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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income $ 273,715 $ 209,131 $ 201,818
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 141,788 50,089 31,618
Depreciation of premises and equipment 17,741 12,754 12,913
Amortization, net 26,319 22,558 28,045
(Accretion) amortization related to acquisitions, net (87,036) (21,309) 4,788
Losses on securities sales, net 81 6,493 40,989
Gain on CRE loan sale (10,915) 0 0
Gain on sale of equity interest (14,757) 0 0
BOLI income (21,020) (15,629) (11,759)
Deferred tax expense 50,174 34,145 2,171
Writedown of ROU assets, foreclosed properties, equipment, and acquired software 13,349 216 1,930
Gains on sales of foreclosed properties, former bank premises, and premises and equipment, net (232) (1,349) (30,365)
Originations and purchases (403,905) (209,577) (141,065)
Proceeds from sales 2,274,253 209,429 138,278
Net decrease (increase) in other assets 18,751 (83) (23,177)
Net (decrease) increase in other liabilities (40,926) 11,588 21,861
Net cash provided by operating activities 2,237,380 308,456 278,045
Investing activities:      
Purchases (1,658,383) (627,540) (533,170)
Proceeds from sales 630,097 642,985 899,872
Proceeds from maturities, calls and paydowns 628,569 268,897 178,185
Purchases (104,221) (5,880) (13,826)
Proceeds from maturities, calls and paydowns 18,941 35,533 20,329
Net change in other investments 5,354 (25,997) (14,073)
Net increase in LHFI (584,005) (644,294) (1,192,309)
Net purchases of premises and equipment (12,412) (7,393) (5,101)
Proceeds from BOLI settlements 2,745 5,645 353
Proceeds from sales of foreclosed properties, former bank premises, and premises and equipment 5,687 7,369 56,462
Net cash received in acquisition 270,211 54,988 0
Net cash used in investing activities (797,417) (295,687) (603,278)
Financing activities:      
Non-interest-bearing deposits (219,918) 162,455 (920,058)
Interest-bearing deposits (930,519) 831,221 1,806,479
Short-term borrowings 336,985 (902,894) (398,004)
Repayments of long-term debt (200,000) 0 0
Issuance for stock options exercised 0 228 778
Forward sale commmon stock issuance 384,963 0 0
Dividends paid (192,133) (123,875) (103,285)
Vesting of restricted stock, net of shares held for taxes (6,953) (3,961) (2,494)
Net cash (used in) provided by financing activities (827,575) (36,826) 383,416
Increase (decrease) in cash and cash equivalents 612,388 (24,057) 58,183
Cash, cash equivalents and restricted cash at beginning of the period 354,074 378,131 319,948
Cash, cash equivalents and restricted cash at end of the period 966,462 354,074 378,131
Cash payments for:      
Interest 658,199 516,486 326,983
Income taxes 4,219 3,754 19,496
Supplemental schedule of noncash investing and financing activities      
Transfers from loans to foreclosed properties 1,274 375 0
Transfers from bank premises to other real estate owned 0 8,573 139
Issuance of common stock in exchange for net assets in acquisitions 1,275,441 505,402 0
Assets acquired 12,967,058 2,946,897 0
Liabilities assumed 12,210,323 $ 2,730,266 $ 0
Cary Street Partners, LLC      
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of equity interest $ (14,800)