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

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 227,242 $ 206,853 $ 251,504
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred tax expense (benefit) (3,351) (1,005) (2,615)
Provision for credit losses 21,587 18,715 37,607
Depreciation 4,785 4,436 4,100
Accretion on acquired loans 186 197 157
Amortization of core deposit intangible 0 0 23
Amortization of investments in tax credit partnerships 12,565 14,353 11,716
Net (accretion) amortization of debt securities (200) 49 2,581
Increase in accrued interest and dividends receivable (3,613) (10,759) (13,591)
Stock-based compensation expense 3,489 3,600 3,207
Increase in accrued interest and dividends payable 481 8,930 4,996
Proceeds from sale of mortgage loans held for sale 204,404 127,702 50,922
Originations of mortgage loans held for sale (203,620) (128,414) (48,977)
Gain on sale of mortgage loans held for sale (4,922) (2,755) (2,438)
Gain on sale of securities available for sale 0 0 6,168
Net (gain) loss on sale of other real estate owned and repossessed assets (120) 28 (501)
Write down of other real estate owned and repossessed assets 74 0 225
Increase in cash surrender value of life insurance contracts 7,028 7,574 6,831
Net change in other assets, liabilities, and other operating activities 956 (37,060) (25,626)
Net cash provided by operating activities 252,915 197,296 272,627
INVESTMENT ACTIVITIES      
Purchases of debt securities available-for-sale (1,141,936) (1,001,811) (76,360)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 904,167 746,398 115,750
Proceeds from sale of debt securities available-for-sale 0 0 75,036
Purchases of debt securities held-to-maturity (45,472) (48,723) (648,266)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 312,643 100,180 75,311
Purchases of restricted equity securities (1,074) (46,482) (423)
Proceeds from sale of restricted equity securities 0 43,990 0
Investment in tax credit partnerships and SBIC (13,371) (9,303) (20,277)
Return of capital from tax credit partnerships and SBIC 274 191 434
Increase in loans (963,367) 16,314 (2,164,114)
Purchases of premises and equipment (4,646) (3,910) (3,650)
Proceeds from death benefit of bank owned life insurance contracts (1,224) (2,566) (2,153)
Proceeds from sale of other real estate owned and repossessed assets 3,024 158 2,282
Expenditures for other real estate owned 0 0 (93)
Net cash used in investing activities (948,534) (200,432) (2,642,217)
FINANCING ACTIVITIES      
Net decrease in non-interest-bearing deposits (23,414) (678,246) (1,478,420)
Net increase in interest-bearing deposits 293,362 2,404,952 572,389
Net increase (decrease) in federal funds purchased (737,004) 362,074 92,979
FHLB advances 0 300,000 0
Repayment of FHLB advances 0 (300,000) 0
Proceeds from exercise of stock options 916 1,287 1,232
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,229) (1,975) (1,143)
Dividends paid on common stock (65,412) (45,711) (37,470)
Dividends paid on preferred stock (62) (62) (62)
Net cash provided by (used in) financing activities 941,165 1,318,171 (1,036,453)
Net increase (decrease) in cash and cash equivalents 245,546 1,315,035 (3,406,043)
Cash and cash equivalents at beginning of period 2,131,088 816,053 4,222,096
Cash and cash equivalents at end of period 2,376,634 2,131,088 816,053
SUPPLEMENTAL DISCLOSURE      
Interest 498,981 393,379 83,427
Income taxes 44,977 53,991 68,665
Income tax refund 0 0 (142)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 5,729 933 1,046
Internally financed sale of other real estate owned 1,215 0 0
Dividends on nonvested restricted stock reclassified as compensation expense 218 197 133
Dividends declared $ 18,280 $ 16,338 $ 15,211