v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net income $ 83,409 $ 55,159
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by operating activities:    
Depreciation 2,486 2,828
Intangible asset impairment 0 1,469
Amortization of intangible asset 586 973
Amortization of debt issuance costs 293 458
Net gain on sale of loans (77,198) (56,688)
Proceeds from sales of loans held for sale 2,252,709 1,936,597
Origination of mortgage loans held for sale (2,248,295) (1,878,051)
Net (gain) loss on sales of other real estate (167) 281
Net loss on disposal of premises and equipment 0 228
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 (2,048) (1,743)
Change in fair value of mortgage servicing rights 3,020 3,307
Deferred tax expense (benefit) 272 (20,831)
Change in fair value of equity securities (42) 13
Change in mortgage banking derivatives 1,081 (3,018)
Net change in:    
Other assets 16,432 (17,474)
Other liabilities 9,655 (4,346)
Net cash and cash equivalents provided by operating activities 44,291 19,809
Cash Flows from Investing Activities    
Purchase of FHLB stock (10,535) (2,087)
Proceeds from sale of available for sale debt securities 4,000 10,887
Purchase of available for sale debt securities 0 (4,000)
Proceeds from sale of mortgage servicing rights 0 80,845
Purchase of mortgage servicing rights (296) 0
Proceeds from sales of other real estate 3,328 238
Purchases of premises and equipment (2,765) (1,052)
Net increase in loans (1,624,946) (547,182)
Contributions to lender risk account ("LRA") (1,101) (2,084)
Proceeds from release of LRA funds 2,571 6,200
Net cash and cash equivalents used in investing activities (1,629,744) (458,235)
Cash Flows from Financing Activities    
Net change in deposits 1,447,112 496,997
Cash dividends paid on common stock (3,219) (2,569)
Subordinated debt call and repayment (15,000) (20,000)
Subordinated debt issuance, net of costs 67,689 24,107
Advances of FHLB borrowings 1,197,500 355,000
Repayment of FHLB borrowings (1,031,702) (369,507)
Net change in other borrowings 17,000 0
Issuance of common stock, net 114,151 0
Preferred stock dividend (8,214) (9,011)
Preferred stock repurchase (82,172) (11,571)
Restricted stock units issued, net 2,434 0
Stock repurchased 0 (770)
Proceeds from exercised stock options 38 155
Net cash and cash equivalents provided by financing activities 1,705,617 462,831
Net increase in cash and cash equivalents 120,164 24,405
Cash and cash equivalents - beginning of year 376,295 351,890
Cash and cash equivalents - end of year 496,459 376,295
Cash paid for:    
Interest 220,951 202,362
Income taxes 28,796 43,352
Non-cash supplemental information:    
Change in rebooked GNMA loans over 90 days 1,061 (22,766)
Loans transferred to other real estate 1,851 3,525
Loans transferred from loans held for sale to loans at fair value 13,848 179,805
Loans transferred from loans to loans held for sale at fair value 40,262 74,921
Provision for credit losses    
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by operating activities:    
Provision (benefit) for credit loss and unfunded commitments 2,153 881
Provision (benefit) for unfunded commitments    
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by operating activities:    
Provision (benefit) for credit loss and unfunded commitments $ (55) $ (1,209)

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