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Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Loans Held for Investment

Loans held for investment at December 31, 2020 and December 31, 2019 were as follows:

(Dollars in thousands)		December 31, 2020				December 31, 2019
Commercial and industrial		$	93,286			$	77,728
Paycheck Protection Program			292,068				—
Real estate – construction, commercial			54,702				38,039
Real estate – construction, residential			18,040				26,778
Real estate – mortgage, commercial			273,499				251,824
Real estate – mortgage, residential			213,404				208,494
Real estate – mortgage, farmland			3,615				5,507
Consumer loans			46,684				39,202
Gross loans			995,298				647,572
Less: Unearned income and deferred costs			(4,271	)			(738	)
Total		$	991,027			$	646,834

Summary of Financing Receivable, Past Due

The following table presents the aging of the recorded investment of loans as of December 31, 2020 and December 31, 2019: 

		December 31, 2020
(Dollars in thousands)		30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Past Due & Nonaccrual				Current Loans				Total Loans
Commercial and industrial		$	1,117			$	—			$	—			$	1,310			$	2,427			$	90,859			$	93,286
Paycheck Protection Program			—				—				—				—				—				292,068				292,068
Real estate – construction, commercial			—				—				—				—				—				54,702				54,702
Real estate – construction, residential			262				—				—				—				262				17,778				18,040
Real estate – mortgage, commercial			995				211				—				3,643				4,849				268,650				273,499
Real estate – mortgage, residential			1,062				—				46				916				2,024				211,380				213,404
Real estate - mortgage, farmland			—				—				—				—				—				3,615				3,615
Consumer loans			935				334				—				714				1,983				44,701				46,684
Less: Unearned income and deferred costs			—				—				—								—				(4,271	)			(4,271	)
		$	4,371			$	545			$	46			$	6,583			$	11,545			$	979,482			$	991,027

		December 31, 2019
(Dollars in thousands)		30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Past Due & Nonaccrual				Current Loans				Total Loans
Commercial and industrial		$	1,652			$	—			$	—			$	441			$	2,093			$	75,635			$	77,728
Real estate – construction, commercial			820				—				—				929				1,749				36,290				38,039
Real estate – construction, residential			241				—				—				—				241				26,537				26,778
Real estate – mortgage, commercial			3,194				—				—				1,931				5,125				246,699				251,824
Real estate – mortgage, residential			319				217				369				713				1,618				206,876				208,494
Real estate - mortgage, farmland			—				—				—				—				—				5,507				5,507
Consumer loans			894				408				—				776				2,078				37,124				39,202
Less: Unearned income and deferred costs			—				—				—				—				—				(738	)			(738	)
		$	7,120			$	625			$	369			$	4,790			$	12,904			$	633,930			$	646,834

Summary of Acquired Loans Included in Consolidated Statement of Condition

The outstanding principal balance and related carrying amount of these acquired loans included in the consolidated balance sheets as of December 31, 2020 and 2019 was as follows:

(Dollars in thousands)		December 31, 2020				December 31, 2019
PCI loans evaluated individually for future credit losses
Outstanding principal balance		$	1,278			$	1,504
Carrying amount			1,085				1,315
Other acquired VCB loans
Outstanding principal balance			97,301				172,279
Carrying amount			96,317				170,151
Total acquired VCB loans
Outstanding principal balance			98,579				173,783
Carrying amount			97,402				171,466

Summary of Purchased Loans

The following table presents the recorded investment in the River Bancorp, Inc. purchased loans as of December 31, 2020 and December 31, 2019:

(Dollars in thousands)		December 31, 2020				December 31, 2019
Commercial and industrial		$	549			$	1,272
Real estate - construction, commercial			—				1,397
Real estate - mortgage, commercial			4,545				6,844
Real estate - mortgage, residential			7,453				10,075
Consumer loans			58				99
		$	12,605			$	19,687

Summary of Allowance for Loans Losses

A summary of changes in the allowance for loans losses for the years ended December 31, 2020 and December 31, 2019 is as follows:

(Dollars in thousands)		December 31, 2020				December 31, 2019
Allowance, beginning of period		$	4,572			$	3,580
Charge-Offs
Commercial and industrial		$	(6	)		$	(43	)
Real estate, mortgage			(505	)			(4	)
Consumer loans			(994	)			(914	)
Total charge-offs			(1,505	)			(961	)
Recoveries
Commercial and industrial			41				—
Real estate, mortgage			8				6
Consumer loans			261				205
Total recoveries			310				211
Net charge-offs			(1,195	)			(750	)
Provision for loan losses			10,450				1,742
Allowance, end of period		$	13,827			$	4,572

Summary of Primary Segments of ALLL, Loans Individually and Collectively Evaluated for Impairment

The following tables summarize the primary segments of the allowance of loan losses (“ALL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2020 and 2019:

		December 31, 2020
(Dollars in thousands)		Commercial and Industrial				Real Estate - Construction Commercial				Real Estate - Construction Residential				Real Estate - Mortgage, Commercial				Real Estate - Mortgage, Residential				Real Estate - Mortgage, Farmland				Consumer Loans				Total
ALL Balance - December 31, 2019		$	841			$	220			$	60				1,604			$	510			$	9			$	1,328			$	4,572
Charge-offs			(6	)			—				—				(505	)			—				—				(994	)			(1,505	)
Recoveries			41				—				—				—				8				—				261				310
Provision for loan losses			2,886				740				90				3,116				963				9				2,646				10,450
ALL Balance - December 31, 2020		$	3,762			$	960			$	150			$	4,215			$	1,481			$	18			$	3,241			$	13,827
Individually evaluated for impairment			144				—				—				—				—				—				—				144
Collectively evaluated for impairment		$	3,618			$	960			$	150			$	4,215			$	1,481			$	18			$	3,241			$	13,683

		December 31, 2019
(Dollars in thousands)		Commercial and Industrial				Real Estate- Construction Commercial				Real Estate- Construction Residential				Real Estate- Mortgage Commercial				Real Estate- Mortgage Residential				Real Estate – Mortgage, Farmland				Consumer Loans				Total
ALL Balance - December 31, 2018		$	572			$	112			$	56				1,180			$	434			$	13			$	1,213			$	3,580
Charge-offs			(43	)			—				—				(3	)			(1	)			—				(914	)			(961	)
Recoveries			—				—				—				—				6				—				205				211
Provision for loan losses			312				108				4				427				71				(4	)			824				1,742
ALL Balance - December 31, 2019		$	841			$	220			$	60			$	1,604			$	510			$	9			$	1,328			$	4,572
Individually evaluated for impairment			143				—				—				98				—				—				—				241
Collectively evaluated for impairment		$	698			$	220			$	60			$	1,506			$	510			$	9			$	1,328			$	4,331

Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment

A summary of the loan portfolio individually and collectively evaluated for impairment at December 31, 2020 and December 31, 2019 is as follows:

(Dollars in thousands)		Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total
December 31, 2020
Commercial and industrial		$	234			$	93,052			$	93,286
Real estate – construction, commercial			—				54,702				54,702
Real estate – construction, residential			—				18,040				18,040
Real estate – mortgage, commercial			1,645				271,854				273,499
Real estate – mortgage, residential			452				212,952				213,404
Real estate - mortgage, farmland			—				3,615				3,615
Consumer loans			—				46,684				46,684
Gross loans			2,331				700,899				703,230
Less:  Unearned income and deferred costs			—				(4,271	)			(4,271	)
Total		$	2,331			$	696,628			$	698,959

The table above excludes gross PPP loans of $292.1 million, which are fully guaranteed by the U.S. government and therefore have no recorded allowance for loan losses as of December 31, 2020.

(Dollars in thousands)		Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total
December 31, 2019
Commercial and industrial		$	280			$	77,448			$	77,728
Real estate – construction, commercial			—				38,039				38,039
Real estate – construction, residential			—				26,778				26,778
Real estate – mortgage, commercial			733				251,091				251,824
Real estate – mortgage, residential			395				208,099				208,494
Real estate – mortgage, farmland			—				5,507				5,507
Consumer loans			—				39,202				39,202
Gross loans			1,408				646,164				647,572
Less:  Unearned income and deferred costs			—				(738	)			(738	)
Total		$	1,408			$	645,426			$	646,834

Summary of Impaired Financing Receivables

The following table presents information related to impaired loans, by segment, at the dates presented:

		December 31, 2020
(Dollars in thousands)		Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Real estate – mortgage, commercial		$	1,645			$	2,030			$	—			$	2,091			$	4
Real estate – mortgage, residential			452				571				—				538				2
With an allowance recorded:
Commercial and industrial			234				234				144				362				—
		$	2,331			$	2,835			$	144			$	2,991			$	6

		December 31, 2019
(Dollars in thousands)		Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Real estate – mortgage, residential		$	395			$	395			$	—			$	527			$	7
With an allowance recorded:
Commercial and industrial			280				280				143				286				2
Real estate – mortgage, commercial			733				733				98				734				5
		$	1,408			$	1,408			$	241			$	1,547			$	14

Summary of Accounts Notes Loans and Financing Receivable

The following table shows the Company’s loan portfolio by internal loan grade as of December 31, 2020 and December 31, 2019:

		December 31, 2020
(Dollars in thousands)		Grade 1 Prime				Grade 2 Desirable				Grade 3 Good				Grade 4 Acceptable				Grade 5 Pass/Watch				Grade 6 Special Mention				Grade 7 Substandard				Total
Commercial and industrial		$	844			$	484			$	23,828			$	55,539			$	7,251			$	4			$	5,336			$	93,286
Paycheck Protection Program			292,068				—				—				—				—				—				—				292,068
Real estate – construction, commercial			—				2,143				19,524				26,324				5,916				218				577				54,702
Real estate – construction, residential			—				—				3,073				8,247				6,458				—				262				18,040
Real estate – mortgage, commercial			—				3,994				128,163				114,977				15,799				2,968				7,598				273,499
Real estate – mortgage residential			—				3,583				101,078				100,601				5,750				158				2,234				213,404
Real estate – mortgage, farmland			444				—				1,175				1,996				—				—				—				3,615
Consumer loans			324				36				17,062				28,033				521				1				707				46,684
Gross loans		$	293,680			$	10,240			$	293,903			$	335,717			$	41,695			$	3,349			$	16,714			$	995,298
Less:  Unearned income and deferred costs																															(4,271	)
Total																														$	991,027

		December 31, 2019
(Dollars in thousands)		Grade 1 Prime				Grade 2 Desirable				Grade 3 Good				Grade 4 Acceptable				Grade 5 Pass/Watch				Grade 6 Special Mention				Grade 7 Substandard				Total
Commercial and industrial		$	1,509			$	1,042			$	35,180			$	37,458			$	568			$	1,488			$	483			$	77,728
Real estate – construction, commercial			—				1,454				24,667				10,850				102				—				966				38,039
Real estate – construction, residential			—				139				9,355				14,331				2,953				—				—				26,778
Real estate – mortgage, commercial			—				4,971				118,488				114,598				9,273				1,935				2,559				251,824
Real estate – mortgage residential			—				4,611				100,665				98,116				3,470				130				1,502				208,494
Real estate – mortgage, farmland			1,467				134				1,736				2,170				—				—				—				5,507
Consumer loans			293				72				17,872				20,067				116				—				782				39,202
Gross loans		$	3,269			$	12,423			$	307,963			$	297,590			$	16,482			$	3,553			$	6,292			$	647,572
Less:  Unearned income and deferred costs																															(738	)
Total																														$	646,834

Virginia Community Bankshares, Inc [Member]

Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans

The following table presents changes for the year ended December 31, 2020 and 2019, respectively, in the accretable yield on the VCB PCI loans for which the Company applies ASC 310-30:

(Dollars in thousands)		December 31, 2020				December 31, 2019
Balance, beginning of period		$	188			$	—
Accretable yield at acquisition date			—				190
Additions			(22	)			—
Accretion			(56	)			(3	)
Other changes, net			84				1
Balance, end of period		$	194			$	188

COVID-19 [Member] | High-Risk Industries [Member]

Summary of Financing Receivable, Past Due

The Company is closely monitoring the past due loan portfolio, and proactively staying in touch with borrowers, especially as it relates to certain high-risk industries impacted by COVID-19 as outlined below.  

(Dollars in thousands)		Number of Borrowers				12/31/2020
Industry by NAICS Code
Hotels and motels			15			$	34,617
Bed and breakfasts			5				2,739
All other traveler accommodations			5				4,392
Full-service restaurants			15				4,202
Limited-service restaurants			12				4,737
Religious organizations			36				7,080
			88			$	57,767

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