v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities:    
Net loss $ (147,117) $ (78,296)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Provision for credit losses - loans 71,617 1,358
Provision (reversal) for credit losses - securities AFS (139) (921)
Stock-based compensation expense 4,519 845
Depreciation and amortization 3,307 3,604
Deferred tax benefit (20,412) (41,801)
Valuation allowance on deferred tax asset 94,715  
Amortization of premium (discount) on securities 3,491 (10,513)
Amortization of core deposit intangible 886 1,060
Amortization of mortgage servicing rights - net 3,804 1,497
Gain on sale of REO   (679)
Loss (gain) on sale of loans 10,405 (665)
Gain on sale of securities available-for-sale (5,930) (1,204)
Loss (gain) from hedging activities 7,110 (1,672)
LHFS LOCOM adjustment at time of transfer   136,683
Change in fair value of LHFS (20,142) (19,167)
Amortization of OCI - securities transfer to HTM (582) (235)
Decrease in accrued interest receivable and other assets 15,023 16,283
(Decrease) increase in accounts payable and other liabilities (28,188) 6,129
Net cash (used in) provided by operating activities (7,633) 12,306
Cash Flows from Investing Activities:    
Net decrease in loans 658,773 173,697
Proceeds from sale of loans 806,919 8,770
Proceeds from sale of REO   2,850
Purchase of premises and equipment (3,007) (2,362)
Disposals of premises and equipment 86 37
Proceeds from sale of land   1,650
Loss on sale of land   391
Purchases of securities AFS (1,023,518) (1,771,075)
Proceeds from sale of securities available-for-sale 668,515 749,020
Maturities of securities AFS 136,973 452,464
Maturities of securities HTM 63,303 53,919
Impairment of securities AFS (3,361)  
Net increase in FHLB stock (5,747) (13,197)
Net cash provided by (used in) investing activities 1,298,936 (343,836)
Cash Flows from Financing Activities:    
Decrease in deposits (577,208) (384,328)
Proceeds from FHLB & FRB advances 1,600,000 2,793,476
Repayments on FHLB & FRB advances (1,600,000) (2,471,846)
Net increase in subordinated debt 47 47
Net decrease in repurchase agreements (3,306) (39,233)
Dividends paid   (1,131)
Proceeds from issuance of common stock 1 35,318
Proceeds from issuance of preferred stock   138,462
Proceeds from issuance of convertible warrants   54,219
Equity issuance costs   (13,519)
Repurchase of stock   (142)
Net cash (used in) provided by financing activities (580,466) 111,323
Increase (decrease) in cash and cash equivalents 710,837 (220,207)
Cash and cash equivalents at beginning of year 1,016,132 1,326,629
Cash and cash equivalents at end of period 1,726,969 1,106,422
Supplemental disclosures of cash flow information:    
Income taxes   197
Interest 238,492 280,746
Noncash transactions:    
Transfer of loans to loans held for sale   136,684
Conversion of preferred stock into common stock 852  
Right of use lease assets and liabilities recognized 1,336 7,372
Chargeoffs against allowance for credit losses - loans 1,565 $ 1,226
Chargeoffs against allowance for credit losses - securities 3,361  
Mortgage servicing rights from loan sales $ 2,574