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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 189,703 $ 40,291
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,777 14,915
Provision/ (credit) for credit losses (47,141) 90,158
Share based compensation expense 3,640 2,824
Deferred income tax/ (benefit) 12,280 (22,965)
Origination of loans held for sale (1,211,421) (1,042,787)
Proceeds from sales of loans held for sale 1,272,148 1,025,610
Gains on sales of loans held for sale (27,111) (17,850)
Losses on sale of other real estate owned 237 32
Investment securities gains (178) (432)
Tax benefit associated with share based compensation 1,316 (162)
Net (increase)/ decrease in accrued interest receivable 10,212 (17,243)
Net (increase)/ decrease other assets (39,456) 1,812
Net increase/ (decrease) accrued expenses and other liabilities (22,402) 5,173
Other, net 1,026 2,922
Net cash provided by operating activities 153,630 82,298
Investing activities:    
Sales/ (purchases) of equity securities 24,663  
Sales/ (purchases) of equity securities   (6,321)
Purchases of investments available-for-sale (708,727) (529,522)
Proceeds from sales of investment available-for-sale 360,945 121,357
Proceeds from maturities, calls and principal payments of investments available-for-sale 264,461 329,197
Net (increase)/ decrease in loans 696,399 (1,107,824)
Proceeds from the sales of other real estate owned 620 60
Cash paid for the acquisition of business activity of RPJ, net of cash acquired 0 (26,925)
Cash acquired in the acquisition of business activity of Revere Bank, net of cash paid 0 80,466
Expenditures for premises and equipment (7,114) (3,399)
Net cash provided by/ (used in) investing activities 631,247 (1,142,911)
Financing activities:    
Net increase in deposits 957,888 1,202,228
Net increase/ (decrease) in in retail repurchase agreements and federal funds purchased (395,653) 249,101
Proceeds from FHLB advances 0 400,000
Repayment of FHLB advances (379,075) (637,982)
Retirement of subordinated debt (53,000) (10,310)
Proceeds from issuance of common stock 4,164 1,474
Stock tendered for payment of withholding taxes (1,577) (463)
Repurchase of common stock (54,321) (25,702)
Dividends paid (45,673) (38,953)
Net cash provided by financing activities 32,753 1,139,393
Net increase in cash and cash equivalents 817,630 78,780
Cash and cash equivalents at beginning of period 297,003 146,103
Cash and cash equivalents at end of period 1,114,633 224,883
Supplemental disclosures:    
Interest payments 31,173 47,105
Income tax payments, net of refunds of $2,673 in 2021 58,348 28,099
Transfers from loans to other real estate owned $ 295 $ 0