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

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 209,131 $ 201,818 $ 234,510
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 50,089 31,618 19,028
Depreciation of premises and equipment 12,754 12,913 14,157
Amortization, net 22,558 28,045 31,275
(Accretion) amortization related to acquisitions, net (21,309) 4,788 3,297
Losses on securities sales, net 6,493 40,989 3
BOLI income (15,629) (11,759) (11,507)
Deferred tax expense 34,145 2,171 25,055
Writedown of foreclosed properties, former bank premises, right of use assets, and premises and equipment 216 1,930 4,903
Gains on sales of foreclosed properties, former bank premises, and premises and equipment, net (1,349) (30,365) (3,752)
Gain on sale of Dixon, Hubard, Feinor & Brown, Inc. ("DHFB") 0 0 (9,082)
Originations and purchases (209,577) (141,065) (305,943)
Proceeds from sales 209,429 138,278 321,709
Net increase in other assets (83) (23,177) (13,185)
Net increase in other liabilities 11,588 21,861 109,205
Net cash provided by operating activities 308,456 278,045 419,673
Investing activities:      
Purchases (627,540) (533,170) (179,667)
Proceeds from sales 642,985 899,872 40,686
Proceeds from maturities, calls and paydowns 268,897 178,185 331,718
Purchases (5,880) (13,826) (258,183)
Proceeds from maturities, calls and paydowns 35,533 20,329 33,997
Net change in other investments (25,997) (14,073) (15,708)
Net increase in LHFI (644,294) (1,192,309) (1,244,843)
Net purchases of premises and equipment (7,393) (5,101) (2,855)
Proceeds from BOLI settlements 5,645 353 3,909
Proceeds from sales of foreclosed properties, former bank premises, and premises and equipment 7,369 56,462 13,538
Net cash received in acquisition 54,988 0 0
Net cash used in investing activities (295,687) (603,278) (1,277,408)
Financing activities:      
Non-interest-bearing deposits 162,455 (920,058) (324,085)
Interest-bearing deposits 831,221 1,806,479 (355,349)
Short-term borrowings (902,894) (398,004) 1,200,967
Repurchase of common stock 0 0 (48,231)
Issuance 228 778 3,875
Dividends paid (123,875) (103,285) (98,767)
Vesting of restricted stock, net of shares held for taxes (3,961) (2,494) (3,228)
Net cash provided by financing activities (36,826) 383,416 375,182
Increase (decrease) in cash and cash equivalents (24,057) 58,183 (482,553)
Cash, cash equivalents and restricted cash at beginning of the period 378,131 319,948 802,501
Cash, cash equivalents and restricted cash at end of the period 354,074 378,131 319,948
Cash payments for:      
Interest 516,486 326,983 70,662
Income taxes 3,754 19,496 1,625
Supplemental schedule of noncash investing and financing activities      
Transfers from loans to foreclosed properties 375 0 404
Transfers from bank premises to OREO 8,573 139 4,490
Transfers from LHFI to LHFS 0 0 899
Issuance of common stock in exchange for net assets in acquisitions 505,402 0 0
Assets acquired 2,946,897 0 0
Liabilities assumed $ 2,730,266 $ 0 $ 0