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 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 156,651 $ 115,817 $ 459,603 $ 348,009
Interest on deposits in other banks 1,030 492 2,047 1,815
Interest and dividends on securities:        
Taxable 12,625 10,145 39,059 25,229
Nontaxable 8,039 4,909 24,413 13,098
Total interest and dividend income 178,345 131,363 525,122 388,151
Interest expense:        
Interest on deposits 30,849 15,928 84,088 40,187
Interest on short-term borrowings 2,200 3,379 14,313 12,794
Interest on long-term borrowings 8,695 6,093 23,978 17,568
Total interest expense 41,744 25,400 122,379 70,549
Net interest income 136,601 105,963 402,743 317,602
Provision for credit losses 9,100 3,340 18,192 9,011
Net interest income after provision for credit losses 127,501 102,623 384,551 308,591
Noninterest income:        
Mortgage banking income, net 3,374 0 7,614 0
Gains (losses) on securities transactions, net 7,104 97 7,306 [1] 222 [1]
Bank owned life insurance income 2,062 1,732 6,191 5,126
Loan-related interest rate swap fees, net 5,480 562 10,656 2,178
Gain on Shore Premier sale   (933)   19,966
Other operating income 12,708 1,028 15,045 4,887
Total noninterest income 48,106 19,887 103,621 80,752
Noninterest expenses:        
Salaries and benefits 49,718 39,279 148,116 120,797
Occupancy expenses 7,493 6,551 22,427 18,778
Furniture and equipment expenses 3,719 2,983 10,656 9,024
Printing, postage, and supplies 1,268 1,183 3,763 3,525
Communications expense 1,037 872 3,199 2,976
Technology and data processing 5,787 4,841 17,203 13,722
Professional services 2,681 2,875 8,269 8,101
Marketing and advertising expense 2,600 3,109 7,891 7,834
FDIC assessment premiums and other insurance 381 1,363 5,620 5,430
Other taxes 3,971 2,878 11,779 8,660
Loan-related expenses 2,566 1,939 7,250 5,097
OREO and credit-related expenses 1,005 452 3,162 3,106
Amortization of intangible assets 4,764 3,490 13,919 9,885
Training and other personnel costs 1,618 1,024 4,240 3,155
Merger-related costs 2,435 1,429 26,928 37,414
Rebranding expense 1,133   5,553  
Loss on debt extinguishment 16,397   16,397  
Other expenses 3,114 2,081 7,650 5,730
Total noninterest expenses 111,687 76,349 324,022 263,234
Income from continuing operations before income taxes 63,920 46,161 164,150 126,109
Income tax expense 10,724 7,399 26,330 20,973
Income from continuing operations 53,196 38,762 137,820 105,136
Discontinued operations:        
Income (loss) from operations of discontinued mortgage segment 56 (761) (173) (3,768)
Income tax expense (benefit) 14 (196) (45) (795)
Income (loss) on discontinued operations 42 (565) (128) (2,973)
Net income $ 53,238 $ 38,197 $ 137,692 [1] $ 102,163 [1]
Basic earnings per common share (in usd per share) $ 0.65 $ 0.58 $ 1.72 $ 1.55
Diluted earnings per common share (in usd per share) 0.65 0.58 1.72 1.55
Dividends declared per common share (in usd per share) $ 0.25 $ 0.23 $ 0.71 $ 0.65
Basic weighted average number of common shares outstanding (in shares) 81,769,193 65,974,702 80,120,725 65,817,668
Diluted weighted average number of common shares outstanding (in shares) 81,832,868 66,013,152 80,183,113 65,873,202
Service charges on deposit accounts        
Noninterest income:        
Noninterest income $ 7,675 $ 6,483 $ 22,331 $ 18,566
Other service charges and fees        
Noninterest income:        
Noninterest income 1,513 1,625 4,879 4,137
Interchange fees, net        
Noninterest income:        
Noninterest income 2,108 4,882 12,765 14,163
Fiduciary and asset management fees        
Noninterest income:        
Noninterest income $ 6,082 $ 4,411 $ 16,834 $ 11,507
[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 nine months ended September 30, 2018 are fully attributable to discontinued operations.