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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 641,207 $ 362,173
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provisions for credit losses (225,767) 61,258
Income tax expense 203,525 121,481
Amortization of brokered deposit placement fee 4,307 5,193
Amortization of Secured Borrowing Facility upfront fee 773 526
Amortization of deferred loan origination costs and loan premium/(discounts), net 4,016 12,241
Net amortization of discount on investments 2,161 610
Unrealized gain on investments 0 1,191
Reduction (increase) in tax indemnification receivable 2,814 (169)
Depreciation of premises and equipment 3,715 3,855
Stock-based compensation expense 11,124 13,610
Unrealized (gains) losses on derivatives and hedging activities, net 10,872 (43,195)
Gains on sales of loans, net (399,111) (238,935)
Other adjustments to net income, net 2,578 1,574
Changes in operating assets and liabilities:    
Increase in accrued interest receivable (183,168) (236,282)
Increase in non-marketable securities (317) 0
Decrease (increase) in other interest-earning assets 19,282 (40,404)
Increase in other assets (51,667) (32,874)
Decrease in income taxes payable, net (270) (710)
(Decrease) increase in accrued interest payable (9,081) 18,610
Increase in other liabilities 8,759 134,661
Total adjustments (595,455) (217,759)
Total net provided by operating activities 45,752 144,414
Investing activities    
Loans acquired and originated (2,076,635) (2,310,173)
Net proceeds from sales of loans held for investment 3,436,391 3,283,408
Proceeds from claim payments 4,602 11,314
Net decrease in loans held for investment 1,021,353 1,177,589
Purchases of available-for-sale securities (200,716) (62,752)
Proceeds from sales and maturities of available-for-sale securities 205,367 18,836
Total net cash provided by investing activities 2,390,362 2,118,222
Financing activities    
Brokered deposit placement fee 0 (1,762)
Net (decrease) increase in certificates of deposit (686,344) 69,971
Net increase (decrease) in other deposits 850,408 (55,044)
Borrowings collateralized by loans in securitization trusts - issued 0 633,532
Borrowings collateralized by loans in securitization trusts - repaid (272,123) (281,086)
Issuance costs for unsecured debt offering (325) 0
Repayment of borrowings under Secured Borrowing Facility 0 (289,230)
Fees paid on Secured Borrowing Facility (2,833) (3,183)
Common stock dividends paid (10,906) (12,595)
Preferred stock dividends paid (1,201) (3,464)
Common stock repurchased (550,790) (558,167)
Net cash used in financing activities (674,114) (501,028)
Net increase in cash, cash equivalents and restricted cash 1,762,000 1,761,608
Cash, cash equivalents and restricted cash at beginning of period 4,609,709 5,720,760
Cash, cash equivalents and restricted cash at end of period 6,371,709 7,482,368
Cash disbursements made for:    
Interest 76,491 151,017
Income taxes paid 887 3,630
Income taxes refunded (1,049) (2,890)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:    
Total cash, cash equivalents and restricted cash $ 6,371,709 $ 7,482,368