PARENT COMPANY INFORMATION

12 Months Ended

Dec. 31, 2012

PARENT COMPANY INFORMATION

PARENT COMPANY INFORMATION (Note 19)

Condensed Statements of Financial Condition

	December 31,
	2012		2011
	(in thousands)
Assets
Cash	$	4,732	$	42,593
Interest bearing deposits with banks		55,135		135
Investment securities available for sale		4,779		5,938
Investment in subsidiaries		1,652,362		1,373,513
Loans		—		36,990
Other assets		9,738		13,335
Total assets	$	1,726,746	$	1,472,504
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	32,147	$	29,355
Junior subordinated debentures issued to capital trusts (includes fair value of $147,595 at December 31, 2012 and $160,478 at December 31, 2011 for VNB Capital Trust I)		188,522		185,598
Accrued expenses and other liabilities		3,700		2,715
Shareholders’ equity		1,502,377		1,254,836
Total liabilities and shareholders’ equity	$	1,726,746	$	1,472,504

Condensed Statements of Income

	Years Ended December 31,
	2012			2011			2010
	(in thousands)
Income
Dividends from subsidiary	$	145,000		$	115,000		$	65,000
Income from subsidiary		53			180			332
Gains on securities transactions, net		—			—			106
Trading gains (losses), net		2,574			1,256			(5,841	)
Other interest and dividends		922			223			830
Total Income		148,549			116,659			60,427
Total Expenses		17,040			16,481			16,388
Income before income tax benefit and equity in undistributed earnings of subsidiary		131,509			100,178			44,039
Income tax benefit		(4,737	)		(5,202	)		(7,365	)
Income before equity in undistributed earnings of subsidiary		136,246			105,380			51,404
Equity in undistributed earnings of subsidiary		7,381			27,131			78,602
Net Income	$	143,627		$	132,511		$	130,006

Condensed Statements of Cash Flows

	Years Ended December 31,
	2012			2011			2010
	(in thousands)
Cash flows from operating activities:
Net Income	$	143,627		$	132,511		$	130,006
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(7,381	)		(27,131	)		(78,602	)
Depreciation and amortization		30			30			30
Stock-based compensation		4,816			3,156			4,830
Net amortization of premiums and accretion of discounts on securities		162			(56	)		(51	)
Gains on securities transactions, net		—			—			(106	)
Net change in:
Fair value of borrowings carried at fair value		(2,574	)		(1,256	)		5,841
Other assets		2,977			535			(538	)
Accrued expenses and other liabilities		(1,387	)		132			(3,363	)
Net cash provided by operating activities		140,270			107,921			58,047
Cash flows from investing activities:
Loan originations		—			(36,990	)		—
Investment securities available for sale:
Sales		—			—			94
Maturities, calls and principal repayments		1,000			—			1,250
Cash and cash equivalents acquired in acquisitions		3,934			—			—
Net cash provided by (used in) investing activities		4,934			(36,990	)		1,344
Cash flows from financing activities:
Redemption of junior subordinated debentures		(10,000	)		—			—
Dividends paid to common shareholders		(125,870	)		(116,779	)		(115,190	)
Common stock issued, net		7,805			8,027			8,391
Net cash used in financing activities		(128,065	)		(108,752	)		(106,799	)
Net change in cash and cash equivalents		17,139			(37,821	)		(47,408	)
Cash and cash equivalents at beginning of year		42,728			80,549			127,957
Cash and cash equivalents at end of year	$	59,867		$	42,728		$	80,549