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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income (loss) $ 134,931 $ 131,257
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 34,952 44,841
Depreciation of premises and equipment, net 7,421 9,023
Accretion of fees and discounts, net (11,750) (14,346)
Amortization of intangible assets 7,863 7,689
Amortization of right-of-use lease assets 5,300 8,813
Decrease in operating lease liability (5,310) (6,450)
Income from mortgage banking activities, net (3,864) (2,426)
Loss on sale of other real estate owned and valuation adjustments, net 296 195
Stock-based compensation expense 6,177 5,738
Unrealized loss on equity investments, net 0 4
Realized gain on sale of equity investments, net (2,130) 0
Deferred income tax benefit 1,617 1,919
Increase in accrued interest receivable (2,899) (3,382)
(Increase) decrease in other assets (46,599) 11,184
Origination of loans held for sale (183,742) (131,703)
Proceeds from sales of loans held for sale 133,724 85,096
(Increase) decrease in value of bank owned life insurance (56) 827
Increase in capitalized interest, net (661) (649)
Increase in accrued interest payable 10,000 20,544
Increase (decrease) in other liabilities 72,440 (45,616)
Net cash provided by operating activities 157,710 122,558
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 28,561 41,961
Purchases of investment securities available-for-sale (41,096) (20,030)
Repayments, maturities and calls of investment securities available-for-sale 169,544 173,145
Proceeds from bank-owned life insurance death benefit 112 0
Proceeds from bank-owned life insurance surrender 6,616 0
Net increase in loans (188,531) (238,112)
Purchase of loans held-for-investment (176,597) (159,669)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (84,226) (103,879)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 82,986 118,596
Sales of other real estate owned 509 604
Investment in premises and equipment (6,957) (1,812)
Sales of premises and equipment 0 3
Net cash used in investing activities (209,079) (189,193)
Financing activities:    
Net decrease in demand and saving deposits (341,207) (370,288)
Increase in time deposits 199,441 536,663
(Decrease) increase in brokered deposits (51,676) 44,844
Receipts from FHLB advances 3,922,306 5,265,000
Repayments of FHLB advances (3,900,000) (5,615,000)
Receipts from federal funds purchased 175,000 5,150,000
Repayments of federal funds purchased (175,000) (5,150,000)
Receipts from Bank Term Funding Program 235,000 565,000
Distributions to noncontrolling shareholders (3,299) (4,223)
Cash dividend (18,093) (18,476)
Issuance of common stock including proceeds from exercise of common stock options (1,099) 363
Redemption of senior and subordinated debt 0 (30,000)
Repurchases of common shares (61,188) (28,946)
Net cash (used in) provided by financing activities (19,815) 344,937
(Decrease) increase in cash, cash equivalents, and restricted cash (71,184) 278,302
Cash, cash equivalents, and restricted cash at beginning of period 1,092,900 837,258
Cash, cash equivalents, and restricted cash at end of period 1,021,716 1,115,560
Cash paid during the period for:    
Interest 167,133 83,234
Income taxes 36,619 48,698
Non-cash information:    
Loans transferred to other real estate owned 282 298
Loans transferred to portfolio from held-for-sale at fair value 26,354 46,103
Available-for-sale securities purchased, not settled $ 0 $ 2,667