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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 131,257 $ 64,869
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 44,841 27,239
Depreciation of premises and equipment, net 9,023 15,076
Accretion of fees and discounts, net (14,346) (5,537)
Amortization of intangible assets 7,689 10,605
Amortization of right-of-use lease assets 8,813 11,599
Decrease in operating lease liability (6,450) (9,254)
Income from mortgage banking activities, net (2,426) (5,109)
Loss (gain) on sale of other real estate owned and valuation adjustments, net 195 (255)
Stock-based compensation expense 5,738 3,061
Unrealized loss (gain) on equity investments, net 4 (5,988)
Deferred income tax expense (benefit) 1,919 (3,448)
Increase in accrued interest receivable (3,382) (3,421)
Decrease in other assets 11,184 17,909
Origination of loans held for sale (131,703) (324,227)
Proceeds from sales of loans held for sale 85,096 321,515
Decrease in value of bank owned life insurance 827 109
Increase in capitalized interest, net (649) (1,202)
Increase (decrease) in accrued interest payable 20,544 (887)
(Decrease) increase in other liabilities (45,616) 126,515
Net cash provided by operating activities 122,558 239,169
Investing activities:    
Purchases of investment securities held to maturity 0 (49,088)
Repayments, maturities and calls of investment securities held-to-maturity 41,961 28,487
Purchases of investment securities available-for-sale (20,030) (1,166,663)
Repayments, maturities and calls of investment securities available-for-sale 173,145 784,871
Proceeds from bank-owned life insurance death benefit 0 1,437
Net (increase) decrease in loans (238,112) 86,523
Net cash from business combinations 0 573,745
Purchase of loans held-for-investment (159,669) (137,008)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (103,879) (1,314)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 118,596 1
Sales of other real estate owned 604 1,844
Investment in premises and equipment (1,812) (4,436)
Sales of premises and equipment 3 891
Net cash (used in) provided by investing activities (189,193) 119,290
Financing activities:    
Net (decrease) increase in demand and saving deposits (370,288) 32,850
Increase (decrease) in time deposits 536,663 (91,628)
Increase (decrease) in brokered deposits 44,844 (37,948)
Receipts from FHLB advances 5,265,000 0
Repayments of FHLB advances (5,615,000) 0
Receipts from federal funds purchased 5,150,000 0
Repayments of federal funds purchased (5,150,000) 0
Receipts from Bank Term Funding Program 565,000 0
(Distributions to) contributions from noncontrolling shareholders (4,223) 187
Cash dividend (18,476) (16,966)
Issuance of common stock including proceeds from exercise of common stock options 363 432
Redemption of senior and subordinated debt (30,000) 0
Repurchases of common shares (28,946) (101,716)
Net cash provided by (used in) financing activities 344,937 (214,789)
Increase in cash, cash equivalents, and restricted cash 278,302 143,670
Cash, cash equivalents, and restricted cash at beginning of period 837,258 1,532,939
Cash, cash equivalents, and restricted cash at end of period 1,115,560 1,676,609
Cash paid during the period for:    
Interest 83,234 9,630
Income taxes 48,698 15,796
Non-cash information:    
Loans transferred to other real estate owned 298 0
Loans transferred to portfolio from held-for-sale at fair value 46,103 54,684
Available-for-sale securities purchased, not settled 2,667 0
Held-to-maturity securities purchased, not settled 0 8,355
Securities transferred to held-to-maturity from available-for-sale at fair value 0 931,421
Fair value of assets acquired, net of cash received 0 4,712,782
Fair value of liabilities assumed $ 0 $ 4,378,511