XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash Flows From Operating Activities      
Net income from continuing operations $ 17,420 $ 4,243  
Net income (loss) from discontinued operations 337 (6)  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 525 446  
Deferred income tax benefit (expense) 3,801 (1,002)  
Provision for loan losses 2,500 0  
Accretion of fair value adjustments (discounts) on acquired loans (2,691) (359)  
Accretion of fair value adjustments (premiums) on acquired time deposits (470) (697)  
Accretion of fair value adjustments (premiums) on acquired subordinated notes (25) (35)  
Proceeds from sale of loans held for sale 234,550 412,139  
Loans held for sale, originated (153,534) (377,854)  
Gain on sale of loans held for sale, originated (77) (4,715)  
(Gain) Loss on disposal of premises and equipment (405) 32  
Investment amortization expense, net 452 463  
Amortization of subordinated debt issuance costs 9 17  
Intangible amortization 397 351  
Fair value adjustments of other equity investments (9,364) 0  
Fair value adjustments attributable to mortgage servicing rights (3,777) 0  
Increase in cash surrender value of bank owned life insurance (272) (164)  
Increase in other assets 1,151 (2,873)  
Increase in other liabilities 4,500 5,674  
Net cash provided by operating activities - continuing operations 95,027 35,660  
Net cash provided by operating activities - discontinued operations 55 56  
Cash provided by operating activities 95,082 35,716  
Cash Flows From Investing Activities      
Net increase in federal funds sold (30,391) (2,731)  
Purchases of securities available for sale (32,660) (107,057)  
Proceeds from calls, sales, paydowns and maturities of securities available for sale 7,743 12,490  
Proceeds from sale of other real estate owned 70 4  
Net change in restricted equity and other investments 283 1,990  
Net decrease (increase) in Paycheck Protection Program loans 7,552 (291,196)  
Net (increase) decrease in loans held for investment (66,088) 38,436  
Purchase of premises and equipment (104) (78)  
Proceeds from sale of premises and equipment 1,937 278  
Capital calls of small business investment company funds and other investments (3,553) (376)  
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 0 44,066  
Nonincome distributions from limited liability companies 227 107  
Net cash used in investing activities - continuing operations (115,550) (304,067)  
Net cash used in investing activities - discontinued operations 245 (46)  
Cash used in investing activities (115,305) (304,113)  
Cash Flows From Financing Activities:      
Net increase in demand, savings and other interest-bearing deposits 98,992 181,850  
Net decrease in time deposits (42,212) (17,032)  
Common stock dividends paid (2,253) (2,677)  
Federal Home Loan Bank advances 0 200,000  
Federal Home Loan Bank repayments 0 (142,000)  
Federal Reserve Bank advances 0 265,908  
Federal Reserve Bank repayments (2,690) (62,706)  
Stock option exercises 15 633  
Net increase in securities sold under repurchase agreements 0 16  
Net cash provided by financing activities - continuing operations 51,852 423,992  
Net cash provided by financing activities - discontinued operations 0 0  
Cash provided by financing activities 51,852 423,992  
Net increase in cash and due from banks 31,629 155,595  
Cash and due from banks at beginning of period 130,548 117,945 $ 117,945
Cash and due from banks at end of period 162,177 273,540 $ 130,548
Supplemental Schedule of Cash Flow Information      
Interest 1,598 2,039  
Income taxes 0 1,000  
Non-cash investing and financing activities:      
Unrealized loss on securities available for sale (22,586) (3,142)  
Restricted stock awards, net of forfeitures 355 167  
Assets acquired in business combination 0 1,224,583  
Liabilities assumed in business combination 0 1,107,036  
Effective settlement of subordinated notes in business combination 0 650  
Change in goodwill $ 0 $ 7,206  
Cumulative effect adjustment of change in accounting method 3,542