Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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,		2017			2016
Assets:
Cash on deposit with bank subsidiary			$1,664			$1,743
Investment in subsidiaries at equity value		434,831			413,613
Dividends receivable from subsidiaries		7,770			6,518
Other assets		259			332
Total assets			$444,524			$422,206
Liabilities:
Junior subordinated debentures			$22,681			$22,681
Dividends payable		7,087			6,628
Contingent consideration liability		1,404			2,047
Other liabilities		68			46
Total liabilities		31,240			31,402
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,226,508 shares in 2017 and 17,170,820 shares in 2016		1,077			1,073
Paid-in capital		117,961			115,123
Retained earnings		317,756			294,365
Accumulated other comprehensive loss		(23,510		)	(19,757		)
Total shareholders’ equity		413,284			390,804
Total liabilities and shareholders’ equity			$444,524			$422,206

Parent Company Only Income Statement



Statements of Income	(Dollars in thousands)
Years ended December 31,	2017			2016			2015
Income:
Dividends from subsidiaries		$27,900			$24,542			$23,399
Other income	18			15			13
Total income	27,918			24,557			23,412
Expenses:
Interest on junior subordinated debentures	613			491			871
Legal and professional fees	169			98			134
Acquisition related expenses	—			—			308
Change in fair value of contingent consideration	(643		)	(898		)	41
Other	298			282			254
Total expenses	437			(27		)	1,608
Income before income taxes	27,481			24,584			21,804
Income tax benefit (expense)	340			(15		)	557
Income before equity in undistributed earnings of subsidiaries	27,821			24,569			22,361
Equity in undistributed earnings of subsidiaries	18,104			21,912			21,104
Net income		$45,925			$46,481			$43,465

Parent Company Only Cash Flow Statement



Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2017			2016			2015
Cash flow from operating activities:
Net income		$45,925			$46,481			$43,465
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(18,104		)	(21,912		)	(21,104		)
(Increase) decrease in dividend receivable	(1,252		)	(1,436		)	19
Decrease (increase) in other assets	72			45			(67		)
Increase (decrease) in accrued expenses and other liabilities	22			(12		)	2,425
Change in fair value of contingent consideration liability	(643		)	(898		)	41
Tax benefit from stock option exercises and other equity instrument issuances	508			1,016			694
Other, net	(673		)	(1,051		)	(3,363		)
Net cash provided by operating activities	25,855			22,233			22,110
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	366			978			1,563
Cash dividends paid	(26,300		)	(24,637		)	(22,770		)
Net cash used in financing activities	(25,934		)	(23,659		)	(21,207		)
Net decrease in cash	(79		)	(1,426		)	(768		)
Cash at beginning of year	1,743			3,169			3,937
Cash at end of year		$1,664			$1,743			$3,169