XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income from continuing operations $ 83,413 $ 56,575
Net income (loss) from discontinued operations 248 (662)
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 2,442 2,898
Provision for credit losses 1,484 5,798
Net amortization of investment securities discounts/premiums 3,216 13,929
Stock-based compensation expense 6,523 5,149
(Gain) loss on commercial loans, at fair value (7,267) 126
(Gain) loss from discontinued operations (1,492) 668
Fair value adjustment on investment in unconsolidated entity   45
Change in fair value of commercial loans, at fair value 1,330 3,054
Change in fair value of derivatives (1,328) 2,233
Loss on sales of investment securities 7  
Decrease (increase) in accrued interest receivable 3,278 (5,233)
(Increase) decrease in other assets (6,216) 8,050
Change in fair value of discontinued assets held-for-sale 498  
Decrease in other liabilities (14,744) (2,770)
Net cash provided by operating activities 71,392 89,860
Investing activities    
Purchase of investment securities available-for-sale (246,958) (27,658)
Proceeds from redemptions and prepayments of securities available-for-sale 386,369 173,892
Net cash paid due to acquisitions, net of cash acquired   (3,920)
Net decrease in repossessed assets 927 10,529
Net increase in loans (485,647) (672,666)
Net decrease in discontinued loans held-for-sale 21,882 13,710
Commercial loans, at fair value originated or drawn during the period (62,151) (683,696)
Payments on commercial loans, at fair value 351,239 10,586
Purchases of premises and equipment (1,237) (999)
Change in receivable from investment in unconsolidated entity 18 45
Return of investment in unconsolidated entity 7,337 7,326
Decrease in discontinued assets held-for-sale 4,858 4,026
Net cash used in investing activities (23,363) (1,168,825)
Financing activities    
Net (decrease) increase in deposits (349,548) 336,732
Net decrease in securities sold under agreements to repurchase   (40)
Proceeds of short-term borrowings 300,000  
Proceeds of senior debt offering   98,160
Proceeds from the issuance of common stock 3,333 619
Repurchases of common stock (30,000)  
Net cash (used in) provided by financing activities (76,215) 435,471
Net decrease in cash and cash equivalents (28,186) (643,494)
Cash and cash equivalents, beginning of period 345,515 944,472
Cash and cash equivalents, end of period 317,329 300,978
Supplemental disclosure:    
Interest paid 10,343 11,098
Taxes paid 31,057 16,694
Non-cash investing and financing activities    
Loans settled in acquisition   3,961
Transfer of loans from investment in unconsolidated entity upon its dissolution 22,926  
Transfers of real estate owned from investment in unconsolidated entity upon its dissolution 2,145 3,780
Leased vehicles transferred to repossessed assets $ 757 $ 15,318