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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income from continuing operations $ 192,296 $ 130,213 $ 110,441
Net income from discontinued operations, net of tax     212
Adjustments to reconcile net income to net cash used in operating activities      
Depreciation and amortization 3,472 3,300 3,301
Provision for credit losses on loans and security 18,330 7,108 3,110
Net amortization of investment securities discounts/premiums 1,023 1,704 3,458
Stock-based compensation expense 11,392 7,592 8,626
Realized gains on commercial loans, at fair value (6,954) (18,635) (12,929)
Deferred income tax (benefit) expense (5,681) 5,870 1,402
Gain from discontinued operations   (4) (1,546)
Loss on sale of other real estate owned     315
Write-down of other real estate owned 1,147    
Change in fair value of commercial loans, at fair value 3,085 6,065 1,510
Change in fair value of derivatives 124 (961) (1,671)
Loss on sales of investment securities 4 6 7
(Increase) decrease in accrued interest receivable (5,529) (14,134) 2,587
Increase in other assets (38,465) (1,802) (17,030)
Change in fair value of discontinued assets held-for-sale     498
Increase (decrease) in other liabilities 12,474 (5,340) (18,399)
Net cash provided by operating activities 186,718 120,982 83,892
Investing activities      
Purchase of investment securities available-for-sale (48,989) (24,183) (259,059)
Proceeds from redemptions and prepayments of securities available-for-sale 71,082 161,110 492,258
Sale of repossessed assets 7,927 1,800 910
Proceeds from sale of other real estate owned 5,800 2,343 300
Net decrease (increase) in loans 142,326 (1,680,129) (1,096,189)
Net decrease in discontinued loans held-for-sale     27,175
Commercial loans, at fair value drawn during the period (134,256) (66,067) (127,765)
Payments on commercial loans, at fair value 384,353 782,157 645,330
Purchases of premises and equipment (12,689) (5,134) (1,549)
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 5,332
Net cash provided by (used in) investing activities 415,554 (828,099) (305,902)
Financing activities      
Net (decrease) increase in deposits (349,203) 1,053,202 514,851
Redemptions of senior debt offering (3,273)    
Proceeds from the issuance of common stock 104 320 3,428
Repurchases of common stock (99,999) (60,000) (40,000)
Net cash (used in) provided by financing activities (452,371) 993,522 478,279
Net increase in cash and cash equivalents 149,901 286,405 256,269
Cash and cash equivalents, beginning of period 888,189 601,784 345,515
Cash and cash equivalents, end of period 1,038,090 888,189 601,784
Supplemental disclosure:      
Interest paid 156,269 57,601 11,709
Taxes paid 82,553 37,787 44,341
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 $ 9,361 $ 2,008 $ 1,009