v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 29,947 $ 9,668
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,940 6,974
Provision for credit losses 20,100 28,964
Accretion of discount on securities, net (155) (83)
Deferred tax benefit (598) (1,009)
Originations of loans held for sale (325,627) (349,091)
Proceeds from sales of loans held for sale 294,218 284,340
Net gains on sale of loans held for sale (15,425) (15,438)
Net loss on impairment or sale of foreclosed assets 140 34
Net loss on loans accounted for under fair value option 1,165 1,034
Net change in servicing assets (1,522) (767)
Net loss on disposal of property and equipment 0 24
Proceeds received from government guaranteed receivables 73,948 5,169
Equity method investments loss (income) 817 2,239
Equity security investments (gains) losses, net 0 (20)
Net (gain) loss on equity warrant assets (26) 304
Restricted stock compensation expense 6,880 6,667
Stock based compensation excess tax deficiency (48) (156)
Lease right-of-use assets and liabilities, net (26) (14)
Changes in assets and liabilities:    
Other assets 3,341 (705)
Other liabilities (6,685) (7,901)
Net cash provided by (used in) operating activities 87,384 (29,767)
Cash flows from investing activities    
Purchases of investment securities available-for-sale (58,702) (76,965)
Proceeds from maturities, calls, and principal paydowns of investment securities available-for-sale 48,194 31,842
Proceeds from sale of foreclosed assets 227 0
Loan and lease originations and principal collections, net (262,125) (413,757)
Purchases of equity security investments (66) (3,433)
Purchases of equity method investments 0 (424)
Proceeds from sale of equity security investments 358 160
Proceeds from sale of equity method investments 759 129
Proceeds from sale of premises and equipment 0 222
Purchases of premises and equipment, net (2,047) (2,294)
Net cash used by investing activities (273,402) (464,520)
Cash flows from financing activities    
Net increase in deposits 146,399 635,451
Proceeds from borrowings 36 43
Repayment of borrowings (2,694) (2,616)
Stock option exercises 499 758
Employee stock purchase program 484 659
Tax withholding related to vesting of restricted stock and other (3,994) (3,178)
Shareholder dividend distributions - preferred (2,094) 0
Shareholder dividend distributions - common (1,387) (1,367)
Net cash provided by financing activities 137,249 629,750
Net increase in cash and cash equivalents (48,769) 135,463
Cash and cash equivalents, beginning 864,904 608,800
Cash and cash equivalents, ending 816,135 744,263
Supplemental disclosures of cash flow information    
Interest paid 114,351 112,098
Income tax paid, net 291 172
Supplemental disclosures of noncash investing and financing activities    
Unrealized holding (losses) gains on investment securities available-for-sale, net of taxes (2,680) 14,646
Transfers from loans and leases to foreclosed real estate and other repossessions or government guaranteed receivable 84,979 3,648
Net transfers between foreclosed assets and government guaranteed receivable 214 0
Transfer of loans held for sale to loans and leases held for investment 32,153 68,015
Transfer of loans and leases held for investment to loans held for sale 890 8,978
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense $ 0 $ 98