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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 32,555 $ 26,165
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 12,514 10,999
Paid-in-kind interest income (644) (347)
Depreciation and amortization 2,538 2,844
Amortization of origination fees, net 4,667 4,670
Increase in deferred and other tax liabilities, net 3,164 5,309
Net change in value of loan collateral in process of foreclosure 4,362 2,487
Net realized loss (gains) on sale of investments 99 (4,108)
Stock-based compensation expense 2,250 1,461
Increase in accrued interest receivable (732) (913)
Increase in other assets (10,989) (5,470)
Increase in accounts payable and accrued expenses 8,841 8,186
(Decrease) increase in accrued interest payable (341) 153
Net cash provided by operating activities 58,284 51,436
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (583,669) (528,139)
Proceeds from principal receipts, sales, and maturities of loans 313,847 270,009
Purchases of investments (8,224) (15,809)
Proceeds from principal receipts, sales, and maturities of investments 1,400 9,937
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 11,308 13,766
Net cash used for investing activities (265,338) (250,236)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 513,795 506,158
Repayments of time deposits and funds borrowed (280,622) (288,154)
Cash dividend paid on common stock (3,663) (3,896)
Distributions to non-controlling interests (3,024) (3,023)
Payment of withholding taxes on net settlement of vested stock (768) 0
Treasury stock repurchased 0 (10,591)
Proceeds from the exercise of stock options 292 152
Net cash provided by financing activities 226,010 200,646
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,956 1,846
Cash, and cash equivalents beginning of period [1] 105,598 124,484
Cash and cash equivalents, end of period (1) [1] 124,554 126,330
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 25,999 14,123
Cash paid during the period for income taxes 8,662 3,175
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 10,654 $ 5,797
[1] Includes federal funds sold.