Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Balance Sheet

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,		2022	2021
Assets:
Cash on deposit with bank subsidiary		$15,557	$8,290
Investment in subsidiaries at equity value:
Bank		458,750	573,757
Non-bank		685	1,850
Dividends receivable from bank subsidiary		10,578	12,964
Other assets		1,293	747
Total assets		$486,863	$597,608
Liabilities:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		10,349	10,048
Other liabilities		164	71
Total liabilities		33,194	32,800
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,182,753 shares outstanding at December 31, 2022 and 17,363,457 shares issued and 17,330,818 shares outstanding at December 31, 2021		1,085	1,085
Paid-in capital		127,056	126,511
Retained earnings		492,043	458,310
Accumulated other comprehensive loss		(157,800)	(19,981)
Treasury stock, at cost; 180,704 shares at December 31, 2022 and 32,639 shares at December 31, 2021		(8,715)	(1,117)
Total shareholders’ equity		453,669	564,808
Total liabilities and shareholders’ equity		$486,863	$597,608

Parent Company Only Income Statement

Statements of Income	(Dollars in thousands)
Years ended December 31,	2022	2021	2020
Income:
Dividends from subsidiaries:
Bank	$53,240	$45,732	$43,139
Non-bank	20	11	17
Other income (losses)	—	(102)	—
Total income	53,260	45,641	43,156
Expenses:
Interest on junior subordinated debentures	739	370	641
Other expenses	591	622	559
Total expenses	1,330	992	1,200
Income before income taxes	51,930	44,649	41,956
Income tax benefit	273	230	248
Income before equity in undistributed earnings (losses) of subsidiaries	52,203	44,879	42,204
Equity in undistributed earnings (losses) of subsidiaries:
Bank	19,565	32,045	27,603
Non-bank	(87)	(54)	22
Net income	$71,681	$76,870	$69,829

Parent Company Only Cash Flow Statement

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2022	2021	2020
Cash flows from operating activities:
Net income	$71,681	$76,870	$69,829
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries:
Bank	(19,565)	(32,045)	(27,603)
Non-bank	87	54	(22)
Tax benefit (expense) from stock option exercises and other equity awards	78	182	(103)
Deferred income tax benefit	5	(24)	—
Increase in dividend receivable	2,386	(1,128)	(2,261)
(Increase) decrease in other assets	(175)	50	109
Increase (decrease) in accrued expenses and other liabilities	93	31	(31)
Other, net	(97)	(182)	193
Net cash provided by operating activities	54,493	43,808	40,111
Cash flows from investing activities:
Repayment of equity investment in subsidiary	1,096	—	—
Purchases of other equity investments, net	(375)	(650)	—
Net cash used in investing activities	721	(650)	—
Cash flows from financing activities:
Treasury stock purchased	(9,479)	—	(4,322)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(821)	(177)	(470)
Cash dividends paid	(37,647)	(36,349)	(35,499)
Net cash used in financing activities	(47,947)	(36,526)	(40,291)
Net increase (decrease) in cash	7,267	6,632	(180)
Cash at beginning of year	8,290	1,658	1,838
Cash at end of year	$15,557	$8,290	$1,658