Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

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,		2020	2019
Assets:
Cash on deposit with bank subsidiary		$1,658	$1,838

Investment in subsidiaries at equity value:
Bank		550,986	521,969
Non-bank		1,904	1,882
Dividends receivable from bank subsidiary		11,836	9,575
Other assets		124	232
Total assets		$566,508	$535,496
Liabilities:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		9,592	9,252

Other liabilities		40	71
Total liabilities		32,313	32,004
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,265,337 shares outstanding at December 31, 2020 and 17,363,455 shares issued and outstanding at December 31, 2019		1,085	1,085
Paid-in capital		125,610	123,281
Retained earnings		418,246	390,363
Accumulated other comprehensive loss		(7,391)	(11,237)
Treasury stock, at cost; 98,120 shares at December 31, 2020		(3,355)	—
Total shareholders’ equity		534,195	503,492
Total liabilities and shareholders’ equity		$566,508	$535,496


Statements of Income	(Dollars in thousands)
Years ended December 31,	2020	2019	2018
Income:
Dividends from subsidiaries:
Bank	$43,139	$36,796	$32,394
Non-bank	17	27	24

Total income	43,156	36,823	32,418
Expenses:
Interest on junior subordinated debentures	641	980	869
Legal and professional fees	210	147	187

Change in fair value of contingent consideration	—	—	(187)
Other	349	337	324
Total expenses	1,200	1,464	1,193
Income before income taxes	41,956	35,359	31,225
Income tax benefit	248	301	284
Income before equity in undistributed earnings of subsidiaries	42,204	35,660	31,509
Equity in undistributed earnings of subsidiaries:
Bank	27,603	33,445	36,876
Non-bank	22	13	47
Net income	$69,829	$69,118	$68,432


Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2020	2019	2018
Cash flows from operating activities:
Net income	$69,829	$69,118	$68,432
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries:
Bank	(27,603)	(33,445)	(36,876)
Non-bank	(22)	(13)	(47)
(Increase) decrease in dividend receivable	(2,261)	(1,813)	8
Decrease (increase) in other assets	109	(43)	70
(Decrease) increase in accrued expenses and other liabilities	(31)	(15)	17
Change in fair value of contingent consideration liability	—	—	(187)
Tax (expense) benefit from stock option exercises and other equity awards	(103)	248	496
Other, net	193	(195)	(465)
Net cash provided by operating activities	40,111	33,842	31,448




Cash flows from financing activities:


Payment of contingent consideration liability	—	—	(1,217)
Treasury stock purchased	(4,322)	—	—
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(470)	273	(671)

Cash dividends paid	(35,499)	(34,189)	(29,312)
Net cash used in financing activities	(40,291)	(33,916)	(31,200)
Net (decrease) increase in cash	(180)	(74)	248
Cash at beginning of year	1,838	1,912	1,664
Cash at end of year	$1,658	$1,838	$1,912