Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities

The aggregate amortized costs and fair values of available-for-sale securities as of the dates stated were as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2020	Cost		Gains		(Losses)			Value
U.S. Government agencies and mortgage backed securities	$	47,598	$	1,277	$	(5	)	$	48,870
State and municipal obligations		18,116		741		(11	)		18,846
Corporate bonds		20,154		74		(91	)		20,137
Total available-for-sale securities	$	85,868	$	2,092	$	(107	)	$	87,853

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2019	Cost		Gains		(Losses)			Value
U.S. Government agencies and mortgage backed securities	$	67,491	$	284	$	(178	)	$	67,597
State and municipal obligations		16,238		341		(3	)		16,576
Corporate bonds		15,165		116		—			15,281
Total available-for-sale securities	$	98,894	$	741	$	(181	)	$	99,454

Securities in Unrealized Loss Positions

The following tables present securities in an unrealized loss position as of September 30, 2020 and December 31, 2019, by period of the unrealized loss and number of securities. The unrealized loss positions were primarily related to interest rate movements and not the credit quality of the issuers. All agency securities and state and municipal securities are investment grade or better, and their losses are considered temporary. Corporate bonds include $1.8 million (amortized cost) of subordinated notes issued by Blue Ridge, which the Company expects it will be required to sell in connection with the Blue Ridge Merger. As of September 30, 2020, unrealized losses on the subordinated notes issued by Blue Ridge and owned by the Company totaled $68 thousand. Other than this anticipated sale, management does not intend to sell nor expect to be required to sell these securities, and all amortized cost bases are expected to be recovered.

			Less than 12 months					12 months or more				Total
September 30, 2020	Number of Securities		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government agencies and mortgage backed securities		4	$	392	$	(5	)	$	—	$	—	$	392	$	(5	)
Corporate bonds		9		8,680		(91	)		—		—		8,680		(91	)
State and municipal obligations		1		1,194		(11	)		—		—		1,194		(11	)
Total temporarily impaired securities		14	$	10,266	$	(107	)	$	—	$	—	$	10,266	$	(107	)

			Less than 12 months					12 months or more					Total
December 31, 2019	Number of Securities		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Government agencies and mortgage backed securities		38	$	12,356	$	(53	)	$	16,930	$	(125	)	$	29,286	$	(178	)
State and municipal obligations		1		610		(3	)		—		—			610		(3	)
Total temporarily impaired securities		39	$	12,966	$	(56	)	$	16,930	$	(125	)	$	29,896	$	(181	)

Summary of Amortized Cost and Fair Value by Contractual Maturity of Available for Sale Securities

The following table presents the amortized cost and fair value by contractual maturity of available-for-sale securities as of the dates stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	10,557	$	10,578	$	10,528	$	10,563
Due after one year but less than five years		48,326		49,718		49,586		49,921
Due after five years but less than ten years		19,989		20,453		33,332		33,535
Due after ten years		6,996		7,104		5,448		5,435
Total available-for-sale securities	$	85,868	$	87,853	$	98,894	$	99,454

BAY BANKS OF VIRGINIA INC 10-Q