Parent Company Information

12 Months Ended

Dec. 31, 2011

Parent Company Information [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 20)

Condensed Statements of Financial Condition

	December 31,
	2011		2010
	(in thousands)
Assets
Cash	$	42,593	$	32,415
Interest bearing deposits with banks		135		48,134
Investment securities available for sale		5,938		6,207
Investment in subsidiaries		1,384,925		1,413,158
Loans		36,990		—
Other assets		13,335		13,900
Total assets	$	1,483,916	$	1,513,814
Liabilities and Shareholders' Equity
Dividends payable to shareholders	$	29,355	$	29,063
Junior subordinated debentures issued to capital trusts (includes fair value of $160,478 at December 31, 2011 and $161,734 at December 31, 2010 for VNB Capital Trust I)		185,598		186,922
Accrued expenses and other liabilities		2,715		2,624
Shareholders' equity		1,266,248		1,295,205
Total liabilities and shareholders' equity	$	1,483,916	$	1,513,814

Condensed Statements of Income

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
Income
Dividends from subsidiary	$	115,000		$	65,000		$	120,000
Income from subsidiary		180			332			2,069
Gains on securities transactions, net		—			106			—
Trading gains (losses), net		1,256			(5,841	)		(15,828	)
Net impairment losses on securities recognized in earnings		—			—			(434	)
Other interest and dividends		223			830			437
Total Income		116,659			60,427			106,244
Total Expenses		16,481			16,388			16,267
Income before income tax benefit and equity in undistributed earnings of subsidiary		100,178			44,039			89,977
Income tax benefit		(5,202	)		(7,365	)		(10,541	)
Income before equity in undistributed earnings of subsidiary		105,380			51,404			100,518
Equity in undistributed earnings of subsidiary		28,273			79,766			15,543
Net Income		133,653			131,170			116,061
Dividends on preferred stock and accretion		—			—			19,524
Net Income Available to Common Stockholders	$	133,653		$	131,170		$	96,537

Condensed Statements of Cash Flows

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
Cash flows from operating activities:
Net Income	$	133,653		$	131,170		$	116,061
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(28,273	)		(79,766	)		(15,543	)
Depreciation and amortization		30			30			30
Stock-based compensation		3,156			4,830			5,049
Net amortization of premiums and accretion of discounts on securities		(56	)		(51	)		(54	)
Losses on securities transactions, net		—			(106	)		—
Net impairment losses on securities recognized in earnings		—			—			434
Net change in:
Fair value of borrowings carried at fair value		(1,256	)		5,841			15,828
Other assets		535			(538	)		(3,052	)
Accrued expenses and other liabilities		132			(3,363	)		(954	)
Net cash provided by operating activities		107,921			58,047			117,799
Cash flows from investing activities:
Loan originations		(36,990	)		—			—
Investment securities available for sale:
Sales		—			94			—
Maturities, calls and principal repayments		—			1,250			—
Net cash (used in) provided by investing activities		(36,990	)		1,344			—
Cash flows from financing activities:
Redemption of preferred stock		—			—			(300,000	)
Dividends paid to preferred shareholders		—			—			(12,980	)
Dividends paid to common shareholders		(116,779	)		(115,190	)		(109,005	)
Common stock issued, net		8,027			8,391			140,008
Net cash used in financing activities		(108,752	)		(106,799	)		(281,977	)
Net change in cash and cash equivalents		(37,821	)		(47,408	)		(164,178	)
Cash and cash equivalents at beginning of year		80,549			127,957			292,135
Cash and cash equivalents at end of year	$	42,728		$	80,549		$	127,957