XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net income $ 4,237 $ 841
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 453 211
Deferred income taxes (1,002) 85
Provision for loan losses   575
Accretion of fair value adjustments (discounts) on acquired loans (359) (388)
Accretion of fair value adjustments (premiums) on acquired time deposits (697) (23)
Accretion of fair value adjustments (premiums) on acquired subordinated notes (35)  
Proceeds from sale of loans held for sale 412,139 67,362
Loans held for sale, originated (377,854) (104,815)
Gain on sale of loans held for sale, originated (4,715) (3,041)
Loss on disposal of premises and equipment 32 4
Investment amortization expense, net 463 229
Amortization of subordinated debt issuance costs 17 8
Intangible amortization 400 143
Increase in cash surrender value of bank owned life insurance (164) (93)
Increase in other assets (2,873) (12,248)
Increase in other liabilities 5,674 5,618
Net cash provided by (used in) operating activities 35,716 (45,532)
Cash Flows From Investing Activities    
Net (increase) decrease in federal funds sold (2,731) 316
Purchases of securities available for sale (107,057) (200)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 12,490 9,012
Proceeds from calls, sales, paydowns and maturities of securities held to maturity   960
Proceeds from sale of other real estate owned 4  
Net change in restricted equity securities 1,944 (1,970)
Net increase in loans held for investment (252,760) (17,843)
Purchase of premises and equipment (78) (832)
Proceeds from sale of premises and equipment 278 6
Capital calls of small business investment company funds and other investments (376) (38)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 44,066  
Nonincome distributions from limited liability companies 107  
Net cash used in investing activities (304,113) (10,589)
Cash Flows From Financing Activities:    
Net increase in demand, savings and other interest-bearing deposits 181,850 45,358
Net (decrease) increase in time deposits (17,032) 1,795
Common stock dividends paid (2,677)  
Federal Home Loan Bank advances 200,000 147,300
Federal Home Loan Bank repayments (142,000) (131,200)
Federal Reserve Bank advances 265,908  
Federal Reserve Bank repayments (62,706)  
Stock option exercises 633  
Net increase in securities sold under repurchase agreements 16  
Net cash provided by financing activities 423,992 63,253
Net increase in cash and due from banks 155,595 7,132
Cash and due from banks at beginning of period 117,945 [1] 60,026
Cash and due from banks at end of period 273,540 67,158
Supplemental Schedule of Cash Flow Information    
Cash paid for Interest 2,039 2,289
Cash paid for Income taxes 1,000  
Non-cash investing and financing activities:    
Unrealized loss on available-for-sale securities (3,142) (612)
Issuance of restricted stock awards, net of forfeitures 167 79
Assets acquired in business combination 1,224,583  
Liabilities assumed in business combination 1,107,036  
Effective settlement of subordinated notes in business combination 650  
Change in goodwill $ 7,206 $ 23
[1] Derived from audited December 31, 2020 Consolidated Financial Statements.