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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 5,685 $ 4,924 $ 147 $ 1,505 $ 10,609 $ 1,652  
Adjustments to reconcile net income to net cash provided by operating activities:              
Provision for (recovery of) loan losses (217)   (141)   (69) 210 $ 1,014
Net accretion of certain acquisition-related adjustments         (1,023) (804)  
Amortization of intangible assets 444   445   900 462  
Net amortization and accretion of securities         539 661  
Net gains on sale of other assets         (1,113)    
Earnings on bank owned life insurance (246)   (199)   (457) (306)  
Depreciation and other amortization         1,921 1,406  
Stock option expense         83 65  
Stock grant expense, restricted 121       214 226  
Net change in:              
Accrued interest receivable and other assets         94 (1,914)  
Accrued interest payable and other liabilities         (2,032) 2,808  
Net cash provided by operating activities         9,666 4,466  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Acquisition of Fauquier Bankshares           153,278  
Net (increase) decrease in restricted investments         (188) 358  
Purchases of available for sale securities         (216,525) (15,217)  
Proceeds from maturities, calls and principal payments of available for sale securities         12,558 12,923  
Net decrease in loans         101,621 46,452  
Purchase of bank owned life insurance         (6,355)    
Proceeds from sale of premises and equipment         6,207    
Proceeds from sale of other real estate owned         610    
Purchase of bank premises and equipment         (334) (818)  
Net cash (used in) provided by investing activities         (102,406) 196,976  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Net (decrease) increase in demand deposits, interest checking accounts, and money market accounts         (185,348) 78,892  
Net increase (decrease) in certificates of deposit and other time deposits         (11,892) 2,167  
Net decrease in other borrowings           (23)  
Proceeds from stock options exercised           30  
Cash dividends paid         (3,193) (3,224)  
Net cash (used in) provided by financing activities         (200,433) 77,842  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS         (293,173) 279,284  
CASH AND CASH EQUIVALENTS:              
Beginning of period   $ 508,840   $ 34,695 508,840 34,695 34,695
End of period $ 215,667   $ 313,979   215,667 313,979 $ 508,840
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION              
Interest         1,664 1,611  
Taxes         1,500 1,042  
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES              
Unrealized (losses) gains on available for sale securities         (45,415) (1,878)  
Unrealized gains (losses) on interest rate swaps         499 (141)  
Initial right-of-use assets obtained in exchange for new operating lease liabilities         $ 540    
Assets acquired in business combination           910,494  
Liabilities assumed in business combination           840,226  
Change in goodwill           $ 7,768