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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 205,520 $ 138,213
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 63,255 34,693
Depreciation of premises and equipment, net 13,552 20,009
Accretion of fees and discounts, net (20,891) (16,965)
Amortization of intangible assets 11,596 14,505
Amortization of right-of-use lease assets 11,559 14,715
Decrease in operating lease liability (9,328) (12,856)
Income from mortgage banking activities, net (3,680) (6,529)
Loss (gain) on sale of other real estate owned and valuation adjustments, net 195 (235)
Stock-based compensation expense 7,211 4,427
Unrealized loss (gain) on equity investments, net 9 (5,988)
Deferred income tax benefit (1,681) (6,439)
Increase in accrued interest receivable (7,461) (11,096)
Decrease in other assets (42,228) (39,991)
Origination of loans held for sale (206,979) (453,952)
Proceeds from sales of loans held for sale 144,990 421,098
Decrease (increase) in value of bank owned life insurance 511 (437)
Increase in capitalized interest, net (1,702) (1,650)
Increase in accrued interest payable 37,307 1,590
Increase in other liabilities 86,052 313,791
Net cash provided by operating activities 287,807 406,903
Investing activities:    
Purchases of investment securities held to maturity 0 (120,868)
Repayments, maturities and calls of investment securities held-to-maturity 57,826 49,768
Purchases of investment securities available-for-sale (21,080) (1,218,022)
Repayments, maturities and calls of investment securities available-for-sale 269,156 911,125
Proceeds from bank-owned life insurance death benefit 0 1,437
Net (increase) decrease in loans (486,508) 11,642
Net cash (paid for) from business combinations (3,000) 573,745
Purchase of loans held-for-investment (238,047) (252,185)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (119,479) (15,318)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 131,396 6
Sales of other real estate owned 833 1,844
Investment in premises and equipment (2,953) (7,665)
Sales of premises and equipment 3 891
Net cash used in investing activities (411,853) (63,600)
Financing activities:    
Net decrease in demand and saving deposits (816,546) (466,105)
Increase (decrease) in time deposits 612,672 (132,825)
Decrease in brokered deposits (33,486) (37,704)
Receipts from FHLB advances 5,945,000 458,100
Repayments of FHLB advances (6,295,000) (458,100)
Receipts from federal funds purchased 6,033,000 310,001
Repayments of federal funds purchased (6,008,000) (310,001)
Receipts from Bank Term Funding Program 565,000 0
Distributions to noncontrolling shareholders (4,462) (53)
Cash dividend (27,633) (26,501)
Issuance of common stock including proceeds from exercise of common stock options 2,420 2,519
Redemption of senior and subordinated debt (30,000) 0
Repurchases of common shares (44,697) (184,182)
Net cash used in financing activities (101,732) (844,851)
Decrease in cash, cash equivalents, and restricted cash (225,778) (501,548)
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 611,480 1,031,391
Cash paid during the period for:    
Interest 135,008 16,886
Income taxes 72,789 26,237
Non-cash information:    
Loans transferred to other real estate owned 298 502
Loans transferred to portfolio from held-for-sale at fair value 68,022 84,829
Held-to-maturity securities purchased, not settled 0 5,136
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 7,993 4,713,544
Fair value of liabilities assumed $ 4,993 $ 4,379,273