Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Balance Sheets

December 31, 2012 and 2011


(Dollars in thousands)	2012		2011
Assets
Cash in bank	$	63,207	$	98,390
Investment in subsidiaries		1,506,671		1,434,101
Other assets		89,966		75,061

Total assets	$	1,659,844	$	1,607,552

Liabilities and Shareholders’ Equity
Liabilities	$	129,976	$	124,891
Shareholders’ equity		1,529,868		1,482,661

Total liabilities and shareholders’ equity	$	1,659,844	$	1,607,552

Condensed Statements Of Income

Condensed Statements of Income

Years Ended December 31, 2012, 2011 and 2010


(Dollars in thousands)	2012			2011			2010
Operating income
Dividends from bank subsidiary	$	70,000		$	—		$	—
Reimbursement of management expenses		94,053			74,664			41,313
Other income		(836	)		(1,176	)		1,209

Total operating income		163,217			73,488			42,522
Operating expenses
Interest expense		3,427			2,101			3,865
Salaries and employee benefits expense		76,527			63,505			49,816
Other expenses		47,309			33,546			24,744

Total operating expenses		127,263			99,152			78,425

Income (loss) before income tax (expense) benefit and increase in equity in undistributed earnings of subsidiaries		35,954			(25,664	)		(35,903	)

Income tax benefit		11,842			8,219			12,113


Income (loss) before equity in undistributed earnings of subsidiaries		47,796			(17,445	)		(23,790	)
Equity in undistributed earnings of subsidiaries		28,599			70,983			72,616

Net income		76,395			53,538			48,826
Preferred stock dividends		—			—			—

Income available to common shareholders	$	76,395		$	53,538		$	48,826

Condensed Statements Of Cash Flows

Condensed Statements of Cash Flows

Years Ended December 31, 2012, 2011, and 2010


(Dollars in thousands)	2012			2011			2010

Cash flows from operating activities
Net income	$	76,395		$	53,538		$	48,826

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,926			1,071			(892	)
Net income of subsidiaries		(28,599	)		(70,983	)		(72,616	)
Noncash compensation expense		9,907			9,114			7,797
Loss (gain) on sale of assets		7			—			(3	)
Derivative (gains) losses on swaps		2			—			—
Cash retained from tax benefit associated with share-based payment arrangements		(1,221	)		(1,454	)		(637	)
Other, net		(10,557	)		(23,278	)		(5,953	)


Net cash provided by (used in) operating activities		50,860			(31,992	)		(23,478	)

Cash flows from investing activities
Cash received in excess of cash paid in acquisition		1,272			—			—
Proceeds from sale of premises and equipment		5			10			3
Purchases of premises and equipment		(4,173	)		(3,655	)		(4,586	)
Capital contributed to subsidiary		(2,000	)		(12,963	)		(94,561	)
Acquisition		—			—			(733	)


Net cash used in investing activities		(4,896	)		(16,608	)		(99,877	)

Cash flows from financing activities
Dividends paid to shareholders		(40,069	)		(38,558	)		(34,412	)
Proceeds from long-term debt		—			—			—
Common stock issued		—			—			328,980
Repayments of long-term debt		(2,867	)		(13,500	)		—
Costs of issuance of common stock		—			—			—
Payments to repurchase common stock		(42,245	)		(43,219	)		(1,500	)
Proceeds from sale of treasury stock for stock options exercised		2,813			6,807			1,631
Cash retained from tax benefit associated with share-based payment arrangements		1,221			1,454			637


Net cash (used in) provided by financing activities		(81,147	)		(87,016	)		295,336


Net (decrease) increase in cash and cash equivalents		(35,183	)		(135,616	)		171,981

Cash and cash equivalents at beginning of period		98,390			234,006			62,025


Cash and cash equivalents at end of period	$	63,207		$	98,390		$	234,006