v3.25.2
RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS
12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS
The Company has restated herein the impacted line items to the Consolidated Balance Sheet as of December 31, 2023 and the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity and Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022. In addition, the Company has restated the impacted line items to its unaudited quarterly Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity and Consolidated Statements of Cash Flows as of and for the three months ended March 31, 2024 and 2023, for the three and six months ended June 30, 2024 and 2023, and for the three and nine months ended September 30, 2024 and 2023.
Description of Misstatements
The errors relate to the Company’s accounting for loans originated pursuant to third-party loan origination programs. As part of these programs, the third-party providers offered various credit enhancements with respect to loans originated under the programs, including contributions to reserve accounts, yield maintenance and certain other payments. Historically, the Company accounted for all borrower payments and credit enhancement payments under these programs on a single unit, or net
basis, with all such payments presented as interest income representing the Company’s effective yield on the portfolios. The Company has determined that these payments should instead be accounted for on a separate unit of account, or gross basis, with loan yields and interest income recorded at the gross borrower loan rate, credit losses and associated provisions for credit losses recorded on a gross basis over the life of the loans, and with all credit enhancement payments recorded separately as a credit enhancement derivative.
Description of Restated Tables
The following tables present the amounts previously reported and a reconciliation of the restated amounts reported on the restated Consolidated Balance Sheets, the restated Consolidated Statements of Income and the restated Consolidated Statements of Cash Flows for the periods presented.
Restated Audited Financial Statements
Restated Consolidated Balance Sheet
December 31, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs Restated
Loans$6,131,079 $(27,487)$6,103,592 
Allowance for credit losses on loans(68,502)(90,817)(159,319)
Total loans, net6,062,577 (118,304)5,944,273 
Accrued interest receivable24,934 9,199 34,133 
Credit enhancement asset— 15,389 15,389 
Other assets182,992 16,894 199,886 
Total assets$7,866,868 $(76,822)$7,790,046 
Accrued interest payable and other liabilities$110,459 $(82)$110,377 
Total liabilities7,075,015 (82)7,074,933 
Retained earnings322,379 (76,740)245,639 
Total shareholders' equity791,853 (76,740)715,113 
Total liabilities and shareholders' equity$7,866,868 $(76,822)$7,790,046 
Restated Consolidated Statements of Income
Years Ended December 31,
20232022
(dollars in thousands. except per share data)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$365,529 $12,804 $378,333 $274,617 $10,960 $285,577 
Total interest income404,296 12,804 417,100 301,755 10,960 312,715 
Net interest income236,017 12,804 248,821 245,735 10,960 256,695 
Provision for credit losses:
Provision for credit losses on loans21,132 61,428 82,560 18,797 56,638 75,435 
Total provision for credit losses21,132 61,428 82,560 20,126 56,638 76,764 
Net interest income after provision for credit losses214,885 (48,624)166,261 225,609 (45,678)179,931 
Noninterest income:
Credit enhancement income— 48,194 48,194 — 69,976 69,976 
Total noninterest income66,590 48,194 114,784 79,891 69,976 149,867 
Noninterest expense:
Loan servicing fees— 19,181 19,181 — 22,750 22,750 
Total noninterest expense173,902 19,181 193,083 175,662 22,750 198,412 
Income before income taxes107,573 (19,611)87,962 129,838 1,548 131,386 
Income tax expense32,113 (5,306)26,807 30,813 336 31,149 
Net income75,460 (14,305)61,155 99,025 1,212 100,237 
Net income available to common shareholders$66,547 $(14,305)$52,242 $95,856 $1,212 $97,068 
Restated Consolidated Statement of Comprehensive Income
Years Ended December 31,
20232022
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income$75,460 $(14,305)$61,155 $99,025 $1,212 $100,237 
Other comprehensive income (loss)7,044 — 7,044 (89,034)— (89,034)
Total comprehensive income$82,504 $(14,305)$68,199 $9,991 $1,212 $11,203 
Restated Consolidated Statements of Shareholders' Equity
Retained earningsTotal shareholders' equity
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Balances, December 31, 2021$212,472 $(63,647)$148,825 $663,837 $(63,647)$600,190 
Net income99,025 1,212 100,237 99,025 1,212 100,237 
Balances, December 31, 2022282,405 (62,435)219,970 758,574 (62,435)696,139 
Net income75,460 (14,305)61,155 75,460 (14,305)61,155 
Balances, December 31, 2023$322,379 $(76,740)$245,639 $791,853 $(76,740)$715,113 
Restated Consolidated Statements of Cash Flows
Years Ended December 31,
20232022
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income$75,460 $(14,305)$61,155 $99,025 $1,212 $100,237 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses21,132 61,428 82,560 20,126 56,638 76,764 
Proceeds from sales of loans held for sale98,851 (40,899)57,952 269,958 — 269,958 
Net change in operating assets and liabilities:
Accrued interest receivable(4,621)261 (4,360)(807)(641)(1,448)
Credit enhancement asset— (2,376)(2,376)— (18,792)(18,792)
Other assets(18,731)(5,307)(24,038)876 337 1,213 
Accrued expenses and other liabilities27,661 (82)27,579 (13,579)— (13,579)
Net cash provided by operating activities154,638 (1,280)153,358 247,065 38,754 285,819 
Cash flows from investing activities:
Net decrease (increase) in loans112,496 (39,619)72,877 (1,177,598)(38,754)(1,216,352)
Proceeds from loans held for sale previously classified as portfolio loans— 40,899 40,899 — — — 
Net cash (used in) provided by investing activities$(76,080)$1,280 $(74,800)$(1,098,887)$(38,754)$(1,137,641)
Restated Unaudited Quarterly Financial Statements
Restated Consolidated Balance Sheets (unaudited)
September 30, 2024June 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Loans$5,748,819 $(20,582)$5,728,237 $5,851,994 $(22,937)$5,829,057 
Allowance for credit losses on loans(85,804)(65,263)(151,067)(92,183)(63,260)(155,443)
Total loans, net5,663,015 (85,845)5,577,170 5,759,811 (86,197)5,673,614 
Accrued interest receivable27,099 7,938 35,037 25,756 8,359 34,115 
Credit enhancement asset— 20,633 20,633 — 18,202 18,202 
Other assets177,663 9,980 187,643 199,487 10,436 209,923 
Total assets$7,751,483 $(47,294)$7,704,189 $7,757,274 $(49,200)$7,708,074 
Accrued interest payable and other liabilities$103,737 $(256)$103,481 $103,694 $(207)$103,487 
Total liabilities6,933,224 $(256)6,932,968 6,971,502 (207)6,971,295 
Retained earnings334,522 (47,038)287,484 325,022 (48,993)276,029 
Total shareholders' equity818,259 (47,038)771,221 785,772 (48,993)736,779 
Total liabilities and shareholders' equity$7,751,483 $(47,294)$7,704,189 $7,757,274 $(49,200)$7,708,074 
Restated Consolidated Balance Sheets (unaudited) (continued)
March 31, 2024September 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Loans$5,958,462 $(25,304)$5,933,158 $6,280,883 $(27,448)$6,253,435 
Allowance for credit losses on loans(78,057)(82,787)(160,844)(66,669)(91,146)(157,815)
Total loans, net5,880,405 (108,091)5,772,314 6,214,214 (118,594)6,095,620 
Credit enhancement asset— 16,369 16,369 — 15,111 15,111 
Other assets182,201 14,850 197,051 222,966 17,593 240,559 
Total assets$7,831,809 $(68,101)$7,763,708 $7,969,285 $(76,176)$7,893,109 
Accrued interest payable and other liabilities$102,966 $(139)$102,827 $106,743 $(39)$106,704 
Total liabilities7,040,803 (139)7,040,664 7,211,675 (39)7,211,636 
Retained earnings327,264 (67,962)259,302 310,461 (76,137)234,324 
Total shareholders' equity791,006 (67,962)723,044 757,610 (76,137)681,473 
Total liabilities and shareholders' equity$7,831,809 $(68,101)$7,763,708 $7,969,285 $(76,176)$7,893,109 
June 30, 2023March 31, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Loans$6,367,344 $(27,922)$6,339,422 $6,354,271 $(27,347)$6,326,924 
Allowance for credit losses on loans(64,950)(86,465)(151,415)(62,067)(78,797)(140,864)
Total loans, net6,302,394 (114,387)6,188,007 6,292,204 (106,144)6,186,060 
Credit enhancement asset— 14,720 14,720 — 13,959 13,959 
Other assets175,821 16,404 192,225 160,272 14,195 174,467 
Total assets$8,034,721 $(73,425)$7,961,296 $7,930,174 $(68,385)$7,861,789 
Retained earnings$307,888 $(73,425)$234,463 $295,200 $(68,385)$226,815 
Total shareholders' equity776,821 $(73,425)703,396 775,643 (68,385)707,258 
Total liabilities and shareholders' equity$8,034,721 $(73,425)$7,961,296 $7,930,174 $(68,385)$7,861,789 
Restated Consolidated Statements of Income (unaudited)
Three Months EndedNine Months Ended
September 30, 2024September 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$88,860 $4,160 $93,020 $266,107 $11,854 $277,961 
Total interest income104,834 4,160 108,994 309,804 11,854 321,658 
Net interest income54,950 4,160 59,110 165,922 11,854 177,776 
Provision for credit losses:
Provision for credit losses on loans5,000 12,925 17,925 36,000 10,349 46,349 
Total provision for credit losses5,000 12,925 17,925 35,800 10,349 46,149 
Net interest income after provision for credit losses49,950 (8,765)41,185 130,122 1,505 131,627 
Noninterest income:
Credit enhancement income— 14,206 14,206 — 45,188 45,188 
Total noninterest income19,339 14,206 33,545 58,182 45,188 103,370 
Noninterest expense:
Loan servicing fees— 3,031 3,031 — 10,077 10,077 
Total noninterest expense46,733 3,031 49,764 139,079 10,077 149,156 
Income before income taxes22,556 2,410 24,966 49,225 36,616 85,841 
Income tax expense4,080 455 4,535 10,114 6,914 17,028 
Net income18,476 1,955 20,431 39,111 29,702 68,813 
Net income available to common shareholders$16,247 $1,955 $18,202 $32,426 $29,702 $62,128 
Three Months EndedSix Months Ended
June 30, 2024June 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$88,252 $3,843 $92,095 $177,247 $7,694 $184,941 
Total interest income103,295 3,843 107,138 204,970 7,694 212,664 
Net interest income55,052 3,843 58,895 110,972 7,694 118,666 
Provision for credit losses:
Provision for credit losses on loans17,000 (8,518)8,482 31,000 (2,576)28,424 
Total provision for credit losses16,800 (8,518)8,282 30,800 (2,576)28,224 
Net interest income after provision for credit losses38,252 12,361 50,613 80,172 10,270 90,442 
Noninterest income:
Credit enhancement income— 14,328 14,328 — 30,982 30,982 
Total noninterest income17,656 14,328 31,984 38,843 30,982 69,825 
Noninterest expense:
Loan servicing fees— 3,305 3,305 — 7,046 7,046 
Total noninterest expense47,479 3,305 50,784 92,346 7,046 99,392 
Income before income taxes8,429 23,384 31,813 26,669 34,206 60,875 
Income tax expense1,679 4,415 6,094 6,034 6,459 12,493 
Net income6,750 18,969 25,719 20,635 27,747 48,382 
Net income available to common shareholders$4,522 $18,969 $23,491 $16,179 $27,747 $43,926 
Restated Consolidated Statement of Income (unaudited) (continued)
Three Months Ended
March 31, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$88,995 $3,851 $92,846 
Total interest income101,675 3,851 105,526 
Net interest income55,920 3,851 59,771 
Provision for credit losses:
Provision for credit losses on loans14,000 5,942 19,942 
Total provision for credit losses14,000 5,942 19,942 
Net interest income after provision for credit losses41,920 (2,091)39,829 
Noninterest income:
Credit enhancement income— 16,654 16,654 
Total noninterest income21,187 16,654 37,841 
Noninterest expense:
Loan servicing fees— 3,741 3,741 
Total noninterest expense44,867 3,741 48,608 
Income before income taxes18,240 10,822 29,062 
Income tax expense4,355 2,044 6,399 
Net income13,885 8,778 22,663 
Net income available to common shareholders$11,657 $8,778 $20,435 
Three Months EndedNine Months Ended
September 30, 2023September 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$93,488 $3,029 $96,517 $272,297 $9,188 $281,485 
Total interest income103,585 3,029 106,614 299,615 9,188 308,803 
Net interest income58,596 3,029 61,625 177,940 9,188 187,128 
Provision for credit losses:
Provision for credit losses on loans5,168 17,194 22,362 14,182 52,278 66,460 
Total provision for credit losses5,168 17,194 22,362 14,182 52,278 66,460 
Net interest income after provision for credit losses53,428 (14,165)39,263 163,758 (43,090)120,668 
Noninterest income:
Credit enhancement income— 14,918 14,918 — 38,380 38,380 
Total noninterest income11,545 14,918 26,463 46,077 38,380 84,457 
Noninterest expense:
Loan servicing fees— 4,654 4,654 — 14,998 14,998 
Total noninterest expense42,038 4,654 46,692 129,414 14,998 144,412 
Income before income taxes22,935 (3,901)19,034 80,421 (19,708)60,713 
Income tax expense11,533 (1,189)10,344 25,672 (6,006)19,666 
Net income11,402 (2,712)8,690 54,749 (13,702)41,047 
Net income available to common shareholders$9,173 $(2,712)$6,461 $48,064 $(13,702)$34,362 
Restated Consolidated Statements of Income (unaudited) (continued)
Three Months EndedSix Months Ended
June 30, 2023June 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$91,350 $3,614 $94,964 $178,809 $6,159 $184,968 
Total interest income100,491 3,614 104,105 196,030 6,159 202,189 
Net interest income58,840 3,614 62,454 119,344 6,159 125,503 
Provision for credit losses:
Provision for credit losses on loans5,879 15,937 21,816 9,014 35,084 44,098 
Total provision for credit losses5,879 15,937 21,816 9,014 35,084 44,098 
Net interest income after provision for credit losses52,961 (12,323)40,638 110,330 (28,925)81,405 
Noninterest income:
Credit enhancement income— 10,082 10,082 — 23,462 23,462 
Total noninterest income18,753 10,082 28,835 34,532 23,462 57,994 
Noninterest expense:
Loan servicing fees— 5,008 5,008 — 10,344 10,344 
Total noninterest expense42,894 5,008 47,902 87,376 10,344 97,720 
Income before income taxes28,820 (7,249)21,571 57,486 (15,807)41,679 
Income tax expense7,245 (2,209)5,036 14,139 (4,817)9,322 
Net income21,575 (5,040)16,535 43,347 (10,990)32,357 
Net income available to common shareholders$19,347 $(5,040)$14,307 $38,891 $(10,990)$27,901 
Three Months Ended
March 31, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs Restated
Interest income:
Loans including fees:
Taxable$87,459 $2,545 $90,004 
Total interest income95,539 2,545 98,084 
Net interest income60,504 2,545 63,049 
Provision for credit losses:
Provision for credit losses on loans3,135 19,147 22,282 
Total provision for credit losses3,135 19,147 22,282 
Net interest income after provision for credit losses57,369 (16,602)40,767 
Noninterest income:
Credit enhancement income— 13,380 13,380 
Total noninterest income15,779 13,380 29,159 
Noninterest expense:
Loan servicing fees— 5,336 5,336 
Total noninterest expense44,482 5,336 49,818 
Income before income taxes28,666 (8,558)20,108 
Income tax expense6,894 (2,608)4,286 
Net income21,772 (5,950)15,822 
Net income available to common shareholders$19,544 $(5,950)$13,594 
Restated Consolidated Statement of Comprehensive Income (unaudited)
Three Months EndedNine Months Ended
September 30, 2024September 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income18,476 1,955 20,431 39,111 29,702 68,813 
Other comprehensive income21,941 — 21,941 16,113 — 16,113 
Total comprehensive income40,417 1,955 42,372 55,224 29,702 84,926 
Three Months EndedSix Months Ended
June 30, 2024June 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income6,750 18,969 25,719 20,635 27,747 48,382 
Other comprehensive loss(1,162)— (1,162)(5,828)— (5,828)
Total comprehensive income5,588 18,969 24,557 14,807 27,747 42,554 
Three Months Ended
March 31, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs Restated
Net income13,885 8,778 22,663 
Other comprehensive loss(4,666)— (4,666)
Total comprehensive income9,219 8,778 17,997 
Three Months EndedNine Months Ended
September 30, 2023September 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income11,402 (2,712)8,690 54,749 (13,702)41,047 
Other comprehensive loss(16,462)— (16,462)(17,384)— (17,384)
Total comprehensive (loss) income(5,060)(2,712)(7,772)37,365 (13,702)23,663 
Three Months EndedSix Months Ended
June 30, 2023June 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income21,575 (5,040)16,535 43,347 (10,990)32,357 
Other comprehensive loss(6,922)— (6,922)(922)— (922)
Total comprehensive income14,653 (5,040)9,613 42,425 (10,990)31,435 
Three Months Ended
March 31, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs Restated
Net income21,772 (5,950)15,822 
Other comprehensive income6,000 — 6,000 
Total comprehensive income27,772 (5,950)21,822 
Restated Consolidated Statements of Shareholders' Equity (unaudited)
Retained earningsTotal shareholders' equity
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
For the three months ended September 30, 2024
Balances, June 30, 2024$325,022 $(48,993)$276,029 $785,772 $(48,993)$736,779 
Net income18,476 1,955 20,431 18,476 1,955 20,431 
Balances, September 30, 2024$334,522 $(47,038)$287,484 $818,259 $(47,038)$771,221 
For the nine months ended September 30, 2024
Balances, December 31, 2023$322,379 $(76,740)$245,639 $791,853 $(76,740)$715,113 
Net income39,111 29,702 68,813 39,111 29,702 68,813 
Balances, September 30, 2024$334,522 $(47,038)$287,484 $818,259 $(47,038)$771,221 
For the three months ended June 30, 2024
Balances, March 31, 2024$327,264 $(67,962)$259,302 $791,006 $(67,962)$723,044 
Net income6,750 18,969 25,719 6,750 18,969 25,719 
Balances, June 30, 2024$325,022 $(48,993)$276,029 $785,772 $(48,993)$736,779 
For the six months ended June 30, 2024
Balances, December 31, 2023$322,379 $(76,740)$245,639 $791,853 $(76,740)$715,113 
Net income20,635 27,747 48,382 20,635 27,747 48,382 
Balances, June 30, 2024$325,022 $(48,993)$276,029 $785,772 $(48,993)$736,779 
For the three months ended March 31, 2024
Balances, December 31, 2023$322,379 $(76,740)$245,639 $791,853 $(76,740)$715,113 
Net income13,885 8,778 22,663 13,885 8,778 22,663 
Balances, March 31, 2024$327,264 $(67,962)$259,302 $791,006 $(67,962)$723,044 
For the three months ended September 30, 2023
Balances, June 30, 2023$307,888 $(73,425)$234,463 $776,821 $(73,425)$703,396 
Net income11,402 (2,712)8,690 11,402 (2,712)8,690 
Balances, September 30, 2023$310,461 $(76,137)$234,324 $757,610 $(76,137)$681,473 
For the nine months ended September 30, 2023
Balances, December 31, 2022$282,405 $(62,435)$219,970 $758,574 $(62,435)$696,139 
Net income54,749 (13,702)41,047 54,749 (13,702)41,047 
Balances, September 30, 2023$310,461 $(76,137)$234,324 $757,610 $(76,137)$681,473 
For the three months ended June 30, 2023
Balances, March 31, 2023$295,200 $(68,385)$226,815 $775,643 $(68,385)$707,258 
Net income21,575 (5,040)16,535 21,575 (5,040)16,535 
Balances, June 30, 2023$307,888 $(73,425)$234,463 $776,821 $(73,425)$703,396 
For the six months ended June 30, 2023
Balances, December 31, 2022$282,405 $(62,435)$219,970 $758,574 $(62,435)$696,139 
Net income43,347 (10,990)32,357 43,347 (10,990)32,357 
Balances, June 30, 2023$307,888 $(73,425)$234,463 $776,821 $(73,425)$703,396 
For the three months ended March 31, 2023
Balances, December 31, 2022282,405 (62,435)219,970 758,574 (62,435)696,139 
Net income21,772 (5,950)15,822 21,772 (5,950)15,822 
Balances, March 31, 2023295,200 (68,385)226,815 775,643 (68,385)707,258 
Restated Consolidated Statements of Cash Flows (unaudited)
Nine Months EndedSix Months Ended
September 30, 2024June 30, 2024
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income$39,111 $29,702 $68,813 $20,635 $27,747 $48,382 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses35,800 10,349 46,149 30,800 (2,576)28,224 
Net change in operating assets and liabilities:
Accrued interest receivable(2,165)1,261 (904)(822)840 18 
Credit enhancement asset— (5,244)(5,244)— (2,813)(2,813)
Other assets5,203 6,914 12,117 (16,278)6,458 (9,820)
Accrued expenses and other liabilities(13,501)(174)(13,675)(4,676)(125)(4,801)
Net cash provided by operating activities78,214 42,808 121,022 44,983 29,531 74,514 
Cash flows from investing activities:
Net decrease in loans348,351 (42,808)305,543 257,249 (29,531)227,718 
Net cash provided by (used in) investing activities$75,020 $(42,808)$32,212 $63,892 $(29,531)$34,361 
Three Months EndedNine Months Ended
March 31, 2024September 30, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income$13,885 $8,778 $22,663 $54,749 $(13,702)$41,047 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses14,000 5,942 19,942 14,182 52,278 66,460 
Net change in operating assets and liabilities:
Accrued interest receivable(997)428 (569)(3,970)(254)(4,224)
Credit enhancement asset— (980)(980)— (2,098)(2,098)
Other assets1,034 2,044 3,078 (58,408)(6,005)(64,413)
Accrued expenses and other liabilities(5,100)(57)(5,157)30,874 (40)30,834 
Net cash provided by operating activities26,917 16,155 43,072 67,283 30,179 97,462 
Cash flows from investing activities:
Net decrease (increase) in loans163,694 (16,155)147,539 (6,195)(30,179)(36,374)
Net cash provided by (used in) investing activities$43,069 $(16,155)$26,914 $(143,849)$(30,179)$(174,028)
Six Months EndedThree Months Ended
June 30, 2023March 31, 2023
(dollars in thousands)As Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Net income$43,347 $(10,990)$32,357 $21,772 $(5,950)$15,822 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses9,014 35,084 44,098 3,135 19,147 22,282 
Net change in operating assets and liabilities:
Accrued interest receivable(687)(378)(1,065)(221)(145)(366)
Credit enhancement asset— (1,707)(1,707)— (946)(946)
Other assets(11,380)(4,817)(16,197)4,423 (2,608)1,815 
Accrued expenses and other liabilities9,995 — 9,995 (14,949)— (14,949)
Net cash provided by operating activities60,803 17,192 77,995 16,008 9,498 25,506 
Cash flows from investing activities:
Net increase in loans(76,502)(17,192)(93,694)(49,923)(9,498)(59,421)
Net cash used in investing activities$(185,892)$(17,192)$(203,084)$(98,412)$(9,498)$(107,910)