XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 5,772 $ 4,924 $ 3,138 $ 1,505 $ 16,381 $ 4,790  
Adjustments to reconcile net income to net cash provided by operating activities:              
Provision for (recovery of) loan losses 39   267   (30) 477 $ 1,014
Net accretion of certain acquisition-related adjustments         (1,518) (2,474)  
Amortization of intangible assets 432   434   1,332 896  
Net amortization and accretion of securities         317 1,100  
Net gains on sale of other assets         (1,117) (65)  
Earnings on bank owned life insurance (252)   (201)   (709) (507)  
Depreciation and other amortization         2,875 2,173  
Stock option expense         125 96  
Stock grant expense 184       398 283  
Net change in:              
Accrued interest receivable and other assets         1,509 (1,552)  
Accrued interest payable and other liabilities         (2,112) 1,882  
Net cash provided by operating activities         17,451 7,099  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Acquisition of Fauquier Bankshares           153,278  
Net (increase) decrease in restricted investments         (188) 2,019  
Purchases of available for sale securities         (314,997) (36,127)  
Proceeds from maturities, calls and principal payments of available for sale securities         18,365 22,876  
Net decrease in loans         119,905 95,117  
Purchase of bank owned life insurance         (6,354)    
Proceeds from sale of premises and equipment         6,211 34  
Proceeds from sale of other real estate owned         610    
Proceeds from sale of loans           6,126  
Purchase of bank premises and equipment         (510) (1,055)  
Net cash (used in) provided by investing activities         (176,958) 242,268  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Net (decrease) increase in demand deposits, interest checking, money market and savings accounts         (171,728) 192,565  
Net decrease in certificates of deposit and other time deposits         (27,753) (3,728)  
Net decrease in other borrowings           (42,582)  
Proceeds from stock options exercised         24 30  
Cash dividends paid         (4,791) (4,817)  
Net cash (used in) provided by financing activities         (204,248) 141,468  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS         (363,755) 390,835  
CASH AND CASH EQUIVALENTS:              
Beginning of period   $ 508,840   $ 34,695 508,840 34,695 34,695
End of period $ 145,085   $ 425,530   145,085 425,530 $ 508,840
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION              
Interest         2,344 2,289  
Taxes         2,750 1,042  
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES              
Unrealized (losses) gains on available for sale securities         (61,676) (2,324)  
Unrealized gains (losses) on interest rate swaps         727 (106)  
Initial right-of-use assets obtained in exchange for new operating lease liabilities         $ 540    
Assets acquired in business combination           909,736  
Liabilities assumed in business combination           840,226  
Change in goodwill           $ 8,526