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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