Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income:        
Interest and fees on loans $ 115,817 $ 75,597 $ 348,009 $ 215,797
Interest on deposits in other banks 492 181 1,815 367
Interest and dividends on securities:        
Taxable 10,145 5,175 25,229 15,081
Nontaxable 4,909 3,546 13,098 10,620
Total interest and dividend income 131,363 84,499 388,151 241,865
Interest expense:        
Interest on deposits 15,928 7,234 40,187 18,410
Interest on short-term borrowings 3,379 1,871 12,794 4,221
Interest on long-term borrowings 6,093 4,547 17,568 13,316
Total interest expense 25,400 13,652 70,549 35,947
Net interest income 105,963 70,847 317,602 205,918
Provision for credit losses 3,340 3,056 9,011 7,344
Net interest income after provision for credit losses 102,623 67,791 308,591 198,574
Noninterest income:        
Interchange fees, net 4,882 3,756 14,163 11,205
Gains (losses) on securities transactions, net 97 184 222 [1] 782 [1]
Bank owned life insurance income 1,732 1,377 5,126 4,837
Loan-related interest rate swap fees 562 416 2,178 2,627
Gain on Shore Premier sale (933) 0 19,966 0
Other operating income 1,028 777 4,887 2,226
Total noninterest income 19,887 15,230 80,752 47,305
Noninterest expenses:        
Salaries and benefits 39,279 28,187 120,797 87,740
Occupancy expenses 6,551 4,678 18,778 13,783
Furniture and equipment expenses 2,983 2,454 9,024 7,518
Printing, postage, and supplies 1,183 1,139 3,525 3,664
Communications expense 872 796 2,976 2,567
Technology and data processing 4,841 4,148 13,722 11,793
Professional services 2,875 1,948 8,101 5,611
Marketing and advertising expense 3,109 1,931 7,834 5,933
FDIC assessment premiums and other insurance 1,363 1,141 5,430 2,793
Other taxes 2,878 2,022 8,660 6,065
Loan-related expenses 1,939 1,193 5,097 3,484
OREO and credit-related expenses 452 1,139 3,106 2,023
Amortization of intangible assets 3,490 1,480 9,885 4,661
Training and other personnel costs 1,024 861 3,155 2,829
Merger-related costs 1,429 732 37,414 3,476
Other expenses 2,081 1,355 5,730 3,931
Total noninterest expenses 76,349 55,204 263,234 167,871
Income from continuing operations before income taxes 46,161 27,817 126,109 78,008
Income tax expense 7,399 7,397 20,973 20,924
Income from continuing operations 38,762 20,420 105,136 57,084
Discontinued operations:        
Income (loss) from operations of discontinued mortgage segment (761) 371 (3,768) 1,021
Income tax expense (benefit) (196) 133 (795) 368
Income (loss) on discontinued operations (565) 238 (2,973) 653
Net income $ 38,197 $ 20,658 $ 102,163 [1] $ 57,737 [1]
Basic earnings per common share (in usd per share) $ 0.58 $ 0.47 $ 1.55 $ 1.32
Diluted earnings per common share (in usd per share) 0.58 0.47 1.55 1.32
Dividends declared per common share (in usd per share) $ 0.23 $ 0.20 $ 0.65 $ 0.60
Basic weighted average number of common shares outstanding (in shares) 65,974,702 43,706,635 65,817,668 43,685,045
Diluted weighted average number of common shares outstanding (in shares) 66,013,152 43,792,058 65,873,202 43,767,502
Service charges on deposit accounts        
Noninterest income:        
Noninterest income $ 6,483 $ 4,795 $ 18,566 $ 13,924
Other service charges and fees        
Noninterest income:        
Noninterest income 1,625 1,131 4,137 3,391
Fiduciary and asset management fees        
Noninterest income:        
Noninterest income $ 4,411 $ 2,794 $ 11,507 $ 8,313
[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