XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

Investments | 9 Months Ended
--- | ---
Sep. 30, 2021
Schedule of Investments [Abstract] |
Investments | Note 4 – Investments Investment securities available for sale are carried at fair value in the consolidated balance sheets. The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated.
|  | September 30, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 41,843 |  |  | $ | 289 |  |  | $ | (280 | ) |  | $ | 41,852 |
U.S. Treasury and agencies |  |  | 49,212 |  |  |  | — |  |  |  | (664 | ) |  |  | 48,548 |
Mortgage backed securities |  |  | 241,108 |  |  |  | 617 |  |  |  | (2,802 | ) |  |  | 238,923 |
Corporate bonds |  |  | 30,210 |  |  |  | 808 |  |  |  | (243 | ) |  |  | 30,775 |
Total investment securities |  | $ | 362,373 |  |  | $ | 1,714 |  |  | $ | (3,989 | ) |  | $ | 360,098 |
|  | 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 September 30, 2021 and December 31, 2020, securities with a fair value of $9.1 million and $12.5 million, respectively, were pledged with the Treasury Board of the Commonwealth of Virginia to secure public deposits. As of September 30, 2021 and December 31, 2020, securities with a fair value of $27.7 million and $29.4 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB. 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 may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | September 30, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 694 |  |  | $ | 694 |
Due after one year through five years |  |  | 27,345 |  |  |  | 27,356 |
Due after five years through ten years |  |  | 89,716 |  |  |  | 89,920 |
Due after ten years |  |  | 244,618 |  |  |  | 242,128 |
Total |  | $ | 362,373 |  |  | $ | 360,098 |
The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated.
|  |  |  |  | September 30, 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 |  |  | 31 |  |  | $ | 19,291 |  |  | $ | (280 | ) |  | $ | — |  |  | $ | — |  |  | $ | 19,291 |  |  | $ | (280 | )
U.S. Treasury and agencies |  |  | 20 |  |  |  | 46,234 |  |  |  | (664 | ) |  |  | — |  |  |  | — |  |  |  | 46,234 |  |  |  | (664 | )
Mortgage backed securities |  |  | 72 |  |  |  | 180,950 |  |  |  | (2,795 | ) |  |  | 834 |  |  |  | (7 | ) |  |  | 181,784 |  |  |  | (2,802 | )
Corporate bonds |  |  | 10 |  |  |  | 5,099 |  |  |  | (230 | ) |  |  | 987 |  |  |  | (13 | ) |  |  | 6,086 |  |  |  | (243 | )
Total |  |  | 133 |  |  | $ | 251,574 |  |  | $ | (3,969 | ) |  | $ | 1,821 |  |  | $ | (20 | ) |  | $ | 253,395 |  |  | $ | (3,989 | )
|  |  |  |  | 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 September 30, 2021 and December 31, 2020, only investment grade securities were in an unrealized loss position or the amount of unrealized loss for the security was not significant. Investment securities with unrealized losses are generally a result of pricing changes due to recent changes in the current interest rate environment and not as a result of permanent credit impairment. Contractual cash flows for the 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 $6.0 million and $5.8 million as of September 30, 2021 and December 31, 2020, respectively), FRB stock (carrying value of $4.9 million and $2.2 million as of September 30, 2021 and December 31, 2020, respectively), and stock in the Company’s correspondent bank (carrying value of $468 thousand and $248 thousand as of September 30, 2021 and December 31, 2020, respectively). Restricted equity investments are carried at cost. The Company also has various other equity investments, including shares in other financial institutions and fintech companies, totaling $7.9 million and $3.0 million as of September 30, 2021 and December 31, 2020, respectively, which are carried at fair value with any gain or loss reported in the consolidated income statements each reporting period. The Company also holds investments in early-stage focused investment funds, small business investment companies ("SBIC"), and low-income housing partnerships, which are reported in other investments on the consolidated balance sheets.

X
- 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=122147990&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=122147990&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=122147990&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=122147990&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=122147990&loc=d3e611282-123010 + Details
Name: | us-gaap_InvestmentHoldingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration