CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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| Interest and dividend income: | ||||||||
| Interest and fees on loans | $ 119,540,000 | $ 72,317,000 | $ 232,193,000 | $ 140,200,000 | ||||
| Interest on deposits in other banks | 676,000 | 115,000 | 1,323,000 | 186,000 | ||||
| Interest and dividends on securities: | ||||||||
| Taxable | 8,012,000 | 4,982,000 | 15,084,000 | 9,905,000 | ||||
| Nontaxable | 4,181,000 | 3,512,000 | 8,189,000 | 7,074,000 | ||||
| Total interest and dividend income | 132,409,000 | 80,926,000 | 256,789,000 | 157,365,000 | ||||
| Interest expense: | ||||||||
| Interest on deposits | 13,047,000 | 6,100,000 | 24,259,000 | 11,176,000 | ||||
| Interest on short-term borrowings | 5,166,000 | 1,400,000 | 9,415,000 | 2,350,000 | ||||
| Interest on long-term borrowings | 6,028,000 | 4,722,000 | 11,475,000 | 8,768,000 | ||||
| Total interest expense | 24,241,000 | 12,222,000 | 45,149,000 | 22,294,000 | ||||
| Net interest income | 108,168,000 | 68,704,000 | 211,640,000 | 135,071,000 | ||||
| Provision for credit losses | 2,147,000 | 2,184,000 | 5,671,000 | 4,288,000 | ||||
| Net interest income after provision for credit losses | 106,021,000 | 66,520,000 | 205,969,000 | 130,783,000 | ||||
| Noninterest income: | ||||||||
| Interchange fees, net | 4,792,000 | 3,867,000 | 9,280,000 | 7,449,000 | ||||
| Gains (losses) on securities transactions, net | (88,000) | 117,000 | 125,000 | [1] | 598,000 | [1] | ||
| Bank owned life insurance income | 1,728,000 | 1,335,000 | 3,395,000 | 3,460,000 | ||||
| Loan-related interest rate swap fees | 898,000 | 1,031,000 | 1,617,000 | 2,211,000 | ||||
| Gain on Shore Premier sale | 20,899,000 | 0 | 20,899,000 | 0 | ||||
| Other operating income | 861,000 | 454,000 | 3,858,000 | 1,450,000 | ||||
| Total noninterest income | 40,597,000 | 15,262,000 | 60,865,000 | 32,075,000 | ||||
| Noninterest expenses: | ||||||||
| Salaries and benefits | 40,777,000 | 28,930,000 | 81,518,000 | 59,553,000 | ||||
| Occupancy expenses | 6,159,000 | 4,453,000 | 12,226,000 | 9,106,000 | ||||
| Furniture and equipment expenses | 3,103,000 | 2,598,000 | 6,041,000 | 5,064,000 | ||||
| Printing, postage, and supplies | 1,282,000 | 1,393,000 | 2,342,000 | 2,525,000 | ||||
| Communications expense | 1,009,000 | 870,000 | 2,104,000 | 1,771,000 | ||||
| Technology and data processing | 4,322,000 | 3,842,000 | 8,881,000 | 7,646,000 | ||||
| Professional services | 2,671,000 | 2,054,000 | 5,225,000 | 3,664,000 | ||||
| Marketing and advertising expense | 3,288,000 | 2,270,000 | 4,725,000 | 4,002,000 | ||||
| FDIC assessment premiums and other insurance | 1,882,000 | 947,000 | 4,067,000 | 1,652,000 | ||||
| Other taxes | 2,895,000 | 2,022,000 | 5,782,000 | 4,043,000 | ||||
| Loan-related expenses | 1,843,000 | 1,128,000 | 3,158,000 | 2,292,000 | ||||
| OREO and credit-related expenses | 1,122,000 | 342,000 | 2,654,000 | 884,000 | ||||
| Amortization of intangible assets | 3,215,000 | 1,544,000 | 6,396,000 | 3,180,000 | ||||
| Training and other personnel costs | 1,125,000 | 1,018,000 | 2,132,000 | 1,967,000 | ||||
| Merger-related costs | 8,273,000 | 2,744,000 | 35,985,000 | 2,744,000 | ||||
| Other expenses | 2,174,000 | 1,420,000 | 3,649,000 | 2,575,000 | ||||
| Total noninterest expenses | 85,140,000 | 57,575,000 | 186,885,000 | 112,668,000 | ||||
| Income from continuing operations before income taxes | 61,478,000 | 24,207,000 | 79,949,000 | 50,190,000 | ||||
| Income tax expense | 11,678,000 | 6,725,000 | 13,575,000 | 13,507,000 | ||||
| Income from continuing operations | 49,800,000 | 17,482,000 | 66,374,000 | 36,683,000 | ||||
| Discontinued operations: | ||||||||
| Income (loss) from operations of discontinued mortgage segment | (3,085,000) | 745,000 | (3,008,000) | 651,000 | ||||
| Income tax expense (benefit) | (612,000) | 271,000 | (600,000) | 254,000 | ||||
| Income (loss) on discontinued operations | (2,473,000) | 474,000 | (2,408,000) | 397,000 | ||||
| Net income | $ 47,327,000 | $ 17,956,000 | $ 63,966,000 | [1] | $ 37,080,000 | [1] | ||
| Basic earnings per common share (in usd per share) | $ 0.72 | $ 0.41 | $ 0.97 | $ 0.85 | ||||
| Diluted earnings per common share (in usd per share) | 0.72 | 0.41 | 0.97 | 0.85 | ||||
| Dividends declared per common share (in usd per share) | $ 0.21 | $ 0.20 | $ 0.42 | $ 0.4 | ||||
| Basic weighted average number of common shares outstanding (in shares) | 65,919,055 | 43,693,427 | 65,737,849 | 43,674,070 | ||||
| Diluted weighted average number of common shares outstanding (in shares) | 65,965,577 | 43,783,952 | 65,801,926 | 43,755,045 | ||||
| Service charges on deposit accounts | ||||||||
| Noninterest income: | ||||||||
| Noninterest income | $ 6,189,000 | $ 4,613,000 | $ 12,083,000 | $ 9,129,000 | ||||
| Other service charges and fees | ||||||||
| Noninterest income: | ||||||||
| Noninterest income | 1,278,000 | 1,120,000 | 2,512,000 | 2,259,000 | ||||
| Fiduciary and asset management fees | ||||||||
| Noninterest income: | ||||||||
| Noninterest income | $ 4,040,000 | $ 2,725,000 | $ 7,096,000 | $ 5,519,000 | ||||
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| X | ||||||||||
- Definition Interchange Fees, Net No definition available.
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- Definition InterestRate Swap Fees on Loans No definition available.
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| X | ||||||||||
- Definition Loan related expenses. No definition available.
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| X | ||||||||||
- Definition OREO related costs include foreclosure related expenses, gains/losses on the sale of OREO, valuation reserves, and asset resolution related legal expenses. No definition available.
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| X | ||||||||||
- Definition Training and other personnel costs. No definition available.
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| X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense incurred in the period for communication, which is the exchange of information by several methods. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of unrealized and realized gain (loss) on investment in debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition This element represents equipment expense including depreciation, repairs, rentals, and service contract costs. This item also includes equipment purchases which do not qualify for capitalization in accordance with the entity's accounting policy. This item may also include furniture expenses. No definition available.
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| X | ||||||||||
- Definition Amount of expense for Federal Deposit Insurance Corporation (FDIC) insurance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Interest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of expenses directly related to the supplies and postage. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of tax expense classified as other. No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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