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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income (loss) $ 199,340 $ 205,520
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 53,374 63,255
Depreciation of premises and equipment, net 10,678 13,552
Accretion of fees and discounts, net (17,825) (20,891)
Amortization of intangible assets 11,784 11,596
Amortization of right-of-use lease assets 7,713 11,559
Decrease in operating lease liability (8,115) (9,328)
Income from mortgage banking activities, net (5,931) (3,680)
Loss on sale of other real estate owned and valuation adjustments, net 296 195
Stock-based compensation expense 8,990 7,211
Unrealized loss on equity investments, net 0 9
Realized gain on sale of equity investments, net (2,186) 0
Deferred income tax benefit (1,989) (1,681)
Increase in accrued interest receivable (1,381) (7,461)
Increase in other assets (28,889) (42,228)
Origination of loans held for sale (281,945) (206,979)
Proceeds from sales of loans held for sale 229,224 144,990
Decrease in value of bank owned life insurance 376 511
Increase in capitalized interest, net (1,038) (1,702)
Increase in accrued interest payable 26,734 37,307
(Decrease) increase in other liabilities (38,351) 86,052
Net cash provided by operating activities 160,859 287,807
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 45,827 57,826
Purchases of investment securities available-for-sale (51,641) (21,080)
Repayments, maturities and calls of investment securities available-for-sale 262,808 269,156
Proceeds from bank-owned life insurance death benefit 112 0
Proceeds from bank-owned life insurance surrender 6,616 0
Net increase in loans (272,276) (486,508)
Net cash paid for business combinations 0 3,000
Purchase of loans held-for-investment (269,635) (238,047)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (360,603) (119,479)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 358,504 131,396
Sales of other real estate owned 550 833
Investment in premises and equipment (10,595) (2,953)
Sales of premises and equipment 0 3
Net cash used in investing activities (290,333) (411,853)
Financing activities:    
Net decrease in demand and saving deposits (352,369) (816,546)
Increase in time deposits 358,483 612,672
Decrease in brokered deposits (51,676) (33,486)
Receipts from FHLB advances 10,849,997 5,945,000
Repayments of FHLB advances (10,806,839) (6,295,000)
Receipts from federal funds purchased 380,001 6,033,000
Repayments of federal funds purchased (380,001) (6,008,000)
Receipts from Bank Term Funding Program 135,000 565,000
Distributions to noncontrolling shareholders (3,299) (4,462)
Cash dividend (26,983) (27,633)
Issuance of common stock including proceeds from exercise of common stock options 337 2,420
Redemption of senior and subordinated debt 0 (30,000)
Repurchases of common shares (75,159) (44,697)
Net cash (used in) provided by financing activities 27,492 (101,732)
Decrease in cash, cash equivalents, and restricted cash (101,982) (225,778)
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 990,918 611,480
Cash paid during the period for:    
Interest 246,279 135,008
Income taxes 56,638 72,789
Non-cash information:    
Loans transferred to other real estate owned 282 298
Loans transferred to portfolio from held-for-sale at fair value 43,499 68,022
Fair value of assets acquired, net of cash received 0 7,993
Fair value of liabilities assumed $ 0 $ 4,993