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, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest and dividend income:      
Interest and fees on loans $ 469,856 $ 293,996 $ 261,383
Interest on deposits in other banks 2,125 539 244
Interest and dividends on securities:      
Taxable 36,851 20,305 18,319
Nontaxable 19,956 14,204 13,790
Total interest and dividend income 528,788 329,044 293,736
Interest expense:      
Interest on deposits 59,336 26,106 17,731
Interest on short-term borrowings 18,458 6,035 2,894
Interest on long-term borrowings 24,303 17,896 9,145
Total interest expense 102,097 50,037 29,770
Net interest income 426,691 279,007 263,966
Provision for credit losses 13,736 10,802 8,883
Net interest income after provision for credit losses 412,955 268,205 255,083
Noninterest income:      
Gains (losses) on securities transactions, net [1] 383 800 205
Bank owned life insurance income 7,198 6,144 5,513
Loan-related interest rate swap fees 3,554 3,051 4,254
Gain on Shore Premier sale 19,966 0 0
Other operating income 7,145 2,772 3,007
Total noninterest income 104,241 62,429 59,849
Noninterest expenses:      
Salaries and benefits 159,378 115,968 110,521
Occupancy expenses 25,368 18,558 18,502
Furniture and equipment expenses 11,991 10,047 9,814
Printing, postage, and supplies 4,650 4,901 4,610
Communications expense 3,898 3,304 3,744
Technology and data processing 18,397 16,132 15,032
Professional services 10,283 7,767 8,051
Marketing and advertising expense 10,043 7,795 7,756
FDIC assessment premiums and other insurance 6,644 4,048 5,406
Other taxes 11,542 8,087 5,448
Loan-related expenses 7,206 4,733 4,168
OREO and credit-related expenses 4,131 3,764 2,600
Amortization of intangible assets 12,839 6,088 7,210
Training and other personnel costs 4,259 3,843 3,359
Merger-related costs 39,728 5,393 0
Other expenses 7,410 5,240 6,869
Total noninterest expenses 337,767 225,668 213,090
Income from continuing operations before income taxes 179,429 104,966 101,842
Income tax expense 30,016 32,790 25,944
Income from continuing operations 149,413 72,176 75,898
Discontinued operations:      
Income (loss) from operations of discontinued mortgage segment (4,280) 1,344 2,412
Income tax expense (benefit) (1,115) 597 834
Income (loss) on discontinued operations (3,165) 747 1,578
Net income [1] $ 146,248 $ 72,923 $ 77,476
Basic earnings per common share (in dollars per share) $ 2.22 $ 1.67 $ 1.77
Diluted earnings per common share (in dollars per share) 2.22 1.67 1.77
Dividends declared per common share (in dollars per share) $ 0.88 $ 0.81 $ 0.77
Basic weighted average number of common shares outstanding (in shares) 65,859,165 43,698,897 43,784,193
Diluted weighted average number of common shares outstanding (in shares) 65,908,573 43,779,744 43,890,271
Service charges on deposit accounts      
Noninterest income:      
Noninterest income $ 25,439 $ 18,850 $ 18,168
Other service charges, commissions and fees      
Noninterest income:      
Noninterest income 5,603 4,593 4,445
Interchange fees, net      
Noninterest income:      
Noninterest income 18,803 14,974 14,058
Fiduciary and asset management fees      
Noninterest income:      
Noninterest income $ 16,150 $ 11,245 $ 10,199
[1] Discontinued operations have an immaterial impact to the Company's Consolidated Statement of Cash Flows. The change in loans held for sale and goodwill impairment losses included in the Operating Activities section above are fully attributable to discontinued operations.