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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 45,297 $ 35,312
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 27,045 21,046
Paid-in-kind interest income (1,086) (528)
Depreciation and amortization 3,878 4,408
Amortization of origination fees, net 7,279 7,184
Increase in deferred and other tax liabilities, net 5,116 5,335
Net change in value of loan collateral in process of foreclosure 6,673 3,806
Net realized loss (gains) on sale of investments 3,136 (2,985)
Stock-based compensation expense 3,482 2,495
Increase in accrued interest receivable (980) (1,338)
Increase in other assets (13,033) (5,641)
Increase in accounts payable and accrued expenses 7,500 9,858
(Decrease) increase in accrued interest payable (166) 37
Net cash provided by operating activities 94,141 78,989
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (805,048) (806,788)
Proceeds from principal receipts, sales, and maturities of loans 471,917 414,760
Purchases of investments (10,169) (18,658)
Proceeds from principal receipts, sales, and maturities of investments 467 11,970
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 14,607 17,952
Net cash used for investing activities (328,226) (380,764)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 683,568 676,264
Repayments of time deposits and funds borrowed (417,084) (371,800)
Cash dividend paid on common stock (5,459) (5,766)
Distributions to non-controlling interests (4,536) (4,535)
Payment of withholding taxes on net settlement of vested stock (768) 0
Treasury stock repurchased 0 (18,822)
Proceeds from the exercise of stock options 408 152
Net cash provided by financing activities 256,129 275,493
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 22,044 (26,282)
Cash, and cash equivalents beginning of period [1] 105,598 124,484
Cash and cash equivalents, end of period (1) [1] 127,642 98,202
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 42,054 23,177
Cash paid during the period for income taxes 12,822 5,786
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 15,384 $ 8,659
[1] Includes federal funds sold.