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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 69,598 $ 92,533 $ 118,664
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision expense/(benefit) for credit losses 31,999 11,000 (500)
Net amortization of securities 1,451 2,886 1,939
Change in unamortized net loan origination costs and premiums 764 3,312 (1,918)
Premises and equipment depreciation and amortization expense 8,445 9,576 11,035
Stock-based compensation expense 7,498 7,338 4,170
Accretion of purchase accounting entries, net (716) (1,637) (6,577)
Amortization of intangible assets 4,820 5,134 5,200
Income from cash surrender value of bank-owned life insurance policies (5,392) (5,540) (5,561)
Securities losses/(gains), net 24,544 2,031 787
(Gain) on SBA loan sales (10,334) (12,494) (20,689)
Net change in loans held-for-sale 2,074 5,168 5,775
Loss on disposition of assets 0 0 2,811
Loss on sale of real estate 0 0 6
Amortization of interest in tax-advantaged projects 8,018 3,508 3,444
Gain on sale of business operations and other assets 0 0 (52,942)
Prepayment penalties on repayment of Federal Home Loan Bank advances 0 0 862
Net change in other 14,387 (12,076) 18,282
Net cash provided by operating activities 157,156 110,739 84,788
Cash flows from investing activities:      
Net decrease in trading security 860 818 776
Proceeds from sales of marketable equity securities 0 0 2,880
Purchases of securities available for sale (44,586) (478,940) (804,616)
Proceeds from sales of securities available for sale 267,199 149,994 0
Proceeds from maturities, calls, and prepayments of securities available for sale 201,624 548,423 575,538
Purchases of securities held to maturity (700) (807) (219,470)
Proceeds from maturities, calls, and prepayments of securities held to maturity 39,193 51,961 46,061
Net change in loans (716,591) (1,546,518) 1,283,210
Net change in Mid-Atlantic region loans held for sale 0 0 50,914
Proceeds from surrender of bank-owned life insurance 2,002 2,311 2,566
Purchase of Federal Home Loan Bank stock (494,159) (124,331) 0
Proceeds from sales of Federal Home Loan Bank stock 478,689 127,912 24,078
Net investment in limited partnership tax credits (16,172) (14,537) (2,878)
Purchase of premises and equipment, net (1,820) (1,495) (1,606)
Proceeds from sales of seasoned commercial loan portfolios 0 24,323 16,417
Proceeds from sales of other real estate owned 0 0 187
Cash outflows from sale of business operations and other assets 0 0 (352,814)
Net cash (used)/provided by investing activities (284,461) (1,260,886) 621,243
Cash flows from financing activities:      
Net increase in deposits 306,115 258,316 (154,052)
Net change in Mid-Atlantic region deposits held for sale 0 0 20,953
Proceeds from Federal Home Loan Bank advances and other borrowings 10,450,979 51,275 0
Repayments of Federal Home Loan Bank advances and other borrowings (10,070,200) (60,196) (462,059)
Proceeds from issuance of subordinated debt 0 98,032 0
Repayment from calling of subordinated debt 0 (75,000) 0
Purchase of treasury stock (23,844) (124,519) (68,712)
Exercise of stock options 0 270 417
Common and preferred stock cash dividends paid (31,707) (24,527) (24,553)
Settlement of derivative contracts with financial institution counterparties 13,851 84,044 51,907
Net cash provided/(used) by financing activities 645,194 207,695 (636,099)
Net change in cash and cash equivalents 517,889 (942,452) 69,932
Cash and cash equivalents at beginning of year 685,355 1,627,807 1,557,875
Cash and cash equivalents at end of year 1,203,244 685,355 1,627,807
Supplemental cash flow information:      
Interest paid on deposits 148,313 32,782 29,606
Interest paid on borrowed funds 46,584 9,043 11,385
Income taxes paid, net 12,307 28,439 14,816
Other net comprehensive income/(loss) 38,036 (177,809) (34,114)
Premises and equipment reclassified to held-for-sale 8,714 1,380 4,577
Reclassifications of loans to loans held for sale 0 3,369 11,660
Loans held-for-sale reclassified to portfolio loans, net 0 606 0
Premium payable on cash flow hedges 0 2,296 0
Discontinued Operations, Held-for-sale | Mid-Atlantic Branch Sale      
Supplemental cash flow information:      
Loans held-for-sale reclassified to portfolio loans, net 0 0 29,418
Mid-Atlantic deposits held-for-sale reclassified to deposits, net 0 0 7,197
Retained earnings      
Cash flows from operating activities:      
Net income 69,598 92,533 118,664
Impact of ASC 326 adoption | Retained earnings      
Supplemental cash flow information:      
Impact to retained earnings from adoption of ASU 2022-02 $ 401 $ 0 $ 0