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Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information 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,
 
2019

 
2018

Assets:
 
 
 
 
Cash on deposit with bank subsidiary
 

$1,838

 

$1,912

Investment in subsidiaries at equity value:
 
 
 
 
Bank
 
521,969

 
467,657

Non-bank
 
1,882

 
1,869

Dividends receivable from bank subsidiary
 
9,575

 
7,762

Other assets
 
232

 
190

Total assets
 

$535,496

 

$479,390

Liabilities:
 
 
 
 
Junior subordinated debentures
 

$22,681

 

$22,681

Dividends payable
 
9,252

 
8,439

Other liabilities
 
71

 
86

Total liabilities
 
32,004

 
31,206

Shareholders’ Equity:
 
 
 
 
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,363,455 shares in 2019 and 17,302,037 in 2018
 
1,085

 
1,081

Paid-in capital
 
123,281

 
119,888

Retained earnings
 
390,363

 
355,524

Accumulated other comprehensive loss
 
(11,237
)
 
(28,309
)
Total shareholders’ equity
 
503,492

 
448,184

Total liabilities and shareholders’ equity
 

$535,496

 

$479,390


Statements of Income
(Dollars in thousands)
 
Years ended December 31,
2019

 
2018

 
2017

Income:
 
 
 
 
 
Dividends from subsidiaries:
 
 
 
 
 
Bank

$36,796

 

$32,394

 

$27,900

Non-bank
27

 
24

 
18

Total income
36,823

 
32,418

 
27,918

Expenses:
 
 
 
 
 
Interest on junior subordinated debentures
980

 
869

 
613

Legal and professional fees
147

 
187

 
169

Change in fair value of contingent consideration
—

 
(187
)
 
(643
)
Other
337

 
324

 
298

Total expenses
1,464

 
1,193

 
437

Income before income taxes
35,359

 
31,225

 
27,481

Income tax benefit
301

 
284

 
340

Income before equity in undistributed earnings (losses) of subsidiaries
35,660

 
31,509

 
27,821

Equity in undistributed earnings (losses) of subsidiaries:
 
 
 
 
 
Bank
33,445

 
36,876

 
18,193

Non-bank
13

 
47

 
(89
)
Net income

$69,118

 

$68,432

 

$45,925



Statements of Cash Flows
(Dollars in thousands)
 
Years ended December 31,
2019

 
2018

 
2017

Cash flow from operating activities:
 
 
 
 
 
Net income

$69,118

 

$68,432

 

$45,925

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed (earnings) losses of subsidiaries:
 
 
 
 
 
Bank
(33,445
)
 
(36,876
)
 
(18,193
)
Non-bank
(13
)
 
(47
)
 
89

 (Increase) decrease in dividend receivable
(1,813
)
 
8

 
(1,252
)
 (Increase) decrease in other assets
(43
)
 
70

 
72

 (Decrease) increase in accrued expenses and other liabilities
(15
)
 
17

 
22

Change in fair value of contingent consideration liability
—

 
(187
)
 
(643
)
Tax benefit from stock option exercises and other equity awards
248

 
496

 
508

Other, net
(195
)
 
(465
)
 
(673
)
Net cash provided by operating activities
33,842

 
31,448

 
25,855

Cash flows from financing activities:
 
 
 
 
 
Payment of contingent consideration liability
—

 
(1,217
)
 
—

Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered
273

 
(671
)
 
366

Cash dividends paid
(34,189
)
 
(29,312
)
 
(26,300
)
Net cash used in financing activities
(33,916
)
 
(31,200
)
 
(25,934
)
Net (decrease) increase in cash
(74
)
 
248

 
(79
)
Cash at beginning of year
1,912

 
1,664

 
1,743

Cash at end of year

$1,838

 

$1,912

 

$1,664