
Restated Consolidated Balance Sheet

	December 31, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated
Loans	$	6,131,079	$	(27,487)	$	6,103,592
Allowance for credit losses on loans	(68,502)		(90,817)		(159,319)
Total loans, net	6,062,577		(118,304)		5,944,273


Accrued interest receivable	24,934		9,199		34,133
Credit enhancement asset	—		15,389		15,389
Other assets	182,992		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 liabilities	7,075,015		(82)		7,074,933

Retained earnings	322,379		(76,740)		245,639
Total shareholders' equity	791,853		(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,
	2023						2022
(dollars in thousands. except per share data)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	365,529	$	12,804	$	378,333	$	274,617	$	10,960	$	285,577
Total interest income	404,296		12,804		417,100		301,755		10,960		312,715
Net interest income	236,017		12,804		248,821		245,735		10,960		256,695
Provision for credit losses:
Provision for credit losses on loans	21,132		61,428		82,560		18,797		56,638		75,435
Total provision for credit losses	21,132		61,428		82,560		20,126		56,638		76,764
Net interest income after provision for credit losses	214,885		(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 income	66,590		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 expense	173,902		19,181		193,083		175,662		22,750		198,412
Income before income taxes	107,573		(19,611)		87,962		129,838		1,548		131,386
Income tax expense	32,113		(5,306)		26,807		30,813		336		31,149
Net income	75,460		(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 Statements of Cash Flows

	Years Ended December 31,
	2023						2022
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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 losses	21,132		61,428		82,560		20,126		56,638		76,764
Proceeds from sales of loans held for sale	98,851		(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 liabilities	27,661		(82)		27,579		(13,579)		—		(13,579)
Net cash provided by operating activities	154,638		(1,280)		153,358		247,065		38,754		285,819
Cash flows from investing activities:
Net decrease (increase) in loans	112,496		(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 Consolidated Balance Sheets (unaudited)

	September 30, 2024						June 30, 2024
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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, net	5,663,015		(85,845)		5,577,170		5,759,811		(86,197)		5,673,614
Accrued interest receivable	27,099		7,938		35,037		25,756		8,359		34,115
Credit enhancement asset	—		20,633		20,633		—		18,202		18,202
Other assets	177,663		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 liabilities	6,933,224		$	(256)	6,932,968		6,971,502		(207)		6,971,295

Retained earnings	334,522		(47,038)		287,484		325,022		(48,993)		276,029
Total shareholders' equity	818,259		(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, 2024						September 30, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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, net	5,880,405		(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 assets	182,201		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 liabilities	7,040,803		(139)		7,040,664		7,211,675		(39)		7,211,636

Retained earnings	327,264		(67,962)		259,302		310,461		(76,137)		234,324
Total shareholders' equity	791,006		(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, 2023						March 31, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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, net	6,302,394		(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 assets	175,821		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' equity	776,821		$	(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 Ended						Nine Months Ended
	September 30, 2024						September 30, 2024
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	88,860	$	4,160	$	93,020	$	266,107	$	11,854	$	277,961
Total interest income	104,834		4,160		108,994		309,804		11,854		321,658
Net interest income	54,950		4,160		59,110		165,922		11,854		177,776
Provision for credit losses:
Provision for credit losses on loans	5,000		12,925		17,925		36,000		10,349		46,349
Total provision for credit losses	5,000		12,925		17,925		35,800		10,349		46,149
Net interest income after provision for credit losses	49,950		(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 income	19,339		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 expense	46,733		3,031		49,764		139,079		10,077		149,156
Income before income taxes	22,556		2,410		24,966		49,225		36,616		85,841
Income tax expense	4,080		455		4,535		10,114		6,914		17,028
Net income	18,476		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 Ended						Six Months Ended
	June 30, 2024						June 30, 2024
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	88,252	$	3,843	$	92,095	$	177,247	$	7,694	$	184,941
Total interest income	103,295		3,843		107,138		204,970		7,694		212,664
Net interest income	55,052		3,843		58,895		110,972		7,694		118,666
Provision for credit losses:
Provision for credit losses on loans	17,000		(8,518)		8,482		31,000		(2,576)		28,424
Total provision for credit losses	16,800		(8,518)		8,282		30,800		(2,576)		28,224
Net interest income after provision for credit losses	38,252		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 income	17,656		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 expense	47,479		3,305		50,784		92,346		7,046		99,392
Income before income taxes	8,429		23,384		31,813		26,669		34,206		60,875
Income tax expense	1,679		4,415		6,094		6,034		6,459		12,493
Net income	6,750		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 Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	88,995	$	3,851	$	92,846
Total interest income	101,675		3,851		105,526
Net interest income	55,920		3,851		59,771
Provision for credit losses:
Provision for credit losses on loans	14,000		5,942		19,942
Total provision for credit losses	14,000		5,942		19,942
Net interest income after provision for credit losses	41,920		(2,091)		39,829
Noninterest income:
Credit enhancement income	—		16,654		16,654
Total noninterest income	21,187		16,654		37,841
Noninterest expense:
Loan servicing fees	—		3,741		3,741
Total noninterest expense	44,867		3,741		48,608
Income before income taxes	18,240		10,822		29,062
Income tax expense	4,355		2,044		6,399
Net income	13,885		8,778		22,663
Net income available to common shareholders	$	11,657	$	8,778	$	20,435




	Three Months Ended						Nine Months Ended
	September 30, 2023						September 30, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	93,488	$	3,029	$	96,517	$	272,297	$	9,188	$	281,485
Total interest income	103,585		3,029		106,614		299,615		9,188		308,803
Net interest income	58,596		3,029		61,625		177,940		9,188		187,128
Provision for credit losses:
Provision for credit losses on loans	5,168		17,194		22,362		14,182		52,278		66,460
Total provision for credit losses	5,168		17,194		22,362		14,182		52,278		66,460
Net interest income after provision for credit losses	53,428		(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 income	11,545		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 expense	42,038		4,654		46,692		129,414		14,998		144,412
Income before income taxes	22,935		(3,901)		19,034		80,421		(19,708)		60,713
Income tax expense	11,533		(1,189)		10,344		25,672		(6,006)		19,666
Net income	11,402		(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 Ended						Six Months Ended
	June 30, 2023						June 30, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	91,350	$	3,614	$	94,964	$	178,809	$	6,159	$	184,968
Total interest income	100,491		3,614		104,105		196,030		6,159		202,189
Net interest income	58,840		3,614		62,454		119,344		6,159		125,503
Provision for credit losses:
Provision for credit losses on loans	5,879		15,937		21,816		9,014		35,084		44,098
Total provision for credit losses	5,879		15,937		21,816		9,014		35,084		44,098
Net interest income after provision for credit losses	52,961		(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 income	18,753		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 expense	42,894		5,008		47,902		87,376		10,344		97,720
Income before income taxes	28,820		(7,249)		21,571		57,486		(15,807)		41,679
Income tax expense	7,245		(2,209)		5,036		14,139		(4,817)		9,322
Net income	21,575		(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 Reported		Adjustment		As Restated
Interest income:
Loans including fees:
Taxable	$	87,459	$	2,545	$	90,004
Total interest income	95,539		2,545		98,084
Net interest income	60,504		2,545		63,049
Provision for credit losses:
Provision for credit losses on loans	3,135		19,147		22,282
Total provision for credit losses	3,135		19,147		22,282
Net interest income after provision for credit losses	57,369		(16,602)		40,767
Noninterest income:
Credit enhancement income	—		13,380		13,380
Total noninterest income	15,779		13,380		29,159
Noninterest expense:
Loan servicing fees	—		5,336		5,336
Total noninterest expense	44,482		5,336		49,818
Income before income taxes	28,666		(8,558)		20,108
Income tax expense	6,894		(2,608)		4,286
Net income	21,772		(5,950)		15,822
Net income available to common shareholders	$	19,544	$	(5,950)	$	13,594


Restated Consolidated Statements of Shareholders' Equity (unaudited)

	Retained earnings						Total shareholders' equity
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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 income	18,476		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 income	39,111		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 income	6,750		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 income	20,635		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 income	13,885		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 income	11,402		(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 income	54,749		(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 income	21,575		(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 income	43,347		(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, 2022	282,405		(62,435)		219,970		758,574		(62,435)		696,139
Net income	21,772		(5,950)		15,822		21,772		(5,950)		15,822
Balances, March 31, 2023	295,200		(68,385)		226,815		775,643		(68,385)		707,258


Restated Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended						Six Months Ended
	September 30, 2024						June 30, 2024
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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 losses	35,800		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 assets	5,203		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 activities	78,214		42,808		121,022		44,983		29,531		74,514
Cash flows from investing activities:
Net decrease in loans	348,351		(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 Ended						Nine Months Ended
	March 31, 2024						September 30, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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 losses	14,000		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 assets	1,034		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 activities	26,917		16,155		43,072		67,283		30,179		97,462
Cash flows from investing activities:
Net decrease (increase) in loans	163,694		(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 Ended						Three Months Ended
	June 30, 2023						March 31, 2023
(dollars in thousands)	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As 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 losses	9,014		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 liabilities	9,995		—		9,995		(14,949)		—		(14,949)
Net cash provided by operating activities	60,803		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)