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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net income $ 105,025 $ 60,076
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 9,864 6,901
Depreciation of premises and equipment, net 6,347 6,454
Amortization of fees and discounts, net 11,952 15,002
Amortization of intangible assets 2,223 2,352
Income from mortgage banking activities, net (4,938) (4,785)
Gain on sale of securities, net (21) (1,764)
Loss on sale of other real estate owned and valuation adjustments, net 83 187
Stock-based compensation expense 1,857 2,449
Unrealized gain on equity investments (18,595) 0
Debt extinguishment cost 0 695
Deferred income tax expense 3,330 3,097
(Increase) decrease in accrued interest receivable (1,926) (762)
Decrease (increase) in other assets 3,171 (7,451)
Origination of loans held for sale (265,674) (258,962)
Proceeds from sales of loans held for sale 257,026 284,797
Increase in accrued interest payable 6,083 2,731
(Decrease) increase in other liabilities (5,273) 962
Increase in value of bank owned life insurance (311) (899)
Increase in capitalized interest, net (2,795) (3,252)
Net cash provided by operating activities 107,428 107,828
Investing activities:    
Purchases of investment securities held to maturity 0 0
Repayments, maturities and calls of investment securities held to maturity 7,055 1,175
Sale of investment securities available for sale 7,012 415,486
Purchases of investment securities available for sale (280,401) (593,878)
Repayments of investment securities available for sale 82,501 174,251
Proceeds of bank-owned life insurance death benefit 0 371
Proceeds from bank-owned life insurance surrender 96,429 0
Net increase in loans (119,641) (231,955)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (137,199) (128,159)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 151,943 133,130
Sales of other real estate owned 2,323 4,405
Investment in premises and equipment (4,910) (7,336)
Sales of premises and equipment 201 1,593
Net cash used for investing activities (194,687) (230,917)
Financing activities:    
Net increase in demand and saving deposits 341,411 320,784
Increase (decrease) in time deposits 83,788 (36,055)
Increase in brokered deposits 57,638 35,079
Decrease in loan payable 0 (359)
Receipts from FHLB advances 85,335,984 109,432,123
Repayments of FHLB advances (85,707,520) (109,588,547)
Receipts from federal funds purchased and securities sold under agreement to repurchase 18,821,100 17,610,000
Repayments of federal funds purchased and securities sold under agreement to repurchase (18,849,100) (17,670,000)
Dividends paid (9,797) (6,600)
Issuance of common stock and exercise of common stock options 9,776 2,317
Redemption of senior debt 0 (55,000)
Purchase of treasury stock (8,515) (9,211)
Net cash provided by financing activities 74,765 34,531
Decrease in cash and cash equivalents (12,494) (88,558)
Cash and cash equivalents at beginning of period 723,866 821,923
Cash and cash equivalents at end of period 711,372 733,365
Supplemental Disclosure of Cash Flow Information:    
Interest 27,297 21,893
Income taxes 21,754 20,861
Non-cash information:    
Loans transferred to other real estate owned 1,907 4,925
Loans transferred to portfolio from held-for-sale at fair value 7,261 12,782
Goodwill adjustments, net $ 0 $ (1,532)