Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Condensed Financial Statements

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

Condensed Balance Sheets

	December 31,
(in thousands)	2018		2017
Assets
Cash	$	6,369	$	9,977
Investment in Enterprise Bank & Trust	681,742		623,439
Investment in nonbank subsidiaries	7,312		6,546
Other assets	30,287		28,741
Total assets	$	725,710	$	668,703
Liabilities and Shareholders’ Equity
Subordinated debentures and notes	$	118,156	$	118,105
Notes payable	2,000		—
Accounts payable and other liabilities	1,750		2,025
Shareholders' equity	603,804		548,573
Total liabilities and shareholders' equity	$	725,710	$	668,703

Condensed Statements of Operations

	Years ended December 31,
(in thousands)	2018		2017		2016
Income:
Dividends from Enterprise Bank & Trust	$	30,000	$	20,000	$	7,500
Dividends from nonbank subsidiaries	1,200		—		—
Other	1,784		708		491
Total income	32,984		20,708		7,991
Expenses:
Interest expense-subordinated debentures and notes	5,798		5,094		1,893
Interest expense-notes payable	62		89		53
Other expenses	7,087		5,486		5,526
Total expenses	12,947		10,669		7,472
Income before taxes and equity in undistributed earnings of subsidiaries	20,037		10,039		519
Income tax benefit	3,482		3,098		2,583
Net income before equity in undistributed earnings of subsidiaries	23,519		13,137		3,102
Equity in undistributed earnings of subsidiaries	65,698		35,053		45,735
Net income and comprehensive income	$	89,217	$	48,190	$	48,837

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2018			2017			2016
Cash flows from operating activities:
Net income	$	89,217		$	48,190		$	48,837
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation	3,452			3,427			3,367
Net income of subsidiaries	(94,898		)	(55,053		)	(53,235		)
Dividends from subsidiaries	31,200			20,000			7,500
Excess tax expense of share-based compensation	—			—			(1,327		)
Other, net	(953		)	(1,806		)	1,848
Net cash provided by operating activities	28,018			14,758			6,990
Cash flows from investing activities:
Cash contributions to subsidiaries	—			—			(250		)
Cash paid for acquisitions, net of cash acquired	—			(25,187		)	—
Purchases of other investments	(2,729		)	(3,679		)	(2,435		)
Proceeds from distributions on other investments	1,911			1,634			1,151
Net cash used by investing activities	(818		)	(27,232		)	(1,534		)
Cash flows from financing activities:
Proceeds from issuance of subordinated notes	—			—			48,733
Proceeds from notes payable	2,000			10,000			—
Repayments of notes payable	—			(10,000		)	—
Cash dividends paid	(10,845		)	(10,249		)	(8,211		)
Excess tax benefit of share-based compensation	—			—			1,327
Payments for the repurchase of common stock	(19,387		)	(16,636		)	(4,889		)
Payments for the issuance of equity instruments, net	(2,576		)	(2,909		)	(2,203		)
Net cash provided (used) by financing activities	(30,808		)	(29,794		)	34,757
Net increase (decrease) in cash and cash equivalents	(3,608		)	(42,268		)	40,213
Cash and cash equivalents, beginning of year	9,977			52,245			12,032
Cash and cash equivalents, end of year	$	6,369		$	9,977		$	52,245
Supplemental disclosures of cash flow information:
Noncash transactions:
Common shares issued in connection with acquisitions	$	—		$	141,729		$	—