 1,980 | - | 71 | 74 | - | 2,125
Data processing |  | 2,352 | - | - | - | - | 2,352
Marketing |  | 577 | 2 | 10 | (108) | - | 481
Credit expense |  | 155 | 457 | - | - | - | 612
FDIC insurance expense |  | 329 | - | - | - | - | 329
Amortization of intangibles |  | - | - | 420 | - | - | 420
Other |  | 1,160 | 18 | 79 | 1 | - | 1,258
Total noninterest expense |  | 20,920 | 2,785 | 2,002 | (33) | (72) | 25,602
Segment income before income taxes |  | 6,011 | 741 | 1,581 | 6,225 | (6,705) | 7,853
Allocated income tax expense (benefit) |  | 1,140 | 156 | 332 | (101) |  | 1,527
Segment net income |  | $ 4,871 | $ 585 | $ 1,249 | $ 6,326 | $ (6,705) | $ 6,326
Segment assets at September 30, 2024 |  | $ 992,773 | $ 5,280 | $ 10,943 | $ 106,281 | (107,214) | $ 1,008,063
Supplemental Data at September 30, 2024: |  |  |  |  |  |  |
Total loans held for investment, net |  | $ 627,112 | $ - | $ - | $ - | $ - | $ 627,112
Total deposits |  | 909,460 | - | - | - | (2,566) | 906,894
Assets under management |  | - | - | 842,775 | - | - | 842,775
(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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