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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 $ 26,165 $ 20,662
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for loan losses 10,999 2,336
Paid-in-kind interest income (347) (495)
Depreciation and amortization 2,844 4,082
Amortization of origination fees, net 4,670 3,723
Increase in deferred and other tax liabilities, net 5,309 8,469
Net change in value of loan collateral in process of foreclosure 2,487 7,243
Net realized gains on sale of investments (4,108) (3,205)
Stock-based compensation expense 1,461 1,072
Gain on extinguishment of debt 0 (4,626)
(Increase) decrease in accrued interest receivable (913) 813
Increase in other assets (5,470) (574)
Increase in accounts payable and accrued expenses 8,186 1,109
(Decrease) increase in accrued interest payable 153 (790)
Net cash provided by operating activities 51,436 39,819
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (528,139) (365,416)
Proceeds from principal receipts, sales, and maturities of loans 270,009 225,976
Purchases of investments (15,809) (15,318)
Proceeds from principal receipts, sales, and maturities of investments 9,937 14,006
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 13,766 8,942
Net cash used for investing activities (250,236) (131,810)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 506,158 409,810
Repayments of time deposits and funds borrowed (288,154) (335,403)
Cash dividend paid on common stock (3,896) 0
Distributions to non-controlling interests (3,023) (3,019)
Treasury stock repurchased (10,591) 0
Proceeds from the exercise of stock options 152 116
Net cash provided by financing activities 200,646 71,504
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,846 (20,487)
Cash, and cash equivalents beginning of period [1] 124,484 112,040
Cash and cash equivalents, end of period (1) [1] 126,330 91,553
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 14,123 15,769
Cash paid during the period for income taxes 3,175 1,688
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 5,797 $ 10,663
[1] Includes Federal Funds Sold.