Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

The following tables present parent company only condensed 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)
December 31,		2023	2022
Assets:
Cash on deposit with bank subsidiary		$4,701	$15,557

Investment in subsidiaries at equity value:
Bank		488,751	458,750
Non-bank		685	685
Dividends receivable from bank subsidiary		9,925	10,578
Other assets		1,603	1,293
Total assets		$505,665	$486,863
Liabilities and Shareholders’ Equity:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		10,021	10,349

Other liabilities		277	164







Shareholders’ equity		472,686	453,669
Total liabilities and shareholders’ equity		$505,665	$486,863

Parent Company Only Income Statement


Statements of Income	(Dollars in thousands)
Years ended December 31,	2023	2022	2021
Income:
Dividends from subsidiaries:
Bank	$38,822	$53,240	$45,732
Non-bank	46	20	11
Other losses	(300)	—	(102)
Total income	38,568	53,260	45,641
Expenses:
Interest on junior subordinated debentures	1,543	739	370



Other expenses	681	591	622
Total expenses	2,224	1,330	992
Income before income taxes	36,344	51,930	44,649
Income tax benefit	542	273	230
Income before equity in undistributed earnings (losses) of subsidiaries	36,886	52,203	44,879
Equity in undistributed earnings (losses) of subsidiaries:
Bank	11,290	19,565	32,045
Non-bank	—	(87)	(54)
Net income	$48,176	$71,681	$76,870

Parent Company Only Cash Flow Statement


Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2023	2022	2021
Cash flows from operating activities:
Net income	$48,176	$71,681	$76,870
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries:
Bank	(11,290)	(19,565)	(32,045)
Non-bank	—	87	54
Tax (expense) benefit from stock option exercises and other equity awards	(34)	78	182
Deferred income tax (benefit) expense	(56)	5	(24)
Decrease (increase) in dividend receivable	653	2,386	(1,128)
Decrease (increase) in other assets	8	(175)	50
Increase in accrued expenses and other liabilities	113	93	31

Other, net	36	(97)	(182)
Net cash provided by operating activities	37,606	54,493	43,808
Cash flows from investing activities:
Repayment of equity investment in subsidiary	—	1,096	—
Purchases of other equity investments, net	(263)	(375)	(650)

Net cash (used in) provided by investing activities	(263)	721	(650)
Cash flows from financing activities:



Treasury stock purchased	(8,814)	(9,479)	—
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(754)	(821)	(177)

Cash dividends paid	(38,631)	(37,647)	(36,349)
Net cash used in financing activities	(48,199)	(47,947)	(36,526)
Net (decrease) increase in cash	(10,856)	7,267	6,632
Cash at beginning of year	15,557	8,290	1,658
Cash at end of year	$4,701	$15,557	$8,290