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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 65,723 $ 62,662
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 15,138 29,011
Depreciation of premises and equipment, net 4,100 4,327
Accretion of fees and discounts, net (5,380) (6,358)
Amortization of intangible assets 3,931 3,845
Amortization of right-of-use lease assets 2,837 3,905
Decrease in operating lease liability (2,627) (3,170)
Income from mortgage banking activities, net (1,647) (1,122)
Loss on sale of other real estate owned and valuation adjustments, net 23 0
Stock-based compensation expense 2,455 3,185
Unrealized loss on equity investments, net 0 4
Deferred income tax benefit 5,239 1,484
Increase in accrued interest receivable (2,331) (2,908)
(Increase) decrease in other assets (16,346) 47,058
Origination of loans held for sale (67,083) (58,269)
Proceeds from sales of loans held for sale 60,776 36,986
Decrease in value of bank owned life insurance 54 1,028
Increase in capitalized interest, net (332) (315)
(Decrease) increase in accrued interest payable (8,773) 9,961
Increase (decrease) in other liabilities 57,109 (101,123)
Net cash provided by operating activities 112,866 30,191
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 13,084 21,721
Purchases of investment securities available-for-sale (17,231) (4,824)
Repayments, maturities and calls of investment securities available-for-sale 76,084 80,343
Net increase in loans (117,639) (129,561)
Purchase of loans held-for-investment (92,358) (88,455)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (6,168) (92,439)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 6,040 74,433
Sales of other real estate owned 359 0
Investment in premises and equipment (4,233) (856)
Sales of premises and equipment 0 3
Net cash used in investing activities (142,062) (139,635)
Financing activities:    
Net decrease in demand and saving deposits (351,025) (560,596)
Increase in time deposits 110,523 350,922
(Decrease) increase in brokered deposits (51,676) 186,718
Receipts from FHLB advances 1,950,000 4,153,000
Repayments of FHLB advances (1,950,000) (3,703,000)
Receipts from federal funds purchased 0 5,150,000
Repayments of federal funds purchased 0 (5,150,000)
Receipts from Bank Term Funding Program 235,000 0
Distributions to noncontrolling shareholders 0 (49)
Cash dividend (9,069) (9,255)
Issuance of common stock including proceeds from exercise of common stock options 599 362
Redemption of senior and subordinated debt 0 (30,000)
Repurchases of common shares (20,985) (12,876)
Net cash used in financing activities (86,633) 375,226
(Decrease) increase in cash, cash equivalents, and restricted cash (115,829) 265,782
Cash, cash equivalents, and restricted cash at beginning of period 1,092,900 837,258
Cash, cash equivalents, and restricted cash at end of period 977,071 1,103,040
Cash paid during the period for:    
Interest 95,118 33,890
Income taxes 2,289 455
Non-cash information:    
Loans transferred to other real estate owned 0 298
Loans transferred to portfolio from held-for-sale at fair value 9,252 23,476
Available-for-sale securities purchased, not settled $ 1,236 $ 0