Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income:      
Interest and fees on loans $ 612,115 $ 469,856 $ 293,996
Interest on deposits in other banks 3,733 2,125 539
Interest and dividends on securities:      
Taxable 51,437 36,851 20,305
Nontaxable 32,047 19,956 14,204
Total interest and dividend income 699,332 528,788 329,044
Interest expense:      
Interest on deposits 114,972 59,336 26,106
Interest on short-term borrowings 15,479 18,458 6,035
Interest on long-term borrowings 31,009 24,303 17,896
Total interest expense 161,460 102,097 50,037
Net interest income 537,872 426,691 279,007
Provision for credit losses 21,092 13,736 10,802
Net interest income after provision for credit losses 516,780 412,955 268,205
Noninterest income:      
Mortgage banking income 10,303 0 0
Gains (losses) on securities transactions 7,675 383 800
Bank owned life insurance income 8,311 7,198 6,144
Loan-related interest rate swap fees 14,126 3,554 3,051
Gain on Shore Premier sale 0 19,966 0
Other operating income 17,791 7,145 2,772
Total noninterest income 132,815 104,241 62,429
Noninterest expenses:      
Salaries and benefits 195,349 159,378 115,968
Occupancy expenses 29,793 25,368 18,558
Furniture and equipment expenses 14,216 11,991 10,047
Printing, postage, and supplies 5,056 4,650 4,901
Technology and data processing 23,686 18,397 16,132
Professional services 11,905 10,283 7,767
Marketing and advertising expense 11,566 10,043 7,795
FDIC assessment premiums and other insurance 6,874 6,644 4,048
Other taxes 15,749 11,542 8,087
Loan-related expenses 10,043 7,206 4,733
OREO and credit-related expenses 4,708 4,131 3,764
Amortization of intangible assets 18,521 12,839 6,088
Training and other personnel costs 6,376 4,259 3,843
Merger-related costs 27,824 39,728 5,393
Rebranding expense 6,455 0 0
Loss on debt extinguishment 16,397 0 0
Other expenses 13,822 11,308 8,544
Total noninterest expenses 418,340 337,767 225,668
Income from continuing operations before income taxes 231,255 179,429 104,966
Income tax expense 37,557 30,016 32,790
Income from continuing operations 193,698 149,413 72,176
Discontinued operations:      
Income (loss) from operations of discontinued mortgage segment (230) (4,280) 1,344
Income tax expense (benefit) (60) (1,115) 597
Income (loss) on discontinued operations (170) (3,165) 747
Net income $ 193,528 $ 146,248 $ 72,923
Basic earnings per common share (in dollars per share) $ 2.41 $ 2.22 $ 1.67
Diluted earnings per common share (in dollars per share) 2.41 2.22 1.67
Dividends declared per common share (in dollars per share) $ 0.96 $ 0.88 $ 0.81
Basic weighted average number of common shares outstanding (in shares) 80,200,950 65,859,165 43,698,897
Diluted weighted average number of common shares outstanding (in shares) 80,263,557 65,908,573 43,779,744
Service charges on deposit accounts      
Noninterest income:      
Noninterest income $ 30,202 $ 25,439 $ 18,850
Other service charges, commissions and fees      
Noninterest income:      
Noninterest income 6,423 5,603 4,593
Interchange fees      
Noninterest income:      
Noninterest income 14,619 18,803 14,974
Fiduciary and asset management fees      
Noninterest income:      
Noninterest income $ 23,365 $ 16,150 $ 11,245