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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 35,312 $ 37,386
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for loan losses 21,046 2,000
Paid-in-kind interest income (528) (682)
Depreciation and amortization 4,408 5,289
Amortization of origination fees, net 7,184 5,770
Increase in deferred and other tax liabilities, net 5,335 13,113
Net change in value of loan collateral in process of foreclosure 3,806 8,501
Net realized gains on sale of investments (2,985) (7,436)
Stock-based compensation expense 2,495 1,674
Gain on extinguishment of debt 0 (4,626)
(Increase) decrease in accrued interest receivable (1,338) 692
Increase in other assets (5,641) (1,577)
Increase in accounts payable and accrued expenses 9,858 3,498
(Decrease) increase in accrued interest payable 37 (1,626)
Net cash provided by operating activities 78,989 61,976
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (806,788) (564,914)
Proceeds from principal receipts, sales, and maturities of loans 414,760 342,718
Purchases of investments (18,658) (17,979)
Proceeds from principal receipts, sales, and maturities of investments 11,970 21,389
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 17,952 16,661
Net cash used for investing activities (380,764) (202,125)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 676,264 587,945
Repayments of time deposits and funds borrowed (371,800) (470,168)
Cash dividend paid on common stock (5,766) 0
Distributions to non-controlling interests (4,535) (4,534)
Treasury stock repurchased (18,822) 0
Proceeds from the exercise of stock options 152 240
Net cash provided by financing activities 275,493 113,483
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (26,282) (26,666)
Cash, and cash equivalents beginning of period [1] 124,484 112,040
Cash and cash equivalents, end of period (1) [1] 98,202 85,374
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 23,177 23,418
Cash paid during the period for income taxes 5,786 3,150
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 8,659 $ 13,145
[1] Includes Federal Funds Sold.