Parent Company Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

The following tables present parent company only financial statements of the Bancorp, reflecting the investment in the Bank on the equity basis of accounting.  The Statements of Changes in Shareholders’ Equity for the parent company only are identical to the Consolidated Statements of Changes in Shareholders’ Equity and are therefore not presented.

Balance Sheets	(Dollars in thousands, except par value)
December 31,		2014			2013
Assets:
Cash on deposit with bank subsidiary			$2,998			$2,126
Interest-bearing balances due from banks		939			1,569
Investment in subsidiaries at equity value		365,766			349,342
Dividends receivable from subsidiaries		5,101			4,606
Other assets		311			494
Total assets			$375,115			$358,137
Liabilities:
Junior subordinated debentures			$22,681			$22,681
Dividends payable		5,617			4,756
Other liabilities		538			1,054
Total liabilities		28,836			28,491
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,746,363 shares in 2014 and 16,613,561 shares in 2013		1,047			1,038
Paid-in capital		101,204			97,566
Retained earnings		252,837			232,595
Accumulated other comprehensive loss		(8,809		)	(1,553		)
Total shareholders’ equity		346,279			329,646
Total liabilities and shareholders’ equity			$375,115			$358,137

Statements of Income	(Dollars in thousands)
Years ended December 31,	2014		2013		2012
Income:
Dividends from subsidiaries		$20,116		$24,481		$16,188
Other income	13		20		3
Total income	20,129		24,501		16,191
Expenses:
Interest on junior subordinated debentures	964		1,484		1,570
Legal and professional fees	96		145		127
Other	253		279		279
Total expenses	1,313		1,908		1,976
Income before income taxes	18,816		22,593		14,215
Income tax benefit	454		661		682
Income before equity in undistributed earnings of subsidiaries	19,270		23,254		14,897
Equity in undistributed earnings of subsidiaries	21,554		12,899		20,177
Net income		$40,824		$36,153		$35,074

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2014			2013			2012
Cash flow from operating activities:
Net income		$40,824			$36,153			$35,074
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(21,554		)	(12,899		)	(20,177		)
Increase in dividend receivable	(495		)	(408		)	(298		)
Decrease in other assets	183			397			77
Decrease in accrued expenses and other liabilities	(516		)	(621		)	(215		)
Other, net	(245		)	(214		)	(237		)
Net cash provided by operating activities	18,197			22,408			14,224
Cash flows from investing activities:
Repayment of equity investment in capital trust	—			310			—
Net cash provided by investing activities	—			310			—
Cash flows from financing activities:
Issuance of treasury stock, including net deferred compensation plan activity	—			30			—
Proceeds from stock option exercises and issuance of other equity instruments	1,189			3,651			1,257
Tax benefit from stock option exercises and other equity instrument issuances	578			570			210
Redemption of junior subordinated debentures	—			(10,310		)	—
Cash dividends paid	(19,722		)	(16,628		)	(15,133		)
Net cash used in financing activities	(17,955		)	(22,687		)	(13,666		)
Net increase (decrease) in cash	242			31			558
Cash at beginning of year	3,695			3,664			3,106
Cash at end of year		$3,937			$3,695			$3,664