Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 63,224 $ 50,026
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax expense (benefit) 455 2,626
Provision for credit losses 6,630 4,535
Depreciation 1,223 1,099
Accretion on acquired loans 51 49
Amortization of investments in tax credit partnerships 2,904 2,837
Net (accretion) amortization of debt securities available-for-sale (6) (197)
Increase in accrued interest and dividends receivable (7,665) (2,226)
Stock-based compensation expense 864 958
(Decrease) increase in accrued interest and dividends payable 1,029 (723)
Proceeds from sale of mortgage loans held for sale 39,104 37,635
Originations of mortgage loans held for sale (40,666) (39,475)
Gain on sale of mortgage loans held for sale (613) (678)
Net (gain) loss on sale of other real estate owned and repossessed assets (318) (95)
Increase in cash surrender value of life insurance contracts (2,137) (3,231)
Net change in other assets, liabilities, and other operating activities (16,125) 333
Net cash provided by operating activities 47,954 53,473
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (114,929) (198,269)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 82,077 24,724
Purchases of debt securities held-to-maturity 0 (9,936)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 13,001 124,904
Purchases of restricted equity securities (856) (1,074)
Investment in tax credit partnerships and SBIC 1,201 (25)
(Increase) decrease in loans (287,124) (223,799)
Purchases of premises and equipment (1,469) (1,077)
Proceeds from sale of other real estate owned and repossessed assets 2,117 690
Net cash used in investing activities (305,982) (283,862)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits 27,890 (15,462)
Net (decrease) increase in interest-bearing deposits 857,712 (506,601)
Net increase (decrease) in federal funds purchased 364,598 88,604
Proceeds from exercise of stock options 230 130
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,036) (133)
Dividends paid on common stock (18,280) (16,338)
Net cash provided by financing activities 1,231,114 (449,800)
Net (decrease) increase in cash and cash equivalents 973,086 (680,189)
Cash and cash equivalents at beginning of period 2,376,634 2,131,088
Cash and cash equivalents at end of period 3,349,720 1,450,899
SUPPLEMENTAL DISCLOSURE    
Interest 116,514 124,938
Income taxes 3,129 6,977
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 24 90
Dividends on nonvested restricted stock reclassified as compensation expense 66 0
Dividends declared $ 18,292 $ 16,353