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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Operating Activities      
Net income $ 115,209 $ 100,109  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation & amortization 7,190 7,350  
Increase in value of equity securities (442) (1,003)  
Increase in value of equity method investments (4,895) (840)  
Increase in value of foreclosed assets (1,253) 0 $ (2,500)
Amortization of securities, net 3,347 3,826  
Accretion of purchased loans (1,378) (2,772)  
Share-based compensation 2,800 2,275  
Loss (gain) on assets 251 (207)  
Provision for credit losses - loans 0 5,500  
Recovery of credit losses - unfunded commitments 0 (1,000)  
Deferred income tax effect 6,437 1,567  
Increase in cash value of life insurance (1,842) (1,195)  
Originations of mortgage loans held for sale (139,120) (119,379)  
Proceeds from sales of mortgage loans held for sale 129,068 126,012  
Changes in assets and liabilities:      
Accrued interest receivable 4,146 (63)  
Other assets (28,578) (20,329)  
Accrued interest payable and other liabilities 26,074 47,692  
Net cash provided by operating activities 117,014 147,543  
Investing Activities      
Net increase in federal funds sold (2,550) (100)  
Net increase in loans (177,767) (99,450)  
Proceeds from maturities of investment securities – available-for-sale 107,669 73,448  
Proceeds from maturities of investment securities – held-to-maturity 5,319 1,444  
Redemption (purchase) of other investments 3,184 (2,176)  
Proceeds from sale of foreclosed assets 6,229 306  
Proceeds from sale of SBA loans 4,308 2,949  
Purchases of premises and equipment (6,884) (1,682)  
Proceeds from sale of premises and equipment 2,913 0  
Return of investment on cash value of life insurance, net 0 280  
Net cash used in investing activities (57,579) (24,981)  
Financing Activities      
Net increase in deposits 395,194 78,419  
Net (decrease) increase in securities sold under agreements to repurchase (949) 34,022  
Decrease in FHLB and other borrowed funds (250) (1,400,250)  
Increase in FHLB and other borrowed funds 0 1,400,000  
Proceeds from exercise of stock options, net 527 671  
Repurchase of common stock (29,816) (24,152)  
Dividends paid on common stock (38,758) (36,227)  
Net cash provided by financing activities 325,948 52,483  
Net change in cash and cash equivalents 385,383 175,045  
Cash and cash equivalents – beginning of year 910,347 1,000,213 1,000,213
Cash and cash equivalents – end of period $ 1,295,730 $ 1,175,258 $ 910,347