XML 22 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income from continuing operations $ (51,773) $ 16,997 $ 52,624
Net income (loss) from discontinued operations 0 337 (144)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Goodwill impairment 26,826 0 0
Depreciation and amortization 1,696 1,977 2,144
Deferred income tax (benefit) expense (7,055) (20) 1,923
Provision for credit losses - loans 24,703 25,687 117
Benefit for credit losses - unfunded commitments (2,380) 0 0
Accretion of fair value adjustments (discounts) on acquired loans (2,611) (7,392) (2,006)
Accretion of fair value adjustments (premiums) on acquired time deposits and acquired subordinated notes (898) (1,581) (3,401)
Proceeds from sale of mortgage loans held for sale 251,797 522,252 1,228,021
Mortgage loans held for sale, originated (248,721) (416,772) (1,171,787)
Gain on sale of mortgage loans (2,098) (4,451) (21,432)
Proceeds from sale of guaranteed government loans held for sale 82,524 54,271 0
Guaranteed government loans held for sale, originated (36,661) (88,077) 0
Gain on sale of guaranteed government loans (5,704) (4,734) 0
Gain on sale of Paycheck Protection Program loans 0 0 (24,315)
Loss (gain) on disposal of premises and equipment and other assets 530 (263) 110
Realized loss on sale of available for sale securities 649 0 144
Realized loss on sale of other equity securities and other investments 1,523 0 0
Investment amortization expense, net 653 1,332 1,865
Amortization of subordinated debt issuance costs 35 35 206
Intangible amortization 1,295 1,525 1,671
Fair value adjustments of other equity investments 110 (9,306) (7,316)
Fair value adjustments attributable to mortgage servicing rights 2,887 (2,248) 0
Fair value adjustments on other real estate owned 0 0 75
Increase (decrease) in cash surrender value of bank owned life insurance 1,195 (1,348) (932)
Increase in accrued interest receivable (3,398) (1,996) (4,145)
(Increase) decrease in other assets (16,632) 2,389 16,492
Increase (decrease) in other liabilities 25,564 5,262 (10,921)
Net cash provided by operating activities - continuing operations 44,056 93,876 58,993
Net cash provided by operating activities - discontinued operations 0 55 220
Cash provided by (used in) operating activities 44,056 93,931 59,213
Cash Flows From Investing Activities      
Net increase in loans held for investment (70,125) (631,797) (59,053)
Net (increase) decrease in federal funds sold (3,025) 42,477 (41,396)
Purchases of securities available for sale 0 (68,261) (264,929)
Proceeds from calls, sales, paydowns, and maturities of securities available for sale 32,708 32,655 71,804
Proceeds from sale of other equity investments and other investments 7,854 0 0
Proceeds from sale of other real estate owned 264 70 341
Proceeds from sale of Paycheck Protection Program loans 0 0 705,930
Net decrease (increase) in Paycheck Protection Program loans 9,581 18,439 (382,830)
Net change in restricted equity and other investments 2,682 (13,899) (78)
Purchase of premises and equipment (961) (455) (1,217)
Proceeds from sale of premises and equipment and other assets 1,016 2,211 547
Purchase of bank owned life insurance 0 0 (9,600)
Redemption of bank owned life insurance 0 414 0
Proceeds from sale of LSMG 250 0 0
Capital calls of small business investment company funds and other investments (5,128) (11,310) (11,582)
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. 0 0 44,066
Nonincome distributions from limited liability companies 1,671 1,028 647
Net cash (used in) provided by investing activities - continuing operations (23,213) (628,428) 52,650
Net cash provided by (used in) investing activities - discontinued operations 0 245 (166)
Cash (used in) provided by investing activities (23,213) (628,183) 52,484
Cash flows from financing activities:      
Net (decrease) increase in demand, savings, and other interest-bearing deposits (436,839) 312,277 452,173
Net increase (decrease) in time deposits 501,162 (106,061) (127,174)
Common stock dividends paid (4,641) (9,175) (7,183)
FHLB advances 1,940,000 822,900 721,000
FHLB repayments (2,041,700) (521,200) (836,000)
FRB advances 65,000 0 434,336
FRB repayments (51) (17,850) (722,900)
Stock option exercises 26 14 804
Dividend reinvestment plan issuances 77 73 0
Redemptions of subordinated notes 0 0 (14,150)
Net cash provided by (used in) financing activities - continuing operations 23,034 480,978 (99,094)
Net cash provided by financing activities - discontinued operations 0 0 0
Cash provided by (used in) financing activities 23,034 480,978 (99,094)
Net increase (decrease) in cash and due from banks 43,877 (53,274) 12,603
Cash and due from banks at beginning of period 77,274 130,548 117,945
Cash and due from banks and restricted cash at end of period 121,151 77,274 130,548
Supplemental Schedule of Cash Flow Information      
Interest 67,868 16,011 11,583
Income taxes 6,656 2,077 10,131
Non-cash investing and financing activities:      
Unrealized losses on securities available for sale (592) (53,405) (6,024)
Restricted stock awards, net of forfeitures 1,573 1,564 1,331
Assets acquired in business combination 0 0 1,224,583
Liabilities assumed in business combination 0 0 1,107,036
Effective settlement of subordinated notes in business combination 0 0 650
Change in goodwill 26,826 0 7,206
Cumulative effect adjustment due to adoption of accounting standard, net of income taxes $ (8,111) $ 0 $ 0
Cumulative effect adjustment of change in accounting method, net of income taxes 3,542