What changed in this filing

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Item 2. Properties

2022-03-31 compared with 2021-04-08 · 24 added, 21 removed, 2 unchanged (96% of the section changed)

At December 31, 2020, the Company’s net investment in premises and equipment was $22.2 million, which includes construction $1.0 million in progress related to a Bristol, Virginia location.

Our main office and operations center is in Honaker, Virginia, which includes a full-service branch, and a separate administration and operations center.

The Bank owns 14 of its full-service branches, including its headquarters office, plus its one limited-service branch.

The locations of these branches are described in Item 1.

In 2017, the Bank sold its Abingdon, Bristol, Gate City and Castlewood, Virginia properties and in connection with the sale of these four properties, entered into commercial lease agreements for the properties, which allowed the Bank to continue to service customers from these locations.

During the third quarter of 2019, the Bank sold its Lebanon, Virginia property, and in connection with this sale, entered into a commercial lease agreement which allows the Bank to continue to service customers from this location.

For additional discussion of these leases see Note 17, Leasing Activities, in Notes to the Consolidated Financial Statements contained in Item 8 of this form 10-K.

Aside from the retail branch offices, we own a building in Bristol, Virginia that is being renovated as a full-service branch with a planned opening in the third quarter of 2021.

Additionally, the bank owns two operations buildings, one housing its network operations and another that serves as our call center and ITM network operations center.

In November 2020, we entered into a short-term lease on a building in Boone, North Carolina that serves as a loan production office.

During 2018, we limited activity at the Jonesborough, Tennessee loan production office and in 2019 it was closed and the ITM at this site was relocated.

Currently, this location is being used as a hub for meeting with prospective loan customers.

The Bank owns a location in Dungannon, Virginia that is currently being leased out, but was formerly used as a branch until its closure during 2010.

Two other closed branches (Bluewell, West Virginia and Jonesville, Virginia) that are vacant may be used for future banking offices again.

A third vacant former branch office in Bristol, Virginia had been under consideration as a future banking office, but this is likely to change due to its proximity to the office we are renovating.

A fourth former branch office in Norton, Virginia was transferred to other real estate owned in 2019 and is being marketed for sale.

With the opening of an office in Kingsport, Tennessee in the third quarter of 2020, we closed a nearby location and transferred customer accounts to the new Kingsport office.

As a result of assessing our branch network, as part of the overall efficiency project undertaken in 2019 and 2020, offices in Pound and Weber City, Virginia are scheduled to close in the second quarter of 2021, with those accounts being transferred to nearby offices.

We believe that all of our properties are maintained in good operating condition and are suitable and adequate for our operational needs.

December 31, 2021, the Company's net investment in premises and equipment was $20.7 million.

Our main office and operations center are

in Honaker, Virginia, which includes a full-service branch, and a separate administration and operations center.

Bank owns 14 of its 18 full-service branch offices, including its headquarters office, plus its one limited-service branch.

to the headquarters in Honaker, Virginia we own or lease branch offices located in Virginia, West Virginia, Tennessee, and a loan production

office in North Carolina.

Additionally, the Bank owns two operations buildings, one housing its network operations and another that serves

as our call center and ITM network operations center.

The facility housing ITM network operations was closed on December 31, 2021, and

those operations were transferred to our Abingdon, Virginia branch.

We also own a warehouse facility in Honaker, Virginia.

Our loan production

office operates from a building in Boone, North Carolina under a short-term lease executed in November 2020.

former branch office located in Jonesborough, Tennessee is being used as a hub for meeting with prospective loan customers.

2021, two branch locations were closed, Weber City, Virginia and Pound, Virginia, with customer accounts transferred to nearby offices.

The renovation of the Bristol – W.

State Street office was completed in 2021 and the office opened during the fourth quarter of

Four former branch offices, Weber City, Virginia, Bristol, Virginia, Dungannon, Virginia, and Kingsport, Tennessee were sold in

Three other former branch offices located in Pound, Virginia, Jonesville, Virginia and Bluewell, West Virginia, were transferred

to other real estate owned in September 2021.

continue to assess our branch network as we look to improve the efficiency of our branch operations while seeking to increase market

believe that all of our properties are maintained in good operating condition and are suitable and adequate for our operational needs.

Legal Proceedings

In the normal course of operations, we may become a party to legal proceedings, as discussed in Note 20 Legal Contingencies to the consolidated financial statements contained in Item 8 of this form 10-K

the normal course of operations, we may become a party to legal proceedings, as discussed in Note 20 Legal Contingencies to the consolidated

financial statements contained in Item 8 of this form 10-K.

Mine Safety Disclosures

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties