v3.26.1
Loans (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Loans and Leases Held for Investment at Amortized Cost and Components of the Allowance for Loan and Lease Losses and Components of Portfolio Segment Receivables
The Company’s loan portfolios consist of the following:
June 30, 2026December 31, 2025
Loans held for sale at fair value$1,773,052 $1,762,396 
Loans held for investment at fair value2,085,066 473,314 
Total loans at fair value3,858,118 2,235,710 
Loans and leases held for investment at amortized cost, net2,993,252 3,997,069 
Total loans and leases$6,851,370 $6,232,779 
The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
June 30, 2026December 31, 2025
Unsecured consumer
$2,207,014 $3,191,430 
Residential mortgages147,460 151,073 
Secured consumer190,778 261,045 
Total consumer loans held for investment at amortized cost
2,545,252 3,603,548 
Equipment finance(1)
33,249 39,757 
Commercial real estate(2)(3)
460,203 472,489 
Commercial and industrial147,441 157,018 
Total commercial loans and leases held for investment at amortized cost
640,893 669,264 
Total loans and leases held for investment at amortized cost(4)
3,186,145 4,272,812 
Allowance for loan and lease losses(192,893)(275,743)
Loans and leases held for investment at amortized cost, net
$2,993,252 $3,997,069 
(1)    Comprised of sales-type leases for equipment. See “Note 16. Leases” for additional information.
(2)    Includes $279.6 million and $286.8 million in loans originated through the Small Business Administration (SBA) as of June 30, 2026 and December 31, 2025, respectively.
(3)    As of both June 30, 2026 and December 31, 2025, the Commercial Real Estate (CRE) office loan balance was under $35 million.
(4)    Accrued interest receivable is excluded from the amortized cost basis of loans and leases HFI and is reported within “Other assets” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $13.4 million and $17.9 million as of June 30, 2026 and December 31, 2025, respectively.
The following table presents the components of the allowance for loan and lease losses (ALLL):
June 30, 2026December 31, 2025
Gross allowance for loan and lease losses(1)
$227,500 $312,667 
Recovery asset value(2)
(34,607)(36,924)
Allowance for loan and lease losses$192,893 $275,743 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.

June 30, 2026ConsumerCommercialTotal
Loans and leases held for investment at amortized cost
$2,545,252 $640,893 $3,186,145 
Allowance for loan and lease losses$176,727 $16,166 $192,893 
Allowance ratio(1)
6.9 %2.5 %6.1 %
Gross allowance for loan and lease losses$211,334 $16,166 $227,500 
Gross allowance ratio(1)
8.3 %2.5 %7.1 %
December 31, 2025ConsumerCommercialTotal
Loans and leases held for investment at amortized cost
$3,603,548 $669,264 $4,272,812 
Allowance for loan and lease losses
$258,811 $16,932 $275,743 
Allowance ratio(1)
7.2 %2.5 %6.5 %
Gross allowance for loan and lease losses
$295,735 $16,932 $312,667 
Gross allowance ratio(1)
8.2 %2.5 %7.3 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases HFI at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans as of the periods presented, as well as the amount that was 90 days or more past due:
June 30, 2026December 31, 2025
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$1,833,689 $7,048 $1,795,818 $3,931 
Cumulative fair value adjustments(60,637)(5,751)(33,422)(3,176)
Fair value of loans held for sale
$1,773,052 $1,297 $1,762,396 $755 
The following table summarizes the aggregate fair value of the Company’s HFI loans at fair value as of the periods presented, as well as the amount that was 90 days or more past due:
June 30, 2026December 31, 2025
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$2,189,229 $6,292 $495,649 $5,177 
Cumulative fair value adjustments(104,163)(5,171)(22,335)(4,183)
Fair value of loans held for investment$2,085,066 $1,121 $473,314 $994 
Schedule of Activity in the ACL by Portfolio Segment
The activity in the ACL by portfolio segment was as follows:
Three Months Ended June 30,
20262025
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$221,196 $16,501 $237,697 $227,608 $16,585 $244,193 
Credit loss (benefit) expense
(10,486)(399)(10,885)41,133 (537)40,596 
Charge-offs
(46,395)(32)(46,427)(48,956)(898)(49,854)
Recoveries12,412 96 12,508 17,648 406 18,054 
End of period
$176,727 $16,166 $192,893 $237,433 $15,556 $252,989 
Reserve for unfunded lending commitments:
Beginning of period
$— $830 $830 $— $1,629 $1,629 
Credit loss benefit— (197)(197)— (44)(44)
End of period(1)
$— $633 $633 $— $1,585 $1,585 
Six Months Ended June 30,
20262025
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$258,811 $16,932 $275,743 $212,598 $24,136 $236,734 
Credit loss (benefit) expense
(9,085)(954)(10,039)97,081 (103)96,978 
Charge-offs
(99,039)(158)(99,197)(107,300)(9,130)(116,430)
Recoveries26,040 346 26,386 35,054 653 35,707 
End of period
$176,727 $16,166 $192,893 $237,433 $15,556 $252,989 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,009 $1,009 $— $1,183 $1,183 
Credit loss (benefit) expense— (376)(376)— 402 402 
End of period(1)
$— $633 $633 $— $1,585 $1,585 
(1)    Relates to $35.2 million and $103.4 million of unfunded commitments as of June 30, 2026 and 2025, respectively.
Schedule of Charge-Offs by Origination Year and Consumer Lending Credit Quality Indicators and Commercial Lending Credit Quality Indicators
The following table presents charge-offs by origination year for the first half of 2026:
Gross Charge-Offs by Origination Year
2025202420232022PriorTotal
Unsecured consumer(1)
$40,631 $28,086 $13,687 $12,900 $2,270 $97,574 
Residential mortgages— — — — — — 
Secured consumer461 214 413 312 65 1,465 
Total consumer loans held for investment at amortized cost
41,092 28,300 14,100 13,212 2,335 99,039 
Equipment finance— — — — — — 
Commercial real estate— — — — — — 
Commercial and industrial— — 32 126 — 158 
Total commercial loans and leases held for investment at amortized cost
— — 32 126 — 158 
Total loans and leases held for investment at amortized cost
$41,092 $28,300 $14,132 $13,338 $2,335 $99,197 
(1)    Unsecured consumer loans are generally charged-off when a borrower is contractually 120 days past due.
The following tables present the classes of financing receivables within the consumer portfolio segment by credit quality indicator based on delinquency status and origination year:
June 30, 2026 Term Loans and Leases by Origination Year
2025202420232022PriorTotal
Unsecured consumer
Current $1,285,108 $501,367 $201,392 $163,284 $11,819 $2,162,970 
30-59 days past due 7,453 4,833 2,130 1,802 340 16,558 
60-89 days past due 6,663 3,628 1,664 1,617 246 13,818 
90 or more days past due 6,145 3,607 1,686 1,522 312 13,272 
Total unsecured consumer(1)
1,305,369 513,435 206,872 168,225 12,717 2,206,618 
Residential mortgages
Current — — — 39,964 106,534 146,498 
30-59 days past due — — — — — — 
60-89 days past due — — — — — — 
90 or more days past due — — — — 962 962 
Total residential mortgages — — — 39,964 107,496 147,460 
Secured consumer
Current103,550 34,012 29,314 16,854 3,999 187,729 
30-59 days past due871 246 413 543 126 2,199 
60-89 days past due308 119 133 121 20 701 
90 or more days past due61 — 22 44 22 149 
Total secured consumer104,790 34,377 29,882 17,562 4,167 190,778 
Total consumer loans held for investment at amortized cost
$1,410,159 $547,812 $236,754 $225,751 $124,380 $2,544,856 
(1)    Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer method. As of June 30, 2026, the remaining unamortized basis adjustment totaled $0.4 million and represents an increase to the amortized cost of the previously hedged loans. See “Note 7. Derivative Instruments and Hedging Activities” for additional information.
December 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Unsecured consumer
Current $1,741,108 $740,483 $326,147 $283,513 $39,605 $— $3,130,856 
30-59 days past due 9,084 5,680 3,533 3,591 603 — 22,491 
60-89 days past due 6,500 5,447 2,887 3,051 665 — 18,550 
90 or more days past due 4,862 6,049 3,105 3,223 697 — 17,936 
Total unsecured consumer(1)
1,761,554 757,659 335,672 293,378 41,570 — 3,189,833 
Residential mortgages
Current — — — 40,931 50,129 59,039 150,099 
30-59 days past due — — — — — — — 
60-89 days past due — — — — — 888 888 
90 or more days past due — — — — — 86 86 
Total residential mortgages — — — 40,931 50,129 60,013 151,073 
Secured consumer
Current134,255 47,453 42,332 26,961 3,769 2,278 257,048 
30-59 days past due778 261 816 941 210 — 3,006 
60-89 days past due131 128 109 177 51 — 596 
90 or more days past due78 31 133 153 — — 395 
Total secured consumer135,242 47,873 43,390 28,232 4,030 2,278 261,045 
Total consumer loans held for investment at amortized cost
$1,896,796 $805,532 $379,062 $362,541 $95,729 $62,291 $3,601,951 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2025, the basis adjustment totaled $1.6 million and represents an increase to the amortized cost of the hedged loans. See “Note 7. Derivative Instruments and Hedging Activities” for additional information.
The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
June 30, 2026 Term Loans and Leases by Origination Year
2025202420232022PriorTotal
Guaranteed Amount(1)
Equipment finance
Pass $— $— $— $18,817 $8,961 $27,778 $— 
Special mention— — — 2,016 33 2,049 — 
Substandard — — — — 2,728 2,728 — 
Doubtful — — — 694 — 694 — 
Loss— — — — — — — 
Total equipment finance— — — 21,527 11,722 33,249 — 
Commercial real estate
Pass 96,288 35,495 63,273 92,421 147,568 435,045 29,645 
Special mention— 520 — 453 5,967 6,940 709 
Substandard — — — 422 15,980 16,402 3,834 
Doubtful — — — — 60 60 — 
Loss— — — 1,121 635 1,756 1,536 
Total commercial real estate96,288 36,015 63,273 94,417 170,210 460,203 35,724 
Commercial and industrial
Pass 23,977 26,420 13,198 12,056 25,422 101,073 68,584 
Special mention— — — 5,876 — 5,876 4,499 
Substandard — 2,635 9,175 11,238 6,872 29,920 20,677 
Doubtful — — — 2,880 1,443 4,323 3,444 
Loss— 751 1,783 3,715 — 6,249 6,249 
Total commercial and industrial23,977 29,806 24,156 35,765 33,737 147,441 103,453 
Total commercial loans and leases held for investment at amortized cost
$120,265 $65,821 $87,429 $151,709 $215,669 $640,893 $139,177 
(1)    Represents loan balances guaranteed by the SBA.
December 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Guaranteed Amount(1)
Equipment finance
Pass $— $— $— $21,283 $1,990 $9,762 $33,035 $— 
Special mention— — — 2,587 227 — 2,814 — 
Substandard — — — — 3,212 — 3,212 — 
Doubtful — — — 696 — — 696 — 
Loss— — — — — — — — 
Total equipment finance— — — 24,566 5,429 9,762 39,757 — 
Commercial real estate
Pass 95,736 36,356 63,750 94,771 32,452 121,231 444,296 30,959 
Special mention— — — — — 6,088 6,088 — 
Substandard — — — 428 8,433 11,370 20,231 7,005 
Doubtful — — — — — 61 61 — 
Loss— — — 1,121 271 421 1,813 1,543 
Total commercial real estate95,736 36,356 63,750 96,320 41,156 139,171 472,489 39,507 
Commercial and industrial
Pass 21,987 28,942 16,580 18,108 19,441 7,879 112,937 75,216 
Special mention— — — 8,535 2,959 67 11,561 9,264 
Substandard — 1,438 8,275 5,153 3,126 3,010 21,002 13,790 
Doubtful — — — 3,456 1,348 511 5,315 4,353 
Loss— 751 1,766 3,686 — — 6,203 6,203 
Total commercial and industrial21,987 31,131 26,621 38,938 26,874 11,467 157,018 108,826 
Total commercial loans and leases held for investment at amortized cost
$117,723 $67,487 $90,371 $159,824 $73,459 $160,400 $669,264 $148,333 
(1)    Represents loan balances guaranteed by the SBA.
Schedule of Analysis of the Past Due Loans and Leases HFI at Amortized Cost and Nonaccrual Loans and Leases
The following tables present loans and leases HFI at amortized cost within the commercial portfolio segment by delinquency status:
June 30, 2026
Current
30-59
Days		60-89
Days		90 or More
Days
Total
Equipment finance$29,827 $— $— $3,422 $33,249 
Commercial real estate452,065 1,765 — 6,373 460,203 
Commercial and industrial
118,763 2,560 2,888 23,230 147,441 
Total commercial loans and leases held for investment at amortized cost
$600,655 $4,325 $2,888 $33,025 $640,893 
December 31, 2025
Current
30-59
Days		60-89
Days		90 or More
Days
Total
Equipment finance$35,973 $696 $— $3,088 $39,757 
Commercial real estate461,307 — — 11,182 472,489 
Commercial and industrial
133,526 1,540 1,878 20,074 157,018 
Total commercial loans and leases held for investment at amortized cost
$630,806 $2,236 $1,878 $34,344 $669,264 
The following table presents nonaccrual loans and leases HFI at amortized cost:
June 30, 2026December 31, 2025
Nonaccrual
Nonaccrual with no related ACL(1)
Nonaccrual
Nonaccrual with no related ACL(1)
Unsecured consumer
$13,272 $— $17,936 $— 
Residential mortgages1,230 1,230 431 431 
Secured consumer149 — 395 — 
Total nonaccrual consumer loans held for investment at amortized cost
14,651 1,230 18,762 431 
Equipment finance3,422 — 3,088 — 
Commercial real estate6,809 1,857 11,253 5,799 
Commercial and industrial30,437 10,997 27,329 10,137 
Total nonaccrual commercial loans and leases held for investment at amortized cost(2)
40,668 12,854 41,670 15,936 
Total nonaccrual loans and leases held for investment at amortized cost
$55,319 $14,084 $60,432 $16,367 
(1)    Subset of total nonaccrual loans and leases HFI at amortized cost.
(2)    Includes $28.3 million and $29.7 million in loan balances guaranteed by the SBA as of June 30, 2026 and December 31, 2025, respectively.

June 30, 2026December 31, 2025
Nonaccrual
Nonaccrual Ratios(1)
Nonaccrual
Nonaccrual Ratios(1)
Total nonaccrual consumer loans held for investment at amortized cost
$14,651 0.6 %$18,762 0.5 %
Total nonaccrual commercial loans and leases held for investment at amortized cost
40,668 6.3 %41,670 6.2 %
Total nonaccrual loans and leases held for investment at amortized cost
$55,319 1.7 %$60,432 1.4 %
(1)    Calculated as the ratio of nonaccrual loans and leases to loans and leases HFI at amortized cost.
Schedule of Loan Modifications and Amortized Cost of Loan Modifications The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Short-term payment reduction
$5,829 $6,892 $10,835 $12,686 
Permanent loan modification
1,384 1,764 3,007 3,286 
Debt settlement
2,373 2,859 2,383 2,903 
Total loan modifications – unsecured consumer loans
$9,586 $11,515 $16,225 $18,875 
% of unsecured consumer loans at amortized cost as of period end
0.4 %0.3 %0.7 %0.6 %
The following table presents the delinquency status of the amortized cost of loan modifications as of the periods presented below that were modified during the preceding twelve months:
June 30, 2026June 30, 2025
Short-term Payment ReductionPermanent Loan ModificationDebt SettlementShort-term Payment ReductionPermanent Loan ModificationDebt Settlement
Unsecured consumer loans
Current$14,475 $5,244 $7 $17,743 $5,433 $— 
30-59 days1,191 180 10 1,372 135 — 
60-89 days840 143 225 1,240 242 535 
90 or more days575 64 2,145 1,074 153 2,374 
Total loan modifications$17,081 $5,631 $2,387 $21,429 $5,963 $2,909 
Schedule of Total Amount of Charge-Offs for Loan Modifications The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Short-term payment reduction
$1,944 $2,132 $3,790 $4,718 
Permanent loan modification
228 381 667 903 
Debt settlement
7,343 8,829 16,011 22,165 
Total loan modifications – unsecured consumer loans
$9,515 $11,342 $20,468 $27,786