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
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 49,818 $ 49,769
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 17,638 8,239
Depreciation of premises and equipment 3,168 2,961
Amortization, net 6,160 6,542
(Accretion) amortization related to acquisitions, net (7,155) 2,869
Losses (gains) on securities sales, net 102 (3)
BOLI income (3,537) (3,245)
Originations and purchases (44,255) (41,244)
Proceeds from sales 43,803 35,770
Net decrease (increase) in other assets 17,039 (11,368)
Net (decrease) increase in other liabilities (20,749) 6,721
Net cash provided by operating activities 62,032 57,011
Investing activities:    
Purchases (131,017) (115,674)
Proceeds from sales 41,366 61,943
Proceeds from maturities, calls and paydowns 72,477 60,985
Purchases (25,436) 0
Proceeds from maturities, calls and paydowns 7,036 7,374
Net change in other investments (6,694) (6,724)
Net decrease (increase) in LHFI 53,435 (220,677)
Net purchases of premises and equipment (2,398) (2,124)
Proceeds from sales of foreclosed properties and former bank premises 874 0
Net cash provided by (used in) investing activities 9,643 (214,897)
Financing activities:    
Non-interest-bearing deposits 194,125 (117,990)
Interest-bearing deposits (89,286) 578,294
Short-term borrowings (59,257) (254,428)
Proceeds from exercise of stock options 0 227
Dividends paid (33,509) (26,994)
Vesting of restricted stock, net of shares held for taxes (3,684) (2,684)
Net cash provided by financing activities 8,389 176,425
Increase in cash and cash equivalents 80,064 18,539
Cash, cash equivalents and restricted cash at beginning of the period 354,074 378,131
Cash, cash equivalents and restricted cash at end of the period 434,138 396,670
Cash payments for:    
Interest 119,161 109,148
Income taxes 697 86
Supplemental schedule of noncash investing and financing activities    
Transfer to LHFI from LHFS $ 355 $ 0