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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 235,107 $ 96,953 $ 116,433
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 14,522 19,873 13,398
Provision/ (credit) for credit losses (45,556) 85,669 4,684
Share based compensation expense 5,299 3,850 3,042
Deferred income tax / (benefit) 12,255 (29,568) 1,719
Origination of loans held for sale (1,385,664) (1,576,865) (887,216)
Proceeds from sales of loans held for sale 1,456,110 1,585,690 869,294
Gains on sales of loans held for sale (31,561) (33,418) (13,006)
Losses on sale of other real estate owned 241 32 173
Investment securities gains (212) (467) (77)
Loss on sales of premises and equipment 0 0 269
Tax (benefit)/ expense associated with share based compensation (1,850) (133) 92
Net (increase)/ decrease in accrued interest receivable 12,082 (15,499) 1,327
Net (increase)/ decrease other assets (35,498) 1,500 (3,664)
Net increase/ (decrease) accrued expenses and other liabilities (20,771) 1,704 (5,804)
Other, net 1,894 2,660 (721)
Net cash provided by operating activities 216,398 141,981 99,943
Investing activities:      
Sales/ (purchases) of equity securities 24,594   21,586
Sales/ (purchases) of equity securities   (3,553)  
Purchases of investments available-for-sale (933,491) (633,741) (326,604)
Proceeds from sales of investment available-for-sale 400,567 121,357 2,926
Proceeds from maturities, calls and principal payments of investments available-for-sale 369,678 441,672 199,652
Net (increase)/ decrease in loans 457,724 (1,174,467) (134,012)
Proceeds from the sales of other real estate owned 680 60 324
Cash paid for the acquisition of business activity of RPJ, net of cash acquired 0 (26,925) 0
Cash acquired in the acquisition of business activity of Revere Bank, net of cash paid 0 80,442 0
Expenditures for premises and equipment (11,491) (5,041) (5,148)
Net cash provided by/ (used in) investing activities 308,261 (1,200,196) (241,276)
Financing activities:      
Net increase in deposits 595,942 1,270,328 525,439
Net increase/ (decrease) in in retail repurchase agreements and federal funds purchased (402,071) 329,552 (113,824)
Proceeds from advances from borrowings 0 400,000 2,298,000
Repayment of advances from borrowings (379,075) (703,117) (2,457,834)
Retirement of subordinated debt (53,000) (10,310) 0
Proceeds from issuance of common stock 5,758 1,997 1,433
Stock tendered for payment of withholding taxes (1,577) (458) (703)
Repurchase of Common Stock (107,268) (25,702) (24,284)
Dividends paid (60,351) (53,175) (42,272)
Net cash provided by/ (used in) financing activities (401,642) 1,209,115 185,955
Net increase in cash and cash equivalents 123,017 150,900 44,622
Cash and cash equivalents at beginning of year 297,003 146,103 101,481
Cash and cash equivalents at end of year 420,020 297,003 146,103
Supplemental Disclosures:      
Interest payments 37,847 62,637 84,448
Income tax payments, net of refunds of $2,673 in 2021 71,908 56,430 33,795
Transfers from loans to other real estate owned $ 257 $ 70 $ 414