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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Operating activities:          
Net income $ 44,642 $ 29,383 $ 40,291 $ 87,976  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     14,915 10,006  
Provision for credit losses 7,003 1,524 90,158 3,029 $ 4,684
Share based compensation expense     2,824 2,259  
Tax (expense)/ benefit associated with share based compensation     (162) 75  
Deferred income tax expense/ (benefit)     (22,965) 455  
Origination of loans held for sale     (1,042,787) (638,820)  
Proceeds from sales of loans held for sale     1,025,610 590,997  
Gains on sales of loans held for sale     (17,850) (8,225)  
Losses on sales of other real estate owned     32 173  
Investment securities gains (51) (15) (432) (20)  
Net (increase)/ decrease in accrued interest receivable     (17,243) 1,171  
Net (increase)/ decrease in other assets     1,812 (3,997)  
Net increase/ (decrease) in accrued expenses and other liabilities     5,173 (4,510)  
Other – net     2,922 2,341  
Net cash provided by operating activities     82,298 42,910  
Investing activities:          
(Purchases of)/ proceeds from other equity securities     (6,321)    
(Purchases of)/ proceeds from other equity securities       21,451  
Purchases of investments available-for-sale     (529,522) (83,835)  
Proceeds from sales of investments available-for-sale     121,357 0  
Proceeds from maturities, calls and principal payments of investments available-for-sale     329,197 141,880  
Net increase in loans     (1,107,824) (25,327)  
Proceeds from the sales of other real estate owned     60 324  
Cash paid for the acquisition of business activity of RPJ, net of cash acquired     (26,925) 0  
Cash acquired in the acquisition of business activity of Revere Bank, net of cash paid     80,466 0  
Expenditures for premises and equipment     (3,399) (4,269)  
Net cash provided by/ (used in) investing activities     (1,142,911) 50,224  
Financing activities:          
Net increase in deposits     1,202,228 579,019  
Net increase/ (decrease) in retail repurchase agreements and federal funds purchased     249,101 (201,421)  
Proceeds from advances from FHLB     400,000 2,123,000  
Repayment of advances from FHLB     (637,982) (2,454,134)  
Retirement of subordinated debt     (10,310) 0  
Proceeds from issuance of common stock     1,474 1,068  
Stock tendered for payment of withholding taxes     (463) (702)  
Repurchase of common stock     (25,702) 0  
Dividends paid     (38,953) (31,509)  
Net cash provided by financing activities     1,139,393 15,321  
Net increase in cash and cash equivalents     78,780 108,455  
Cash and cash equivalents at beginning of period     146,103 101,481 101,481
Cash and cash equivalents at end of period $ 224,883 $ 209,936 224,883 209,936 $ 146,103
Supplemental disclosures:          
Interest payments     47,105 65,481  
Income tax payments, net of refunds of $1,924 in 2020     28,099 23,417  
Transfer from loans to other real estate owned     $ 0 $ 414