Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 276,603 $ 227,242 $ 206,853
Adjustments to reconcile net income to net cash provided by operating activities      
Deferred tax expense (benefit) 1,828 (3,351) (1,005)
Provision for credit losses 35,311 21,587 18,715
Depreciation 4,728 4,785 4,436
Accretion on acquired loans 200 186 197
Amortization of investments in tax credit partnerships 38,207 12,565 14,353
Net amortization (accretion) of debt securities 123 (200) 49
Decrease (increase) in accrued interest and dividends receivable 838 (3,613) (10,759)
Stock-based compensation expense 2,957 3,489 3,600
Increase in accrued interest and dividends payable 1,964 481 8,930
Proceeds from sale of mortgage loans held for sale 253,080 204,404 127,702
Originations of mortgage loans held for sale (250,148) (203,620) (128,414)
Gain on sale of mortgage loans held for sale (5,464) (4,922) (2,755)
Loss on sale of securities available for sale 16,375 0 0
Net (gain) loss on sale of other real estate owned and repossessed assets (298) (120) 28
Write down of other real estate owned and repossessed assets 0 74 0
Increase in cash surrender value of life insurance contracts (10,541) (7,028) (7,574)
Net change in other assets, liabilities, and other operating activities (10,559) 956 (37,060)
Net cash provided by operating activities 355,204 252,915 197,296
INVESTMENT ACTIVITIES      
Purchases of debt securities available-for-sale (485,438) (1,141,936) (1,001,811)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 443,187 904,167 746,398
Proceeds from sale of debt securities available-for-sale 159,499 0 0
Purchases of debt securities held-to-maturity (2,975) (45,472) (48,723)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 57,182 312,643 100,180
Purchases of restricted equity securities (903) (1,074) (46,482)
Proceeds from sale of restricted equity securities 0 0 43,990
Investment in tax credit partnerships and SBIC (76,027) (13,371) (9,303)
Return of capital from tax credit partnerships and SBIC 1,039 274 191
Net increase in loans (1,122,452) (963,367) 16,314
Purchases of premises and equipment (5,939) (4,646) (3,910)
Purchase of bank owned life insurance contracts (125,000) 0 0
Proceeds from death benefit of bank owned life insurance contracts 0 1,224 2,566
Proceeds from sale of other real estate owned and repossessed assets 3,336 3,024 158
Net cash used in investing activities (1,154,491) (948,534) (200,432)
FINANCING ACTIVITIES      
Net increase (decrease) in non-interest-bearing deposits 64,585 (23,414) (678,246)
Net increase in interest-bearing deposits 610,990 293,362 2,404,952
Net (decrease) increase in federal funds purchased (522,100) 737,004 (362,074)
FHLB advances 1,000 0 300,000
Repayment of FHLB advances (1,000) 0 (300,000)
Redemption of other borrowings (30,000) 0 0
Proceeds from exercise of stock options 610 916 1,287
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,509) (1,229) (1,975)
Dividends paid on common stock (73,165) (65,412) (45,711)
Dividends paid on preferred stock (62) (62)  
Net cash provided by financing activities 49,349 941,165 1,318,171
Net (decrease) increase in cash and cash equivalents (749,938) 245,546 1,315,035
Cash and cash equivalents at beginning of period 2,376,634 2,131,088 816,053
Cash and cash equivalents at end of period 1,626,696 2,376,634 2,131,088
SUPPLEMENTAL DISCLOSURE      
Interest 453,254 498,981 393,379
Income taxes 34,577 44,977 53,991
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 3,090 5,729 933
Internally financed sale of other real estate owned 0 1,215 0
Dividends on nonvested restricted stock reclassified as compensation expense 232 218 197
Dividends declared but not paid $ 20,758 $ 18,280 $ 16,338