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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net income $ 32,879 $ 7,059
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,058 443
Deferred income taxes (514) 951
Provision for loan losses   4,075
Accretion of fair value adjustments (discounts) on acquired loans (1,253) (721)
Amortization of fair value adjustments (premiums) on assumed time deposits (1,655) (3)
Amortization of fair value adjustments (premiums) on assumed subordinated notes (90)  
Fair value adjustments on other real estate owned 38  
Proceeds from sale of loans held for sale 679,905 315,200
Loans held for sale, originated (661,703) (392,926)
Gain on sale of loans held for sale, originated (13,164) (12,539)
Gain on sale of Paycheck Protection Program loans (24,315)  
Loss on disposal of premises and equipment 220 4
Investment amortization expense, net 689 559
Amortization of subordinated debt issuance costs 183 20
Intangible amortization 906 376
Increase in cash surrender value of bank owned life insurance (401) (185)
Increase in other assets (10,904) (16,862)
Increase in other liabilities 5,530 10,057
Net cash provided by (used in) operating activities 7,409 (84,492)
Cash Flows From Investing Activities    
Net decrease in federal funds sold 234 28
Purchases of securities available for sale (107,127) (8,434)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 28,822 22,276
Proceeds from calls, sales, paydowns and maturities of securities held to maturity   1,210
Proceeds from sale of other real estate owned 101  
Proceeds from sale of Paycheck Protection Program loans 705,930  
Net change in restricted equity securities 2,560 (1,389)
Net increase in Paycheck Protection Program loans (482,617) (350,091)
Net increase in loans held for investment (6,586) (6,867)
Purchase of premises and equipment (791) (2,212)
Proceeds from sale of premises and equipment 325 6
Purchase of bank owned life insurance (9,600)  
Capital calls of other investments (1,149) (211)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 44,066  
Distributions from other investments 234 2
Net cash provided by (used in) investing activities 174,402 (345,682)
Cash Flows From Financing Activities:    
Net increase in demand, savings and other interest-bearing deposits 271,505 230,357
Net (decrease) increase in time deposits (55,276) 13,469
Common stock dividends paid (2,677) (807)
Federal Home Loan Bank advances 606,000 311,900
Federal Home Loan Bank repayments (606,000) (312,700)
Federal Reserve Bank advances 434,336 354,412
Federal Reserve Bank repayments (643,417)  
Stock option exercises 748  
Payment of subordinated notes issuance costs   (347)
Issuance of subordinated notes   15,000
Redemption of subordinated notes (8,550)  
Net cash (used in) provided by financing activities (3,331) 611,284
Net increase in cash and due from banks 178,480 181,110
Cash and due from banks at beginning of period 117,945 [1] 60,026
Cash and due from banks at end of period 296,425 241,136
Supplemental Schedule of Cash Flow Information    
Cash paid for Interest 5,664 5,056
Cash paid for Income taxes 5,600  
Non-cash investing and financing activities:    
Unrealized loss on available-for-sale securities (2,196) (671)
Transfer of held to maturity securities to available for sale   10,980
Issuance of restricted stock awards, net of forfeitures 337 149
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.