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, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 168,764 $ 124,648
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred tax expense 274 677
Provision for credit losses 22,049 17,926
Depreciation 2,523 2,262
Accretion on acquired loans 96 103
Amortization of investments in tax credit partnerships 31,280 3,244
Net amortization of debt securities 110 45
Decrease in accrued interest and dividends receivable 83 955
Stock-based compensation expense 1,599 1,701
Decrease in accrued interest and dividends payable (2,136) (652)
Proceeds from sale of mortgage loans held for sale 167,875 98,531
Originations of mortgage loans held for sale (166,904) (109,515)
Gain on sale of mortgage loans held for sale (4,113) (1,936)
Loss on sale of debt securities available for sale (0) (8,563)
Net loss (gain) on sale of other real estate owned and repossessed assets 72 (301)
Write down of other real estate owned and repossessed assets 11 0
Increase in cash surrender value of life insurance contracts (5,078) (4,263)
Net change in other assets, liabilities, and other operating activities 16,739 (26,438)
Net cash provided by operating activities 233,244 115,550
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (83,687) (244,607)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 156,602 129,211
Proceeds from sale of debt securities available-for-sale 0 61,897
Purchases of debt securities held-to-maturity 0 (2,975)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 24,377 30,878
Purchases of restricted equity securities (272) (856)
Investment in tax credit partnerships and SBIC (69,739) (2,964)
Return of capital from tax credit partnerships and SBIC 139 1,039
Net increase in loans (796,428) (639,487)
Purchases of premises and equipment (5,775) (3,070)
Purchase of bank owned life insurance contracts 25,000 (0)
Proceeds from sale of other real estate owned and repossessed assets 542 2,756
Net cash used in investing activities (799,241) (668,178)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 311,130 12,371
Net increase in interest-bearing deposits 18,566 306,489
Net increase (decrease) in federal funds purchased 107,760 (394,593)
Proceeds from exercise of stock options 658 533
Taxes paid in net settlement of tax obligation upon exercise of stock options (779) (1,299)
Dividends paid on common stock (41,530) (36,572)
Dividends paid on preferred stock 31 31
Net cash provided by (used in) financing activities 395,774 (113,102)
Net decrease in cash and cash equivalents (170,223) (665,730)
Cash and cash equivalents at beginning of period 1,626,696 2,376,634
Cash and cash equivalents at end of period 1,456,473 1,710,904
SUPPLEMENTAL DISCLOSURE    
Interest 189,711 233,143
Income taxes 5,477 35,669
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 2,876 235
Dividends on nonvested restricted stock reclassified as compensation expense 138 123
Dividends declared but not paid $ 20,775 $ 18,297