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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income:      
Interest and fees on loans $ 574,871 $ 612,115 $ 469,856
Interest on deposits in other banks 1,270 3,733 2,125
Interest and dividends on securities:      
Taxable 43,585 51,437 36,851
Nontaxable 33,728 32,047 19,956
Total interest and dividend income 653,454 699,332 528,788
Interest expense:      
Interest on deposits 75,943 114,972 59,336
Interest on short-term borrowings 1,691 15,479 18,458
Interest on long-term borrowings 20,522 31,009 24,303
Total interest expense 98,156 161,460 102,097
Net interest income 555,298 537,872 426,691
Provision for credit losses 87,141 21,092 13,736
Net interest income after provision for credit losses 468,157 516,780 412,955
Noninterest income:      
Mortgage banking income 25,857 10,303 0
Gains on securities transactions [1],[2] 12,294 7,675 383
Bank owned life insurance income 9,554 8,311 7,198
Loan-related interest rate swap fees 15,306 14,126 3,554
Gain on Shore Premier sale 0 0 19,966
Other operating income 6,098 17,791 7,145
Total noninterest income 131,486 132,815 104,241
Noninterest expenses:      
Salaries and benefits 206,662 195,349 159,378
Occupancy expenses 28,841 29,793 25,368
Furniture and equipment expenses 14,923 14,216 11,991
Technology and data processing 25,929 23,686 18,397
Professional services 13,007 11,905 10,283
Marketing and advertising expense 9,886 11,566 10,043
FDIC assessment premiums and other insurance 9,971 6,874 6,644
Other taxes 16,483 15,749 11,542
Loan-related expenses 9,515 10,043 7,206
OREO and credit-related expenses 2,023 4,708 4,131
Amortization of intangible assets 16,574 18,521 12,839
Merger-related costs 0 27,824 39,728
Rebranding expense 0 6,455 0
Loss on debt extinguishment [1],[2] 31,116 16,397 0
Other expenses 28,419 25,254 20,217
Total noninterest expenses 413,349 418,340 337,767
Income from continuing operations before income taxes 186,294 231,255 179,429
Income tax expense 28,066 37,557 30,016
Income from continuing operations 158,228 193,698 149,413
Discontinued operations:      
Loss from operations of discontinued mortgage segment 0 (230) (4,280)
Income tax benefit 0 (60) (1,115)
Loss on discontinued operations 0 (170) (3,165)
Net income [1],[2] 158,228 193,528 146,248
Dividends on preferred stock 5,658 0 0
Net Income available to common shareholders $ 152,570 $ 193,528 $ 146,248
Basic earnings per common share (in dollars per share) $ 1.93 $ 2.41 $ 2.22
Diluted earnings per common share (in dollars per share) 1.93 2.41 2.22
Dividends declared per common share (in dollars per share) $ 1.00 $ 0.96 $ 0.88
Weighted average shares outstanding, basic (in shares) 78,858,726 80,200,950 65,859,165
Diluted weighted average number of common shares outstanding (in shares) 78,875,668 80,263,557 65,908,573
Service charges on deposit accounts      
Noninterest income:      
Noninterest income $ 25,251 $ 30,202 $ 25,439
Other service charges, commissions and fees      
Noninterest income:      
Noninterest income 6,292 6,423 5,603
Interchange fees      
Noninterest income:      
Noninterest income 7,184 14,619 18,803
Fiduciary and asset management fees      
Noninterest income:      
Noninterest income $ 23,650 $ 23,365 $ 16,150
[1] Discontinued operations have an immaterial impact to the Company’s Consolidated Statements of Cash Flows. The change in goodwill impairment losses included in the Operating Activities section above are attributable to discontinued operations.
[2] Loans held for sale activity is included in the Operating Activities section above. Due to the increased mortgage related activity during 2020 and 2019, the loans held for sale activity is segregated between originations and purchases of loans held for sale and proceeds from sales of loans held for sale. 2018 loans held for sale activity is included in the change in loans held for sale and is attributable to discontinued operations which has an immaterial impact on the Company’s Consolidated Statements of Cash Flows.