Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

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,		2016			2015
Assets:
Cash on deposit with bank subsidiary			$1,743			$3,169
Interest-bearing balances due from banks		—			—
Investment in subsidiaries at equity value		413,613			398,520
Dividends receivable from subsidiaries		6,518			5,082
Other assets		332			377
Total assets			$422,206			$407,148
Liabilities:
Junior subordinated debentures			$22,681			$22,681
Dividends payable		6,628			6,075
Contingent consideration liability		2,047			2,945
Other liabilities		46			59
Total liabilities		31,402			31,760
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares at December 31, 2016 and 30,000,000 at December 31, 2015; issued and outstanding 17,170,820 shares at December 31, 2016 and 17,019,578 shares at December 31, 2015		1,073			1,064
Paid-in capital		115,123			110,949
Retained earnings		294,365			273,074
Accumulated other comprehensive loss		(19,757		)	(9,699		)
Total shareholders’ equity		390,804			375,388
Total liabilities and shareholders’ equity			$422,206			$407,148

Statements of Income	(Dollars in thousands)
Years ended December 31,	2016			2015		2014
Income:
Dividends from subsidiaries		$24,542			$23,399		$20,116
Other income	15			13		13
Total income	24,557			23,412		20,129
Expenses:
Interest on junior subordinated debentures	491			871		964
Legal and professional fees	98			134		96
Acquisition related expenses	—			308		—
Change in fair value of contingent consideration	(898		)	41		—
Other	282			254		253
Total expenses	(27		)	1,608		1,313
Income before income taxes	24,584			21,804		18,816
Income tax (expense) benefit	(15		)	557		454
Income before equity in undistributed earnings of subsidiaries	24,569			22,361		19,270
Equity in undistributed earnings of subsidiaries	21,912			21,104		21,554
Net income		$46,481			$43,465		$40,824

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2016			2015			2014
Cash flow from operating activities:
Net income		$46,481			$43,465			$40,824
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(21,912		)	(21,104		)	(21,554		)
(Increase) decrease in dividend receivable	(1,436		)	19			(495		)
Decrease (increase) in other assets	45			(67		)	183
(Decrease) increase in accrued expenses and other liabilities	(12		)	2,425			(516		)
Change in fair value of contingent consideration liability	(898		)	41			—
Other, net	(1,051		)	(3,363		)	(245		)
Net cash provided by operating activities	21,217			21,416			18,197
Cash flows from investing activities:
Cash used in business combination, net of cash acquired	—			(1,671		)	—
Net cash used in investing activities	—			(1,671		)	—
Cash flows from financing activities:
Proceeds from stock option exercises and issuance of other equity instruments	978			1,563			1,189
Tax benefit from stock option exercises and other equity instrument issuances	1,016			694			578
Cash dividends paid	(24,637		)	(22,770		)	(19,722		)
Net cash used in financing activities	(22,643		)	(20,513		)	(17,955		)
Net (decrease) increase in cash	(1,426		)	(768		)	242
Cash at beginning of year	3,169			3,937			3,695
Cash at end of year		$1,743			$3,169			$3,937