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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 65,867 $ 65,723
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 17,350 15,138
Depreciation of premises and equipment, net 3,222 4,100
Accretion of fees and discounts, net (6,604) (5,380)
Amortization of intangible assets 3,896 3,931
Amortization of right-of-use lease assets 2,479 2,837
Decrease in operating lease liability (2,551) (2,627)
Income from mortgage banking activities, net (1,800) (1,647)
Loss on sale of other real estate owned and valuation adjustments, net 0 23
Stock-based compensation expense 2,999 2,455
Deferred income tax benefit 10,715 5,239
Decrease (increase) in accrued interest receivable 4,253 (2,331)
Decrease (increase) in other assets 56,272 (16,346)
Origination of loans held for sale (93,339) (67,083)
Proceeds from sales of loans held for sale 74,687 60,776
Decrease in value of bank owned life insurance 221 54
Increase in capitalized interest, net (487) (332)
Decrease in accrued interest payable (2,226) (8,773)
(Decrease) increase in other liabilities (126,208) 57,109
Net cash provided by operating activities 8,746 112,866
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 12,502 13,084
Purchases of investment securities available-for-sale (36,065) (17,231)
Repayments, maturities and calls of investment securities available-for-sale 90,006 76,084
Net decrease (increase) in loans 77,615 (117,639)
Purchase of loans held-for-investment 0 (92,358)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (117,999) (6,168)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 108,918 6,040
Sales of other real estate owned 0 359
Investment in premises and equipment (2,431) (4,233)
Net cash provided by (used in) investing activities 132,546 (142,062)
Financing activities:    
Net decrease in demand and saving deposits (115,520) (351,025)
(Decrease) increase in time deposits (30,860) 110,523
Decrease in brokered deposits 0 (51,676)
Receipts from FHLB advances 2,950,000 1,950,000
Repayments of FHLB advances (2,950,000) (1,950,000)
Receipts from Bank Term Funding Program 0 235,000
Cash dividend (8,788) (9,069)
Issuance of common stock including proceeds from exercise of common stock options 640 599
Redemption of senior and subordinated debt (70,000) 0
Repurchases of common shares (54,288) (20,985)
Net cash used in financing activities (278,816) (86,633)
Decrease in cash, cash equivalents, and restricted cash (137,524) (115,829)
Cash, cash equivalents, and restricted cash at beginning of period 1,154,818 1,092,900
Cash, cash equivalents, and restricted cash at end of period 1,017,294 977,071
Cash paid during the period for:    
Interest 77,887 95,118
Income taxes [1] 14,135 2,289
Non-cash information:    
Loans transferred to portfolio from held-for-sale at fair value 16,677 9,252
Available-for-sale securities purchased, not settled $ 0 $ 1,236
[1] Includes $11.4 million related to the purchase of renewable energy tax credits for the three months ended March 31, 2025.