v2.4.0.8

Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Company Financial Information | Parent Company Financial Information Condensed Statements of Income—Parent Company Only
|  | Years Ended December 31,
2013 |  | 2012 |  | 2011
(in thousands)
Income |  |  |  |  |  |
Dividend from banking subsidiary |  | $ | 183,000 |  |  | $ | 48,950 |  |  | $ | — |
Interest-earning deposits |  | 68 |  |  | 153 |  |  | 712 |
Other income |  | 7 |  |  | — |  |  | 17 |
Total income |  | 183,075 |  |  | 49,103 |  |  | 729 |
Expense |  |  |  |  |  |
Compensation and employee benefits |  | 658 |  |  | 182 |  |  | 88 |
Long-term obligations |  | — |  |  | — |  |  | 579 |
Other borrowings |  | 258 |  |  | — |  |  | — |
Other expense |  | 4,162 |  |  | 1,193 |  |  | 1,114 |
Total expenses |  | 5,078 |  |  | 1,375 |  |  | 1,781 |
Income (loss) before income tax expense (benefit) and equity in undistributed net income of subsidiaries |  | 177,997 |  |  | 47,728 |  |  | (1,052 | )
Income tax expense (benefit) |  | (1,552 | ) |  | (435 | ) |  | 91 |
Income (loss) before equity in undistributed net income of subsidiaries |  | 179,549 |  |  | 48,163 |  |  | (1,143 | )
Equity in undistributed net income (loss) of subsidiaries |  | (119,533 | ) |  | (2,020 | ) |  | 49,180 |
Net income |  | $ | 60,016 |  |  | $ | 46,143 |  |  | $ | 48,037 |
Condensed Balance Sheets—Parent Company Only
|  | December 31,
2013 |  | 2012
|  | (in thousands)
Assets |  |  |  |
Cash and due from banking subsidiary |  | $ | 3,006 |  |  | $ | 1,729 |
Interest-earning deposits |  | 50,678 |  |  | 84,915 |
Total cash and cash equivalents |  | 53,684 |  |  | 86,644 |
Investment in banking subsidiary |  | 993,002 |  |  | 676,974 |
Investment in other subsidiaries |  | 5,037 |  |  | — |
Other assets |  | 1,952 |  |  | 649 |
Total assets |  | $ | 1,053,675 |  |  | $ | 764,267 |
Liabilities and Shareholders’ Equity |  |  |  |
Other liabilities |  | $ | 426 |  |  | $ | 259 |
Total liabilities |  | 426 |  |  | 259 |
Shareholders’ equity |  | 1,053,249 |  |  | 764,008 |
Total liabilities and shareholders’ equity |  | $ | 1,053,675 |  |  | $ | 764,267 |
Condensed Statements of Cash Flows—Parent Company Only
|  | Years Ended December 31,
2013 |  | 2012 |  | 2011
(in thousands)
Operating Activities |  |  |  |  |  |
Net income |  | $ | 60,016 |  |  | $ | 46,143 |  |  | $ | 48,037 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed loss (earnings) of subsidiaries |  | 119,533 |  |  | 2,020 |  |  | (49,180 | )
Stock-based compensation expense |  | 2,844 |  |  | 1,622 |  |  | 1,635 |
Net changes in other assets and liabilities |  | 6,830 |  |  | (264 | ) |  | 315 |
Net cash provided by operating activities |  | 189,223 |  |  | 49,521 |  |  | 807 |
Investing Activities |  |  |  |  |  |
Net cash paid in business combinations |  | (53,159 | ) |  | — |  |  | — |
Proceeds from termination of trust subsidiaries |  | — |  |  | — |  |  | 774 |
Net cash provided by (used in) investing activities |  | (53,159 | ) |  | — |  |  | 774 |
Financing Activities |  |  |  |  |  |
Preferred stock dividends |  | (32 | ) |  | — |  |  | — |
Common stock dividends |  | (19,858 | ) |  | (38,824 | ) |  | (10,660 | )
Repayment of long-term subordinated debt |  | (51,000 | ) |  | — |  |  | (25,774 | )
Purchase and retirement of common stock |  | (429 | ) |  | — |  |  | (32 | )
Proceeds from exercise of stock options |  | 1,092 |  |  | 713 |  |  | 848 |
Downstream stock offering proceeds to the Bank |  | (100,000 | ) |  | — |  |  | (50,000 | )
Excess tax benefit associated with share-based compensation |  | 1,203 |  |  | — |  |  | 98 |
Net cash used in financing activities |  | (169,024 | ) |  | (38,111 | ) |  | (85,520 | )
Increase (decrease) in cash and cash equivalents |  | (32,960 | ) |  | 11,410 |  |  | (83,939 | )
Cash and cash equivalents at beginning of year |  | 86,644 |  |  | 75,234 |  |  | 159,173 |
Cash and cash equivalents at end of year |  | $ | 53,684 |  |  | $ | 86,644 |  |  | $ | 75,234 |

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