Note 21 - Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 21: CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

DECEMBER 31, 2012 and 2011

(In thousands)	2012		2011
ASSETS
Cash and cash equivalents	$	23,107	$	43,431
Investment securities		3,928		3,251
Investments in wholly-owned subsidiaries		368,847		381,236
Intangible assets, net		133		133
Premises and equipment		604		687
Other assets		30,063		10,103
TOTAL ASSETS	$	426,682	$	438,841
LIABILITIES
Long-term debt	$	20,620	$	30,930
Total liabilities		20,620		30,930
STOCKHOLDERS’ EQUITY
Common stock		165		172
Surplus		96,587		112,436
Undivided profits		309,053		294,864
Accumulated other comprehensive income
Unrealized appreciation on available-for-sale securities, net of income taxes of $166 and $283 at December 31, 2012 and 2011 respectively		257		439
Total stockholders’ equity		406,062		407,911
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	426,682	$	438,841

CONDENSED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2012, 2011 and 2010

(In thousands)	2012			2011			2010
INCOME
Dividends from subsidiaries	$	45,061		$	19,291		$	18,080
Other income		7,155			6,189			6,763
		52,216			25,480			24,843
EXPENSE		15,830			13,756			15,601
Income before income taxes and equity in undistributed net income of subsidiaries		36,386			11,724			9,242
Provision for income taxes		(3,195	)		(2,743	)		(3,278	)
Income before equity in undistributed net income of subsidiaries		39,581			14,467			12,520
(Distribution in excess) equity in undistributed net income of subsidiaries		(11,897	)		10,907			24,597
NET INCOME	$	27,684		$	25,374		$	37,117

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2012, 2011 and 2010

(In thousands)	2012			2011			2010
NET INCOME	$	27,684		$	25,374		$	37,117
OTHER COMPREHENSIVE INCOME
Equity in other comprehensive income (loss) of subsidiaries		(182	)		(73	)		(250	)
COMPREHENSIVE INCOME	$	27,502		$	25,301		$	36,867

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2012, 2011 and 2010

(In thousands)	2012			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	27,684		$	25,374		$	37,117
Items not requiring (providing) cash
Depreciation and amortization		167			187			204
Deferred income taxes		75			120			204
Distribution in excess (equity in undistributed) net income of bank subsidiaries		11,897			(10,907	)		(24,597	)
Changes in
Other assets		(20,712	)		(3,738	)		183
Other liabilities		--			(2,493	)		1,384
Net cash provided by operating activities		19,111			8,543			14,495
CASH FLOWS FROM INVESTING ACTIVITIES
Net purchases of premises and equipment		(84	)		(143	)		(218	)
Additional (return from) investment in subsidiary		310			--			(43,000	)
Purchase of available-for-sale securities		--			--			(100,070	)
Proceeds from sale or maturity of investment securities		--			--			159,890
Net cash provided by (used in) investing activities		226			(143	)		16,602
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of subordinated debentures		(10,310	)		--			--
Issuance of common stock, net		1,711			1,678			2,347
Payment to repurchase common stock		(17,567	)		(3,283	)		--
Dividends paid		(13,495	)		(13,156	)		(13,091	)
Net cash used in financing activities		(39,661	)		(14,761	)		(10,744	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(20,324	)		(6,361	)		20,353
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		43,431			49,792			29,439
CASH AND CASH EQUIVALENTS, END OF YEAR	$	23,107		$	43,431		$	49,792