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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 10,567 $ 12,930
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 56,646 7,654
Depreciation of premises and equipment, net 4,572 2,847
(Accretion) amortization of fees and discounts, net (13,273) 7,087
Amortization of intangible assets 2,764 2,764
Amortization of right of use lease asset 4,834 4,343
Decrease in operating lease liability (4,466) (1,820)
Income from mortgage banking activities, net (3,471) (2,092)
Gain on sale of securities, net (693) (15)
Loss on sale of other real estate owned and valuation adjustments, net 0 4
Stock-based compensation expense 604 550
Unrealized gain on equity investments, net (668) (3,798)
Deferred income tax (benefit) expense (3,020) 6,662
Increase in accrued interest receivable (1,040) (941)
Decrease (increase) in other assets 10,913 (6,797)
Origination of loans held for sale (167,485) (76,409)
Proceeds from sales of loans held for sale 163,415 70,257
Increase in accrued interest payable 2,694 4,431
Increase (decrease) in other liabilities 352 (3,946)
Decrease (increase) in value of bank owned life insurance 201 (252)
Increase in capitalized interest, net (1,024) (944)
Net cash provided by operating activities 62,422 22,515
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 3,535 3,750
Sale of investment securities available-for-sale 30,641 583,852
Purchases of investment securities available-for-sale (162,826) (302,817)
Repayments of investment securities available-for-sale 83,532 37,233
Net increase in loans (59,232) (93,437)
Net cash from business combinations 0 76,318
Purchases of stock of Federal Home Loan Bank of Pittsburgh (145,399) (54,126)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 132,509 84,138
Sales of other real estate owned 131 1,454
Investment in premises and equipment (2,531) (3,694)
Sales of premises and equipment 42 71
Net cash (used in) provided by investing activities (119,598) 332,742
Financing activities:    
Net increase in demand and saving deposits 169,387 9,706
(Decrease) increase in time deposits (84,456) 63,802
Increase (decrease) in brokered deposits 37,215 (88,517)
Receipts from FHLB advances 5,037,296 20,554,826
Repayments of FHLB advances (5,030,000) (20,802,051)
Receipts from federal funds purchased 7,665,475 7,085,575
Repayments of federal funds purchased (7,760,475) (7,139,275)
Dividends paid (6,160) (3,451)
Issuance of common stock and exercise of common stock options 991 236
Purchase of common stock (38,739) (9,053)
Net cash used in financing activities (9,466) (328,202)
(Decrease) increase in cash and cash equivalents (66,642) 27,055
Cash and cash equivalents at beginning of period 571,752 620,757
Cash and cash equivalents at end of period 505,110 647,812
Supplemental disclosure of cash flow information:    
Interest 15,011 6,131
Income taxes 792 3,431
Non-cash information:    
Loans transferred to other real estate owned 2,350 413
Loans transferred to portfolio from held-for-sale at fair value 6,399 344
Fair value of assets acquired, net of cash received 0 5,032,452
Fair value of liabilities assumed 0 5,108,770
Right of use asset 0 121,228
Lease liability 0 (132,346)
Allowance for credit losses on held-to-maturity debt securities 8  
Allowance for credit losses 139,073 $ 46,321
Retained earnings $ 891,776