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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 854,248 $ 447,990
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provisions for credit losses (17,648) 409,505
Income tax expense 276,091 146,006
Amortization of brokered deposit placement fee 11,932 14,881
Amortization of Secured Borrowing Facility upfront fee 1,845 2,159
Amortization of deferred loan origination costs and loan premium/(discounts), net 11,851 20,127
Net amortization of discount on investments 5,902 4,255
Unrealized gain on investments 0 (2,100)
Reduction (increase) in tax indemnification receivable 6,006 (698)
Depreciation of premises and equipment 11,445 11,386
Stock-based compensation expense 24,254 30,253
Unrealized (gains) losses on derivatives and hedging activities, net 21,434 (21,862)
Gains on sales of loans, net (402,780) (238,562)
Gain on sale of Upromise subsidiary, net 0 (11,331)
Other adjustments to net income, net (29,229) 5,389
Changes in operating assets and liabilities:    
Increase in accrued interest receivable (556,143) (668,103)
Increase in non-marketable securities (9,415) 0
Decrease (increase) in other interest-earning assets 30,983 (1,244)
Increase in other assets (110,841) (46,194)
Decrease in income taxes payable, net (230,072) (243,851)
Increase in accrued interest payable 4,153 38
Decrease in Upromise member accounts due to sale 0 (193,840)
Increase in other liabilities 860 126,645
Total adjustments (949,372) (657,141)
Total net cash used in operating activities (95,124) (209,151)
Investing activities    
Loans acquired and originated (4,744,212) (4,736,304)
Net proceeds from sales of loans held for investment 3,436,075 3,875,984
Proceeds from claim payments 14,653 22,563
Net decrease in loans held for investment 2,835,850 2,954,660
Purchases of available-for-sale securities (1,159,667) (1,897,511)
Proceeds from sales and maturities of available-for-sale securities 799,193 376,580
Proceeds from sale of Upromise subsidiary, net 0 16,922
Total net cash provided by investing activities 1,181,892 612,894
Financing activities    
Brokered deposit placement fee (11,182) (4,810)
Net decrease in certificates of deposit (1,690,990) (1,802,541)
Net (decrease) increase in other deposits (12,172) 501,843
Borrowings collateralized by loans in securitization trusts - issued 1,053,633 1,337,543
Borrowings collateralized by loans in securitization trusts - repaid (830,026) (749,300)
Issuance costs for unsecured debt offering (325) 0
Repayment of borrowings under Secured Borrowing Facility 0 (289,230)
Fees paid on Secured Borrowing Facility (2,846) (3,251)
Common stock dividends paid (29,104) (35,097)
Preferred stock dividends paid (3,559) (8,000)
Common stock repurchased (1,276,681) (558,167)
Total net cash used in financing activities (2,803,252) (1,611,010)
Net decrease in cash, cash equivalents and restricted cash (1,716,484) (1,207,267)
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 2,893,225 4,513,493
Cash disbursements made for:    
Interest 261,205 402,151
Income taxes paid 237,882 248,121
Income taxes refunded (7,610) (4,024)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:    
Cash and cash equivalents 2,717,752 4,351,045
Restricted cash 175,473 162,448
Total cash, cash equivalents and restricted cash $ 2,893,225 $ 4,513,493