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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 233,612 $ 201,639
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation & amortization 14,318 14,714
Increase in value of equity securities (204) (729)
Increase in value of equity method investments (8,958) (1,461)
Amortization of securities, net 6,545 7,572
Accretion of purchased loans (2,611) (4,645)
Share-based compensation 5,456 4,223
Gain on assets (1,977) (2,364)
Provision for credit losses - loans 3,000 13,500
Recovery of credit losses - unfunded commitments 0 (1,000)
Deferred income tax effect 5,430 3,640
Increase in cash value of life insurance (3,257) (2,474)
Originations of mortgage loans held for sale (349,313) (289,488)
Proceeds from sales of mortgage loans held for sale 293,136 302,018
Changes in assets and liabilities:    
Accrued interest receivable 12,397 (2,018)
Other assets (34,086) (22,561)
Accrued interest payable and other liabilities 21,924 36,358
Net cash provided by operating activities 195,412 256,924
Investing Activities    
Net decrease in federal funds sold 1,125 5,100
Net increase in loans (361,119) (385,557)
Purchases of investment securities – available-for-sale (19,521) (5,100)
Proceeds from maturities of investment securities – available-for-sale 212,672 146,479
Proceeds from maturities of investment securities – held-to-maturity 9,995 3,239
Purchases of equity securities (5,000) 0
Redemption (purchase) of other investments 10,152 (1,858)
Purchases for improvements to foreclosed assets (2,747) 0
Proceeds from sale of foreclosed assets 7,014 938
Proceeds from sale of SBA loans 4,308 3,586
Purchases of premises and equipment (14,882) (11,902)
Proceeds from sale of premises and equipment 11,749 12,829
Return (purchase) of investment on cash value of life insurance, net 6,161 (1,218)
Net cash used in investing activities (140,093) (233,464)
Financing Activities    
Net increase in deposits 342,135 168,092
Net decrease in securities sold under agreements to repurchase (21,537) (4,089)
Decrease in FHLB and other borrowed funds (50,250) (1,400,250)
Increase in FHLB and other borrowed funds 0 1,400,000
Proceeds from exercise of stock options, net 602 670
Repurchase of common stock (57,293) (57,041)
Dividends paid on common stock (78,250) (72,339)
Net cash provided by financing activities 135,407 35,043
Net change in cash and cash equivalents 190,726 58,503
Cash and cash equivalents – beginning of year 910,347 1,000,213
Cash and cash equivalents – end of period $ 1,101,073 $ 1,058,716