| Parent Company Financial Information |
Parent Company Financial Information Condensed Statements of Income—Parent Company Only | | | | | | | | | | | | | | | | Years Ended December 31, | 2011 | | 2010 | | 2009 | (in thousands) | Income | | | | | | | Dividend from banking subsidiary | | $ | — |
| | $ | — |
| | $ | 200 |
| Interest-earning deposits | | 712 |
| | 1,319 |
| | 1,095 |
| Other income | | 17 |
| | 31 |
| | 36 |
| Total income | | 729 |
| | 1,350 |
| | 1,331 |
| Expense | | | | | | | Compensation and employee benefits | | 88 |
| | 96 |
| | 512 |
| Long-term obligations | | 579 |
| | 1,029 |
| | 1,196 |
| Other expense | | 1,114 |
| | 1,066 |
| | 1,104 |
| Total expenses | | 1,781 |
| | 2,191 |
| | 2,812 |
| Loss before income tax expense (benefit) and equity in undistributed net income of subsidiaries | | (1,052 | ) | | (841 | ) | | (1,481 | ) | Income tax expense (benefit) | | 91 |
| | (778 | ) | | (580 | ) | Income before equity in undistributed net income (loss) of subsidiaries | | (1,143 | ) | | (63 | ) | | (901 | ) | Equity in undistributed net income (loss) of subsidiaries | | 49,180 |
| | 30,847 |
| | (3,067 | ) | Net income (loss) | | $ | 48,037 |
| | $ | 30,784 |
| | $ | (3,968 | ) |
Condensed Balance Sheets—Parent Company Only | | | | | | | | | | | | December 31, | 2011 | | 2010 | | | (in thousands) | Assets | | | | | Cash and due from banking subsidiary | | $ | 3,220 |
| | $ | 673 |
| Interest-earning deposits | | 72,014 |
| | 158,500 |
| Total cash and cash equivalents | | 75,234 |
| | 159,173 |
| Investment in banking subsidiary | | 683,977 |
| | 571,945 |
| Investment in other subsidiaries | | — |
| | 774 |
| Other assets | | 510 |
| | 1,160 |
| Total assets | | $ | 759,721 |
| | $ | 733,052 |
| Liabilities and Shareholders’ Equity | | | | | Long-term subordinated debt | | $ | — |
| | $ | 25,736 |
| Other liabilities | | 383 |
| | 438 |
| Total liabilities | | 383 |
| | 26,174 |
| Shareholders’ equity | | 759,338 |
| | 706,878 |
| Total liabilities and shareholders’ equity | | $ | 759,721 |
| | $ | 733,052 |
|
Condensed Statements of Cash Flows—Parent Company Only | | | | | | | | | | | | | | | | Years Ended December 31, | 2011 | | 2010 | | 2009 | (in thousands) | Operating Activities | | | | | | | Net income (loss) | | $ | 48,037 |
| | $ | 30,784 |
| | $ | (3,968 | ) | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Equity in undistributed earnings of subsidiaries | | (49,180 | ) | | (30,847 | ) | | 3,067 |
| Stock-based compensation expense | | 1,635 |
| | 1,424 |
| | 1,038 |
| Net changes in other assets and liabilities | | 315 |
| | (769 | ) | | 1,783 |
| Net cash provided by operating activities | | 807 |
| | 592 |
| | 1,920 |
| Investing Activities | | | | | | | Proceeds from termination of trust subsidiaries | | 774 |
| | — |
| | — |
| Net cash provided by investing activities | | 774 |
| | — |
| | — |
| Financing Activities | | | | | | | Net decrease in short-term borrowings | | — |
| | — |
| | (100 | ) | Cash dividends paid | | (10,660 | ) | | (4,302 | ) | | (5,155 | ) | Repayment of long-term subordinated debt | | (25,774 | ) | | — |
| | — |
| Issuance of common stock, net of offering costs | | — |
| | 229,129 |
| | 113,537 |
| Purchase and retirement of common stock | | (32 | ) | | — |
| | — |
| Proceeds from exercise of stock options | | 848 |
| | 948 |
| | 939 |
| Downstream stock offering proceeds to the Bank | | (50,000 | ) | | (70,000 | ) | | (105,000 | ) | Excess tax benefit associated with share-based compensation | | 98 |
| | — |
| | — |
| Purchase and retirement of preferred stock | | — |
| | (80,200 | ) | | — |
| Net cash provided by financing activities | | (85,520 | ) | | 75,575 |
| | 4,221 |
| Increase (decrease) in cash and cash equivalents | | (83,939 | ) | | 76,167 |
| | 6,141 |
| Cash and cash equivalents at beginning of year | | 159,173 |
| | 83,006 |
| | 76,865 |
| Cash and cash equivalents at end of year | | $ | 75,234 |
| | $ | 159,173 |
| | $ | 83,006 |
|
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