Bank Premises and Equipment Held for Sale

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]

Bank Premises and Equipment Held for Sale

Note 5.  Bank Premises and Equipment Held for Sale

Bank premises and equipment held for sale includes two buildings relating to branch closures, which are currently listed for sale.  The Prince Street branch in Tappahannock, Virginia closed in 2018. The book value of $552,000 reflects the lower of cost or fair market value at each of December 31, 2019 and 2018. The Cumberland branch in Cumberland, Virginia closed in 2019. The book value of $337,000 reflects the lower of cost or fair market value at December 31, 2019.

Also included in bank premises and equipment held for sale is a piece of land the Company had been holding as a possible future branch site. The Company has decided not to pursue that location and is marketing the property. The book value of $700,000 reflects the lower of cost or fair market value at each of December 31, 2019 and 2018.