Parent Company Financial Information

12 Months Ended

Dec. 31, 2015

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Financial Information [Text Block]

Note 25 – Parent Company Financial Information

Following are condensed statements of the parent company:
Statements of Condition	Year Ended December 31
(Dollars in thousands)	2015		2014
Assets:
Cash	$	138,139	$	167,562
Securities available-for-sale		2,061		2,634
Notes receivable		3,339		3,460
Allowance for loan losses		(925)		(925)
Investments in subsidiaries:
Bank		2,619,715		2,761,725
Non-bank		27,677		17,870
Other assets		186,005		195,898
Total assets	$	2,976,011	$	3,148,224
Liabilities and equity:
Other short-term borrowings	$	-	$	3,000
Accrued employee benefits and other liabilities		140,588		138,233
Term borrowings		491,268		720,832
Total liabilities		631,856		862,065
Total equity		2,344,155		2,286,159
Total liabilities and equity	$	2,976,011	$	3,148,224
Certain previously reported amounts have been reclassified to agree with the current presentation

Statements of Income	Year Ended December 31
(Dollars in thousands)	2015		2014		2013
Dividend income:
Bank	$	325,000	$	180,000	$	180,000
Non-bank		1,150		446		957
Total dividend income		326,150		180,446		180,957
Interest income		-		2		125
Other income		5,884		6,265		3,468
Total income		332,034		186,713		184,550
Provision/(provision credit) for loan losses		-		-		(925)
Interest expense:
Short-term debt		6		9		20
Term borrowings		23,579		23,808		24,058
Total interest expense		23,585		23,817		24,078
Compensation, employee benefits and other expense		36,388		30,400		37,490
Total expense		59,973		54,217		60,643
Income/(loss) before income taxes		272,061		132,496		123,907
Income tax benefit		(21,757)		(20,599)		(20,897)
Income/(loss) before equity in undistributed net income of subsidiaries		293,818		153,095		144,804
Equity in undistributed net income/(loss) of subsidiaries:
Bank		(207,831)		68,836		(117,600)
Non-bank		(108)		588		(300)
Net income/(loss) attributable to the controlling interest	$	85,879	$	222,519	$	26,904

Statements of Cash Flows	Year Ended December 31
(Dollars in thousands)	2015		2014		2013
Operating activities:
Net income/(loss)	$	85,879	$	222,519	$	26,904
Less undistributed net income/(loss) of subsidiaries		(207,939)		69,424		(117,900)
Income/(loss) before undistributed net income of subsidiaries		293,818		153,095		144,804
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other		(276)		(390)		(1,314)
(Gain)/loss on securities		259		(5,736)		(2,182)
Stock-based compensation expense		13,796		11,351		16,144
(Gain)/loss on extinguishment of debt		(5,793)		-		-
Net (increase)/decrease in interest receivable and other assets		(6,029)		(1,836)		(4,959)
Net (decrease)/increase in interest payable and other liabilities		(6,777)		1,505		8,626
Total adjustments		(4,820)		4,894		16,315
Net cash provided/(used) by operating activities		288,998		157,989		161,119
Investing activities:
Securities:
Sales and prepayments		1,371		4,693		599
Purchases		(740)		(40)		(120)
Premises and equipment:
Sales/(purchases)		14		(20)		(63)
Decrease/(increase) in interest-bearing cash		-		15,800		64,200
Return on investment in subsidiary		93		150		90
Investment in subsidiary		(9,372)		-		-
Cash paid for acquisition, net		(18,251)		-		-
Net cash provided/(used) by investing activities		(26,885)		20,583		64,706
Financing activities:
Preferred stock:
Proceeds from issuance of preferred stock		-		-		95,624
Cash dividends		(6,200)		(6,200)		(4,288)
Common stock:
Exercise of stock options		7,219		1,864		651
Cash dividends		(53,947)		(47,366)		(38,229)
Repurchase of shares		(32,648)		(43,579)		(91,533)
Term borrowings:
Proceeds from issuance of term borrowings		497,040		-		-
Repayment of term borrowings		(700,000)		-		(100,000)
Increase/(decrease) in short-term borrowings		(3,000)		3,000		(27,200)
Net cash (used)/provided by financing activities		(291,536)		(92,281)		(164,975)
Net increase/(decrease) in cash and cash equivalents		(29,423)		86,291		60,850
Cash and cash equivalents at beginning of year		167,562		81,271		20,421
Cash and cash equivalents at end of year	$	138,139	$	167,562	$	81,271
Total interest paid	$	24,345	$	23,282	$	24,102
Income taxes received from subsidiaries		32,202		17,053		31,075