INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Summary of provision for income taxes

	For the year ended December 31,
Components of Income Tax Expense (in thousands)	2025		2024		2023
Current
Federal	$	20,734	$	29,389	$	25,712
State		7,034		5,673		8,401
International		74		(2,019)		(285)
Total current expense	$	27,842	$	33,043	$	33,828
Deferred
Federal	$	(2,611)	$	(1,713)	$	1,250
State		(1,271)		(125)		(434)
International		(1,947)		(662)		382
Total deferred expense (benefit)	$	(5,829)	$	(2,500)	$	1,198
Total income tax expense	$	22,013	$	30,543	$	35,026

Schedule of reconciliation of the statutory federal tax provision to income tax provision

	For the year ended December 31,
(in thousands)	2025				2024		2023
Statutory federal expense	$	16,590	21.0	%	$	27,615	$	29,021
Statutory state income tax expense, net of federal tax benefit(1)		3,246	4.1			4,216		6,465
Excess tax shortfalls (benefits), net of federal tax impact		1,414	1.8			(1,674)		(2,972)
Nondeductible expenses		1,707	2.2			3,381		3,064
Non-U.S. earnings (loss)		(1,480)	(1.9)			(2,117)		224
Other		536	0.7			(878)		(776)
Income tax expense	$	22,013	27.9	%	$	30,543	$	35,026

(1) In 2025, state and local income taxes in California, Maryland, Massachusetts and Tennessee comprise the majority of the statutory state income tax expense, net of federal effect category.

Schedule of deferred tax assets and liabilities

	As of December 31,
Components of Deferred Tax Liabilities, Net (in thousands)	2025		2024
Deferred Tax Assets
Compensation related	$	7,866	$	5,978
Credit losses		17,654		10,202
Other		12,321		6,484
Total deferred tax assets	$	37,841	$	22,664
Deferred Tax Liabilities
Mark-to-market of derivatives and loans held for sale	$	(8,418)	$	(6,247)
Mortgage servicing rights related		(189,018)		(196,678)
Acquisition related (1)		(67,969)		(52,936)
Depreciation		(9,437)		(8,189)
Total deferred tax liabilities	$	(274,842)	$	(264,050)
Deferred tax liabilities, net	$	(237,001)	$	(241,386)

(1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.