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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net (loss) income $ 2,756 $ 48,899
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 151,400 19,849
Depreciation of premises and equipment, net 7,933 7,203
(Accretion) amortization of fees and discounts, net (27,442) 24,079
Amortization of intangible assets 5,528 5,658
Amortization of right of use lease asset 6,356 12,982
Decrease in operating lease liability (7,008) (4,405)
Income from mortgage banking activities, net (11,965) (4,938)
Gain on sale of securities, net (2,601) (78)
Loss on sale of other real estate owned and valuation adjustments, net 10 63
Stock-based compensation expense 1,294 1,235
Unrealized gain on equity investments, net (657) (4,831)
Realized gain on sale of equity investment (22,052) 0
Deferred income tax (benefit) expense (38,596) 1,205
Increase in accrued interest receivable (15,128) (1,284)
(Increase) decrease in other assets (3,743) 23,060
Origination of loans held for sale (404,036) (190,508)
Proceeds from sales of loans held for sale 377,786 154,508
Increase in accrued interest payable 2,946 5,164
Increase (decrease) in other liabilities 59,651 (3,411)
Increase in value of bank owned life insurance (97) (632)
Increase in capitalized interest, net (1,909) (1,808)
Net cash provided by operating activities 80,426 92,010
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 9,675 8,235
Sale of investment securities available-for-sale 109,605 602,432
Purchases of investment securities available-for-sale (535,146) (619,652)
Repayments of investment securities available-for-sale 232,426 90,009
Net proceeds from sale of Visa Class B shares 85,850 0
Proceeds from bank-owned life insurance surrender 0 59,711
Net (increase) decrease in loans (839,620) (20,646)
Net cash from business combinations 0 76,072
Purchases of stock of Federal Home Loan Bank of Pittsburgh (145,399) (95,750)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 156,724 122,317
Sales of other real estate owned 875 1,610
Investment in premises and equipment (2,830) (5,510)
Sales of premises and equipment 45 71
Net cash (used in) provided by investing activities (927,795) 218,899
Financing activities:    
Net increase (decrease) in demand and saving deposits 1,580,924 (75,871)
(Decrease) increase in time deposits (128,170) 25,640
Increase (decrease) in brokered deposits 30,568 (81,028)
Receipts from FHLB advances 5,037,296 23,341,156
Repayments of FHLB advances (5,043,576) (23,553,946)
Receipts from federal funds purchased 8,025,475 15,056,950
Repayments of federal funds purchased (8,220,475) (15,099,925)
Dividends paid (12,240) (9,857)
Issuance of common stock and exercise of common stock options 991 4,127
Purchase of common stock (39,409) (17,087)
Net cash provided by (used in) financing activities 1,231,384 (409,841)
Increase (decrease) in cash and cash equivalents 384,015 (98,932)
Cash and cash equivalents at beginning of period 571,752 620,757
Cash and cash equivalents at end of period 955,767 521,825
Supplemental disclosure of cash flow information:    
Interest 26,886 30,771
Income taxes 3,610 15,987
Non-cash information:    
Loans transferred to other real estate owned 2,503 2,098
Loans transferred to portfolio from held-for-sale at fair value 11,065 14,846
Fair value of assets acquired, net of cash received 0 5,033,367
Fair value of liabilities assumed 0 5,109,931
Allowance for credit losses on held-to-maturity debt securities 8  
Allowance for credit losses 232,192 $ 45,364
Retained earnings $ 878,585  
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member us-gaap:AccountingStandardsUpdate201602Member
ASC 842    
Non-cash information:    
Right of use asset $ 0 $ 121,288
Lease liability $ 0 $ (132,346)