Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information 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,		2018			2017
Assets:
Cash on deposit with bank subsidiary			$1,912			$1,664
Investment in subsidiaries at equity value:
Bank		467,657			433,010
Non-bank		1,869			1,821
Dividends receivable from bank subsidiary		7,762			7,770
Other assets		190			259
Total assets			$479,390			$444,524
Liabilities:
Junior subordinated debentures			$22,681			$22,681
Dividends payable		8,439			7,087
Contingent consideration liability		—			1,404
Other liabilities		86			68
Total liabilities		31,206			31,240
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,302,037 shares in 2018 and 17,226,508 shares in 2017		1,081			1,077
Paid-in capital		119,888			117,961
Retained earnings		355,524			317,756
Accumulated other comprehensive loss		(28,309		)	(23,510		)
Total shareholders’ equity		448,184			413,284
Total liabilities and shareholders’ equity			$479,390			$444,524

Parent Company Only Income Statement



Statements of Income	(Dollars in thousands)
Years ended December 31,	2018			2017			2016
Income:
Dividends from subsidiaries:
Bank		$32,394			$27,900			$24,442
Non-bank	24			18			114
Other income	—			—			1
Total income	32,418			27,918			24,557
Expenses:
Interest on junior subordinated debentures	869			613			491
Legal and professional fees	187			169			98
Change in fair value of contingent consideration	(187		)	(643		)	(898		)
Other	324			298			282
Total expenses	1,193			437			(27		)
Income before income taxes	31,225			27,481			24,584
Income tax benefit (expense)	284			340			(15		)
Income before equity in undistributed earnings (losses) of subsidiaries	31,509			27,821			24,569
Equity in undistributed earnings (losses) of subsidiaries:
Bank	36,876			18,193			22,008
Non-bank	47			(89		)	(96		)
Net income		$68,432			$45,925			$46,481

Parent Company Only Cash Flow Statement



Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2018			2017			2016
Cash flow from operating activities:
Net income		$68,432			$45,925			$46,481
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries:
Bank	(36,876		)	(18,193		)	(22,008		)
Non-bank	(47		)	89			96
Decrease (increase) in dividend receivable	8			(1,252		)	(1,436		)
Decrease in other assets	70			72			45
Increase (decrease) in accrued expenses and other liabilities	17			22			(12		)
Change in fair value of contingent consideration liability	(187		)	(643		)	(898		)
Tax benefit from stock option exercises and other equity awards	496			508			1,016
Other, net	(465		)	(673		)	(1,051		)
Net cash provided by operating activities	31,448			25,855			22,233
Cash flows from financing activities:
Payment of contingent consideration	(1,217		)	—			—
Proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(671		)	366			978
Cash dividends paid	(29,312		)	(26,300		)	(24,637		)
Net cash used in financing activities	(31,200		)	(25,934		)	(23,659		)
Net increase (decrease) in cash	248			(79		)	(1,426		)
Cash at beginning of year	1,664			1,743			3,169
Cash at end of year		$1,912			$1,664			$1,743