Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Condensed Financial Statements

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

Condensed Balance Sheets

	December 31,
(in thousands)	2017		2016
Assets
Cash	$	9,977	$	52,245
Investment in Enterprise Bank & Trust	623,439		416,831
Investment in nonbank subsidiaries	6,546		2,798
Other assets	28,741		22,111
Total assets	$	668,703	$	493,985
Liabilities and Shareholders' Equity
Subordinated debentures and notes	$	118,105	$	105,540
Accounts payable and other liabilities	2,025		1,347
Shareholders' equity	548,573		387,098
Total liabilities and shareholders' equity	$	668,703	$	493,985

Condensed Statements of Operations

	Years ended December 31,
(in thousands)	2017		2016		2015
Income:
Dividends from subsidiaries	$	20,000	$	7,500	$	10,000
Other	708		491		249
Total income	20,708		7,991		10,249
Expenses:
Interest expense-subordinated debentures and notes	5,094		1,893		1,248
Interest expense-notes payable	89		53		144
Other expenses	5,486		5,526		3,823
Total expenses	10,669		7,472		5,215
Income before taxes and equity in undistributed earnings of subsidiaries	10,039		519		5,034
Income tax benefit	3,098		2,583		2,118
Net income before equity in undistributed earnings of subsidiaries	13,137		3,102		7,152
Equity in undistributed earnings of subsidiaries	35,053		45,735		31,298
Net income and comprehensive income	$	48,190	$	48,837	$	38,450

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2017			2016			2015
Cash flows from operating activities:
Net income	$	48,190		$	48,837		$	38,450
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation	3,427			3,367			3,601
Net income of subsidiaries	(55,053		)	(53,235		)	(41,298		)
Dividends from subsidiaries	20,000			7,500			10,000
Excess tax expense of share-based compensation	—			(1,327		)	(449		)
Other, net	(1,806		)	1,848			848
Net cash provided by operating activities	14,758			6,990			11,152
Cash flows from investing activities:
Cash contributions to subsidiaries	—			(250		)	—
Cash paid for acquisitions, net of cash acquired	(25,187		)	—			—
Purchases of other investments	(3,679		)	(2,435		)	(2,832		)
Proceeds from distributions on other investments	1,634			1,151			880
Net cash used by investing activities	(27,232		)	(1,534		)	(1,952		)
Cash flows from financing activities:
Proceeds from issuance of subordinated notes	—			48,733			—
Proceeds from notes payable	10,000			—			—
Repayments of notes payable	(10,000		)	—			(5,700		)
Cash dividends paid	(10,249		)	(8,211		)	(5,259		)
Excess tax benefit of share-based compensation	—			1,327			449
Payments for the repurchase of common stock	(16,636		)	(4,889		)	—
Payments for the issuance of equity instruments, net	(2,909		)	(2,203		)	(1,190		)
Net cash provided (used) by financing activities	(29,794		)	34,757			(11,700		)
Net increase (decrease) in cash and cash equivalents	(42,268		)	40,213			(2,500		)
Cash and cash equivalents, beginning of year	52,245			12,032			14,532
Cash and cash equivalents, end of year	$	9,977		$	52,245		$	12,032
Supplemental disclosures of cash flow information:
Noncash transactions:
Common shares issued in connection with JCB acquisition	$	141,729		$	—		$	—