v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income      
Debt securities available-for-sale $ 1,482 $ 1,518 $ 0
Loans and fees on loans 110,892 84,001 35,696
Interest from affiliates 0 0 2,921
Other interest earning assets 9,044 8,854 0
Total interest income 121,418 94,373 38,617
Interest expense      
Deposits 28,690 15,849 0
Total interest expense 81,113 67,739 26,325
Net interest income 40,305 26,634 12,292
Provision for credit losses 26,216 11,704 0
Net interest income after provision for credit losses 14,089 14,930 12,292
Noninterest income      
Dividend income 1,519 1,757 24,657
Net loss on loan servicing assets (12,665) (4,282) (10,095)
Servicing income 20,087 18,289 13,698
Net gains on sales of loans 97,183 51,467 56,901
Net gain (loss) on loans under the fair value option 5,200 18,008 (26,504)
Technology and IT support income 19,643 24,916 0
Electronic payment processing income 46,049 42,855 0
Other noninterest income 40,296 23,762 34,221
Total noninterest income 217,312 176,772 92,878
Noninterest expense      
Salaries and employee benefits expense 77,931 65,708 20,186
Technology services expense 12,261 14,272 0
Electronic payment processing expense 19,878 18,327 0
Professional services expense 15,813 13,077 7,134
Other loan origination and maintenance expense 13,770 9,433 30,746
Depreciation and amortization 1,784 2,884 239
Loss on extinguishment of debt 0 271 417
Other general and administrative costs 21,272 22,357 7,673
Total noninterest expense 162,709 146,329 66,395
Net income before taxes 68,692 45,373 38,775
Income tax expense (benefit) 17,839 (1,956) 6,464
Net income 50,853 47,329 32,311
Dividends to preferred shareholders (1,600) (1,454) 0
Net income available to common shareholders $ 49,253 $ 45,875 $ 32,311
Earnings per common share:      
Basic (in dollars per share) $ 1.97 $ 1.89 $ 1.34
Diluted (in dollars per share) $ 1.96 $ 1.88 $ 1.34
Related Party      
Interest expense      
Notes payable related parties $ 0 $ 0 $ 547
Notes and securitizations      
Interest expense      
Interest expense 45,454 40,217 21,780
Bank and FHLB borrowings      
Interest expense      
Interest expense $ 6,969 $ 11,673 $ 3,998