v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net Income $ 67,732 $ 58,239
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 1,370 770
Provision for credit losses 15,299 7,727
Gain on sale of loans (13,506) (11,619)
Proceeds from sold loans and principal collected 12,525,217 8,012,025
Loans and participations originated and purchased for sale (13,353,384) (7,948,208)
Proceeds from sale of low-income housing tax credits 1 410
Purchases of low-income housing tax credits for sale (6,803) (7,305)
Purchases of other tax credits (18,168)  
Change in servicing rights for paydowns and fair value adjustments (6,406) 3,562
Net change in:    
Mortgage loans in process of securitization 183,093 38,409
Other assets and receivables 22,261 11,660
Other liabilities (15,051) (16,017)
Other 1,021 (1,615)
Net cash (used in) provided by operating activities (597,324) 148,038
Investing activities:    
Net change in securities purchased under agreements to resell 9 9
Purchases of securities available for sale (204,335) (162,999)
Purchases of mortgage servicing rights (125)  
Proceeds from calls, maturities and paydowns of securities available for sale 216,893 189,000
Proceeds from calls, maturities and paydowns of securities held to maturity 117,721 58,453
Purchases of loans (27,330) (19,871)
Net change in loans receivable (492,763) (40,937)
Proceeds from loans held for sale previously classified as loans receivable 55,570  
Purchase of FHLB stock   (46)
Purchases of premises and equipment (1,146) (6,859)
Purchase of limited partnership interests (974) (19,427)
Other investing activities 1,223 1,774
Net cash used in investing activities (335,257) (903)
Financing activities:    
Net change in deposits (108,984) 296,982
Proceeds from borrowings 69,470,000 58,640,042
Repayment of borrowings (68,539,101) (59,014,014)
Payment of credit linked notes   (10,605)
Repurchase of common stock (3,002)  
Dividends (15,319) (14,854)
Net cash provided by (used in) financing activities 803,594 (102,449)
Net Change in Cash and Cash Equivalents (128,987) 44,686
Cash and Cash Equivalents, Beginning of Period 212,202 [1] 476,610
Cash and Cash Equivalents, End of Period 83,215 521,296
Supplemental Cash Flows Information:    
Interest paid 142,692 169,563
Income taxes paid, net of refunds $ 2,301 3,176
Reduction in commitment payable for limited partnership interest of LLCs   2,752
Liabilities accrued for additions in premises and equipment   3,081
Liabilities accrued for excise tax on preferred stock repurchase   1,215
Change in prepaid assets for preferred stock repurchase   $ 125,000
[1] Derived from audited consolidated financial statements.