Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 122,165 $ 49,818
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,737 17,638
Depreciation of premises and equipment 4,917 3,168
Amortization, net 6,218 6,160
Accretion related to acquisitions, net (17,758) (7,155)
BOLI income (5,200) (3,537)
Originations and purchases (90,346) (44,255)
Proceeds from sales 87,420 43,803
Net (increase) decrease in other assets 50,837 17,141
Net (decrease) increase in other liabilities (33,662) (20,749)
Net cash provided by operating activities 127,328 62,032
Investing activities:    
Purchases (121,441) (131,017)
Proceeds from sales 80,140 41,366
Proceeds from maturities, calls and paydowns 214,320 72,477
Purchases 0 (25,436)
Proceeds from maturities, calls and paydowns 12,668 7,036
Net change in other investments (9,342) (6,694)
Net (increase) decrease in LHFI (146,632) 53,435
Net purchases of premises and equipment (7,019) (2,398)
Proceeds from BOLI settlements 492 0
Proceeds from sales of foreclosed properties, former bank premises, and premises and equipment 0 874
Net cash provided by investing activities 23,186 9,643
Financing activities:    
Non-interest-bearing deposits (903) 194,125
Interest-bearing deposits (79,111) (89,286)
Short-term borrowings (195,827) (59,257)
Dividends paid (55,717) (33,509)
Vesting of restricted stock, net of shares held for taxes (5,290) (3,684)
Net cash (used in) provided by financing activities (336,848) 8,389
(Decrease) increase in cash and cash equivalents (186,334) 80,064
Cash, cash equivalents and restricted cash at beginning of the period 966,462 354,074
Cash, cash equivalents and restricted cash at end of the period 780,128 434,138
Cash payments for:    
Interest 156,358 119,161
Income taxes (6,218) 697
Supplemental schedule of noncash investing and financing activities    
Transfers from bank premises to other real estate owned $ 6,235 $ 0