Condensed Financial Statements - Parent Company Only |
| | | | | | NOTE 19 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY |
CONDENSED BALANCE SHEETS (in thousands) | | | | | | | | | | | | | | | | | | | December 31 | | | December 31 | | 2015 | | 2014 | | | 2015 | | 2014 | ASSETS | | | | | LIABILITIES AND EQUITY | | | | Cash | $ | — |
| | $ | 137 |
| | Long-term debt | $ | 361,504 |
| | $ | 465,936 |
| Other assets | 4,337 |
| | 10,053 |
| | Payable to non-bank subsidiaries | 188,087 |
| | 84,676 |
| Receivable from subsidiaries | 29,249 |
| | 29,120 |
| | Other liabilities | 77,263 |
| | 81,682 |
|
| | | | | Total Liabilities | 626,854 |
| | 632,294 |
| Investments in: | | | | | | | | | Bank subsidiaries | 2,226,975 |
| | 2,174,786 |
| | | | | | Non-bank subsidiaries | 408,187 |
| | 414,863 |
| | Shareholders’ equity | 2,041,894 |
| | 1,996,665 |
| Total Assets | $ | 2,668,748 |
| | $ | 2,628,959 |
| | Total Liabilities and Shareholders’ Equity | $ | 2,668,748 |
| | $ | 2,628,959 |
|
CONDENSED STATEMENTS OF INCOME | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (in thousands) | Income: | | | | | | Dividends from subsidiaries | $ | 114,000 |
| | $ | 139,150 |
| | $ | 114,438 |
| Other (1) | 141,241 |
| | 120,543 |
| | 106,297 |
| | 255,241 |
| | 259,693 |
| | 220,735 |
| Expenses | 176,457 |
| | 152,243 |
| | 138,164 |
| Income before income taxes and equity in undistributed net income of subsidiaries | 78,784 |
| | 107,450 |
| | 82,571 |
| Income tax benefit | (11,834 | ) | | (10,549 | ) | | (10,744 | ) | | 90,618 |
| | 117,999 |
| | 93,315 |
| Equity in undistributed net income (loss) of: | | | | | | Bank subsidiaries | 60,806 |
| | 33,134 |
| | 56,552 |
| Non-bank subsidiaries | (1,922 | ) | | 6,761 |
| | 11,973 |
| Net Income | $ | 149,502 |
| | $ | 157,894 |
| | $ | 161,840 |
|
(1) Consists primarily of management fees received from subsidiary banks. CONDENSED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (in thousands) | Cash Flows From Operating Activities: | | | | | | Net Income | $ | 149,502 |
| | $ | 157,894 |
| | $ | 161,840 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Stock-based compensation | 5,938 |
| | 5,865 |
| | 5,330 |
| Excess tax benefits from stock-based compensation | (201 | ) | | (81 | ) | | (302 | ) | Decrease (increase) in other assets | 2,806 |
| | (7,120 | ) | | 1,893 |
| Equity in undistributed net income of subsidiaries | (58,884 | ) | | (39,895 | ) | | (68,525 | ) | Loss on redemption of trust preferred securities | 5,626 |
| | — |
| | — |
| Increase in other liabilities and payable to non-bank subsidiaries | 106,490 |
| | 37,354 |
| | 26,946 |
| Total adjustments | 61,775 |
| | (3,877 | ) | | (34,658 | ) | Net cash provided by operating activities | 211,277 |
| | 154,017 |
| | 127,182 |
| Cash Flows From Investing Activities | — |
| | — |
| | — |
| Cash Flows From Financing Activities: | | | | | | Repayments of long-term debt | (254,640 | ) | | — |
| | — |
| Additions to long-term debt | 147,779 |
| | 97,113 |
| | — |
| Net proceeds from issuance of common stock | 10,607 |
| | 8,201 |
| | 9,936 |
| Excess tax benefits from stock-based compensation | 201 |
| | 81 |
| | 302 |
| Dividends paid | (65,361 | ) | | (64,028 | ) | | (46,525 | ) | Acquisition of treasury stock | (50,000 | ) | | (175,255 | ) | | (90,927 | ) | Deferred accelerated stock repurchase payment | — |
| | (20,000 | ) | | — |
| Net cash used in financing activities | (211,414 | ) | | (153,888 | ) | | (127,214 | ) | Net (Decrease) Increase in Cash and Cash Equivalents | (137 | ) | | 129 |
| | (32 | ) | Cash and Cash Equivalents at Beginning of Year | 137 |
| | 8 |
| | 40 |
| Cash and Cash Equivalents at End of Year | $ | — |
| | $ | 137 |
| | $ | 8 |
|
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