Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

NOTE 28. PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets

December 31,
(in thousands)
	2011		2010
ASSETS
Non-interest bearing deposits with subsidiary banks	$	82,133	$	128,450
Investments in:
Bank subsidiary		1,772,003		1,695,914
Nonbank subsidiaries		24,486		20,560
Receivable from nonbank subsidiary		—		8
Other assets		5,713		1,782
Total assets	$	1,884,335	$	1,846,714
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	32	$	26
Other liabilities		26,441		20,560
Junior subordinated debentures, at fair value		82,905		80,688
Junior subordinated debentures, at amortized cost		102,544		102,866
Total liabilities		211,922		204,140
Shareholders' equity		1,672,413		1,642,574
Total liabilities and shareholders' equity	$	1,884,335	$	1,846,714

Condensed Statements of Operations

Year Ended December 31,
(in thousands)
	2011			2010			2009
INCOME
Dividends from subsidiaries	$	17,743		$	245		$	18,306
Other income		(2,127	)		5,081			6,656
Total income		15,616			5,326			24,962
EXPENSES
Management fees paid to subsidiaries		469			291			305
Other expenses		9,072			9,116			10,079
Total expenses		9,541			9,407			10,384
Income (loss) before income tax benefit and equity in undistributed earnings of subsidiaries		6,075			(4,081	)		14,578
Income tax benefit		(4,325	)		(1,594	)		(1,677	)
Net income (loss) before equity in undistributed earnings of subsidiaries		10,400			(2,487	)		16,255
Equity in (distributions in excess) undistributed earnings of subsidiaries		64,096			30,813			(169,621	)
Net income (loss)		74,496			28,326			(153,366	)
Preferred stock dividends		—			12,192			12,866
Dividends and undistributed earnings allocated to participating securities		356			67			30
Net earnings (loss) available to common shareholders	$	74,140		$	16,067		$	(166,262	)

Condensed Statements of Cash Flows

Year Ended December 31,
(in thousands)
	2011			2010			2009
OPERATING ACTIVITIES:
Net income (loss)	$	74,496		$	28,326		$	(153,366	)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
(Distributions in excess) equity in undistributed earnings of subsidiaries		(64,096	)		(30,813	)		169,621
Gain on sale of investment securities		—			—			(79	)
Depreciation, amortization and accretion		(322	)		(322	)		(467	)
Change in fair value of junior subordinated debentures		2,217			(4,978	)		(6,854	)
Net (increase) decrease in other assets		(3,933	)		3,717			(637	)
Net increase (decrease) in other liabilities		3,736			(1,930	)		1,523
Net cash provided (used) by operating activities		12,098			(6,000	)		9,741
INVESTING ACTIVITIES:
Investment in subsidiaries		(3,668	)		(126,500	)		(87,000	)
Proceeds from investment securities held to maturity		—			—			229
Net decrease (increase) in receivables from nonbank subsidiaries		8			(8	)		—
Net cash used by investing activities		(3,660	)		(126,508	)		(86,771	)
FINANCING ACTIVITIES:
Net increase (decrease) in payables to subsidiaries		7			(34	)		53
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			245,697
Dividends paid on preferred stock		—			(3,686	)		(10,739	)
Dividends paid on common stock		(25,317	)		(20,626	)		(13,399	)
Stock repurchased		(29,754	)		(284	)		(174	)
Proceeds from exercise of stock options		309			1,004			301
Net cash (used ) provided by financing activities		(54,755	)		45,768			221,739
Change in cash and cash equivalents		(46,317	)		(86,740	)		144,709
Cash and cash equivalents, beginning of year		128,450			215,190			70,481
Cash and cash equivalents, end of year	$	82,133		$	128,450		$	215,190