Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 283,179 $ 69,610
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 14,475 123,345
Depreciation of premises and equipment 9,913 7,785
Amortization, net 14,166 13,695
Accretion related to acquisitions, net (42,839) (34,438)
Gain on CRE loan sale 0 (15,720)
BOLI income (10,934) (10,864)
Deferred tax expense 66,339 4,059
Originations and purchases (204,020) (184,784)
Proceeds from sales 198,533 2,046,402
Net decrease in other assets 1,539 1,892
Net decrease in other liabilities (20,512) (40,725)
Net cash provided by operating activities 277,489 1,965,957
Investing activities:    
Purchases (363,140) (894,303)
Proceeds from sales 209,582 629,911
Proceeds from maturities, calls and paydowns 442,815 214,160
Purchases 0 (36,640)
Proceeds from maturities, calls and paydowns 20,821 10,956
Net change in other investments 31,042 29,227
Net increase in LHFI (832,638) (143,446)
Net purchases of premises and equipment (13,413) (486)
Proceeds from BOLI settlements 1,013 2,376
Proceeds from sales of foreclosed properties and former bank premises 1,992 5,435
Net cash received in acquisition 0 270,211
Net cash (used in) provided by investing activities (501,926) 87,401
Financing activities:    
Non-interest-bearing deposits (116,891) (24,946)
Interest-bearing deposits 113,990 (626,472)
Short-term borrowings 380,227 (261,096)
Repayments of long-term debt 0 (200,000)
Repurchase of common stock (10,005) 0
Forward sale commmon stock issuance 0 384,963
Dividends paid (111,896) (84,968)
Vesting of restricted stock, net of shares held for taxes (7,153) (6,265)
Net cash provided by (used in) by financing activities 248,272 (818,784)
Increase in cash and cash equivalents 23,835 1,234,574
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 990,297 1,588,648
Cash payments for:    
Interest 319,688 311,469
Income taxes 7,730 2,719
Supplemental schedule of noncash investing and financing activities    
Transfers from bank premises to other real estate owned 6,235 0
Issuance of common stock in exchange for net assets in acquisitions 0 1,275,411
Assets acquired 0 12,988,972
Liabilities assumed 0 12,209,862
Cary Street Partners, LLC    
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of equity interest 0 (14,300)
Bearing Insurance Group, LLC    
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of equity interest $ (32,350) $ 0