Parent Company Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

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,		2025	2024
Assets:
Cash on deposit with bank subsidiary		$6,193	$5,099
Investment in subsidiaries at equity value:
Bank		557,843	516,566
Non-bank		684	684
Dividends receivable from bank subsidiary		11,000	10,200
Other assets		2,385	1,871
Total assets		$578,105	$534,420
Liabilities and Shareholders’ Equity:
Junior subordinated debentures		$22,681	$22,681
Dividends payable		11,661	11,469
Other liabilities		179	542
Shareholders’ equity		543,584	499,728
Total liabilities and shareholders’ equity		$578,105	$534,420

Statements of Income (Loss)	(Dollars in thousands)
Years ended December 31,	2025	2024	2023
Income:
Dividends from subsidiaries:
Bank	$55,286	$40,800	$38,822
Non-bank	42	48	46
Other losses	—	(100)	(300)
Total income	55,328	40,748	38,568
Expenses:
Interest on junior subordinated debentures	1,373	1,593	1,543
Other expenses	475	530	681
Total expenses	1,848	2,123	2,224
Income before income taxes	53,480	38,625	36,344
Income tax benefit	375	456	542
Income before equity in undistributed (losses) earnings of subsidiaries	53,855	39,081	36,886
Equity in undistributed (losses) earnings of subsidiaries:
Bank	(1,611)	(67,139)	11,290
Non-bank	—	(1)	—
Net income (loss)	$52,244	($28,059)	$48,176

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2025	2024	2023
Cash flows from operating activities:
Net income (loss)	$52,244	($28,059)	$48,176
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in undistributed losses (earnings) of subsidiaries:
Bank	1,611	67,139	(11,290)
Non-bank	—	1	—
Deferred income tax expense (benefit)	21	(7)	(56)
(Increase) decrease in dividend receivable	(801)	(275)	653
(Increase) decrease in other assets	(159)	77	8
(Decrease) increase in accrued expenses and other liabilities	(363)	266	113
Other, net	—	1	2
Net cash provided by operating activities	52,553	39,143	37,606
Cash flows from investing activities:
Equity investment in subsidiary bank	—	(70,500)	—
Purchases of other equity investments, net	(375)	(338)	(263)
Net cash used in investing activities	(375)	(70,838)	(263)
Cash flows from financing activities:
Treasury stock purchased	(7,361)	—	(8,814)
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	(398)	(31)	(754)
Cash dividends paid	(43,325)	(38,397)	(38,631)
Net cash (used in) provided by financing activities	(51,084)	32,093	(48,199)
Net increase (decrease) in cash	1,094	398	(10,856)
Cash at beginning of year	5,099	4,701	15,557
Cash at end of year	$6,193	$5,099	$4,701