v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows from Operating Activities            
Net income   $ 20,344 $ 13,221 $ 37,592 $ 25,465  
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by (used in) operating activities:            
Depreciation   613 716 1,276 1,452  
Amortization of intangible asset       293 486  
Amortization of debt issuance costs       248 60  
Net gain on sale of loans   (19,351) (13,714) (37,938) (25,065)  
Proceeds from sales of loans held for sale       964,924 813,462  
Origination of mortgage loans held for sale       (1,010,426) (838,016)  
Net loss on sales of other real estate       112 37  
Net loss on sale of mortgage servicing rights       0 1,058  
Net gain on sale of available for sale debt securities       0 (83)  
Net gain on extinguishment of debt $ (2,000)     (2,048) 0  
Change in fair value of mortgage servicing rights ("MSR")   302 915 1,009 2,722  
Deferred tax expense   211 (18,551) (386) (18,591)  
Change in fair value of equity securities       (24) 20  
Change in mortgage banking derivatives       113 (3,418)  
Net change in:            
Other assets       14,387 (8,415)  
Other liabilities       11,113 14,067  
Net cash and cash equivalents used in operating activities       (17,878) (34,819)  
Cash Flows from Investing Activities            
Purchase of FHLB stock       0 (2,087)  
Proceeds from sale of available for sale debt securities   0 5,800 0 10,887  
Purchase of available for sale debt securities       0 (4,000)  
Proceeds from sale of mortgage servicing rights   0 80,782 0 80,782  
Proceeds from sales of other real estate       2,715 38  
Purchases of premises and equipment       (1,463) (524)  
Net increase in loans       (1,103,438) (462,546)  
Purchase of mortgage servicing rights       (296) 0  
Contributions from lender risk account ("LRA")       (724) (788)  
Proceeds from LRA       1,670 4,800  
Net cash and cash equivalents used in investing activities       (1,101,536) (373,438)  
Cash Flows from Financing Activities            
Net change in deposits       1,051,516 371,385  
Cash dividends paid on common stock       (1,500) (1,281)  
Subordinated debt call and repayment       (15,000) 0  
Advances of FHLB borrowings       352,500 280,000  
Repayment of FHLB borrowings       (374,202) (231,250)  
Net change in other borrowings       39,929 0  
Issuance of common stock, net       114,150 0  
Preferred stock dividend       (4,503) (4,252)  
Preferred stock repurchase       (4,840) (4,840)  
Restricted stock units issuance       714 0  
Proceeds from exercised stock options       14 0  
Net cash and cash equivalents provided by financing activities       1,158,778 409,762  
Net decrease in cash and cash equivalents       39,364 1,505  
Cash and cash equivalents - beginning of year $ 376,295     376,295 351,890 $ 351,890
Cash and cash equivalents - end of year   $ 415,659 $ 353,395 415,659 353,395 $ 376,295
Cash paid for:            
Interest       93,840 95,008  
Income taxes       13,548 13,356  
Non-cash supplemental information:            
Rebooked GNMA loans over 90 days       342 (22,766)  
Loans transferred to other real estate       0 2,120  
Loans transferred from loans held for sale to loans       6,624 169,206  
Loans transferred from loans to loans held for sale       40,262 0  
Provision for credit losses            
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by (used in) operating activities:            
Provision for credit loss and unfunded commitments       1,932 728  
Provision (benefit) for unfunded commitments            
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by (used in) operating activities:            
Provision for credit loss and unfunded commitments       $ (55) $ (788)  

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