Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company [Abstract]

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

23. 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 earnings and condensed statements of cash flows for each of the three years ended December 31, are presented below:

CONDENSED BALANCE SHEETS

	As of December 31,
	2011		2010
	(Dollars in thousands)
Assets:
Investment in subsidiaries	$	808,358	$	752,324
Other assets, net		31,428		22,185
Total assets	$	839,786	$	774,509
Liabilities:	$	124,972	$	130,654
Stockholders’ equity		714,814		643,855
Total liabilities and stockholders’ equity	$	839,786	$	774,509

CONDENSED STATEMENTS OF EARNINGS

	For the Year Ended December 31,
	2011			2010			2009
	(Dollars in thousands)
Excess in net earnings of subsidiaries	$	20,750		$	25,278		$	34,421
Dividends from the Bank		68,000			43,100			35,000
Other expense, net		(7,017	)		(5,443	)		(4,002	)
Net earnings	$	81,733		$	62,935		$	65,419

CONDENSED STATEMENTS OF CASH FLOWS

	For the Year Ended December 31,
	2011			2010			2009
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	81,733		$	62,935		$	65,419
Adjustments to reconcile net earnings to cash used in by operating activities:
Earnings of subsidiaries		(88,750	)		(68,378	)		(69,421	)
Tax settlement received from the Bank		—			3,377			3,180
Other operating activities, net		(5,891	)		(1,389	)		(120	)
Total adjustments		(94,641	)		(66,390	)		(66,361	)
Net cash used in operating activities		(12,908	)		(3,455	)		(942	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends received from the Bank		68,000			43,100			35,000
Net cash provided by investing activities		68,000			43,100			35,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends on common stock		(35,805	)		(36,103	)		(32,228	)
Cash dividends on preferred stock		—			—			(4,271	)
Proceeds from exercise of stock options		59			1,547			280
Tax benefit from exercise of stock options		1			425			62
Issuance of common stock		—			—			126,056
Repurchase of common stock		(12,527	)		(5,169	)		—
Repurchase of preferred stock and warrant		—			—			(131,307	)
Net cash used in financing activities		(48,272	)		(39,300	)		(41,408	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALIENTS		6,820			345			(7,350	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		14,234			13,889			21,239
CASH AND CASH EQUIVALENTS, END OF YEAR		21,054		$	14,234		$	13,889