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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 3,967,000 $ 65,141,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (recovery of) credit losses 18,971,000 (20,160,000)
Depreciation of premises and equipment, net 11,062,000 3,090,000
Accretion of fees and discounts, net (1,642,000) (16,472,000)
Amortization of intangible assets 3,963,000 2,651,000
Amortization of right of use lease asset 7,664,000 3,100,000
Decrease in operating lease liability (5,030,000) (4,113,000)
Income from mortgage banking activities, net (2,898,000) (8,600,000)
Gain on sale of securities, net 0 (329,000)
Loss on sale of other real estate owned and valuation adjustments, net (54,000) (45,000)
Stock-based compensation expense 1,334,000 1,155,000
Unrealized loss on equity investments, net 3,000 0
Deferred income tax (benefit) expense (7,952,000) 11,052,000
(Increase) decrease in accrued interest receivable (944,000) 1,176,000
Decrease in other assets 41,368,000 1,569,000
Origination of loans held for sale (174,612,000) (246,127,000)
Proceeds from sales of loans held for sale 190,520,000 275,181,000
Increase (decrease) in value of bank owned life insurance 260,000 (204,000)
Increase in capitalized interest, net (569,000) (911,000)
Increase in accrued interest payable 1,280,000 2,703,000
Decrease in other liabilities (28,500,000) (207,000)
Net cash provided by operating activities 58,191,000 69,650,000
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 5,875,000 8,030,000
Sale of investment securities available-for-sale 0 9,332,000
Purchases of investment securities available-for-sale (805,798,000) (748,317,000)
Repayments, maturities and calls of investment securities available-for-sale 649,279,000 185,002,000
Proceeds from bank-owned life insurance death benefit 1,437,000 0
Net decrease in loans 120,204,000 536,272,000
Net cash from business combinations 573,745,000 0
Purchase of loans held-for-investment (55,544,000) (54,978,000)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 1,000 265,000
Sales of other real estate owned 450,000 1,148,000
Investment in premises and equipment (1,647,000) (1,270,000)
Sales of premises and equipment 0 427,000
Net cash provided by (used in) investing activities 488,002,000 (64,089,000)
Financing activities:    
Net increase in demand and saving deposits 281,843,000 646,348,000
Decrease in time deposits (39,367,000) (64,861,000)
Increase (decrease) in brokered deposits 17,752,000 (153,386,000)
Repayments of FHLB advances 0 (6,623,000)
Contribution from noncontrolling shareholders 187,000 0
Cash dividend (8,536,000) (5,699,000)
Issuance of common stock including proceeds from exercise of common stock options 428,000 115,000
Repurchases of common shares (47,670,000) (12,029,000)
Net cash provided by financing activities 204,637,000 403,865,000
Increase in cash, cash equivalents, and restricted cash 750,830,000 409,426,000
Cash, cash equivalents, and restricted cash at beginning of period 1,532,939,000 1,654,735,000
Cash, cash equivalents, and restricted cash at end of period 2,283,769,000 2,064,161,000
Supplemental disclosure of cash flow information:    
Interest 1,057,000 4,393,000
Income taxes 3,370,000 2,572,000
Non-cash information:    
Loans transferred to other real estate owned 0 376,000
Loans transferred to portfolio from held-for-sale at fair value 6,321,000 5,149,000
Available-for-sale securities purchased, not settled 0 34,929,000
Fair value of assets acquired, net of cash received 4,712,341,000 0
Fair value of liabilities assumed $ 4,378,070,000 $ 0