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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 33,167 $ 33,691 $ 2,425
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:      
Depreciation and amortization 5,632 7,403 4,627
Amortization of operating lease right-of-use assets 2,546    
Accretion of loan discount (3,859) (4,534) (3,802)
Amortization of FDIC indemnification asset 649 704 712
Amortization of core deposit intangible 1,418 1,445 845
Provision for loan losses 350 4,200 8,625
Earnings on bank-owned life insurance (1,565) (1,633) (929)
Equity (gain) loss on mortgage affiliate (1,191) 894 345
Stock-based compensation expense 432 280 251
Net gain on sales of investment securities     (255)
Gain on bank-owned life insurance death benefit (134) (350)  
(Gain) loss on other real estate owned (38) 360 520
Provision for deferred income taxes 1,420 3,121 9,686
Net (increase) decrease in other assets (2,203) 213 6,069
Net increase (decrease) in other liabilities 1,558 (2,909) (3,687)
Net cash and cash equivalents provided by operating activities 36,764 41,440 24,587
Investing activities:      
Proceeds from sales of investment securities     4,767
Purchases of held to maturity investment securities (15,260)   (9,950)
Purchases of available for sale investment securities (45,135)   (3,247)
Proceeds from paydowns, maturities and calls of available for sale investment securities 26,283 14,360 7,987
Proceeds from paydowns, maturities and calls of held to maturity investment securities 35,006 5,955 11,037
Net (increase) decrease of FRB and FHLB stock 1,690 7,253 (12,112)
Net (increase) in loans (7,059) (113,845) (104,009)
Proceeds from sales of loans held for sale     19,689
Purchase of bank-owned life insurance   (12,000)  
Proceeds from bank-owned life insurance death benefit 344 2,278  
Sales of other real estate owned, net of improvements 214 2,140 1,110
Investment in mortgage affiliate, net     46
Payments received on FDIC indemnification asset     46
Proceeds from sales of bank premise and equipment and assets held for sale   2,136 40
Purchases of bank premises and equipment (1,101) (1,973) (1,425)
Cash acquired in acquisition of Eastern Virginia Bankshares, Inc.     24,015
Net cash and cash equivalents used in investing activities (5,018) (93,696) (62,006)
Financing activities:      
Net increase (decrease) in deposits 27,129 231,671 (196,801)
Cash dividends paid on common stock (8,690) (7,688) (5,798)
Issuance of common stock for warrants exercised     449
Issuance of common stock under Stock Incentive Plan 670 443 555
Issuance of subordinated notes, net of cost     26,075
Net decrease (increase) in short-term borrowings (47,538) (169,022) 191,010
Net cash and cash equivalents provided by (used in) financing activities (28,429) 55,404 15,490
Increase in cash and cash equivalents 3,317 3,148 (21,929)
Cash and cash equivalents at beginning of period 28,611 25,463 47,392
Cash and cash equivalents at end of period 31,928 28,611 25,463
Cash payments for:      
Interest 36,002 26,129 14,571
Income taxes 4,897 $ 6,672 3,671
Supplemental schedule of noncash investing and financing activities      
Initial recognition of operating lease right-of-use assets 8,615    
Initial recognition of operating lease liabilities 9,099    
Transfer from loans to other real estate owned $ 1,323   43
Fair value of tangible assets acquired     1,356,637
Other intangible assets acquired     100,127
Fair value of liabilities assumed     (1,257,845)
Total merger consideration     $ 198,919