Parent Company Financial Statements

12 Months Ended

Dec. 31, 2021

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,		2021	2020
Assets:
Cash on deposit with bank subsidiary		$8,290	$1,658
Investment in subsidiaries at equity value:
Bank		573,757	550,986
Non-bank		1,850	1,904
Dividends receivable from bank subsidiary		12,964	11,836
Other assets		747	124
Total assets		$597,608	$566,508
Liabilities:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		10,048	9,592
Other liabilities		71	40
Total liabilities		32,800	32,313
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,330,818 shares outstanding at December 31, 2021 and 17,363,457 shares issued and 17,265,337 shares outstanding at December 31, 2020		1,085	1,085
Paid-in capital		126,511	125,610
Retained earnings		458,310	418,246
Accumulated other comprehensive loss		(19,981)	(7,391)
Treasury stock, at cost; 32,639 shares at December 31, 2021 and 98,120 shares at December 31, 2020		(1,117)	(3,355)
Total shareholders’ equity		564,808	534,195
Total liabilities and shareholders’ equity		$597,608	$566,508

Statements of Income	(Dollars in thousands)
Years ended December 31,	2021	2020	2019
Income:
Dividends from subsidiaries:
Bank	$45,732	$43,139	$36,796
Non-bank	11	17	27
Other income (losses)	(102)	—	—
Total income	45,641	43,156	36,823
Expenses:
Interest on junior subordinated debentures	370	641	980
Legal and professional fees	217	210	147
Other expenses	405	349	337
Total expenses	992	1,200	1,464
Income before income taxes	44,649	41,956	35,359
Income tax benefit	230	248	301
Income before equity in undistributed earnings (losses) of subsidiaries	44,879	42,204	35,660
Equity in undistributed earnings (losses) of subsidiaries:
Bank	32,045	27,603	33,445
Non-bank	(54)	22	13
Net income	$76,870	$69,829	$69,118

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2021	2020	2019
Cash flows from operating activities:
Net income	$76,870	$69,829	$69,118
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries:
Bank	(32,045)	(27,603)	(33,445)
Non-bank	54	(22)	(13)
Tax benefit (expense) from stock option exercises and other equity awards	182	(103)	248
Deferred income tax benefit	(24)	—	—
Increase in dividend receivable	(1,128)	(2,261)	(1,813)
Decrease (increase) in other assets	50	109	(43)
Increase (decrease) in accrued expenses and other liabilities	31	(31)	(15)
Other, net	(182)	193	(195)
Net cash provided by operating activities	43,808	40,111	33,842
Cash flows from investing activities:
Purchases of other equity investments, net	(650)	—	—
Net cash used in investing activities	(650)	—	—
Cash flows from financing activities:
Treasury stock purchased	—	(4,322)	—
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(177)	(470)	273
Cash dividends paid	(36,349)	(35,499)	(34,189)
Net cash used in financing activities	(36,526)	(40,291)	(33,916)
Net increase (decrease) in cash	6,632	(180)	(74)
Cash at beginning of year	1,658	1,838	1,912
Cash at end of year	$8,290	$1,658	$1,838