24. PARENT COMPANY STATEMENTS

The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below.

Investments in subsidiaries are accounted for using the equity method of accounting.

The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries.

Cash represents noninterest bearing deposits with a bank subsidiary.

Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $5.97 million, $5.22 million and $8.23 million in 2010, 2009 and 2008, respectively.

At December 31, 2010 and 2009, stockholders' equity reflected in the Parent Company balance sheet includes $143 million and $125 million, respectively, of undistributed earnings of the Corporation's subsidiaries which are restricted from transfer as dividends to the Corporation.

Balance Sheets
December 31, 2010 and 2009
(In thousands)	2010 (Restated)		2009
Assets:
Cash	$	160,011	$	155,908
Investment in subsidiaries		601,201		587,309
Debentures receivable from subsidiary banks		5,000		7,500
Other investments		1,451		1,288
Other assets		69,845		76,821
Total assets	$	837,508	$	828,826
Liabilities:
Dividends payable	$	—	$	651
Subordinated notes		50,250		50,250
Other liabilities		57,550		60,661
Total liabilities		107,800		111,562
Total stockholders' equity		729,708		717,264
Total liabilities and stockholders' equity	$	837,508	$	828,826

Statements of Income
for the years ended December 31, 2010, 2009 and 2008
(In thousands)	2010 (Restated)			2009			2008
Income:
Dividends from subsidiaries	$	80,000		$	75,000		$	93,850
Interest and dividends		4,789			4,715			3,639
Other		411			489			575
Total income		85,200			80,204			98,064
Expense:
Other, net		12,632			10,322			14,158
Total expense		12,632			10,322			14,158
Income before federal taxes and equity in undistributed losses of subsidiaries		72,568			69,882			83,906
Federal income tax benefit		5,993			6,210			8,057
Income before equity in undistributed losses of subsidiaries		78,561			76,092			91,963
Equity in undistributed losses of subsidiaries		(20,460	)		(1,900	)		(78,255	)
Net income	$	58,101		$	74,192		$	13,708

Statements of Cash Flows
for the years ended December 31, 2010, 2009 and 2008
(In thousands)	2010 (Restated)			2009			2008
Operating activities:
Net income	$	58,101		$	74,192		$	13,708
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed losses of subsidiaries		20,460			1,900			78,255
Other than temporary impairment charge, investments		23			140			774
Decrease (increase) in other assets		7,321			(18,420	)		9,244
(Decrease) increase in other liabilities		(3,763	)		24,178			2,042
Net cash provided by operating activities		82,142			81,990			104,023
Investing activities:
Purchase of investment securities		—			(113	)		(158	)
Capital contribution to subsidiary		(52,000	)		(37,000	)		(76,000	)
Repayment of debentures receivable from subsidiaries		2,500			—			—
Net cash used in investing activities		(49,500	)		(37,113	)		(76,158	)
Financing activities:
Cash dividends paid	$	(62,076	)	$	(58,035	)	$	(65,781	)
Proceeds from issuance of common stock and warrants		33,541			53,475			—
Proceeds from issuance of subordinated notes		—			35,250			—
Cash payment for fractional shares		(4	)		(2	)		(3	)
Proceeds from issuance of preferred stock		—			—			95,721
Net cash (used in) provided by financing activities		(28,539	)		30,688			29,937
Increase in cash		4,103			75,565			57,802
Cash at beginning of year		155,908			80,343			22,541
Cash at end of year	$	160,011		$	155,908		$	80,343