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
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 124,648 $ 102,162
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax expense 677 596
Provision for credit losses 17,926 9,721
Depreciation 2,262 2,239
Accretion on acquired loans 103 96
Amortization of investments in tax credit partnerships 3,244 4,807
Net amortization (accretion) of debt securities 45 (311)
Decrease (increase) in accrued interest and dividends receivable 955 (3,755)
Stock-based compensation expense 1,701 1,836
Decrease in accrued interest and dividends payable (652) (2,252)
Proceeds from sale of mortgage loans held for sale 98,531 89,460
Originations of mortgage loans held for sale (109,515) (93,502)
Gain on sale of mortgage loans held for sale (1,936) (2,058)
Loss on sale of securities available for sale 8,563 0
Net gain on sale of other real estate owned and repossessed assets (301) (95)
Increase in cash surrender value of life insurance contracts (4,263) (2,058)
Net change in other assets, liabilities, and other operating activities (26,438) (5,162)
Net cash provided by operating activities 115,550 101,724
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (244,607) (641,347)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 129,211 367,459
Proceeds from sale of debt securities available-for-sale 61,897 0
Purchases of debt securities held-to-maturity (2,975) (45,472)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 30,878 260,881
Purchases of restricted equity securities (856) (1,074)
Investment in tax credit partnerships and SBIC (2,964) (8,800)
Return of capital from tax credit partnerships and SBIC 1,039 139
Net increase in loans (639,487) (680,141)
Purchases of premises and equipment (3,070) (2,115)
Proceeds from sale of other real estate owned and repossessed assets 2,756 780
Net cash used in investing activities (668,178) (749,690)
FINANCING ACTIVITIES    
Net increase (decrease) in non-interest-bearing deposits 12,371 (167,686)
Net increase in interest-bearing deposits 306,489 153,567
Net decrease in federal funds purchased (394,593) (159,570)
Proceeds from exercise of stock options 533 369
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,299) (315)
Dividends paid on common stock (36,572) (32,691)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities (113,102) (206,357)
Net decrease in cash and cash equivalents (665,730) (854,323)
Cash and cash equivalents at beginning of period 2,376,634 2,131,088
Cash and cash equivalents at end of period 1,710,904 1,276,765
SUPPLEMENTAL DISCLOSURE    
Interest 233,143 248,132
Income taxes 35,669 27,134
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 235 1,148
Dividends on nonvested restricted stock reclassified as compensation expense 123 55
Dividends declared but not paid $ 18,297 $ 16,356