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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 166,299 $ 235,107 $ 96,953
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 11,906 14,522 19,873
Provision/ (credit) for credit losses - loans 34,372 (45,556) 85,669
Share based compensation expense 7,887 5,299 3,850
Gain on disposal of assets (16,516) 0 0
Deferred income tax / (benefit) (9,491) 12,255 (29,568)
Origination of loans held for sale (363,204) (1,385,664) (1,576,865)
Proceeds from sales of loans held for sale 398,688 1,456,110 1,585,690
Gains on sales of loans held for sale (7,781) (31,561) (33,418)
Losses on sale of other real estate owned 86 241 32
Investment securities (gains)/ losses 345 (212) (467)
Tax benefit associated with share based compensation (646) (1,850) (133)
Net (increase)/ decrease in accrued interest receivable (6,823) 12,082 (15,499)
Net (increase)/ decrease other assets (4,776) (35,498) 1,500
Net increase/ (decrease) accrued expenses and other liabilities 9,686 (20,771) 1,704
Other, net (3,710) 1,894 2,660
Net cash provided by operating activities 216,322 216,398 141,981
Investing activities:      
Sales/ (purchases) of other investments (28,052)   (3,553)
Sales/ (purchases) of other investments   24,594  
Purchases of investments available-for-sale (469,792) (933,491) (633,741)
Proceeds from sales of investment available-for-sale 18,087 400,567 121,357
Proceeds from maturities, calls and principal payments of investments available-for-sale 240,217 369,678 441,672
Proceeds from maturities, calls and principal payments of investments held-to-maturity 31,759 0 0
Net (increase)/ decrease in loans (1,420,983) 457,724 (1,174,467)
Proceeds from the sales of other real estate owned 335 680 60
Proceeds from sale of business activity, net 23,822 0 0
Cash paid for the acquisition of business activity of RPJ, net of cash acquired 0 0 (26,925)
Cash acquired in the acquisition of business activity of Revere Bank, net of cash paid 0 0 80,442
Expenditures for premises and equipment (14,589) (11,491) (5,041)
Net cash provided by/ (used in) investing activities (1,619,196) 308,261 (1,200,196)
Financing activities:      
Net increase in deposits 330,721 595,942 1,270,328
Net increase/ (decrease) in retail repurchase agreements and federal funds purchased 180,881 (402,071) 329,552
Proceeds from FHLB advances 2,526,625 0 400,000
Repayment of FHLB advances (1,976,625) (379,075) (703,117)
Proceeds from issuance of subordinated debt 200,000 0 0
Retirement of subordinated debt 0 (53,000) (10,310)
Proceeds from issuance of common stock 2,192 5,758 1,997
Stock tendered for payment of withholding taxes (2,353) (1,577) (458)
Repurchase of common stock (24,987) (107,268) (25,702)
Dividends paid (61,368) (60,351) (53,175)
Net cash provided by/ (used in) financing activities 1,175,086 (401,642) 1,209,115
Net increase/ (decrease) in cash and cash equivalents (227,788) 123,017 150,900
Cash and cash equivalents at beginning of year 420,020 297,003 146,103
Cash and cash equivalents at end of year 192,232 420,020 297,003
Supplemental Disclosures:      
Interest payments 62,240 37,847 62,637
Income tax payments, net of refunds of $966, $2,673 and $1,924 in 2022, 2021 and 2020 62,098 71,908 56,430
Transfers from loans to other real estate owned $ 0 $ 257 $ 70