Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 158,838 $ 119,540 $ 302,952 $ 232,193
Interest on deposits in other banks 544 676 1,017 1,323
Interest and dividends on securities:        
Taxable 13,353 8,012 26,434 15,084
Nontaxable 8,390 4,181 16,374 8,189
Total interest and dividend income 181,125 132,409 346,777 256,789
Interest expense:        
Interest on deposits 28,809 13,047 53,239 24,259
Interest on short-term borrowings 5,563 5,166 12,114 9,415
Interest on long-term borrowings 8,159 6,028 15,283 11,475
Total interest expense 42,531 24,241 80,636 45,149
Net interest income 138,594 108,168 266,141 211,640
Provision for credit losses 5,300 2,147 9,092 5,671
Net interest income after provision for credit losses 133,294 106,021 257,049 205,969
Noninterest income:        
Mortgage banking income, net 2,785 0 4,240 0
Gains (losses) on securities transactions, net 51 (88) 202 [1] 125 [1]
Bank owned life insurance income 2,075 1,728 4,129 3,395
Loan-related interest rate swap fees, net 3,716 898 5,176 1,617
Gain on Shore Premier sale 0 20,899 0 20,899
Other operating income 1,440 861 2,337 3,858
Total noninterest income 30,578 40,597 55,515 60,865
Noninterest expenses:        
Salaries and benefits 50,390 40,777 98,398 81,518
Occupancy expenses 7,534 6,159 14,935 12,226
Furniture and equipment expenses 3,542 3,103 6,938 6,041
Printing, postage, and supplies 1,252 1,282 2,494 2,342
Communications expense 1,157 1,009 2,162 2,104
Technology and data processing 5,739 4,322 11,415 8,881
Professional services 2,630 2,671 5,587 5,225
Marketing and advertising expense 2,908 3,288 5,291 4,725
FDIC assessment premiums and other insurance 2,601 1,882 5,239 4,067
Other taxes 4,044 2,895 7,808 5,782
Loan-related expenses 2,396 1,843 4,685 3,158
OREO and credit-related expenses 1,473 1,122 2,157 2,654
Amortization of intangible assets 4,937 3,215 9,154 6,396
Training and other personnel costs 1,477 1,125 2,621 2,132
Merger-related costs 6,371 8,273 24,493 35,985
Rebranding expense 4,012 0 4,420 0
Other expenses 3,145 2,174 4,538 3,649
Total noninterest expenses 105,608 85,140 212,335 186,885
Income from continuing operations before income taxes 58,264 61,478 100,229 79,949
Income tax expense 9,356 11,678 15,606 13,575
Income from continuing operations 48,908 49,800 84,623 66,374
Discontinued operations:        
Income (loss) from operations of discontinued mortgage segment (114) (3,085) (229) (3,008)
Income tax expense (benefit) (29) (612) (59) (600)
Income (loss) on discontinued operations (85) (2,473) (170) (2,408)
Net income $ 48,823 $ 47,327 $ 84,453 [1] $ 63,966 [1]
Basic earnings per common share (in usd per share) $ 0.59 $ 0.72 $ 1.06 $ 0.97
Diluted earnings per common share (in usd per share) 0.59 0.72 1.06 0.97
Dividends declared per common share (in usd per share) $ 0.23 $ 0.21 $ 0.46 $ 0.42
Basic weighted average number of common shares outstanding (in shares) 82,062,585 65,919,055 79,282,830 65,737,849
Diluted weighted average number of common shares outstanding (in shares) 82,125,194 65,965,577 79,344,573 65,801,926
Service charges on deposit accounts        
Noninterest income:        
Noninterest income $ 7,499 $ 6,189 $ 14,656 $ 12,083
Other service charges and fees        
Noninterest income:        
Noninterest income 1,702 1,278 3,367 2,512
Interchange fees, net        
Noninterest income:        
Noninterest income 5,612 4,792 10,656 9,280
Fiduciary and asset management fees        
Noninterest income:        
Noninterest income $ 5,698 $ 4,040 $ 10,752 $ 7,096
[1] Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the six months ended June 30, 2018 are fully attributable to discontinued operations.