CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2011

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

NOTE 20—CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

        The parent company only condensed balance sheets as of December 31, 2011 and 2010 and the related condensed statements of net earnings (loss) and condensed statements of cash flows for each of the years in the three-year period ended December 31, 2011 are presented below:

	December 31,
Parent Company Only Condensed Balance Sheets	2011		2010
	(In thousands)
Assets:
Cash and due from banks	$	35,900	$	24,141
Investments in subsidiaries		625,494		570,118
Other assets		22,455		15,421
Total assets	$	683,849	$	609,680
Liabilities:
Subordinated debentures	$	129,271	$	129,572
Other liabilities		8,375		1,311
Total liabilities		137,646		130,883
Stockholders' equity		546,203		478,797
Total liabilities and stockholders' equity	$	683,849	$	609,680

	Year Ended December 31,
Parent Company Only Condensed Statements of Earnings (Loss)	2011		2010			2009
	(In thousands)
Miscellaneous income	$	157	$	174		$	197
Dividends from Bank subsidiary		25,500		—			—
Total income		25,657		174			197
Interest expense		4,923		5,594			6,448
Operating expenses		8,255		9,665			17,026
Total expenses		13,178		15,259			23,474
Earnings (loss) before income taxes and equity in undistributed earnings of subsidiaries		12,479		(15,085	)		(23,277	)
Income tax benefit		5,671		6,356			8,623
Earnings (loss) before equity in undistributed earnings (losses) of subsidiaries		18,150		(8,729	)		(14,654	)
Equity in undistributed earnings (losses) of subsidiaries		32,554		(53,287	)		5,304
Net earnings (loss)	$	50,704	$	(62,016	)	$	(9,350	)

	Year Ended December 31,
Parent Company Only Condensed Statements of Cash Flows	2011			2010			2009
	(In thousands)
Cash flows from operating activities:
Net earnings (loss)	$	50,704		$	(62,016	)	$	(9,350	)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Change in other assets		(4,533	)		(6,002	)		(2,708	)
Change in liabilities		6,262			(2,650	)		(4,379	)
Tax effect in stockholders' equity of restricted stock vesting		501			909			2,108
Earned stock compensation		3,551			4,174			4,555
Equity in undistributed (earnings) losses of subsidiaries		(32,554	)		53,287			(5,304	)
Net cash provided by (used in) operating activities		23,931			(12,298	)		(15,078	)
Cash flows from investing activities:
Purchases of securities available-for-sale		(2,580	)		—			—
Net increase in investment in subsidiaries		—			(30,000	)		(83,690	)
Net cash used in investing activities		(2,580	)		(30,000	)		(83,690	)
Cash flows from financing activities:
Net proceeds from issuance of common stock		—			26,587			148,782
Tax effect in stockholders' equity of restricted stock vesting		(501	)		(909	)		(2,108	)
Restricted stock surrendered		(1,465	)		(1,831	)		(1,775	)
Cash dividends paid		(7,626	)		(1,445	)		(11,145	)
Net cash (used in) provided by financing activities		(9,592	)		22,402			133,754
Net increase (decrease) in cash and cash equivalents		11,759			(19,896	)		34,986
Cash and cash equivalents, beginning of year		24,141			44,037			9,051
Cash and cash equivalents, end of year	$	35,900		$	24,141		$	44,037