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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities    
Net income $ 39,685 $ 12,117
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,623 704
Deferred income taxes (537) 85
Provision for loan losses   8,075
Accretion of fair value adjustments (discounts) on acquired loans (1,279) (909)
Amortization of fair value adjustments (premiums) on assumed time deposits (2,540) (12)
Amortization of fair value adjustments (premiums) on assumed subordinated notes (145)  
Fair value adjustments on other real estate owned 75  
Proceeds from sale of loans held for sale 965,119 652,765
Loans held for sale, originated (939,377) (747,771)
Gain on sale of loans held for sale, originated (17,830) (27,386)
Gain on sale of Paycheck Protection Program loans (24,315)  
Loss on disposal of premises and equipment 192 116
Investment amortization expense, net 1,282 870
Amortization of subordinated debt issuance costs 192 37
Intangible amortization 1,406 608
Increase in cash surrender value of bank owned life insurance (679) (278)
Increase in other assets (6,110) (28,535)
(Decrease) increase in other liabilities (3,249) 12,160
Net cash provided by (used in) operating activities 13,513 (117,354)
Cash Flows From Investing Activities    
Net (increase) decrease in federal funds sold (141,869) 480
Purchases of securities available for sale (224,143) (38,579)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 45,553 43,452
Proceeds from calls, sales, paydowns and maturities of securities held to maturity   1,210
Proceeds from sale of other real estate owned 271  
Proceeds from sale of Paycheck Protection Program loans 705,930  
Net change in restricted equity and other investments (1,473) (1,307)
Net increase in Paycheck Protection Program loans (399,072) (361,850)
Net increase in loans held for investment (29,729) (46,103)
Purchase of premises and equipment (954) (2,785)
Proceeds from sale of premises and equipment 405 669
Purchase of bank owned life insurance (9,600)  
Capital calls of other investments (1,567) (569)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 44,066  
Distributions from other investments 247 44
Net cash used in investing activities (11,935) (405,338)
Cash Flows From Financing Activities:    
Net increase in demand, savings and other interest-bearing deposits 312,144 193,834
Net decrease in time deposits (85,397) (598)
Common stock dividends paid (7,183) (2,436)
Federal Home Loan Bank advances 721,000 436,900
Federal Home Loan Bank repayments (721,000) (446,700)
Federal Reserve Bank advances 434,336 355,484
Federal Reserve Bank repayments (706,944) (11,008)
Stock option exercises 748  
Increase in federal funds purchased   135
Payment of subordinated notes issuance costs   (349)
Issuance of subordinated notes   15,000
Redemption of subordinated notes (14,150)  
Net cash (used in) provided by financing activities (66,446) 540,262
Net (decrease) increase in cash and due from banks (64,868) 17,570
Cash and due from banks at beginning of period 117,945 [1] 60,026
Cash and due from banks at end of period 53,077 77,596
Supplemental Schedule of Cash Flow Information    
Cash paid for Interest 8,087 7,294
Cash paid for Income taxes 10,000 2,000
Non-cash investing and financing activities:    
Unrealized loss on available-for-sale securities (3,062) (340)
Transfer of held to maturity securities to available for sale   10,980
Issuance of restricted stock awards, net of forfeitures 848 352
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.