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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income from continuing operations $ 59,368 $ 55,218
Net loss from discontinued operations, net of tax   182
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 1,738 1,614
Provision for (reversal of) credit losses 3,509 (129)
Net amortization of investment securities discounts/premiums 951 2,358
Stock-based compensation expense 3,420 4,467
Gain on commercial loans, at fair value (10,977) (3,723)
Gain from discontinued operations   (1,107)
Change in fair value of commercial loans, at fair value 1,476 838
Change in fair value of derivatives (1,016) (1,330)
Loss on sales of investment securities 6 7
(Increase) decrease in accrued interest receivable (1,393) 1,790
Increase in other assets (1,561) (11,471)
Decrease in other liabilities (15,661) (14,917)
Net cash provided by operating activities 39,860 33,797
Investing activities    
Purchase of investment securities available-for-sale (18,260) (153,481)
Proceeds from redemptions and prepayments of securities available-for-sale 67,680 276,679
Sale of repossessed assets 707 792
Net increase in loans (946,241) (263,597)
Net decrease in discontinued loans held-for-sale   15,444
Commercial loans, at fair value drawn during the period (20,027) (45,643)
Payments on commercial loans, at fair value 360,475 168,748
Purchases of premises and equipment (2,115) (1,284)
Change in receivable from investment in unconsolidated entity   (6)
Return of investment in unconsolidated entity   6,306
Decrease in discontinued assets held-for-sale   1,817
Net cash (used in) provided by investing activities (557,781) 5,775
Financing activities    
Net (decrease) increase in deposits (96,160) 222,652
Proceeds of short-term borrowings 385,000  
Proceeds from the issuance of common stock 162 1,229
Repurchases of common stock (30,000) (20,000)
Net cash provided by financing activities 259,002 203,881
Net (decrease) increase in cash and cash equivalents (258,919) 243,453
Cash and cash equivalents, beginning of period 601,784 345,515
Cash and cash equivalents, end of period 342,865 588,968
Supplemental disclosure:    
Interest paid 10,030 6,555
Taxes paid 20,966 23,250
Non-cash investing and financing activities    
Investment securities (redeemed) purchased and not settled (37,432) 29,608
Transfer of loans from discontinued operations 61,580  
Transfers of real estate owned from discontinued operations 17,343  
Leased vehicles transferred to repossessed assets $ 720 $ 690