Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 419,811 $ 161,749
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 20,205 139,578
Depreciation of premises and equipment 14,922 12,668
Amortization, net 20,690 21,829
Accretion related to acquisitions, net (68,989) (58,542)
Gain on CRE loan sale 0 (10,915)
BOLI income (16,888) (15,979)
Deferred tax expense 93,407 14,967
Loss on debt extinguishment 2,654 0
Originations and purchases (301,871) (302,116)
Proceeds from sales 302,457 2,165,978
Net decrease in other assets (86,866) 28,953
Net decrease in other liabilities 92,792 (20,967)
Net cash provided by operating activities 459,974 2,122,903
Investing activities:    
Purchases (695,885) (1,488,753)
Proceeds from sales 374,275 630,095
Proceeds from maturities, calls and paydowns 598,235 380,633
Purchases 0 (99,173)
Proceeds from maturities, calls and paydowns 35,128 15,593
Net change in other investments 26,205 13,473
Net increase in LHFI (1,412,996) (191,196)
Net purchases of premises and equipment (21,866) (8,869)
Proceeds from BOLI settlements 2,125 2,531
Proceeds from sales of foreclosed properties and former bank premises 4,570 5,501
Net cash received in acquisition 0 270,211
Net cash used in provided by investing activities (1,090,209) (469,954)
Financing activities:    
Non-interest-bearing deposits (82,955) 40,095
Interest-bearing deposits 577,344 (997,607)
Short-term borrowings 39,218 (296,817)
Net proceeds from issuance of long-term debt 246,801 0
Repayments of long-term debt (168,000) (200,000)
Repurchase of common stock (72,535) 0
Forward sale commmon stock issuance 0 384,963
Dividends paid (167,646) (136,416)
Vesting of restricted stock, net of shares held for taxes (7,693) (6,576)
Net cash provided by (used in) by financing activities 364,534 (1,212,358)
(Decrease) increase in cash and cash equivalents (265,701) 440,591
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 700,761 794,665
Cash payments for:    
Interest 488,174 486,225
Income taxes 11,901 3,929
Supplemental schedule of noncash investing and financing activities    
Transfers from loans to foreclosed properties 268 1,274
Transfers from bank premises to other real estate owned 6,235 0
Issuance of common stock in exchange for net assets in acquisitions 0 1,275,441
Assets acquired 0 12,974,597
Liabilities assumed 0 12,210,961
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