Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BANK OF THE JAMES FINANCIAL GROUP, INC. | ||
Entity Incorporation, State or Country Code | VA | ||
Entity File Number | 001-35402 | ||
Entity Tax Identification Number | 20-0500300 | ||
Entity Address, Address Line One | 828 Main Street | ||
Entity Address, City or Town | Lynchburg | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24504 | ||
City Area Code | 434 | ||
Local Phone Number | 846-2000 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0001275101 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 53,478,191 | ||
Title of 12(b) Security | Common Stock, $2.14 par value | ||
Trading Symbol | BOTJ | ||
Security Exchange Name | NASDAQ | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 4,575,038 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the 2023 Proxy Statement to be used in conjunction with the Annual Meeting of Shareholders, scheduled to be held on May 16, 2023, are incorporated by reference into Part III of this Form 10-K | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm Id | 613 | ||
Auditor Name | Yount, Hyde & Barbour | ||
Auditor Location | Winchester, Virginia, US |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 30,025 | $ 29,337 |
Federal funds sold | 31,737 | 153,816 |
Total cash and cash equivalents | 61,762 | 183,153 |
Securities held-to-maturity, at amortized cost (fair value of $3,135 in 2022 and $4,006 in 2021) | 3,639 | 3,655 |
Securities available-for-sale, at fair value | 185,787 | 161,267 |
Restricted stock, at cost | 1,387 | 1,324 |
Loans, net of allowance for loan losses of $6,259 in 2022 and $6,915 in 2021 | 605,366 | 576,469 |
Loans held for sale | 2,423 | 1,628 |
Premises and equipment, net | 17,974 | 18,351 |
Interest receivable | 2,736 | 2,064 |
Cash value - bank owned life insurance | 19,237 | 18,785 |
Other real estate owned | 566 | 761 |
Customer relationship intangibles | 7,845 | 8,406 |
Goodwill | 2,054 | 3,001 |
Other assets | 17,795 | 8,770 |
Total assets | 928,571 | 987,634 |
Deposits | ||
Noninterest bearing demand | 154,884 | 162,286 |
NOW, money market and savings | 560,479 | 582,000 |
Time deposits | 132,775 | 142,770 |
Total deposits | 848,138 | 887,056 |
Capital notes | 10,037 | 10,031 |
Other borrowings | 10,457 | 10,985 |
Interest payable | 89 | 46 |
Other liabilities | 9,624 | 10,087 |
Total liabilities | 878,345 | 918,205 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Preferred stock; authorized 1,000,000 shares; none issued and outstanding | ||
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,628,657 and 4,740,657 as of December 31, 2022 and 2021 | 9,905 | 10,145 |
Additional paid-in-capital | 36,068 | 37,230 |
Retained earnings | 31,034 | 23,440 |
Accumulated other comprehensive loss | (26,781) | (1,386) |
Total stockholders’ equity | 50,226 | 69,429 |
Total liabilities and stockholders’ equity | $ 928,571 | $ 987,634 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets [Abstract] | ||
Securities held-to-maturity, fair value | $ 3,135 | $ 4,006 |
Loans, allowance for loan losses | $ 6,259 | $ 6,915 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 2.14 | $ 2.14 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,628,657 | 4,740,657 |
Common stock, shares outstanding | 4,628,657 | 4,740,657 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income | ||
Loans | $ 26,175 | $ 26,529 |
Securities | ||
US Government and agency obligations | 1,235 | 875 |
Mortgage backed securities | 1,656 | 462 |
Municipals - taxable | 1,079 | 813 |
Municipals - tax exempt | 73 | 52 |
Dividends | 66 | 67 |
Other (Corporates) | 566 | 243 |
Interest bearing deposits | 282 | 33 |
Federal Funds sold | 721 | 107 |
Total interest income | 31,853 | 29,181 |
Deposits | ||
NOW, money market savings | 555 | 564 |
Time Deposits | 732 | 1,105 |
Finance leases | 96 | 106 |
Capital notes | 327 | 327 |
Other borrowings | 440 | |
Total interest expense | 2,150 | 2,102 |
Net interest income | 29,703 | 27,079 |
Recovery of loan losses | (900) | (500) |
Net interest income after recovery of loan losses | 30,603 | 27,579 |
Noninterest income | ||
Gain on sales of loans held for sale | 5,256 | 8,265 |
Service charges, fees and commissions | 3,591 | 2,496 |
Wealth management fees | 3,932 | |
Life insurance income | 452 | 430 |
Other | 16 | 18 |
Loss on sales and calls of securities, net | (3) | |
Total noninterest income | 13,244 | 11,209 |
Noninterest expenses | ||
Salaries and employee benefits | 17,682 | 16,377 |
Occupancy | 1,814 | 1,673 |
Equipment | 2,553 | 2,526 |
Supplies | 521 | 471 |
Professional and other outside expenses | 2,589 | 2,286 |
Data processing | 2,467 | 1,808 |
Marketing | 920 | 934 |
Credit expense | 923 | 1,103 |
Other real estate expenses, net | 214 | 102 |
FDIC insurance expense | 500 | 548 |
Amortization of intangibles | 560 | |
Other | 1,994 | 1,509 |
Total noninterest expenses | 32,737 | 29,337 |
Income before income taxes | 11,110 | 9,451 |
Income tax expense | 2,151 | 1,862 |
Net Income | $ 8,959 | $ 7,589 |
Weighted average shares outstanding - basic | 4,698,041 | 4,747,821 |
Weighted average shares outstanding - diluted | 4,698,041 | 4,747,821 |
Earnings per common share – basic | $ 1.91 | $ 1.60 |
Earnings per common share – diluted | $ 1.91 | $ 1.60 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Consolidated Statements Of Comprehensive Income | |||
Net income | $ 8,959 | $ 7,589 | |
Other comprehensive loss: | |||
Unrealized losses on securities available-for-sale | (32,151) | (4,022) | |
Tax effect | 6,754 | 844 | |
Reclassification adjustment for losses included in net income | [1] | 3 | |
Tax effect | [2] | (1) | |
Other comprehensive loss, net of tax | (25,395) | (3,178) | |
Comprehensive (loss) income | $ (16,436) | $ 4,411 | |
[1] Gains are included in “loss on sales and calls of securities, net” on the consolidated statements of income. The tax effect on these reclassifications is reflected in “income tax expense” on the consolidated statements of income. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) Income [Member] | Total |
Balance at Dec. 31, 2020 | $ 9,286 | $ 30,989 | $ 24,665 | $ 1,792 | $ 66,732 |
Balance, shares at Dec. 31, 2020 | 4,339,436 | ||||
Net income available to stockholders | 7,589 | 7,589 | |||
Dividends paid on common stock | (1,271) | (1,271) | |||
Repurchase of common stock | $ (62) | (365) | (427) | ||
Repurchase of common stock, shares | (28,900) | ||||
10% Stock dividend | $ 923 | 6,620 | (7,543) | ||
10% Stock dividend, shares | 430,121 | ||||
Cash in lieu of fractional shares | $ (2) | (14) | (16) | ||
Other comprehensive loss | (3,178) | (3,178) | |||
Balance at Dec. 31, 2021 | $ 10,145 | 37,230 | 23,440 | (1,386) | 69,429 |
Balance, shares at Dec. 31, 2021 | 4,740,657 | ||||
Net income available to stockholders | 8,959 | 8,959 | |||
Dividends paid on common stock | (1,365) | (1,365) | |||
Repurchase of common stock | $ (240) | (1,162) | (1,402) | ||
Repurchase of common stock, shares | (112,000) | ||||
Other comprehensive loss | (25,395) | (25,395) | |||
Balance at Dec. 31, 2022 | $ 9,905 | $ 36,068 | $ 31,034 | $ (26,781) | $ 50,226 |
Balance, shares at Dec. 31, 2022 | 4,628,657 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders’ Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Changes In Stockholders’ Equity [Abstract] | ||
Dividend on common stock, per share | $ 0.29 | $ 0.28 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 8,959 | $ 7,589 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,049 | 2,059 |
Stock based compensation expense | 106 | |
Net amortization and accretion of premiums and discounts on securities | 508 | 516 |
Amortization of debt issuance costs | 10 | 4 |
Loss on sales of available-for-sale securities | 3 | |
Gain on sales of loans held for sale | (5,256) | (8,265) |
Proceeds from sales of loans held for sale | 217,867 | 344,974 |
Origination of loans held for sale | (213,406) | (331,235) |
Recovery of loan losses | (900) | (500) |
Loss on sale of other real estate owned | 87 | |
Impairment of other real estate owned | 195 | |
Gain on sales of equipment | (18) | |
(Benefit) expense for deferred income taxes | (10) | 114 |
Bank owned life insurance income | (452) | (430) |
(Increase) decrease in interest receivable | (672) | 286 |
(Increase) decrease in other assets | (62) | 295 |
Increase (decrease) in interest payable | 43 | (39) |
Amortization of intangibles | 560 | |
(Decrease) increase in other liabilities | (106) | 788 |
Net cash provided by operating activities | 9,312 | 16,349 |
Cash flows from investing activities | ||
Purchases of securities available-for-sale | (76,562) | (83,964) |
Proceeds from maturities, calls and paydowns of securities available-for-sale | 11,718 | 8,360 |
Proceeds from sale of securities available-for-sale | 7,681 | |
Purchases of bank owned life insurance | (2,000) | |
(Redemption) purchase of Federal Home Loan Bank stock | (63) | 227 |
Proceeds from sale of other real estate owned | 368 | |
Origination of loans, net of principal collected | (27,997) | |
Origination of loans, net of principal collected | 25,854 | |
Cash paid in acquistion, net of cash received | (818) | (10,400) |
Purchases of premises and equipment | (1,191) | (2,909) |
Proceeds from sale of equipment | 30 | |
Purchase of other investments | (927) | (564) |
Net cash (used in) investing activities | (88,129) | (65,028) |
Cash flows from financing activities | ||
Net (decrease) increase in deposits | (38,918) | 122,089 |
Principal payments on finance lease obligations | (357) | (414) |
Repurchase of common stock | (1,402) | (427) |
Cash in lieu of fractional shares | (16) | |
Dividends paid to common stockholders | (1,365) | (1,271) |
Proceeds from bank loan | 10,985 | |
Principal payments on bank loan | (532) | |
Net cash (used in) provided by financing activities | (42,574) | 130,946 |
(Decrease) increase in cash and cash equivalents | (121,391) | 82,267 |
Cash and cash equivalents at beginning of period | 183,153 | 100,886 |
Cash and cash equivalents at end of period | 61,762 | 183,153 |
Non cash transactions | ||
Transfer of loans to other real estate owned | 111 | |
Fair value adjustment for securities available-for-sale | (32,148) | (4,022) |
Cash transactions | ||
Cash paid for interest | 2,107 | 2,141 |
Cash paid for income taxes | $ 2,180 | 2,550 |
Transactions related to acquistion: | ||
Assets acquired, net of cash received | 9,296 | |
Liabilities assumed | $ 1,797 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation [Abstract] | |
Organization | Note 1 – Organization Bank of the James Financial Group, Inc. (“Financial” or the “Company”), a Virginia corporation, was organized in 2003 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. Financial is headquartered in Lynchburg, Virginia. Financial conducts its business activities through the branch offices and loan production offices of its wholly owned subsidiary bank, Bank of the James (the “Bank”), the Bank’s wholly-owned subsidiary, BOTJ Insurance, Inc. (“BOTJ-Ins.”), and through the Bank’s two divisions, Bank of the James Mortgage division (“Mortgage Division”) and BOTJ Investment Services division (“Investment Division”). On December 31, 2021, Financial acquired all of the issued and outstanding stock of Pettyjohn, Wood & White, Inc. (“PWW”) through which it conducts its investment advisory business. The Mortgage Division originates conforming and non-conforming home mortgages in the Region 2000 area, which includes the counties of Amherst, Appomattox, Bedford and Campbell (which includes the Town of Altavista and the county seat in Rustburg), the Town of Bedford and the City of Lynchburg, Virginia, as well as the cities of Charlottesville, Harrisonburg, Lexington, Roanoke, and Blacksburg. Financial exists primarily for the purpose of holding the stock of its subsidiaries, the Bank and such other subsidiaries as it may acquire or establish. Financial also has one wholly-owned non-operating subsidiary. Bank of the James was incorporated on October 23, 1998, and began banking operations on July 22, 1999. The Bank is a Virginia chartered bank and is engaged in lending and deposit gathering activities in Region 2000 and other markets in Central Virginia and the Shenandoah Valley. It operates under the laws of Virginia and the Rules and Regulations of the Federal Reserve System and the Federal Deposit Insurance Corporation. The Bank’s locations consist of four branches ( one of which is a limited service branch) in Lynchburg, Virginia, one in Forest, Virginia which includes the Mortgage Division, one in Madison Heights, Virginia, one in the Town of Amherst, Virginia, one in the Town of Bedford, Virginia, one in the Town of Altavista, Virginia, and one in the Town of Appomattox. Outside of Region 2000, the Bank also operates two full-service branches and one limited-service branch in Charlottesville, Virginia, a full-service branch in Harrisonburg, Virginia, two full-service branches in Roanoke, Virginia, a full-service branch in Rustburg, Virginia, a full-service branch in Lexington, Virginia and a mortgage origination office in Blacksburg, Virginia. On December 31, 2021, Financial completed its acquisition of PWW, a Lynchburg, Virginia-based investment advisory firm. Because the acquisition of PWW was effective on December 31, 2021, PWW had no impact on the consolidated statements of income and was primarily reflected on the consolidated balance sheet at December 31, 2021 through balances recorded for Customer relationship intangibles and Goodwill. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 - Summary of significant accounting policies (dollars in thousands) Consolidation The consolidated financial statements include the accounts of Bank of the James Financial Group, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Note 2 - Summary of significant accounting policies (continued) Basis of presentation and use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses. Cash and cash equivalents Cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within ninety days . Generally, federal funds are purchased and sold for one-day periods. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Bank intends to sell the security or (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis. If, however, the Bank does not intend to sell the security and it is not more likely than not that the Bank will be required to sell the security before recovery, the Bank must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. We regularly review each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, our best estimate of the present value of cash flows expected to be collected from debt securities, our intention with regard to holding the security to maturity, and the likelihood that we would be required to sell the security before recovery. Note 2 - Summary of significant accounting policies (continued) Restricted investments As members of the Federal Reserve Bank (FRB) and the Federal Home Loan Bank of Atlanta (FHLBA), the Bank is required to maintain certain minimum investments in the common stock of the FRB and FHLBA. Required levels of investment are based upon the Bank’s capital and a percentage of qualifying assets. The Bank also maintains stock ownership in Community Bankers’ Bank (CBB). The investment in CBB is minimal and is not mandated but qualifies the Bank for preferred pricing on services offered by CBB. Based on liquidation restrictions, all of these investments are carried at cost, less impairment, if any. Loans Financial makes real estate, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by real estate loans collateralized by real estate within Region 2000. The ability of Financial’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Past due status Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual and potentially charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual status Financial stops accruing interest on a loan at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. At the time the loan is placed on non-accrual status, all previously accrued but not collected interest is reversed against interest income. While the loan is classified as non-accrual, any payments collected are accounted for using the cost-recovery method which requires the entire amount of the payment to be applied directly to principal, until qualifying for return to performing status. Loans may be, but are not always, returned to performing status when all the principal and interest amounts contractually due are brought current (within 90 days past due), future payments are reasonably assured, and contractually required payments have been made on a timely basis for at least six consecutive months. Charge-off At the time a loan is placed on non-accrual status, it is generally reevaluated for expected loss and a specific reserve, if not already assigned, is established against the loan. Consumer term loans are typically charged-off no later than 120 days whereas consumer revolving credit loans are typically charged-off no later than 180 days. Although the goal for commercial and commercial real estate loans is for charge off no later than 180 days, a Note 2 - Summary of significant accounting policies (continued) commercial or commercial real estate loan may not be fully charged off until there is reasonable certainty that no additional workout efforts, troubled debt restructurings or any other types of concession can or will be made by Financial. Paycheck Protection Program Loans In 2020, the Company participated in the Paycheck Protection Program (PPP). The PPP commenced subsequent to the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020 and was later expanded by the Paycheck Protection Program and Health Care Enhancement Act of April 2020. The PPP was designed to provide U.S. small businesses with cash-flow assistance during the COVID-19 pandemic through loans that are fully guaranteed by the Small Business Administration (SBA) which may be forgiven upon satisfaction of certain criteria. As of December 31, 2021, the Company had 107 PPP loans with outstanding balances totaling $ 8.15 million. As compensation for originating the loans, the Company received lender processing fees from the SBA, which were deferred, along with the related loan origination costs. These net fees were accreted to interest income over the lives of the loans until they were forgiven bhy the SBA. As of December 31, 2022 there were no longer any PPP loans outstanding. Loans Held for Sale Loans originated and intended for sale in the secondary market are sold, servicing released, and carried at the lower of cost or fair value, which is determined in the aggregate based on sales commitments to permanent investors or on current market rates for loans of similar quality and type. In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be closed, thus limiting interest rate risk. Allowance for loan losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio and is recorded through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such loans that are classified as impaired, an allowance is established when the collateral value of the impaired loan or discounted cash flows is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. Note 2 - Summary of significant accounting policies (continued) A loan is considered impaired when, based on current information and events, it is probable that Financial will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by evaluating the discounted cash flows or fair value of the underlying collateral, if the loan is collateral dependent. Management considers the following when calculating its loan loss reserve requirement: In accordance with current accounting rules (ASC 310) and the Bank’s impairment methodology, the Bank performs an individual impairment analysis on all loans having a principal balance greater than $ 100,000 (unless related to another classified relationship or a TDR) with a risk rating of substandard, doubtful, and loss (our internal risk ratings of 7 through 9). In accordance with current accounting rules (ASC 450), the Bank examines historical charge-off data by segment in order to determine historical loss rates which are applied to specific pools of loans which carry similar risk characteristics. The Bank updates its historical charge-off data quarterly and adjusts the reserve accordingly. The Bank assesses various qualitative factors to adjust the historical loss rates described above to management’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Such factors include levels and trends of delinquent and non-accrual loans, economic conditions, trends in charge-offs, loan concentrations, lending policies and procedures, lending management, changes in the value of underlying collateral, the effect of external factors such as legal and regulatory requirements, and other factors, as deemed appropriate. Troubled debt restructurings In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loans reach non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. In cases where borrowers are granted new terms that generally (although not required to be considered a TDR) provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Bank had $ 431 and $ 372 classified as TDRs as of December 31, 2022 and 2021, respectively. Note 2 - Summary of significant accounting policies (continued) Premises, equipment and depreciation Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the respective assets on the straight-line basis, which range from 3 to 7 years for equipment and 10 to 39.5 years for buildings and improvements. Leasehold improvements are amortized over a term which is the shorter of their useful life or the remaining lease term. Land is carried at cost and is not depreciable. Expenditures for major renewals and betterments are capitalized and those for maintenance and repairs are charged to operating expenses as incurred. Bank owned life insurance Financial has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value. Other real estate owned Other real estate owned consists of properties acquired through foreclosure or deed in lieu of foreclosure. These properties are carried at fair value less estimated costs to sell at the date of foreclosure establishing a new cost basis. These properties are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Losses from the acquisition of property in full or partial satisfaction of loans are charged against the allowance for loan losses. Subsequent write-downs, if any, are charged against expense. Gains and losses on the sales of foreclosed properties are included in determining net income in the year of the sale. Operating costs after acquisition are expensed. Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absences of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Note 2 - Summary of significant accounting policies (continued) Business Segments As of December 31, 2022, we operated three business segments, community banking, mortgage banking, and investment advisory services. The community banking segment includes both commercial and consumer lending and provides customers such products as commercial loans, real estate loans, and other business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products, including demand deposit accounts, savings accounts and certificates of deposit. The mortgage banking segment engages primarily in the origination of residential mortgages for sale into the secondary market. The investment advisory segment provides investment management for a fee through PWW. For addition information, refer to Note 9 “Business Segments.” Retirement Plans Employee 401(k) and profit sharing expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. Income taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. At December 31, 2022 and 2021, there were no liabilities recorded for unrecognized tax benefits. Stock-based compensation plans Compensation cost is recognized for stock-based awards issued to employees based on the fair value of the awards. The Black-Scholes valuation model is utilized to estimate the fair value of stock options and the market value of the Company’s common stock on the date of grant is used for restricted stock awards. Restricted stock units, which may be settled in stock or in cash, are a liability classified with the fair value Note 2 - Summary of significant accounting policies (continued) initially measured at the market value of the Company’s common stock on the date of grant. These awards are subsequently remeasured to the fair value of the Company’s common stock in each reporting period. Compensation cost is recognized over the vesting period of the awards and the Company’s policy is to recognize forfeitures as they occur. Awards under the 2018 Bank of the James Financial Group, Inc. Equity Incentive Plan are detailed in Note 15, “Stock-based Compensation Plans”. The Company’s ability to grant awards under the Equity Incentive Plan is ongoing. Earnings per common share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to stock options and restricted stock units outstanding during the periods, and are determined using the treasury stock method. Reclassifications Management has made certain immaterial reclassifications to the prior year financial statements to conform to the 2022 presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. Comprehensive income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on available-for-sale securities. Business Combinations Business combinations are accounted for under ASC 805, Business Combinations, using the acquisition method of accounting. The acquisition method of accounting requires an acquirer to recognize the assets acquired and the liabilities assumed at the acquisition date measured at their fair values as of that date. To determine the fair values, the Company utilizes third party valuations based on discounted cash flow analysis or other valuation techniques. Acquisition costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants, contract terminations, and advertising costs. The Company will account for acquisition costs in the periods in which the costs are incurred and the services are received, with one exception. The costs to issue debt or equity securities will be recognized in accordance with other applicable accounting guidance. These acquisition-related costs are included on the Company’s Consolidated Statements of Income classified within “Other” in the noninterest expense caption. Note 2 - Summary of significant accounting policies (continued) Goodwill and Intangible Assets Goodwill is subject to at least an annual assessment for impairment. Additionally, acquired intangible assets (such as customer relationship intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The cost of customer relationships, based on independent valuation, are being amortized over their estimated lives of fifteen years. The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. The Company will review the carrying value of the goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Company may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Company elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying value to determine whether an impairment exists. The Company has selected September 1 of each year as the date to perform the annual impairment test. Based upon Financial’s qualitative assessment in September 2022, it was concluded that no impairment was present. Marketing The Company expenses advertising costs as incurred. Advertising expenses were $ 920 and $ 934 for 2022 and 2021, respectively. |
Restrictions On Cash
Restrictions On Cash | 12 Months Ended |
Dec. 31, 2022 | |
Restrictions On Cash [Abstract] | |
Restrictions On Cash | Note 3 - Restrictions on cash To comply with Federal Reserve regulations, the Bank may be required to maintain certain average cash reserve balances. There were no daily average cash reserve requirements for the weeks including December 31, 2022 and 2021, respectively. The Federal Reserve announced they were reducing the reserve requirement ratio to zero percent across all deposit tiers as of March 26, 2020. This decision came as the COVID-19 pandemic began to impact much of the way financial institutions both operate and serve their customers. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Securities | Note 4 - Securities A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows: December 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $ 3,639 $ — $ ( 504 ) $ 3,135 Available-for-sale U.S. Treasuries $ 4,912 $ — $ ( 171 ) $ 4,741 U.S. agency obligations 68,833 — ( 9,560 ) 59,273 Mortgage-backed securities 78,955 — ( 11,113 ) 67,842 Municipals 49,951 — ( 12,096 ) 37,855 Corporates 17,037 — ( 961 ) 16,076 $ 219,688 $ — $ ( 33,901 ) $ 185,787 December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $ 3,655 $ 351 $ — $ 4,006 Available-for-sale U.S. Treasuries $ 2,000 $ 2 $ — $ 2,002 U.S. agency obligations 59,144 575 ( 1,249 ) 58,470 Mortgage-backed securities 38,017 75 ( 654 ) 37,438 Municipals 50,806 368 ( 970 ) 50,204 Corporates 13,053 169 ( 69 ) 13,153 $ 163,020 $ 1,189 $ ( 2,942 ) $ 161,267 Temporarily Impaired Securities The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021: Note 4 –Securities (continued) December 31, 2022 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ 3,135 $ 504 $ — $ — $ 3,135 $ 504 Available-for-sale U.S. Treasuries 4,741 171 — — 4,741 171 U.S. agency obligations 27,708 2,838 31,565 6,722 59,273 9,560 Mortgage-backed securities 42,024 5,656 25,818 5,457 67,842 11,113 Municipals 10,847 2,245 27,008 9,851 37,855 12,096 Corporates 6,568 469 1,508 492 8,076 961 Total temporarily impaired securities $ 95,023 $ 11,883 $ 85,899 $ 22,522 $ 180,922 $ 34,405 December 31, 2021 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ — $ — $ — $ — $ — $ — Available-for-sale U.S. Treasuries — — — — — — U.S. agency obligations 21,893 379 15,233 870 37,126 1,249 Mortgage-backed securities 28,019 402 6,382 252 34,401 654 Municipals 28,028 635 7,952 335 35,980 970 Corporates 1,931 69 — — 1,931 69 Total temporarily impaired securities $ 79,871 $ 1,485 $ 29,567 $ 1,457 $ 109,438 $ 2,942 U.S. Treasuries and agency obligations. The unrealized losses on the 33 investments in U.S. agency obligations at December 31, 2022 were caused by an increase in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is likely that the Bank will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2022. Each of these 33 investments carries an S&P investment grade rating of AA or better. Mortgage-backed securities. The unrealized losses on the 23 investments in U.S. government agency mortgage-backed securities at December 31, 2022 were caused by an increase in interest rates. The contractual terms of those investments does not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Bank does not intend to sell the investments and it is likely Note 4 –Securities (continued) that the Bank will not be required to sell the investments before recovery of the amortized cost basis, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2022. Each of these 23 investments carries an S&P investment grade rating of AAA. Municipals. The unrealized losses on the 52 investments in municipal obligations at December 31, 2022 were caused by an increase in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is likely that the Bank will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2022. Each of these 52 investments carries an S&P investment grade rating of AA or above. Corporates. The unrealized losses on 10 investments in domestic corporate issued securities at December 31, 2022 were caused by an increase in interest rates. The contractual terms of those investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investments. Because the Bank does not intend to sell the investments and it is likely that the Bank will not be required to sell the investments before recovery of the amortized cost basis, which may be maturity, the Bank does not consider these investments to be other-than-temporarily impaired at December 31, 2022. Each of these 10 investments carries an S&P investment grade rating of BBB or above. The amortized costs and fair values of securities at December 31, 2022, by contractual maturity, are shown below. 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. Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair Cost Values Cost Values Due in one year or less $ — $ — $ 2,339 $ 2,312 Due after one year through five years — — 44,918 41,061 Due after five years through ten years 2,425 2,131 69,531 59,777 Due after ten years 1,214 1,004 102,900 82,637 $ 3,639 $ 3,135 $ 219,688 $ 185,787 The Bank received $ 7,681 and $ 0 in proceeds from sales of securities available-for-sale in 2022 and 2021, respectively. Gross realized gains amounted to $ 0 in 2022 and 2021, respectively. Gross realized losses amounted to $ 3 and $ 0 in 2022 and 2021, respectively. At December 31, 2022 and 2021, securities with a carrying value of $ 35,879 and $ 32,159 , respectively, were pledged as collateral for public deposits and for other purposes as required or permitted by law. |
Loans and allowance for loan lo
Loans and allowance for loan losses | 12 Months Ended |
Dec. 31, 2022 | |
Loans and allowance for loan losses [Abstract] | |
Loans and allowance for loan losses | Note 5 - Loans and allowance for loan losses The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Management has an established methodology used to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Bank has segmented certain loans in the portfolio by product type. Within these segments, the Bank has sub-segmented its portfolio by classes within the segments, based on the associated risks within these classes. The classifications set forth below do not correspond directly to the classifications set forth in the call report (Form FFIEC 041). Management has determined that the classifications set forth below are more appropriate for use in identifying and managing risk in the loan portfolio. Loan Segments: Loan Classes: Commercial Commercial and industrial loans Commercial real estate Commercial mortgages – owner occupied Commercial mortgages – non-owner occupied Commercial construction Consumer Consumer unsecured Consumer secured Residential Residential mortgages Residential consumer construction Note 5 - Loans and allowance for loan losses (continued) The evaluation also considers the following risk characteristics of each loan segment: Commercial loans carry risks associated with the successful operation of a business because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. Commercial real estate loans carry risks associated with a real estate project and other risks associated with the ownership of real estate. In addition, for real estate construction loans there is a risk that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. Unsecured consumer loans carry additional risks associated with the continued credit-worthiness of borrowers who may be unable to meet payment obligations. Residential mortgage and construction loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The Bank’s internal risk rating system is in place to grade commercial and commercial real estate loans. Category ratings are reviewed periodically by lenders and the credit review area of the Bank based on the borrower’s individual situation. Additionally, internal and external monitoring and review of credits are conducted on an annual basis. Below is a summary and definition of the Bank’s risk rating categories: RATING 1 Excellent RATING 2 Above Average RATING 3 Satisfactory RATING 4 Acceptable / Low Satisfactory RATING 5 Monitor RATING 6 Special Mention RATING 7 Substandard RATING 8 Doubtful RATING 9 Loss Based on the above criteria, we segregate loans into the above categories for special mention, substandard, doubtful and loss from non-classified, or pass rated, loans. We review the characteristics of each rating at least annually, generally during the first quarter. The characteristics of these ratings are as follows: Note 5 - Loans and allowance for loan losses (continued) “Pass.” These are loans having risk ratings of 1 through 4. Pass loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. “Monitor.” These are loans having a risk rating of 5. Monitor loans have currently acceptable risk but may have the potential for a specific defined weakness in the borrower’s operations and the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may currently or in the future be characterized by late payments. The Bank’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. “Special Mention.” These are loans having a risk rating of 6. Special Mention loans have weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. These loans do warrant more than routine monitoring due to a weakness caused by adverse events. “Substandard.” These are loans having a risk rating of 7. Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Bank’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Bank. There is a distinct possibility that the Bank will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet our definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provide evidence that it is probable that the Bank will be unable to collect all amounts due. “Doubtful.” These are loans having a risk rating of 8. Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high. “Loss.” These are loans having a risk rating of 9. Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. Note 5 - Loans and allowance for loan losses (continued) The Bank grants primarily commercial, real estate, and installment loans to customers throughout its market area. The real estate portfolio can be affected by the condition of the local real estate markets. The commercial and installment loan portfolio can be affected by the local economic conditions. A summary of loans, net is as follows: December 31, 2022 2021 Commercial $ 95,885 $ 105,067 Commercial real estate 354,025 338,149 Consumer 97,959 89,102 Residential 63,756 51,066 Total loans (1) 611,625 583,384 Less allowance for loan losses 6,259 6,915 Net loans $ 605,366 $ 576,469 (1) Includes net deferred costs/premiums of $ 1,114 and $ 372 as of December 31, 2022 and 2021, respectively. The amounts of overdrafts reclassified as loans were $ 45 and $ 182 as of December 31, 2022 and 2021, respectively. The Company’s officers, directors and their related interests have various types of loan relationships with the Bank. The total outstanding balances of these related party loans at December 31, 2022 and 2021 were $ 10,738 and $ 11,200 respectively. The beginning balance was adjusted during 2022 to include $ 52 in loans to two new executive officers that were not included as related-party loans at the end of 2021. During 2022, new loans and advances amounted to $ 3,907 and repayments amounted to $ 4,369 . Note 5 - Loans and allowance for loan losses (continued) The following tables set forth information regarding impaired and non-accrual loans as of December 31, 2022 and 2021: Loans on Non-Accrual Status As of December 31, 2022 2021 Commercial $ — $ 25 Commercial Real Estate: Commercial Mortgages-Owner Occupied — 501 Commercial Mortgages-Non-Owner Occupied 518 138 Commercial Construction — — Consumer Consumer Unsecured — — Consumer Secured 20 127 Residential: Residential Mortgages 95 163 Residential Consumer Construction — — Totals $ 633 $ 954 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans (dollars in thousands) As of and For the Year Ended December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income 2022 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $ 9 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 554 581 - 1,573 48 Commercial Mortgage Non-Owner Occupied 518 526 - 310 23 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 249 249 - 154 12 Residential Residential Mortgages 1,345 1,428 - 1,331 54 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ - $ - $ - $ - $ - Commercial Real Estate Commercial Mortgages-Owner Occupied - - - - - Commercial Mortgage Non-Owner Occupied - - - - - Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured - - - - - Residential Residential Mortgages - - - - - Residential Consumer Construction - - - - - Totals: Commercial $ - $ - $ - $ 9 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 554 581 - 1,573 48 Commercial Mortgage Non-Owner Occupied 518 526 - 310 23 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 249 249 - 154 12 Residential Residential Mortgages 1,345 1,428 - 1,331 54 Residential Consumer Construction - - - - - $ 2,666 $ 2,784 $ - $ 3,377 $ 137 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans (dollars in thousands) As of and For the Year Ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income 2021 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 17 $ 67 $ - $ 179 $ 5 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,592 2,971 - 2,368 154 Commercial Mortgage Non-Owner Occupied 102 102 - 371 13 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 59 60 - 201 2 Residential Residential Mortgages 1,316 1,390 - 1,332 47 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ - $ - $ - $ 2 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied - - - - - Commercial Mortgage Non-Owner Occupied - - - - - Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured - - - - - Residential Residential Mortgages - - - - - Residential Consumer Construction - - - - - Totals: Commercial $ 17 $ 67 $ - $ 181 $ 5 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,592 2,971 - 2,368 154 Commercial Mortgage Non-Owner Occupied 102 102 - 371 13 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 59 60 - 201 2 Residential Residential Mortgages 1,316 1,390 - 1,332 47 Residential Consumer Construction - - - - - $ 4,086 $ 4,590 $ - $ 4,453 $ 221 Note 5 - Loans and allowance for loan losses (continued) The following tables set forth the allowance for loan losses activity for the years ended December 31, 2022 and 2021: Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) As of and For the Year Ended December 31, 2022 Commercial 2022 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $ 1,471 $ 3,637 $ 860 $ 947 $ 6,915 Charge-Offs - ( 137 ) ( 25 ) - ( 162 ) Recoveries 104 212 18 72 406 Provision (recovery of provision) ( 473 ) ( 810 ) 51 332 ( 900 ) Ending Balance 1,102 2,902 904 1,351 6,259 Ending Balance: Individually evaluated for impairment - - - - - Ending Balance: Collectively evaluated for impairment 1,102 2,902 904 1,351 6,259 Totals: $ 1,102 $ 2,902 $ 904 $ 1,351 $ 6,259 Financing Receivables: Ending Balance: Individually evaluated for impairment - 1,072 249 1,345 2,666 Ending Balance: Collectively evaluated for impairment 95,885 352,953 97,710 62,411 608,959 Totals: $ 95,885 $ 354,025 $ 97,959 $ 63,756 $ 611,625 Note 5 - Loans and allowance for loan losses (continued) Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) As of and For the Year Ended December 31, 2021 Commercial 2021 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $ 2,001 $ 3,550 $ 868 $ 737 $ 7,156 Charge-Offs ( 53 ) - ( 38 ) - ( 91 ) Recoveries 112 72 29 137 350 Provision (recovery of provision) ( 589 ) 15 1 73 ( 500 ) Ending Balance 1,471 3,637 860 947 6,915 Ending Balance: Individually evaluated for impairment - - - - - Ending Balance: Collectively evaluated for impairment 1,471 3,637 860 947 6,915 Totals: $ 1,471 $ 3,637 $ 860 $ 947 $ 6,915 Financing Receivables: Ending Balance: Individually evaluated for impairment 17 2,694 59 1,316 4,086 Ending Balance: Collectively evaluated for impairment 105,050 335,455 89,043 49,750 579,298 Totals: $ 105,067 $ 338,149 $ 89,102 $ 51,066 $ 583,384 Note 5 - Loans and allowance for loan losses (continued) The following tables set forth the age analysis of past due loans as of the years ended December 31, 2022 and 2021: Age Analysis of Past Due Loans as of December 31, 2022 Recorded Greater Investment 2022 30-59 Days 60-89 Days than Total Past Total > 90 Days & Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ 52 $ 194 $ — $ 246 $ 95,639 $ 95,885 $ — Commercial Real Estate: Commercial Mortgages-Owner Occupied — — — — 135,189 135,189 — Commercial Mortgages-Non-Owner Occupied 55 — — 55 206,646 206,701 — Commercial Construction — 397 — 397 11,738 12,135 — Consumer: Consumer Unsecured 15 — — 15 2,813 2,828 — Consumer Secured 62 — 13 75 95,056 95,131 — Residential: Residential Mortgages 139 — 95 234 42,815 43,049 — Residential Consumer Construction — — — — 20,707 20,707 — Total $ 323 $ 591 $ 108 $ 1,022 $ 610,603 $ 611,625 $ — Age Analysis of Past Due Loans as of December 31, 2021 Recorded Investment 2021 30-59 Days 60-89 Days Greater than Total Past Total > 90 Days & Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ — $ 1 $ 25 $ 26 $ 105,041 $ 105,067 $ — Commercial Real Estate: Commercial Mortgages-Owner Occupied 464 — 501 965 127,869 128,834 — Commercial Mortgages-Non-Owner Occupied 1,310 — — 1,310 177,803 179,113 — Commercial Construction — — — — 30,202 30,202 — Consumer: Consumer Unsecured 8 1 — 9 2,596 2,605 — Consumer Secured 111 3 118 232 86,265 86,497 — Residential: Residential Mortgages 948 — 163 1,111 30,814 31,925 — Residential Consumer Construction — — — — 19,141 19,141 — Total $ 2,841 $ 5 $ 807 $ 3,653 $ 579,731 $ 583,384 $ — Note 5 - Loans and allowance for loan losses (continued) The following tables set forth the credit quality information by segment as of December 31, 2022 and 2021: Credit Quality Information - by Class December 31, 2022 2022 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $ 89,889 $ 4,418 $ 1,465 $ 113 $ — $ 95,885 Commercial Real Estate: Commercial Mortgages-Owner Occupied 132,686 1,931 — 572 — 135,189 Commercial Mortgages-Non-Owner Occupied 204,810 — 1,182 709 — 206,701 Commercial Construction 12,126 9 — — — 12,135 Consumer Consumer Unsecured 2,809 — 19 — — 2,828 Consumer Secured 94,788 — — 343 — 95,131 Residential: Residential Mortgages 41,591 — — 1,458 — 43,049 Residential Consumer Construction 19,178 1,529 — — — 20,707 Totals $ 597,877 $ 7,887 $ 2,666 $ 3,195 $ — $ 611,625 Credit Quality Information - by Class December 31, 2021 2021 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $ 92,789 $ 7,965 $ 4,262 $ 51 $ — $ 105,067 Commercial Real Estate: Commercial Mortgages-Owner Occupied 116,098 5,986 4,130 2,620 — 128,834 Commercial Mortgages-Non-Owner Occupied 176,291 2,506 — 316 — 179,113 Commercial Construction 30,202 — — — — 30,202 Consumer Consumer Unsecured 2,581 — 23 1 — 2,605 Consumer Secured 86,265 — — 232 — 86,497 Residential: Residential Mortgages 30,486 — — 1,439 — 31,925 Residential Consumer Construction 19,141 — — — — 19,141 Totals $ 553,853 $ 16,457 $ 8,415 $ 4,659 $ — $ 583,384 Note 5 - Loans and allowance for loan losses (continued) Troubled Debt Restructurings (TDRs) There was one loan modification during the twelve months ended December 31, 2022 that was classified as a Troubled Debt Restructuring (TDR). The commercial owner-occupied real estate loan was modified to allow for multiple payment deferrals. During the twelve months ended December 31, 2021 there no loan modifications classified as TDRs. Loans that were previously classified as TDRs in prior periods and currently outstanding are factored into the determination of the allowance for loan losses and are included in the Bank’s impaired loan analysis and individually evaluated for impairment. At December 31, 2022 and December 31, 2021, the Bank had no outstanding commitments to disburse additional funds on loans classified as TDRs. There were no loan modifications classified as TDRs within the last twelve months that defaulted (90 days past due) during the twelve months ended December 31, 2022 and 2021. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 6 - Other real estate owned At December 31, 2022 and 2021, OREO was $ 566 and $ 761 respectively and was comprised of non-residential properties associated with commercial relationships. As of December 31, 2022 and 2021 respectively, there were no consumer mortgage loans secured by residential real estate that were in the process of foreclosure. The following table represents the changes in OREO balance in 2022 and 2021. OREO Changes Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 761 $ 1,105 Transfers from Loans — 111 Capitalized costs — — Valuation adjustments ( 195 ) — Sales — ( 368 ) Loss on sales — ( 87 ) Balance at the end of the year $ 566 $ 761 There were no residential properties being carried in OREO as of December 31, 2022 and 2021. |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | Note 7 – Premises and equipment Premises and equipment at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 Land $ 3,882 $ 3,302 Building and improvements 14,040 12,400 Property for future expansion 52 1,931 Furniture and equipment 9,033 8,407 Leasehold improvements 3,056 3,021 Software 2,000 1,974 32,063 31,035 Less accumulated depreciation 14,089 12,684 Net premises and equipment $ 17,974 $ 18,351 Total depreciation and amortization expense related to premises and equipment for the years ended December 31, 2022 and 2021 was $ 1,556 and $ 1,566 , respectively . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 8 - Deposits A summary of deposit accounts is as follows: December 31, 2022 2021 Demand Noninterest bearing $ 154,884 $ 162,286 Interest bearing 428,027 459,920 Savings 132,452 122,080 Time, $250,000 or more 17,529 19,526 Other time 115,246 123,244 $ 848,138 $ 887,056 Note 8 – Deposits (continued) At December 31, 2022, maturities of time deposits are scheduled as follows: Year Ending December 31, Amount 2023 $ 61,302 2024 26,628 2025 16,199 2026 7,783 2027 and thereafter 20,863 $ 132,775 The Bank held deposits from the Company’s officers, directors and their related interests of $ 17,928 and $ 14,426 at December 31, 2022 and 2021, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Business Segments [Abstract] | |
Business Segments | Note 9 – Business Segments The Company has three reportable business segments: (i) a traditional full-service community banking segment, (ii) a mortgage loan origination business, and (iii) a registered investment advisory business (sometimes referred to as the wealth management business). The community banking business segment includes Bank of the James which provides loans, deposits, investments and insurance to retail and commercial customers throughout Region 2000 and other areas within Central Virginia. The mortgage segment provides a variety of mortgage loan products principally within Region 2000. Mortgage loans are originated and sold in the secondary market through purchase commitments from investors with servicing released. Because of the pre-arranged purchase commitments, there is minimal risk to the Company. The investment advisory business offers investment advisory services through Financial’s wholly-owned subsidiary, Pettyjohn, Wood & White, Inc. All of the Company’s reportable segments are service based. The mortgage business is a gain on sale business and the investment advisory business is fee for service based, while the Bank’s primary source of revenue is net interest income. The Bank also provides a referral network for the mortgage origination business and the investment advisory business. The mortgage business may also be in a position to refer its customers to the Bank for banking services when appropriate. Note 9 – Business Segments (continued) Information about reportable business segments and reconciliation of such information to the consolidated financial statements as of and for the years ended December 31, 2022 and 2021 was as follows: Business Segments Investment Community Advisory Banking Mortgage Services Total For the year ended December 31, 2022 Net interest income $ 29,703 $ - $ - $ 29,703 (Recovery of) loan losses ( 900 ) - - ( 900 ) Net interest income after (recovery of) loan losses 30,603 - - 30,603 Noninterest income 4,056 5,256 3,932 13,244 Noninterest expenses 26,035 4,466 2,236 32,737 Income before income taxes 8,624 790 1,696 11,110 Income tax expense 1,628 166 357 2,151 Net income 6,996 624 1,339 8,959 Total assets as of December 31, 2022 914,420 2,916 11,235 928,571 For the year ended December 31, 2021 Net interest income $ 27,079 $ - $ - $ 27,079 Provision for loan losses ( 500 ) - - ( 500 ) Net interest income after provision for loan losses 27,579 - - 27,579 Noninterest income 2,944 8,265 - 11,209 Noninterest expenses 23,432 5,905 - 29,337 Income before income taxes 7,091 2,360 - 9,451 Income tax expense 1,366 496 - 1,862 Net income $ 5,725 1,864 - 7,589 Total assets as of December 31, 2021 $ 985,521 2,113 - 987,634 |
Capital Notes
Capital Notes | 12 Months Ended |
Dec. 31, 2022 | |
Capital Notes [Abstract] | |
Capital Notes | Note 10 – Capital notes On April 13, 2020, the Company commenced a private placement of unregistered debt securities (the “2020 Offering”). In the 2020 Offering, the Company sold and closed $ 10,050 in principal of notes (the “2020 Notes”) during the 2 nd and 3 rd quarters of 2020. The 2020 Offering officially ended on July 8, 2020. The 2020 Notes bear interest at the rate of 3.25 % per year with interest payable quarterly in arrears. The 2020 Notes will mature on June 30, 2025 and are currently subject to full or partial call by the Company on thirty days notice. The balance of the 2020 Notes as of December 31, 2022 and 2021 is presented net of unamortized issuance costs on the Consolidated Balance Sheet. On September 24, 2020 the Bank used $ 5,000 of the proceeds for the payment of principal of the Company’s previously outstanding 4.00 % notes that were issued in 2017. The Company intends to use the balance of the proceeds from the 2020 Offering for general corporate purposes in the discretion of Company’s management such as payment of interest on the 2020 Notes and as a contribution of additional capital to the Bank. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Other Borrowings [Abstract] | |
Other Borrowings | Note 11 – Other borrowings Short-term borrowings may consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Short-term borrowings may also include federal funds purchased, which are unsecured overnight borrowings from other financial institutions. There was no utilization of short-term borrowings in 2022 or 2021 other than one day nominal balances to test the lines. Average balances were less than $1 for both years. Unsecured federal fund lines and their respective limits are maintained with the following institutions: Community Bankers’ Bank, $ 13,000 , Zions Bank, $ 4,000 , PNC Bank, $ 6,000 and First National Bankers’ Bank, $ 10,000 . In addition, the Bank maintains a $ 5,000 reverse repurchase agreement with Truist whereby securities may be pledged as collateral in exchange for funds for a minimum of 30 days with a maximum of 90 days. The Bank also maintains a secured federal funds line with Community Bankers’ Bank whereby it may pledge securities as collateral with no specified minimum or maximum amount or term. The current amount available on the secured line based on the securities currently pledged is $ 4,689 . The Bank is also a member of the Federal Home Loan Bank of Atlanta (“FHLBA”). The Bank’s available credit through the FHLBA was $ 238,033 as of December 31, 2022, the most recent calculation. The Bank must pledge collateral in order to access the FHLBA available credit. Currently the Bank has pledged to the FHLBA approximately $ 21,907 in 1-4 family residential mortgages which, after adjustments for the loan-to-value requirements by the FHLBA, would allow the Bank to access up to $ 14,046 in credit without pledging any additional collateral. As of December 31, 2022, and 2021 there were no outstanding balances on any of the credit facilities mentioned above. On December 29, 2021, Financial borrowed $ 11,000,000 from National Bank of Blacksburg (NBB) pursuant to a secured promissory note (the “NBB Note”). Prior to the modification discussed below, the NBB Note bore interest at the rate of 4.00 %, and was being amortized over a fifteen year period with a balloon payment of approximately $ 9,375,000 due on December 31, 2024. The note is secured by a first priority lien on approximately 4.95 % of the Bank’s common stock. The balance of the NBB Note is presented on the Consolidated Balance Sheets under “other borrowings” and is net of unamortized issuance costs. A portion of the proceeds were used to purchase 100 % of the capital stock of PWW. On June 30, 2022, NBB agreed to modify the terms of the NBB Note effective July 1, 2022. Pursuant to the modification, the balloon payment date was extended to December 31, 2026 from December 31, 2024 and the interest rate was lowered to 3.90 % from 4.00 %. The approximate amount of the balloon payment on December 31, 2026 will be $ 8,104,000 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12 - Income taxes The Company files income tax returns in the U.S. federal jurisdiction and the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2019. Income tax expense attributable to income before income tax expense is summarized as follows: December 31, 2022 2021 Current federal income tax expense $ 2,161 $ 1,748 Deferred federal income tax (benefit) expense ( 10 ) 114 Income tax expense $ 2,151 $ 1,862 Income tax expense differed from amounts computed by applying the U.S. Federal income tax rate of 21 % to income before income tax expense as a result of the following: 2022 2021 Computed “expected” income tax expense $ 2,333 $ 1,985 Increase (reduction) in income tax resulting from: Non-taxable income ( 110 ) ( 101 ) Non-deductible expenses 13 12 Other ( 85 ) ( 34 ) Income tax expense 2,151 1,862 The tax effects of temporary differences result in deferred tax assets and liabilities as presented below: Note 12 - Income taxes (continued) December 31, 2022 2021 Deferred tax assets Lease liabilities $ 976 $ 1,065 Allowance for loan losses 1,314 1,452 Unrealized losses on available-for-sale securities 7,119 368 OREO 137 96 Non-accrual interest 91 121 Deferred Compensation 782 665 Other 21 40 Gross deferred tax assets 10,440 3,807 Deferred tax liabilities Right-of-use assets 898 1,002 Depreciation 303 352 Intangibles — 1,765 Other 113 88 Gross deferred tax liabilities 1,314 3,207 Net deferred tax asset $ 9,126 $ 600 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Common Share (EPS) | Note 13 – Earnings per common share (EPS) Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity. The basic and diluted earnings per share calculations are as follows: Years ended December 31, 2022 2021 Net income $ 8,959 $ 7,589 Weighted average number of shares outstanding - basic and diluted 4,698,041 4,747,821 Earnings per common shares - basic and diluted $ 1.91 $ 1.60 Note 13 – Earnings per common share (EPS) (continued) All restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2022 and 2021 wholly in cash. There are currently no outstanding RSUs as of December 31, 2022. There were no potentially dilutive shares outstanding in 2022 and 2021. Consequently, the weighted average shares and weighted average diluted shares were identical. Weighted average and per share amounts for all periods have been adjusted to reflect a 10 % stock dividend declared on May 18, 2021. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 14 – Employee Benefit plans Defined contribution benefit plan. The Company adopted a 401(k) defined contribution plan on October 1, 2000, which is administered by the Virginia Bankers’ Association. Participants have the right to contribute up to a maximum of 19 % of pretax annual compensation or the maximum allowed under Section 401(g) of the Internal Revenue Code, whichever is less. The Company contributed $ 454 and $ 411 to the plan on behalf of the employees for the years ended December 31, 2022 and 2021, respectively. Supplemental Executive Retirement Plan . A Supplemental Executive Retirement Plan (SERP) was established to provide participating executives (as determined by the Company’s Board of Directors) with benefits that cannot be provided under the 401(k) as a result of limitations imposed by the Internal Revenue Code. The SERP will also provide benefits to eligible employees or their survivors, as applicable, if they die, retire, or are terminated under certain circumstances. SERP expense totaled $ 561 and $ 477 for the years ended December 31, 2022 and 2021, respectively. The related liability totaled $ 3,726 and $ 3,165 at December 31, 2022 and 2021, respectively. The Company funds the plan through a modified endowment contract. Income recorded for the plan represents life insurance income as recorded based on the projected increases in cash surrender values of life insurance policies. As of December 31, 2022 and 2021, the life insurance policies had cash surrender values of approximately $ 19,237 and $ 18,785 , respectively. Employee Stock Purchase Plan . The Company adopted an Employee Stock Purchase Plan (“ESPP”) in 2018 in which all employees are eligible to participate. The plan allows employees to use a portion of their salaries and wages to purchase shares of the Company common stock at the market value of shares on a monthly basis. The Company makes no contributions to the ESPP. The Company may issue common shares to plan participants or purchase common shares on the open market. Common shares are purchased on the open market at a price based on the weighted average price of all shares purchased by the broker-dealer on the open market from each aggregate order placed by the Plan Administrator. In 2022 and 2021, all shares purchased pursuant to the ESPP were purchased on the open market and consequently the Company issued no common shares in connection with the ESPP during the years ended December 31, 2022 and 2021. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Stock Based Compensation [Abstract] | |
Stock-Based Compensation Plans | On March 20, 2018, the Board of Directors adopted the “2018 Bank of the James Financial Group, Inc. Equity Incentive Plan,” which was approved by the shareholders on May 15, 2018. The 2018 Incentive Plan permits the issuance of up to 250,000 shares of common stock for awards to key employees of the Company and its Note 15 – Stock-based compensation plans(continued) subsidiaries in the form of stock options, restricted stock, restricted stock units, stock awards and performance units. On January 2, 2019, the Company granted its first block of equity compensation under the 2018 Incentive Plan consisting of 24,500 restricted stock units. The recipients of restricted stock units do not receive shares of the Company’s stock immediately, but instead receive shares, or cash compensation, or some combination of the two, upon satisfying the requisite service period specified by the terms and conditions of the grant. Additionally, the recipients of restricted stock units do not enjoy the same rights as other holders of the Company’s common stock until the units have vested and as such, they do not have voting rights or rights to nonforfeitable dividends. The related compensation expense is based on the fair value of the Company’s stock. Shares vested over 3 years in thirds with the first one-third vesting one year from the grant date. The total expense recognized for the years ended December 31, 2022 and 2021, in connection with the restricted stock unit awards was approximately $ 0 and $ 106 in each year, respectively. There were no forfeitures during the years ended December 31, 2022 and 2021. There were no new grants in the year ended December 31, 2022. The fair value of shares which vested in 2022 and 2021 was $ 127 and $ 100 ,respectively. At December 31, 2022, there was no remaining unrecognized stock-based compensation expense remaining as all awards have vested and were cash settled. |
Dividend Reinvestment Plan
Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2022 | |
Dividend Reinvestment Plan [Abstract] | |
Dividend Reinvestment Plan | Note 16 – Dividend Reinvestment Plan The Company has in effect a Dividend Reinvestment Plan (DRIP) which provides an automatic conversion of dividends into common stock for enrolled shareholders. The Company may issue common shares to the DRIP or purchase common shares on the open market. Common shares are purchased on the open market at a price that based on the weighted average price of all shares purchased by the broker-dealer on the open market from each aggregate order placed by the Plan Administrator. In 2022 and 2021, all shares purchased through the DRIP were purchased on the open market and consequently the Company issued no common shares to the DRIP during the years ended December 31, 2022 and 2021. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 17 – Stockholders’ equity The Bank is subject to certain legal and regulatory restrictions on the amount of cash dividends it may declare. Financial is a legal entity, separate and distinct from the Bank. Financial currently does not have any significant sources of revenue other than cash dividends paid to it by its subsidiaries. Both Financial and the Bank are subject to laws and regulations that limit the payment of cash dividends, including requirements to maintain capital at or above regulatory minimums. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 18 - Regulatory matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, Note 18 - Regulatory matters (continued) liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total Common Equity Tier 1 capital and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital to average assets (as defined). Management believes, as of December 31, 2022 that the Bank met all capital adequacy requirements to which it is subject. The Bank’s actual regulatory capital amounts and ratios for December 31, 2022 and 2021 are also presented in the table below. In addition to the minimum regulatory capital required for capital adequacy purposes the Bank is required to maintain a minimum Capital Conservation Buffer above those minimums in the form of common equity, in order to avoid restrictions on capital distributions and discretionary bonuses. The Capital Conservation Buffer was 2.5 % at December 31, 2022 and 2021, and is applicable for the Common Equity Tier 1, Tier 1, and Total Capital Ratios. As of December 31, 2022, the most recent notification from the Federal Reserve Bank of Richmond categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. To be categorized as well capitalized under the prompt corrective action regulations, the Bank must maintain minimum total risk-based, CET1, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. Note 18 - Regulatory matters (continued) The capital ratios for the Bank for 2022 and 2021 are set forth in the following table: December 31, 2022 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Total capital (to risk-weighted assets) $ 90,166 11.98 % $ 79,014 > 10.50 % $ 75,252 > 10.00 % Tier 1 capital (to risk-weighted assets) $ 83,907 11.15 % $ 63,964 > 8.50 % $ 60,201 > 8.00 % Common Equity Tier 1 capital (to risk-weighted assets) $ 83,907 11.15 % $ 52,676 > 7.00 % $ 48,913 > 6.50 % Tier 1 capital (leverage) (to average assets) $ 83,907 8.98 % $ 37,371 > 4.00 % $ 46,714 > 5.00 % (1) Includes capital conservation buffer of 2.50 % where applicable. December 31, 2021 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Total capital (to risk-weighted assets) $ 85,803 12.37 % $ 72,807 > 10.50 % $ 69,340 > 10.00 % Tier 1 capital (to risk-weighted assets) $ 78,888 11.38 % $ 58,939 > 8.50 % $ 55,472 > 8.00 % Common Equity Tier 1 capital (to risk-weighted assets) $ 78,888 11.38 % $ 48,538 > 7.00 % $ 45,071 > 6.50 % Tier 1 capital (leverage) (to average assets) $ 78,888 8.22 % $ 38,392 > 4.00 % $ 47,990 > 5.00 % (1) Includes capital conservation buffer of 2.50 % where applicable. Note 18 - Regulatory matters (continued) The above tables set forth the capital position and analysis for the Bank only. Because total assets on a consolidated basis are less than $ 3 billion, Financial is not subject to the consolidated capital requirements imposed by the Bank Holding Company Act. Consequently, Financial does not calculate its financial ratios on a consolidated basis. If calculated, the capital ratios for the Company on a consolidated basis would no longer be comparable to the capital ratios of the Bank because the proceeds of the private placement do not qualify as equity capital on a consolidated basis. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments With Off-Balance-Sheet Risk [Abstract] | |
Financial Instruments With Off-Balance-Sheet Risk | Note 19 - Financial instruments with off-balance-sheet risk The Bank is not a party to derivative financial instruments with off-balance-sheet risks such as futures, forwards, swaps and options. The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These instruments may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. Credit risk is defined as the possibility of sustaining a loss because the other party to a financial instrument fails to perform in accordance with the terms of the contract. The Bank’s maximum exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of the instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Bank requires collateral or other security to support financial instruments when it is deemed necessary. The Bank evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Types of collateral vary but may include marketable securities, accounts receivable, inventory, and property, plant and equipment. At December 31, 2022, the Bank had rate lock commitments to originate mortgage loans through its Mortgage Division amounting to approximately $ 11,200 and loans held for sale of $ 2,423 . The Bank has entered into corresponding commitments with third party investors to sell each of these loans that close. No other obligation exists. Note 19 - Financial instruments with off-balance-sheet risk (continued) Financial instruments whose contract amounts represent credit risk are as follows: Contract Amounts at December 31, 2022 2021 Commitments to extend credit $ 196,902 $ 179,953 Standby letters of credit $ 2,923 $ 4,335 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is generally less than that involved in extending loans to customers because the Bank generally holds deposits equal to the commitment. Management does not anticipate any material losses as a result of these transactions. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 were approximately $ 13,674 which consisted of the total balances in one account at the Federal Home Loan Bank of Atlanta (FHLBA), as well as the balances (all net of $ 250 FDIC coverage) held in one account at Community Bankers’ Bank, one account at Truist Bank, one account at Zions Bank, one account held at First National Bankers’ Bank, and one account held at PNC Bank. Uninsured cash balances as of December 31, 2021 were approximately $ 4,162 which consisted of the total balances in the same accounts referenced for 2022 above. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 21 – Fair value measurements Financial instruments measured at fair value on recurring basis. Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosures topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market and in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for an asset or liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Note 21 – Fair value measurements (continued) Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s securities are considered to be Level 2 securities. Derivatives Assets/Liabilities – Interest Rate Lock Commitments (IRLCs) The Company recognizes IRLCs at fair value based on the price of the underlying loans obtained from an investor for loans that will be delivered on a best efforts basis while taking into consideration the probability that the rate lock commitments will close. All of the Company’s IRLCs are classified as Level 3. Note 21 – Fair value measurements (continued) The following table summarizes the Company’s financial assets that were measured at fair value on a recurring basis during the period. Fair Value at December 31, 2022 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2022 (Level 1) (Level 2) U.S. Treasuries $ 4,741 $ — $ 4,741 $ — U.S. agency obligations 59,273 — 59,273 — Mortgage-backed securities 67,842 — 67,842 — Municipals 37,855 — 37,855 — Corporates 16,076 — 16,076 — Total available-for-sale securities $ 185,787 $ — $ 185,787 $ — IRLCs – asset 91 — — 91 Total assets at fair value $ 185,878 $ — $ 185,787 $ 91 Fair Value at December 31, 2021 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2021 (Level 1) (Level 2) U.S. Treasuries $ 2,002 $ — $ 2,002 $ — U.S. agency obligations 58,470 — 58,470 — Mortgage-backed securities 37,438 — 37,438 — Municipals 50,204 — 50,204 — Corporates 13,153 — 13,153 — Total available-for-sale securities $ 161,267 $ — $ 161,267 $ — IRLCs – asset 144 — — 144 Total assets at fair value $ 161,411 $ — $ 161,267 $ 144 Note 21 – Fair value measurements (continued) The following table provides additional quantitative information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets IRLCs - asset $ 91 Market approach Range of pull through rate 85 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2021 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets IRLCs - asset $ 144 Market approach Range of pull through rate 85 % Assets measured at fair value on a nonrecurring basis. Loans held for sale Loans held for sale are measured at lower of cost or fair value. Under ASC 820, market value is to represent fair value. Management obtains quotes or bids on all or part of these loans directly from the purchasing financial institutions. Premiums received or to be received on the quotes or bids are indicative of the fact that cost is lower than fair value. Because quotes and bids on loans held for sale are available in active markets, loans held for sale are considered to be Level 2. No nonrecurring fair value adjustments were recorded during the years ended December 31, 2022 and 2021. Gains and losses on the sale of loans are recorded in noninterest income on the Consolidated Statements of Income. Impaired loans ASC 820 applies to loans measured for impairment at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation which is then adjusted for the cost related to liquidation of the collateral. Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Fair value is measured based on the value Note 21 – Fair value measurements (continued) of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Bank using observable market data The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. The carrying values of all impaired loans are considered to be Level 3. Other Real Estate Owned Certain assets such as other real estate owned (OREO) are measured at fair value less cost to sell. We believe that the fair value component in its valuation follows the provisions of ASC 820. Real estate acquired through foreclosure is transferred to other real estate owned (“OREO”). The measurement of loss associated with OREO at the date of transfer from loans is based on the fair value of the collateral less anticipated selling costs compared to the unpaid loan balance. Subsequent changes in fair value are recorded in noninterest expense on the Consolidated Statements of Income. The value of OREO properties is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Bank using market data. Any fair value adjustments are recorded in the period incurred and expensed against current earnings. The carrying values of all OREO are considered to be Level 3. The following table summarizes the Company’s impaired loans and OREO measured at fair value on a nonrecurring basis during the period. Note 21 – Fair value measurements (continued) Fair Value at December 31, 2022 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2022 (Level 1) (Level 2) Impaired loans* $ 854 $ — $ — $ 854 Other real estate $ 566 $ — $ — $ 566 *Includes loans charged down to the net realizable value of the collateral. Fair Value at December 31, 2021 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2021 (Level 1) (Level 2) Impaired loans* $ 1,802 $ — $ — $ 1,802 Other real estate $ 761 $ — $ — $ 761 * Includes loans charged down to the net realizable value of the collateral. Note 21 – Fair value measurements (continued) The following table sets forth information regarding the quantitative inputs used to value assets classified as Level 3: Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 854 Discounted appraised value Selling cost 0 % - 10 % ( 8 %) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6 %) OREO $ 566 Discounted appraised value Selling cost 26 % Discount for lack of marketability and age of appraisal 0 % - 27 % ( 26 %) Quantitative information about Level 3 Fair Value Measurements for December 31, 2021 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,802 Discounted appraised value Selling cost 0 % - 10 % ( 8 %) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6 %) OREO $ 761 Discounted appraised value Selling cost 10 % Discount for lack of marketability and age of appraisal 0 % - 27 % ( 26 %) Financial Instruments FASB ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amounts and estimated fair values of the Company's financial instruments are presented in the following tables whether or not recognized on the Consolidated Balance Sheets at fair value. Fair values for December 31, 2022 and 2021 were estimated using an exit price notion. Note 21 – Fair value measurements (continued) Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $ 30,025 $ 30,025 $ — $ — $ 30,025 Fed funds sold 31,737 31,737 — — 31,737 Securities Available-for-sale 185,787 — 185,787 — 185,787 Held-to-maturity 3,639 — 3,135 — 3,135 Restricted stock 1,387 — 1,387 — 1,387 Loans, net 605,366 — — 564,802 564,802 Loans held for sale 2,423 — 2,423 — 2,423 Interest receivable 2,736 — 2,736 — 2,736 BOLI 19,237 — 19,237 — 19,237 Derivaties 91 — — 91 91 Liabilities Deposits $ 848,138 $ — $ 850,102 $ — $ 850,102 Capital notes 10,037 — 9,200 — 9,200 Other borrowings 10,457 — 9,438 — 9,438 Interest payable 89 — 89 — 89 Fair Value Measurements at December 31, 2021 using Carrying Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $ 29,337 $ 29,337 $ — $ — $ 29,337 Fed funds sold 153,816 153,816 — — 153,816 Securities Available-for-sale 161,267 — 161,267 — 161,267 Held-to-maturity 3,655 — 4,006 — 4,006 Restricted stock 1,324 — 1,324 — 1,324 Loans, net 576,469 — — 565,543 565,543 Loans held for sale 1,628 — 1,628 — 1,628 Interest receivable 2,064 — 2,064 — 2,064 BOLI 18,785 — 18,785 — 18,785 Derivatives 144 — — 144 144 Liabilities Deposits $ 887,056 $ — $ 887,955 $ — $ 887,955 Capital notes 10,031 — 10,711 — 10,711 Other borrowings 10,985 — 11,465 — 11,465 Interest payable 46 — 46 — 46 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 22 – Revenue Recognition Substantially all of the Company’s revenue from contracts with customers that is within the scope of ASC 606, “Revenue from Contracts with Customers” is reported within noninterest income. Certain other in-scope revenue such as gains and losses on OREO and gains and losses on premises and equipment are recorded in noninterest expense. The recognition of interest income and certain sources of noninterest income (e.g. gains on securities transactions, bank-owned life insurance income, gains on loans held-for-sale, etc.) are governed by other areas of U.S. GAAP. Significant revenue streams that are within the scope of ASC 606 and included in noninterest income are discussed in the following paragraphs. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or at the end of the month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, treasury services income, wealth management income and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Treasury services income primarily represents fees charged to customers for sweep, positive pay and lockbox services. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or at the end of the month or in the case of wealth management fees, at the end of a quarter. Other Other noninterest income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, safety deposit box rental fees, and other miscellaneous revenue streams. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees (i.e., trailers) from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. Note 22 – Revenue Recognition (continued) The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 23 – Leases The Company’s leases are recorded under ASC Topic 842 “Leases.” The right-of-use assets and lease liabilities are included in other assets and other liabilities , respectively, in the Consolidated Balance Sheets.” Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company currently leases four of its operating locations under long-term leases (greater than 12 months). Leases for two of these locations are classified as operating leases and two are classified as financing leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The Bank leases its principal Lynchburg, Virginia, location from Jamesview Investments, LLC, a legal entity which is wholly-owned by William C. Bryant III, a member of the Board of Directors of both Financial and the Bank. This lease is classified as a finance lease and the related lease liability totaled $ 2.7 million at December 31, 2022. The following table represents information about the Company's operating leases: December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 1,260 $ 1,325 Right-of-use assets $ 1,204 $ 1,282 Weighted average remaining lease term 12.7 years 13.7 years Weighted average discount rate 3.44 % 3.44 % Note 23 – Leases (continued) The following table represents information about the Company's finance leases: December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 3,389 $ 3,746 Right-of-use assets $ 3,074 $ 3,488 Weighted average remaining lease term 8.2 years 9.2 years Weighted average discount rate 2.70 % 2.70 % For the Year Ended December 31, Lease cost (in thousands) 2022 2021 Operating lease cost $ 121 $ 125 Finance lease cost: Amortization of right-of-use assets 414 414 Interest on lease liabilities 96 106 Total lease cost $ 631 $ 645 Cash paid for amounts included in measurement of operating lease liabilities $ 112 $ 112 Cash paid for amounts included in measurement of finance lease liabilities $ 453 $ 453 Note 23 – Leases (continued) A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total of lease liabilities is as follows: Operating Lease Finance Lease Liabilities Liabilities As of As of Lease payments due (in thousands) December 31, 2022 December 31, 2022 Twelve months ending December 31, 2023 $ 110 $ 454 Twelve months ending December 31, 2024 111 479 Twelve months ending December 31, 2025 112 515 Twelve months ending December 31, 2026 116 515 Twelve months ending December 31, 2027 125 517 Thereafter 1,000 1,333 Total undiscounted cash flows $ 1,574 $ 3,813 Discount ( 314 ) ( 424 ) Lease liabilities $ 1,260 $ 3,389 |
Impact Of Recently Issued Accou
Impact Of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2022 | |
Impact Of Recently Issued Accounting Standards [Abstract] | |
Impact Of Recently Issued Accounting Standards | Note 24 - Impact of recently issued accounting standards During June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU, as amended, requires an entity to measure expected credit losses for financial assets carried at amortized cost based on historical experience, current conditions, and reasonable and supportable forecasts. Among other things, the ASU also amended the impairment model for available for sale securities and addressed purchased financial assets with deterioration. The Company adopted ASU 2016-13 as of January 1, 2023 in accordance with the required implementation date. Transition adjustments during the first quarter of 2023, will include increases in the allowance for credit losses and the reserve for credit losses on unfunded commitments to extend credit as well as a reduction of total equity, net of taxes. This reduction of equity capital may, at the Bank's election, be phased-in over a three year period in accordance with regulatory guidelines. The final cumulative effect of the transition adjustments is still subject to completion by the Company but is estimated to reduce opening retained earnings on January 1, 2023 by a reasonable range of $ 1.25 million to $ 1.75 million. Subsequent to adoption, the Company will record adjustments to its allowance for credit losses and reserves for unfunded commitments through the provision for credit losses in the consolidated statements of income. The Company is utilizing a third-party model to tabulate its estimate of current expected credit losses, using a discounted cash-flow methodology. In accordance with ASC 326, the Company has segmented its loan portfolio based on similar risk characteristics. The Company primarily utilizes measurable economic trends (including local, state and national unemployment), in its reasonable and supportable forecasting of current expected credit losses. To further adjust the allowance for credit losses for expected losses not already included within the quantitative component of the calculation, the Company may consider the following qualitative adjustment factors: recent changes in lending policies, procedures, and personnel, changes in the nature and volume of the loan portfolio, and changes in the underlying value of collateral for collateral dependent loans, among other Note 24 - Impact of recently issued accounting standards (continued) factors. The Company’s CECL implementation process was overseen by out Chief Credit Officer, Chief Financial Officer, Controller and General Counsel and included an assessment of data availability and gap analysis, data collection, consideration and analysis of multiple loss estimation methodologies, an assessment of relevant qualitative factors and correlation analysis of multiple potential loss drivers and their impact on the Company’s historical loss experience. During 2022, the Company calculated its current expected credit losses model in parallel to its incurred loss model in order to further refine the methodology and model. In addition, the Company engaged a third-party to perform a comprehensive model validation. Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, “Financial Instruments – Credit Losses.” It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”. ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, “Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2022-02 are the same as the effective dates in ASU 2016-13. The Company is currently assessing the impact that ASU 2022-02 will have on its consolidated financial statements. |
Condensed Financial Statements
Condensed Financial Statements Of Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Statements Of Parent Company [Abstract] | |
Condensed Financial Statements Of Parent Company | Note 25 - Condensed financial statements of parent company Financial information pertaining only to Bank of the James Financial Group, Inc. is as follows: Balance Sheet December 31, 2022 2021 Assets Cash $ 2,913 $ 2,744 Taxes receivable 76 9 Investment in subsidiaries 67,967 88,003 Other assets 19 17 Total assets $ 70,975 $ 90,773 Liabilities and stockholders’ equity Capital notes $ 10,037 $ 10,031 Other borrowings 10,457 10,985 Other liabilities 255 328 Total Liabilities $ 20,749 $ 21,344 Common stock $ 2.14 par value $ 9,905 $ 10,145 Additional paid-in-capital 36,068 37,230 Retained earnings 31,034 23,440 Accumulated other comprehensive (loss) ( 26,781 ) ( 1,386 ) Total stockholders’ equity $ 50,226 $ 69,429 Total liabilities and stockholders’ equity $ 70,975 $ 90,773 Note 25 – Condensed financial statements of parent company (continued) Statements of Income Years Ended December 31, 2022 2021 Income Dividends from subsidiaries $ 5,318 $ — Operating expenses Interest on capital notes and other borrowings 767 327 Legal and professional fees 237 259 Other expense 135 138 Total expenses 1,139 724 Income tax (benefit) ( 239 ) ( 114 ) Income (loss) before equity in undistributed income of subsidiaries 4,418 ( 610 ) Equity in undistributed income of subsidiaries 4,541 8,199 Net income $ 8,959 $ 7,589 Note 25 – Condensed financial statements of parent company (continued) Statements of Cash Flows Years Ended December 31, 2022 2021 Cash flows from operating activities Net income $ 8,959 $ 7,589 Adjustments to reconcile net income to net cash provided by (used in) operating activities Amortization of debt issuance costs 10 4 (Increase) decrease in income taxes receivable ( 67 ) 65 (Increase) in other assets ( 2 ) ( 7 ) (Decrease) increase in other liabilities ( 73 ) 121 Equity in undistributed net (income) of subsidiaries ( 4,541 ) ( 8,199 ) Net cash provided by (used in) operating activities $ 4,286 $ ( 427 ) Cash flows from investing activities Cash paid in acquisition of subsidiary ( 818 ) ( 10,500 ) Net cash used in investing activities $ ( 818 ) $ ( 10,500 ) Cash flows from financing activities Dividends paid to common stockholders $ ( 1,365 ) $ ( 1,271 ) Principal payments on other borrowings ( 532 ) — Proceeds from other borrowings — 10,985 Repurchase of common stock ( 1,402 ) ( 427 ) Cash payment in lieu of fractional shares related to 10% stock dividend — ( 16 ) Net cash (used in) provided by financing activities $ ( 3,299 ) $ 9,271 Increase (decrease) in cash and cash equivalents $ 169 $ ( 1,656 ) Cash and cash equivalents at beginning of period 2,744 4,400 Cash and cash equivalents at end of period $ 2,913 $ 2,744 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Acquisitions [Abstract] | |
Acquisitions | Note 26 – Acquisitions On December 31, 2021, Financial completed its acquisition of all the outstanding shares of Pettyjohn, Wood & White, Inc. ("PWW"), a Lynchburg, Virginia-based investment advisory firm with approximately $ 650 million in assets under management and advisement at the time of the acquisition. The acquisition was undertaken to enhance Financial's service line offerings as well as augment its noninterest income streams. Subsequent to its acquisition, PWW operates as a subsidiary of Financial. The transaction was accounted for using the acquisition method of accounting, and accordingly, assets acquired, liabilities assumed, and consideration transferred were recorded at their estimated fair values on the acquisition date. The fair values were subject to refinement for up to one year after the closing date of the acquisition. The acquisition date fair value of the consideration transferred upon closing on December 31, 2021 totaled $ 10.5 million, which was paid in cash. The preliminary fair values of the assets acquired and liabilities assumed were $ 9.3 million and $ 1.8 million, respectively, resulting in an acquisition date balance of goodwill totaling approximately $ 3.0 million. The principal component of the assets acquired was $ 8.4 million of amortizable intangible assets, which primarily relate to the value of customer relationships acquired with the acquisition of PWW. The Company is amortizing these intangible assets over a 15 -year period using the straight-line method. In accordance with the acquisition agreement, a working capital adjustment was paid in 2022 totaling approximately $ 818 thousand to the former owners of PWW. As such, Financial adjusted the total consideration transferred by increasing its investment in PWW by the amount of cash paid and also recorded a corresponding increase to the balance of goodwill. Additionally, in 2022, it was determined a valid IRC 338(h)(10) election was filed, which in effect, will treat the acquisition of PWWs outstanding shares as an asset acquisition for tax purposes. The balance of goodwill was reduced by $ 1.8 million with a corresponding increase to deferred income taxes (included in the other assets caption) to appropriately reflect this determination. The adjusted balance of goodwill of $ 2.1 million is expected to be deductible for income tax purposes. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Bank of the James Financial Group, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Basis Of Presentation And Use Of Estimates | Basis of presentation and use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses. |
Cash And Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within ninety days . Generally, federal funds are purchased and sold for one-day periods. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Bank intends to sell the security or (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis. If, however, the Bank does not intend to sell the security and it is not more likely than not that the Bank will be required to sell the security before recovery, the Bank must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. We regularly review each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, our best estimate of the present value of cash flows expected to be collected from debt securities, our intention with regard to holding the security to maturity, and the likelihood that we would be required to sell the security before recovery. |
Restricted Investments | Restricted investments As members of the Federal Reserve Bank (FRB) and the Federal Home Loan Bank of Atlanta (FHLBA), the Bank is required to maintain certain minimum investments in the common stock of the FRB and FHLBA. Required levels of investment are based upon the Bank’s capital and a percentage of qualifying assets. The Bank also maintains stock ownership in Community Bankers’ Bank (CBB). The investment in CBB is minimal and is not mandated but qualifies the Bank for preferred pricing on services offered by CBB. Based on liquidation restrictions, all of these investments are carried at cost, less impairment, if any. |
Loans | Loans Financial makes real estate, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by real estate loans collateralized by real estate within Region 2000. The ability of Financial’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. |
Past Due Status | Past due status Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual and potentially charged-off at an earlier date if collection of principal or interest is considered doubtful. |
Non-Accrual Status | Non-accrual status Financial stops accruing interest on a loan at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. At the time the loan is placed on non-accrual status, all previously accrued but not collected interest is reversed against interest income. While the loan is classified as non-accrual, any payments collected are accounted for using the cost-recovery method which requires the entire amount of the payment to be applied directly to principal, until qualifying for return to performing status. Loans may be, but are not always, returned to performing status when all the principal and interest amounts contractually due are brought current (within 90 days past due), future payments are reasonably assured, and contractually required payments have been made on a timely basis for at least six consecutive months. |
Charge-Off | Charge-off At the time a loan is placed on non-accrual status, it is generally reevaluated for expected loss and a specific reserve, if not already assigned, is established against the loan. Consumer term loans are typically charged-off no later than 120 days whereas consumer revolving credit loans are typically charged-off no later than 180 days. Although the goal for commercial and commercial real estate loans is for charge off no later than 180 days, a Note 2 - Summary of significant accounting policies (continued) commercial or commercial real estate loan may not be fully charged off until there is reasonable certainty that no additional workout efforts, troubled debt restructurings or any other types of concession can or will be made by Financial. |
Paycheck Protection Program Loans | Paycheck Protection Program Loans In 2020, the Company participated in the Paycheck Protection Program (PPP). The PPP commenced subsequent to the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020 and was later expanded by the Paycheck Protection Program and Health Care Enhancement Act of April 2020. The PPP was designed to provide U.S. small businesses with cash-flow assistance during the COVID-19 pandemic through loans that are fully guaranteed by the Small Business Administration (SBA) which may be forgiven upon satisfaction of certain criteria. As of December 31, 2021, the Company had 107 PPP loans with outstanding balances totaling $ 8.15 million. As compensation for originating the loans, the Company received lender processing fees from the SBA, which were deferred, along with the related loan origination costs. These net fees were accreted to interest income over the lives of the loans until they were forgiven bhy the SBA. As of December 31, 2022 there were no longer any PPP loans outstanding. |
Loans Held For Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are sold, servicing released, and carried at the lower of cost or fair value, which is determined in the aggregate based on sales commitments to permanent investors or on current market rates for loans of similar quality and type. In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be closed, thus limiting interest rate risk. |
Allowance For Loan Losses | Allowance for loan losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio and is recorded through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such loans that are classified as impaired, an allowance is established when the collateral value of the impaired loan or discounted cash flows is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. Note 2 - Summary of significant accounting policies (continued) A loan is considered impaired when, based on current information and events, it is probable that Financial will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by evaluating the discounted cash flows or fair value of the underlying collateral, if the loan is collateral dependent. Management considers the following when calculating its loan loss reserve requirement: In accordance with current accounting rules (ASC 310) and the Bank’s impairment methodology, the Bank performs an individual impairment analysis on all loans having a principal balance greater than $ 100,000 (unless related to another classified relationship or a TDR) with a risk rating of substandard, doubtful, and loss (our internal risk ratings of 7 through 9). In accordance with current accounting rules (ASC 450), the Bank examines historical charge-off data by segment in order to determine historical loss rates which are applied to specific pools of loans which carry similar risk characteristics. The Bank updates its historical charge-off data quarterly and adjusts the reserve accordingly. The Bank assesses various qualitative factors to adjust the historical loss rates described above to management’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Such factors include levels and trends of delinquent and non-accrual loans, economic conditions, trends in charge-offs, loan concentrations, lending policies and procedures, lending management, changes in the value of underlying collateral, the effect of external factors such as legal and regulatory requirements, and other factors, as deemed appropriate. |
Troubled Debt Restructurings | Troubled debt restructurings In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loans reach non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. In cases where borrowers are granted new terms that generally (although not required to be considered a TDR) provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Bank had $ 431 and $ 372 classified as TDRs as of December 31, 2022 and 2021, respectively. |
Premises, Equipment And Depreciation | Note 2 - Summary of significant accounting policies (continued) Premises, equipment and depreciation Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the respective assets on the straight-line basis, which range from 3 to 7 years for equipment and 10 to 39.5 years for buildings and improvements. Leasehold improvements are amortized over a term which is the shorter of their useful life or the remaining lease term. Land is carried at cost and is not depreciable. Expenditures for major renewals and betterments are capitalized and those for maintenance and repairs are charged to operating expenses as incurred. |
Bank Owned Life Insurance | Bank owned life insurance Financial has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value. |
Other Real Estate Owned | Other real estate owned Other real estate owned consists of properties acquired through foreclosure or deed in lieu of foreclosure. These properties are carried at fair value less estimated costs to sell at the date of foreclosure establishing a new cost basis. These properties are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Losses from the acquisition of property in full or partial satisfaction of loans are charged against the allowance for loan losses. Subsequent write-downs, if any, are charged against expense. Gains and losses on the sales of foreclosed properties are included in determining net income in the year of the sale. Operating costs after acquisition are expensed. |
Transfers Of Financial Assets | Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absences of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Business Segments | Note 2 - Summary of significant accounting policies (continued) Business Segments As of December 31, 2022, we operated three business segments, community banking, mortgage banking, and investment advisory services. The community banking segment includes both commercial and consumer lending and provides customers such products as commercial loans, real estate loans, and other business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products, including demand deposit accounts, savings accounts and certificates of deposit. The mortgage banking segment engages primarily in the origination of residential mortgages for sale into the secondary market. The investment advisory segment provides investment management for a fee through PWW. For addition information, refer to Note 9 “Business Segments.” |
Retirement Plans | Retirement Plans Employee 401(k) and profit sharing expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. |
Income Taxes | Income taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. At December 31, 2022 and 2021, there were no liabilities recorded for unrecognized tax benefits. |
Stock-based Compensation Plans | Stock-based compensation plans Compensation cost is recognized for stock-based awards issued to employees based on the fair value of the awards. The Black-Scholes valuation model is utilized to estimate the fair value of stock options and the market value of the Company’s common stock on the date of grant is used for restricted stock awards. Restricted stock units, which may be settled in stock or in cash, are a liability classified with the fair value Note 2 - Summary of significant accounting policies (continued) initially measured at the market value of the Company’s common stock on the date of grant. These awards are subsequently remeasured to the fair value of the Company’s common stock in each reporting period. Compensation cost is recognized over the vesting period of the awards and the Company’s policy is to recognize forfeitures as they occur. Awards under the 2018 Bank of the James Financial Group, Inc. Equity Incentive Plan are detailed in Note 15, “Stock-based Compensation Plans”. The Company’s ability to grant awards under the Equity Incentive Plan is ongoing. |
Earnings Per Common Share | Earnings per common share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to stock options and restricted stock units outstanding during the periods, and are determined using the treasury stock method. |
Reclassifications | Reclassifications Management has made certain immaterial reclassifications to the prior year financial statements to conform to the 2022 presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. |
Comprehensive Income | Comprehensive income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on available-for-sale securities. |
Business Combinations | Business Combinations Business combinations are accounted for under ASC 805, Business Combinations, using the acquisition method of accounting. The acquisition method of accounting requires an acquirer to recognize the assets acquired and the liabilities assumed at the acquisition date measured at their fair values as of that date. To determine the fair values, the Company utilizes third party valuations based on discounted cash flow analysis or other valuation techniques. Acquisition costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants, contract terminations, and advertising costs. The Company will account for acquisition costs in the periods in which the costs are incurred and the services are received, with one exception. The costs to issue debt or equity securities will be recognized in accordance with other applicable accounting guidance. These acquisition-related costs are included on the Company’s Consolidated Statements of Income classified within “Other” in the noninterest expense caption. |
Goodwill and Intangible Assets | Note 2 - Summary of significant accounting policies (continued) Goodwill and Intangible Assets Goodwill is subject to at least an annual assessment for impairment. Additionally, acquired intangible assets (such as customer relationship intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The cost of customer relationships, based on independent valuation, are being amortized over their estimated lives of fifteen years. The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. The Company will review the carrying value of the goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Company may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Company elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying value to determine whether an impairment exists. The Company has selected September 1 of each year as the date to perform the annual impairment test. Based upon Financial’s qualitative assessment in September 2022, it was concluded that no impairment was present. |
Marketing | Marketing The Company expenses advertising costs as incurred. Advertising expenses were $ 920 and $ 934 for 2022 and 2021, respectively. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Summary Of Securities Held-To-Maturity And Securities Available-For-Sale | A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows: December 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $ 3,639 $ — $ ( 504 ) $ 3,135 Available-for-sale U.S. Treasuries $ 4,912 $ — $ ( 171 ) $ 4,741 U.S. agency obligations 68,833 — ( 9,560 ) 59,273 Mortgage-backed securities 78,955 — ( 11,113 ) 67,842 Municipals 49,951 — ( 12,096 ) 37,855 Corporates 17,037 — ( 961 ) 16,076 $ 219,688 $ — $ ( 33,901 ) $ 185,787 December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $ 3,655 $ 351 $ — $ 4,006 Available-for-sale U.S. Treasuries $ 2,000 $ 2 $ — $ 2,002 U.S. agency obligations 59,144 575 ( 1,249 ) 58,470 Mortgage-backed securities 38,017 75 ( 654 ) 37,438 Municipals 50,806 368 ( 970 ) 50,204 Corporates 13,053 169 ( 69 ) 13,153 $ 163,020 $ 1,189 $ ( 2,942 ) $ 161,267 |
Gross Unrealized Losses And Fair Value Of The Bank’s Investments | December 31, 2022 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ 3,135 $ 504 $ — $ — $ 3,135 $ 504 Available-for-sale U.S. Treasuries 4,741 171 — — 4,741 171 U.S. agency obligations 27,708 2,838 31,565 6,722 59,273 9,560 Mortgage-backed securities 42,024 5,656 25,818 5,457 67,842 11,113 Municipals 10,847 2,245 27,008 9,851 37,855 12,096 Corporates 6,568 469 1,508 492 8,076 961 Total temporarily impaired securities $ 95,023 $ 11,883 $ 85,899 $ 22,522 $ 180,922 $ 34,405 December 31, 2021 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ — $ — $ — $ — $ — $ — Available-for-sale U.S. Treasuries — — — — — — U.S. agency obligations 21,893 379 15,233 870 37,126 1,249 Mortgage-backed securities 28,019 402 6,382 252 34,401 654 Municipals 28,028 635 7,952 335 35,980 970 Corporates 1,931 69 — — 1,931 69 Total temporarily impaired securities $ 79,871 $ 1,485 $ 29,567 $ 1,457 $ 109,438 $ 2,942 |
Contractual Maturities Of Investment Securities | Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair Cost Values Cost Values Due in one year or less $ — $ — $ 2,339 $ 2,312 Due after one year through five years — — 44,918 41,061 Due after five years through ten years 2,425 2,131 69,531 59,777 Due after ten years 1,214 1,004 102,900 82,637 $ 3,639 $ 3,135 $ 219,688 $ 185,787 |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and allowance for loan losses [Abstract] | |
Summary Of Loans, Net | December 31, 2022 2021 Commercial $ 95,885 $ 105,067 Commercial real estate 354,025 338,149 Consumer 97,959 89,102 Residential 63,756 51,066 Total loans (1) 611,625 583,384 Less allowance for loan losses 6,259 6,915 Net loans $ 605,366 $ 576,469 (1) Includes net deferred costs/premiums of $ 1,114 and $ 372 as of December 31, 2022 and 2021, respectively. |
Loans On Non-Accrual Status | Loans on Non-Accrual Status As of December 31, 2022 2021 Commercial $ — $ 25 Commercial Real Estate: Commercial Mortgages-Owner Occupied — 501 Commercial Mortgages-Non-Owner Occupied 518 138 Commercial Construction — — Consumer Consumer Unsecured — — Consumer Secured 20 127 Residential: Residential Mortgages 95 163 Residential Consumer Construction — — Totals $ 633 $ 954 |
Changes in OREO Balance | OREO Changes Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 761 $ 1,105 Transfers from Loans — 111 Capitalized costs — — Valuation adjustments ( 195 ) — Sales — ( 368 ) Loss on sales — ( 87 ) Balance at the end of the year $ 566 $ 761 |
Impaired Loans | Impaired Loans (dollars in thousands) As of and For the Year Ended December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income 2022 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $ 9 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 554 581 - 1,573 48 Commercial Mortgage Non-Owner Occupied 518 526 - 310 23 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 249 249 - 154 12 Residential Residential Mortgages 1,345 1,428 - 1,331 54 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ - $ - $ - $ - $ - Commercial Real Estate Commercial Mortgages-Owner Occupied - - - - - Commercial Mortgage Non-Owner Occupied - - - - - Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured - - - - - Residential Residential Mortgages - - - - - Residential Consumer Construction - - - - - Totals: Commercial $ - $ - $ - $ 9 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 554 581 - 1,573 48 Commercial Mortgage Non-Owner Occupied 518 526 - 310 23 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 249 249 - 154 12 Residential Residential Mortgages 1,345 1,428 - 1,331 54 Residential Consumer Construction - - - - - $ 2,666 $ 2,784 $ - $ 3,377 $ 137 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans (dollars in thousands) As of and For the Year Ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income 2021 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 17 $ 67 $ - $ 179 $ 5 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,592 2,971 - 2,368 154 Commercial Mortgage Non-Owner Occupied 102 102 - 371 13 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 59 60 - 201 2 Residential Residential Mortgages 1,316 1,390 - 1,332 47 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ - $ - $ - $ 2 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied - - - - - Commercial Mortgage Non-Owner Occupied - - - - - Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured - - - - - Residential Residential Mortgages - - - - - Residential Consumer Construction - - - - - Totals: Commercial $ 17 $ 67 $ - $ 181 $ 5 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,592 2,971 - 2,368 154 Commercial Mortgage Non-Owner Occupied 102 102 - 371 13 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 59 60 - 201 2 Residential Residential Mortgages 1,316 1,390 - 1,332 47 Residential Consumer Construction - - - - - $ 4,086 $ 4,590 $ - $ 4,453 $ 221 |
Allowance For Loan Losses And Recorded Investment In Loans | Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) As of and For the Year Ended December 31, 2022 Commercial 2022 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $ 1,471 $ 3,637 $ 860 $ 947 $ 6,915 Charge-Offs - ( 137 ) ( 25 ) - ( 162 ) Recoveries 104 212 18 72 406 Provision (recovery of provision) ( 473 ) ( 810 ) 51 332 ( 900 ) Ending Balance 1,102 2,902 904 1,351 6,259 Ending Balance: Individually evaluated for impairment - - - - - Ending Balance: Collectively evaluated for impairment 1,102 2,902 904 1,351 6,259 Totals: $ 1,102 $ 2,902 $ 904 $ 1,351 $ 6,259 Financing Receivables: Ending Balance: Individually evaluated for impairment - 1,072 249 1,345 2,666 Ending Balance: Collectively evaluated for impairment 95,885 352,953 97,710 62,411 608,959 Totals: $ 95,885 $ 354,025 $ 97,959 $ 63,756 $ 611,625 Note 5 - Loans and allowance for loan losses (continued) Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) As of and For the Year Ended December 31, 2021 Commercial 2021 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $ 2,001 $ 3,550 $ 868 $ 737 $ 7,156 Charge-Offs ( 53 ) - ( 38 ) - ( 91 ) Recoveries 112 72 29 137 350 Provision (recovery of provision) ( 589 ) 15 1 73 ( 500 ) Ending Balance 1,471 3,637 860 947 6,915 Ending Balance: Individually evaluated for impairment - - - - - Ending Balance: Collectively evaluated for impairment 1,471 3,637 860 947 6,915 Totals: $ 1,471 $ 3,637 $ 860 $ 947 $ 6,915 Financing Receivables: Ending Balance: Individually evaluated for impairment 17 2,694 59 1,316 4,086 Ending Balance: Collectively evaluated for impairment 105,050 335,455 89,043 49,750 579,298 Totals: $ 105,067 $ 338,149 $ 89,102 $ 51,066 $ 583,384 |
Credit Quality Information-By Class | Credit Quality Information - by Class December 31, 2022 2022 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $ 89,889 $ 4,418 $ 1,465 $ 113 $ — $ 95,885 Commercial Real Estate: Commercial Mortgages-Owner Occupied 132,686 1,931 — 572 — 135,189 Commercial Mortgages-Non-Owner Occupied 204,810 — 1,182 709 — 206,701 Commercial Construction 12,126 9 — — — 12,135 Consumer Consumer Unsecured 2,809 — 19 — — 2,828 Consumer Secured 94,788 — — 343 — 95,131 Residential: Residential Mortgages 41,591 — — 1,458 — 43,049 Residential Consumer Construction 19,178 1,529 — — — 20,707 Totals $ 597,877 $ 7,887 $ 2,666 $ 3,195 $ — $ 611,625 Credit Quality Information - by Class December 31, 2021 2021 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $ 92,789 $ 7,965 $ 4,262 $ 51 $ — $ 105,067 Commercial Real Estate: Commercial Mortgages-Owner Occupied 116,098 5,986 4,130 2,620 — 128,834 Commercial Mortgages-Non-Owner Occupied 176,291 2,506 — 316 — 179,113 Commercial Construction 30,202 — — — — 30,202 Consumer Consumer Unsecured 2,581 — 23 1 — 2,605 Consumer Secured 86,265 — — 232 — 86,497 Residential: Residential Mortgages 30,486 — — 1,439 — 31,925 Residential Consumer Construction 19,141 — — — — 19,141 Totals $ 553,853 $ 16,457 $ 8,415 $ 4,659 $ — $ 583,384 |
Age Analysis Of Past Due Financing Receivables | Age Analysis of Past Due Loans as of December 31, 2022 Recorded Greater Investment 2022 30-59 Days 60-89 Days than Total Past Total > 90 Days & Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ 52 $ 194 $ — $ 246 $ 95,639 $ 95,885 $ — Commercial Real Estate: Commercial Mortgages-Owner Occupied — — — — 135,189 135,189 — Commercial Mortgages-Non-Owner Occupied 55 — — 55 206,646 206,701 — Commercial Construction — 397 — 397 11,738 12,135 — Consumer: Consumer Unsecured 15 — — 15 2,813 2,828 — Consumer Secured 62 — 13 75 95,056 95,131 — Residential: Residential Mortgages 139 — 95 234 42,815 43,049 — Residential Consumer Construction — — — — 20,707 20,707 — Total $ 323 $ 591 $ 108 $ 1,022 $ 610,603 $ 611,625 $ — Age Analysis of Past Due Loans as of December 31, 2021 Recorded Investment 2021 30-59 Days 60-89 Days Greater than Total Past Total > 90 Days & Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ — $ 1 $ 25 $ 26 $ 105,041 $ 105,067 $ — Commercial Real Estate: Commercial Mortgages-Owner Occupied 464 — 501 965 127,869 128,834 — Commercial Mortgages-Non-Owner Occupied 1,310 — — 1,310 177,803 179,113 — Commercial Construction — — — — 30,202 30,202 — Consumer: Consumer Unsecured 8 1 — 9 2,596 2,605 — Consumer Secured 111 3 118 232 86,265 86,497 — Residential: Residential Mortgages 948 — 163 1,111 30,814 31,925 — Residential Consumer Construction — — — — 19,141 19,141 — Total $ 2,841 $ 5 $ 807 $ 3,653 $ 579,731 $ 583,384 $ — |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate Owned [Abstract] | |
Changes in OREO Balance | OREO Changes Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 761 $ 1,105 Transfers from Loans — 111 Capitalized costs — — Valuation adjustments ( 195 ) — Sales — ( 368 ) Loss on sales — ( 87 ) Balance at the end of the year $ 566 $ 761 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31, 2022 2021 Land $ 3,882 $ 3,302 Building and improvements 14,040 12,400 Property for future expansion 52 1,931 Furniture and equipment 9,033 8,407 Leasehold improvements 3,056 3,021 Software 2,000 1,974 32,063 31,035 Less accumulated depreciation 14,089 12,684 Net premises and equipment $ 17,974 $ 18,351 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Summary Of Deposit Accounts | December 31, 2022 2021 Demand Noninterest bearing $ 154,884 $ 162,286 Interest bearing 428,027 459,920 Savings 132,452 122,080 Time, $250,000 or more 17,529 19,526 Other time 115,246 123,244 $ 848,138 $ 887,056 |
Schedule Of Time Deposit Maturities | Year Ending December 31, Amount 2023 $ 61,302 2024 26,628 2025 16,199 2026 7,783 2027 and thereafter 20,863 $ 132,775 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Segments [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Business Segments Investment Community Advisory Banking Mortgage Services Total For the year ended December 31, 2022 Net interest income $ 29,703 $ - $ - $ 29,703 (Recovery of) loan losses ( 900 ) - - ( 900 ) Net interest income after (recovery of) loan losses 30,603 - - 30,603 Noninterest income 4,056 5,256 3,932 13,244 Noninterest expenses 26,035 4,466 2,236 32,737 Income before income taxes 8,624 790 1,696 11,110 Income tax expense 1,628 166 357 2,151 Net income 6,996 624 1,339 8,959 Total assets as of December 31, 2022 914,420 2,916 11,235 928,571 For the year ended December 31, 2021 Net interest income $ 27,079 $ - $ - $ 27,079 Provision for loan losses ( 500 ) - - ( 500 ) Net interest income after provision for loan losses 27,579 - - 27,579 Noninterest income 2,944 8,265 - 11,209 Noninterest expenses 23,432 5,905 - 29,337 Income before income taxes 7,091 2,360 - 9,451 Income tax expense 1,366 496 - 1,862 Net income $ 5,725 1,864 - 7,589 Total assets as of December 31, 2021 $ 985,521 2,113 - 987,634 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | December 31, 2022 2021 Current federal income tax expense $ 2,161 $ 1,748 Deferred federal income tax (benefit) expense ( 10 ) 114 Income tax expense $ 2,151 $ 1,862 |
Schedule Of Income Tax Expense Benefit After Federal Income Tax Rate | 2022 2021 Computed “expected” income tax expense $ 2,333 $ 1,985 Increase (reduction) in income tax resulting from: Non-taxable income ( 110 ) ( 101 ) Non-deductible expenses 13 12 Other ( 85 ) ( 34 ) Income tax expense 2,151 1,862 |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2022 2021 Deferred tax assets Lease liabilities $ 976 $ 1,065 Allowance for loan losses 1,314 1,452 Unrealized losses on available-for-sale securities 7,119 368 OREO 137 96 Non-accrual interest 91 121 Deferred Compensation 782 665 Other 21 40 Gross deferred tax assets 10,440 3,807 Deferred tax liabilities Right-of-use assets 898 1,002 Depreciation 303 352 Intangibles — 1,765 Other 113 88 Gross deferred tax liabilities 1,314 3,207 Net deferred tax asset $ 9,126 $ 600 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Share | Years ended December 31, 2022 2021 Net income $ 8,959 $ 7,589 Weighted average number of shares outstanding - basic and diluted 4,698,041 4,747,821 Earnings per common shares - basic and diluted $ 1.91 $ 1.60 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule Of Capital Ratios For The Bank | December 31, 2022 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Total capital (to risk-weighted assets) $ 90,166 11.98 % $ 79,014 > 10.50 % $ 75,252 > 10.00 % Tier 1 capital (to risk-weighted assets) $ 83,907 11.15 % $ 63,964 > 8.50 % $ 60,201 > 8.00 % Common Equity Tier 1 capital (to risk-weighted assets) $ 83,907 11.15 % $ 52,676 > 7.00 % $ 48,913 > 6.50 % Tier 1 capital (leverage) (to average assets) $ 83,907 8.98 % $ 37,371 > 4.00 % $ 46,714 > 5.00 % (1) Includes capital conservation buffer of 2.50 % where applicable. December 31, 2021 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Total capital (to risk-weighted assets) $ 85,803 12.37 % $ 72,807 > 10.50 % $ 69,340 > 10.00 % Tier 1 capital (to risk-weighted assets) $ 78,888 11.38 % $ 58,939 > 8.50 % $ 55,472 > 8.00 % Common Equity Tier 1 capital (to risk-weighted assets) $ 78,888 11.38 % $ 48,538 > 7.00 % $ 45,071 > 6.50 % Tier 1 capital (leverage) (to average assets) $ 78,888 8.22 % $ 38,392 > 4.00 % $ 47,990 > 5.00 % (1) Includes capital conservation buffer of 2.50 % where applicable. |
Financial Instruments With Of_2
Financial Instruments With Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments With Off-Balance-Sheet Risk [Abstract] | |
Summary Of Financial Instruments With Contract Amounts Representing Credit Risk | Contract Amounts at December 31, 2022 2021 Commitments to extend credit $ 196,902 $ 179,953 Standby letters of credit $ 2,923 $ 4,335 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Assets Measured On Recurring Basis | Fair Value at December 31, 2022 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2022 (Level 1) (Level 2) U.S. Treasuries $ 4,741 $ — $ 4,741 $ — U.S. agency obligations 59,273 — 59,273 — Mortgage-backed securities 67,842 — 67,842 — Municipals 37,855 — 37,855 — Corporates 16,076 — 16,076 — Total available-for-sale securities $ 185,787 $ — $ 185,787 $ — IRLCs – asset 91 — — 91 Total assets at fair value $ 185,878 $ — $ 185,787 $ 91 Fair Value at December 31, 2021 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2021 (Level 1) (Level 2) U.S. Treasuries $ 2,002 $ — $ 2,002 $ — U.S. agency obligations 58,470 — 58,470 — Mortgage-backed securities 37,438 — 37,438 — Municipals 50,204 — 50,204 — Corporates 13,153 — 13,153 — Total available-for-sale securities $ 161,267 $ — $ 161,267 $ — IRLCs – asset 144 — — 144 Total assets at fair value $ 161,411 $ — $ 161,267 $ 144 |
Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis | Fair Value at December 31, 2022 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2022 (Level 1) (Level 2) Impaired loans* $ 854 $ — $ — $ 854 Other real estate $ 566 $ — $ — $ 566 *Includes loans charged down to the net realizable value of the collateral. Fair Value at December 31, 2021 Quoted Prices Significant Significant in Active Other Unobservable Balance as of Markets for Observable Inputs December 31, Identical Assets Inputs (Level 3) Description 2021 (Level 1) (Level 2) Impaired loans* $ 1,802 $ — $ — $ 1,802 Other real estate $ 761 $ — $ — $ 761 * Includes loans charged down to the net realizable value of the collateral. |
Fair Value Carrying And Notional Amounts | Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $ 30,025 $ 30,025 $ — $ — $ 30,025 Fed funds sold 31,737 31,737 — — 31,737 Securities Available-for-sale 185,787 — 185,787 — 185,787 Held-to-maturity 3,639 — 3,135 — 3,135 Restricted stock 1,387 — 1,387 — 1,387 Loans, net 605,366 — — 564,802 564,802 Loans held for sale 2,423 — 2,423 — 2,423 Interest receivable 2,736 — 2,736 — 2,736 BOLI 19,237 — 19,237 — 19,237 Derivaties 91 — — 91 91 Liabilities Deposits $ 848,138 $ — $ 850,102 $ — $ 850,102 Capital notes 10,037 — 9,200 — 9,200 Other borrowings 10,457 — 9,438 — 9,438 Interest payable 89 — 89 — 89 Fair Value Measurements at December 31, 2021 using Carrying Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $ 29,337 $ 29,337 $ — $ — $ 29,337 Fed funds sold 153,816 153,816 — — 153,816 Securities Available-for-sale 161,267 — 161,267 — 161,267 Held-to-maturity 3,655 — 4,006 — 4,006 Restricted stock 1,324 — 1,324 — 1,324 Loans, net 576,469 — — 565,543 565,543 Loans held for sale 1,628 — 1,628 — 1,628 Interest receivable 2,064 — 2,064 — 2,064 BOLI 18,785 — 18,785 — 18,785 Derivatives 144 — — 144 144 Liabilities Deposits $ 887,056 $ — $ 887,955 $ — $ 887,955 Capital notes 10,031 — 10,711 — 10,711 Other borrowings 10,985 — 11,465 — 11,465 Interest payable 46 — 46 — 46 |
Fair Value, Recurring [Member] | |
Information Regarding Quantitative Inputs Used To Value Assets Classified As Level 3 | Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets IRLCs - asset $ 91 Market approach Range of pull through rate 85 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2021 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets IRLCs - asset $ 144 Market approach Range of pull through rate 85 % |
Fair Value, Nonrecurring [Member] | |
Information Regarding Quantitative Inputs Used To Value Assets Classified As Level 3 | Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 854 Discounted appraised value Selling cost 0 % - 10 % ( 8 %) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6 %) OREO $ 566 Discounted appraised value Selling cost 26 % Discount for lack of marketability and age of appraisal 0 % - 27 % ( 26 %) Quantitative information about Level 3 Fair Value Measurements for December 31, 2021 (dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,802 Discounted appraised value Selling cost 0 % - 10 % ( 8 %) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6 %) OREO $ 761 Discounted appraised value Selling cost 10 % Discount for lack of marketability and age of appraisal 0 % - 27 % ( 26 %) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Company's operating leases | December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 1,260 $ 1,325 Right-of-use assets $ 1,204 $ 1,282 Weighted average remaining lease term 12.7 years 13.7 years Weighted average discount rate 3.44 % 3.44 % |
Finance Leases Information | December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 3,389 $ 3,746 Right-of-use assets $ 3,074 $ 3,488 Weighted average remaining lease term 8.2 years 9.2 years Weighted average discount rate 2.70 % 2.70 % |
Schedule Of Lease Cost | For the Year Ended December 31, Lease cost (in thousands) 2022 2021 Operating lease cost $ 121 $ 125 Finance lease cost: Amortization of right-of-use assets 414 414 Interest on lease liabilities 96 106 Total lease cost $ 631 $ 645 Cash paid for amounts included in measurement of operating lease liabilities $ 112 $ 112 Cash paid for amounts included in measurement of finance lease liabilities $ 453 $ 453 |
Maturity Analysis For Operating And Financing Lease Liabilities And Reconciliation Of Undiscounted Cash Flows | Operating Lease Finance Lease Liabilities Liabilities As of As of Lease payments due (in thousands) December 31, 2022 December 31, 2022 Twelve months ending December 31, 2023 $ 110 $ 454 Twelve months ending December 31, 2024 111 479 Twelve months ending December 31, 2025 112 515 Twelve months ending December 31, 2026 116 515 Twelve months ending December 31, 2027 125 517 Thereafter 1,000 1,333 Total undiscounted cash flows $ 1,574 $ 3,813 Discount ( 314 ) ( 424 ) Lease liabilities $ 1,260 $ 3,389 |
Condensed Financial Statement_2
Condensed Financial Statements Of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Statements Of Parent Company [Abstract] | |
Condensed Balance Sheet Of Parent Company | December 31, 2022 2021 Assets Cash $ 2,913 $ 2,744 Taxes receivable 76 9 Investment in subsidiaries 67,967 88,003 Other assets 19 17 Total assets $ 70,975 $ 90,773 Liabilities and stockholders’ equity Capital notes $ 10,037 $ 10,031 Other borrowings 10,457 10,985 Other liabilities 255 328 Total Liabilities $ 20,749 $ 21,344 Common stock $ 2.14 par value $ 9,905 $ 10,145 Additional paid-in-capital 36,068 37,230 Retained earnings 31,034 23,440 Accumulated other comprehensive (loss) ( 26,781 ) ( 1,386 ) Total stockholders’ equity $ 50,226 $ 69,429 Total liabilities and stockholders’ equity $ 70,975 $ 90,773 |
Condensed Statements Of Income Of Parent Company | Statements of Income Years Ended December 31, 2022 2021 Income Dividends from subsidiaries $ 5,318 $ — Operating expenses Interest on capital notes and other borrowings 767 327 Legal and professional fees 237 259 Other expense 135 138 Total expenses 1,139 724 Income tax (benefit) ( 239 ) ( 114 ) Income (loss) before equity in undistributed income of subsidiaries 4,418 ( 610 ) Equity in undistributed income of subsidiaries 4,541 8,199 Net income $ 8,959 $ 7,589 |
Condensed Statements Of Cash Flows Of Parent Company | Statements of Cash Flows Years Ended December 31, 2022 2021 Cash flows from operating activities Net income $ 8,959 $ 7,589 Adjustments to reconcile net income to net cash provided by (used in) operating activities Amortization of debt issuance costs 10 4 (Increase) decrease in income taxes receivable ( 67 ) 65 (Increase) in other assets ( 2 ) ( 7 ) (Decrease) increase in other liabilities ( 73 ) 121 Equity in undistributed net (income) of subsidiaries ( 4,541 ) ( 8,199 ) Net cash provided by (used in) operating activities $ 4,286 $ ( 427 ) Cash flows from investing activities Cash paid in acquisition of subsidiary ( 818 ) ( 10,500 ) Net cash used in investing activities $ ( 818 ) $ ( 10,500 ) Cash flows from financing activities Dividends paid to common stockholders $ ( 1,365 ) $ ( 1,271 ) Principal payments on other borrowings ( 532 ) — Proceeds from other borrowings — 10,985 Repurchase of common stock ( 1,402 ) ( 427 ) Cash payment in lieu of fractional shares related to 10% stock dividend — ( 16 ) Net cash (used in) provided by financing activities $ ( 3,299 ) $ 9,271 Increase (decrease) in cash and cash equivalents $ 169 $ ( 1,656 ) Cash and cash equivalents at beginning of period 2,744 4,400 Cash and cash equivalents at end of period $ 2,913 $ 2,744 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Number of bank divisions | 2 |
Number of wholly-owned non-operating subsidiaries | 1 |
Number of bank locations | 4 |
Lynchburg Virginia [Member] | |
Limited service bank branch | 1 |
Forest Virginia [Member] | |
Number of bank locations | 1 |
Madison Heights [Member] | |
Number of bank locations | 1 |
Amherst Virginia [Member] | |
Number of bank locations | 1 |
Bedford Virginia [Member] | |
Number of bank locations | 1 |
Altavista Virginia [Member] | |
Number of bank locations | 1 |
Appomattox Virginia [Member] | |
Number of bank locations | 1 |
Charlottesville Virginia [Member] | |
Number of bank locations | 2 |
Limited service bank branch | 1 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan segment | Dec. 31, 2021 USD ($) loan | |
Summary Of Significant Accounting Policies [Line Items] | ||
Maximum maturing period for cash and cash equivalents | 90 days | |
Duration of loans interest stops accruing | 90 days | |
Duration of consecutive payments before future payments assured | 6 months | |
Impaired loans TDR | $ 431,000 | $ 372,000 |
Minimum principal loan balance for individual impairment test | 100,000,000 | |
Unrecognized tax liabilities | $ 0 | 0 |
Number of reportable segments | segment | 3 | |
Advertising expense | $ 920,000 | $ 934,000 |
Number of PPP loans | loan | 0 | 107 |
Loan balance | $ 8,150,000 | |
Consumer Loan [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Duration of loans charged-off | 120 days | |
Consumer Revolving Credit Loan [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Duration of loans charged-off | 180 days | |
Commercial And Commercial Real Estate Loans [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Duration of loans charged-off | 180 days | |
Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 7 years | |
Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 3 years | |
Building and Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 39 years 6 months | |
Building and Improvements [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 10 years |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) security item | Dec. 31, 2021 USD ($) | |
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ | $ 35,879 | $ 32,159 |
US Agency Obligations [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 33 | |
Mortgage Backed Securities, Other [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 23 | |
Municipals [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 52 | |
Corporates [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 10 | |
Reportable Legal Entities [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Debt Securities, Available-for-Sale, Realized Loss | $ | $ 3 | 0 |
Debt Securities, Held-to-Maturity, Sale | $ | 7,681 | 0 |
Debt Securities, Available-for-Sale, Realized Gain | $ | $ 0 | $ 0 |
Standard & Poor's, AA+ Rating [Member] | Municipals [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 52 | |
S&P Rated AAA [Member] | Mortgage Backed Securities, Other [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | security | 23 | |
S&P Rated AA [Member] | US Agency Obligations [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | 33 | |
S&P Rated BBB+ [Member] | Corporates [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | security | 10 |
Securities (Summary Of Securiti
Securities (Summary Of Securities Held-To-Maturity And Securities Available-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Held-to-maturity | $ 3,639 | $ 3,655 |
Held-to-Maturity, Fair Value | 3,135 | 4,006 |
Available-for-Sale, Amortized Cost | 219,688 | 163,020 |
Available-for-Sale, Gross Unrealized Gains | 1,189 | |
Available-for-Sale, Gross Unrealized Losses | (33,901) | (2,942) |
Available-for-sale, Fair Value | 185,787 | 161,267 |
US Treasuries [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 4,912 | 2,000 |
Available-for-Sale, Gross Unrealized Gains | 2 | |
Available-for-Sale, Gross Unrealized Losses | (171) | |
Available-for-sale, Fair Value | 4,741 | 2,002 |
US Agency Obligations [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Held-to-maturity | 3,639 | 3,655 |
Held-to-maturity, Gross Unrealized Gains | 351 | |
Held-to-maturity, Gross Unrealized Losses | (504) | |
Held-to-Maturity, Fair Value | 3,135 | 4,006 |
Available-for-Sale, Amortized Cost | 68,833 | 59,144 |
Available-for-Sale, Gross Unrealized Gains | 575 | |
Available-for-Sale, Gross Unrealized Losses | (9,560) | (1,249) |
Available-for-sale, Fair Value | 59,273 | 58,470 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 78,955 | 38,017 |
Available-for-Sale, Gross Unrealized Gains | 75 | |
Available-for-Sale, Gross Unrealized Losses | (11,113) | (654) |
Available-for-sale, Fair Value | 67,842 | 37,438 |
Municipals [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 49,951 | 50,806 |
Available-for-Sale, Gross Unrealized Gains | 368 | |
Available-for-Sale, Gross Unrealized Losses | (12,096) | (970) |
Available-for-sale, Fair Value | 37,855 | 50,204 |
Corporates [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 17,037 | 13,053 |
Available-for-Sale, Gross Unrealized Gains | 169 | |
Available-for-Sale, Gross Unrealized Losses | (961) | (69) |
Available-for-sale, Fair Value | $ 16,076 | $ 13,153 |
Securities (Gross Unrealized Lo
Securities (Gross Unrealized Losses And Fair Value Of The Bank’s Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 95,023 | $ 79,871 |
Fair Value, More than 12 months | 85,899 | 29,567 |
Fair Value, Total | 180,922 | 109,438 |
Unrealized Losses, Less than 12 months | 11,883 | 1,485 |
Unrealized Losses, More than 12 months | 22,522 | 1,457 |
Unrealized Losses, Total | 34,405 | 2,942 |
US Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 4,741 | |
Fair Value, Total | 4,741 | |
Unrealized Losses, Less than 12 months | 171 | |
Unrealized Losses, Total | 171 | |
US Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months, Held-to-maturity | 3,135 | |
Unrealized Losses, Less than 12 months, Held-to-maturity | 504 | |
Fair Value, Total, Held-to-maturity | 3,135 | |
Unrealized Losses, Total, Held-to-maturity | 504 | |
Fair Value, Less than 12 months | 27,708 | 21,893 |
Fair Value, More than 12 months | 31,565 | 15,233 |
Fair Value, Total | 59,273 | 37,126 |
Unrealized Losses, Less than 12 months | 2,838 | 379 |
Unrealized Losses, More than 12 months | 6,722 | 870 |
Unrealized Losses, Total | 9,560 | 1,249 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 42,024 | 28,019 |
Fair Value, More than 12 months | 25,818 | 6,382 |
Fair Value, Total | 67,842 | 34,401 |
Unrealized Losses, Less than 12 months | 5,656 | 402 |
Unrealized Losses, More than 12 months | 5,457 | 252 |
Unrealized Losses, Total | 11,113 | 654 |
Municipals [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 10,847 | 28,028 |
Fair Value, More than 12 months | 27,008 | 7,952 |
Fair Value, Total | 37,855 | 35,980 |
Unrealized Losses, Less than 12 months | 2,245 | 635 |
Unrealized Losses, More than 12 months | 9,851 | 335 |
Unrealized Losses, Total | 12,096 | 970 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 6,568 | 1,931 |
Fair Value, More than 12 months | 1,508 | |
Fair Value, Total | 8,076 | 1,931 |
Unrealized Losses, Less than 12 months | 469 | 69 |
Unrealized Losses, More than 12 months | 492 | |
Unrealized Losses, Total | $ 961 | $ 69 |
Securities (Contractual Maturit
Securities (Contractual Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities [Abstract] | ||
Available-for-Sale, Amortized Cost, Due in one year or less | $ 2,339 | |
Available-for-Sale, Amortized Cost, Due after one year through five years | 44,918 | |
Available-for-Sale, Amortized Cost, Due after five years through ten years | 69,531 | |
Available-for-Sale, Amortized Cost, Due after ten years | 102,900 | |
Available-for-Sale, Amortized Cost | 219,688 | $ 163,020 |
Available-for-Sale, Fair Values, Due in one year or less | 2,312 | |
Available-for-Sale, Fair Values, Due after one year through five years | 41,061 | |
Available-for-Sale, Fair Values, Due after five years through ten years | 59,777 | |
Available-for-Sale, Fair Values, Due after ten years | 82,637 | |
Available-for-Sale, Fair Values | 185,787 | 161,267 |
Held-to-Maturity, Amortized Cost, Due after five years through ten years | 2,425 | |
Held-to-Maturity, Amortized Cost, Due after ten years | 1,214 | |
Held-to-maturity | 3,639 | 3,655 |
Held-to-Maturity, Fair Values, Due after five years through ten years | 2,131 | |
Held-to-Maturity, Fair Values, Due after ten years | 1,004 | |
Held-to-Maturity, Fair Value | $ 3,135 | $ 4,006 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item contract | Dec. 31, 2021 USD ($) contract item | |
Financing Receivable, Modifications [Line Items] | ||
Overdrafts reclassified as loans | $ 45 | $ 182 |
Outstanding balances of related party loans | 10,738 | $ 11,200 |
New loans and advances from related party | 3,907 | |
Repayments from related party | $ 4,369 | |
Loan modifications that would have been classified as TDRs | contract | 1 | 0 |
Loan modifications classified as TDRs | contract | 0 | 0 |
Outstanding commitments to disburse additional funds on TDR's | item | 0 | 0 |
Two Executive Officers [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Outstanding balances of related party loans | $ 52 | |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of real estate properties held | item | 0 | 0 |
Number of Real Estate Properties | item | 0 | 0 |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Summary Of Loans, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Principal balance | $ 611,625 | $ 583,384 |
Less allowance for loan losses | 6,259 | 6,915 |
Net loans | 605,366 | 576,469 |
Net deferred (fees) and costs/premiums | 1,114 | 372 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Principal balance | 95,885 | 105,067 |
Less allowance for loan losses | 1,102 | 1,471 |
Commercial Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Principal balance | 354,025 | 338,149 |
Less allowance for loan losses | 2,902 | 3,637 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Principal balance | 97,959 | 89,102 |
Less allowance for loan losses | 904 | 860 |
Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Principal balance | 63,756 | 51,066 |
Less allowance for loan losses | $ 1,351 | $ 947 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Loans On Non-Accrual Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | $ 633 | $ 954 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 25 | |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 501 | |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 518 | 138 |
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 20 | 127 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | $ 95 | $ 163 |
Loans And Allowance For Loan _6
Loans And Allowance For Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Totals: Recorded Investment | $ 2,666 | $ 4,086 |
Totals: Unpaid Principal Balance | 2,784 | 4,590 |
Totals: Average Recorded Investment | 3,377 | 4,453 |
Totals: Interest Income Recognized | 137 | 221 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 17 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 67 | |
With No Related Allowance Recorded: Average Recorded Investment | 9 | 179 |
With No Related Allowance Recorded: Interest Income Recognized | 5 | |
With An Allowance Recorded: Average Recorded Investment | 2 | |
Totals: Recorded Investment | 17 | |
Totals: Unpaid Principal Balance | 67 | |
Totals: Average Recorded Investment | 9 | 181 |
Totals: Interest Income Recognized | 5 | |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 554 | 2,592 |
With No Related Allowance Recorded: Unpaid Principal Balance | 581 | 2,971 |
With No Related Allowance Recorded: Average Recorded Investment | 1,573 | 2,368 |
With No Related Allowance Recorded: Interest Income Recognized | 48 | 154 |
Totals: Recorded Investment | 554 | 2,592 |
Totals: Unpaid Principal Balance | 581 | 2,971 |
Totals: Average Recorded Investment | 1,573 | 2,368 |
Totals: Interest Income Recognized | 48 | 154 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 518 | 102 |
With No Related Allowance Recorded: Unpaid Principal Balance | 526 | 102 |
With No Related Allowance Recorded: Average Recorded Investment | 310 | 371 |
With No Related Allowance Recorded: Interest Income Recognized | 23 | 13 |
Totals: Recorded Investment | 518 | 102 |
Totals: Unpaid Principal Balance | 526 | 102 |
Totals: Average Recorded Investment | 310 | 371 |
Totals: Interest Income Recognized | 23 | 13 |
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 249 | 59 |
With No Related Allowance Recorded: Unpaid Principal Balance | 249 | 60 |
With No Related Allowance Recorded: Average Recorded Investment | 154 | 201 |
With No Related Allowance Recorded: Interest Income Recognized | 12 | 2 |
Totals: Recorded Investment | 249 | 59 |
Totals: Unpaid Principal Balance | 249 | 60 |
Totals: Average Recorded Investment | 154 | 201 |
Totals: Interest Income Recognized | 12 | 2 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 1,345 | 1,316 |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,428 | 1,390 |
With No Related Allowance Recorded: Average Recorded Investment | 1,331 | 1,332 |
With No Related Allowance Recorded: Interest Income Recognized | 54 | 47 |
Totals: Recorded Investment | 1,345 | 1,316 |
Totals: Unpaid Principal Balance | 1,428 | 1,390 |
Totals: Average Recorded Investment | 1,331 | 1,332 |
Totals: Interest Income Recognized | $ 54 | $ 47 |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Allowance For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses: Beginning Balance | $ 6,915 | $ 7,156 |
Allowance for Credit Losses: Charge-Offs | (162) | (91) |
Allowance for Credit Losses: Recoveries | 406 | 350 |
Allowance for credit losses: Provision (recovery of provision) | (900) | (500) |
Allowance for Credit Losses: Ending Balance | 6,259 | 6,915 |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 6,259 | 6,915 |
Allowance for Credit Losses: Totals | 6,259 | 6,915 |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 2,666 | 4,086 |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 608,959 | 579,298 |
Financing Receivable, before Allowance for Credit Loss, Total | 611,625 | 583,384 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses: Beginning Balance | 1,471 | 2,001 |
Allowance for Credit Losses: Charge-Offs | (53) | |
Allowance for Credit Losses: Recoveries | 104 | 112 |
Allowance for credit losses: Provision (recovery of provision) | (473) | (589) |
Allowance for Credit Losses: Ending Balance | 1,102 | 1,471 |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,102 | 1,471 |
Allowance for Credit Losses: Totals | 1,102 | 1,471 |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 17 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 95,885 | 105,050 |
Financing Receivable, before Allowance for Credit Loss, Total | 95,885 | 105,067 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses: Beginning Balance | 3,637 | 3,550 |
Allowance for Credit Losses: Charge-Offs | (137) | |
Allowance for Credit Losses: Recoveries | 212 | 72 |
Allowance for credit losses: Provision (recovery of provision) | (810) | 15 |
Allowance for Credit Losses: Ending Balance | 2,902 | 3,637 |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 2,902 | 3,637 |
Allowance for Credit Losses: Totals | 2,902 | 3,637 |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 1,072 | 2,694 |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 352,953 | 335,455 |
Financing Receivable, before Allowance for Credit Loss, Total | 354,025 | 338,149 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses: Beginning Balance | 860 | 868 |
Allowance for Credit Losses: Charge-Offs | (25) | (38) |
Allowance for Credit Losses: Recoveries | 18 | 29 |
Allowance for credit losses: Provision (recovery of provision) | 51 | 1 |
Allowance for Credit Losses: Ending Balance | 904 | 860 |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 904 | 860 |
Allowance for Credit Losses: Totals | 904 | 860 |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 249 | 59 |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 97,710 | 89,043 |
Financing Receivable, before Allowance for Credit Loss, Total | 97,959 | 89,102 |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses: Beginning Balance | 947 | 737 |
Allowance for Credit Losses: Recoveries | 72 | 137 |
Allowance for credit losses: Provision (recovery of provision) | 332 | 73 |
Allowance for Credit Losses: Ending Balance | 1,351 | 947 |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,351 | 947 |
Allowance for Credit Losses: Totals | 1,351 | 947 |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 1,345 | 1,316 |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 62,411 | 49,750 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 63,756 | $ 51,066 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Age Analysis Of Past Due Financing Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | $ 611,625 | $ 583,384 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 323 | 2,841 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 591 | 5 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 108 | 807 |
Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 1,022 | 3,653 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 610,603 | 579,731 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 95,885 | 105,067 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 52 | |
Commercial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 194 | 1 |
Commercial [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 25 | |
Commercial [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 246 | 26 |
Commercial [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 95,639 | 105,041 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 354,025 | 338,149 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 135,189 | 128,834 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 206,701 | 179,113 |
Commercial Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 12,135 | 30,202 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 464 | |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 55 | 1,310 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 397 | |
Commercial Real Estate [Member] | Greater than 90 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 501 | |
Commercial Real Estate [Member] | Total Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 965 | |
Commercial Real Estate [Member] | Total Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 55 | 1,310 |
Commercial Real Estate [Member] | Total Past Due [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 397 | |
Commercial Real Estate [Member] | Current [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 135,189 | 127,869 |
Commercial Real Estate [Member] | Current [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 206,646 | 177,803 |
Commercial Real Estate [Member] | Current [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 11,738 | 30,202 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 97,959 | 89,102 |
Consumer [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 2,828 | 2,605 |
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 95,131 | 86,497 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 15 | 8 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 62 | 111 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 1 | |
Consumer [Member] | 60 to 89 Days Past Due [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 3 | |
Consumer [Member] | Greater than 90 Days Past Due [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 13 | 118 |
Consumer [Member] | Total Past Due [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 15 | 9 |
Consumer [Member] | Total Past Due [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 75 | 232 |
Consumer [Member] | Current [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 2,813 | 2,596 |
Consumer [Member] | Current [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 95,056 | 86,265 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 63,756 | 51,066 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 43,049 | 31,925 |
Residential [Member] | Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 20,707 | 19,141 |
Residential [Member] | 30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 139 | 948 |
Residential [Member] | Greater than 90 Days Past Due [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 95 | 163 |
Residential [Member] | Total Past Due [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 234 | 1,111 |
Residential [Member] | Current [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | 42,815 | 30,814 |
Residential [Member] | Current [Member] | Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Principal balance | $ 20,707 | $ 19,141 |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Credit Quality Information-By Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 611,625 | $ 583,384 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 597,877 | 553,853 |
Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 7,887 | 16,457 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,666 | 8,415 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,195 | 4,659 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 95,885 | 105,067 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 89,889 | 92,789 |
Commercial [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 4,418 | 7,965 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,465 | 4,262 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 113 | 51 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 135,189 | 128,834 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 132,686 | 116,098 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,931 | 5,986 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 4,130 | |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 572 | 2,620 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 206,701 | 179,113 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 204,810 | 176,291 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,182 | 2,506 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 709 | 316 |
Commercial Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 12,135 | 30,202 |
Commercial Real Estate [Member] | Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 12,126 | 30,202 |
Commercial Real Estate [Member] | Commercial Construction [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 9 | |
Consumer [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,828 | 2,605 |
Consumer [Member] | Consumer Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,809 | 2,581 |
Consumer [Member] | Consumer Unsecured [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 19 | 23 |
Consumer [Member] | Consumer Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1 | |
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 95,131 | 86,497 |
Consumer [Member] | Consumer Secured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 94,788 | 86,265 |
Consumer [Member] | Consumer Secured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 343 | 232 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 43,049 | 31,925 |
Residential [Member] | Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 41,591 | 30,486 |
Residential [Member] | Residential Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,458 | 1,439 |
Residential [Member] | Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 20,707 | 19,141 |
Residential [Member] | Residential Consumer Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 19,178 | $ 19,141 |
Residential [Member] | Residential Consumer Construction [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 1,529 |
Other Real Estate Owned (Narrat
Other Real Estate Owned (Narrative) (Details) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) |
Real Estate [Line Items] | |||
Other Real Estate | $ 566,000 | $ 761,000 | $ 1,105,000 |
Residential [Member] | |||
Real Estate [Line Items] | |||
Number of real estate properties held | item | 0 | 0 | |
Consumer [Member] | |||
Real Estate [Line Items] | |||
Other Real Estate | $ 0 | $ 0 |
Other Real Estate Owned (Change
Other Real Estate Owned (Changes In OREO Balance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate Owned [Abstract] | ||
Balance at the beginning of the year | $ 761 | $ 1,105 |
Transfers from Loans | 111 | |
Valuation adjustments | (195) | |
Sales | (368) | |
Loss on sales | (87) | |
Balance at the end of the year | $ 566 | $ 761 |
Premises And Equipment (Schedul
Premises And Equipment (Schedule Of Property And Equipment) (Narraitve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Premises And Equipment [Abstract] | ||
Land | $ 3,882 | $ 3,302 |
Building and improvements | 14,040 | 12,400 |
Property for future expansion | 52 | 1,931 |
Furniture and equipment | 9,033 | 8,407 |
Leasehold improvements | 3,056 | 3,021 |
Software | 2,000 | 1,974 |
Gross property and equipment | 32,063 | 31,035 |
Less accumulated depreciation | 14,089 | 12,684 |
Net premises and equipment | 17,974 | 18,351 |
Total depreciation and amortization expense | $ 1,556 | $ 1,566 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Accounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest bearing | $ 154,884 | $ 162,286 |
Interest bearing | 428,027 | 459,920 |
Savings | 132,452 | 122,080 |
Time, $250,000 or more | 17,529 | 19,526 |
Other time | 115,246 | 123,244 |
Total deposits | $ 848,138 | $ 887,056 |
Deposits (Schedule Of Time Depo
Deposits (Schedule Of Time Deposit Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 61,302 | |
2024 | 26,628 | |
2025 | 16,199 | |
2026 | 7,783 | |
2027 and thereafter | 20,863 | |
Time Deposits, Total | 132,775 | $ 142,770 |
Company’s officers, directors [Member] | ||
Related party deposits | $ 17,928 | $ 14,426 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Business Segments [Abstract] | |
Number of reportable segments | 3 |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 29,703 | $ 27,079 |
Recovery of loan losses | (900) | (500) |
Net interest income after provision (recovery of) loan losses | 30,603 | 27,579 |
Noninterest income | 13,244 | 11,209 |
Noninterest expenses | 32,737 | 29,337 |
Income before income taxes | 11,110 | 9,451 |
Income tax expense | 2,151 | 1,862 |
Net income | 8,959 | 7,589 |
Total assets | 928,571 | 987,634 |
Community Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 29,703 | 27,079 |
Recovery of loan losses | (900) | (500) |
Net interest income after provision (recovery of) loan losses | 30,603 | 27,579 |
Noninterest income | 4,056 | 2,944 |
Noninterest expenses | 26,035 | 23,432 |
Income before income taxes | 8,624 | 7,091 |
Income tax expense | 1,628 | 1,366 |
Net income | 6,996 | 5,725 |
Total assets | 914,420 | 985,521 |
Mortgage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 5,256 | 8,265 |
Noninterest expenses | 4,466 | 5,905 |
Income before income taxes | 790 | 2,360 |
Income tax expense | 166 | 496 |
Net income | 624 | 1,864 |
Total assets | 2,916 | $ 2,113 |
Investment Advisory Services [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 3,932 | |
Noninterest expenses | 2,236 | |
Income before income taxes | 1,696 | |
Income tax expense | 357 | |
Net income | 1,339 | |
Total assets | $ 11,235 |
Capital Notes (Narrative) (Deta
Capital Notes (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Jul. 01, 2022 | Jun. 30, 2022 | Dec. 29, 2021 | Sep. 20, 2020 | Dec. 31, 2022 | Dec. 31, 2026 | |
Pettyjohn, Wood & White, Inc [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of capital stock purchased | 100% | |||||
2020 Offering [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Capital notes, interest rate | 3.25% | |||||
Capital notes, maturity date | Jun. 30, 2025 | |||||
Principal notes | $ 10,050,000 | |||||
National Bank of Blacksburg (NBB Note) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Capital notes, interest rate | 3.90% | 4% | ||||
Capital notes, maturity date | Dec. 31, 2026 | Dec. 31, 2024 | ||||
Proceeds from Issuance of Debt | $ 11,000,000 | |||||
Debt instrument amortization period | 15 years | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,375,000 | |||||
Percentage of common stock secured by first priority lien | 4.95% | |||||
National Bank of Blacksburg (NBB Note) [Member] | Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 8,104,000 | |||||
Capital Notes 4% Due 1/24/2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Capital notes, interest rate | 4% | |||||
Proceeds used to pay off debt | $ 5,000,000 |
Other Borrowings (Narrative) (D
Other Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Jul. 01, 2022 | Jun. 30, 2022 | Dec. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2026 | |
Short-term Debt [Line Items] | ||||||
Reverse repurchase agreements | $ 5,000,000 | |||||
FHLBA additional credit | 14,046,000 | |||||
Borrowed amount from FHLBA | 21,907,000 | |||||
Unsecured Federal Funds Outstanding Amount | $ 0 | $ 0 | ||||
Pettyjohn, Wood & White, Inc [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Percentage of capital stock purchased | 100% | |||||
National Bank of Blacksburg (NBB Note) [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Proceeds from Issuance of Debt | $ 11,000,000 | |||||
Capital notes, interest rate | 3.90% | 4% | ||||
Debt instrument amortization period | 15 years | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,375,000 | |||||
Percentage of common stock secured by first priority lien | 4.95% | |||||
Capital notes, maturity date | Dec. 31, 2026 | Dec. 31, 2024 | ||||
Community Bankers Bank [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Unsecured federal fund lines | $ 13,000,000 | |||||
Available credit | 4,689,000 | |||||
Zions Bank [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Unsecured federal fund lines | 4,000,000 | |||||
PNC Bank [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Unsecured federal fund lines | 6,000,000 | |||||
Suntrust Bank [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Unsecured federal fund lines | 10,000,000 | |||||
FHLBA [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Available credit | $ 238,033,000 | |||||
Maximum [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Period allowed to exchange securities pledged as collateral for funds | 90 days | |||||
Minimum [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Period allowed to exchange securities pledged as collateral for funds | 30 days | |||||
Forecast [Member] | National Bank of Blacksburg (NBB Note) [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 8,104,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
U.S. Federal income tax rate | 21% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Current federal income tax expense | $ 2,161 | $ 1,748 |
Deferred federal income tax (benefit) expense | (10) | 114 |
Income tax expense | $ 2,151 | $ 1,862 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Expense Benefit After Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Computed "expected" income tax expense | $ 2,333 | $ 1,985 |
Increase (reduction) in income tax resulting from: Non-taxable income | (110) | (101) |
Increase (reduction) in income tax resulting from: Non-deductible expenses | 13 | 12 |
Increase (reduction) in income tax resulting from: Other | (85) | (34) |
Income tax expense | $ 2,151 | $ 1,862 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Lease Liabilities | $ 976 | $ 1,065 |
Allowance for loan losses | 1,314 | 1,452 |
Unrealized losses on available-for-sale securities | 7,119 | 368 |
OREO | 137 | 96 |
Non-accrual interest | 91 | 121 |
Deferred Compensation | 782 | 665 |
Other | 21 | 40 |
Gross deferred tax assets | 10,440 | 3,807 |
Right-of-use-assets | 898 | 1,002 |
Depreciation | 303 | 352 |
Intangibles | 1,765 | |
Other | 113 | 88 |
Gross deferred tax liabilities | 1,314 | 3,207 |
Net deferred tax assets | $ 9,126 | $ 600 |
Earnings Per Common Share (EP_3
Earnings Per Common Share (EPS) (Narrative) (Details) - shares | 12 Months Ended | ||
May 18, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Common Share (EPS) [Abstract] | |||
Percentage of stock dividend issued | 10% | ||
Options excluded from calculating diluted EPS because their effect was anti-dilutive | 0 | 0 | |
Restricted stock units | 0 |
Earnings Per Common Share (EP_4
Earnings Per Common Share (EPS) (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Common Share (EPS) [Abstract] | ||
Net income | $ 8,959 | $ 7,589 |
Weighted average common shares outstanding – basic | 4,698,041 | 4,747,821 |
Weighted average shares outstanding– diluted | 4,698,041 | 4,747,821 |
Earnings per common share – basic | $ 1.91 | $ 1.60 |
Earnings per common share – diluted | $ 1.91 | $ 1.60 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock, shares issued | 4,628,657 | 4,740,657 |
401(K) Defined Contribution Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution percentage of pretax annual compensation | 19% | |
Defined contribution benefit plan, company contribution | $ 454,000 | $ 411,000 |
Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP expense | 561,000 | 477,000 |
SERP related liability | 3,726,000 | 3,165,000 |
Cash surrender values of life insurance policies | 19,237,000 | $ 18,785,000 |
Employee Stock Purchase Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution benefit plan, company contribution | $ 0 | |
Common stock, shares issued | 0 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock based compensation expense | $ 0 | ||
Restricted Stock [Member] | The 2018 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 24,500 | 0 | |
Shares forfeited | 0 | 0 | |
Vested period | 3 years | ||
Shares vested, fair value | $ 127 | $ 100 | |
Stock based compensation expense | $ 0 | $ 106 | |
Year One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares vested | 0.333 | ||
Maximum [Member] | The 2018 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized | 250,000 |
Dividend Reinvestment Plan (Nar
Dividend Reinvestment Plan (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend Reinvestment Plan [Abstract] | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | 0 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 0.025 | 0.025 |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Assets not subject to consolidated capital requirements | $ 3 | $ 3 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Capital Ratios For The Bank) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Total capital (to risk-weighted assets), Actual, Amount | $ 90,166 | $ 85,803 |
Total capital (to risk-weighted assets), Actual, Ratio | 0.1198 | 0.1237 |
Total capital (to risk-weighted assets), Minimum Capital Requirement, Amount | $ 79,014 | $ 72,807 |
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 75,252 | 69,340 |
Tier I capital (to risk-weighted assets), Actual, Amount | $ 83,907 | $ 78,888 |
Tier I capital (to risk-weighted assets), Actual, Ratio | 0.1115 | 0.1138 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement, Amount | $ 63,964 | $ 58,939 |
Tier I capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 60,201 | 55,472 |
Common Equity Tier I capital (to risk-weighted assets) Actual , Amount | $ 83,907 | $ 78,888 |
Common Equity Tier I capital (to risk-weighted assets) Actual , Ratio | 0.1115 | 0.1138 |
Common Equity Tier I capital (to risk-weighted assets) Minimum Capital Requirement, Amount | $ 52,676 | $ 48,538 |
Common Equity Tier 1 capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 48,913 | 45,071 |
Tier I capital (leverage) (to average assets), Actual, Amount | $ 83,907 | $ 78,888 |
Tier I capital (leverage) (to average assets), Actual, Ratio | 0.0898 | 0.0822 |
Tier I capital (leverage) (to average assets), Minimum Capital Requirement, Amount | $ 37,371 | $ 38,392 |
Tier I capital (leverage) (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 46,714 | $ 47,990 |
Capital conservation buffer | 0.025 | 0.025 |
Minimum [Member] | ||
Total capital (to risk-weighted assets), Minimum Capital Requirement, Ratio | 0.1050 | 0.1050 |
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement, Ratio | 0.0850 | 0.0850 |
Tier I capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Common Equity Tier I capital (to risk-weighted assets) Minimum Capital Requirement, Ratio | 0.0700 | 0.0700 |
Common Equity Tier I capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0650 | 0.0650 |
Tier I capital (leverage) (to average assets), Minimum Capital Requirement, Ratio | 0.0400 | 0.0400 |
Tier I capital (leverage) (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Financial Instruments With Of_3
Financial Instruments With Off-Balance-Sheet Risk (Narrative) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Loan Origination Commitments [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair value off balance sheet risks | $ 11,200 |
Loans Held For Sale [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair value off balance sheet risks | $ 2,423 |
Financial Instruments With Of_4
Financial Instruments With Off-Balance-Sheet Risk (Summary Of Financial Instruments With Contract Amounts Representing Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value off balance sheet risks | $ 2,923 | $ 4,335 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value off balance sheet risks | $ 196,902 | $ 179,953 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) |
Accounts secured by FDIC | 1 | |
FDIC coverage amount | $ | $ 250,000 | |
Uninsured cash balances | $ | $ 13,674,000 | $ 4,162,000 |
Community Bankers Bank [Member] | ||
Accounts secured by FDIC | 1 | |
Suntrust Bank [Member] | ||
Accounts secured by FDIC | 1 | |
Zions Bank [Member] | ||
Accounts secured by FDIC | 1 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value adjustment | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 185,787 | $ 161,267 |
IRLCs - asset | 91 | 144 |
Total assets at fair value | $ 185,878 | 161,411 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
IRLCs - asset | ||
Total assets at fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 185,787 | 161,267 |
IRLCs - asset | ||
Total assets at fair value | 185,787 | 161,267 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
IRLCs - asset | 91 | 144 |
Total assets at fair value | 91 | 144 |
US Treasuries [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 4,741 | 2,002 |
US Treasuries [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Treasuries [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 4,741 | 2,002 |
US Treasuries [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Agency Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 59,273 | 58,470 |
US Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 59,273 | 58,470 |
US Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 67,842 | 37,438 |
Mortgage-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 67,842 | 37,438 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Municipals [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 37,855 | 50,204 |
Municipals [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Municipals [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 37,855 | 50,204 |
Municipals [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Corporates [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 16,076 | 13,153 |
Corporates [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Corporates [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 16,076 | 13,153 |
Corporates [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative information about Level 3 Fair Value Measurements - Recurring) (Details) $ in Thousands | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 185,878 | $ 161,411 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | 91 | 144 |
IRLCs - Asset [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Range Of Pull Through Rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 91 | $ 144 |
Assets, Range (Weighted Average) | item | 0.85 | 0.85 |
Fair Value Measurements (Impair
Fair Value Measurements (Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other real estate owned | $ 566 | $ 761 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | 854 | 1,802 |
Other real estate owned | 566 | 761 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | ||
Other real estate owned | |||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | ||
Other real estate owned | |||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | 854 | 1,802 |
Other real estate owned | $ 566 | $ 761 | |
[1] Includes loans charged down to the net realizable value of the collateral. |
Fair Value Measurements (Inform
Fair Value Measurements (Information Regarding Quantitative Inputs Used To Value Assets Classified As Level 3 - Nonrecurring) (Details) $ in Thousands | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ | $ 185,878 | $ 161,411 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ | 91 | 144 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ | $ 854 | $ 1,802 |
Impaired Loans [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 0 | 0 |
Impaired Loans [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 0 | 0 |
Impaired Loans [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 10 | 10 |
Impaired Loans [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 20 | 20 |
Impaired Loans [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 8 | 8 |
Impaired Loans [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6 | 6 |
OREO [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ | $ 566 | $ 761 |
OREO [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 26 | 10 |
OREO [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 0 | 0 |
OREO [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 27 | 27 |
OREO [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 26 | 26 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Carrying And Notional Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 30,025 | $ 29,337 |
Fed funds sold | 31,737 | 153,816 |
Available-for-sale Securities | 185,787 | 161,267 |
Held-to-maturity | 3,639 | 3,655 |
Restricted stock | 1,387 | 1,324 |
Loans held for sale | 2,423 | 1,628 |
Interest receivable | 2,736 | 2,064 |
BOLI | 19,237 | 18,785 |
Derivatives | 91 | 144 |
Other borrowings | 10,457 | 10,985 |
Interest payable | 89 | 46 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 30,025 | 29,337 |
Fed funds sold | 31,737 | 153,816 |
Available-for-sale Securities | ||
Held-to-maturity | ||
Restricted stock | ||
Loans, net | ||
Loans held for sale | ||
Interest receivable | ||
BOLI | ||
Derivatives | ||
Deposits | ||
Borrowings | ||
Other borrowings | ||
Interest payable | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | ||
Fed funds sold | ||
Available-for-sale Securities | 185,787 | 161,267 |
Held-to-maturity | 3,135 | 4,006 |
Restricted stock | 1,387 | 1,324 |
Loans, net | ||
Loans held for sale | 2,423 | 1,628 |
Interest receivable | 2,736 | 2,064 |
BOLI | 19,237 | 18,785 |
Derivatives | ||
Deposits | 850,102 | 887,955 |
Borrowings | 9,200 | 10,711 |
Other borrowings | 9,438 | 11,465 |
Interest payable | 89 | 46 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | ||
Fed funds sold | ||
Available-for-sale Securities | ||
Held-to-maturity | ||
Restricted stock | ||
Loans, net | 564,802 | 565,543 |
Loans held for sale | ||
Interest receivable | ||
BOLI | ||
Derivatives | 91 | 144 |
Deposits | ||
Borrowings | ||
Other borrowings | ||
Interest payable | ||
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 30,025 | 29,337 |
Fed funds sold | 31,737 | 153,816 |
Available-for-sale Securities | 185,787 | 161,267 |
Held-to-maturity | 3,639 | 3,655 |
Restricted stock | 1,387 | 1,324 |
Loans, net | 605,366 | 576,469 |
Loans held for sale | 2,423 | 1,628 |
Interest receivable | 2,736 | 2,064 |
BOLI | 19,237 | 18,785 |
Derivatives | 91 | 144 |
Deposits | 848,138 | 887,056 |
Borrowings | 10,037 | 10,031 |
Other borrowings | 10,457 | 10,985 |
Interest payable | 89 | 46 |
Fair Values [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 30,025 | 29,337 |
Fed funds sold | 31,737 | 153,816 |
Available-for-sale Securities | 185,787 | 161,267 |
Held-to-maturity | 3,135 | 4,006 |
Restricted stock | 1,387 | 1,324 |
Loans, net | 564,802 | 565,543 |
Loans held for sale | 2,423 | 1,628 |
Interest receivable | 2,736 | 2,064 |
BOLI | 19,237 | 18,785 |
Derivatives | 91 | 144 |
Deposits | 850,102 | 887,955 |
Borrowings | 9,200 | 10,711 |
Other borrowings | 9,438 | 11,465 |
Interest payable | $ 89 | $ 46 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of leased locations under long-term leases | 4 | |
Number of operating leases | 2 | |
Number of financing leases | 2 | |
Finance lease liability | $ | $ 3,389 | $ 3,746 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Lynchburg Virginia [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Finance lease liability | $ | $ 2,700 |
Leases (Operating Leases Inform
Leases (Operating Leases Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease liabilities | $ 1,260 | $ 1,325 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Right-of-use assets | $ 1,204 | $ 1,282 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Weighted average remaining lease term | 12 years 8 months 12 days | 13 years 8 months 12 days |
Weighted average discount rate | 3.44% | 3.44% |
Leases (Finance Leases Informat
Leases (Finance Leases Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease liabilities | $ 3,389 | $ 3,746 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Right-of-use assets | $ 3,074 | $ 3,488 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Weighted average remaining lease term | 8 years 2 months 12 days | 9 years 2 months 12 days |
Weighted average discount rate | 2.70% | 2.70% |
Leases (Schedule Of Lease Cost)
Leases (Schedule Of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 121 | $ 125 |
Amortization of right-of-use assets | 414 | 414 |
Interest on lease liabilities | 96 | 106 |
Total lease cost | 631 | 645 |
Cash paid for amounts included in the measurement of operating lease liabilities | 112 | 112 |
Cash paid for amounts included in the measurement of finance lease liabilities | $ 453 | $ 453 |
Leases (Maturity Analysis For O
Leases (Maturity Analysis For Operating And Financing Lease Liabilities And Reconciliation Of Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease Liabilities, Twelve months ending December 31, 2023 | $ 110 | |
Operating Lease Liabilities, Twelve months ending December 31, 2024 | 111 | |
Operating Lease Liabilities, Twelve months ending December 31, 2025 | 112 | |
Operating Lease Liabilities, Twelve months ending December 31, 2026 | 116 | |
Operating Lease Liabilities, Twelve months ending December 31, 2027 | 125 | |
Operating Lease Liabilities, Thereafter | 1,000 | |
Operating Lease Liabilities, Total undiscounted cash flows | 1,574 | |
Operating Lease Liabilities, Discount | (314) | |
Operating Lease Liabilities, Lease liabilities | 1,260 | $ 1,325 |
Finance Lease Liabilities, Twelve months ending December 31, 2023 | 454 | |
Finance Lease Liabilities, Twelve months ending December 31, 2024 | 479 | |
Finance Lease Liabilities, Twelve months ending December 31, 2025 | 515 | |
Finance Lease Liabilities, Twelve months ending December 31, 2026 | 515 | |
Finance Lease Liabilities, Twelve months ending December 31, 2027 | 517 | |
Finance Lease Liabilities, Thereafter | 1,333 | |
Finance Lease Liabilities, Total undiscounted cash flows | 3,813 | |
Finance Lease Liabilities, Discount | (424) | |
Finance Lease Liabilities, Lease liabilities | $ 3,389 | $ 3,746 |
Impact Of Recently Issued Acc_2
Impact Of Recently Issued Accounting Standards (Narrative (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Retained Earnings (Accumulated Deficit) | $ 31,034 | $ 23,440 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Minimum [Member] | Subsequent Event [Member] | |||
Retained Earnings (Accumulated Deficit) | $ (1,250) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Maximum [Member] | Subsequent Event [Member] | |||
Retained Earnings (Accumulated Deficit) | $ (1,750) |
Condensed Financial Statement_3
Condensed Financial Statements Of Parent Company (Condensed Balance Sheet Of Parent Company) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Other assets | $ 17,795 | $ 8,770 | |
Total assets | 928,571 | 987,634 | |
Capital notes | 10,037 | 10,031 | |
Other liabilities | 9,624 | 10,087 | |
Total liabilities | 878,345 | 918,205 | |
Common stock $2.14 par value | 9,905 | 10,145 | |
Additional paid-in-capital | 36,068 | 37,230 | |
Retained earnings | 31,034 | 23,440 | |
Accumulated other comprehensive (loss) | (26,781) | (1,386) | |
Total stockholders’ equity | 50,226 | 69,429 | $ 66,732 |
Total liabilities and stockholders’ equity | $ 928,571 | $ 987,634 | |
Common stock, par value | $ 2.14 | $ 2.14 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash | $ 2,913 | $ 2,744 | |
Taxes receivable | 76 | 9 | |
Investment in subsidiaries | 67,967 | 88,003 | |
Other assets | 19 | 17 | |
Total assets | 70,975 | 90,773 | |
Capital notes | 10,037 | 10,031 | |
Bank note payable | 10,457 | 10,985 | |
Other liabilities | 255 | 328 | |
Total liabilities | 20,749 | 21,344 | |
Common stock $2.14 par value | 9,905 | 10,145 | |
Additional paid-in-capital | 36,068 | 37,230 | |
Retained earnings | 31,034 | 23,440 | |
Accumulated other comprehensive (loss) | (26,781) | (1,386) | |
Total stockholders’ equity | 50,226 | 69,429 | |
Total liabilities and stockholders’ equity | $ 70,975 | $ 90,773 | |
Common stock, par value | $ 2.14 |
Condensed Financial Statement_4
Condensed Financial Statements Of Parent Company (Condensed Statements Of Income Of Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||
Income tax (benefit) | $ 2,151 | $ 1,862 |
Net Income | 8,959 | 7,589 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from subsidiaries | 5,318 | |
Interest on capital notes and other borrowings | 767 | 327 |
Legal and professional fees | 237 | 259 |
Other expense | 135 | 138 |
Total expenses | 1,139 | 724 |
Income tax (benefit) | (239) | (114) |
Income (loss) before equity in undistributed income of subsidiaries | 4,418 | (610) |
Equity in undistributed income of subsidiaries | 4,541 | 8,199 |
Net Income | $ 8,959 | $ 7,589 |
Condensed Financial Statement_5
Condensed Financial Statements Of Parent Company (Condensed Statements Of Cash Flows Of Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net income | $ 8,959 | $ 7,589 |
Amortization of debt issuance costs | 10 | 4 |
(Increase) in other assets | (62) | 295 |
(Decrease) increase in other liabilities | (106) | 788 |
Net cash provided by (used in) operating activities | 9,312 | 16,349 |
Cash paid in acquisition of subsidiary | 818 | 10,400 |
Net cash used in investing activities | (88,129) | (65,028) |
Dividends paid to common stockholders | (1,365) | (1,271) |
Principal payments on bank loan | (532) | |
Proceeds from bank note | 10,985 | |
Repurchase of common stock | (1,402) | (427) |
Net cash (used in) provided by financing activities | (42,574) | 130,946 |
Increase (decrease) in cash and cash equivalents | (121,391) | 82,267 |
Cash and cash equivalents at beginning of period | 183,153 | 100,886 |
Cash and cash equivalents at end of period | 61,762 | 183,153 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net income | 8,959 | 7,589 |
Amortization of debt issuance costs | 10 | 4 |
(Increase) decrease in income taxes receivable | (67) | 65 |
(Increase) in other assets | (2) | (7) |
(Decrease) increase in other liabilities | (73) | 121 |
Equity in undistributed net (income) of subsidiaries | (4,541) | (8,199) |
Net cash provided by (used in) operating activities | 4,286 | (427) |
Cash paid in acquisition of subsidiary | (818) | (10,500) |
Net cash used in investing activities | (818) | (10,500) |
Dividends paid to common stockholders | (1,365) | (1,271) |
Principal payments on bank loan | (532) | |
Proceeds from bank note | 10,985 | |
Repurchase of common stock | (1,402) | (427) |
Cash payment in lieu of fractional shares related to 10% stock dividend | (16) | |
Net cash (used in) provided by financing activities | (3,299) | 9,271 |
Increase (decrease) in cash and cash equivalents | 169 | (1,656) |
Cash and cash equivalents at beginning of period | 2,744 | 4,400 |
Cash and cash equivalents at end of period | $ 2,913 | $ 2,744 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Assets acquisition consideration transferred in goodwill | $ 2,054 | $ 3,001 |
Pettyyjohn, Wood & White, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition of assets under management and advisement | 650,000 | |
Acquisition of assets under consideration payment in cash | 10,500 | |
Assets acquisition consideration transferred in goodwill | 3,000 | |
Preliminary fair value of assets acquired | 9,300 | |
Preliminary fair value of liabilities assumed | 1,800 | |
Adjustment to goodwill | 818 | |
Goodwill reduced by increase to deferred income taxes | 1,800 | |
Goodwill expected to be deductible for income tax | $ 2,100 | |
Pettyyjohn, Wood & White, Inc. [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Assets acquisition consideration transferred in amortizable intangible assets | $ 8,400 | |
Amortizable period of intangible assets | 15 years |