v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows provided by (used in) operating activities    
Net income $ 113,157 $ 17,414
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 5,247 51,293
Amortization of intangible assets 8,523 7,675
Amortization of mortgage servicing rights 376 327
Depreciation and amortization of premises and equipment 7,130 6,082
Net amortization (accretion) on portfolio loans (10,336) (7,325)
Net amortization (accretion) of premium (discount) on investment securities (1,164) 1,451
Net amortization (accretion) of premium (discount) on time deposits 14 (1,580)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings 925 1,000
Impairment of OREO and other repossessed assets 67 270
Impairment of fixed assets held for sale 11 188
Impairment (reversal of impairment) of mortgage servicing rights (155) (2)
Unrealized (gains) losses recognized on equity securities, net (1,482) (5,765)
(Gain) loss on sales of debt securities, net (23) 15,536
(Gain) loss on sales of loans, net (557) (655)
(Gain) loss on sales of OREO and other repossessed assets (38) 85
(Gain) loss on sales of premises and equipment 8 49
(Gain) loss on life insurance proceeds 0 (357)
Increase in cash surrender value of bank owned life insurance (3,253) (2,834)
Provision for deferred income taxes expense 3,181 2,217
Stock-based compensation expense 6,700 8,827
Mortgage loans originated for sale (35,364) (45,736)
Proceeds from sales of mortgage loans 33,033 39,639
Increase in other assets (3,499) (3,754)
Decrease in other liabilities (29,481) (26,151)
Net cash provided by operating activities 93,020 57,894
Cash flows provided by (used in) investing activities    
Purchases of interest-bearing time deposits in other banks (970) (300)
Proceeds from maturities of interest-bearing time deposits in other banks 345 1,180
Purchases of equity securities (18,420) (869)
Proceeds from sales of equity securities 18,421 6,430
Purchases of debt securities available for sale (272,556) (376,552)
Proceeds from sales of debt securities available for sale 0 528,940
Proceeds from paydowns and maturities of debt securities available for sale 156,409 202,613
Proceeds from paydowns and maturities of debt securities held to maturity 43,436 24,719
Purchases of restricted bank stock (33,533) (35,265)
Proceeds from the redemption of restricted bank stock 27,429 11,786
Purchases of loans (8,678) 0
Proceeds from the sales of loans 8,754 0
Net (increase) decrease in loans 367,160 (39,614)
Net cash received in (paid for) acquisitions (see Note 2) 0 385,804
Cash paid for premiums on bank-owned life insurance (42) (46)
Proceeds from life insurance 0 4,334
Purchases of premises and equipment (4,734) (5,173)
Proceeds from disposition of premises and equipment 296 2
Net proceeds from OREO and other repossessed assets 2,056 15,295
Net cash provided by investing activities 285,373 723,284
Cash flows provided by (used in) financing activities    
Net increase (decrease) in deposits 222,773 (750,837)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase (22,868) 2,420
Proceeds from short-term borrowings 14,761,801 0
Repayment of short-term borrowings (14,761,801) (11,158)
Proceeds from other borrowings, net of debt issuance costs 11,000 16,667
Repayment of other borrowings (15,090) (125,030)
Cash dividends paid (53,870) (36,821)
Purchase of treasury stock (129,905) (26,491)
Cash paid for withholding taxes on stock-based payments (6,526) (1,911)
Issuance of treasury stock for the ESPP 1,239 1,029
Issuance of preferred stock, net of stock issuance costs 0 207,447
Common stock issuance costs 0 (920)
Net cash provided by (used in) financing activities 6,753 (725,605)
Net increase in cash and cash equivalents [1] 385,146 55,573
Cash and cash equivalents, beginning of period [1] 280,227 682,410
Cash and cash equivalents, ending of period [1] 665,373 737,983
Cash payments for:    
Interest 149,893 148,580
Non-cash investing and financing activities:    
OREO and other repossessed assets acquired in settlement of loans 339 14,869
Transfer of loans held for sale to portfolio loans $ 10 $ 0
[1] Cash and cash equivalent balances include restricted cash and cash equivalents. See Note 1. Significant Accounting Policies—Cash and Cash Equivalents for additional information regarding restrictions on cash and cash equivalents, as required by ASC 230‑10‑50.