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PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
PARENT COMPANY FINANCIAL STATEMENTS |
Balance sheets |
BALANCE SHEETS
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,287 |  | $ | 4,973 |
Certificates of deposit |  |  | — |  |  | 198 |
Investment securities available-for-sale |  |  | — |  |  | — |
Investment in subsidiaries |  |  | 2,436,574 |  |  | 2,268,453 |
Other investments |  |  | 538 |  |  | 1,136 |
Other assets |  |  | 3,012 |  |  | 5,081 |
TOTAL |  | $ | 2,449,411 |  | $ | 2,279,841 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Long-term debt |  | $ | 137,178 |  | $ | 160,570 |
Other liabilities |  |  | 490 |  |  | 5,340 |
Total liabilities |  |  | 137,668 |  |  | 165,910 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Preferred stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized—5,000,000 shares |  |  |  |  |  |  |
Issued—200,000 shares in Series A, non-cumulative convertible preferred stock in 2011 and 2010 Outstanding—85,710 and 85,741 shares in 2011 and 2010 |  |  | 83,027 |  |  | 83,058 |
Common stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized—200,000,000 shares |  |  |  |  |  |  |
Issued—156,798,011 shares in 2011 and 155,743,241 shares in 2010 Outstanding—149,327,907 shares in 2011 and 148,542,940 shares in 2010 |  |  | 157 |  |  | 156 |
Additional paid in capital |  |  | 1,443,883 |  |  | 1,434,277 |
Retained earnings |  |  | 934,617 |  |  | 720,116 |
Treasury stock, at cost—7,470,104 shares in 2011 and 7,200,301 shares in 2010 |  |  | (116,001 | ) |  | (111,262 | )
Accumulated other comprehensive (loss) income, net of tax |  |  | (33,940 | ) |  | (12,414 | )
Total stockholders' equity |  |  | 2,311,743 |  |  | 2,113,931 |
TOTAL |  | $ | 2,449,411 |  | $ | 2,279,841 |
Statements of income |
STATEMENTS OF INCOME
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (In thousands) |
Dividends from subsidiaries |  | $ | 72,129 |  | $ | 85,158 |  | $ | 23,576 |
Interest income |  |  | — |  |  | 1,095 |  |  | 794 |
Gain on sales of investment securities available-for-sale |  |  | — |  |  | 556 |  |  | — |
Impairment writedown on investment securities available-for-sale |  |  | — |  |  | — |  |  | (5,863 | )
Impairment writedown on other investments |  |  | — |  |  | — |  |  | (581 | )
Other income |  |  | 372 |  |  | 3 |  |  | — |
Total income |  |  | 72,501 |  |  | 86,812 |  |  | 17,926 |
Interest expense |  |  | 4,734 |  |  | 5,302 |  |  | 6,197 |
Compensation and net occupancy reimbursement to subsidiary |  |  | 2,537 |  |  | 2,921 |  |  | 2,288 |
Goodwill impairment |  |  | — |  |  | — |  |  | — |
Other expense |  |  | 2,339 |  |  | 2,132 |  |  | 1,179 |
Total expense |  |  | 9,610 |  |  | 10,355 |  |  | 9,664 |
Income before income taxes and equity in undistributed income of subsidiaries |  |  | 62,891 |  |  | 76,457 |  |  | 8,262 |
Income tax benefit |  |  | 3,830 |  |  | 3,592 |  |  | 6,361 |
Equity in undistributed income (loss) of subsidiaries |  |  | 178,513 |  |  | 84,515 |  |  | 62,019 |
Net income |  | $ | 245,234 |  | $ | 164,564 |  | $ | 76,642 |
Statements of cash flows |
STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (In thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 245,234 |  | $ | 164,564 |  | $ | 76,642 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) loss of subsidiaries |  |  | (178,513 | ) |  | (84,515 | ) |  | (62,019 | )
Depreciation and amortization |  |  | 1,034 |  |  | 623 |  |  | 470 |
Impairment writedown on investment securities available-for-sale |  |  | — |  |  | — |  |  | 5,863 |
Impairment writedown on other investments |  |  | — |  |  | — |  |  | 581 |
Prepayment penalty on other borrowings |  |  | 526 |  |  | — |  |  | — |
Stock compensation costs |  |  | 1,767 |  |  | 8,761 |  |  | 5,330 |
Gain on sale of investment securities available-for-sale |  |  | — |  |  | (556 | ) |  | — |
Tax provision (benefit) from stock plans |  |  | (717 | ) |  | 170 |  |  | (1,012 | )
Net change in other assets |  |  | 1,797 |  |  | (1,605 | ) |  | (1,841 | )
Net change in other liabilities |  |  | (3,709 | ) |  | (596 | ) |  | 4,509 |
Net cash provided by operating activities |  |  | 67,419 |  |  | 86,846 |  |  | 28,523 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  |  | — |  |  | (20,746 | ) |  | (31,981 | )
Certificates of deposit |  |  | — |  |  | — |  |  | (17,714 | )
Proceeds from: |  |  |  |  |  |  |  |  |  |
Redemption of certificates of deposit |  |  | 198 |  |  | 17,516 |  |  | — |
Repayments, maturity and redemption of investment |  |  |  |  |  |  |  |  |  |
Sale/call of investment securities available-for-sale |  |  | — |  |  | 48,224 |  |  | 5,000 |
Capital contributions to subsidiaries, net |  |  | — |  |  | — |  |  | (350,000 | )
Net cash provided by (used in) investing activities |  |  | 198 |  |  | 44,994 |  |  | (394,695 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Payment for: |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  |  | (23,918 | ) |  | — |  |  | — |
Purchase of treasury shares |  |  | (649 | ) |  | (1,207 | ) |  | (430 | )
Cash dividends on preferred stock |  |  | (6,857 | ) |  | (24,060 | ) |  | (26,076 | )
Cash dividends on common stock |  |  | (23,822 | ) |  | (5,545 | ) |  | (3,586 | )
Repurchase of Series B preferred stock |  |  | — |  |  | (306,546 | ) |  | — |
Repurchase of common stock warrants |  |  | (14,500 | ) |  | — |  |  | — |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Issuance of common stock pursuant to various stock plans and agreements |  |  | 5,726 |  |  | 4,454 |  |  | 263,336 |
Issuance of preferred stock and common stock warrants |  |  | — |  |  | — |  |  | 325,120 |
Tax (provision) benefit from stock plans |  |  | 717 |  |  | (170 | ) |  | — |
Net cash (used in) provided by financing activities |  |  | (63,303 | ) |  | (333,074 | ) |  | 558,364 |
Net (decrease) increase in cash and cash equivalents |  |  | 4,314 |  |  | (201,234 | ) |  | 192,192 |
Cash and cash equivalents, beginning of year |  |  | 4,973 |  |  | 206,207 |  |  | 14,015 |
Cash and cash equivalents, end of year |  | $ | 9,287 |  | $ | 4,973 |  | $ | 206,207 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 5,167 |  | $ | 5,306 |  | $ | 6,373 |
Noncash financing activities: |  |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  |  | 31 |  |  | 325,299 |  |  | — |
Amortization of preferred stock discount |  |  | — |  |  | 21,042 |  |  | 3,847 |
Issuance of common stock in lieu of Board of Director retainer fees |  |  | 520 |  |  | 281 |  |  | 219 |

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