XML 71 R58.htm IDEA: XBRL DOCUMENT
v3.25.2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data |
| Quarter Ended
| December 31 |  | March 31 |  | June 30 |  | September 30
(Dollars in thousands, except per share data) | (As Restated) |  | (As Restated) |  | (As Restated) |  | (As Restated)
Fiscal Year 2024 |  |  |  |  |  |  |
Interest and dividend income | $ | 124,789 |  |  | $ | 137,094 |  |  | $ | 125,833 |  |  | $ | 131,342 |
Interest expense | 5,862 |  |  | 8,460 |  |  | 3,083 |  |  | 3,828 |
Net interest income | 118,927 |  |  | 128,634 |  |  | 122,750 |  |  | 127,514 |
Provision for credit loss | 7,758 |  |  | 29,744 |  |  | 11,927 |  |  | 8,672 |
Noninterest income | 52,761 |  |  | 128,945 |  |  | 65,871 |  |  | 52,010 |
Net income attributable to parent | 34,899 |  |  | 69,918 |  |  | 44,869 |  |  | 33,533 |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 1.34 |  |  | $ | 2.74 |  |  | $ | 1.78 |  |  | $ | 1.34 |
Diluted | 1.34 |  |  | 2.74 |  |  | 1.78 |  |  | 1.34 |
Dividend declared per share | 0.05 |  |  | 0.05 |  |  | 0.05 |  |  | 0.05 |
Fiscal Year 2023 |  |  |  |  |  |  |
Interest and dividend income | $ | 89,433 |  |  | $ | 108,955 |  |  | $ | 104,696 |  |  | $ | 118,866 |
Interest expense | 1,003 |  |  | 3,282 |  |  | 1,881 |  |  | 4,708 |
Net interest income | 88,430 |  |  | 105,673 |  |  | 102,815 |  |  | 114,158 |
Provision for credit loss | 16,758 |  |  | 41,960 |  |  | 22,517 |  |  | 28,007 |
Noninterest income | 65,777 |  |  | 127,038 |  |  | 67,733 |  |  | 56,051 |
Net income attributable to parent | 27,790 |  |  | 54,119 |  |  | 36,080 |  |  | 25,277 |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 0.98 |  |  | $ | 1.97 |  |  | $ | 1.35 |  |  | $ | 0.96 |
Diluted | 0.98 |  |  | 1.96 |  |  | 1.34 |  |  | 0.96 |
Dividend declared per share | 0.05 |  |  | 0.05 |  |  | 0.05 |  |  | 0.05 |
Fiscal Year 2022 |  |  |  |  |  |  |
Interest and dividend income | $ | 76,204 |  |  | $ | 89,879 |  |  | $ | 78,625 |  |  | $ | 84,730 |
Interest expense | 1,278 |  |  | 1,377 |  |  | 1,755 |  |  | 462 |
Net interest income | 74,926 |  |  | 88,502 |  |  | 76,870 |  |  | 84,268 |
Provision for (reversal of) credit loss | 329 |  |  | 40,598 |  |  | 7,863 |  |  | 8,002 |
Noninterest income | 86,591 |  |  | 109,766 |  |  | 53,994 |  |  | 43,456 |
Net income attributable to parent | 61,712 |  |  | 45,874 |  |  | 22,264 |  |  | 21,284 |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 2.01 |  |  | $ | 1.54 |  |  | $ | 0.76 |  |  | $ | 0.73 |
Diluted | 2.01 |  |  | 1.54 |  |  | 0.76 |  |  | 0.73 |
Dividend declared per share | 0.05 |  |  | 0.05 |  |  | 0.05 |  |  | 0.05 |
Restated Consolidated Statements of Operations (unaudited)
| Quarters Ended
| September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |  | December 31, 2023
(Dollars in thousands, except per share data) | (As Restated) |  | (As Restated) |  | (As Restated) |  | (As Restated)
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 113,884 |  |  | $ | 107,762 |  |  | $ | 113,083 |  |  | $ | 103,854 |
Mortgage-backed securities | 9,607 |  |  | 9,748 |  |  | 9,998 |  |  | 10,049 |
Other investments | 7,851 |  |  | 8,323 |  |  | 14,013 |  |  | 10,886 |
| 131,342 |  |  | 125,833 |  |  | 137,094 |  |  | 124,789 |
Interest expense: |  |  |  |  |  |  |
Deposits | 1,119 |  |  | 1,689 |  |  | 6,685 |  |  | 3,526 |
FHLB advances and other borrowings | 2,709 |  |  | 1,394 |  |  | 1,775 |  |  | 2,336 |
| 3,828 |  |  | 3,083 |  |  | 8,460 |  |  | 5,862 |
Net interest income | 127,514 |  |  | 122,750 |  |  | 128,634 |  |  | 118,927 |
Provision for credit loss | 8,672 |  |  | 11,927 |  |  | 29,744 |  |  | 7,758 |
Net interest income after provision for credit loss | 118,842 |  |  | 110,823 |  |  | 98,890 |  |  | 111,169 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 1,703 |  |  | 9,111 |  |  | 28,942 |  |  | 422 |
Refund advance fee income | 229 |  |  | (67) |  |  | 43,200 |  |  | 111 |
Card and deposit fees | 26,441 |  |  | 33,408 |  |  | 35,344 |  |  | 30,750 |
Rental income | 13,199 |  |  | 13,779 |  |  | 13,720 |  |  | 13,459 |
Gain on sale of trademarks | — |  |  | — |  |  | — |  |  | — |
Gain (loss) on sale of other | 3,459 |  |  | 4,675 |  |  | 1,695 |  |  | 2,840 |
Other income | 6,979 |  |  | 4,965 |  |  | 6,044 |  |  | 5,179 |
Total noninterest income | 52,010 |  |  | 65,871 |  |  | 128,945 |  |  | 52,761 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 52,298 |  |  | 48,449 |  |  | 54,073 |  |  | 46,652 |
Refund transfer product expense | 168 |  |  | 2,136 |  |  | 7,366 |  |  | 192 |
Refund advance expense | 20 |  |  | 47 |  |  | 1,846 |  |  | 30 |
Card processing | 33,877 |  |  | 34,314 |  |  | 35,163 |  |  | 34,584 |
Occupancy and equipment expense | 9,376 |  |  | 9,070 |  |  | 9,293 |  |  | 8,848 |
Operating lease equipment depreciation | 10,445 |  |  | 10,465 |  |  | 10,424 |  |  | 10,423 |
Legal and consulting | 8,414 |  |  | 5,410 |  |  | 6,141 |  |  | 4,892 |
Intangible amortization | 924 |  |  | 983 |  |  | 1,240 |  |  | 984 |
Impairment expense | — |  |  | 999 |  |  | 2,013 |  |  | — |
Other expense | 17,840 |  |  | 13,637 |  |  | 13,183 |  |  | 14,472 |
Total noninterest expense | 133,362 |  |  | 125,510 |  |  | 140,742 |  |  | 121,077 |
Income before income tax expense | 37,490 |  |  | 51,184 |  |  | 87,093 |  |  | 42,853 |
Income tax expense | 3,382 |  |  | 6,103 |  |  | 16,926 |  |  | 7,697 |
Net income before noncontrolling interest | 34,108 |  |  | 45,081 |  |  | 70,167 |  |  | 35,156 |
Net income attributable to noncontrolling interest | 575 |  |  | 212 |  |  | 249 |  |  | 257 |
Net income attributable to parent | $ | 33,533 |  |  | $ | 44,869 |  |  | $ | 69,918 |  |  | $ | 34,899 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 1.34 |  |  | $ | 1.78 |  |  | $ | 2.74 |  |  | $ | 1.34 |
Diluted | $ | 1.34 |  |  | $ | 1.78 |  |  | $ | 2.74 |  |  | $ | 1.34 |
| Quarters Ended
| September 30, 2023 |  | June 30, 2023 |  | March 31, 2023 |  | December 31, 2022
(Dollars in thousands, except per share data) | (As Restated) |  | (As Restated) |  | (As Restated) |  | (As Restated)
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 99,309 |  |  | $ | 86,592 |  |  | $ | 88,147 |  |  | $ | 72,769 |
Mortgage-backed securities | 10,225 |  |  | 10,234 |  |  | 10,326 |  |  | 10,412 |
Other investments | 9,332 |  |  | 7,870 |  |  | 10,482 |  |  | 6,252 |
| 118,866 |  |  | 104,696 |  |  | 108,955 |  |  | 89,433 |
Interest expense: |  |  |  |  |  |  |
Deposits | 1,954 |  |  | 164 |  |  | 2,096 |  |  | 142 |
FHLB advances and other borrowings | 2,754 |  |  | 1,717 |  |  | 1,186 |  |  | 861 |
| 4,708 |  |  | 1,881 |  |  | 3,282 |  |  | 1,003 |
Net interest income | 114,158 |  |  | 102,815 |  |  | 105,673 |  |  | 88,430 |
Provision for credit loss | 28,007 |  |  | 22,517 |  |  | 41,960 |  |  | 16,758 |
Net interest income after provision for credit loss | 86,151 |  |  | 80,298 |  |  | 63,713 |  |  | 71,672 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 308 |  |  | 8,262 |  |  | 30,205 |  |  | 677 |
Refund advance fee income | (252) |  |  | (927) |  |  | 37,995 |  |  | 617 |
Card and deposit fees | 31,233 |  |  | 39,708 |  |  | 42,087 |  |  | 37,718 |
Rental income | 14,562 |  |  | 13,980 |  |  | 12,940 |  |  | 12,708 |
Gain on sale of trademarks | — |  |  | — |  |  | — |  |  | 10,000 |
Gain (loss) on sale of other | 2,006 |  |  | 821 |  |  | (666) |  |  | 502 |
Other income | 8,194 |  |  | 5,889 |  |  | 4,477 |  |  | 3,555 |
Total noninterest income | 56,051 |  |  | 67,733 |  |  | 127,038 |  |  | 65,777 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 46,352 |  |  | 47,402 |  |  | 47,547 |  |  | 43,017 |
Refund transfer product expense | 28 |  |  | 1,727 |  |  | 7,863 |  |  | 105 |
Refund advance expense | (6) |  |  | 239 |  |  | 1,603 |  |  | 27 |
Card processing | 29,549 |  |  | 26,342 |  |  | 26,924 |  |  | 22,683 |
Occupancy and equipment expense | 9,274 |  |  | 8,595 |  |  | 8,510 |  |  | 8,312 |
Operating lease equipment depreciation | 10,846 |  |  | 10,517 |  |  | 14,719 |  |  | 9,628 |
Legal and consulting | 7,633 |  |  | 5,089 |  |  | 4,921 |  |  | 9,459 |
Intangible amortization | 1,110 |  |  | 1,168 |  |  | 1,435 |  |  | 1,258 |
Impairment expense | — |  |  | — |  |  | 3,249 |  |  | 24 |
Other expense | 16,453 |  |  | 9,987 |  |  | 11,404 |  |  | 8,395 |
Total noninterest expense | 121,239 |  |  | 111,066 |  |  | 128,175 |  |  | 102,908 |
Income before income tax expense | 20,963 |  |  | 36,965 |  |  | 62,576 |  |  | 34,541 |
Income tax expense | (4,821) |  |  | 377 |  |  | 7,860 |  |  | 6,171 |
Net income before noncontrolling interest | 25,784 |  |  | 36,588 |  |  | 54,716 |  |  | 28,370 |
Net income attributable to noncontrolling interest | 507 |  |  | 508 |  |  | 597 |  |  | 580 |
Net income attributable to parent | $ | 25,277 |  |  | $ | 36,080 |  |  | $ | 54,119 |  |  | $ | 27,790 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.96 |  |  | $ | 1.35 |  |  | $ | 1.97 |  |  | $ | 0.98 |
Diluted | $ | 0.96 |  |  | $ | 1.34 |  |  | $ | 1.96 |  |  | $ | 0.98 |
| Quarters Ended
| September 30, 2022 |  | June 30, 2022 |  | March 31, 2022 |  | December 31, 2021
(Dollars in thousands, except per share data) | (As Restated) |  | (As Restated) |  | (As Restated) |  | (As Restated)
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 69,470 |  |  | $ | 67,260 |  |  | $ | 80,242 |  |  | $ | 68,348 |
Mortgage-backed securities | 10,155 |  |  | 7,381 |  |  | 5,446 |  |  | 3,864 |
Other investments | 5,105 |  |  | 3,984 |  |  | 4,191 |  |  | 3,992 |
| 84,730 |  |  | 78,625 |  |  | 89,879 |  |  | 76,204 |
Interest expense: |  |  |  |  |  |  |
Deposits | 100 |  |  | 94 |  |  | 165 |  |  | 141 |
FHLB advances and other borrowings | 362 |  |  | 1,661 |  |  | 1,212 |  |  | 1,137 |
| 462 |  |  | 1,755 |  |  | 1,377 |  |  | 1,278 |
Net interest income | 84,268 |  |  | 76,870 |  |  | 88,502 |  |  | 74,926 |
Provision for credit loss | 8,002 |  |  | 7,863 |  |  | 40,598 |  |  | 329 |
Net interest income after provision for credit loss | 76,266 |  |  | 69,007 |  |  | 47,904 |  |  | 74,597 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 1,136 |  |  | 10,289 |  |  | 27,805 |  |  | 579 |
Refund advance fee income | 45 |  |  | (20) |  |  | 39,299 |  |  | 1,233 |
Card and deposit fees | 28,909 |  |  | 24,935 |  |  | 26,520 |  |  | 25,369 |
Rental income | 12,024 |  |  | 12,082 |  |  | 11,375 |  |  | 11,077 |
Gain on sale of trademarks | — |  |  | — |  |  | — |  |  | 50,000 |
Gain (loss) on sale of other | (5,202) |  |  | 1,437 |  |  | 886 |  |  | (3,328) |
Other income | 6,544 |  |  | 5,271 |  |  | 3,881 |  |  | 1,661 |
Total noninterest income | 43,456 |  |  | 53,994 |  |  | 109,766 |  |  | 86,591 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 42,763 |  |  | 45,091 |  |  | 45,047 |  |  | 38,225 |
Refund transfer product expense | 53 |  |  | 2,457 |  |  | 6,260 |  |  | 138 |
Refund advance expense | 1 |  |  | (29) |  |  | 2,002 |  |  | 183 |
Card processing | 15,718 |  |  | 8,438 |  |  | 7,457 |  |  | 7,172 |
Occupancy and equipment expense | 9,064 |  |  | 8,996 |  |  | 8,500 |  |  | 8,349 |
Operating lease equipment depreciation | 9,305 |  |  | 9,145 |  |  | 8,737 |  |  | 8,449 |
Legal and consulting | 13,355 |  |  | 11,724 |  |  | 9,347 |  |  | 6,208 |
Intangible amortization | 1,396 |  |  | 1,532 |  |  | 2,169 |  |  | 1,488 |
Impairment expense | — |  |  | 670 |  |  | — |  |  | — |
Other expense | 7,950 |  |  | 4,523 |  |  | 14,243 |  |  | 15,152 |
Total noninterest expense | 99,605 |  |  | 92,547 |  |  | 103,762 |  |  | 85,364 |
Income before income tax expense | 20,117 |  |  | 30,454 |  |  | 53,908 |  |  | 75,824 |
Income tax expense | (1,854) |  |  | 6,742 |  |  | 7,183 |  |  | 14,130 |
Net income before noncontrolling interest | 21,971 |  |  | 23,712 |  |  | 46,725 |  |  | 61,694 |
Net income attributable to noncontrolling interest | 687 |  |  | 1,448 |  |  | 851 |  |  | (18) |
Net income attributable to parent | $ | 21,284 |  |  | $ | 22,264 |  |  | $ | 45,874 |  |  | $ | 61,712 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.73 |  |  | $ | 0.76 |  |  | $ | 1.54 |  |  | $ | 2.01 |
Diluted | $ | 0.73 |  |  | $ | 0.76 |  |  | $ | 1.54 |  |  | $ | 2.01 |
Restated Consolidated Statements of Financial Condition (unaudited)
(Dollars in thousands, except per share data) | December 31, 2023
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 671,630 |  |  | $ | — |  |  |  |  | $ | 671,630 |
Securities available for sale, at fair value | 1,850,581 |  | $ | — |  |  |  |  | 1,850,581
Securities held to maturity, at amortized cost (fair value $32,180) | 35,440 |  |  | — |  |  |  |  | 35,440 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 23,694 |  |  | — |  |  |  |  | 23,694 |
Loans held for sale | 69,518 |  |  | — |  |  |  |  | 69,518 |
Loans and leases | 4,426,281 |  |  | 3,035 |  |  | b |  | 4,429,316 |
Allowance for credit losses | (53,785) |  |  | (37,255) |  |  | a |  | (91,040) |
Accrued interest receivable | 27,080 |  |  | — |  |  |  |  | 27,080 |
Premises, furniture, and equipment, net | 38,270 |  |  | — |  |  |  |  | 38,270 |
Rental equipment, net | 228,916 |  |  | — |  |  |  |  | 228,916 |
Goodwill and intangible assets | 329,241 |  |  | — |  |  |  |  | 329,241 |
Other assets | 280,571 |  |  | 9,294 |  |  | b |  | 289,865 |
Total assets | $ | 7,927,437 |  |  | $ | (24,926) |  |  |  |  | $ | 7,902,511 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 6,936,055 |  |  | — |  |  |  |  | $ | 6,936,055 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 33,614 |  |  | — |  |  |  |  | 33,614 |
Accrued expenses and other liabilities | 228,486 |  |  | 109 |  |  | b |  | 228,595 |
Total liabilities | 7,198,155 |  |  | 109 |  |  |  |  | 7,198,264 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2023 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 26,099,348 shares issued and 25,988,230 shares outstanding at December 31, 2023 | 260 |  |  | — |  |  |  |  | 260 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2023 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 629,737 |  |  | — |  |  |  |  | 629,737 |
Retained earnings | 293,463 |  |  | (25,036) |  |  | a, b |  | 268,427 |
Accumulated other comprehensive loss | (188,433) |  |  | — |  |  |  |  | (188,433) |
Treasury stock, at cost, 111,118 common shares at December 31, 2023 | (5,235) |  |  | — |  |  |  |  | (5,235) |
Total equity attributable to parent | 729,792 |  |  | (25,036) |  |  |  |  | 704,756 |
Noncontrolling interest | (510) |  |  | — |  |  |  |  | (510) |
Total stockholders’ equity | 729,282 |  |  | (25,036) |  |  |  |  | 704,246 |
Total liabilities and stockholders’ equity | $ | 7,927,437 |  |  | $ | (24,927) |  |  |  |  | $ | 7,902,510 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | March 31, 2024
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 347,888 |  |  | $ | — |  |  |  |  | $ | 347,888 |
Securities available for sale, at fair value | 1,779,458 |  | — |  |  |  |  | 1,779,458
Securities held to maturity, at amortized cost (fair value $31,113) | 34,682 |  |  | — |  |  |  |  | 34,682 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 25,844 |  |  | — |  |  |  |  | 25,844 |
Loans held for sale | 25,946 |  |  | — |  |  |  |  | 25,946 |
Loans and leases | 4,409,385 |  |  | 2,615 |  |  | b |  | 4,412,000 |
Allowance for credit losses | (80,777) |  |  | (30,505) |  |  | a |  | (111,282) |
Accrued interest receivable | 30,294 |  |  | — |  |  |  |  | 30,294 |
Premises, furniture, and equipment, net | 37,266 |  |  | — |  |  |  |  | 37,266 |
Rental equipment, net | 215,885 |  |  | — |  |  |  |  | 215,885 |
Goodwill and intangible assets | 328,001 |  |  | — |  |  |  |  | 328,001 |
Other assets | 283,245 |  |  | 7,582 |  |  | b |  | 290,827 |
Total assets | $ | 7,437,117 |  |  | $ | (20,308) |  |  |  |  | $ | 7,416,809 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 6,368,344 |  |  | $ | — |  |  |  |  | $ | 6,368,344 |
Short-term borrowings | 31,000 |  |  | — |  |  |  |  | 31,000 |
Long-term borrowings | 33,373 |  |  | — |  |  |  |  | 33,373 |
Accrued expenses and other liabilities | 264,938 |  |  | 78 |  |  | b |  | 265,016 |
Total liabilities | 6,697,655 |  |  | 78 |  |  |  |  | 6,697,733 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2024 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 25,507,915 shares issued and 25,377,986 shares outstanding at March 31, 2024 | 254 |  |  | — |  |  |  |  | 254 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2024 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 634,415 |  |  | — |  |  |  |  | 634,415 |
Retained earnings | 317,964 |  |  | (20,386) |  |  | a, b |  | 297,578 |
Accumulated other comprehensive loss | (206,570) |  |  | — |  |  |  |  | (206,570) |
Treasury stock, at cost, 129,929 common shares at March 31, 2024 | (6,181) |  |  | — |  |  |  |  | (6,181) |
Total equity attributable to parent | 739,882 |  |  | (20,386) |  |  |  |  | 719,496 |
Noncontrolling interest | (420) |  |  | — |  |  |  |  | (420) |
Total stockholders’ equity | 739,462 |  |  | (20,386) |  |  |  |  | 719,076 |
Total liabilities and stockholders’ equity | $ | 7,437,117 |  |  | $ | (20,308) |  |  |  |  | $ | 7,416,809 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | June 30, 2024
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 298,926 |  |  | $ | — |  |  |  |  | $ | 298,926 |
Securities available for sale, at fair value | 1,725,460 |  | — |  |  |  |  | 1,725,460
Securities held to maturity, at amortized cost (fair value $30,237) | 34,026 |  |  | — |  |  |  |  | 34,026 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 24,449 |  |  | — |  |  |  |  | 24,449 |
Loans held for sale | 29,380 |  |  | — |  |  |  |  | 29,380 |
Loans and leases | 4,612,552 |  |  | 3,053 |  |  | b |  | 4,615,605 |
Allowance for credit losses | (79,836) |  |  | (26,929) |  |  | a |  | (106,765) |
Accrued interest receivable | 31,755 |  |  | — |  |  |  |  | 31,755 |
Premises, furniture, and equipment, net | 36,953 |  |  | — |  |  |  |  | 36,953 |
Rental equipment, net | 209,544 |  |  | — |  |  |  |  | 209,544 |
Goodwill and intangible assets | 327,018 |  |  | — |  |  |  |  | 327,018 |
Other assets | 280,053 |  |  | 6,626 |  |  | b |  | 286,679 |
Total assets | $ | 7,530,280 |  |  | $ | (17,250) |  |  |  |  | $ | 7,513,030 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 6,431,516 |  |  | $ | — |  |  |  |  | $ | 6,431,516 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 33,329 |  |  | — |  |  |  |  | 33,329 |
Accrued expenses and other liabilities | 300,187 |  |  | 100 |  |  | b |  | 300,287 |
Total liabilities | 6,765,032 |  |  | 100 |  |  |  |  | 6,765,132 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2024 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 25,215,159 shares issued and 25,085,230 shares outstanding at June 30, 2024 | 251 |  |  | — |  |  |  |  | 251 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2024 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 636,284 |  |  | — |  |  |  |  | 636,284 |
Retained earnings | 343,392 |  |  | (17,352) |  |  | a, b |  | 326,040 |
Accumulated other comprehensive loss | (207,992) |  |  | — |  |  |  |  | (207,992) |
Treasury stock, at cost, 129,929 common shares at June 30, 2024 | (6,181) |  |  | — |  |  |  |  | (6,181) |
Total equity attributable to parent | 765,754 |  |  | (17,352) |  |  |  |  | 748,402 |
Noncontrolling interest | (506) |  |  | — |  |  |  |  | (506) |
Total stockholders’ equity | 765,248 |  |  | (17,352) |  |  |  |  | 747,896 |
Total liabilities and stockholders’ equity | $ | 7,530,280 |  |  | $ | (17,252) |  |  |  |  | $ | 7,513,028 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | December 31, 2022
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 369,169 |  |  | $ | — |  |  |  |  | $ | 369,169 |
Securities available for sale, at fair value | 1,847,778 |  | — |  |  |  |  | 1,847,778
Securities held to maturity, at amortized cost (fair value $37,658) | 40,565 |  |  | — |  |  |  |  | 40,565 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 28,812 |  |  | — |  |  |  |  | 28,812 |
Loans held for sale | 17,148 |  |  | — |  |  |  |  | 17,148 |
Loans and leases | 3,509,730 |  |  | 1,623 |  |  | b |  | 3,511,353 |
Allowance for credit losses | (52,592) |  |  | (18,437) |  |  | a |  | (71,029) |
Accrued interest receivable | 20,170 |  |  | — |  |  |  |  | 20,170 |
Premises, furniture, and equipment, net | 41,029 |  |  | — |  |  |  |  | 41,029 |
Rental equipment, net | 231,129 |  |  | — |  |  |  |  | 231,129 |
Goodwill and intangible assets | 333,938 |  |  | — |  |  |  |  | 333,938 |
Other assets | 272,349 |  |  | 4,865 |  |  | b |  | 277,214 |
Total assets | $ | 6,659,225 |  |  | $ | (11,949) |  |  |  |  | $ | 6,647,276 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 5,789,132 |  |  | $ | — |  |  |  |  | $ | 5,789,132 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 34,977 |  |  | — |  |  |  |  | 34,977 |
Accrued expenses and other liabilities | 175,983 |  |  | 33 |  |  | b |  | 176,016 |
Total liabilities | 6,000,092 |  |  | 33 |  |  |  |  | 6,000,125 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2022 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 28,358,583 shares issued and 28,211,239 shares outstanding at December 31, 2022 | 282 |  |  | — |  |  |  |  | 282 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2022 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 620,681 |  |  | — |  |  |  |  | 620,681 |
Retained earnings | 246,891 |  |  | (11,982) |  |  | a, b |  | 234,909 |
Accumulated other comprehensive loss | (201,690) |  |  | — |  |  |  |  | (201,690) |
Treasury stock, at cost, 147,344 common shares at December 31, 2022 | (6,824) |  |  | — |  |  |  |  | (6,824) |
Total equity attributable to parent | 659,340 |  |  | (11,982) |  |  |  |  | 647,358 |
Noncontrolling interest | (207) |  |  | — |  |  |  |  | (207) |
Total stockholders’ equity | 659,133 |  |  | (11,982) |  |  |  |  | 647,151 |
Total liabilities and stockholders’ equity | $ | 6,659,225 |  |  | $ | (11,949) |  |  |  |  | $ | 6,647,276 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | March 31, 2023
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 432,598 |  |  | $ | — |  |  |  |  | $ | 432,598 |
Securities available for sale, at fair value | 1,825,563 |  | — |  |  |  |  | 1,825,563
Securities held to maturity, at amortized cost (fair value $35,028) | 38,713 |  |  | — |  |  |  |  | 38,713 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 29,387 |  |  | — |  |  |  |  | 29,387 |
Loans held for sale | 24,780 |  |  | — |  |  |  |  | 24,780 |
Loans and leases | 3,725,616 |  |  | 1,958 |  |  | b |  | 3,727,574 |
Allowance for credit losses | (84,304) |  |  | (17,990) |  |  | a |  | (102,294) |
Accrued interest receivable | 22,434 |  |  | — |  |  |  |  | 22,434 |
Premises, furniture, and equipment, net | 39,735 |  |  | — |  |  |  |  | 39,735 |
Rental equipment, net | 210,844 |  |  | — |  |  |  |  | 210,844 |
Goodwill and intangible assets | 332,503 |  |  | — |  |  |  |  | 332,503 |
Other assets | 270,387 |  |  | 3,479 |  |  | b |  | 273,866 |
Total assets | $ | 6,868,256 |  |  | $ | (12,553) |  |  |  |  | $ | 6,855,703 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 5,902,696 |  |  | $ | — |  |  |  |  | $ | 5,902,696 |
Short-term borrowings | 43,000 |  |  | — |  |  |  |  | 43,000 |
Long-term borrowings | 34,543 |  |  | — |  |  |  |  | 34,543 |
Accrued expenses and other liabilities | 214,773 |  |  | 81 |  |  | b |  | 214,854 |
Total liabilities | 6,195,012 |  |  | 81 |  |  |  |  | 6,195,093 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2023 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 27,205,406 shares issued and 27,055,727 shares outstanding at March 31, 2023 | 271 |  |  | — |  |  |  |  | 271 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2023 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 623,250 |  |  | — |  |  |  |  | 623,250 |
Retained earnings | 245,046 |  |  | (12,634) |  |  | a, b |  | 232,412 |
Accumulated other comprehensive loss | (187,829) |  |  | — |  |  |  |  | (187,829) |
Treasury stock, at cost, 149,679 common shares at March 31, 2023 | (6,943) |  |  | — |  |  |  |  | (6,943) |
Total equity attributable to parent | 673,795 |  |  | (12,634) |  |  |  |  | 661,161 |
Noncontrolling interest | (551) |  |  | — |  |  |  |  | (551) |
Total stockholders’ equity | 673,244 |  |  | (12,634) |  |  |  |  | 660,610 |
Total liabilities and stockholders’ equity | $ | 6,868,256 |  |  | $ | (12,553) |  |  |  |  | $ | 6,855,703 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | June 30, 2023
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 515,271 |  |  | $ | — |  |  |  |  | $ | 515,271 |
Securities available for sale, at fair value | 1,914,271 |  | — |  |  |  |  | 1,914,271
Securities held to maturity, at amortized cost (fair value $33,670) | 37,725 |  |  | — |  |  |  |  | 37,725 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 30,890 |  |  | — |  |  |  |  | 30,890 |
Loans held for sale | 87,351 |  |  | — |  |  |  |  | 87,351 |
Loans and leases | 4,072,899 |  |  | 2,882 |  |  | b |  | 4,075,781 |
Allowance for credit losses | (81,916) |  |  | (33,546) |  |  | a |  | (115,462) |
Accrued interest receivable | 22,332 |  |  | — |  |  |  |  | 22,332 |
Premises, furniture, and equipment, net | 38,601 |  |  | — |  |  |  |  | 38,601 |
Rental equipment, net | 224,212 |  |  | — |  |  |  |  | 224,212 |
Goodwill and intangible assets | 331,335 |  |  | — |  |  |  |  | 331,335 |
Other assets | 265,654 |  |  | 9,141 |  |  | b |  | 274,795 |
Total assets | $ | 7,458,625 |  |  | $ | (21,523) |  |  |  |  | $ | 7,437,102 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 6,306,976 |  |  | $ | — |  |  |  |  | $ | 6,306,976 |
Short-term borrowings | 230,000 |  |  | — |  |  |  |  | 230,000 |
Long-term borrowings | 34,178 |  |  | — |  |  |  |  | 34,178 |
Accrued expenses and other liabilities | 209,750 |  |  | 127 |  |  | b |  | 209,877 |
Total liabilities | 6,780,904 |  |  | 127 |  |  |  |  | 6,781,031 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2023 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 26,688,951 shares issued and 26,539,272 shares outstanding at June 30, 2023 | 266 |  |  | — |  |  |  |  | 266 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2023 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 625,825 |  |  | — |  |  |  |  | 625,825 |
Retained earnings | 267,100 |  |  | (21,650) |  |  | a, b |  | 245,450 |
Accumulated other comprehensive loss | (207,896) |  |  | — |  |  |  |  | (207,896) |
Treasury stock, at cost, 149,679 common shares at June 30, 2023 | (6,943) |  |  | — |  |  |  |  | (6,943) |
Total equity attributable to parent | 678,352 |  |  | (21,650) |  |  |  |  | 656,702 |
Noncontrolling interest | (631) |  |  | — |  |  |  |  | (631) |
Total stockholders’ equity | 677,721 |  |  | (21,650) |  |  |  |  | 656,071 |
Total liabilities and stockholders’ equity | $ | 7,458,625 |  |  | $ | (21,523) |  |  |  |  | $ | 7,437,102 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | December 31, 2021
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 1,230,100 |  |  | $ | — |  |  |  |  | $ | 1,230,100 |
Securities available for sale, at fair value | 1,782,739 |  | — |  |  |  |  | 1,782,739
Securities held to maturity, at amortized cost (fair value $50,364) | 50,994 |  |  | — |  |  |  |  | 50,994 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 28,400 |  |  | — |  |  |  |  | 28,400 |
Loans held for sale | 36,182 |  |  | — |  |  |  |  | 36,182 |
Loans and leases | 3,684,261 |  |  | 1,122 |  |  | b |  | 3,685,383 |
Allowance for credit losses | (67,623) |  |  | (10,220) |  |  | a |  | (77,843) |
Accrued interest receivable | 17,240 |  |  | — |  |  |  |  | 17,240 |
Premises, furniture, and equipment, net | 44,130 |  |  | — |  |  |  |  | 44,130 |
Rental equipment, net | 234,693 |  |  | — |  |  |  |  | 234,693 |
Goodwill and intangible assets | 341,166 |  |  | — |  |  |  |  | 341,166 |
Other assets | 227,376 |  |  | 2,804 |  |  | b |  | 230,180 |
Total assets | $ | 7,609,658 |  |  | $ | (6,294) |  |  |  |  | $ | 7,603,364 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 6,525,569 |  |  | $ | — |  |  |  |  | $ | 6,525,569 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 92,274 |  |  | — |  |  |  |  | 92,274 |
Accrued expenses and other liabilities | 165,658 |  |  | (5) |  |  | b |  | 165,653 |
Total liabilities | 6,783,501 |  |  | (5) |  |  |  |  | 6,783,496 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2021 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 30,158,420 shares issued and 30,080,717 shares outstanding at December 31, 2021 | 301 |  |  | — |  |  |  |  | 301 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2021 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 610,816 |  |  | — |  |  |  |  | 610,816 |
Retained earnings | 217,992 |  |  | (6,289) |  |  | a, b |  | 211,703 |
Accumulated other comprehensive loss | 724 |  |  | — |  |  |  |  | 724 |
Treasury stock, at cost, 77,703 common shares at December 31, 2021 | (4,318) |  |  | — |  |  |  |  | (4,318) |
Total equity attributable to parent | 825,515 |  |  | (6,289) |  |  |  |  | 819,226 |
Noncontrolling interest | 642 |  |  | — |  |  |  |  | 642 |
Total stockholders’ equity | 826,157 |  |  | (6,289) |  |  |  |  | 819,868 |
Total liabilities and stockholders’ equity | $ | 7,609,658 |  |  | $ | (6,294) |  |  |  |  | $ | 7,603,364 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | March 31, 2022
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 237,680 |  |  | $ | — |  |  |  |  | $ | 237,680 |
Securities available for sale, at fair value | 2,043,478 |  | — |  |  |  |  | 2,043,478
Securities held to maturity, at amortized cost (fair value $45,436) | 47,287 |  |  | — |  |  |  |  | 47,287 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 28,812 |  |  | — |  |  |  |  | 28,812 |
Loans held for sale | 31,410 |  |  | — |  |  |  |  | 31,410 |
Loans and leases | 3,730,190 |  |  | 1,212 |  |  | b |  | 3,731,402 |
Allowance for credit losses | (88,552) |  |  | (14,506) |  |  | a |  | (103,058) |
Accrued interest receivable | 19,115 |  |  | — |  |  |  |  | 19,115 |
Premises, furniture, and equipment, net | 43,167 |  |  | — |  |  |  |  | 43,167 |
Rental equipment, net | 213,033 |  |  | — |  |  |  |  | 213,033 |
Goodwill and intangible assets | 338,795 |  |  | — |  |  |  |  | 338,795 |
Other assets | 242,824 |  |  | 3,629 |  |  | b |  | 246,453 |
Total assets | $ | 6,887,239 |  |  | $ | (9,665) |  |  |  |  | $ | 6,877,574 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 5,829,886 |  |  | $ | — |  |  |  |  | $ | 5,829,886 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 91,386 |  |  | — |  |  |  |  | 91,386 |
Accrued expenses and other liabilities | 202,561 |  |  | 1 |  |  | b |  | 202,562 |
Total liabilities | 6,123,833 |  |  | 1 |  |  |  |  | 6,123,834 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2022 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 29,443,911 shares issued and 29,362,844 shares outstanding at March 31, 2022 | 294 |  |  | — |  |  |  |  | 294 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2022 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 612,917 |  |  | — |  |  |  |  | 612,917 |
Retained earnings | 223,760 |  |  | (9,666) |  |  | a, b |  | 214,094 |
Accumulated other comprehensive loss | (69,374) |  |  | — |  |  |  |  | (69,374) |
Treasury stock, at cost, 81,067 common shares at March 31, 2022 | (4,513) |  |  | — |  |  |  |  | (4,513) |
Total equity attributable to parent | 763,084 |  |  | (9,666) |  |  |  |  | 753,418 |
Noncontrolling interest | 322 |  |  | — |  |  |  |  | 322 |
Total stockholders’ equity | 763,406 |  |  | (9,666) |  |  |  |  | 753,740 |
Total liabilities and stockholders’ equity | $ | 6,887,239 |  |  | $ | (9,665) |  |  |  |  | $ | 6,877,574 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
(Dollars in thousands, except per share data) | June 30, 2022
ASSETS | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash and cash equivalents | $ | 157,260 |  |  | $ | — |  |  |  |  | $ | 157,260 |
Securities available for sale, at fair value | 1,956,523 |  | — |  |  |  |  | 1,956,523
Securities held to maturity, at amortized cost (fair value $41,963) | 43,877 |  |  | — |  |  |  |  | 43,877 |
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost | 28,812 |  |  | — |  |  |  |  | 28,812 |
Loans held for sale | 67,571 |  |  | — |  |  |  |  | 67,571 |
Loans and leases | 3,688,566 |  |  | 1,404 |  |  | b |  | 3,689,970 |
Allowance for credit losses | (75,206) |  |  | (15,041) |  |  | a |  | (90,247) |
Accrued interest receivable | 16,818 |  |  | — |  |  |  |  | 16,818 |
Premises, furniture, and equipment, net | 42,076 |  |  | — |  |  |  |  | 42,076 |
Rental equipment, net | 222,023 |  |  | — |  |  |  |  | 222,023 |
Goodwill and intangible assets | 336,593 |  |  | — |  |  |  |  | 336,593 |
Other assets | 243,265 |  |  | 3,861 |  |  | b |  | 247,126 |
Total assets | $ | 6,728,178 |  |  | $ | (9,776) |  |  |  |  | $ | 6,718,402 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
Deposits | $ | 5,710,799 |  |  | $ | — |  |  |  |  | $ | 5,710,799 |
Short-term borrowings | — |  |  | — |  |  |  |  | — |
Long-term borrowings | 16,616 |  |  | — |  |  |  |  | 16,616 |
Accrued expenses and other liabilities | 275,989 |  |  | 18 |  |  | b |  | 276,007 |
Total liabilities | 6,003,404 |  |  | 18 |  |  |  |  | 6,003,422 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2022 | — |  |  | — |  |  |  |  | — |
Common stock, $0.01 par value; 90,000,000 shares authorized, 29,440,396 shares issued and 29,356,707 shares outstanding at June 30, 2022 | 294 |  |  | — |  |  |  |  | 294 |
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2022 | — |  |  | — |  |  |  |  | — |
Additional paid-in capital | 615,159 |  |  | — |  |  |  |  | 615,159 |
Retained earnings | 244,686 |  |  | (9,794) |  |  | a, b |  | 234,892 |
Accumulated other comprehensive loss | (131,407) |  |  | — |  |  |  |  | (131,407) |
Treasury stock, at cost, 83,689 common shares at June 30, 2022 | (4,623) |  |  | — |  |  |  |  | (4,623) |
Total equity attributable to parent | 724,109 |  |  | (9,794) |  |  |  |  | 714,315 |
Noncontrolling interest | 665 |  |  | — |  |  |  |  | 665 |
Total stockholders’ equity | 724,774 |  |  | (9,794) |  |  |  |  | 714,980 |
Total liabilities and stockholders’ equity | $ | 6,728,178 |  |  | $ | (9,776) |  |  |  |  | $ | 6,718,402 |
a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
Restated Consolidated Statements of Operations (unaudited)
| Three Months Ended December 31, 2023
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 94,963 |  |  | $ | 8,891 |  |  | a, b |  | $ | 103,854 |
Mortgage-backed securities | 10,049 |  |  | — |  |  |  |  | 10,049 |
Other investments | 10,886 |  |  | — |  |  |  |  | 10,886 |
| 115,898 |  |  | 8,891 |  |  |  |  | 124,789 |
Interest expense: |  |  |  |  |  |  |
Deposits | 3,526 |  |  | — |  |  |  |  | 3,526 |
FHLB advances and other borrowings | 2,336 |  |  | — |  |  |  |  | 2,336 |
| 5,862 |  |  | — |  |  |  |  | 5,862 |
Net interest income | 110,036 |  |  | 8,891 |  |  |  |  | 118,927 |
Provision for credit loss | 9,890 |  |  | (2,132) |  |  | a |  | 7,758 |
Net interest income after provision for credit loss | 100,146 |  |  | 11,023 |  |  |  |  | 111,169 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 422 |  |  | — |  |  |  |  | 422 |
Refund advance fee income | 111 |  |  | — |  |  |  |  | 111 |
Card and deposit fees | 30,750 |  |  | — |  |  |  |  | 30,750 |
Rental income | 13,459 |  |  | — |  |  |  |  | 13,459 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | 2,840 |  |  | — |  |  |  |  | 2,840 |
Other income | 5,179 |  |  | — |  |  |  |  | 5,179 |
Total noninterest income | 52,761 |  |  | — |  |  |  |  | 52,761 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 46,652 |  |  | — |  |  |  |  | 46,652 |
Refund transfer product expense | 192 |  |  | — |  |  |  |  | 192 |
Refund advance expense | 30 |  |  | — |  |  |  |  | 30 |
Card processing | 34,584 |  |  | — |  |  |  |  | 34,584 |
Occupancy and equipment expense | 8,848 |  |  | — |  |  |  |  | 8,848 |
Operating lease equipment depreciation | 10,423 |  |  | — |  |  |  |  | 10,423 |
Legal and consulting | 4,892 |  |  | — |  |  |  |  | 4,892 |
Intangible amortization | 984 |  |  | — |  |  |  |  | 984 |
Impairment expense | — |  |  | — |  |  |  |  | — |
Other expense | 12,669 |  |  | 1,803 |  |  | a |  | 14,472 |
Total noninterest expense | 119,274 |  |  | 1,803 |  |  |  |  | 121,077 |
Income before income tax expense | 33,633 |  |  | 9,220 |  |  |  |  | 42,853 |
Income tax expense | 5,719 |  |  | 1,978 |  |  | a, b |  | 7,697 |
Net income before noncontrolling interest | 27,914 |  |  | 7,242 |  |  |  |  | 35,156 |
Net income attributable to noncontrolling interest | 257 |  |  | — |  |  |  |  | 257 |
Net income attributable to parent | 27,657 |  |  | 7,242 |  |  |  |  | 34,899 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 1.06 |  |  |  |  |  |  | $ | 1.34 |
Diluted | $ | 1.06 |  |  |  |  |  |  | $ | 1.34 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended March 31, 2024 |  | Six Months Ended March 31, 2024
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 102,750 |  |  | $ | 10,333 |  |  | a, b |  | $ | 113,083 |  |  | $ | 197,713 |  |  | $ | 19,224 |  |  | a, b |  | $ | 216,937 |
Mortgage-backed securities | 9,998 |  |  | — |  |  |  |  | 9,998 |  |  | 20,047 |  |  | — |  |  |  |  | 20,047 |
Other investments | 14,013 |  |  | — |  |  |  |  | 14,013 |  |  | 24,899 |  |  | — |  |  |  |  | 24,899 |
| 126,761 |  |  | 10,333 |  |  |  |  | 137,094 |  |  | 242,659 |  |  | 19,224 |  |  |  |  | 261,883 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 6,685 |  |  | — |  |  |  |  | 6,685 |  |  | 10,211 |  |  | — |  |  |  |  | 10,211 |
FHLB advances and other borrowings | 1,775 |  |  | — |  |  |  |  | 1,775 |  |  | 4,111 |  |  | — |  |  |  |  | 4,111 |
| 8,460 |  |  | — |  |  |  |  | 8,460 |  |  | 14,322 |  |  |  |  |  |  | 14,322 |
Net interest income | 118,301 |  |  | 10,333 |  |  |  |  | 128,634 |  |  | 228,337 |  |  | 19,224 |  |  |  |  | 247,561 |
Provision for credit loss | 26,052 |  |  | 3,692 |  |  | a |  | 29,744 |  |  | 35,942 |  |  | 1,560 |  |  | a |  | 37,502 |
Net interest income after provision for credit loss | 92,249 |  |  | 6,641 |  |  |  |  | 98,890 |  |  | 192,395 |  |  | 17,664 |  |  |  |  | 210,059 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 28,942 |  |  | — |  |  |  |  | 28,942 |  |  | 29,364 |  |  | — |  |  |  |  | 29,364 |
Refund advance fee income | 43,200 |  |  | — |  |  |  |  | 43,200 |  |  | 43,311 |  |  | — |  |  |  |  | 43,311 |
Card and deposit fees | 35,344 |  |  | — |  |  |  |  | 35,344 |  |  | 66,094 |  |  | — |  |  |  |  | 66,094 |
Rental income | 13,720 |  |  | — |  |  |  |  | 13,720 |  |  | 27,179 |  |  | — |  |  |  |  | 27,179 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | 1,695 |  |  | — |  |  |  |  | 1,695 |  |  | 4,535 |  |  | — |  |  |  |  | 4,535 |
Other income | 6,044 |  |  | — |  |  |  |  | 6,044 |  |  | 11,223 |  |  | — |  |  |  |  | 11,223 |
Total noninterest income | 128,945 |  |  | — |  |  |  |  | 128,945 |  |  | 181,706 |  |  | — |  |  |  |  | 181,706 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 54,073 |  |  | — |  |  |  |  | 54,073 |  |  | 100,725 |  |  | — |  |  |  |  | 100,725 |
Refund transfer product expense | 7,366 |  |  | — |  |  |  |  | 7,366 |  |  | 7,558 |  |  | — |  |  |  |  | 7,558 |
Refund advance expense | 1,846 |  |  | — |  |  |  |  | 1,846 |  |  | 1,876 |  |  | — |  |  |  |  | 1,876 |
Card processing | 35,163 |  |  | — |  |  |  |  | 35,163 |  |  | 69,747 |  |  | — |  |  |  |  | 69,747 |
Occupancy and equipment expense | 9,293 |  |  | — |  |  |  |  | 9,293 |  |  | 18,141 |  |  | — |  |  |  |  | 18,141 |
Operating lease equipment depreciation | 10,424 |  |  | — |  |  |  |  | 10,424 |  |  | 20,847 |  |  | — |  |  |  |  | 20,847 |
Legal and consulting | 6,141 |  |  | — |  |  |  |  | 6,141 |  |  | 11,033 |  |  | — |  |  |  |  | 11,033 |
Intangible amortization | 1,240 |  |  | — |  |  |  |  | 1,240 |  |  | 2,224 |  |  | — |  |  |  |  | 2,224 |
Impairment expense | 2,013 |  |  | — |  |  |  |  | 2,013 |  |  | 2,013 |  |  | — |  |  |  |  | 2,013 |
Other expense | 12,872 |  |  | 311 |  |  | a |  | 13,183 |  |  | 25,541 |  |  | 2,114 |  |  | a |  | 27,655 |
Total noninterest expense | 140,431 |  |  | 311 |  |  |  |  | 140,742 |  |  | 259,705 |  |  | 2,114 |  |  |  |  | 261,819 |
Income before income tax expense | 80,763 |  |  | 6,330 |  |  |  |  | 87,093 |  |  | 114,396 |  |  | 15,550 |  |  |  |  | 129,946 |
Income tax expense | 15,246 |  |  | 1,680 |  |  | a, b |  | 16,926 |  |  | 20,965 |  |  | 3,658 |  |  | a, b |  | 24,623 |
Net income before noncontrolling interest | 65,517 |  |  | 4,650 |  |  |  |  | 70,167 |  |  | 93,431 |  |  | 11,892 |  |  |  |  | 105,323 |
Net income attributable to noncontrolling interest | 249 |  |  | — |  |  |  |  | 249 |  |  | 506 |  |  | — |  |  |  |  | 506 |
Net income attributable to parent | 65,268 |  |  | 4,650 |  |  |  |  | 69,918 |  |  | 92,925 |  |  | 11,892 |  |  |  |  | 104,817 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 2.56 |  |  |  |  |  |  | $ | 2.74 |  |  | $ | 3.61 |  |  |  |  |  |  | $ | 4.07 |
Diluted | $ | 2.56 |  |  |  |  |  |  | $ | 2.74 |  |  | $ | 3.61 |  |  |  |  |  |  | $ | 4.07 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended June 30, 2024 |  | Nine Months Ended June 30, 2024
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 95,871 |  |  | $ | 11,891 |  |  | a, b |  | $ | 107,762 |  |  | $ | 293,584 |  |  | $ | 31,115 |  |  | a, b |  | $ | 324,699 |
Mortgage-backed securities | 9,748 |  |  | — |  |  |  |  | 9,748 |  |  | 29,795 |  |  | — |  |  |  |  | 29,795 |
Other investments | 8,323 |  |  | — |  |  |  |  | 8,323 |  |  | 33,222 |  |  | — |  |  |  |  | 33,222 |
| 113,942 |  |  | 11,891 |  |  |  |  | 125,833 |  |  | 356,601 |  |  | 31,115 |  |  |  |  | 387,716 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 1,689 |  |  | — |  |  |  |  | 1,689 |  |  | 11,900 |  |  | — |  |  |  |  | 11,900 |
FHLB advances and other borrowings | 1,394 |  |  | — |  |  |  |  | 1,394 |  |  | 5,505 |  |  | — |  |  |  |  | 5,505 |
| 3,083 |  |  | — |  |  |  |  | 3,083 |  |  | 17,405 |  |  | — |  |  |  |  | 17,405 |
Net interest income | 110,859 |  |  | 11,891 |  |  |  |  | 122,750 |  |  | 339,196 |  |  | 31,115 |  |  |  |  | 370,311 |
Provision for credit loss | 5,881 |  |  | 6,046 |  |  | a |  | 11,927 |  |  | 41,823 |  |  | 7,606 |  |  | a |  | 49,429 |
Net interest income after provision for credit loss | 104,978 |  |  | 5,845 |  |  |  |  | 110,823 |  |  | 297,373 |  |  | 23,509 |  |  |  |  | 320,882 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 9,111 |  |  | — |  |  |  |  | 9,111 |  |  | 38,475 |  |  | — |  |  |  |  | 38,475 |
Refund advance fee income | (67) |  |  | — |  |  |  |  | (67) |  |  | 43,244 |  |  | — |  |  |  |  | 43,244 |
Card and deposit fees | 33,408 |  |  | — |  |  |  |  | 33,408 |  |  | 99,502 |  |  | — |  |  |  |  | 99,502 |
Rental income | 13,779 |  |  | — |  |  |  |  | 13,779 |  |  | 40,958 |  |  | — |  |  |  |  | 40,958 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | 4,675 |  |  | — |  |  |  |  | 4,675 |  |  | 9,210 |  |  | — |  |  |  |  | 9,210 |
Other income | 4,965 |  |  | — |  |  |  |  | 4,965 |  |  | 16,188 |  |  | — |  |  |  |  | 16,188 |
Total noninterest income | 65,871 |  |  | — |  |  |  |  | 65,871 |  |  | 247,577 |  |  | — |  |  |  |  | 247,577 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 48,449 |  |  | — |  |  |  |  | 48,449 |  |  | 149,174 |  |  | — |  |  |  |  | 149,174 |
Refund transfer product expense | 2,136 |  |  | — |  |  |  |  | 2,136 |  |  | 9,694 |  |  | — |  |  |  |  | 9,694 |
Refund advance expense | 47 |  |  | — |  |  |  |  | 47 |  |  | 1,923 |  |  | — |  |  |  |  | 1,923 |
Card processing | 34,314 |  |  | — |  |  |  |  | 34,314 |  |  | 104,061 |  |  | — |  |  |  |  | 104,061 |
Occupancy and equipment expense | 9,070 |  |  | — |  |  |  |  | 9,070 |  |  | 27,211 |  |  | — |  |  |  |  | 27,211 |
Operating lease equipment depreciation | 10,465 |  |  | — |  |  |  |  | 10,465 |  |  | 31,312 |  |  | — |  |  |  |  | 31,312 |
Legal and consulting | 5,410 |  |  | — |  |  |  |  | 5,410 |  |  | 16,443 |  |  | — |  |  |  |  | 16,443 |
Intangible amortization | 983 |  |  | — |  |  |  |  | 983 |  |  | 3,207 |  |  | — |  |  |  |  | 3,207 |
Impairment expense | 999 |  |  | — |  |  |  |  | 999 |  |  | 3,012 |  |  | — |  |  |  |  | 3,012 |
Other expense | 11,806 |  |  | 1,831 |  |  | a |  | 13,637 |  |  | 37,347 |  |  | 3,945 |  |  | a |  | 41,292 |
Total noninterest expense | 123,679 |  |  | 1,831 |  |  |  |  | 125,510 |  |  | 383,384 |  |  | 3,945 |  |  |  |  | 387,329 |
Income before income tax expense | 47,170 |  |  | 4,014 |  |  |  |  | 51,184 |  |  | 161,566 |  |  | 19,564 |  |  |  |  | 181,130 |
Income tax expense | 5,123 |  |  | 980 |  |  | a, b |  | 6,103 |  |  | 26,088 |  |  | 4,638 |  |  | a, b |  | 30,726 |
Net income before noncontrolling interest | 42,047 |  |  | 3,034 |  |  |  |  | 45,081 |  |  | 135,478 |  |  | 14,926 |  |  |  |  | 150,404 |
Net income attributable to noncontrolling interest | 212 |  |  | — |  |  |  |  | 212 |  |  | 718 |  |  | — |  |  |  |  | 718 |
Net income attributable to parent | 41,835 |  |  | 3,034 |  |  |  |  | 44,869 |  |  | 134,760 |  |  | 14,926 |  |  |  |  | 149,686 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.66 |  |  |  |  |  |  | $ | 1.78 |  |  | $ | 5.27 |  |  |  |  |  |  | $ | 5.86 |
Diluted | $ | 1.66 |  |  |  |  |  |  | $ | 1.78 |  |  | $ | 5.27 |  |  |  |  |  |  | $ | 5.85 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended September 30, 2024
(Dollars in thousands, except per share data) | As Reported* |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 102,292 |  |  | $ | 11,592 |  |  | a, b |  | $ | 113,884 |
Mortgage-backed securities | 9,607 |  |  | — |  |  |  |  | 9,607 |
Other investments | 7,851 |  |  | — |  |  |  |  | 7,851 |
| 119,750 |  |  | 11,592 |  |  |  |  | 131,342 |
Interest expense: |  |  |  |  |  |  |
Deposits | 1,119 |  |  | — |  |  |  |  | 1,119 |
FHLB advances and other borrowings | 2,709 |  |  | — |  |  |  |  | 2,709 |
| 3,828 |  |  | — |  |  |  |  | 3,828 |
Net interest income | 115,922 |  |  | 11,592 |  |  |  |  | 127,514 |
Provision for credit loss | 838 |  |  | 7,834 |  |  | a |  | 8,672 |
Net interest income after provision for credit loss | 115,084 |  |  | 3,758 |  |  |  |  | 118,842 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 1,703 |  |  | — |  |  |  |  | 1,703 |
Refund advance fee income | 229 |  |  | — |  |  |  |  | 229 |
Card and deposit fees | 26,441 |  |  | — |  |  |  |  | 26,441 |
Rental income | 13,199 |  |  | — |  |  |  |  | 13,199 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | 3,459 |  |  | — |  |  |  |  | 3,459 |
Other income | 6,979 |  |  | — |  |  |  |  | 6,979 |
Total noninterest income | 52,010 |  |  | — |  |  |  |  | 52,010 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 52,298 |  |  | — |  |  |  |  | 52,298 |
Refund transfer product expense | 168 |  |  | — |  |  |  |  | 168 |
Refund advance expense | 20 |  |  | — |  |  |  |  | 20 |
Card processing | 33,877 |  |  | — |  |  |  |  | 33,877 |
Occupancy and equipment expense | 9,376 |  |  | — |  |  |  |  | 9,376 |
Operating lease equipment depreciation | 10,445 |  |  | — |  |  |  |  | 10,445 |
Legal and consulting | 8,414 |  |  | — |  |  |  |  | 8,414 |
Intangible amortization | 924 |  |  | — |  |  |  |  | 924 |
Impairment expense | — |  |  | — |  |  |  |  | — |
Other expense | 14,347 |  |  | 3,493 |  |  | a |  | 17,840 |
Total noninterest expense | 129,869 |  |  | 3,493 |  |  |  |  | 133,362 |
Income before income tax expense | 37,225 |  |  | 265 |  |  |  |  | 37,490 |
Income tax expense | 3,053 |  |  | 329 |  |  | a, b |  | 3,382 |
Net income before noncontrolling interest | 34,172 |  |  | (64) |  |  |  |  | 34,108 |
Net income attributable to noncontrolling interest | 575 |  |  | — |  |  |  |  | 575 |
Net income attributable to parent | 33,597 |  |  | (64) |  |  |  |  | 33,533 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 1.35 |  |  |  |  |  |  | $ | 1.34 |
Diluted | $ | 1.35 |  |  |  |  |  |  | $ | 1.34 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) * These amounts have been restated for presentation as this three month period was not reported in a previous Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed by the Company.
| Three Months Ended December 31, 2022
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 68,396 |  |  | $ | 4,373 |  |  | a, b |  | $ | 72,769 |
Mortgage-backed securities | 10,412 |  |  | — |  |  |  |  | 10,412 |
Other investments | 6,252 |  |  | — |  |  |  |  | 6,252 |
| 85,060 |  |  | 4,373 |  |  |  |  | 89,433 |
Interest expense: |  |  |  |  |  |  |
Deposits | 142 |  |  | — |  |  |  |  | 142 |
FHLB advances and other borrowings | 861 |  |  | — |  |  |  |  | 861 |
| 1,003 |  |  | — |  |  |  |  | 1,003 |
Net interest income | 84,057 |  |  | 4,373 |  |  |  |  | 88,430 |
Provision for credit loss | 9,776 |  |  | 6,982 |  |  | a |  | 16,758 |
Net interest income after provision for credit loss | 74,281 |  |  | (2,609) |  |  |  |  | 71,672 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 677 |  |  | — |  |  |  |  | 677 |
Refund advance fee income | 617 |  |  | — |  |  |  |  | 617 |
Card and deposit fees | 37,718 |  |  | — |  |  |  |  | 37,718 |
Rental income | 12,708 |  |  | — |  |  |  |  | 12,708 |
Gain on sale of trademarks | 10,000 |  |  | — |  |  |  |  | 10,000 |
Gain (loss) on sale of other | 502 |  |  | — |  |  |  |  | 502 |
Other income | 3,555 |  |  | — |  |  |  |  | 3,555 |
Total noninterest income | 65,777 |  |  | — |  |  |  |  | 65,777 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 43,017 |  |  | — |  |  |  |  | 43,017 |
Refund transfer product expense | 105 |  |  | — |  |  |  |  | 105 |
Refund advance expense | 27 |  |  | — |  |  |  |  | 27 |
Card processing | 22,683 |  |  | — |  |  |  |  | 22,683 |
Occupancy and equipment expense | 8,312 |  |  | — |  |  |  |  | 8,312 |
Operating lease equipment depreciation | 9,628 |  |  | — |  |  |  |  | 9,628 |
Legal and consulting | 9,459 |  |  | — |  |  |  |  | 9,459 |
Intangible amortization | 1,258 |  |  | — |  |  |  |  | 1,258 |
Impairment expense | 24 |  |  | — |  |  |  |  | 24 |
Other expense | 10,546 |  |  | (2,151) |  |  | a |  | 8,395 |
Total noninterest expense | 105,059 |  |  | (2,151) |  |  |  |  | 102,908 |
Income before income tax expense | 34,999 |  |  | (458) |  |  |  |  | 34,541 |
Income tax expense | 6,577 |  |  | (406) |  |  | a, b |  | 6,171 |
Net income before noncontrolling interest | 28,422 |  |  | (52) |  |  |  |  | 28,370 |
Net income attributable to noncontrolling interest | 580 |  |  | — |  |  |  |  | 580 |
Net income attributable to parent | $ | 27,842 |  |  | $ | (52) |  |  |  |  | $ | 27,790 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.98 |  |  |  |  |  |  | $ | 0.98 |
Diluted | $ | 0.98 |  |  |  |  |  |  | $ | 0.98 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended March 31, 2023 |  | Six Months Ended March 31, 2023
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 83,879 |  |  | $ | 4,268 |  |  | a, b |  | $ | 88,147 |  |  | $ | 152,275 |  |  | $ | 8,641 |  |  | a, b |  | $ | 160,916 |
Mortgage-backed securities | 10,326 |  |  | — |  |  |  |  | 10,326 |  |  | 20,738 |  |  | — |  |  |  |  | 20,738 |
Other investments | 10,482 |  |  | — |  |  |  |  | 10,482 |  |  | 16,734 |  |  | — |  |  |  |  | 16,734 |
| 104,687 |  |  | 4,268 |  |  |  |  | 108,955 |  | 189,747 |  | 189,747 |  | 108.9554589 | 8,641 |  | 190 |  |  |  | 198,388 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 2,096 |  |  | — |  |  |  |  | 2,096 |  |  | 2,238 |  |  | — |  |  |  |  | 2,238 |
FHLB advances and other borrowings | 1,186 |  |  | — |  |  |  |  | 1,186 |  |  | 2,047 |  |  | — |  |  |  |  | 2,047 |
| 3,282 |  |  | — |  |  |  |  | 3,282 |  |  | 4,285 |  |  | — |  |  |  |  | 4,285 |
Net interest income | 101,405 |  |  | 4,268 |  |  |  |  | 105,673 |  |  | 185,462 |  |  | 8,641 |  |  |  |  | 194,103 |
Provision for credit loss | 36,763 |  |  | 5,197 |  |  | a |  | 41,960 |  |  | 46,539 |  |  | 12,179 |  |  | a |  | 58,718 |
Net interest income after provision for credit loss | 64,642 |  |  | (929) |  |  |  |  | 63,713 |  |  | 138,923 |  |  | (3,538) |  |  |  |  | 135,385 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 30,205 |  |  | — |  |  |  |  | 30,205 |  |  | 30,882 |  |  | — |  |  |  |  | 30,882 |
Refund advance fee income | 37,995 |  |  | — |  |  |  |  | 37,995 |  |  | 38,612 |  |  | — |  |  |  |  | 38,612 |
Card and deposit fees | 42,087 |  |  | — |  |  |  |  | 42,087 |  |  | 79,805 |  |  | — |  |  |  |  | 79,805 |
Rental income | 12,940 |  |  | — |  |  |  |  | 12,940 |  |  | 25,648 |  |  | — |  |  |  |  | 25,648 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | 10,000 |  |  | — |  |  |  |  | 10,000 |
Gain (loss) on sale of other | (666) |  |  | — |  |  |  |  | (666) |  |  | (164) |  |  | — |  |  |  |  | (164) |
Other income | 4,477 |  |  | — |  |  |  |  | 4,477 |  |  | 8,032 |  |  | — |  |  |  |  | 8,032 |
Total noninterest income | 127,038 |  |  | — |  |  |  |  | 127,038 |  |  | 192,815 |  |  | — |  |  |  |  | 192,815 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 47,547 |  |  | — |  |  |  |  | 47,547 |  |  | 90,564 |  |  | — |  |  |  |  | 90,564 |
Refund transfer product expense | 7,863 |  |  | — |  |  |  |  | 7,863 |  |  | 7,968 |  |  | — |  |  |  |  | 7,968 |
Refund advance expense | 1,603 |  |  | — |  |  |  |  | 1,603 |  |  | 1,630 |  |  | — |  |  |  |  | 1,630 |
Card processing | 26,924 |  |  | — |  |  |  |  | 26,924 |  |  | 49,607 |  |  | — |  |  |  |  | 49,607 |
Occupancy and equipment expense | 8,510 |  |  | — |  |  |  |  | 8,510 |  |  | 16,822 |  |  | — |  |  |  |  | 16,822 |
Operating lease equipment depreciation | 14,719 |  |  | — |  |  |  |  | 14,719 |  |  | 24,347 |  |  | — |  |  |  |  | 24,347 |
Legal and consulting | 4,921 |  |  | — |  |  |  |  | 4,921 |  |  | 14,380 |  |  | — |  |  |  |  | 14,380 |
Intangible amortization | 1,435 |  |  | — |  |  |  |  | 1,435 |  |  | 2,693 |  |  | — |  |  |  |  | 2,693 |
Impairment expense | 500 |  |  | 2,749 |  |  | b |  | 3,249 |  |  | 524 |  |  | 2,749 |  |  | b |  | 3,273 |
Other expense | 13,114 |  |  | (1,710) |  |  | a |  | 11,404 |  |  | 23,660 |  |  | (3,861) |  |  | a |  | 19,799 |
Total noninterest expense | 127,136 |  |  | 1,039 |  |  |  |  | 128,175 |  |  | 232,195 |  |  | (1,112) |  |  |  |  | 231,083 |
Income before income tax expense | 64,544 |  |  | (1,968) |  |  |  |  | 62,576 |  |  | 99,543 |  |  | (2,426) |  |  |  |  | 97,117 |
Income tax expense | 9,176 |  |  | (1,316) |  |  | a, b |  | 7,860 |  |  | 15,753 |  |  | (1,722) |  |  | a, b |  | 14,031 |
Net income before noncontrolling interest | 55,368 |  |  | (652) |  |  |  |  | 54,716 |  |  | 83,790 |  |  | (704) |  |  |  |  | 83,086 |
Net income attributable to noncontrolling interest | 597 |  |  | — |  |  |  |  | 597 |  |  | 1,177 |  |  | — |  |  |  |  | 1,177 |
Net income attributable to parent | $ | 54,771 |  |  | $ | (652) |  |  |  |  | $ | 54,119 |  |  | $ | 82,613 |  |  | $ | (704) |  |  |  |  | $ | 81,909 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.99 |  |  |  |  |  |  | $ | 1.97 |  |  | $ | 2.95 |  |  |  |  |  |  | $ | 2.92 |
Diluted | $ | 1.99 |  |  |  |  |  |  | $ | 1.96 |  |  | $ | 2.95 |  |  |  |  |  |  | $ | 2.92 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended June 30, 2023 |  | Nine Months Ended June 30, 2023
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 81,242 |  |  | $ | 5,350 |  |  | a, b |  | $ | 86,592 |  |  | $ | 233,517 |  |  | $ | 13,991 |  |  | a, b |  | $ | 247,508 |
Mortgage-backed securities | 10,234 |  |  | — |  |  |  |  | 10,234 |  |  | 30,972 |  |  | — |  |  |  |  | 30,972 |
Other investments | 7,870 |  |  | — |  |  |  |  | 7,870 |  |  | 24,604 |  |  | — |  |  |  |  | 24,604 |
| 99,346 |  |  | 5,350 |  |  |  |  | 104,696 |  |  | 289,093 |  |  | 13,991 |  |  |  |  | 303,084 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 164 |  |  | — |  |  |  |  | 164 |  |  | 2,402 |  |  | — |  |  |  |  | 2,402 |
FHLB advances and other borrowings | 1,717 |  |  | — |  |  |  |  | 1,717 |  |  | 3,764 |  |  | — |  |  |  |  | 3,764 |
| 1,881 |  |  | — |  |  |  |  | 1,881 |  |  | 6,166 |  |  | — |  |  |  |  | 6,166 |
Net interest income | 97,465 |  |  | 5,350 |  |  |  |  | 102,815 |  |  | 282,927 |  |  | 13,991 |  |  |  |  | 296,918 |
Provision for credit loss | 1,773 |  |  | 20,744 |  |  | a |  | 22,517 |  |  | 48,312 |  |  | 32,923 |  |  | a |  | 81,235 |
Net interest income after provision for credit loss | 95,692 |  |  | (15,394) |  |  |  |  | 80,298 |  |  | 234,615 |  |  | (18,932) |  |  |  |  | 215,683 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 8,262 |  |  | — |  |  |  |  | 8,262 |  |  | 39,144 |  |  | — |  |  |  |  | 39,144 |
Refund advance fee income | (927) |  |  | — |  |  |  |  | (927) |  |  | 37,685 |  |  | — |  |  |  |  | 37,685 |
Card and deposit fees | 39,708 |  |  | — |  |  |  |  | 39,708 |  |  | 119,513 |  |  | — |  |  |  |  | 119,513 |
Rental income | 13,980 |  |  | — |  |  |  |  | 13,980 |  |  | 39,628 |  |  | — |  |  |  |  | 39,628 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | 10,000 |  |  | — |  |  |  |  | 10,000 |
Gain (loss) on sale of other | 821 |  |  | — |  |  |  |  | 821 |  |  | 657 |  |  | — |  |  |  |  | 657 |
Other income | 5,889 |  |  | — |  |  |  |  | 5,889 |  |  | 13,921 |  |  | — |  |  |  |  | 13,921 |
Total noninterest income | 67,733 |  |  | — |  |  |  |  | 67,733 |  |  | 260,548 |  |  | — |  |  |  |  | 260,548 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 47,402 |  |  | — |  |  |  |  | 47,402 |  |  | 137,966 |  |  | — |  |  |  |  | 137,966 |
Refund transfer product expense | 1,727 |  |  | — |  |  |  |  | 1,727 |  |  | 9,695 |  |  | — |  |  |  |  | 9,695 |
Refund advance expense | 239 |  |  | — |  |  |  |  | 239 |  |  | 1,869 |  |  | — |  |  |  |  | 1,869 |
Card processing | 26,342 |  |  | — |  |  |  |  | 26,342 |  |  | 75,949 |  |  | — |  |  |  |  | 75,949 |
Occupancy and equipment expense | 8,595 |  |  | — |  |  |  |  | 8,595 |  |  | 25,417 |  |  | — |  |  |  |  | 25,417 |
Operating lease equipment depreciation | 10,517 |  |  | — |  |  |  |  | 10,517 |  |  | 34,864 |  |  | — |  |  |  |  | 34,864 |
Legal and consulting | 5,089 |  |  | — |  |  |  |  | 5,089 |  |  | 19,469 |  |  | — |  |  |  |  | 19,469 |
Intangible amortization | 1,168 |  |  | — |  |  |  |  | 1,168 |  |  | 3,861 |  |  | — |  |  |  |  | 3,861 |
Impairment expense | 2,749 |  |  | (2,749) |  |  | a |  | — |  |  | 3,273 |  |  | — |  |  |  |  | 3,273 |
Other expense | 10,750 |  |  | (763) |  |  | a |  | 9,987 |  |  | 34,410 |  |  | (4,623) |  |  | a |  | 29,787 |
Total noninterest expense | 114,578 |  |  | (3,512) |  |  |  |  | 111,066 |  |  | 346,773 |  |  | (4,623) |  |  |  |  | 342,150 |
Income before income tax expense | 48,847 |  |  | (11,882) |  |  |  |  | 36,965 |  |  | 148,390 |  |  | (14,309) |  |  |  |  | 134,081 |
Income tax expense | 3,243 |  |  | (2,866) |  |  | a, b |  | 377 |  |  | 18,996 |  |  | (4,588) |  |  | a, b |  | 14,408 |
Net income before noncontrolling interest | 45,604 |  |  | (9,016) |  |  |  |  | 36,588 |  |  | 129,394 |  |  | (9,721) |  |  |  |  | 119,673 |
Net income attributable to noncontrolling interest | 508 |  |  | — |  |  |  |  | 508 |  |  | 1,685 |  |  | — |  |  |  |  | 1,685 |
Net income attributable to parent | $ | 45,096 |  |  | $ | (9,016) |  |  |  |  | $ | 36,080 |  |  | $ | 127,709 |  |  | $ | (9,721) |  |  |  |  | $ | 117,988 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.69 |  |  |  |  |  |  | $ | 1.35 |  |  | $ | 4.63 |  |  |  |  |  |  | $ | 4.28 |
Diluted | $ | 1.68 |  |  |  |  |  |  | $ | 1.34 |  |  | $ | 4.62 |  |  |  |  |  |  | $ | 4.27 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended September 30, 2023
(Dollars in thousands, except per share data) | As Reported * |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 90,085 |  |  | $ | 9,224 |  |  | a, b |  | $ | 99,309 |
Mortgage-backed securities | 10,225 |  |  | — |  |  |  |  | 10,225 |
Other investments | 9,332 |  |  | — |  |  |  |  | 9,332 |
| 109,642 |  |  | 9,224 |  |  |  |  | 118,866 |
Interest expense: |  |  |  |  |  |  |
Deposits | 1,954 |  |  | — |  |  |  |  | 1,954 |
FHLB advances and other borrowings | 2,754 |  |  | — |  |  |  |  | 2,754 |
| 4,708 |  |  | — |  |  |  |  | 4,708 |
Net interest income | 104,934 |  |  | 9,224 |  |  |  |  | 114,158 |
Provision for credit loss | 9,042 |  |  | 18,965 |  |  | a |  | 28,007 |
Net interest income after provision for credit loss | 95,892 |  |  | (9,741) |  |  |  |  | 86,151 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 308 |  |  | — |  |  |  |  | 308 |
Refund advance fee income | (252) |  |  | — |  |  |  |  | (252) |
Card and deposit fees | 31,233 |  |  | — |  |  |  |  | 31,233 |
Rental income | 14,562 |  |  | — |  |  |  |  | 14,562 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | 2,006 |  |  | — |  |  |  |  | 2,006 |
Other income | 8,194 |  |  | — |  |  |  |  | 8,194 |
Total noninterest income | 56,051 |  |  | — |  |  |  |  | 56,051 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 46,352 |  |  | — |  |  |  |  | 46,352 |
Refund transfer product expense | 28 |  |  | — |  |  |  |  | 28 |
Refund advance expense | (6) |  |  | — |  |  |  |  | (6) |
Card processing | 29,549 |  |  | — |  |  |  |  | 29,549 |
Occupancy and equipment expense | 9,274 |  |  | — |  |  |  |  | 9,274 |
Operating lease equipment depreciation | 10,846 |  |  | — |  |  |  |  | 10,846 |
Legal and consulting | 7,633 |  |  | — |  |  |  |  | 7,633 |
Intangible amortization | 1,110 |  |  | — |  |  |  |  | 1,110 |
Impairment expense | — |  |  | — |  |  |  |  | — |
Other expense | 13,416 |  |  | 3,037 |  |  | a |  | 16,453 |
Total noninterest expense | 118,202 |  |  | 3,037 |  |  |  |  | 121,239 |
Income before income tax expense | 33,741 |  |  | (12,778) |  |  |  |  | 20,963 |
Income tax expense | (2,672) |  |  | (2,149) |  |  | a, b |  | (4,821) |
Net income before noncontrolling interest | 36,413 |  |  | (10,629) |  |  |  |  | 25,784 |
Net income attributable to noncontrolling interest | 507 |  |  | — |  |  |  |  | 507 |
Net income attributable to parent | $ | 35,906 |  |  | $ | (10,629) |  |  |  |  | $ | 25,277 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 1.37 |  |  |  |  |  |  | $ | 0.96 |
Diluted | $ | 1.36 |  |  |  |  |  |  | $ | 0.96 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) * These amounts have been restated for presentation as this three month period was not reported in a previous Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed by the Company.
| Three Months Ended December 31, 2021
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 65,035 |  |  | $ | 3,313 |  |  | a, b |  | $ | 68,348 |
Mortgage-backed securities | 3,864 |  |  | — |  |  |  |  | 3,864 |
Other investments | 3,992 |  |  | — |  |  |  |  | 3,992 |
| 72,891 |  |  | 3,313 |  |  |  |  | 76,204 |
Interest expense: |  |  |  |  |  |  |
Deposits | 141 |  |  | — |  |  |  |  | 141 |
FHLB advances and other borrowings | 1,137 |  |  | — |  |  |  |  | 1,137 |
| 1,278 |  |  | — |  |  |  |  | 1,278 |
Net interest income | 71,613 |  |  | 3,313 |  |  |  |  | 74,926 |
Provision for credit loss | 186 |  |  | 143 |  |  | a |  | 329 |
Net interest income after provision for credit loss | 71,427 |  |  | 3,170 |  |  |  |  | 74,597 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 579 |  |  | — |  |  |  |  | 579 |
Refund advance fee income | 1,233 |  |  | — |  |  |  |  | 1,233 |
Card and deposit fees | 25,369 |  |  | — |  |  |  |  | 25,369 |
Rental income | 11,077 |  |  | — |  |  |  |  | 11,077 |
Gain on sale of trademarks | 50,000 |  |  | — |  |  |  |  | 50,000 |
Gain (loss) on sale of other | (3,328) |  |  | — |  |  |  |  | (3,328) |
Other income | 1,661 |  |  | — |  |  |  |  | 1,661 |
Total noninterest income | 86,591 |  |  | — |  |  |  |  | 86,591 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 38,225 |  |  | — |  |  |  |  | 38,225 |
Refund transfer product expense | 138 |  |  | — |  |  |  |  | 138 |
Refund advance expense | 183 |  |  | — |  |  |  |  | 183 |
Card processing | 7,172 |  |  | — |  |  |  |  | 7,172 |
Occupancy and equipment expense | 8,349 |  |  | — |  |  |  |  | 8,349 |
Operating lease equipment depreciation | 8,449 |  |  | — |  |  |  |  | 8,449 |
Legal and consulting | 6,208 |  |  | — |  |  |  |  | 6,208 |
Intangible amortization | 1,488 |  |  | — |  |  |  |  | 1,488 |
Impairment expense | — |  |  | — |  |  |  |  | — |
Other expense | 12,224 |  |  | 2,928 |  |  | a |  | 15,152 |
Total noninterest expense | 82,436 |  |  | 2,928 |  |  |  |  | 85,364 |
Income before income tax expense | 75,582 |  |  | 242 |  |  |  |  | 75,824 |
Income tax expense | 14,276 |  |  | (146) |  |  | a, b |  | 14,130 |
Net income before noncontrolling interest | 61,306 |  |  | 388 |  |  |  |  | 61,694 |
Net income attributable to noncontrolling interest | (18) |  |  | — |  |  |  |  | (18) |
Net income attributable to parent | $ | 61,324 |  |  | $ | 388 |  |  |  |  | $ | 61,712 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 2.00 |  |  |  |  |  |  | $ | 2.01 |
Diluted | $ | 2.00 |  |  |  |  |  |  | $ | 2.01 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended March 31, 2022 |  | Six Months Ended March 31, 2022
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 75,540 |  |  | $ | 4,702 |  |  | a, b |  | $ | 80,242 |  |  | $ | 140,575 |  |  | $ | 8,015 |  |  | a, b |  | $ | 148,590 |
Mortgage-backed securities | 5,446 |  |  | — |  |  |  |  | 5,446 |  |  | 9,310 |  |  | — |  |  |  |  | 9,310 |
Other investments | 4,191 |  |  | — |  |  |  |  | 4,191 |  |  | 8,183 |  |  | — |  |  |  |  | 8,183 |
| 85,177 |  |  | 4,702 |  |  |  |  | 89,879 |  |  | 158,068 |  |  | 8,015 |  |  |  |  | 166,083 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 165 |  |  | — |  |  |  |  | 165 |  |  | 306 |  |  | — |  |  |  |  | 306 |
FHLB advances and other borrowings | 1,212 |  |  | — |  |  |  |  | 1,212 |  |  | 2,349 |  |  | — |  |  |  |  | 2,349 |
| 1,377 |  |  | — |  |  |  |  | 1,377 |  |  | 2,655 |  |  | — |  |  |  |  | 2,655 |
Net interest income | 83,800 |  |  | 4,702 |  |  |  |  | 88,502 |  |  | 155,413 |  |  | 8,015 |  |  |  |  | 163,428 |
Provision for credit loss | 32,302 |  |  | 8,296 |  |  | a |  | 40,598 |  |  | 32,488 |  |  | 8,439 |  |  | a |  | 40,927 |
Net interest income after provision for credit loss | 51,498 |  |  | (3,594) |  |  |  |  | 47,904 |  |  | 122,925 |  |  | (424) |  |  |  |  | 122,501 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 27,805 |  |  | — |  |  |  |  | 27,805 |  |  | 28,384 |  |  | — |  |  |  |  | 28,384 |
Refund advance fee income | 39,299 |  |  | — |  |  |  |  | 39,299 |  |  | 40,532 |  |  | — |  |  |  |  | 40,532 |
Card and deposit fees | 26,520 |  |  | — |  |  |  |  | 26,520 |  |  | 51,889 |  |  | — |  |  |  |  | 51,889 |
Rental income | 11,375 |  |  | — |  |  |  |  | 11,375 |  |  | 22,452 |  |  | — |  |  |  |  | 22,452 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | 50,000 |  |  | — |  |  |  |  | 50,000 |
Gain (loss) on sale of other | 886 |  |  | — |  |  |  |  | 886 |  |  | (2,442) |  |  | — |  |  |  |  | (2,442) |
Other income | 3,881 |  |  | — |  |  |  |  | 3,881 |  |  | 5,542 |  |  | — |  |  |  |  | 5,542 |
Total noninterest income | 109,766 |  |  | — |  |  |  |  | 109,766 |  |  | 196,357 |  |  | — |  |  |  |  | 196,357 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 45,047 |  |  | — |  |  |  |  | 45,047 |  |  | 83,272 |  |  | — |  |  |  |  | 83,272 |
Refund transfer product expense | 6,260 |  |  | — |  |  |  |  | 6,260 |  |  | 6,398 |  |  | — |  |  |  |  | 6,398 |
Refund advance expense | 2,002 |  |  | — |  |  |  |  | 2,002 |  |  | 2,185 |  |  | — |  |  |  |  | 2,185 |
Card processing | 7,457 |  |  | — |  |  |  |  | 7,457 |  |  | 14,629 |  |  | — |  |  |  |  | 14,629 |
Occupancy and equipment expense | 8,500 |  |  | — |  |  |  |  | 8,500 |  |  | 16,849 |  |  | — |  |  |  |  | 16,849 |
Operating lease equipment depreciation | 8,737 |  |  | — |  |  |  |  | 8,737 |  |  | 17,185 |  |  | — |  |  |  |  | 17,185 |
Legal and consulting | 9,347 |  |  | — |  |  |  |  | 9,347 |  |  | 15,555 |  |  | — |  |  |  |  | 15,555 |
Intangible amortization | 2,169 |  |  | — |  |  |  |  | 2,169 |  |  | 3,657 |  |  | — |  |  |  |  | 3,657 |
Impairment expense | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Other expense | 13,641 |  |  | 602 |  |  | a |  | 14,243 |  |  | 25,866 |  |  | 3,530 |  |  | a |  | 29,396 |
Total noninterest expense | 103,160 |  |  | 602 |  |  |  |  | 103,762 |  |  | 185,596 |  |  | 3,530 |  |  |  |  | 189,126 |
Income before income tax expense | 58,104 |  |  | (4,196) |  |  |  |  | 53,908 |  |  | 133,686 |  |  | (3,954) |  |  |  |  | 129,732 |
Income tax expense | 8,002 |  |  | (819) |  |  | a, b |  | 7,183 |  |  | 22,278 |  |  | (965) |  |  | a, b |  | 21,313 |
Net income before noncontrolling interest | 50,102 |  |  | (3,377) |  |  |  |  | 46,725 |  |  | 111,408 |  |  | (2,989) |  |  |  |  | 108,419 |
Net income attributable to noncontrolling interest | 851 |  |  | — |  |  |  |  | 851 |  |  | 833 |  |  | — |  |  |  |  | 833 |
Net income attributable to parent | $ | 49,251 |  |  | $ | (3,377) |  |  |  |  | $ | 45,874 |  |  | $ | 110,575 |  |  | $ | (2,989) |  |  |  |  | $ | 107,586 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.66 |  |  |  |  |  |  | $ | 1.54 |  |  | $ | 3.66 |  |  |  |  |  |  | $ | 3.56 |
Diluted | $ | 1.66 |  |  |  |  |  |  | $ | 1.54 |  |  | $ | 3.66 |  |  |  |  |  |  | $ | 3.56 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended June 30, 2022 |  | Nine Months Ended June 30, 2022
(Dollars in thousands, except per share data) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated |  | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, including fees | $ | 62,541 |  |  | $ | 4,719 |  |  | a, b |  | $ | 67,260 |  |  | $ | 203,115 |  |  | $ | 12,734 |  |  | a, b |  | $ | 215,849 |
Mortgage-backed securities | 7,381 |  |  | — |  |  |  |  | 7,381 |  |  | 16,690 |  |  | — |  |  |  |  | 16,690 |
Other investments | 3,984 |  |  | — |  |  |  |  | 3,984 |  |  | 12,169 |  |  | — |  |  |  |  | 12,169 |
| 73,906 |  |  | 4,719 |  |  |  |  | 78,625 |  |  | 231,974 |  |  | 12,734 |  |  |  |  | 244,708 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 94 |  |  | — |  |  |  |  | 94 |  |  | 400 |  |  | — |  |  |  |  | 400 |
FHLB advances and other borrowings | 1,661 |  |  | — |  |  |  |  | 1,661 |  |  | 4,010 |  |  | — |  |  |  |  | 4,010 |
| 1,755 |  |  | — |  |  |  |  | 1,755 |  |  | 4,410 |  |  | — |  |  |  |  | 4,410 |
Net interest income | 72,151 |  |  | 4,719 |  |  |  |  | 76,870 |  |  | 227,564 |  |  | 12,734 |  |  |  |  | 240,298 |
Provision for credit loss | (1,302) |  |  | 9,165 |  |  | a |  | 7,863 |  |  | 31,186 |  |  | 17,604 |  |  | a |  | 48,790 |
Net interest income after provision for credit loss | 73,453 |  |  | (4,446) |  |  |  |  | 69,007 |  |  | 196,378 |  |  | (4,870) |  |  |  |  | 191,508 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refund transfer product fees | 10,289 |  |  | — |  |  |  |  | 10,289 |  |  | 38,674 |  |  | — |  |  |  |  | 38,674 |
Refund advance fee income | (20) |  |  | — |  |  |  |  | (20) |  |  | 40,513 |  |  | — |  |  |  |  | 40,513 |
Card and deposit fees | 24,935 |  |  | — |  |  |  |  | 24,935 |  |  | 76,825 |  |  | — |  |  |  |  | 76,825 |
Rental income | 12,082 |  |  | — |  |  |  |  | 12,082 |  |  | 34,534 |  |  | — |  |  |  |  | 34,534 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |  |  | 50,000 |  |  | — |  |  |  |  | 50,000 |
Gain (loss) on sale of other | 1,437 |  |  | — |  |  |  |  | 1,437 |  |  | (1,006) |  |  | — |  |  |  |  | (1,006) |
Other income | 5,271 |  |  | — |  |  |  |  | 5,271 |  |  | 10,811 |  |  | — |  |  |  |  | 10,811 |
Total noninterest income | 53,994 |  |  | — |  |  |  |  | 53,994 |  |  | 250,351 |  |  | — |  |  |  |  | 250,351 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | 45,091 |  |  | — |  |  |  |  | 45,091 |  |  | 128,364 |  |  | — |  |  |  |  | 128,364 |
Refund transfer product expense | 2,457 |  |  | — |  |  |  |  | 2,457 |  |  | 8,855 |  |  | — |  |  |  |  | 8,855 |
Refund advance expense | (29) |  |  | — |  |  |  |  | (29) |  |  | 2,156 |  |  | — |  |  |  |  | 2,156 |
Card processing | 8,438 |  |  | — |  |  |  |  | 8,438 |  |  | 23,067 |  |  | — |  |  |  |  | 23,067 |
Occupancy and equipment expense | 8,996 |  |  | — |  |  |  |  | 8,996 |  |  | 25,845 |  |  | — |  |  |  |  | 25,845 |
Operating lease equipment depreciation | 9,145 |  |  | — |  |  |  |  | 9,145 |  |  | 26,331 |  |  | — |  |  |  |  | 26,331 |
Legal and consulting | 11,724 |  |  | — |  |  |  |  | 11,724 |  |  | 27,279 |  |  | — |  |  |  |  | 27,279 |
Intangible amortization | 1,532 |  |  | — |  |  |  |  | 1,532 |  |  | 5,188 |  |  | — |  |  |  |  | 5,188 |
Impairment expense | 670 |  |  | — |  |  |  |  | 670 |  |  | 670 |  |  | — |  |  |  |  | 670 |
Other expense | 8,626 |  |  | (4,103) |  |  | a |  | 4,523 |  |  | 34,491 |  |  | (573) |  |  | a |  | 33,918 |
Total noninterest expense | 96,650 |  |  | (4,103) |  |  |  |  | 92,547 |  |  | 282,246 |  |  | (573) |  |  |  |  | 281,673 |
Income before income tax expense | 30,797 |  |  | (343) |  |  |  |  | 30,454 |  |  | 164,483 |  |  | (4,297) |  |  |  |  | 160,186 |
Income tax expense | 6,958 |  |  | (216) |  |  | a, b |  | 6,742 |  |  | 29,236 |  |  | (1,181) |  |  | a, b |  | 28,055 |
Net income before noncontrolling interest | 23,839 |  |  | (127) |  |  |  |  | 23,712 |  |  | 135,247 |  |  | (3,116) |  |  |  |  | 132,131 |
Net income attributable to noncontrolling interest | 1,448 |  |  | — |  |  |  |  | 1,448 |  |  | 2,281 |  |  | — |  |  |  |  | 2,281 |
Net income attributable to parent | $ | 22,391 |  |  | $ | (127) |  |  |  |  | $ | 22,264 |  |  | 132,966 |  |  | (3,116) |  |  |  |  | 129,850 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.76 |  |  |  |  |  |  | $ | 0.76 |  |  | $ | 4.44 |  |  |  |  |  |  | $ | 4.34 |
Diluted | $ | 0.76 |  |  |  |  |  |  | $ | 0.76 |  |  | $ | 4.44 |  |  |  |  |  |  | $ | 4.34 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended September 30, 2022
(Dollars in thousands, except per share data) | As Reported* |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Interest and dividend income: |  |  |  |  |  |  |
Loans and leases, including fees | $ | 64,962 |  |  | $ | 4,508 |  |  | a, b |  | $ | 69,470 |
Mortgage-backed securities | 10,155 |  |  | — |  |  |  |  | 10,155 |
Other investments | 5,105 |  |  | — |  |  |  |  | 5,105 |
| 80,222 |  |  | 4,508 |  |  |  |  | 84,730 |
Interest expense: |  |  |  |  |  |  |
Deposits | 100 |  |  | — |  |  |  |  | 100 |
FHLB advances and other borrowings | 362 |  |  | — |  |  |  |  | 362 |
| 462 |  |  | — |  |  |  |  | 462 |
Net interest income | 79,760 |  |  | 4,508 |  |  |  |  | 84,268 |
Provision for credit loss | (2,648) |  |  | 10,650 |  |  | a |  | 8,002 |
Net interest income after provision for credit loss | 82,408 |  |  | (6,142) |  |  |  |  | 76,266 |
Noninterest income: |  |  |  |  |  |  |
Refund transfer product fees | 1,136 |  |  | — |  |  |  |  | 1,136 |
Refund advance fee income | 45 |  |  | — |  |  |  |  | 45 |
Card and deposit fees | 28,909 |  |  | — |  |  |  |  | 28,909 |
Rental income | 12,024 |  |  | — |  |  |  |  | 12,024 |
Gain on sale of trademarks | — |  |  | — |  |  |  |  | — |
Gain (loss) on sale of other | (5,202) |  |  | — |  |  |  |  | (5,202) |
Other income | 6,544 |  |  | — |  |  |  |  | 6,544 |
Total noninterest income | 43,456 |  |  | — |  |  |  |  | 43,456 |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 42,763 |  |  | — |  |  |  |  | 42,763 |
Refund transfer product expense | 53 |  |  | — |  |  |  |  | 53 |
Refund advance expense | 1 |  |  | — |  |  |  |  | 1 |
Card processing | 15,718 |  |  | — |  |  |  |  | 15,718 |
Occupancy and equipment expense | 9,064 |  |  | — |  |  |  |  | 9,064 |
Operating lease equipment depreciation | 9,305 |  |  | — |  |  |  |  | 9,305 |
Legal and consulting | 13,355 |  |  | — |  |  |  |  | 13,355 |
Intangible amortization | 1,396 |  |  | — |  |  |  |  | 1,396 |
Impairment expense | — |  |  | — |  |  |  |  | — |
Other expense | 11,374 |  |  | (3,424) |  |  | a |  | 7,950 |
Total noninterest expense | 103,029 |  |  | (3,424) |  |  |  |  | 99,605 |
Income before income tax expense | 22,835 |  |  | (2,718) |  |  |  |  | 20,117 |
Income tax expense | (1,272) |  |  | (582) |  |  | a, b |  | (1,854) |
Net income before noncontrolling interest | 24,107 |  |  | (2,136) |  |  |  |  | 21,971 |
Net income attributable to noncontrolling interest | 687 |  |  | — |  |  |  |  | 687 |
Net income attributable to parent | $ | 23,420 |  |  | $ | (2,136) |  |  |  |  | $ | 21,284 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.81 |  |  |  |  |  |  | $ | 0.73 |
Diluted | $ | 0.81 |  |  |  |  |  |  | $ | 0.73 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) * These amounts have been restated for presentation as this three month period was not reported in a previous Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed by the Company. Restated Consolidated Statements of Cash Flows (unaudited)
| Three Months Ended December 31, 2023
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 27,914 |  |  | $ | 7,242 |  |  | a, b |  | $ | 35,156 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 14,689 |  |  | — |  |  |  |  | 14,689 |
Provision for credit loss | 9,890 |  |  | (2,132) |  |  | a |  | 7,758 |
Provision for deferred taxes | 1,162 |  |  | 2,373 |  |  | b |  | 3,535 |
Originations of loans held for sale | (631,905) |  |  | — |  |  |  |  | (631,905) |
Proceeds from sales of loans held for sale | 626,336 |  |  | — |  |  |  |  | 626,336 |
Net change in loans held for sale | 13,829 |  |  | — |  |  |  |  | 13,829 |
Net realized (gain) loss on loans held for sale | 31 |  |  | — |  |  |  |  | 31 |
Net realized loss on securities available for sale | — |  |  | — |  |  |  |  | — |
Net realized (gain) on divestitures | — |  |  | — |  |  |  |  | — |
Net realized (gain) on other | (2,871) |  |  | — |  |  |  |  | (2,871) |
Net change in accrued interest receivable | (3,798) |  |  | — |  |  |  |  | (3,798) |
Net change in other assets | (14,344) |  |  | (368) |  |  |  |  | (14,712) |
Net change in accrued expenses and other liabilities | (19,723) |  |  | (26) |  |  | b |  | (19,749) |
Stock compensation | 1,234 |  |  | — |  |  |  |  | 1,234
Net cash provided by operating activities | 22,444 |  | 7,089 |  |  |  | 29,533
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from sales of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from maturities of and principal collected on securities available for sale | 41,936 |  |  | — |  |  |  |  | 41,936 |
Proceeds from maturities of and principal collected on securities held to maturity | 1,093 |  |  | — |  |  |  |  | 1,093 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (91,130) |  |  | — |  |  |  |  | (91,130) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 95,647 |  |  | — |  |  |  |  | 95,647 |
Purchases of loans and leases | (89,390) |  |  | — |  |  |  |  | (89,390) |
Net change in loans and leases | 98,895 |  |  | (7,089) |  |  | a, b |  | 91,806 |
Purchases of premises, furniture, and equipment | (1,885) |  |  | — |  |  |  |  | (1,885) |
Purchases of rental equipment | (106,160) |  |  | — |  |  |  |  | (106,160) |
Proceeds from sales of rental equipment | 3,373 |  |  | — |  |  |  |  | 3,373 |
Net change in rental equipment | (79) |  |  | — |  |  |  |  | (79) |
Proceeds from divestitures, net of transaction costs | — |  |  | — |  |  |  |  | — |
Proceeds from sale of other assets | 4,077 |  |  | — |  |  |  |  | 4,077 |
Net cash provided (used in) investing activities | (43,623) |  |  | (7,089) |  |  |  |  | (50,712) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 346,873 |  |  | — |  |  |  |  | 346,873 |
Net change in short-term borrowings | (13,000) |  |  | — |  |  |  |  | (13,000) |
Principal payments on other liabilities | (284) |  |  | — |  |  |  |  | (284) |
Dividends paid on common stock | (1,299) |  |  | — |  |  |  |  | (1,299) |
Issuance of common stock due to restricted stock | 1 |  |  | — |  |  |  |  | 1 |
Repurchases of common stock | (15,918) |  |  | — |  |  |  |  | (15,918) |
Investment by (distributions to) noncontrolling interest | 238 |  |  | — |  |  |  |  | 238 |
Net cash provided by (used in) financing activities | 316,611 |  |  |  |  |  |  | 316,611 |
Effect of exchange rate changes on cash | 618 |  |  | — |  |  |  |  | 618 |
Net change in cash and cash equivalents | 296,050 |  |  | — |  |  |  |  | 296,050 |
Cash and cash equivalents at beginning of fiscal year | 375,580 |  |  | — |  |  |  |  | 375,580 |
Cash and cash equivalents at end of fiscal period | $ | 671,630 |  |  | — |  |  |  |  | $ | 671,630 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Six Months Ended March 31, 2024
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 93,431 |  |  | $ | 11,892 |  |  | a, b |  | $ | 105,323 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 29,457 |  |  | — |  |  |  |  | 29,457 |
Provision for credit loss | 35,942 |  |  | 1,560 |  |  | a |  | 37,502 |
Provision for deferred taxes | 4,059 |  |  | 3,999 |  |  | b |  | 8,058 |
Originations of loans held for sale | (933,786) |  |  | — |  |  |  |  | (933,786) |
Proceeds from sales of loans held for sale | 968,998 |  |  | — |  |  |  |  | 968,998 |
Net change in loans held for sale | 17,924 |  |  | — |  |  |  |  | 17,924 |
Net realized (gain) loss on loans held for sale | (1,370) |  |  | — |  |  |  |  | (1,370) |
Net realized (gain) on trademarks | — |  |  | — |  |  |  |  | — |
Net realized (gain) on other | (3,165) |  |  | — |  |  |  |  | (3,165) |
Impairment on rental equipment | 2,013 |  |  | — |  |  |  |  | 2,013 |
Net change in accrued interest receivable | (7,012) |  |  | — |  |  |  |  | (7,012) |
Net change in other assets | (13,724) |  |  | (283) |  |  | b |  | (14,007) |
Net change in accrued expenses and other liabilities | 16,729 |  |  | (58) |  |  | b |  | 16,671 |
Stock compensation | 5,904 |  |  | — |  |  |  |  | 5,904
Net cash provided by operating activities | 215,400 |  | 17,110 |  |  |  | 232,510
Cash flows from investing activities: |  |  |  |  |  |  |
Proceeds from maturities of and principal collected on securities available for sale | 89,476 |  |  | — |  |  |  |  | 89,476 |
Proceeds from maturities of and principal collected on securities held to maturity | 1,811 |  |  | — |  |  |  |  | 1,811 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (183,010) |  |  | — |  |  |  |  | (183,010) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 185,377 |  |  | — |  |  |  |  | 185,377 |
Purchases of loans and leases | (163,091) |  |  | — |  |  |  |  | (163,091) |
Net change in loans and leases | 255,909 |  |  | (17,110) |  |  | a, b |  | 238,799 |
Purchases of premises, furniture, and equipment | (3,592) |  |  | — |  |  |  |  | (3,592) |
Purchases of rental equipment | (173,005) |  |  | — |  |  |  |  | (173,005) |
Proceeds from sales of rental equipment | 4,951 |  |  | — |  |  |  |  | 4,951 |
Net change in rental equipment | 188 |  |  | — |  |  |  |  | 188 |
Proceeds from sales of foreclosed real estate and repossessed assets | — |  |  | — |  |  |  |  | — |
Proceeds from sale of trademarks | — |  |  | — |  |  |  |  | — |
Proceeds from sale of other assets | 4,091 |  |  | — |  |  |  |  | 4,091 |
Net cash provided (used in) investing activities | 19,105 |  |  | (17,110) |  |  |  |  | 1,995 |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | (220,838) |  |  | — |  |  |  |  | (220,838) |
Net change in short-term borrowings | 18,000 |  |  | — |  |  |  |  | 18,000 |
Principal payments on other liabilities | (550) |  |  | — |  |  |  |  | (550) |
Proceeds from other liabilities | — |  |  | — |  |  |  |  | — |
Payment of debt issuance costs | — |  |  | — |  |  |  |  | — |
Dividends paid on common stock | (2,566) |  |  | — |  |  |  |  | (2,566) |
Issuance of common stock due to restricted stock | 3 |  |  | — |  |  |  |  | 3 |
Repurchases of common stock | (56,364) |  |  | — |  |  |  |  | (56,364) |
Investment by (distributions to) noncontrolling interest | 79 |  |  | — |  |  |  |  | 79 |
Net cash provided by (used in) financing activities | (262,236) |  |  | — |  |  |  |  | (262,236) |
Effect of exchange rate changes on cash | 39 |  |  | — |  |  |  |  | 39 |
Net change in cash and cash equivalents | (27,692) |  |  | — |  |  |  |  | (27,692) |
Cash and cash equivalents at beginning of fiscal year | 375,580 |  |  | — |  |  |  |  | 375,580 |
Cash and cash equivalents at end of fiscal period | $ | 347,888 |  |  | $ | — |  |  |  |  | $ | 347,888 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Nine Months Ended June 30, 2024
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 135,478 |  |  | $ | 14,926 |  |  | a, b |  | $ | 150,404 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 43,832 |  |  | — |  |  |  |  | 43,832 |
Provision (reversal of) for credit loss | 41,823 |  |  | 7,606 |  |  | a |  | 49,429 |
Provision (reversal of) for deferred taxes | 7,762 |  |  | 4,958 |  |  | b |  | 12,720 |
Originations of loans held for sale | (1,426,973) |  |  | — |  |  |  |  | (1,426,973) |
Proceeds from sales of loans held for sale | 1,468,162 |  |  | — |  |  |  |  | 1,468,162 |
Net change in loans held for sale | 18,062 |  |  | — |  |  |  |  | 18,062 |
Net realized (gain) loss on loans held for sale | (3,091) |  |  | — |  |  |  |  | (3,091) |
Net realized (gain) on trademarks | — |  |  | — |  |  |  |  | — |
Net realized (gain) on other | (6,119) |  |  | — |  |  |  |  | (6,119) |
Impairment on rental equipment | 2,013 |  |  | — |  |  |  |  | 2,013 |
Net change in accrued interest receivable | (8,473) |  |  | — |  |  |  |  | (8,473) |
Net change in other assets | (13,705) |  |  | (284) |  |  | b |  | (13,989) |
Net change in accrued expenses and other liabilities | 51,978 |  |  | (36) |  |  | b |  | 51,942 |
Stock compensation | 7,770 |  |  | — |  |  |  |  | 7,770 |
Net cash provided by operating activities | 318,519 |  |  | 27,170 |  |  |  |  | 345,689 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from maturities of and principal collected on securities available for sale | 141,801 |  |  | — |  |  |  |  | 141,801 |
Proceeds from maturities of and principal collected on securities held to maturity | 2,430 |  |  | — |  |  |  |  | 2,430 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (276,025) |  |  | — |  |  |  |  | (276,025) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 279,787 |  |  | — |  |  |  |  | 279,787 |
Purchases of loans and leases | (229,912) |  |  | — |  |  |  |  | (229,912) |
Net change in loans and leases | 147,134 |  |  | (27,170) |  |  | a, b |  | 119,964 |
Purchases of premises, furniture, and equipment | (5,784) |  |  | — |  |  |  |  | (5,784) |
Purchases of rental equipment | (221,681) |  |  | — |  |  |  |  | (221,681) |
Proceeds from sales of rental equipment | 7,302 |  |  | — |  |  |  |  | 7,302 |
Net change in rental equipment | 408 |  |  | — |  |  |  |  | 408 |
Proceeds from sales of foreclosed real estate and repossessed assets | — |  |  | — |  |  |  |  | — |
Proceeds from sale of trademarks | — |  |  | — |  |  |  |  | — |
Proceeds from sale of other assets | 6,466 |  |  | — |  |  |  |  | 6,466 |
Net cash provided (used in) investing activities | (148,074) |  |  | (27,170) |  |  |  |  | (175,244) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | (157,666) |  |  | — |  |  |  |  | (157,666) |
Net change in short-term borrowings | (13,000) |  |  | — |  |  |  |  | (13,000) |
Principal payments on other liabilities | (621) |  |  | — |  |  |  |  | (621) |
Payment of debt issuance costs | — |  |  | — |  |  |  |  | — |
Dividends paid on common stock | (3,824) |  |  | — |  |  |  |  | (3,824) |
Issuance of common stock due to restricted stock | 3 |  |  | — |  |  |  |  | 3 |
Repurchases of common stock | (71,513) |  |  | — |  |  |  |  | (71,513) |
Investment by (distributions to) noncontrolling interest | (219) |  |  | — |  |  |  |  | (219) |
Net cash provided by (used in) financing activities | (246,840) |  |  |  |  |  |  | (246,840) |
Effect of exchange rate changes on cash | (259) |  |  | — |  |  |  |  | (259) |
Net change in cash and cash equivalents | (76,654) |  |  | — |  |  |  |  | (76,654) |
Cash and cash equivalents at beginning of fiscal year | 375,580 |  |  | — |  |  |  |  | 375,580 |
Cash and cash equivalents at end of fiscal period | $ | 298,926 |  |  | $ | — |  |  |  |  | $ | 298,926 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended December 31, 2022
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 28,422 |  |  | $ | (52) |  |  | a, b |  | $ | 28,370 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 14,566 |  |  | — |  |  |  |  | 14,566 |
Provision for credit loss | 9,776 |  |  | 6,982 |  |  | a |  | 16,758 |
Provision for deferred taxes | 2,255 |  |  | (129) |  |  | b |  | 2,126 |
Originations of loans held for sale | (398,798) |  |  | — |  |  |  |  | (398,798) |
Proceeds from sales of loans held for sale | 402,870 |  |  | — |  |  |  |  | 402,870 |
Net change in loans held for sale | (84) |  |  | — |  |  |  |  | (84) |
Net realized (gain) on trademarks | (10,000) |  |  | — |  |  |  |  | (10,000) |
Net realized (gain) on other | (502) |  |  | — |  |  |  |  | (502) |
Impairment on rental equipment | 24 |  |  | — |  |  |  |  | 24 |
Net change in accrued interest receivable | (2,191) |  |  | — |  |  |  |  | (2,191) |
Net change in other assets | 16,986 |  |  | (291) |  |  | b |  | 16,695 |
Net change in accrued expenses and other liabilities | (24,222) |  |  | 13 |  |  | b |  | (24,209) |
Stock compensation | 3,271 |  |  | — |  |  |  |  | 3,271 |
Net cash provided by operating activities | 42,373 |  |  | 6,523 |  |  |  |  | 48,896 |
Cash flows from investing activities: |  |  |  |  |  |  |
Proceeds from maturities of and principal collected on securities available for sale | 49,069 |  |  | — |  |  |  |  | 49,069 |
Proceeds from maturities of and principal collected on securities held to maturity | 1,058 |  |  | — |  |  |  |  | 1,058 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (57,760) |  |  | — |  |  |  |  | (57,760) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 57,760 |  |  | — |  |  |  |  | 57,760 |
Purchases of loans and leases | (67,649) |  |  | — |  |  |  |  | (67,649) |
Net change in loans and leases | 217,812 |  |  | (6,523) |  |  | a, b |  | 211,289 |
Purchases of premises, furniture, and equipment | (1,989) |  |  | — |  |  |  |  | (1,989) |
Purchases of rental equipment | (164,245) |  |  | — |  |  |  |  | (164,245) |
Proceeds from sales of rental equipment | 1,495 |  |  | — |  |  |  |  | 1,495 |
Net change in rental equipment | (109) |  |  | — |  |  |  |  | (109) |
Proceeds from sales of foreclosed real estate and repossessed assets | 1 |  |  | — |  |  |  |  | 1 |
Proceeds from sale of trademarks | 10,000 |  |  | — |  |  |  |  | 10,000 |
Proceeds from sale of other assets | — |  |  | — |  |  |  |  | — |
Net cash (used in) provided by investing activities | 45,443 |  |  | (6,523) |  |  |  |  | 38,920 |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | (76,905) |  |  | — |  |  |  |  | (76,905) |
Net change in short-term borrowings | — |  |  | — |  |  |  |  | — |
Principal payments on other liabilities | (573) |  |  | — |  |  |  |  | (573) |
Payment of debt issuance costs | (504) |  |  | — |  |  |  |  | (504) |
Dividends paid on common stock | (1,402) |  |  | — |  |  |  |  | (1,402) |
Issuance of common stock due to restricted stock | 1 |  |  | — |  |  |  |  | 1 |
Repurchases of common stock | (26,932) |  |  | — |  |  |  |  | (26,932) |
Investment by (distributions to) noncontrolling interest | (757) |  |  | — |  |  |  |  | (757) |
Net cash provided by (used in) financing activities | (107,072) |  |  | — |  |  |  |  | (107,072) |
Effect of exchange rate changes on cash | 387 |  |  | — |  |  |  |  | 387 |
Net change in cash and cash equivalents | (18,869) |  |  | — |  |  |  |  | (18,869) |
Cash and cash equivalents at beginning of fiscal year | 388,038 |  |  | — |  |  |  |  | 388,038 |
Cash and cash equivalents at end of fiscal period | $ | 369,169 |  |  | $ | — |  |  |  |  | $ | 369,169 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Six Months Ended March 31, 2023
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 83,790 |  |  | $ | (704) |  |  | a, b |  | $ | 83,086 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 34,390 |  |  | — |  |  |  |  | 34,390 |
Provision for credit loss | 46,539 |  |  | 12,179 |  |  | a |  | 58,718 |
Provision for deferred taxes | 2,545 |  |  | (659) |  |  | b |  | 1,886 |
Originations of loans held for sale | (608,628) |  |  | — |  |  |  |  | (608,628) |
Proceeds from sales of loans held for sale | 604,363 |  |  | — |  |  |  |  | 604,363 |
Net change in loans held for sale | 652 |  |  | — |  |  |  |  | 652 |
Net realized (gain) loss on loans held for sale | (110) |  |  | — |  |  |  |  | (110) |
Net realized (gain) on trademarks | (10,000) |  |  | — |  |  |  |  | (10,000) |
Net realized (gain) loss on other | 272 |  |  | — |  |  |  |  | 272 |
Impairment on rental equipment | 24 |  |  | 2,750 |  |  | b |  | 2,774 |
Net change in accrued interest receivable | (4,455) |  |  | — |  |  |  |  | (4,455) |
Net change in other assets | 14,050 |  |  | (1,126) |  |  | b |  | 12,924 |
Net change in accrued expenses and other liabilities | 14,568 |  |  | 62 |  |  | b |  | 14,630 |
Stock compensation | 5,829 |  |  | — |  |  |  |  | 5,829 |
Net cash provided by operating activities | 183,829 |  |  | 12,502 |  |  |  |  | 196,331 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from sales of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from maturities of and principal collected on securities available for sale | 89,162 |  |  | — |  |  |  |  | 89,162 |
Proceeds from maturities of and principal collected on securities held to maturity | 2,822 |  |  | — |  |  |  |  | 2,822 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (120,160) |  |  | — |  |  |  |  | (120,160) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 119,586 |  |  | — |  |  |  |  | 119,586 |
Purchases of loans and leases | (187,834) |  |  | — |  |  |  |  | (187,834) |
Net change in loans and leases | 191,195 |  |  | (12,502) |  |  | a, b |  | 178,693 |
Purchases of premises, furniture, and equipment | (3,428) |  |  | — |  |  |  |  | (3,428) |
Purchases of rental equipment | (238,999) |  |  | — |  |  |  |  | (238,999) |
Proceeds from sales of rental equipment | 6,736 |  |  | — |  |  |  |  | 6,736 |
Net change in rental equipment | (153) |  |  | — |  |  |  |  | (153) |
Proceeds from sales of foreclosed real estate and repossessed assets | 1 |  |  | — |  |  |  |  | 1 |
Proceeds from sale of trademarks | 10,000 |  |  | — |  |  |  |  | 10,000 |
Proceeds from sale of other assets | — |  |  | — |  |  |  |  | — |
Net cash provided (used in) investing activities | (131,072) |  |  | (12,502) |  |  |  |  | (143,574) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 36,659 |  |  | — |  |  |  |  | 36,659 |
Net change in short-term borrowings | 43,000 |  |  | — |  |  |  |  | 43,000 |
Proceeds from other liabilities | — |  |  | — |  |  |  |  | — |
Principal payments on other liabilities | (1,026) |  |  | — |  |  |  |  | (1,026) |
Payment of debt issuance costs | (511) |  |  | — |  |  |  |  | (511) |
Dividends paid on common stock | (2,788) |  |  | — |  |  |  |  | (2,788) |
Issuance of common stock due to restricted stock | 1 |  |  | — |  |  |  |  | 1 |
Repurchases of common stock | (82,281) |  |  | — |  |  |  |  | (82,281) |
Investment by (distributions to) noncontrolling interest | (1,698) |  |  | — |  |  |  |  | (1,698) |
Net cash provided by (used in) financing activities | (8,644) |  |  | — |  |  |  |  | (8,644) |
Effect of exchange rate changes on cash | 447 |  |  | — |  |  |  |  | 447 |
Net change in cash and cash equivalents | 44,560 |  |  | — |  |  |  |  | 44,560 |
Cash and cash equivalents at beginning of fiscal year | 388,038 |  |  | — |  |  |  |  | 388,038 |
Cash and cash equivalents at end of fiscal period | $ | 432,598 |  |  | $ | — |  |  |  |  | $ | 432,598 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Nine Months Ended June 30, 2023
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 129,394 |  |  | $ | (9,721) |  |  | a, b |  | $ | 119,673 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 49,506 |  |  | — |  |  |  |  | 49,506 |
Provision for credit loss | 48,312 |  |  | 32,923 |  |  | a |  | 81,235 |
Provision for deferred taxes | 4,895 |  |  | (3,718) |  |  | b |  | 1,177 |
Originations of loans held for sale | (941,502) |  |  | — |  |  |  |  | (941,502) |
Proceeds from sales of loans held for sale | 870,132 |  |  | — |  |  |  |  | 870,132 |
Net change in loans held for sale | 5,456 |  |  | — |  |  |  |  | 5,456 |
Net realized (gain) loss on loans held for sale | (235) |  |  | — |  |  |  |  | (235) |
Net realized (gain) on trademarks | (10,000) |  |  | — |  |  |  |  | (10,000) |
Net realized (gain) on sale of others | (91) |  |  | — |  |  |  |  | (91) |
Impairment on rental equipment | 24 |  |  | — |  |  |  |  | 24 |
Net change in accrued interest receivable | (4,353) |  |  | — |  |  |  |  | (4,353) |
Net change in other assets | 22,193 |  |  | (978) |  |  | b |  | 21,215 |
Net change in accrued expenses and other liabilities | 6,519 |  |  | 108 |  |  | b |  | 6,627 |
Stock compensation | 8,399 |  |  | — |  |  |  |  | 8,399 |
Net cash provided by operating activities | 188,649 |  |  | 18,614 |  |  |  |  | 207,263 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | (150,751) |  |  | — |  |  |  |  | (150,751) |
Proceeds from sales of securities available for sale | — |  |  | — |  |  |  |  | — |
Proceeds from maturities of and principal collected on securities available for sale | 127,071 |  |  | — |  |  |  |  | 127,071 |
Proceeds from maturities of and principal collected on securities held to maturity | 3,758 |  |  | — |  |  |  |  | 3,758 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (206,104) |  |  | — |  |  |  |  | (206,104) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 204,026 |  |  | — |  |  |  |  | 204,026 |
Purchases of loans and leases | (197,549) |  |  | — |  |  |  |  | (197,549) |
Net change in loans and leases | (42,484) |  |  | (18,614) |  |  | a, b |  | (61,098) |
Purchases of premises, furniture, and equipment | (4,973) |  |  | — |  |  |  |  | (4,973) |
Purchases of rental equipment | (373,063) |  |  | — |  |  |  |  | (373,063) |
Proceeds from sales of rental equipment | 9,373 |  |  | — |  |  |  |  | 9,373 |
Net change in rental equipment | (279) |  |  | — |  |  |  |  | (279) |
Proceeds from sales of foreclosed real estate and repossessed assets | 1 |  |  | — |  |  |  |  | 1 |
Proceeds from sale of trademarks | 10,000 |  |  | — |  |  |  |  | 10,000 |
Proceeds from sale of other assets | — |  |  | — |  |  |  |  | — |
Net cash provided (used in) investing activities | (620,974) |  |  | (18,614) |  |  |  |  | (639,588) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 440,939 |  |  | — |  |  |  |  | 440,939 |
Net change in short-term borrowings | 230,000 |  |  | — |  |  |  |  | 230,000 |
Principal payments on other liabilities | (1,416) |  |  | — |  |  |  |  | (1,416) |
Payment of debt issuance costs | (511) |  |  | — |  |  |  |  | (511) |
Dividends paid on common stock | (4,115) |  |  | — |  |  |  |  | (4,115) |
Issuance of common stock due to restricted stock | 1 |  |  | — |  |  |  |  | 1 |
Repurchases of common stock | (103,996) |  |  | — |  |  |  |  | (103,996) |
Investment by (distributions to) noncontrolling interest | (2,286) |  |  | — |  |  |  |  | (2,286) |
Net cash provided by (used in) financing activities | 558,616 |  |  | — |  |  |  |  | 558,616 |
Effect of exchange rate changes on cash | 942 |  |  | — |  |  |  |  | 942 |
Net change in cash and cash equivalents | 127,233 |  |  | — |  |  |  |  | 127,233 |
Cash and cash equivalents at beginning of fiscal year | 388,038 |  |  | — |  |  |  |  | 388,038 |
Cash and cash equivalents at end of fiscal period | $ | 515,271 |  |  | $ | — |  |  |  |  | $ | 515,271 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Three Months Ended December 31, 2021
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 61,306 |  |  | 388 |  |  | a, b |  | $ | 61,694 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation, amortization and accretion, net | 15,322 |  |  | — |  |  |  |  | 15,322 |
Provision for credit losses | 186 |  |  | 143 |  |  | a |  | 329 |
Provision for deferred taxes | 8,015 |  |  | 72 |  |  | b |  | 8,087 |
Originations of loans held for sale | (385,558) |  |  | — |  |  |  |  | (385,558) |
Proceeds from sales of loans held for sale | 562,689 |  |  | — |  |  |  |  | 562,689 |
Net change in loans held for sale | 8,805 |  |  | — |  |  |  |  | 8,805 |
Net realized (gain) on securities held to maturity, net | (137) |  |  | — |  |  |  |  | (137) |
Net realized (gain) loss on loans held for sale | 4,365 |  |  | — |  |  |  |  | 4,365 |
Net realized loss on premise, furniture, and equipment | (23) |  |  | — |  |  |  |  | (23) |
Net realized (gain) loss on lease receivables and equipment | (924) |  |  | — |  |  |  |  | (924) |
Net realized (gain) on trademarks | (50,000) |  |  | — |  |  |  |  | (50,000) |
Impairment on rental equipment | — |  |  | — |  |  |  |  | — |
Net change in accrued interest receivable | (987) |  |  | — |  |  |  |  | (987) |
Net change in other assets | (24,059) |  |  | (213) |  |  | b |  | (24,272) |
Net change in accrued expenses and other liabilities | (45,303) |  |  | (5) |  |  | b |  | (45,308) |
Stock compensation | 3,430 |  |  | — |  |  |  |  | 3,430 |
Net cash provided by operating activities | 157,127 |  |  | 385 |  |  |  |  | 157,512 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | (20,894) |  |  | — |  |  |  |  | (20,894) |
Proceeds from maturities of and principal collected on securities available for sale | 91,297 |  |  | — |  |  |  |  | 91,297 |
Proceeds from sales of securities held to maturity | 200 |  |  | — |  |  |  |  | 200 |
Proceeds from maturities of and principal collected on securities held to maturity | 5,409 |  |  | — |  |  |  |  | 5,409 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (800) |  |  | — |  |  |  |  | (800) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 800 |  |  | — |  |  |  |  | 800 |
Purchases of loans and leases | (57,713) |  |  | — |  |  |  |  | (57,713) |
Proceeds from sales of loans and leases | 30,235 |  |  | — |  |  |  |  | 30,235 |
Net change in loans and leases | (145,311) |  |  | (385) |  |  | a, b |  | (145,696) |
Purchases of premises, furniture, and equipment | (1,949) |  |  | — |  |  |  |  | (1,949) |
Proceeds from sales of premises, furniture, and equipment | 35 |  |  | — |  |  |  |  | 35 |
Purchases of rental equipment | (103,643) |  |  | — |  |  |  |  | (103,643) |
Proceeds from sales of rental equipment | 4,999 |  |  | — |  |  |  |  | 4,999 |
Net change in rental equipment | (1,841) |  |  | — |  |  |  |  | (1,841) |
Proceeds from sales of foreclosed real estate and repossessed assets | 1,659 |  |  | — |  |  |  |  | 1,659 |
Proceeds from sale of trademarks | 50,000 |  |  | — |  |  |  |  | 50,000 |
Net cash provided by (used in) investing activities | (147,517) |  |  | (385) |  |  |  |  | (147,902) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 1,010,598 |  |  | — |  |  |  |  | 1,010,598
Principal payments on capital lease obligations | (7) |  |  | — |  |  |  |  | (7)
Principal payments on other liabilities | (598) |  |  | — |  |  |  |  | (598)
Payment of debt issuance costs | — |  |  | — |  |  |  |  | —
Dividends paid on common stock | (1,521) |  |  | — |  |  |  |  | (1,521)
Issuance of common stock due to restricted stock | — |  |  | — |  |  |  |  | —
Issuance of common stock due to ESOP | 2,886 |  |  | — |  |  |  |  | 2,886
Repurchases of common stock | (104,458) |  |  | — |  |  |  |  | (104,458)
Distributions to noncontrolling interest | (495) |  |  | — |  |  |  |  | (495)
Net cash provided by (used in) financing activities | 906,405 |  |  | — |  |  |  |  | 906,405
Effect of exchange rate changes on cash | 66 |  |  | — |  |  |  |  | 66
Net change in cash and cash equivalents | 916,081 |  |  | — |  |  |  |  | 916,081
Cash and cash equivalents at beginning of fiscal year | 314,019 |  |  | — |  |  |  |  | 314,019
Cash and cash equivalents at end of fiscal period | $ | 1,230,100 |  |  | $ | — |  |  |  |  | $1,230,100
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Six Months Ended March 31, 2022
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 111,408 |  |  | $ | (2,989) |  |  | a, b |  | $108,419
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation, amortization and accretion, net | 30,753 |  |  | — |  |  |  |  | 30,753
Provision for credit loss | 32,488 |  |  | 8,439 |  |  | a |  | 40,927
Provision for deferred taxes | 14,091 |  |  | (994) |  |  | b |  | 13,097
Originations of loans held for sale | (555,397) |  |  | — |  |  |  |  | (555,397)
Proceeds from sales of loans held for sale | 723,942 |  |  | — |  |  |  |  | 723,942
Net change in loans held for sale | 8,834 |  |  | — |  |  |  |  | 8,834
Net realized (gain) loss on loans held for sale | 4,065 |  |  | — |  |  |  |  | 4,065
Net realized loss on premise, furniture, and equipment | 43 |  |  | — |  |  |  |  | 43
Net realized (gain) loss on leases receivable and equipment | (1,063) |  |  | — |  |  |  |  | (1,063)
Net realized (gain) on trademarks | (50,000) |  |  | — |  |  |  |  | (50,000)
Net realized (gain) on securities held to maturity, net | (397) |  |  | — |  |  |  |  | (397)
Impairment on rental equipment | — |  |  | — |  |  |  |  | —
Net change in accrued interest receivable | (2,862) |  |  | — |  |  |  |  | (2,862)
Net change in other assets | (21,680) |  |  | 27 |  |  | b |  | (21,653)
Net change in accrued expenses and other liabilities | (8,400) |  |  | — |  |  |  |  | (8,400)
Stock compensation | 5,524 |  |  | — |  |  |  |  | 5,524
Net cash provided by operating activities | 291,349 |  |  | 4,483 |  |  |  |  | 295,832
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | (470,067) |  |  | — |  |  |  |  | (470,067)
Proceeds from maturities of and principal collected on securities available for sale | 184,107 |  |  | — |  |  |  |  | 184,107
Proceeds from maturities of and principal collected on securities held to maturity | 8,937 |  |  | — |  |  |  |  | 8,937
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (103,573) |  |  | — |  |  |  |  | (103,573)
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 103,160 |  |  | — |  |  |  |  | 103,160
Purchases of loans and leases | (88,913) |  |  | — |  |  |  |  | (88,913)
Proceeds from sales of loans and leases | 45,784 |  |  | — |  |  |  |  | 45,784
Net change in loans and leases | (69,966) |  |  | (4,483) |  |  | a, b |  | (74,449)
Purchases of premises, furniture, and equipment | (3,718) |  |  | — |  |  |  |  | (3,718)
Proceeds from sales of premises, furniture, and equipment | 35 |  |  | — |  |  |  |  | 35
Purchases of rental equipment | (196,043) |  |  | — |  |  |  |  | (196,043)
Proceeds from sales of rental equipment | 6,811 |  |  | — |  |  |  |  | 6,811
Net change in rental equipment | (1,567) |  |  | — |  |  |  |  | (1,567)
Proceeds from sales of foreclosed real estate and repossessed assets | 1,715 |  |  | — |  |  |  |  | 1,715
Proceeds from sale of trademarks | 50,000 |  |  | — |  |  |  |  | 50,000
Proceeds from sale of other assets | 460 |  |  | — |  |  |  |  | 460
Net cash (used in) investing activities | (532,838) |  |  | (4,483) |  |  |  |  | (537,321)
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 314,915 |  |  | — |  |  |  |  | 314,915
Net change in short-term borrowings | — |  |  | — |  |  |  |  | —
Principal payments on capital lease obligations | (74) |  |  | — |  |  |  |  | (74)
Principal payments on other liabilities | (1,463) |  |  | — |  |  |  |  | (1,463)
Proceeds from other liabilities | — |  |  | — |  |  |  |  | —
Payment of debt issuance costs | — |  |  | — |  |  |  |  | —
Dividends paid on common stock | (3,004) |  |  | — |  |  |  |  | (3,004)
Issuance of common stock due to restricted stock |  |  | — |  |  |  |  | —
Issuance of common stock due to ESOP | 2,886 |  |  | — |  |  |  |  | 2,886
Repurchases of common stock | (146,653) |  |  | — |  |  |  |  | (146,653)
Distributions to noncontrolling interest | (1,666) |  |  | — |  |  |  |  | (1,666)
Net cash provided by (used in) financing activities | 164,941 |  |  | — |  |  |  |  | 164,941
Effect of exchange rate changes on cash | 209 |  |  | — |  |  |  |  | 209
Net change in cash and cash equivalents | (76,339) |  |  | — |  |  |  |  | (76,339)
Cash and cash equivalents at beginning of fiscal year | 314,019 |  |  | — |  |  |  |  | 314,019
Cash and cash equivalents at end of fiscal period | $ | 237,680 |  |  | $ | — |  |  |  |  | $237,680
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)
| Nine Months Ended June 30, 2022
(Dollars in thousands) | As Previously Reported on Form 10-Q |  | Restatement Adjustment |  | Restatement Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income before noncontrolling interest | $ | 135,247 |  |  | $ | (3,116) |  |  | a, b |  | $ | 132,131 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation, amortization and accretion, net | 47,193 |  |  | — |  |  |  |  | 47,193 |
Provision for credit losses | 31,186 |  |  | 17,604 |  |  | a |  | 48,790 |
Provision for deferred taxes | 18,517 |  |  | (1,100) |  |  | b |  | 17,417 |
Originations of loans held for sale | (769,672) |  |  | — |  |  |  |  | (769,672) |
Proceeds from sales of loans held for sale | 898,442 |  |  | — |  |  |  |  | 898,442 |
Net change in loans held for sale | 12,568 |  |  | — |  |  |  |  | 12,568 |
Net realized (gain) on securities available for sale | (161) |  |  | — |  |  |  |  | (161) |
Net realized (gain) loss on loans held for sale | 3,933 |  |  | — |  |  |  |  | 3,933 |
Net realized loss on premise, furniture, and equipment | 45 |  |  | — |  |  |  |  | 45 |
Net realized (gain) on lease receivables and equipment | (2,180) |  |  | — |  |  |  |  | (2,180) |
Net realized (gain) on trademarks | (50,000) |  |  | — |  |  |  |  | (50,000) |
Net realized (gain) on other assets | (434) |  |  | — |  |  |  |  | (434) |
Impairment on rental equipment | — |  |  | — |  |  |  |  | — |
Impairment of intangibles | 670 |  |  | — |  |  |  |  | 670 |
Net change in accrued interest receivable | (564) |  |  | — |  |  |  |  | (564) |
Net change in other assets | (8,959) |  |  | (99) |  |  | b |  | (9,058) |
Net change in accrued expenses and other liabilities | (36,577) |  |  | 19 |  |  | b |  | (36,558) |
Stock compensation | 7,765 |  |  | — |  |  |  |  | 7,765 |
Net cash provided by operating activities | 287,019 |  |  | 13,308 |  |  |  |  | 300,327 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of securities available for sale | (689,515) |  |  | — |  |  |  |  | (689,515) |
Proceeds from sales of securities available for sale | 244,305 |  |  | — |  |  |  |  | 244,305 |
Proceeds from maturities of and principal collected on securities available for sale | 264,808 |  |  | — |  |  |  |  | 264,808 |
Proceeds from maturities of and principal collected on securities held to maturity | 12,189 |  |  | — |  |  |  |  | 12,189 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (134,293) |  |  | — |  |  |  |  | (134,293) |
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 133,880 |  |  | — |  |  |  |  | 133,880 |
Purchases of loans and leases | (108,570) |  |  | — |  |  |  |  | (108,570) |
Proceeds from sales of loans and leases | 45,784 |  |  | — |  |  |  |  | 45,784 |
Net change in loans and leases | 35,462 |  |  | (13,307) |  |  | a, b |  | 22,155 |
Purchases of premises, furniture, and equipment | (5,860) |  |  | — |  |  |  |  | (5,860) |
Proceeds from sales of premises, furniture, and equipment | 35 |  |  | — |  |  |  |  | 35 |
Purchases of rental equipment | (270,262) |  |  | — |  |  |  |  | (270,262) |
Proceeds from sales of rental equipment | 8,236 |  |  | — |  |  |  |  | 8,236 |
Net change in rental equipment | (1,879) |  |  | — |  |  |  |  | (1,879) |
Proceeds from sales of foreclosed real estate and repossessed assets | 1,814 |  |  | — |  |  |  |  | 1,814 |
Proceeds from sale of trademarks | 50,000 |  |  | — |  |  |  |  | 50,000 |
Proceeds from sale of other assets | 2,925 |  |  | — |  |  |  |  | 2,925 |
Net cash (used in) investing activities | (410,941) |  |  | (13,307) |  |  |  |  | (424,248) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net change in deposits | 195,828 |  |  | — |  |  |  |  | 195,828 |
Net change in short-term borrowings | — |  |  | — |  |  |  |  | — |
Redemption of long-term borrowings | (75,000) |  |  | — |  |  |  |  | (75,000) |
Principal payments on capital lease obligations | (75) |  |  | — |  |  |  |  | (75) |
Principal payments on other liabilities | (2,163) |  |  | — |  |  |  |  | (2,163) |
Proceeds from other liabilities | — |  |  | — |  |  |  |  | — |
Payment of debt issuance costs | — |  |  | — |  |  |  |  | — |
Dividends paid on common stock | (4,469) |  |  | — |  |  |  |  | (4,469) |
Issuance of common stock due to restricted stock | 1 |  |  | (1) |  |  | b |  | — |
Issuance of common stock due to ESOP | 2,886 |  |  | — |  |  |  |  | 2,886 |
Repurchases of common stock | (146,763) |  |  | — |  |  |  |  | (146,763) |
Distributions to noncontrolling interest | (2,771) |  |  | — |  |  |  |  | (2,771) |
Net cash provided by (used in) financing activities | (32,526) |  |  | (1) |  |  |  |  | (32,527) |
Effect of exchange rate changes on cash | (311) |  |  | — |  |  |  |  | (311) |
Net change in cash and cash equivalents | (156,759) |  |  | — |  |  |  |  | (156,759) |
Cash and cash equivalents at beginning of fiscal year | 314,019 |  |  | — |  |  |  |  | 314,019 |
Cash and cash equivalents at end of fiscal period | $ | 157,260 |  |  | $ | — |  |  |  |  | $ | 157,260 |
(a) Allowance for Credit Loss, Interest Income, Provision for credit loss, and Noninterest expense (refer to Note 21. Restatement of Previously Issued Financial Statements for more information) (b) Other Adjustments (refer to Note 21. Restatement of Previously Issued Financial Statements for more information)

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 270 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration