What changed in this filing

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Item 2. Properties

2024-04-01 compared with 2023-03-31 · 34 added, 22 removed, 4 unchanged (93% of the section changed)

of December 31, 2022, the Company's net investment in premises and equipment was $19.3 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 13 of its 17 full-service branch offices, including its headquarters office.

In addition 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.

As of December 31,

2023, the Company's net investment in premises and equipment was $18.3 million.

Our main office and operations center are in Honaker,

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

The Bank owns 13

of its 17 full-service branch offices, including its headquarters office.

In addition 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 an operations building housing its network and other support operations.

The bank owns two former branch offices that were

closed in 2022, and the facility that formerly housed ITM network and call center operations, that was closed in 2021.

The former ITM

network and call center facility was sold in March, 2023.

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 renewed in June 2022.

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

2022, two branch locations were closed, Big Stone Gap, Virginia and Chilhowie, Virginia, with customer accounts transferred to nearby

ITM services remain available at these two locations.

Three former branch offices that were transferred to other real estate

owned in 2021, were sold in 2022.

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

The Bank owns one former branch office that was

closed in 2022.

The former ITM network and call center facility, that was closed in 2021, was sold in March 2023, as was a former branch

office in Big Stone Gap, Virginia.

A warehouse facility in Honaker, Virginia, was sold in 2023.

Our loan production office operates from

a building in Boone, North Carolina under a lease executed in June 2023.

In December 2023, we executed a lease for a full-service branch

office in Boone, North Carolina.

This office commenced operations in March 2024.

With the opening of this facility, we will not continue

the lease for the loan origination office when it expires in June 2024.

In February 2024, we closed one Bristol, Virginia branch and

transferred the accounts to our branch located in the business district of the city.

We continue to maintain the closed branch as an

administrative office.

A former branch office

located in Jonesborough, Tennessee was used as a hub for meeting with prospective loan customers but is currently offered for sale.

Two closed branch

locations, Big Stone Gap, Virginia and Chilhowie, Virginia, continue to offer ATM services.

We continue to assess

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

We believe that all

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

the normal course of operations, we may become a party to legal proceedings, as discussed in Note 21 Legal Contingencies to the consolidated

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

Mine Safety Disclosures

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