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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income from continuing operations $ 56,575 $ 48,404
Net income (loss) from discontinued operations (662) 1,301
Adjustments to reconcile net income to net cash (used in) provided by operating activities    
Depreciation and amortization 2,898 3,973
Provision for credit losses 5,798 2,950
Net amortization of investment securities discounts/premiums 13,929 14,270
Stock-based compensation expense 5,149 4,396
Loans originated for sale (683,696) (1,099,719)
Sales and payments of commercial loans originated for resale 10,586 1,232,041
Loss (gain) on commercial loans originated for resale 126 (25,228)
Loss from discontinued operations 668 191
Fair value adjustment on investment in unconsolidated entity 45  
Change in fair value of commercial loans, at fair value 3,054 (1,562)
Change in fair value of derivatives 2,233 2,471
Increase in accrued interest receivable (5,233) (1,145)
(Increase) decrease in other assets 8,050 (22,095)
Change in fair value of discontinued loans held-for-sale   123
Increase (decrease) in other liabilities (2,770) 2,949
Net cash provided by (used in) operating activities (583,250) 163,320
Investing activities    
Purchase of investment securities available-for-sale (27,658) (157,480)
Proceeds from redemptions and prepayments of securities available-for-sale 173,892 122,438
Net cash paid due to acquisitions, net of cash acquired (3,920)  
Net decrease in repossessed assets 10,529  
Net increase in loans (672,666) (179,806)
Net decrease in discontinued loans held-for-sale 13,710 28,939
Purchases of premises and equipment (999) (1,824)
Change in receivable from investment in unconsolidated entity 45 123
Return of investment in unconsolidated entity 7,326 9,842
Decrease in discontinued assets held-for-sale 4,026 6,671
Net cash used in investing activities (495,715) (171,097)
Financing activities    
Net increase in deposits 336,732 409,983
Net decrease in securities sold under agreements to repurchase (40)  
Proceeds of senior debt offering 98,160  
Proceeds from the issuance of common stock 619  
Net cash provided by financing activities 435,471 409,983
Net increase (decrease) in cash and cash equivalents (643,494) 402,206
Cash and cash equivalents, beginning of period 944,472 554,302
Cash and cash equivalents, end of period 300,978 956,508
Supplemental disclosure:    
Interest paid 11,098 28,871
Taxes paid 16,694 15,037
Non-cash investing and financing activities    
Investment securities transferred in securitization transaction   93,191
Loans settled in acquisition 3,961  
Transfers of discontinued loans to discontinued other real estate owned 3,780 $ 5,295
Non-cash operating activities    
Leased vehicles transferred to repossessed assets $ 15,318