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PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2013
PARENT COMPANY FINANCIAL STATEMENTS |
Balance sheets |
|  | December 31, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
ASSETS |  |  |  |  |
Cash and cash equivalents |  | $ | 79,934 |  |  | $ | 64,489 |  |
Investment securities available-for-sale |  | 69,796 |  |  | — |  |
Investment in subsidiaries |  | 2,400,937 |  |  | 2,450,058 |  |
Other investments |  | 21,371 |  |  | 3,083 |  |
Other assets |  | 37,037 |  |  | 5,122 |  |
TOTAL |  | $ | 2,609,075 |  |  | $ | 2,522,752 |  |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Long-term debt |  | $ | 226,868 |  |  | $ | 137,178 |  |
Other liabilities |  | 17,982 |  |  | 3,452 |  |
Total liabilities |  | 244,850 |  |  | 140,630 |  |
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 2013 and 2012 |  |  |  |  |  |  |
Outstanding — No shares as of December 31, 2013 and 85,710 shares in 2012 |  | — |  |  | 83,027 |  |
Common stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized — 200,000,000 shares |  |  |  |  |  |  |
Issued — 163,098,008 shares in 2013 and 157,160,193 shares in 2012 |  |  |  |  |  |  |
Outstanding — 137,630,896 shares in 2013 and 140,294,092 shares in 2012 |  | 163 |  |  | 157 |  |
Additional paid in capital |  | 1,571,670 |  |  | 1,464,739 |  |
Retained earnings |  | 1,360,130 |  |  | 1,151,828 |  |
Treasury stock, at cost — 25,467,112 shares in 2013 and 16,866,101 shares in 2012 |  | (537,279 | ) |  | (322,298 | ) |
Accumulated other comprehensive (loss) income, net of tax |  | (30,459 | ) |  | 4,669 |  |
Total stockholders’ equity |  | 2,364,225 |  |  | 2,382,122 |  |
TOTAL |  | $ | 2,609,075 |  |  | $ | 2,522,752 |  |
Statements of income |
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Dividends from subsidiaries |  | $ | 319,085 |  |  | $ | 324,094 |  |  | $ | 72,129 |  |
Other income |  | 821 |  |  | 2 |  |  | 372 |  |
Total income |  | 319,906 |  |  | 324,096 |  |  | 72,501 |  |
Interest expense |  | 3,436 |  |  | 3,092 |  |  | 4,734 |  |
Compensation and net occupancy reimbursement to subsidiary |  | 3,662 |  |  | 2,573 |  |  | 2,537 |  |
Other expense |  | 12,677 |  |  | 1,309 |  |  | 2,339 |  |
Total expense |  | 19,775 |  |  | 6,974 |  |  | 9,610 |  |
Income before income taxes and equity in undistributed income of subsidiaries |  | 300,131 |  |  | 317,122 |  |  | 62,891 |  |
Income tax benefit |  | 22,885 |  |  | 2,892 |  |  | 3,830 |  |
Equity in undistributed (loss) income of subsidiaries |  | (27,971 | ) |  | (38,364 | ) |  | 178,513 |  |
Net income |  | $ | 295,045 |  |  | $ | 281,650 |  |  | $ | 245,234 |  |
Statements of cash flows |
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  | $ | 295,045 |  |  | $ | 281,650 |  |  | $ | 245,234 |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) of subsidiaries |  | (291,659 | ) |  | (285,636 | ) |  | (250,513 | ) |
Depreciation and amortization |  | 8,806 |  |  | 445 |  |  | 1,034 |  |
Prepayment penalty on other borrowings |  | — |  |  | — |  |  | 526 |  |
Stock compensation costs |  | — |  |  | — |  |  | 1,767 |  |
Gain on sale of other investments |  | (161 | ) |  | — |  |  | — |  |
Tax benefit from stock plans |  | (5,522 | ) |  | (462 | ) |  | (717 | ) |
Net change in other assets |  | 293,153 |  |  | 322,361 |  |  | 73,797 |  |
Net change in other liabilities |  | (13,011 | ) |  | (259 | ) |  | (3,709 | ) |
Net cash provided by operating activities |  | 286,651 |  |  | 318,099 |  |  | 67,419 |  |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | (69,986 | ) |  | — |  |  | — |  |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Redemption of certificates of deposit |  | — |  |  | — |  |  | 198 |  |
Net cash (used in) provided by investing activities |  | (69,986 | ) |  | — |  |  | 198 |  |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Payment for: |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  | (10,310 | ) |  | — |  |  | (23,918 | ) |
Repurchase of vested shares due to employee tax liability |  | (13,833 | ) |  | (3,012 | ) |  | (649 | ) |
Cash dividends on preferred stock |  | (3,428 | ) |  | (6,857 | ) |  | (6,857 | ) |
Cash dividends on common stock |  | (82,862 | ) |  | (57,361 | ) |  | (23,822 | ) |
Repurchase of common stock warrants |  | — |  |  | — |  |  | (14,500 | ) |
Repurchase of shares of treasury stock pursuant to the Stock Repurchase Plan |  | (199,992 | ) |  | (199,950 | ) |  | — |  |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Increase in long-term borrowings |  | 100,000 |  |  | — |  |  | — |  |
Issuance of common stock pursuant to various stock plans and agreements |  | 3,683 |  |  | 3,821 |  |  | 5,726 |  |
Tax benefit from stock plans |  | 5,522 |  |  | 462 |  |  | 717 |  |
Net cash used in financing activities |  | (201,220 | ) |  | (262,897 | ) |  | (63,303 | ) |
Net increase in cash and cash equivalents |  | 15,445 |  |  | 55,202 |  |  | 4,314 |  |
Cash and cash equivalents, beginning of year |  | 64,489 |  |  | 9,287 |  |  | 4,973 |  |
Cash and cash equivalents, end of year |  | $ | 79,934 |  |  | $ | 64,489 |  |  | $ | 9,287 |  |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 3,292 |  |  | $ | 3,112 |  |  | $ | 5,167 |  |
Noncash financing activities: |  |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  | 83,027 |  |  | — |  |  | 31 |  |
Issuance of common stock to Board of Directors |  | 630 |  |  | 570 |  |  | 520 |  |

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