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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 53,579 $ 102,494
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 154,116 23,970
Depreciation of premises and equipment, net 11,322 11,139
Accretion of fees and discounts, net (40,136) (32,308)
Amortization of intangible assets 8,236 8,348
Amortization of right of use lease asset 9,267 19,842
Decrease in operating lease liability (9,563) (9,999)
Income from mortgage banking activities, net (23,472) (8,090)
Gain on sale of securities, net (5,923) (78)
(Gain) loss on sale of other real estate owned and valuation adjustments, net (102) 63
Stock-based compensation expense 1,954 1,994
Unrealized gain on equity investments, net (761) (26,175)
Realized gain on sale of equity investment (22,052) 0
Deferred income tax (benefit) expense (36,541) 6,106
(Increase) decrease in accrued interest receivable (4,707) 729
(Increase) decrease in other assets (14,032) 8,582
Origination of loans held for sale (663,371) (325,103)
Proceeds from sales of loans held for sale 589,993 271,679
Increase in accrued interest payable 5,419 7,581
Increase in other liabilities 39,806 18,014
Increase in value of bank owned life insurance (1,423) (1,590)
Increase in capitalized interest, net (2,755) (2,698)
Net cash provided by operating activities 48,854 74,500
Investing activities:    
Purchases of investment securities held to maturity (6,307) 0
Repayments, maturities and calls of investment securities held-to-maturity 25,430 15,130
Sale of investment securities available-for-sale 198,855 602,467
Purchases of investment securities available-for-sale (943,710) (800,020)
Repayments of investment securities available-for-sale 408,989 170,646
Net proceeds from sale of Visa Class B shares 85,850 0
Proceeds from bank-owned life insurance surrender 0 59,710
Net (increase) decrease in loans (792,881) 125,511
Net cash from business combinations 0 76,072
Purchases of stock of Federal Home Loan Bank of Pittsburgh (145,399) (176,966)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 159,999 196,777
Sales of other real estate owned 2,014 1,866
Investment in premises and equipment (3,480) (10,701)
Sales of premises and equipment 69 71
Net cash (used in) provided by investing activities (1,010,571) 260,563
Financing activities:    
Net increase in demand and saving deposits 1,948,026 55,527
Decrease in time deposits (132,767) (81,783)
Decrease in brokered deposits (5,002) (161,892)
Receipts from FHLB advances 5,037,296 27,146,456
Repayments of FHLB advances (5,133,220) (27,109,246)
Receipts from federal funds purchased 8,030,475 21,475,000
Repayments of federal funds purchased (8,225,475) (21,632,975)
Cash dividend (18,319) (16,208)
Issuance of common stock including proceeds from exercise of common stock options 1,359 7,340
Repurchases of common shares (39,488) (57,740)
Net cash provided by (used in) financing activities 1,462,885 (375,521)
Increase (decrease) in cash, cash equivalents, and restricted cash 501,168 (40,458)
Cash, cash equivalents, and restricted cash at beginning of period 571,752 620,757
Cash, cash equivalents, and restricted cash at end of period 1,072,920 580,299
Supplemental disclosure of cash flow information:    
Interest 34,735 48,782
Income taxes 60,494 24,579
Non-cash information:    
Loans transferred to other real estate owned 2,503 2,344
Loans transferred to portfolio from held-for-sale at fair value 24,180 19,278
Fair value of assets acquired, net of cash received 0 5,032,299
Fair value of liabilities assumed 0 5,108,371
Allowance for credit losses on held-to-maturity debt securities 7  
Allowance for credit losses 232,726 $ 47,671
Retained earnings $ 923,651  
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)