XML 38 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Parent Company Statements | 12 Months Ended
--- | ---
Dec. 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Company Statements | 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 non-interest bearing deposits with a bank subsidiary. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $4.54 million, $4.21 million and $5.97 million in 2012, 2011 and 2010, respectively. At December 31, 2012 and 2011, shareholders’ equity reflected in the Parent Company balance sheet includes $173.1 million and $146.6 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation.
Balance Sheets
December 31, 2012 and 2011
(In thousands) |  | 2012 |  | 2011
Assets: |  |  |  |
Cash |  | $ | 98,726 |  |  | $ | 134,650 |
Investment in subsidiaries |  | 589,523 |  |  | 643,959 |
Debentures receivable from PNB |  | 30,000 |  |  | — |
Other investments |  | 2,133 |  |  | 2,280 |
Other assets |  | 19,639 |  |  | 19,406 |
Total assets |  | $ | 740,021 |  |  | $ | 800,295 |
Liabilities: |  |  |  |
Dividends payable |  | $ | — |  |  | $ | — |
Subordinated notes |  | 80,250 |  |  | 50,250 |
Other liabilities |  | 9,405 |  |  | 7,681 |
Total liabilities |  | 89,655 |  |  | 57,931 |
Total shareholders’ equity |  | 650,366 |  |  | 742,364 |
Total liabilities and shareholders’ equity |  | $ | 740,021 |  |  | $ | 800,295 |
Statements of Income
for the years ended December 31, 2012, 2011 and 2010
(In thousands) |  | 2012 |  | 2011 |  | 2010
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 197,000 |  |  | $ | 105,000 |  |  | $ | 80,000 |
Interest and dividends |  | 10,027 |  |  | 5,643 |  |  | 4,789 |
Other |  | 232 |  |  | 385 |  |  | 411 |
Total income |  | 207,259 |  |  | 111,028 |  |  | 85,200 |
Expense: |  |  |  |  |  |
Other, net |  | 11,869 |  |  | 10,639 |  |  | 12,632 |
Total expense |  | 11,869 |  |  | 10,639 |  |  | 12,632 |
Income before federal taxes and equity in undistributed losses of subsidiaries |  | 195,390 |  |  | 100,389 |  |  | 72,568 |
Federal income tax benefit |  | 1,806 |  |  | 3,016 |  |  | 5,993 |
Income before equity in undistributed losses of subsidiaries |  | 197,196 |  |  | 103,405 |  |  | 78,561 |
Equity in undistributed losses of subsidiaries |  | (118,566 | ) |  | (21,265 | ) |  | (20,460 | )
Net income |  | $ | 78,630 |  |  | $ | 82,140 |  |  | $ | 58,101 |
Statements of Cash Flows
for the years ended December 31, 2012, 2011 and 2010
(In thousands) |  | 2012 |  | 2011 |  | 2010
Operating activities: |  |  |  |  |  |
Net income |  | $ | 78,630 |  |  | $ | 82,140 |  |  | $ | 58,101 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed losses of subsidiaries |  | 118,566 |  |  | 21,265 |  |  | 20,460 |
Decrease in other assets |  | 5,748 |  |  | 8,268 |  |  | 7,344 |
Increase (decrease) in other liabilities |  | 1,724 |  |  | (7,875 | ) |  | (3,763 | )
Net cash provided by operating activities |  | 204,668 |  |  | 103,798 |  |  | 82,142 |
Investing activities: |  |  |  |  |  |
Purchase of investment securities |  | — |  |  | (250 | ) |  | — |
Capital contribution to subsidiary |  | (45,000 | ) |  | (36,000 | ) |  | (52,000 | )
Purchase of debentures receivable from subsidiaries |  | (115,000 | ) |  | (30,000 | ) |  | — |
Repayment of debentures receivable from subsidiaries |  | 52,000 |  |  | — |  |  | 2,500 |
Net cash provided by (used in) investing activities |  | (108,000 | ) |  | (66,250 | ) |  | (49,500 | )
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (60,154 | ) |  | (62,907 | ) |  | (62,076 | )
Proceeds from issuance of common shares and warrants |  | 407 |  |  | — |  |  | 33,541 |
Payment to repurchase warrants |  | (2,843 | ) |  | — |  |  | — |
Payment to repurchase preferred shares |  | (100,000 | ) |  | — |  |  | — |
Proceeds from issuance of subordinated notes |  | 30,000 |  |  | — |  |  | — |
Cash payment for fractional shares |  | (2 | ) |  | (2 | ) |  | (4 | )
Net cash used in financing activities |  | (132,592 | ) |  | (62,909 | ) |  | (28,539 | )
(Decrease) increase in cash |  | (35,924 | ) |  | (25,361 | ) |  | 4,103 |
Cash at beginning of year |  | 134,650 |  |  | 160,011 |  |  | 155,908 |
Cash at end of year |  | $ | 98,726 |  |  | $ | 134,650 |  |  | $ | 160,011 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Section 04 -Paragraph c -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 5: 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=7656940&loc=d3e5283-111683 Reference 6: 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 7: 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. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration