Parent Company Financial Statements

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

Condensed Balance Sheets

December 31,

(in thousands)

	2013		2012
ASSETS
Non-interest bearing deposits with subsidiary banks	$	72,679	$	82,383
Investments in:
Bank subsidiary	1,847,168		1,829,305
Nonbank subsidiaries	29,193		25,308
Other assets	1,590		1,498
Total assets	$	1,950,630	$	1,938,494
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	93	$	49
Other liabilities	33,938		18,340
Junior subordinated debentures, at fair value	87,274		85,081
Junior subordinated debentures, at amortized cost	101,899		110,985
Total liabilities	223,204		214,455
Shareholders' equity	1,727,426		1,724,039
Total liabilities and shareholders' equity	$	1,950,630	$	1,938,494

Condensed Statements of Income

Year Ended December 31,

(in thousands)

	2013			2012			2011
INCOME
Dividends from subsidiaries	$	62,241		$	78,755		$	17,743
Other income	(2,321		)	(2,174		)	(2,127		)
Total income	59,920			76,581			15,616
EXPENSES
Management fees paid to subsidiaries	501			459			469
Other expenses	8,885			9,189			9,072
Total expenses	9,386			9,648			9,541
Income before income tax benefit and equity in undistributed
earnings of subsidiaries	50,534			66,933			6,075
Income tax benefit	(4,446		)	(4,904		)	(4,325		)
Net income before equity in undistributed earnings of subsidiaries	54,980			71,837			10,400
Equity in undistributed earnings of subsidiaries	43,381			30,054			64,096
Net income	98,361			101,891			74,496
Dividends and undistributed earnings allocated to participating securities	788			682			356
Net earnings available to common shareholders	$	97,573		$	101,209		$	74,140

Condensed Statements of Cash Flows

Year Ended December 31,

(in thousands)

	2013			2012			2011
OPERATING ACTIVITIES:
Net income	$	98,361		$	101,891		$	74,496
Adjustment to reconcile net income to net cash
provided by operating activities:
Equity in undistributed earnings of subsidiaries	(43,381		)	(30,054		)	(64,096		)
Depreciation, amortization and accretion	(322		)	(322		)	(322		)
Change in fair value of junior subordinated debentures	2,193			2,182			2,217
Net (increase) decrease in other assets	(92		)	4,925			(3,933		)
Net (decrease) increase in other liabilities	(1,361		)	(1,184		)	3,736
Net cash provided by operating activities	55,398			77,438			12,098
INVESTING ACTIVITIES:
Investment in subsidiaries	(2,928		)	(24,970		)	(3,668		)
Acquisitions	—			419			—
Net decrease in receivables from nonbank subsidiaries	—			—			8
Net cash used by investing activities	(2,928		)	(24,551		)	(3,660		)
FINANCING ACTIVITIES:
Net (decrease) increase in payables to subsidiaries	(8,448		)	17			7
Dividends paid on common stock	(50,767		)	(46,201		)	(25,317		)
Stock repurchased	(9,356		)	(7,433		)	(29,754		)
Proceeds from exercise of stock options	6,397			980			309
Net cash used by financing activities	(62,174		)	(52,637		)	(54,755		)
Change in cash and cash equivalents	(9,704		)	250			(46,317		)
Cash and cash equivalents, beginning of year	82,383			82,133			128,450
Cash and cash equivalents, end of year	$	72,679		$	82,383		$	82,133