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v3.21.1

Investments | 3 Months Ended
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Mar. 31, 2021
Schedule Of Investments [Abstract] |
Investments | Note 4 – Investments Investment securities available for sale are carried at fair value in the Company’s consolidated balance sheets. The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated.
|  | March 31, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 31,630 |  |  | $ | 185 |  |  | $ | (339 | ) |  | $ | 31,476 |
U.S. Treasury and agencies |  |  | 54,477 |  |  |  | 56 |  |  |  | (807 | ) |  |  | 53,726 |
Mortgage backed securities |  |  | 159,239 |  |  |  | 440 |  |  |  | (2,552 | ) |  |  | 157,127 |
Corporate bonds |  |  | 35,716 |  |  |  | 738 |  |  |  | (49 | ) |  |  | 36,405 |
Total investment securities |  | $ | 281,062 |  |  | $ | 1,419 |  |  | $ | (3,747 | ) |  | $ | 278,734 |
|  | December 31, 2020 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 14,069 |  |  | $ | 258 |  |  | $ | (68 | ) |  | $ | 14,259 |
U.S. Treasury and agencies |  |  | 2,500 |  |  |  | — |  |  |  | (91 | ) |  |  | 2,409 |
Mortgage backed securities |  |  | 72,337 |  |  |  | 696 |  |  |  | (398 | ) |  |  | 72,635 |
Corporate bonds |  |  | 19,755 |  |  |  | 469 |  |  |  | (52 | ) |  |  | 20,172 |
Total investment securities |  | $ | 108,661 |  |  | $ | 1,423 |  |  | $ | (609 | ) |  | $ | 109,475 |
As of March 31, 2021 and December 31, 2020, securities with a market value of $11.9 million and $12.5 million, respectively, were pledged to secure public deposits with the Treasury Board of the Commonwealth of Virginia. As of March 31, 2021 and December 31, 2020, securities with a market value of $23.6 million and $29.4 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB. As a result of the Bay Banks Merger, the Company assumed a limited number of reverse repurchase agreements, all of which had remaining contractual maturities that were overnight and continuous. Securities sold under repurchase agreements were $1.2 million as of March 31, 2021 and are included in liabilities on the Company’s consolidated balance sheets. The securities pledged to each agreement are reviewed daily and can be changed at the option of the Bank with minimal risk of loss due to fair value changes. Securities with a fair value of $3.0 million were pledged as collateral for securities sold under repurchase agreements as of March 31, 2021, and all securities pledged were state and municipal obligations. The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. 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.
|  | March 31, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 20,100 |  |  | $ | 19,986 |
Due after one year through five years |  |  | 52,994 |  |  |  | 53,082 |
Due after five years through ten years |  |  | 41,606 |  |  |  | 41,811 |
Due after ten years |  |  | 166,362 |  |  |  | 163,855 |
Total |  | $ | 281,062 |  |  | $ | 278,734 |
The following tables present a summary of unrealized losses and the length of time in a continuous loss position, by security type, as of the dates stated.
|  |  |  |  |  | March 31, 2021 |
|  |  |  |  |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(Dollars in thousands) |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal |  |  | 38 |  |  | $ | 17,258 |  |  | $ | (339 | ) |  | $ | — |  |  | $ | — |  |  | $ | 17,258 |  |  | $ | (339 | )
U.S. Treasury and agencies |  |  | 46 |  |  |  | 31,377 |  |  |  | (807 | ) |  |  | — |  |  |  | — |  |  |  | 31,377 |  |  |  | (807 | )
Mortgage backed securities |  |  | 37 |  |  |  | 105,822 |  |  |  | (2,381 | ) |  |  | 10,182 |  |  |  | (171 | ) |  |  | 116,004 |  |  |  | (2,552 | )
Corporate bonds |  |  | 4 |  |  |  | 5,005 |  |  |  | (24 | ) |  |  | 976 |  |  |  | (25 | ) |  |  | 5,981 |  |  |  | (49 | )
Total |  |  | 125 |  |  | $ | 159,462 |  |  | $ | (3,551 | ) |  | $ | 11,158 |  |  | $ | (196 | ) |  | $ | 170,620 |  |  | $ | (3,747 | )
|  |  |  |  |  | December 31, 2020 |
|  |  |  |  |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(Dollars in thousands) |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal |  |  | 6 |  |  | $ | 3,111 |  |  | $ | (68 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,111 |  |  | $ | (68 | )
U.S. Treasury and agencies |  |  | 1 |  |  |  | 2,410 |  |  |  | (91 | ) |  |  | — |  |  |  | — |  |  |  | 2,410 |  |  |  | (91 | )
Mortgage backed securities |  |  | 22 |  |  |  | 20,545 |  |  |  | (65 | ) |  |  | 8,592 |  |  |  | (333 | ) |  |  | 29,137 |  |  |  | (398 | )
Corporate bonds |  |  | 7 |  |  |  | 3,242 |  |  |  | (7 | ) |  |  | 1,955 |  |  |  | (45 | ) |  |  | 5,197 |  |  |  | (52 | )
Total |  |  | 36 |  |  | $ | 29,308 |  |  | $ | (231 | ) |  | $ | 10,547 |  |  | $ | (378 | ) |  | $ | 39,855 |  |  | $ | (609 | )
The Company reviews for other-than-temporary impairment of its investment securities portfolio at least quarterly. As of March 31, 2021 and December 31, 2020, only investment grade securities were in an unrealized loss position. Investment securities with unrealized losses are a result of pricing changes due to recent and negative conditions in the current market environment and not as a result of permanent credit impairment. Contractual cash flows for the agency mortgage-backed securities are guaranteed and/or funded by the U.S. government. Municipal securities show no indication that the contractual cash flows will not be received when due. The Company does not intend to sell nor does it believe that it will be required to sell any of its temporarily impaired securities prior to the recovery of the amortized cost. Restricted equity investments consisted of stock in the FHLB (carrying value of $8.2 million and $5.8 million as of March 31, 2021 and December 31, 2020, respectively), FRB stock (carrying value of $4.9 million and $2.2 million as of March 31, 2021 and December 31, 2020, respectively), and stock in the Company’s correspondent bank (carrying value of $468 thousand and $248 thousand as of March 31, 2021 and December 31, 2020, respectively). Restricted equity investments are carried at cost. The Company also has various other equity investments totaling $1.2 million and $3.0 million as of March 31, 2021 and December 31, 2020, respectively, which are marked to market through the consolidated income statement each reporting period.

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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=120401592&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611197-123010 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5D -Subparagraph (SX 210.12-13D) -URI http://asc.fasb.org/extlink&oid=120401592&loc=SL120429264-123010 Reference 4: 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=120401592&loc=d3e611133-123010 Reference 5: 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=120401592&loc=d3e611282-123010 + Details
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