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Investment Securities and Other Investments | 12 Months Ended
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Dec. 31, 2021
Schedule Of Investments [Abstract] |
Investment Securities and Other Investments | Note 4. Investment Securities and Other Investments Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities at the dates stated.
|  | December 31, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 51,341 |  |  | $ | 302 |  |  | $ | (530 | ) |  | $ | 51,113 |
U.S. Treasury and agencies |  |  | 65,680 |  |  |  | — |  |  |  | (1,614 | ) |  |  | 64,066 |
Mortgage backed securities |  |  | 222,968 |  |  |  | 403 |  |  |  | (4,261 | ) |  |  | 219,110 |
Corporate bonds |  |  | 38,752 |  |  |  | 808 |  |  |  | (317 | ) |  |  | 39,243 |
Total investment securities |  | $ | 378,741 |  |  | $ | 1,513 |  |  | $ | (6,722 | ) |  | $ | 373,532 |
|  | 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 |
At December 31, 2021 and 2020, securities with fair values of $8.7 million and $12.5 million, respectively, were pledged to secure public deposits with the Treasury Board of the Commonwealth of Virginia. At December 31, 2021 and 2020, securities with fair values of $23.1 million and $29.4 million, respectively, were pledged to secure the Bank’s line of credit with the FHLB. The following tables present 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, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.
|  |  |  |  | December 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 |  |  | $ | 27,905 |  |  | $ | (530 | ) |  | $ | — |  |  | $ | — |  |  | $ | 27,905 |  |  | $ | (530 | )
U.S. Treasury and agencies |  |  | 22 |  |  |  | 64,067 |  |  |  | (1,614 | ) |  |  | — |  |  |  | — |  |  |  | 64,067 |  |  |  | (1,614 | )
Mortgage backed securities |  |  | 54 |  |  |  | 186,924 |  |  |  | (4,257 | ) |  |  | 543 |  |  |  | (4 | ) |  |  | 187,467 |  |  |  | (4,261 | )
Corporate bonds |  |  | 11 |  |  |  | 6,770 |  |  |  | (313 | ) |  |  | 996 |  |  |  | (4 | ) |  |  | 7,766 |  |  |  | (317 | )
Total |  |  | 125 |  |  | $ | 285,666 |  |  | $ | (6,714 | ) |  | $ | 1,539 |  |  | $ | (8 | ) |  | $ | 287,205 |  |  | $ | (6,722 | )
|  |  |  |  | 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 following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates 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.
|  | December 31, 2021 |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 953 |  |  | $ | 954 |
Due after one year through five years |  |  | 25,492 |  |  |  | 25,316 |
Due after five years through ten years |  |  | 120,439 |  |  |  | 119,942 |
Due after ten years |  |  | 231,857 |  |  |  | 227,320 |
Total |  | $ | 378,741 |  |  | $ | 373,532 |
Restricted equity investments consisted of stock in the FHLB (carrying basis $1.7 million and $5.8 million at December 31, 2021 and 2020, respectively), FRB stock (carrying basis of $6.1 million and $2.2 million at December 31, 2021 and 2020, respectively), and stock in the Company’s correspondent bank (carrying basis of $468 thousand and $248 thousand at December 31, 2021 and 2020, respectively). Restricted equity investments are carried at cost. The Company holds various other equity investments, including shares in other financial institutions and fintech companies, totaling $14.2 million and $3.0 million as o f December 31, 2021 and 2020, respectively, which are carried at fair value with gain or loss, if any, reported in the consolidated statements of operations each reporting period. The Company also holds investments in early-stage focused investment funds, small business investment company ("SBIC") funds, and low income housing partnerships, which are reported in other investments on the consolidated balance sheets. Early-stage focused investment funds primarily hold investments in fintech companies or early-stage technology companies that focus on bank offerings. Management evaluates securities for OTTI on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. No declines in fair value relative to amortized cost were deemed to be OTTI as of and for the years ended December 31, 2021 and 2020.

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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=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
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