Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

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,		2024	2023
Assets:
Cash on deposit with bank subsidiary		$5,099	$4,701

Investment in subsidiaries at equity value:
Bank		516,566	488,751
Non-bank		684	685
Dividends receivable from bank subsidiary		10,200	9,925
Other assets		1,871	1,603
Total assets		$534,420	$505,665
Liabilities and Shareholders’ Equity:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		11,469	10,021

Other liabilities		542	277







Shareholders’ equity		499,728	472,686
Total liabilities and shareholders’ equity		$534,420	$505,665

Parent Company Only Statements of Income


Statements of Income	(Dollars in thousands)
Years ended December 31,	2024	2023	2022
Income:
Dividends from subsidiaries:
Bank	$40,800	$38,822	$53,240
Non-bank	48	46	20
Other losses	(100)	(300)	—
Total income	40,748	38,568	53,260
Expenses:
Interest on junior subordinated debentures	1,593	1,543	739



Other expenses	530	681	591
Total expenses	2,123	2,224	1,330
Income before income taxes	38,625	36,344	51,930
Income tax benefit	456	542	273
Income before equity in undistributed (losses) earnings of subsidiaries	39,081	36,886	52,203
Equity in undistributed (losses) earnings of subsidiaries:
Bank	(67,139)	11,290	19,565
Non-bank	(1)	—	(87)
Net (loss) income	($28,059)	$48,176	$71,681

Parent Company Only Statements of Cash Flows


Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2024	2023	2022
Cash flows from operating activities:
Net (loss) income	($28,059)	$48,176	$71,681
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries:
Bank	67,139	(11,290)	(19,565)
Non-bank	1	—	87
Tax (expense) benefit from stock option exercises and other equity awards	(183)	(34)	78
Deferred income tax (benefit) expense	(7)	(56)	5
(Increase) decrease in dividend receivable	(275)	653	2,386
Decrease (increase) in other assets	77	8	(175)
Increase in accrued expenses and other liabilities	266	113	93

Other, net	184	36	(97)
Net cash provided by operating activities	39,143	37,606	54,493
Cash flows from investing activities:
Equity investment in subsidiary bank	(70,500)	—	—
Repayment of equity investment in subsidiary	—	—	1,096
Purchases of other equity investments, net	(338)	(263)	(375)

Net cash (used in) provided by investing activities	(70,838)	(263)	721
Cash flows from financing activities:



Treasury stock purchased	—	(8,814)	(9,479)
Net proceeds from issuance of common stock in public offering	70,521	—	—
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	(31)	(754)	(821)

Cash dividends paid	(38,397)	(38,631)	(37,647)
Net cash provided by (used in) financing activities	32,093	(48,199)	(47,947)
Net increase (decrease) in cash	398	(10,856)	7,267
Cash at beginning of year	4,701	15,557	8,290
Cash at end of year	$5,099	$4,701	$15,557