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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income from continuing operations $ 27,577 $ 52,624 $ 17,837
Net income (loss) from discontinued operations 337 (144) (140)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 1,977 2,144 924
Deferred income tax expense (benefit) 3,025 1,923 (1,680)
Provision for loan losses 17,886 117 10,450
Accretion of fair value adjustments (discounts) on acquired loans (7,392) (2,006) (1,030)
Accretion of fair value adjustments (premiums) on acquired time deposits (1,480) (3,225) (23)
Accretion of fair value adjustments (premiums) on acquired subordinated notes (101) (176) 0
Proceeds from sale of mortgage loans held for sale 522,252 1,228,021 1,099,378
Mortgage loans held for sale, originated (416,772) (1,171,787) (1,180,190)
Gain on sale of mortgage loans (4,451) (21,432) (42,140)
Proceeds from sale of guaranteed government loans held for sale 54,271 0 0
Guaranteed government loans held for sale, originated (88,077) 0 0
Gain on sale of guaranteed government loans (4,734) 0 0
Gain on sale of Paycheck Protection Program loans 0 (24,315) 0
Realized losses (gains) on sale of available for sale securities 0 144 (211)
(Gain) loss on disposal of premises and equipment (263) 110 160
Investment amortization expense, net 1,332 1,865 1,138
Amortization of subordinated debt issuance costs 35 206 55
Intangible amortization 1,525 1,671 629
Fair value adjustments of other equity investments (9,306) (7,316) 0
Fair value adjustments attributable to mortgage servicing rights (2,248) 0 0
Fair value adjustments on other real estate owned 0 75 0
Increase in cash surrender value of bank owned life insurance (1,348) (932) (390)
Increase in other assets (5,431) 12,347 (26,332)
Increase (decrease) in other liabilities 5,262 (10,921) 13,002
Net cash provided by (used in) operating activities - continuing operations 93,876 58,993 (108,563)
Net cash provided by operating activities - discontinued operations 55 220 223
Cash provided by (used in) operating activities 93,931 59,213 (108,340)
Cash flows used in investing activities:      
Net increase in loans held for investment (631,797) (59,053) (53,320)
Net decrease (increase) in federal funds sold 42,477 (41,396) (295)
Purchases of securities available for sale (68,261) (264,929) (44,164)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 32,655 71,804 53,595
Proceeds from calls, sales, paydowns, and maturities of securities held to maturity 0 0 1,212
Proceeds from sale of other real estate owned 70 341 0
Proceeds from sale of Paycheck Protection Program loans 0 705,930 0
Net decrease (increase) in Paycheck Protection Program loans 18,439 (382,830) (292,068)
Net change in restricted equity and other investments (13,899) (78) (2,943)
Purchases of premises and equipment (455) (1,217) (3,010)
Proceeds from sale of premises and equipment 2,211 547 719
Purchases of bank owned life insurance 0 (9,600) 0
Redemption of bank owned life insurance 414 0 0
Capital calls of small business investment company funds and other investments (11,310) (11,582) (609)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 0 44,066 0
Nonincome distributions from SBICs and other investments 1,028 647 94
Net cash (used in) provided by investing activities - continuing operations (628,428) 52,650 (340,789)
Net cash provided by (used in) investing activities - discontinued operations 245 (166) (96)
Cash (used in) provided by investing activities (628,183) 52,484 (340,885)
Cash flows from financing activities:      
Net increase in demand, savings and other interest-bearing deposits 312,277 452,173 232,591
Net decrease in time deposits (106,061) (127,174) (9,512)
Common stock dividends paid (9,175) (7,183) (2,436)
FHLB advances 822,900 721,000 676,900
FHLB repayments (521,200) (836,000) (686,700)
FRB advances 0 434,336 363,682
FRB repayments (17,850) (722,900) (82,032)
Stock option exercised 14 804 0
Dividend reinvestment plan issuances 73 0 0
Redemptions of subordinated notes 0 (14,150) 0
Issuance of subordinated notes 0 0 15,000
Payment of subordinated notes issuance costs 0 0 (349)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations 480,978 (99,094) 507,144
Net cash provided by financing activities - discontinued operations 0 0 0
Cash provided by (used in) financing activities 480,978 (99,094) 507,144
Net (decrease) increase in cash and due from banks (53,274) 12,603 57,919
Cash and due from banks at beginning of period 130,548 117,945 60,026
Cash and due from banks at end of period 77,274 130,548 117,945
Supplemental Schedule of Cash Flow Information      
Interest 16,011 11,583 10,030
Income taxes 2,077 10,131 2,000
Non-cash investing and financing activities:      
Unrealized (losses) gains on securities available for sale (53,405) (6,024) 1,029
Transfers of securities from held to maturity to available for sale 0 0 10,980
Restricted stock awards, net of forfeitures 1,564 1,331 567
Assets acquired in business combination 0 1,224,583 0
Liabilities assumed in business combination 0 1,107,036 0
Effective settlement of subordinated notes in business combination 0 650 0
Change in goodwill $ 0 $ 7,206 $ 23
Cumulative effect adjustment of change in accounting method 3,542