v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Operating Activities          
Net income $ 119,327 $ 118,403 $ 237,536   $ 233,612
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation & amortization     15,958   14,318
Decrease (increase) in value of equity securities (817) 238 431   (204)
Increase in value of equity method investments     (5,032)   (8,958)
Amortization of securities, net     5,236   6,545
Accretion of purchased loans     (3,618)   (2,611)
Share-based compensation     8,405   5,456
Gain (loss) on assets     (1,115)   (1,977)
Provision for credit losses - loans 5,200 3,000 6,700 $ 21,100 3,000
Recovery of credit losses - unfunded commitments 0 0 (1,000)   0
Deferred income tax effect (3,117) (1,007) 5,049   5,430
Increase in cash value of life insurance (1,553) (1,415) (2,921)   (3,257)
Originations of mortgage loans held for sale     (506,121)   (349,313)
Proceeds from sales of mortgage loans held for sale     490,393   293,136
Changes in assets and liabilities:          
Accrued interest receivable     5,897   12,397
Other assets     4,863   (34,086)
Accrued interest payable and other liabilities     (12,382)   21,924
Net cash provided by operating activities     248,279   195,412
Investing Activities          
Net (increase) decrease in federal funds sold     (2,450)   1,125
Net decrease (increase) in loans, excluding purchased loans     34,667   (361,119)
Purchases of investment securities – available-for-sale     (33,407)   (19,521)
Proceeds from maturities of investment securities – available-for-sale     222,652   212,672
Proceeds from maturities of investment securities – held-to-maturity     4,672   9,995
Purchases of equity securities     0   (5,000)
Proceeds from sales of equity securities     2,000   0
Redemption of other investments     1,663   10,152
Purchases for improvements to foreclosed assets     0   (2,747)
Proceeds from sale of foreclosed assets     9,078   7,014
Proceeds from sale of SBA loans     1,285   4,308
Purchases of premises and equipment     (14,894)   (14,882)
Proceeds from sale of premises and equipment     2,663   11,749
Return of investment on cash value of life insurance, net     331   6,161
Net cash received - market acquisition     88,174   0
Net cash provided by (used in) investing activities     316,434   (140,093)
Financing Activities          
Net increase in deposits     90,815   342,135
Net increase (decrease) in securities sold under agreements to repurchase     2,941   (21,537)
Decrease in FHLB and other borrowed funds     (135,000)   (50,250)
Proceeds from exercise of stock options, net     0   602
Repurchase of common stock     (54,739)   (57,293)
Dividends paid on common stock     (83,548)   (78,250)
Net cash (used in) provided by financing activities     (179,531)   135,407
Net change in cash and cash equivalents     385,182   190,726
Cash and cash equivalents – beginning of year     667,337 1,101,073 910,347
Cash and cash equivalents – end of period $ 1,052,519 $ 1,101,073 $ 1,052,519 $ 667,337 $ 1,101,073