Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

Balance Sheets
December 31, 2012 and 2011
(In thousands)	2012		2011
Assets:
Cash	$	98,726	$	134,650
Investment in subsidiaries	589,523		643,959
Debentures receivable from PNB	30,000		—
Other investments	2,133		2,280
Other assets	19,639		19,406
Total assets	$	740,021	$	800,295
Liabilities:
Dividends payable	$	—	$	—
Subordinated notes	80,250		50,250
Other liabilities	9,405		7,681
Total liabilities	89,655		57,931
Total shareholders’ equity	650,366		742,364
Total liabilities and shareholders’ equity	$	740,021	$	800,295

Statements of Income

Statements of Income
for the years ended December 31, 2012, 2011 and 2010
(In thousands)	2012			2011			2010
Income:
Dividends from subsidiaries	$	197,000		$	105,000		$	80,000
Interest and dividends	10,027			5,643			4,789
Other	232			385			411
Total income	207,259			111,028			85,200
Expense:
Other, net	11,869			10,639			12,632
Total expense	11,869			10,639			12,632
Income before federal taxes and equity in undistributed losses of subsidiaries	195,390			100,389			72,568
Federal income tax benefit	1,806			3,016			5,993
Income before equity in undistributed losses of subsidiaries	197,196			103,405			78,561
Equity in undistributed losses of subsidiaries	(118,566		)	(21,265		)	(20,460		)
Net income	$	78,630		$	82,140		$	58,101

Statements of Cash Flows

Statements of Cash Flows
for the years ended December 31, 2012, 2011 and 2010
(In thousands)	2012			2011			2010
Operating activities:
Net income	$	78,630		$	82,140		$	58,101
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed losses of subsidiaries	118,566			21,265			20,460
Decrease in other assets	5,748			8,268			7,344
Increase (decrease) in other liabilities	1,724			(7,875		)	(3,763		)
Net cash provided by operating activities	204,668			103,798			82,142
Investing activities:
Purchase of investment securities	—			(250		)	—
Capital contribution to subsidiary	(45,000		)	(36,000		)	(52,000		)
Purchase of debentures receivable from subsidiaries	(115,000		)	(30,000		)	—
Repayment of debentures receivable from subsidiaries	52,000			—			2,500
Net cash provided by (used in) investing activities	(108,000		)	(66,250		)	(49,500		)
Financing activities:
Cash dividends paid	(60,154		)	(62,907		)	(62,076		)
Proceeds from issuance of common shares and warrants	407			—			33,541
Payment to repurchase warrants	(2,843		)	—			—
Payment to repurchase preferred shares	(100,000		)	—			—
Proceeds from issuance of subordinated notes	30,000			—			—
Cash payment for fractional shares	(2		)	(2		)	(4		)
Net cash used in financing activities	(132,592		)	(62,909		)	(28,539		)
(Decrease) increase in cash	(35,924		)	(25,361		)	4,103
Cash at beginning of year	134,650			160,011			155,908
Cash at end of year	$	98,726		$	134,650		$	160,011