Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net income $ 256,072 $ 190,219
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred tax expense (1,491) 2,645
Provision for credit losses 37,294 27,389
Depreciation 3,154 3,388
Accretion on acquired loans 144 152
Amortization of investments in tax credit partnerships 47,630 28,522
Net amortization of debt securities 84 151
Decrease in accrued interest and dividends receivable (2,809) (845)
Stock-based compensation expense 2,549 2,330
Decrease in accrued interest and dividends payable (1,667) 246
Proceeds from sale of mortgage loans held for sale 247,698 176,625
Originations of mortgage loans held for sale (245,179) (173,046)
Gain on sale of mortgage loans held for sale (6,048) (3,800)
Loss on sale of debt securities available for sale 148 (16,375)
Net loss (gain) on sale of other real estate owned and repossessed assets 79 (298)
Write down of other real estate owned and repossessed assets 302 0
Increase in cash surrender value of life insurance contracts (9,421) (6,668)
Net change in other assets, liabilities, and other operating activities (12,606) (6,938)
Net cash provided by operating activities 315,637 256,447
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (528,083) (369,867)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 186,133 236,887
Proceeds from sale of debt securities available-for-sale 430,285 137,499
Purchases of debt securities held-to-maturity 0 (2,975)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 65,161 45,773
Purchases of restricted equity securities (272) (903)
Investment in tax credit partnerships and SBIC (101,683) (53,756)
Return of capital from tax credit partnerships and SBIC 274 1,039
Net increase in loans (1,075,443) (728,706)
Purchases of premises and equipment (10,148) (4,907)
Purchase of bank owned life insurance contracts 25,000 125,000
Proceeds from sale of other real estate owned and repossessed assets 2,278 3,029
Net cash used in investing activities (1,056,498) (861,887)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 226,009 (20,792)
Net increase in interest-bearing deposits (357,665) 584,255
Net increase (decrease) in federal funds purchased 493,372 (505,578)
Proceeds from exercise of stock options 658 610
Taxes paid in net settlement of tax obligation upon exercise of stock options (858) (1,485)
Dividends paid on common stock (62,305) (54,868)
Dividends paid on preferred stock 31 31
Net cash provided by (used in) financing activities 299,180 2,111
Net decrease in cash and cash equivalents (441,681) (603,329)
Cash and cash equivalents at beginning of period 1,626,696 2,376,634
Cash and cash equivalents at end of period 1,185,015 1,773,305
SUPPLEMENTAL DISCLOSURE    
Interest 286,781 350,105
Income taxes 8,425 37,410
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 14,941 811
Dividends on nonvested restricted stock reclassified as compensation expense 208 179
Dividends declared but not paid $ 20,775 $ 18,297