v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operation
The following table represents summarized balance sheet information by major class of assets and liabilities held for sale:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$574 $710 
Restricted cash5,961 4,256 
Mortgage loans held for sale, at fair value— 1,954 
Other receivables, net 677 706 
Property and equipment, net— 2 
Internal use software and other intangible assets, net991 2,357 
Goodwill— 711 
Prepaid expenses and other assets9 69 
Write down of assets to fair value less cost to sell(1,954)(2,078)
Total assets held for sale$6,258 $8,687 
Accounts payable and accrued expenses$118 $424 
Escrow payable and other customer accounts5,961 4,256 
Other liabilities— 122 
Total liabilities held for sale$6,079 $4,802 
The following table represents summarized balance sheet information by major class of assets and liabilities for discontinued operations:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$6,392 $20,470 
Restricted cash608 7,861 
Short-Term investment103,616 103,607 
Loans held for investment (net of allowance for credit losses of $2,652 and $2,251)
728,284 723,333 
Other receivables, net 4,098 4,092 
Property and equipment, net119 129 
Internal use software and other intangible assets, net4,407 4,636 
Derivative assets4,929 — 
Prepaid expenses and other assets671 749 
Write down of assets to fair value less cost to sell(18,128)— 
Total assets of discontinued operations$834,996 $864,877 
Accounts payable and accrued expenses$17,557 $15,567 
Customer deposits755,085 762,984 
Derivative liabilities— 1,627 
Total liabilities of discontinued operations$772,642 $780,178 
The following table represents the results of operations of the Birmingham Bank business, which have been classified as discontinued operations in the condensed consolidated statements of operations and comprehensive loss for the periods presented:

Three Months Ended March 31,
(Amounts in thousands, except per share amounts)
20262025
Revenues:


Other revenue$(22)$380 
Net interest income
Interest income11,284 2,850 
Interest expense(8,606)(2,005)
Net interest income2,678 845 
Total net revenues from discontinued operations
2,656 1,225 
Expenses:
Compensation and benefits2,765 2,776 
General and administrative1,069 853 
Technology591 533 
Marketing and advertising2 8 
Depreciation and amortization286 202 
Other expenses18,904 1,438 
Total expenses from discontinued operations
23,617 5,810 
Net loss discontinued operations
$(20,961)$(4,585)
Loss per share attributable to common stockholders, basic and diluted:
Net loss from discontinued operations$(1.28)$(0.30)
Weighted average common shares outstanding — basic and diluted16,410,119 15,166,729 
The following table presents cash flows from discontinued operations included in our condensed consolidated statement of cash flows for the periods presented:
Three Months Ended March 31,
(Amounts in thousands)20262025
Net cash used in operating activities-discontinued operations$(657)$(10,912)
Net cash used in investing activities-discontinued operations(11,238)(156,302)
Net cash (used in)/provided by financing activities(7,900)172,181