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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net income from continuing operations $ 18,538 $ 32,936
Net income (loss) from discontinued operations 337 (57)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,038 1,046
Deferred income tax benefit (expense) 3,316 (514)
Provision for loan losses 9,994 0
Accretion of fair value adjustments (discounts) on acquired loans (4,058) (1,253)
Accretion of fair value adjustments (premiums) on acquired time deposits (833) (1,655)
Accretion of fair value adjustments (premiums) on acquired subordinated notes (50) (90)
Proceeds from sale of loans held for sale 368,217 679,905
Loans held for sale, originated (275,897) (661,703)
Gain on sale of loans held for sale, originated (3,136) (13,164)
Gain on sale of Paycheck Protection Program loans 0 (24,315)
(Gain) Loss on disposal of premises and equipment (405) 220
Investment amortization expense, net 809 689
Amortization of subordinated debt issuance costs 17 183
Intangible amortization 783 808
Fair value adjustments of other equity investments (9,278) 0
Fair value adjustments attributable to mortgage servicing rights (3,548) 0
Fair value adjustments on other real estate owned 0 38
Increase in cash surrender value of bank owned life insurance (548) (401)
Increase in other assets (266) (10,904)
Increase in other liabilities 5,033 5,530
Net cash provided by operating activities - continuing operations 110,063 7,299
Net cash provided by operating activities - discontinued operations 55 110
Cash provided by operating activities 110,118 7,409
Cash Flows From Investing Activities    
Net decrease in federal funds sold 8,410 234
Purchases of securities available for sale (66,761) (107,127)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 15,163 28,822
Proceeds from sale of other real estate owned 70 101
Proceeds from sale of Paycheck Protection Program loans 0 705,930
Net decrease (increase) in Paycheck Protection Program loans 14,752 (482,617)
Net change in restricted equity and other investments (4,857) 2,665
Net increase in loans held for investment (272,026) (6,586)
Purchase of premises and equipment (221) (791)
Proceeds from sale of premises and equipment 1,937 325
Purchase of bank owned life insurance 0 (9,600)
Capital calls of small business investment company funds and other investments (3,997) (1,149)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 0 44,066
Nonincome distributions from limited liability companies 420 234
Net cash (used in) provided by investing activities - continuing operations (307,110) 174,507
Net cash provided by (used in) investing activities - discontinued operations 245 (105)
Cash (used in) provided by investing activities (306,865) 174,402
Cash Flows From Financing Activities:    
Net increase in demand, savings and other interest-bearing deposits 144,924 271,505
Net decrease in time deposits (106,155) (55,276)
Common stock dividends paid (4,552) (2,677)
Federal Home Loan Bank advances 135,000 606,000
Federal Home Loan Bank repayments (10,000) (606,000)
Federal Reserve Bank advances 0 434,336
Federal Reserve Bank repayments (17,841) (643,417)
Stock option exercises 15 748
Redemption of subordinated notes 0 (8,550)
Net cash provided by (used in) financing activities - continuing operations 141,391 (3,331)
Net cash provided by financing activities - discontinued operations 0 0
Cash provided by (used in) financing activities 141,391 (3,331)
Net (decrease) increase in cash and due from banks (55,356) 178,480
Cash and due from banks at beginning of period 130,548 117,945
Cash and due from banks at end of period 75,192 296,425
Supplemental Schedule of Cash Flow Information    
Interest 4,395 5,664
Income taxes 575 5,600
Non-cash investing and financing activities:    
Unrealized losses on securities available for sale (42,859) (2,196)
Restricted stock awards, net of forfeitures 729 748
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