Parent company financial statements (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Balance Sheet


	December 31
	2012		2011
	(In thousands)
Assets
Cash in subsidiary bank	$	4,774	$	3,798
Due from consolidated bank subsidiaries
Money-market savings		714,677		645,330
Current income tax receivable		1,835		—

Total due from consolidated bank subsidiaries		716,512		645,330
Investments in consolidated subsidiaries
Banks and bank holding company		10,495,557		9,929,758
Other		16,344		16,025
Investments in unconsolidated subsidiaries (note 19)		33,916		34,091
Investment in Bayview Lending Group LLC		93,489		115,000
Other assets		83,975		82,358

Total assets	$	11,444,567	$	10,826,360

Liabilities
Due to consolidated bank subsidiaries	$	213	$	30
Accrued expenses and other liabilities		60,619		75,828
Long-term borrowings		1,181,142		1,479,293

Total liabilities		1,241,974		1,555,151
Shareholders’ equity		10,202,593		9,271,209

Total liabilities and shareholders’ equity	$	11,444,567	$	10,826,360

Condensed Statement of Income

Condensed Statement of Income


	Year Ended December 31
	2012			2011			2010
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	700,000		$	715,000		$	500,000
Equity in earnings of Bayview Lending Group LLC		(21,511	)		(24,231	)		(25,768	)
Other income		8,755			67,829			(5,435	)

Total income		687,244			758,598			468,797

Expense
Interest on long-term borrowings		82,286			90,959			91,073
Other expense (a)		19,226			87,368			7,447

Total expense		101,512			178,327			98,520

Income before income taxes and equity in undistributed income of subsidiaries		585,732			580,271			370,277
Income tax credits		43,149			50,460			48,416

Income before equity in undistributed income of subsidiaries		628,881			630,731			418,693

Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,100,617			943,748			817,468
Less: dividends received		(700,000	)		(715,000	)		(500,000	)

Equity in undistributed income of subsidiaries		400,617			228,748			317,468

Net income	$	1,029,498		$	859,479		$	736,161

Net income per common share
Basic	$	7.57		$	6.37		$	5.72
Diluted		7.54			6.35			5.69

(a)

In 2011 includes $79 million write-down of Investment in Bayview Lending Group LLC.

Condensed Statement of Cash Flows

Condensed Statement of Cash Flows


	Year Ended December 31
	2012			2011			2010
	(In thousands)
Cash flows from operating activities
Net income	$	1,029,498		$	859,479		$	736,161
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(400,617	)		(228,748	)		(317,468	)
Provision for deferred income taxes		1,724			(10,349	)		2,237
Asset write-downs		—			79,012			—
Net change in accrued income and expense		6,798			44,336			43,567

Net cash provided by operating activities		637,403			743,730			464,497

Cash flows from investing activities
Proceeds from sales of investment securities		411			1,987			2,591
Proceeds from maturities of investment securities		—			4,400			1,150
Purchases of investment securities		—			—			(2,225	)
Purchase of Wilmington Trust Corporation preferred stock		—			(330,000	)		—
Other, net		324			2,833			1,033

Net cash provided (used) by investing activities		735			(320,780	)		2,549

Cash flows from financing activities
Payments on long-term borrowings		(300,000	)		—			—
Dividends paid — common		(357,717	)		(350,129	)		(335,303	)
Dividends paid — preferred		(53,450	)		(48,203	)		(40,225	)
Proceeds from issuance of preferred stock		—			495,000			—
Redemption of preferred stock		—			(370,000	)		—
Other, net		143,352			16,386			63,122

Net cash used by financing activities		(567,815	)		(256,946	)		(312,406	)

Net increase in cash and cash equivalents		70,323			166,004			154,640
Cash and cash equivalents at beginning of year		649,128			483,124			328,484

Cash and cash equivalents at end of year	$	719,451		$	649,128		$	483,124

Supplemental disclosure of cash flow information
Interest received during the year	$	1,970		$	2,082		$	1,581
Interest paid during the year		80,090			87,184			87,456
Income taxes received during the year		21,878			57,964			50,882