v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ 170,475 $ (117,433)
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Provision for allowance for loan losses 12,511 14,200
Depreciation and amortization 31,166 21,408
Accretion of deferred loan fees and premiums, net (30,396) (22,976)
Deferred income tax expense (benefit) 23,181 (41,224)
Accretion of investment security premiums and discounts, net (4,563) (3,177)
Right-of-use asset amortization 6,642 6,410
Share-based compensation 8,597 8,997
Increase in cash surrender value of bank-owned life insurance (3,903) (2,613)
Loss on sale of securities available for sale, net 0 269,638
Loss on lease right-of-use assets, net 2,949 0
Employee Stock Ownership Plan expense 5,070 4,066
Gain on sale of commercial loans held for investment (5,163) (477)
Other 1,652 441
Loans held for sale:    
Proceeds from sales of loans held for sale 208,583 22,749
Loans originated for sale, net of repayments (204,590) (14,884)
(Gain) loss on sale of loans held for sale (4,652) 99
Change in:    
Prepaid pension expense (3,840) (2,644)
Other assets (13,465) 86,493
Other liabilities (55,129) (57,875)
Net cash provided by operating activities 145,125 171,198
Investing activities    
Proceeds from sales of securities available for sale 0 1,339,345
Proceeds from maturities and principal paydowns of securities available for sale 227,367 219,518
Purchases of securities available for sale (480,202) (1,330,852)
Proceeds from maturities and principal paydowns of securities held to maturity 14,058 12,455
Purchases of securities held to maturity (168,714) (84,737)
Proceeds from sale of Federal Home Loan Bank stock 74,100 20,971
Purchases of Federal Home Loan Bank stock (81,512) (21,360)
Contributions to low income housing tax credit investments (12,478) (23,053)
Contributions to other equity investments (576) (743)
Distributions from other equity investments 1,163 709
Net increase in outstanding loans (199,004) (531,945)
Purchased banking premises and equipment (7,878) (6,369)
Proceeds from life insurance policies 487 327
Net cash used in investing activities (633,189) (405,734)
Financing activities    
Net increase (decrease) in demand, savings, interest checking, and money market investment deposit accounts 641,382 (9,980)
Net decrease in time deposits (192,821) (88,580)
Net increase (decrease) in borrowed funds 183,655 (17,991)
Payments for repurchase of common stock (147,054) (51,929)
Proceeds from the exercise of stock options 4,125 0
Dividends declared and paid to common shareholders (61,929) (50,358)
Net cash provided by (used in) financing activities 427,358 (218,838)
Net decrease in cash, cash equivalents, and restricted cash (60,706) (453,374)
Cash, cash equivalents, and restricted cash at beginning of period 316,869 1,006,880
Cash, cash equivalents, and restricted cash at end of period 256,163 553,506
Cash paid during the period for:    
Interest paid on deposits and borrowings 205,580 155,976
Income taxes refunded, net (11,453) (675)
Non-cash activities    
Capital commitments relating to low income housing tax credit projects 24,304 0
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ 6,044 $ 2,192