Parent Company Financial Statements

12 Months Ended

Dec. 31, 2012

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

NOTE 28.  PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets

December 31,

(in thousands)
		2012		2011
ASSETS
Non-interest bearing deposits with subsidiary banks	$	82,383	$	82,133
Investments in:
Bank subsidiary		1,829,305		1,772,003
Nonbank subsidiaries		25,308		24,486
Other assets		1,498		5,713
Total assets	$	1,938,494	$	1,884,335
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	49	$	32
Other liabilities		18,340		26,441
Junior subordinated debentures, at fair value		85,081		82,905
Junior subordinated debentures, at amortized cost		110,985		102,544
Total liabilities		214,455		211,922
Shareholders' equity		1,724,039		1,672,413
Total liabilities and shareholders' equity	$	1,938,494	$	1,884,335

Condensed Statements of Income

Year Ended December 31,

(in thousands)
		2012		2011		2010
INCOME
Dividends from subsidiaries	$	78,755	$	17,743	$	245
Other income		(2,174)		(2,127)		5,081
Total income		76,581		15,616		5,326
EXPENSES
Management fees paid to subsidiaries		459		469		291
Other expenses		9,189		9,072		9,116
Total expenses		9,648		9,541		9,407
Income (loss) before income tax benefit and equity in undistributed
earnings of subsidiaries		66,933		6,075		(4,081)
Income tax benefit		(4,904)		(4,325)		(1,594)
Net income (loss) before equity in undistributed earnings
of subsidiaries		71,837		10,400		(2,487)
Equity in undistributed earnings of subsidiaries		30,054		64,096		30,813
Net income		101,891		74,496		28,326
Preferred stock dividends		-		-		12,192
Dividends and undistributed earnings allocated to participating securities		682		356		67
Net earnings available to common shareholders	$	101,209	$	74,140	$	16,067

Condensed Statements of Cash Flows

Year Ended December 31,

(in thousands)
		2012		2011		2010
OPERATING ACTIVITIES:
Net income	$	101,891	$	74,496	$	28,326
Adjustment to reconcile net income to net cash
provided by operating activities:
Equity in undistributed earnings of subsidiaries		(30,054)		(64,096)		(30,813)
Depreciation, amortization and accretion		(322)		(322)		(322)
Change in fair value of junior subordinated debentures		2,182		2,217		(4,978)
Net decrease (increase) in other assets		4,925		(3,933)		3,717
Net (decrease) increase in other liabilities		(1,184)		3,736		(1,930)
Net cash provided (used) by operating activities		77,438		12,098		(6,000)
INVESTING ACTIVITIES:
Investment in subsidiaries		(24,970)		(3,668)		(126,500)
Acquisitions		419		-		-
Net decrease (increase) in receivables from nonbank subsidiaries		-		8		(8)
Net cash used by investing activities		(24,551)		(3,660)		(126,508)
FINANCING ACTIVITIES:
Net increase (decrease) in payables to subsidiaries		17		7		(34)
Proceeds from issuance of preferred stock		-		-		198,289
Redemption of preferred stock		-		-		(214,181)
Redemption of warrants		-		-		(4,500)
Net proceeds from issuance of common stock		-		-		89,786
Dividends paid on preferred stock		-		-		(3,686)
Dividends paid on common stock		(46,201)		(25,317)		(20,626)
Stock repurchased		(7,433)		(29,754)		(284)
Proceeds from exercise of stock options		980		309		1,004
Net cash (used) provided by financing activities		(52,637)		(54,755)		45,768
Change in cash and cash equivalents		250		(46,317)		(86,740)
Cash and cash equivalents, beginning of year		82,133		128,450		215,190
Cash and cash equivalents, end of year	$	82,383	$	82,133	$	128,450