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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income (loss) $ 160,752 $ 2,756
Adjustments to reconcile net income to net cash provided by operating activities:    
(Recovery of) provision for credit losses (87,723) 151,400
Depreciation of premises and equipment, net 6,575 7,933
Accretion of fees and discounts, net (26,820) (27,442)
Amortization of intangible assets 5,302 5,528
Amortization of right of use lease asset 5,988 6,356
Decrease in operating lease liability (6,688) (7,008)
Income from mortgage banking activities, net (13,053) (11,965)
Gain on sale of securities, net (329) (2,601)
(Loss) gain on sale of other real estate owned and valuation adjustments, net (45) 10
Stock-based compensation expense 2,262 1,294
Unrealized gain on equity investments, net (5,261) (657)
Realized gain on sale of equity investment 0 22,052
Deferred income tax expense (benefit) 30,162 (38,596)
Decrease (increase) in accrued interest receivable 4,060 (15,128)
Increase in other assets (8,046) (3,743)
Origination of loans held for sale (510,421) (404,036)
Proceeds from sales of loans held for sale 569,341 377,786
Increase in value of bank owned life insurance (708) (97)
Increase in capitalized interest, net (1,551) (1,909)
Increase in accrued interest payable 527 2,946
(Decrease) increase in other liabilities (35,248) 59,651
Net cash provided by operating activities 89,076 80,426
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 16,240 9,675
Sale of investment securities available-for-sale 9,332 109,605
Purchases of investment securities available-for-sale (1,267,988) (535,146)
Repayments of investment securities available-for-sale 354,265 232,426
Net proceeds from sale of Visa Class B shares 0 85,850
Net decrease (increase) in loans 826,059 (839,620)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (585) (145,399)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 266 156,724
Sales of other real estate owned 2,402 875
Investment in premises and equipment (3,005) (2,830)
Sales of premises and equipment 427 45
Net cash used in investing activities (62,587) (927,795)
Financing activities:    
Net increase in demand and saving deposits 1,133,691 1,580,924
Decrease in time deposits (106,803) (128,170)
(Decrease) increase in brokered deposits (155,462) 30,568
Receipts from FHLB advances 0 5,037,296
Repayments of FHLB advances (6,623) (5,043,576)
Receipts from federal funds purchased 0 8,025,475
Repayments of federal funds purchased 0 (8,220,475)
Cash dividend (11,879) (12,240)
Issuance of common stock including proceeds from exercise of common stock options 176 991
Redemption of senior debt (100,000) 0
Repurchases of common shares (13,211) (39,409)
Net cash provided by financing activities 739,889 1,231,384
Increase in cash, cash equivalents, and restricted cash 766,378 384,015
Cash, cash equivalents, and restricted cash at beginning of period 1,654,735 571,752
Cash, cash equivalents, and restricted cash at end of period 2,421,113 955,767
Supplemental disclosure of cash flow information:    
Interest 12,722 26,886
Income taxes 21,999 3,610
Non-cash information:    
Loans transferred to other real estate owned 606 2,503
Loans transferred to portfolio from held-for-sale at fair value 24,782 11,065
Allowance for credit losses on held-to-maturity debt securities 5  
Allowance for credit losses on loans and leases 132,418 $ 232,192
Retained earnings 1,126,284  
Accounting standards update, extensible list   ASC 326
Cumulative change in accounting principle | ASC 326    
Non-cash information:    
Allowance for credit losses on held-to-maturity debt securities 0 $ (8)
Allowance for credit losses on loans and leases 0 (35,855)
Deferred tax assets 0 8,461
Allowance for credit losses on unfunded lending commitments 0 (2,966)
Retained earnings $ 0 $ 30,368