XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income from continuing operations $ 89,972 $ 83,413
Net loss from discontinued operations, net of tax   248
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 2,522 2,442
Provision for credit losses 4,331 1,484
Net amortization of investment securities discounts/premiums 1,356 3,216
Stock-based compensation expense 5,551 6,523
Gain on commercial loans, at fair value (15,034) (7,267)
Gain from discontinued operations   (1,492)
Change in fair value of commercial loans, at fair value 5,278 1,330
Change in fair value of derivatives (1,505) (1,328)
Loss on sales of investment securities 6 7
(Increase) decrease in accrued interest receivable (7,635) 3,278
Increase in other assets (5,563) (6,216)
Change in fair value of discontinued assets held-for-sale   498
Decrease in other liabilities (10,971) (14,744)
Net cash provided by operating activities 68,308 71,392
Investing activities    
Purchase of investment securities available-for-sale (19,321) (246,958)
Proceeds from redemptions and prepayments of securities available-for-sale 127,374 386,369
Sale of repossessed assets 852 927
Net increase in loans (1,459,304) (485,647)
Net decrease in discontinued loans held-for-sale   21,882
Commercial loans, at fair value drawn during the period (36,877) (62,151)
Payments on commercial loans, at fair value 554,836 351,239
Purchases of premises and equipment (4,495) (1,237)
Change in receivable from investment in unconsolidated entity   18
Return of investment in unconsolidated entity   7,337
Decrease in discontinued assets held-for-sale   4,858
Net cash used in investing activities (836,935) (23,363)
Financing activities    
Net increase (decrease) in deposits 934,392 (349,548)
Proceeds of short-term borrowings   300,000
Proceeds from the issuance of common stock 162 3,333
Repurchases of common stock (44,999) (30,000)
Net cash provided by (used in) financing activities 889,555 (76,215)
Net increase (decrease) in cash and cash equivalents 120,928 (28,186)
Cash and cash equivalents, beginning of period 601,784 345,515
Cash and cash equivalents, end of period 722,712 317,329
Supplemental disclosure:    
Interest paid 30,079 10,343
Taxes paid 30,168 31,057
Non-cash investing and financing activities    
Transfer of loans from investment in unconsolidated entity upon its dissolution   22,926
Transfer of real estate owned from investment in unconsolidated entity upon its dissolution   2,145
Transfer of loans from discontinued operations 61,580  
Transfers of real estate owned from discontinued operations 17,343  
Leased vehicles transferred to repossessed assets $ 830 $ 757