Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES    
Net income $ 190,219 $ 162,069
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax expense (benefit) 2,645 (1,715)
Provision for credit losses 27,389 15,883
Depreciation 3,388 3,695
Accretion on acquired loans 152 141
Amortization of investments in tax credit partnerships 28,522 6,925
Net amortization (accretion) of debt securities 151 (234)
Increase in accrued interest and dividends receivable (845) (2,397)
Stock-based compensation expense 2,330 2,849
Increase (decrease) in accrued interest and dividends payable 246 (964)
Proceeds from sale of mortgage loans held for sale 176,625 148,471
Originations of mortgage loans held for sale (173,046) (148,440)
Gain on sale of mortgage loans held for sale (3,800) (3,410)
Loss on sale of securities available for sale 16,375 0
Net gain on sale of other real estate owned and repossessed assets (298) (114)
Write down of other real estate owned and repossessed assets 0 74
Increase in cash surrender value of life insurance contracts (6,668) (3,672)
Net change in other assets, liabilities, and other operating activities (6,938) 6,586
Net cash provided by operating activities 256,447 185,747
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (369,867) (641,347)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 236,887 426,561
Proceeds from sale of debt securities available-for-sale 137,499 0
Purchases of debt securities held-to-maturity (2,975) (45,472)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 45,773 299,055
Purchases of restricted equity securities (903) (1,074)
Investment in tax credit partnerships and SBIC (53,756) (9,266)
Return of capital from tax credit partnerships and SBIC 1,039 274
Net increase in loans (728,706) (691,514)
Purchases of premises and equipment (4,907) (5,699)
Purchase of bank owned life insurance contracts (125,000) 0
Proceeds from sale of other real estate owned and repossessed assets 3,029 1,843
Net cash used in investing activities (861,887) (666,639)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (20,792) (66,772)
Net increase (decrease) in interest-bearing deposits 584,255 (60,210)
Net (decrease) increase in federal funds purchased (505,578) 285,899
Proceeds from exercise of stock options 610 605
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,485) (410)
Dividends paid on common stock (54,868) (49,046)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities 2,111 110,035
Net decrease in cash and cash equivalents (603,329) (370,857)
Cash and cash equivalents at beginning of period 2,376,634 2,131,088
Cash and cash equivalents at end of period 1,773,305 1,760,231
SUPPLEMENTAL DISCLOSURE    
Interest 350,105 379,702
Income taxes 37,410 33,565
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 811 3,531
Dividends on nonvested restricted stock reclassified as compensation expense 179 55
Dividends declared but not paid $ 18,297 $ 16,365