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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income resulting from operations $ 20,149 $ 32,555
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 35,778 12,514
Paid-in-kind interest income (1,263) (644)
Depreciation and amortization 2,717 2,538
Amortization of origination fees, net 4,298 4,667
(Decrease) increase in deferred and other tax liabilities, net (1,432) 3,164
Net change in value of loan collateral in process of foreclosure 6,642 4,362
Net (gains) loss on investments (3,655) 99
Stock-based compensation expense 3,092 2,250
Decrease (increase) in accrued interest receivable 239 (732)
Increase in other assets (2,684) (10,989)
(Decrease) increase in accounts payable and accrued expenses (5,104) 8,841
Increase (decrease) in accrued interest payable 1,123 (341)
Net cash provided by operating activities 59,900 58,284
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (491,072) (583,669)
Proceeds from principal receipts, sales, maturities, and recoveries of loans 277,014 313,847
Purchases of investments (6,059) (8,224)
Proceeds from principal receipts, sales, and maturities of investments 8,735 1,400
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 6,865 11,308
Net cash used for investing activities (204,517) (265,338)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 558,266 513,795
Repayments of time deposits and funds borrowed (393,299) (280,622)
Cash dividend paid on common stock (4,731) (3,663)
Distributions to non-controlling interests (3,024) (3,024)
Payment of withholding taxes on net settlement of vested stock (944) (768)
Treasury stock repurchased (3,641) 0
Proceeds from the exercise of stock options 106 292
Net cash provided by financing activities 152,733 226,010
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,116 18,956
Cash, and cash equivalents beginning of period [1] 149,845 105,598
Cash and cash equivalents, end of period (1) [1] 157,961 124,554
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 37,076 25,999
Cash paid during the period for income taxes 10,745 8,662
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 11,094 $ 10,654
[1] Includes federal funds sold.