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, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest and dividend income:      
Interest and fees on loans $ 295,146 $ 262,567 $ 247,587
Interest on deposits in other banks 539 244 94
Interest and dividends on securities:      
Taxable 20,305 18,319 15,606
Nontaxable 14,204 13,790 13,484
Total interest and dividend income 330,194 294,920 276,771
Interest expense:      
Interest on deposits 26,106 17,731 15,553
Interest on short-term borrowings 6,035 2,894 944
Interest on long-term borrowings 17,896 9,145 8,440
Total interest expense 50,037 29,770 24,937
Net interest income 280,157 265,150 251,834
Provision for credit losses 10,756 9,100 9,571
Net interest income after provision for credit losses 269,401 256,050 242,263
Noninterest income:      
Service charges on deposit accounts 20,212 19,496 18,904
Other service charges, commissions and fees 18,205 17,175 15,575
Fiduciary and asset management fees 11,245 10,199 9,141
Mortgage banking income, net 9,241 10,953 9,767
Gains on securities transactions, net 800 205 1,486
Other-than-temporary impairment losses 0 0 (300)
Bank owned life insurance income 6,144 5,513 4,593
Loan-related interest rate swap fees 3,051 4,254 412
Other operating income 2,776 3,112 5,429
Total noninterest income 71,674 70,907 65,007
Noninterest expenses:      
Salaries and benefits 122,222 117,103 104,192
Occupancy expenses 19,594 19,528 20,053
Furniture and equipment expenses 10,503 10,475 11,674
Printing, postage, and supplies 4,962 4,692 5,124
Communications expense 3,319 3,850 4,634
Technology and data processing 16,485 15,368 13,667
Professional services 7,925 8,085 6,309
Marketing and advertising expense 7,838 7,784 7,215
FDIC assessment premiums and other insurance 4,048 5,406 5,376
Other taxes 8,087 5,456 6,227
Loan-related expenses 5,328 4,790 4,097
OREO and credit-related expenses 3,764 2,602 8,911
Amortization of intangible assets 6,088 7,210 8,445
Training and other personnel costs 3,934 3,435 3,675
Merger-related costs 5,393 0 0
Other expenses 5,275 6,919 7,283
Total noninterest expenses 234,765 222,703 216,882
Income before income taxes 106,310 104,254 90,388
Income tax expense 33,387 26,778 23,309
Net income $ 72,923 $ 77,476 $ 67,079
Basic earnings per common share (in dollars per share) $ 1.67 $ 1.77 $ 1.49
Diluted earnings per common share (in dollars per share) 1.67 1.77 1.49
Dividends declared per common share (in dollars per share) $ 0.81 $ 0.77 $ 0.68
Basic weighted average number of common shares outstanding (in shares) 43,698,897 43,784,193 45,054,938
Diluted weighted average number of common shares outstanding (in shares) 43,779,744 43,890,271 45,138,891