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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income resulting from operations $ 11,536 $ 16,873
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 17,201 4,038
Paid-in-kind interest income (608) (264)
Depreciation and amortization 1,381 1,300
Amortization of origination fees, net 2,007 2,173
Increase in deferred and other tax liabilities, net 6,290 6,437
Net change in value of loan collateral in process of foreclosure 3,240 2,330
Net (gains) loss on investments (4,167) 90
Net change in unrealized appreciation on other investments 0 (28)
Stock-based compensation expense 1,496 1,036
Increase in accrued interest receivable 865 378
Decrease (increase) in other assets 522 (8,605)
(Decrease) increase in accounts payable and accrued expenses (6,763) 4,120
Decrease in accrued interest payable (745) (751)
Net cash provided by operating activities 32,255 29,127
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (175,721) (230,846)
Proceeds from principal receipts, sales, and maturities of loans 138,748 143,891
Purchases of investments (795) (450)
Proceeds from principal receipts, sales, and maturities of investments 1,103 438
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 3,759 5,526
Net cash used for investing activities (32,906) (81,441)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 212,807 240,056
Repayments of time deposits and funds borrowed (185,900) (157,100)
Cash dividend paid on common stock (2,482) (1,870)
Distributions to non-controlling interests (1,512) (1,512)
Payment of withholding taxes on net settlement of vested stock (944) (768)
Treasury stock repurchased (2,126) 0
Proceeds from the exercise of stock options 88 292
Net cash provided by financing activities 19,931 79,098
NET INCREASE IN CASH AND CASH EQUIVALENTS 19,280 26,784
Cash, and cash equivalents beginning of period [1] 149,845 105,598
Cash and cash equivalents, end of period (1) [1] 169,125 132,382
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 18,976 12,372
Cash paid during the period for income taxes 10 143
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 5,425 $ 6,504
[1] Includes federal funds sold.