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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2023

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-38647

FVCBankcorp, Inc.
(Exact name of registrant as specified in its charter)

Virginia47-5020283
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)


11325 Random Hills Road
Suite 240
Fairfax, Virginia22030
(Address of principal executive offices)(Zip Code)

(703) 436-3800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueFVCBThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

17,802,148 shares of common stock, par value $0.01 per share, outstanding as of August 11, 2023



FVCBankcorp, Inc.
INDEX TO FORM 10-Q
2
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
FVCBankcorp, Inc. and Subsidiary
Consolidated Balance Sheets
June 30, 2023 and December 31, 2022
(In thousands, except share data)
June 30, 2023December 31, 2022*
(Unaudited)
Assets
Cash and due from banks$8,281 $7,253 
Interest-bearing deposits at other financial institutions66,723 74,300 
Securities held-to-maturity (fair value of $0.3 million and $0.3 million at June 30, 2023 and December 31, 2022, respectively), net of ACL of $0 at June 30, 2023 and December 31, 2022.
264 264 
Securities available-for-sale, at fair value231,204 278,069 
Restricted stock, at cost4,909 15,612 
Loans, net of allowance for credit losses of $19.4 million and $16.0 million at June 30, 2023 and December 31, 2022, respectively
1,884,372 1,824,394 
Premises and equipment, net1,103 1,220 
Accrued interest receivable10,465 9,435 
Prepaid expenses4,894 3,273 
Deferred tax assets, net17,809 18,533 
Goodwill and intangibles, net7,682 7,790 
Bank owned life insurance ("BOLI")56,066 55,371 
Operating lease right-of-use assets9,347 9,680 
Other assets41,253 39,128 
Total assets$2,344,372 $2,344,322 
Liabilities
Deposits:
Noninterest-bearing$436,972 $438,269 
Interest-bearing checking, savings and money market872,508 883,480 
Time deposits778,562 508,413 
Total deposits$2,088,042 $1,830,162 
Federal funds purchased$— $30,000 
Federal Home Loan Bank ("FHLB") advances— 235,000 
Subordinated notes, net of issuance costs19,592 19,565 
Accrued interest payable2,685 1,269 
Operating lease liabilities10,044 10,394 
Reserves for unfunded commitments801 — 
Accrued expenses and other liabilities12,157 15,550 
Total liabilities$2,133,321 $2,141,940 
Commitments and Contingent Liabilities
Stockholders' Equity20232022
Preferred stock, $0.01 par value
Shares authorized1,000,0001,000,000
Shares issued and outstanding——
Common stock, $0.01 par value
Shares authorized20,000,00020,000,000
Shares issued and outstanding17,783,30517,475,109178 175 
Additional paid-in capital124,713 123,886 
Retained earnings116,922 114,888 
Accumulated other comprehensive (loss), net(30,762)(36,567)
Total stockholders' equity$211,051 $202,382 
Total liabilities and stockholders' equity$2,344,372 $2,344,322 
See Notes to Consolidated Financial Statements.
*Derived from audited consolidated financial statements.
3
FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Income
For the Three and Six Months Ended June 30, 2023 and 2022
(In thousands, except per share data)
For the Three Months Ended
For the Six Months Ended
June 30,June 30,
2023202220232022
Interest and Dividend Income
Interest and fees on loans$24,986 $17,243 $48,382 $32,850 
Interest and dividends on securities held-to-maturity1 2 3 2 
Interest and dividends on securities available-for-sale1,247 1,503 2,635 2,991 
Dividends on restricted stock125 78 371 161 
Interest on deposits at other financial institutions844 200 1,146 245 
Total interest and dividend income$27,203 $19,026 $52,537 $36,249 
Interest Expense
Interest on deposits$12,012 $1,897 $20,793 $3,727 
Interest on federal funds purchased— 11 11 11 
Interest on short-term debt546 73 2,816 158 
Interest on subordinated notes257 258 515 515 
Total interest expense$12,815 $2,239 $24,135 $4,411 
Net Interest Income$14,388 $16,787 $28,402 $31,838 
Provision for credit losses618 1,185 860 1,535 
Net interest income after provision for credit losses$13,770 $15,602 $27,542 $30,303 
Noninterest Income
Service charges on deposit accounts$232 $230 $447 $464 
BOLI income362 254 694 492 
(Loss) income from minority membership interests20 2 (781)914 
Loss on sale of securities available-for-sale— — (4,592)— 
Other income277 159 496 399 
Total noninterest (loss) income$891 $645 $(3,736)$2,269 
Noninterest Expenses
Salaries and employee benefits$5,092 $4,914 $10,107 9,891 
Occupancy expense610 553 1,238 1,153 
Internet banking and software expense583 416 1,144 799 
Data processing and network administration611 550 1,233 1,092 
State franchise taxes584 509 1,169 1,018 
Audit, legal and consulting fees247 288 431 649 
Merger and acquisition expense— — — 125 
Loan related (benefit)/expenses116 (59)388 (12)
FDIC insurance357 180 537 360 
Marketing, business development and advertising206 89 360 177 
Director fees180 155 360 335 
Postage, courier and telephone47 40 96 91 
Core deposit intangible amortization52 131 107 138 
Tax credit amortization32 — 63 63 
Other operating expenses486 450 980 778 
Total noninterest expenses$9,203 $8,216 $18,213 $16,657 
Net income before income tax expense$5,458 $8,031 $5,593 $15,915 
Income tax expense1,225 1,606 739 2,876 
Net income$4,233 $6,425 $4,854 $13,039 
Earnings per share, basic$0.24 $0.37 $0.28 $0.75 
Earnings per share, diluted$0.23 $0.35 $0.27 $0.71 
See Notes to Consolidated Financial Statements.
4
FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss)
For the Three and Six Months Ended June 30, 2023 and 2022
(In thousands)
(Unaudited)

For the Three Months EndedFor the Six Months Ended
June 30,June 30,
2023202220232022
Net income$4,233 $6,425 $4,854 $13,039 
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale, net of tax benefit of $651 for the three months ended June 30, 2023, and net of tax expense of $8 for the six months ended June 30, 2023, and net of tax benefit of $2,700 and $7,400 for the three and six months ended June 30, 2022, respectively.
(2,307)(10,199)28 (27,878)
Unrealized gain on interest rate swaps, net of tax expense of $1,243 and $621 for the three and six months ended June 30, 2023, respectively,and net of tax expense of $59 and $194 for the three and six months ended June 30, 2022, respectively.
4,407 221 2,195 729 
Reclassification adjustment for securities losses realized in income, net of tax expense of $0 and $1,010 for the three and six months ended June 30, 2023, respectively, and $0 for each of the three and six months ended June 30, 2022, respectively.
— — 3,582 — 
Total other comprehensive income (loss)$2,100 $(9,978)$5,805 $(27,149)
Total comprehensive income (loss)$6,333 $(3,553)$10,659 $(14,110)

See Notes to Consolidated Financial Statements.

5
FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2023 and 2022
(In thousands)
(Unaudited)
20232022
Cash Flows From Operating Activities
Net income$4,854 $13,039 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation207 215 
Provision for credit losses860 1,535 
Net amortization of premium of securities213 333 
Net accretion of deferred loan costs and fees(849)(1,228)
Net accretion of acquisition accounting adjustments (421)(98)
Loss on sale of available-for-sale investment securities4,592 — 
Loss (income) from minority membership interest781 (914)
Amortization of subordinated debt issuance costs27 27 
Core deposits intangible amortization107 138 
Tax credits amortization63 63 
Equity-based compensation expense650 452 
BOLI income(694)(492)
Changes in assets and liabilities:
Increase in accrued interest receivable, prepaid expenses, and other assets(5,756)(4,344)
 Increase (decrease) in accrued interest payable, accrued expenses, and other liabilities854 (2,272)
Net cash provided by operating activities$5,488 $6,454 
Cash Flows From Investing Activities
(Increase) decrease in interest-bearing deposits at other financial institutions $7,577 $20,158 
Purchases of securities available-for-sale— (46,160)
Proceeds from sales of securities available-for-sale35,778 — 
Proceeds from redemptions of securities available-for-sale10,899 20,481 
Net redemption (purchase) of restricted stock10,702 (190)
Net increase in loans(62,379)(159,459)
Purchase of bank-owned life insurance— (15,000)
Distribution received from minority owned investment— 1,040 
Purchases of premises and equipment, net(90)(71)
Net cash (used in) provided by investing activities$2,487 $(179,201)
Cash Flows From Financing Activities
Net (decrease) increase in noninterest-bearing, interest-bearing checking, savings, and money market deposits$(12,269)$56,393 
(Decrease) increase in federal funds purchased(30,000)115,000 
Net decrease in FHLB advances(235,000)— 
Net increase (decrease) in time deposits270,142 (12,990)
Repurchase of shares of common stock(1,448)— 
Taxes from vesting of restricted stock units(83)— 
Common stock issuance1,711 1,461 
Net cash (used in) provided by financing activities$(6,947)$159,864 
Net increase (decrease) in cash and cash equivalents$1,028 $(12,883)
Cash and cash equivalents, beginning of year7,253 24,613 
Cash and cash equivalents, end of period$8,281 $11,730 
See Notes to Consolidated Financial Statements.
6
FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Changes in Stockholders’ Equity
For the Three and Six Months Ended June 30, 2023 and 2022
(In thousands)
(Unaudited)

SharesCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 202113,727$137 $121,798 $89,904 $(2,043)$209,796 
Net income—— — 13,039 — 13,039 
Other comprehensive loss—— — — (27,149)(27,149)
Common stock issuance for options exercised, net2153 1,458 — — 1,461 
Vesting of restricted stock grants28— — — — — 
Stock-based compensation expense—— 452 — — 452 
Balance at June 30, 202213,971$140 $123,708 $102,943 $(29,192)$197,599 
Balance at March 31, 202213,967$140 $123,429 $96,518 $(19,214)$200,873 
 Net income—— — 6,425 — 6,425 
Other comprehensive loss—— — — (9,978)(9,978)
Common stock issuance for options exercised, net4— 31 — — 31 
Vesting of restricted stock grants— — — — — — 
Stock-based compensation expense—— 248 — — 248 
Balance at June 30, 2022
13,971$140 $123,708 $102,943 $(29,192)$197,599 
Balance at December 31, 202217,475$175 $123,886 $114,888 $(36,567)$202,382 
Net income—— — 4,854 — 4,854 
Impact of adoption of ASU 2016-13— — — (2,808)— (2,808)
Other comprehensive income—— — — 5,805 5,805 
Repurchase of common stock(116)(1)(1,447)(12)— (1,460)
Common stock issuance for options exercised, net3604 1,707 — — 1,711 
Vesting of restricted stock grants64— (83)— — (83)
Stock-based compensation expense—— 650 — — 650 
Balance at June 30, 2023
17,783$178 $124,713 $116,922 $(30,762)$211,051 
Balance at March 31, 202317,705$177 $124,152 $112,689 $(32,862)$204,156 
 Net income—— — 4,233 — 4,233 
Other comprehensive income—— — — 2,100 2,100 
Repurchase of common stock(25)— (228)— — (228)
Common stock issuance for options exercised, net701 500 — — 501 
Vesting of restricted stock grants33— (37)— — (37)
Stock-based compensation expense—— 326 — — 326 
Balance at June 30, 2023
17,783$178 $124,713 $116,922 $(30,762)$211,051 





See Notes to Consolidated Financial Statements.

7

Notes to Unaudited Consolidated Financial Statements

Note 1.    Organization and Summary of Significant Accounting Policies
Organization
FVCBankcorp, Inc. (the "Company"), a Virginia corporation, was formed in 2015 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Fairfax, Virginia. The Company conducts its business activities through the branch offices of its wholly owned subsidiary bank, FVCbank (the "Bank"). The Company exists primarily for the purposes of holding the stock of its subsidiary, the Bank.
The Bank was organized under the laws of the Commonwealth of Virginia to engage in a general banking business serving the Washington, D.C. and Baltimore metropolitan areas. The Bank commenced operations on November 27, 2007 and is a member of the Federal Reserve System (the "Federal Reserve") and the Federal Deposit Insurance Corporation (the "FDIC"). It is subject to the regulations of the Board of Governors of the Federal Reserve and the State Corporation Commission of Virginia. Consequently, it undergoes periodic examinations by these regulatory authorities.
On August 31, 2021, the Company announced that the Bank had made an investment in Atlantic Coast Mortgage, LLC (“ACM”) for $20.4 million. As a result of this investment, the Bank has obtained a 28.7% ownership interest in ACM, which is subject to an earnback option of up to 3.7% over a three year period. The investment is accounted for using the equity method of accounting. In addition, the Bank provides a warehouse lending facility to ACM, which includes a construction-to-permanant financing line, and has developed portfolio mortgage products to diversify the Bank's held to investment loan portfolio.
On December 15, 2022, the Company announced that the Board of Directors approved a five-for-four split of the Company's common stock in the form of a 25% stock dividend for shareholders of record on January 9, 2023, payable on January 31, 2023. Earnings per share and all other per share information reflected in the Company's consolidated financial statements have been adjusted for the five-for-four split of the Company's common stock for comparative purposes.
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2022. Certain prior period amounts have been reclassified to conform to current period presentation.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company. All material intercompany balances and transactions have been eliminated in consolidation.
Significant Accounting Policies
The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the banking industry.
Allowance for Credit Losses
The Company adopted the current expected credit loss model ("CECL") under Accounting Standards Update ("ASU") 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2023. The Company recorded a net reduction of retained earnings of $2.8 million upon adoption. The adoption adjustment included an increase in the allowance for credit losses on loans of $2.9 million in addition to an increase of $0.8 million to the reserve for unfunded commitments.
8

Notes to Unaudited Consolidated Financial Statements
(Continued)
Allowance for Credit Losses - Loans and Unfunded Commitments
The allowance for credit losses represents an estimate of the expected credit losses in the Company's held for investment loan portfolio as of a valuation date. Accounting Standards Codification ("ASC") 326 replaced the incurred loss impairment model that recognizes losses when it becomes probable that a credit loss will be incurred, with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the held for investment loan portfolio. Loans, or portions thereof, are charged off against the allowance for credit losses when they are deemed uncollectible. Expected recoveries are recorded to the extent they do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Reserves on loans that do not share risk characteristics are evaluated on an individual basis. Nonaccrual loans are specifically reviewed for loss potential and when deemed appropriate are assigned a reserve based on an individual evaluation. The remainder of the portfolio, representing all loans not evaluated individually for impairment, is segmented based on call report code and processed through a cash flow valuation model. In particular, loan-level probability of default ("PD") and severity (also referred to as loss given default ("LGD")) is applied to derive a baseline expected loss as of the valuation date. These expected default and severity rates, which are regression-derived and based on peer historical loan-level performance data, are calibrated to incorporate the Company's reasonable and supportable forecast of future losses as well as any necessary qualitative adjustments.
Typically, financial institutions use their historical loss experience and trends in losses for each loan segment which are then adjusted for portfolio trends and economic and environmental factors in determining the allowance for credit losses. Since the Bank’s inception in 2007, the Company has experienced minimal loss history within its loan portfolio. Due to the fact that limited internal loss history exists to generate statistical significance, management determined it was most prudent to rely on peer data when deriving its best estimate of PD and LGD. As part of the Company's estimation process, management will continue to assess the reasonableness of the data, assumptions, and model methodology utilized to derive its allowance for credit losses.
For each of the modeled loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speeds, PD rates, and LGD rates. The modeling of expected prepayment speeds is based on internal loan-level historical data. The Company utilizes national unemployment for its reasonable and supportable forecasting of expected default within the cash flow model. To further adjust the allowance for credit losses for expected losses not already within the quantitative component of the calculation, the Company may consider qualitative factors as prescribed in ASC 326.
Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records a reserve for unfunded commitments on off-balance sheet credit exposures through a charge to provision for credit loss expense in its Consolidated Statement of Income. The reserve for unfunded commitments is estimated by call report code segmentation as of the valuation date under the CECL model using the same methodologies as portfolio loans taking utilization rates into consideration. The reserve for unfunded commitments is reflected as a liability on the Company's Consolidated Balance Sheet.
The Company's methodology utilized in the estimation of the allowance for credit losses, which is performed at least quarterly, is designed to be dynamic and responsive to changes in its loan portfolio credit quality, composition, and forecasted economic conditions. The review of the reasonableness and appropriateness of the allowance for credit losses is reviewed by the CECL Committee for approval as of the valuation date. Additionally, information is provided to the Board of Directors on a quarterly basis along with the Company's consolidated financial statements.
Collateral Dependent Financial Assets
Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset
9

Notes to Unaudited Consolidated Financial Statements
(Continued)
exceeds the net present value ("NPV") from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.
Allowance for Credit Losses - Securities
The Company evaluates its available-for-sale and held-to-maturity debt securities portfolios for expected credit losses as of the valuation date under ASC 326. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it would be required to sell, the security before recovery of its amortized cost basis. If either criterion is met, the security’s amortized cost basis is written down to fair value through income during the current period. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other driving factors. If the Company's assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the credit loss (which represents the difference between the expected cash flows and amortized cost basis), limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income.
The entire amount of an impairment loss is recognized in earnings only when: (1) the Company intends to sell the security; or (2) it is more likely than not that the Company will have to sell the security before recovery of the Company's amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders' equity as comprehensive income, net of deferred taxes.
Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance for credit losses when the Company believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Any impairment not recorded through an allowance for credit loss is recognized in other comprehensive income as a noncredit-related impairment.
As part of its estimation process, the Company have made a policy election to exclude accrued interest from the amortized cost basis of available-for-sale debt securities and report accrued interest separately in other assets in the Consolidated Balance Sheet. Available-for-sale debt securities are placed on nonaccrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on nonaccrual status. Accordingly, the Company does not recognize an allowance for credit loss against accrued interest receivable. This approach is consistent with the Company's nonaccrual policy implemented for its loan portfolio.
The Company separately evaluates its held-to-maturity investment securities for any credit losses. If it determines that a security indicates evidence of deteriorated credit quality, the security is individually-evaluated and a discounted cash flow analysis is performed and compared to the amortized cost basis. As of June 30, 2023, the Company had one security classified as held-to-maturity with an amortized cost basis of $264 thousand with the remainder of the securities portfolio held as available-for-sale.
Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Subsequently, in January 2021, the FASB issued ASU 2021-01 "Reference Rate Reform (Topic 848): Scope." This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients
10

Notes to Unaudited Consolidated Financial Statements
(Continued)
and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply ASU 2021-01 on contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may elect to apply ASU 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.
We have certain loans, interest rate swap agreements, investment securities, and debt obligations with interest rates indexed to LIBOR. The administrator of LIBOR announced that the most commonly used U.S. dollar LIBOR settings would cease to be published or cease to be representative after June 30, 2023. Central banks and regulators around the world have commissioned working groups to find suitable replacements for LIBOR and other benchmark rates and to implement financial benchmark reforms more generally. There continues to be uncertainty regarding the use of alternative reference rates ("ARRs"), which may cause disruptions in a variety of markets, as well as adversely impact its business, operations and financial results.
The Adjustable Interest Rate (LIBOR) Act, enacted in March 2022, provides a statutory framework to replace LIBOR with a benchmark rate based on Secured Overnight Funding Rate ("SOFR") for contracts governed by U.S. law that have no or ineffective fallbacks. Although governmental authorities have endeavored to facilitate an orderly discontinuation of LIBOR, no assurance can be provided that this aim will be achieved or that the use, level, and volatility of LIBOR or other interest rates, or the value of LIBOR-based securities will not be adversely affected.
To facilitate an orderly transition from interbank offered rates and other benchmark rates to ARRs, the Company has established an enterprise-wide initiative led by senior management. The objective of this initiative is to identify, assess and monitor risks associated with the expected discontinuation or unavailability of benchmarks, including LIBOR, achieve operational readiness and engage impacted clients in connection with the transition to ARRs. The Company is assessing ASU 2020-04 and its impact on the Company's transition away from LIBOR for its loan and other financial instruments.
In August 2020, the FASB issued ASU 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share calculation in certain areas. In addition, the amendment updates the disclosure requirements for convertible instruments to increase the information transparency. For public business entities, excluding smaller reporting companies, the amendments in the ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, including the Company, the standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2020-06 to have a material impact on its consolidated financial statements.
In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions". ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted. The Company does not expect the adoption of ASU 2022-03 to have a material impact on its consolidated financial statements.
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 LIBOR would would cease being
11

Notes to Unaudited Consolidated Financial Statements
(Continued)
published. In 2021, the administrator of LIBOR delayed the intended cessation date of certain tenors of LIBOR to June 30, 2023.
To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The ASU is effective for all entities upon issuance. The Company is assessing ASU 2022-06 and its impact on the Company's transition away from LIBOR for its loan and other financial instruments.
In March 2023, the FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”. These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU is effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Company does not expect the adoption of ASU 2023-02 to have a material impact on its consolidated financial statements.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued 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. This standard is commonly referred to as the current expected credit loss ("CEC") methodology. ASU 2016-13 was effective for the Company on January 1, 2023. The adjustment recorded at adoption to the overall allowance for credit losses, which consisted of adjustments to the allowance for credit losses on loans and reserve for unfunded loan commitments, was $3.7 million. The adjustment, net of tax, recorded to stockholders’ equity totaled $2.8 million at January 1, 2023.
In March 2022, the FASB issued 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 troubled debt restructuring ("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. ASU 2022-02 was effective for the Company on January 1, 2023. ASU 2022-02 resulted in no material impact to the Company's consolidated financial statements.
In March 2022, the FASB issued ASU No. 2022-01, “Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method.” ASU 2022-01 clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and is intended to better align hedge accounting with an organization’s risk management strategies. In 2017, FASB issued ASU 2017-12 to better align the economic results of risk management activities with hedge accounting. One of the major provisions of that standard was the addition of the last-of-layer hedging method. For a closed portfolio of fixed-rate prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, such as mortgages or mortgage-backed securities, the last-of-layer method allows an entity to hedge its exposure to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 renames that method the portfolio layer method. ASU 2022-01 was effective for the Company on January 1, 2023. ASU 2022-01 resulted in no material impact to the Company's consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. The ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with
12

Notes to Unaudited Consolidated Financial Statements
(Continued)
customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 was effective for the Company on January 1, 2023. ASU 2021-08 resulted in no material impact to the Company's consolidated financial statements.



Note 2.    Securities
Amortized cost and fair values of securities held-to-maturity and securities available-for-sale as of June 30, 2023 and December 31, 2022, are as follows:
June 30, 2023
(In thousands)Amortized
Cost		Gross Unrealized GainsGross Unrealized (Losses)Fair Value
Held-to-maturity
Securities of state and local municipalities tax exempt$264 $— $(12)$252 
Total Held-to-maturity Securities$264 $— $(12)$252 
Available-for-sale
Securities of U.S. government and federal agencies$13,559 $— $(2,316)$11,243 
Securities of state and local municipalities tax exempt1,003 — (4)999 
Securities of state and local municipalities taxable481 — (59)422 
Corporate bonds20,208 — (2,921)17,287 
SBA pass-through securities68 — (6)62 
Mortgage-backed securities238,450 — (40,791)197,659 
Collateralized mortgage obligations4,330 — (798)3,532 
Total Available-for-sale Securities$278,099 $— $(46,895)$231,204 

December 31, 2022
(In thousands)
Amortized
Cost
Gross Unrealized GainsGross Unrealized (Losses)
Fair
Value
Held-to-maturity
Securities of state and local municipalities tax exempt$264 $— $(12)$252 
Total Held-to-maturity Securities$264 $— $(12)$252 
Available-for-sale
Securities of U.S. government and federal agencies$13,559 $— $(2,555)$11,004 
Securities of state and local municipalities tax exempt1,385 — (9)1,376 
Securities of state and local municipalities taxable506 — (62)444 
Corporate bonds21,212 — (2,154)19,058 
SBA pass-through securities74 — (7)67 
Mortgage-backed securities282,858 — (45,424)237,434 
Collateralized mortgage obligations9,998 — (1,312)8,686 
Total Available-for-sale Securities$329,592 $— $(51,523)$278,069 

As a result of the adoption of ASC 326, no allowance for credit losses was recognized as of June 30, 2023 related to the Company's investment portfolio.
The Company had $2.4 million and $4.1 million in securities pledged with the Federal Reserve Bank of Richmond ("FRB") to collateralize certain municipal deposits at June 30, 2023 and December 31, 2022, respectively. The Company
13

Notes to Unaudited Consolidated Financial Statements
(Continued)
had $124.7 million in securities pledged with the Virginia Department of Treasury to collateralize certain municipal deposits at June 30, 2023. There were $104.6 million securities pledged to the Virginia Department of Treasury at December 31, 2022.
The Company monitors the credit quality of held-to-maturity securities through the use of credit rating. The Company monitors credit rating on a periodic basis. The following table summarizes the amortized cost of held-to-maturity securities at June 30, 2023, aggregated by credit quality indicator:
(In thousands)Held-to-maturity
June 30, 2023
Securities of state and local municipalities tax exempt
Aa3$264 
Total$264 
The following table shows fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2023 and December 31, 2022, respectively. One security was held as of June 30, 2023 for which the book value and fair value were equal and therefore neither an unrealized gain nor loss was reflected herein. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security’s market value exceeded its amortized cost on other days during the past twelve-month period. Available-for-sale securities that have been in a continuous unrealized loss position as of June 30, 2023 are as follows:

Less Than 12 Months12 Months or LongerTotal
(In thousands)
At June 30, 2023
Fair
Value
Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
Securities of U.S. government and federal agencies$— $— $11,243 $(2,316)$11,243 $(2,316)
Securities of state and local municipalities tax exempt999 (4)— — 999 (4)
Securities of state and local municipalities taxable— — 422 (59)422 (59)
Corporate bonds4,522 (437)12,015 (2,484)16,537 (2,921)
SBA pass-through securities62 (6)62 (6)
Mortgage-backed securities2,661 (171)194,998 (40,620)197,659 (40,791)
Collateralized mortgage obligations— — 3,532 (798)3,532 (798)
Total$8,182 $(612)$222,272 $(46,283)$230,454 $(46,895)


Available-for-sale and held-to-maturity securities that have been in a continuous unrealized loss position as of December 31, 2022 are as follows:

14

Notes to Unaudited Consolidated Financial Statements
(Continued)
(In thousands)Less Than 12 Months12 Months or LongerTotal
At December 31, 2022Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
Securities of U.S. government and federal agencies$— $— $11,004 $(2,555)$11,004 $(2,555)
Securities of state and local municipalities tax exempt1,628 (21)— — 1,628 (21)
Securities of state and local municipalities taxable— — 444 (62)444 (62)
Corporate bonds12,344 (1,119)5,964 (1,035)18,308 (2,154)
SBA pass-through securities— — 67 (7)67 (7)
Mortgage-backed securities26,486 (1,831)210,948 (43,593)237,434 (45,424)
Collateralized mortgage obligations