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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 52,480 $ 17,697
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,168 951
Deferred income tax benefit 1,923 (1,680)
Provision for loan losses 117 10,450
Accretion of fair value adjustments (discounts) on acquired loans (2,006) 1,030
Amortization of fair value adjustments (premiums) on assumed time deposits (3,225) 23
Amortization of fair value adjustments (premiums) on assumed subordinated notes (176)
Fair value adjustments on other real estate owned 75
Fair value adjustments of other equity investments (7,316)
Proceeds from sale of loans held for sale 1,228,021 1,099,378
Loans held for sale, originated (1,171,787) (1,180,190)
Gain on sale of loans held for sale, originated (21,432) 42,140
Gain on sale of Paycheck Protection Program loans (24,315)
Realized losses (gains) on sale of available for sale securities 144 (211)
Loss on disposal of premises and equipment 110 (160)
Investment amortization expense, net 1,865 (1,138)
Amortization of subordinated debt issuance costs 206 55
Intangible amortization 1,867 825
Increase in cash surrender value of bank owned life insurance (932) (390)
Decrease (increase) in other assets 12,442 (26,332)
(Decrease) increase in other liabilities (10,921) 13,002
Net cash provided by (used in) operating activities 59,308 (108,340)
Cash flows used in investing activities:    
Net increase in federal funds sold (41,396) (295)
Purchases of securities available for sale (264,929) (44,164)
Proceeds from calls, maturities, sales, paydowns and maturities of securities available for sale 71,804 53,595
Proceeds from calls, maturities, sales, paydowns and maturities of securities held to maturity 1,212
Proceeds from sale of other real estate owned 341
Net change in restricted equity and other investments (205)
Proceeds from sale of Paycheck Protection Program loans 705,930 0
Net change in Paycheck Protection Program loans (382,830) 292,068
Net increase in loans held for investment (59,053) 53,320
Purchases of premises and equipment (1,256) (3,010)
Proceeds from sale of premises and equipment 547 719
Purchases of bank owned life insurance (9,600)
Capital calls of other investments (11,582) (609)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. (44,066)
Distributions from other investments 647 94
Net cash provided by (used in) investing activities 52,484 (340,885)
Cash flows from financing activities:    
Net increase in demand, savings and other interest-bearing deposits 452,173 232,591
Net decrease in time deposits (127,174) (9,512)
Dividends paid on common stock (7,183) (2,436)
Federal Home Loan Bank advances 721,000 676,900
Federal Home Loan Bank repayments (836,000) (686,700)
Federal Reserve Bank advances 434,336 363,682
Federal Reserve Bank repayments (722,900) 82,032
Stock option exercised 804
Payment of subordinated debt issuance costs (349)
Issuance of subordinated notes 15,000
Redemption of subordinated debt (14,150)
Net cash (used in) provided by financing activities (99,094) 507,144
Net increase in cash and due from banks 12,698 57,919
Cash and due from banks at beginning of period 117,945 60,026
Cash and due from banks at end of period 130,643 117,945
Supplemental Schedule of Cash Flow Information    
Interest 11,583 10,030
Income taxes 10,131 2,000
Non-cash investing and financing activities:    
Unrealized gain on securities available for sale (6,024) 1,029
Transfer of securities from held to maturity to available for sale 10,980
Issuance of restricted stock awards, net of forfeitures 1,331 567
Assets acquired in acquisition 1,224,583
Liabilities assumed in acquisition 1,107,036
Effective settlement of subordinated notes in business combination 650
Change in goodwill $ 7,206 $ 23