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Concentration Of Credit Risk | 12 Months Ended
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Dec. 31, 2020
Concentration Of Credit Risk [Abstract] |
Concentration Of Credit Risk | Note 20 – Concentration of credit risk The Bank has a diversified loan portfolio consisting of commercial, real estate and consumer (installment) loans. Substantially all of the Bank’s customers are residents or operate business ventures in its market area consisting primarily of the Lynchburg metropolitan area. Therefore, a substantial portion of its debtors’ ability to honor their contracts and the Bank’s ability to realize the value of any underlying collateral, if needed, is influenced by the economic conditions in this market area. The Bank maintains a significant portion of its cash balances with one financial institution. Uninsured cash balances as of December 31, 2020 were approximately $5,544 which consisted of the total balances in one account at the Federal Home Loan Bank of Atlanta (FHLBA), as well as the balances (net of $250 FDIC coverage) held in one account at Community Bankers’ Bank, one account at Suntrust (now Truist), one account at Zions Bank, and one account held at First National Bankers’ Bank. Uninsured cash balances as of December 31, 2019 were approximately $6,300 which consisted of the total balances in the same accounts referenced for 2020 above. ﻿

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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