v3.26.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Interest on loans [1] $ 206,397 $ 174,645 $ 406,294 $ 340,818
Interest on securities available for sale 55,114 55,339 109,525 111,619
Other interest income 7,424 7,113 14,323 16,719
Total interest income 268,935 237,097 530,142 469,156
Interest expense:        
Interest on deposits 89,916 82,845 174,887 164,945
Other interest expense 2 3 4 5
Total interest expense 89,918 82,848 174,891 164,950
Net interest income 179,017 154,249 355,251 304,206
Non-interest income:        
Gain on sales of loans [1] 21,461 13,540 37,730 25,742
Net fair value adjustments [1] (121,145) (27,869) (210,070) (57,120)
Other non-interest income 6,626 4,542 12,098 6,653
Total non-interest income 83,838 94,186 159,855 161,940
Total net revenue 262,855 248,435 515,106 466,146
Provision for credit losses (10,917) 39,733 (10,527) 97,882
Non-interest expense:        
Compensation and benefits 68,221 61,989 133,735 120,378
Marketing 62,580 33,580 117,995 62,819
Equipment and software 15,846 14,495 31,139 29,139
Depreciation and amortization 18,152 15,460 33,971 29,369
Professional services 11,989 10,300 23,756 20,064
Occupancy 4,982 4,787 11,373 9,132
Other non-interest expense 16,345 14,107 30,679 27,684
Total non-interest expense 198,115 154,718 382,648 298,585
Income before income tax expense 75,657 53,984 142,985 69,679
Income tax expense (17,509) (15,806) (33,234) (19,830)
Net income $ 58,148 $ 38,178 $ 109,751 $ 49,849
Earnings per share:        
Basic EPS (in USD per share) $ 0.50 $ 0.33 $ 0.95 $ 0.44
Diluted EPS (in USD per share) $ 0.50 $ 0.33 $ 0.94 $ 0.43
Weighted-average common shares – Basic (in shares) 115,376,906 114,409,231 115,388,669 114,053,292
Weighted-average common shares – Diluted (in shares) 117,274,710 115,692,969 117,304,006 115,936,910
Origination fees        
Non-interest income:        
Fees [1] $ 164,006 $ 87,578 $ 294,094 $ 157,522
Servicing fees        
Non-interest income:        
Fees [1] $ 12,890 $ 16,395 $ 26,003 $ 29,143
[1] Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1. Summary of Significant Accounting Policies” for additional information.