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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income from continuing operations $ 28,966 $ 26,060
Net loss from discontinued operations, net of tax   (95)
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 894 808
Provision for credit losses 1,507 822
Net amortization of investment securities discounts/premiums 547 880
Stock-based compensation expense 1,618 2,261
Gain on commercial loans, at fair value (3,337) (1,353)
Gain from discontinued operations   (126)
Change in fair value of commercial loans, at fair value 1,202 658
Change in fair value of derivatives (1,068) (1,121)
Loss on sales of investment securities 6 7
Decrease in accrued interest receivable 587 294
Increase in other assets (1,369) (6,037)
Decrease in other liabilities (11,168) (3,320)
Net cash provided by operating activities 18,385 19,738
Investing activities    
Purchase of investment securities available-for-sale (7,418) (56,662)
Proceeds from redemptions and prepayments of securities available-for-sale 31,647 125,456
Sale of repossessed assets 284 528
Net increase in loans (353,817) (175,204)
Net decrease in discontinued loans held-for-sale   6,079
Commercial loans, at fair value originated or drawn during the period (5,826) (30,025)
Payments on commercial loans, at fair value 153,709 60,578
Purchases of premises and equipment (1,018) (331)
Change in receivable from investment in unconsolidated entity   (10)
Return of investment in unconsolidated entity   247
Decrease in discontinued assets held-for-sale   772
Net cash used in investing activities (182,439) (68,572)
Financing activities    
Net increase in deposits 251,412 1,459,441
Proceeds from the issuance of common stock 84 465
Repurchases of common stock (15,000) (10,000)
Net cash provided by financing activities 236,496 1,449,906
Net increase in cash and cash equivalents 72,442 1,401,072
Cash and cash equivalents, beginning of period 601,784 345,515
Cash and cash equivalents, end of period 674,226 1,746,587
Supplemental disclosure:    
Interest paid 4,208 4,768
Taxes paid 1,946 1,159
Non-cash investing and financing activities    
Transfer of loans from discontinued operations 61,580  
Transfers of real estate owned from discontinued operations 17,343  
Leased vehicles transferred to repossessed assets $ 687 $ 429