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Investment Securities and Other Investments | 12 Months Ended
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Dec. 31, 2019
Schedule Of Investments [Abstract] |
Investment Securities and Other Investments | Note 4. Investment Securities and Other Investments Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at December 31, 2019 and December 31, 2018 are as follows:
|  | December 31, 2019
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies |  | $ | 2,500 |  |  | $ | — |  |  | $ | 51 |  |  | $ | 2,449 |
Mortgage backed securities |  |  | 94,983 |  |  |  | 654 |  |  |  | 152 |  |  |  | 95,485 |
Corporate bonds |  |  | 10,554 |  |  |  | 87 |  |  |  | 4 |  |  |  | 10,637 |
|  | $ | 108,037 |  |  | $ | 741 |  |  | $ | 207 |  |  | $ | 108,571 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 12,192 |  |  | $ | 464 |  |  | $ | 2 |  |  | $ | 12,654 |
Total Investment Securities |  | $ | 120,229 |  |  | $ | 1,205 |  |  | $ | 209 |  |  | $ | 121,225 |
|  | December 31, 2018
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 1,000 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,003 |
U.S. Treasury and agencies |  |  | 3,375 |  |  |  | — |  |  |  | 208 |  |  |  | 3,167 |
Mortgage backed securities |  |  | 28,976 |  |  |  | 22 |  |  |  | 628 |  |  |  | 28,370 |
Corporate bonds |  |  | 5,477 |  |  |  | 78 |  |  |  | 48 |  |  |  | 5,507 |
|  | $ | 38,828 |  |  | $ | 103 |  |  | $ | 884 |  |  | $ | 38,047 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 15,565 |  |  | $ | 78 |  |  | $ | 140 |  |  | $ | 15,503 |
Total Investment Securities |  | $ | 54,393 |  |  | $ | 181 |  |  | $ | 1,024 |  |  | $ | 53,550 |
The Company had no securities pledged with the Federal Reserve Bank of Richmond (“FRB”) for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, securities with a market value of $11.8 million and $16.2 million were pledged to secure public deposits with the Treasury Board of Virginia at the Community Bankers' Bank. At December 31, 2019 and 2018, securities with a market value of $55.7 million and $9.8 million were pledged to secure the Bank’s line of credit with the Federal Home Loan Bank of Atlanta (“FHLB”). The following table shows fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018, respectively. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Securities that have been in a continuous unrealized loss position are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
December 31, 2019 |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and Municipal |  | $ | 333 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |  |  | $ | 333 |  |  | $ | (2 | )
U.S. Treasury and Agency |  | — |  |  | — |  |  |  | 1,949 |  |  |  | (51 | ) |  |  | 1,949 |  |  |  | (51 | )
Mortgage backed |  |  | 27,901 |  |  |  | (82 | ) |  |  | 5,348 |  |  |  | (70 | ) |  |  | 33,249 |  |  |  | (152 | )
Corporate bonds |  | — |  |  | — |  |  | 896 |  |  |  | (4 | ) |  | 896 |  |  |  | (4 | )
Total |  |  | 28,234 |  |  |  | (84 | ) |  |  | 8,193 |  |  |  | (125 | ) |  |  | 36,427 |  |  |  | (209 | )
(Dollars in thousands) |  |  |  |  |  |  |  |  |
December 31, 2018 |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and Municipal |  | $ | 6,278 |  |  | $ | (105 | ) |  | $ | 2,402 |  |  | $ | (35 | ) |  | $ | 8,680 |  |  | $ | (140 | )
U.S. Treasury and Agency |  | - |  |  | - |  |  |  | 3,167 |  |  |  | (208 | ) |  |  | 3,167 |  |  |  | (208 | )
Mortgage backed |  |  | 10,031 |  |  |  | (51 | ) |  |  | 17,173 |  |  |  | (577 | ) |  |  | 27,204 |  |  |  | (628 | )
Corporate bonds |  |  | 2,114 |  |  | (36 | ) |  | 488 |  |  |  | (12 | ) |  |  | 2,602 |  |  |  | (48 | )
Total |  |  | 18,423 |  |  |  | (192 | ) |  |  | 23,230 |  |  |  | (832 | ) |  |  | 41,653 |  |  |  | (1,024 | )
The amortized cost and fair value of securities at December 31, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | December 31, 2019 |
|  | Securities Available for Sale |  | Securities Held to Maturity |
(Dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Due in one year or less |  | $ | — |  |  | $ | — |  |  | $ | 460 |  |  | $ | 460 |
Due after one year through five years |  |  | 2,500 |  |  |  | 2,508 |  |  |  | 2,584 |  |  |  | 2,628 |
Due after five years |  |  | 18,670 |  |  |  | 18,659 |  |  |  | 3,764 |  |  |  | 3,913 |
Due after ten years |  |  | 86,867 |  |  |  | 87,404 |  |  |  | 5,384 |  |  |  | 5,653 |
Total |  | $ | 108,037 |  |  | $ | 108,571 |  |  | $ | 12,192 |  |  | $ | 12,654 |
Proceeds from sales, calls and maturities of available-for-sale (“AFS”) securities during 2019 and 2018 were $44.4 million and $5.3 million, resulting in a gain of $451 thousand and $5 thousand, respectively. During 2019 and 2018, held-to-maturity securities with book values of $3.3 million and $1.9 million, respectively, were either called or matured resulting in no gain or loss for either year. Restricted investments (in thousands) consist of stock in the FHLB (carrying basis $6,012), Federal Reserve stock (carrying basis $963), Community Bankers’ Bank stock (carrying basis of $248), and various other investments (carrying basis $911) for total restricted investments of $8.1 million. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. No declines are deemed to be other-than-temporary as management has the ability and intent to hold debt securities until maturity, or for the foreseeable future if classified as AFS.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611133-123010 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611282-123010 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611225-123010 + Details
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