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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 62,662 $ 3,967
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 29,011 18,971
Depreciation of premises and equipment, net 4,327 11,062
Accretion of fees and discounts, net (6,358) (1,642)
Amortization of intangible assets 3,845 3,963
Amortization of right-of-use lease assets 3,905 7,664
Decrease in operating lease liability (3,170) (5,030)
Income from mortgage banking activities, net (1,122) (2,898)
Gain on sale of other real estate owned and valuation adjustments, net 0 (54)
Stock-based compensation expense 3,185 1,334
Unrealized loss on equity investments, net 4 3
Deferred income tax expense (benefit) 1,484 (7,952)
Increase in accrued interest receivable (2,908) (944)
Decrease in other assets 47,058 41,368
Origination of loans held for sale (58,269) (174,612)
Proceeds from sales of loans held for sale 36,986 190,520
Decrease in value of bank owned life insurance 1,028 260
Increase in capitalized interest, net (315) (569)
Increase in accrued interest payable 9,961 1,280
Decrease in other liabilities (101,123) (28,500)
Net cash provided by operating activities 30,191 58,191
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 21,721 5,875
Purchases of investment securities available-for-sale (4,824) (805,798)
Repayments, maturities and calls of investment securities available-for-sale 80,343 649,279
Proceeds from bank-owned life insurance death benefit 0 1,437
Net (increase) decrease in loans (129,561) 120,204
Net cash from business combinations 0 573,745
Purchase of loans held-for-investment (88,455) (55,544)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (92,439) 0
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 74,433 1
Sales of other real estate owned 0 450
Investment in premises and equipment (856) (1,647)
Sales of premises and equipment 3 0
Net cash used in investing activities (139,635) 488,002
Financing activities:    
Net (decrease) increase in demand and saving deposits (560,596) 281,843
Increase (decrease) in time deposits 350,922 (39,367)
Increase in brokered deposits 186,718 17,752
Receipts from FHLB advances 4,153,000 0
Repayments of FHLB advances (3,703,000) 0
Receipts from federal funds purchased 5,150,000 0
Repayments of federal funds purchased (5,150,000) 0
Contribution from noncontrolling shareholders (49) 187
Cash dividend (9,255) (8,536)
Issuance of common stock including proceeds from exercise of common stock options 362 428
Redemption of senior and subordinated debt (30,000) 0
Repurchases of common shares (12,876) (47,670)
Net cash (used in) provided by financing activities 375,226 204,637
Increase in cash, cash equivalents, and restricted cash 265,782 750,830
Cash, cash equivalents, and restricted cash at beginning of period 837,258 1,532,939
Cash, cash equivalents, and restricted cash at end of period 1,103,040 2,283,769
Supplemental disclosure of cash flow information:    
Interest 33,890 1,057
Income taxes 455 3,370
Non-cash information:    
Loans transferred to other real estate owned 298 0
Loans transferred to portfolio from held-for-sale at fair value 23,476 6,321
Fair value of assets acquired, net of cash received 0 4,712,341
Fair value of liabilities assumed $ 0 $ 4,378,070