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Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowings | Note 4 – Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB secured by pledged qualifying commercial and residential mortgage loans and securities. At September 30, 2024 and December 31, 2023, the line totaled $680.1 million and $455.6 million, respectively, based on pledged collateral. 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 $190.0 million and $210.0 million at September 30, 2024 and December 31, 2023, respectively. The FHL B borrowings required the Bank to hold $11.3 million and $12.3 million of FHLB stock at September 30, 2024 and December 31, 2023, respectively, which is included in restricted equity investments on the consolidated balance sheets. At September 30, 2024 and December 31, 2023, the Bank also had letters of credit outstanding with the FHLB in the amount of $81.2 million and $110.1 million, respectively, of which $80.0 million and $110.0 million were for the purpose of collateral for public deposits with the Treasury Board of the Commonwealth of Virginia as of the same dates. Outstanding letters of credit reduce the available balance of the borrowing facility with the FHLB. Available balances on the FHLB credit facility were $408.9 million and $135.5 million as of September 30, 2024 and December 31, 2023, respectively. The following tables present information regarding FHLB advances outstanding as of the dates stated.
|  | September 30, 2024
(Dollars in thousands) |  | Balance |  |  | Origination Date |  | Stated Interest Rate |  |  | Maturity Date
Fixed rate credit (1) |  | $ | 40,000 |  |  | 7/29/2024 |  | 4.75% - 4.89% |  |  | 7/29/2025 - 1 1/18/2025
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 |  | $ | 190,000 |  |  |  |  |  |  |  |
(1) Consists of four $10 million advances.
|  | December 31, 2023
(Dollars in thousands) |  | Balance |  |  | Origination Date |  | Stated Interest Rate |  |  | Maturity Date
Daily rate credit |  | $ | 60,000 |  |  | 5/8/2023 |  |  | 5.57 | % |  | 5/8/2024
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 |  | $ | 210,000 |  |  |  |  |  |  |  |
FRB Borrowings The Company may obtain advances from the FRB through the FRB Discount Window. The Company had secured capacity through the FRB Discount Window of $69.6 million and $161.0 million as of September 30, 2024 and December 31, 2023, respectively, of which the Company had no outstanding advances as of both dates. The $65.0 million advance obtained through the BTFP was repaid at its maturity in the second quarter of 2024. Other Borrowings The Company had an unsecured line of credit with a correspondent bank o f $10.0 million as of both September 30, 2024 and December 31, 2023. This line bears interest at the prevailing rates for such loans and is cancelable any time by the correspondent bank. As of both September 30, 2024 and December 31, 2023, this line of credit was undrawn. The Company had $39.8 million and $39.9 million of subordinated notes, net, outstanding as of September 30, 2024 and December 31, 2023, respectively. 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, 2024, the net carrying amount of the 2029 Notes was $25.0 million, inclusive of a $503 thousand purchase accounting adjustment (premium). For both the three months ended September 30, 2024 and 2023, 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, 2024 and 2023, the effective interest rate on the 2029 Notes was 5.2% a nd 5.1%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). As of September 30, 2024, 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, 2024 and 2023, the effective interest rate on the 2030 Note was 6.08% and 6.10%, respectively.

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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