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Borrowings | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Borrowings | Note 6 – Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB secured by pledged qualifying real estate loans and securities. At September 30, 2023 and December 31, 2022, based on pledged collateral, the line totaled $532.7 million and $525.1 million, respectively. The FHLB will lend up to 30% of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from the FHLB totaling $150.0 million and $311.7 million at September 30, 2023 and December 31, 2022, respectively. FHLB borrowings required the Bank to hold $9.4 million and $14.7 million of FHLB stock at September 30, 2023 and December 31, 2022, respectively, which is included in restricted equity investments on the consolidated balance sheets. The Bank also has letters of credit issued by the FHLB in the amount of $100.0 million as of September 30, 2023 for the purpose of collateral for public deposits with the Treasury Board of the Commonwealth of Virginia. Outstanding letters of credit reduce the available balance of the borrowing facility with the FHLB, which was $282.7 million as of September 30, 2023. The following table presents information regarding FHLB advances outstanding as of the date stated.
|  | September 30, 2023
(Dollars in thousands) |  | Balance |  |  | Origination Date |  | Stated Interest Rate |  |  | Maturity Date
Fixed Rate Credit |  | $ | 50,000 |  |  | 3/15/2023 |  |  | 4.07 | % |  | 3/15/2027
Fixed Rate Credit |  |  | 50,000 |  |  | 5/2/2023 |  |  | 3.87 | % |  | 5/3/2027
Fixed Rate Credit |  |  | 50,000 |  |  | 5/4/2023 |  |  | 3.52 | % |  | 5/4/2028
Total FHLB borrowings |  | $ | 150,000 |  |  |  |  |  |  |  |
FRB Borrowings Advances under the BTFP are up to a one-year term and are priced at the one-year overnight index swap rate plus 10 basis points, which is fixed for the term on the advance date. Advances can be repaid at any time without penalty. As of September 30, 2023, the Company had an immediately available line through the BTFP of $267.0 million, of which the Company had drawn one advance f or $65.0 million, maturing May 10, 2024, with a fixed interest rate of 4.74%. As of September 30, 2023, availability through the FRB Discount Window was $277.6 million. As of September 30, 2023 and December 31, 2022, the Company had no outstanding borrowings through the FRB Discount Window. Other Borrowings The Company had unsecured lines of credit with correspondent banks, which totale d $25.0 million and $28.0 million as of September 30, 2023 and December 31, 2022, respectively. These lines bear interest at the prevailing rates for such loans and are cancelable any time by the correspondent bank. As of September 30, 2023 and December 31, 2022, no ne of these lines of credit with correspondent banks were drawn upon. The Company had $39.9 million of subordinated notes, net, outstanding as of both September 30, 2023 and December 31, 2022. The Company's subordinated notes are comprised of an issuance in October 2019 maturing October 15, 2029 (the “2029 Notes”) and an issuance in May 2020 maturing June 1, 2030 (the “2030 Note”). As of September 30, 2023, the net carrying amount of the 2029 Notes was $25.1 million, inclusive of a $603 thousand purchase accounting adjustment (premium). For the three months ended September 30, 2023 and 2022, the effective interest rate on the 2029 Notes was 5.3%, inclusive of the amortization of the purchase accounting adjustment (premium). For the nine months ended September 30, 2023 and 2022, the effective interest rate on the 2029 Notes was 5.1%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). As of September 30, 2023, the net carrying amount of the 2030 Note, including capitalized, unamortized debt issuance costs, was $14.8 million. For the three and nine months ended September 30, 2023 and 2022, the effective interest rate on the 2030 Note was 6.10%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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