v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 366,479 $ 375,812
Adjustments to reconcile net income to net cash used in operating activities:    
Provisions for credit losses 114,197 172,004
Income tax expense 114,335 114,941
Amortization of brokered deposit placement fee 3,868 4,373
Amortization of Secured Borrowing Facility upfront fee 1,324 1,208
Amortization of deferred loan origination costs and loan premium/(discounts), net 7,836 7,469
Net amortization of discount on investments (249) (391)
Depreciation of premises and equipment 8,424 7,921
Acquired intangible assets amortization expense 1,427 1,919
Stock-based compensation expense 26,621 22,607
Unrealized (gains) losses on derivatives and hedging activities, net 0 (5)
Gains on sales of loans, net (161,252) (187,722)
Losses on securities, net (5,603) 13,019
Other adjustments to net income, net 4,614 7,437
Changes in operating assets and liabilities:    
Increase in accrued interest receivable (544,150) (590,998)
Increase in trading investments 0 (812)
Increase in non-marketable securities (414) (234)
Decrease in other interest-earning assets 43 2,778
Increase in other assets (21,407) (52,789)
Decrease in income taxes payable, net (132,127) (137,874)
(Decrease) increase in accrued interest payable (320) 719
Increase (decrease) in other liabilities 5,560 (46,162)
Total adjustments (577,273) (660,592)
Total net cash used in operating activities (210,794) (284,780)
Investing activities    
Loans acquired and originated (3,486,438) (3,474,194)
Net proceeds from sales of loans held for investment and loans held for sale 3,749,042 2,208,587
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales) 1,631,995 1,424,568
Purchases of available-for-sale securities (59,399) (70,262)
Proceeds from sales and maturities of available-for-sale securities 294,132 373,236
Total net cash provided by investing activities 2,129,332 461,935
Financing activities    
Brokered deposit placement fee (5,212) 0
Net increase (decrease) in certificates of deposit (613,819) (751,530)
Net decrease in other deposits (550,434) 159,229
Borrowings collateralized by loans in securitization trusts - issued 615,244 536,836
Borrowings collateralized by loans in securitization trusts - repaid (631,417) (564,760)
Unsecured debt issued 493,470 493,885
Unsecured debt repaid (498,851) (500,000)
Fees paid on Secured Borrowing Facility (1) (2,917)
Common stock dividends paid (50,118) (54,619)
Preferred stock dividends paid (7,136) (7,928)
Common stock repurchased (293,805) (101,401)
Total net cash used in financing activities (1,542,079) (795,189)
Net increase (decrease) in cash, cash equivalents and restricted cash 376,459 (618,034)
Cash, cash equivalents and restricted cash at beginning of period 4,418,528 4,874,260
Cash, cash equivalents and restricted cash at end of period 4,794,987 4,256,226
Cash disbursements made for:    
Interest 532,699 547,032
Income taxes paid 131,684 137,974
Income taxes refunded (73) (550)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:    
Cash and cash equivalents 4,588,129 4,092,465
Restricted cash 206,858 163,761
Total cash, cash equivalents and restricted cash 4,794,987 4,256,226
Supplemental non-cash investing activities:    
Accrued interest capitalized during the period 289,563 268,759
Trading investments received in consideration for loans sold 2,299 0
Available-for-sale investments received in consideration for loans sold 195,161 0
Collateralized Securities    
Financing activities    
Issuance costs 0 (42)
Unsecured borrowings    
Financing activities    
Issuance costs $ 0 $ (1,942)