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Parent Company Statements | 12 Months Ended
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Dec. 31, 2011
Parent Company Statements [Abstract] |
Parent Company Statements | 24. Parent Company Statements The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below. Investments in subsidiaries are accounted for using the equity method of accounting. The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries. Cash represents noninterest bearing deposits with a bank subsidiary. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $4.21 million, $5.97 million and $5.22 million in 2011, 2010 and 2009, respectively. At December 31, 2011 and 2010, stockholders' equity reflected in the Parent Company balance sheet includes $146.6 million and $143 million, respectively, of undistributed earnings of the Corporation's subsidiaries which are restricted from transfer as dividends to the Corporation.
Balance Sheets
|  | December 31, |
(In thousands) |  | 2011 |  |  | 2010 |
Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 140,607 |  |  | $ | 160,011 |
Investment in subsidiaries |  |  | 602,270 |  |  |  | 601,201 |
Debentures receivable from subsidiary banks |  |  | 5,000 |  |  |  | 5,000 |
Other investments |  |  | 2,280 |  |  |  | 1,451 |
Other assets |  |  | 90,438 |  |  |  | 69,845 |
Total assets |  | $ | 840,595 |  |  | $ | 837,508 |
Liabilities: |  |  |  |  |  |  |  |
Dividends payable |  | $ | - |  |  | $ | - |
Subordinated notes |  |  | 50,250 |  |  |  | 50,250 |
Other liabilities |  |  | 47,981 |  |  |  | 57,550 |
Total liabilities |  |  | 98,231 |  |  |  | 107,800 |
Total stockholders' equity |  |  | 742,364 |  |  |  | 729,708 |
Total liabilities and stockholders' equity |  | $ | 840,595 |  |  | $ | 837,508 |
Statements of Income
|  | For the Years ended December 31, |
(in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 105,000 |  |  | $ | 80,000 |  |  | $ | 75,000 |
Interest and dividends |  |  | 4,669 |  |  |  | 4,789 |  |  |  | 4,715 |
Other |  |  | (2,653 | ) |  |  | 411 |  |  |  | 489 |
Total income |  |  | 107,016 |  |  |  | 85,200 |  |  |  | 80,204 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Other, net |  |  | 11,721 |  |  |  | 12,632 |  |  |  | 10,322 |
Total expense |  |  | 11,721 |  |  |  | 12,632 |  |  |  | 10,322 |
Income before federal taxes and equity in undistributed losses of subsidiaries |  |  | 95,295 |  |  |  | 72,568 |  |  |  | 69,882 |
Federal income tax benefit |  |  | 4,799 |  |  |  | 5,993 |  |  |  | 6,210 |
Income before equity in undistributed losses of subsidiaries |  |  | 100,094 |  |  |  | 78,561 |  |  |  | 76,092 |
Equity in undistributed losses of subsidiaries |  |  | (17,954 | ) |  |  | (20,460 | ) |  |  | (1,900 | )
Net income |  | $ | 82,140 |  |  | $ | 58,101 |  |  | $ | 74,192 |
Statements of Cash Flows
|  | For the Years ended December 31, |
(In thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 82,140 |  |  | $ | 58,101 |  |  | $ | 74,192 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed losses of subsidiaries |  |  | 17,954 |  |  |  | 20,460 |  |  |  | 1,900 |
Other than temporary impairment charge, investments |  |  | (560 | ) |  |  | 23 |  |  |  | 140 |
(Increase) decrease in other assets |  |  | (20,204 | ) |  |  | 7,321 |  |  |  | (18,420 | )
(Decrease) increase in other liabilities |  |  | (9,575 | ) |  |  | (3,763 | ) |  |  | 24,178 |
Net cash provided by operating activities |  |  | 69,755 |  |  |  | 82,142 |  |  |  | 81,990 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of investment securities |  |  | (250 | ) |  |  | - |  |  |  | (113 | )
Capital contribution to subsidiary |  |  | (26,000 | ) |  |  | (52,000 | ) |  |  | (37,000 | )
Repayment of debentures receivable from subsidiaries |  |  | - |  |  |  | 2,500 |  |  |  | - |
Net cash used in investing activities |  |  | (26,250 | ) |  |  | (49,500 | ) |  |  | (37,113 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (62,907 | ) |  |  | (62,076 | ) |  |  | (58,035 | )
Proceeds from issuance of common stock and warrants |  |  | - |  |  |  | 33,541 |  |  |  | 53,475 |
Proceeds from issuance of subordinated notes |  |  | - |  |  |  | - |  |  |  | 35,250 |
Cash payment for fractional shares |  |  | (2 | ) |  |  | (4 | ) |  |  | (2 | )
Proceeds from issuance of preferred stock |  |  | - |  |  |  | - |  |  |  | - |
Net cash (used in) provided by financing activities |  |  | (62,909 | ) |  |  | (28,539 | ) |  |  | 30,688 |
(Decrease) increase in cash |  |  | (19,404 | ) |  |  | 4,103 |  |  |  | 75,565 |
Cash at beginning of year |  |  | 160,011 |  |  |  | 155,908 |  |  |  | 80,343 |
Cash at end of year |  | $ | 140,607 |  |  | $ | 160,011 |  |  | $ | 155,908 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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