Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financials

NOTE 16  PARENT COMPANY ONLY FINANCIAL INFORMATION:

Presented below are condensed financial statements for the Parent Company.

	BALANCE SHEETS
		2013		2012
		($ in Thousands)
ASSETS
Cash and due from banks		$	148,327	$	159,725
Investment securities available for sale, at fair value			163,679		200,800
Notes receivable from subsidiaries			46,594		47,455
Investment in subsidiaries			3,161,153		3,250,667
Other assets			81,529		74,507
	Total assets	$	3,601,282	$	3,733,154
LIABILITIES AND STOCKHOLDERS’ EQUITY
Commercial paper		$	65,484	$	51,245
Senior notes, at par			585,000		585,000
Subordinated debt, at par			-		25,821
Long-term funding capitalized costs			1,941		2,590
	Total long-term funding		586,941		613,411
Accrued expenses and other liabilities			57,567		132,099
	Total liabilities		709,992		796,755
Preferred equity			61,862		63,272
Common equity			2,829,428		2,873,127
	Total stockholders’ equity		2,891,290		2,936,399
	Total liabilities and stockholders’ equity	$	3,601,282	$	3,733,154

STATEMENTS OF INCOME
	For the Years Ended December 31,
	2013		2012		2011
	($ in Thousands)
INCOME
Dividends from subsidiaries	$	262,000	$	169,500	$	-
Management and service fees from subsidiaries		-		-		54,242
Interest income on notes receivable		1,988		1,807		2,306
Other income		7,742		5,762		5,289
Total income		271,730		177,069		61,837
EXPENSE
Interest expense on short and long-term funding		26,769		37,066		39,072
Personnel expense		0		36		38,258
Other expense		8,427		12,873		16,603
Total expense		35,196		49,975		93,933
Income (loss) before income tax benefit and equity in
undistributed net income (loss) of subsidiaries		236,534		127,094		(32,096)
Income tax benefit		(7,086)		(17,948)		(17,788)
Income (loss) before equity in undistributed net income (loss) of subsidiaries		243,620		145,042		(14,308)
Equity in undistributed net income (loss) of subsidiaries		(54,928)		33,931		154,007
Net income		188,692		178,973		139,699
Preferred stock dividends and discount accretion		5,158		5,200		24,830
Net income available to common equity	$	183,534	$	173,773	$	114,869

STATEMENTS OF CASH FLOWS
		For the Years Ended December 31,
		2013		2012			2011
		($ in Thousands)
OPERATING ACTIVITIES
Net income		$	188,692		$	178,973		$	139,699
Adjustments to reconcile net income to net cash provided by operating
	activities:
	(Increase) decrease in equity in undistributed net income (loss) of subsidiaries		54,928			(33,931)			(154,007)
	Depreciation and amortization		63			132			171
	(Gain) loss on sales of investment securities, net of impairment write-downs		(456)			(530)			81
	(Gain) loss on sales of assets, net		(1,007)			1,365			(13)
	Net change in other assets and other liabilities		(94,712)			142,900			25,356
Net cash provided by operating activities			147,508			288,909			11,287
INVESTING ACTIVITIES
Proceeds from sales of investment securities			55,445			49,819			14,667
Purchase of investment securities			(23,101)			(186,432)			(75,221)
Net (increase) decrease in notes receivable			3,049			(225)			391,996
Purchase of other assets, net of disposals			2,407			(7,336)			4,977
Net cash provided by (used in) investing activities			37,800			(144,174)			336,419
FINANCING ACTIVITIES
Net increase in short-term funding			14,239			51,245			-
Proceeds from issuance of long-term funding			0			154,738			432,504
Repayment of long-term funding			(25,821)			(211,340)			(170,000)
Proceeds from issuance of preferred stock			-			-			63,272
Purchase of preferred stock			(1,626)			-			(525,000)
Cash dividends			(60,149)			(44,834)			(21,195)
Purchase of treasury stock			(123,349)			(61,654)			(659)
Net cash used in financing activities			(196,706)			(111,845)			(221,078)
Net increase (decrease) in cash and cash equivalents			(11,398)			32,890			126,628
Cash and cash equivalents at beginning of year			159,725			126,835			207
Cash and cash equivalents at end of year		$	148,327		$	159,725		$	126,835