PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2011

PARENT COMPANY FINANCIAL STATEMENTS

Balance sheets

BALANCE SHEETS

	December 31,
	2011			2010
	(In thousands)
ASSETS
Cash and cash equivalents	$	9,287		$	4,973
Certificates of deposit		—			198
Investment securities available-for-sale		—			—
Investment in subsidiaries		2,436,574			2,268,453
Other investments		538			1,136
Other assets		3,012			5,081
TOTAL	$	2,449,411		$	2,279,841
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt	$	137,178		$	160,570
Other liabilities		490			5,340
Total liabilities		137,668			165,910
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 2011 and 2010 Outstanding—85,710 and 85,741 shares in 2011 and 2010		83,027			83,058
Common stock (par value $0.001 per share)
Authorized—200,000,000 shares
Issued—156,798,011 shares in 2011 and 155,743,241 shares in 2010 Outstanding—149,327,907 shares in 2011 and 148,542,940 shares in 2010		157			156
Additional paid in capital		1,443,883			1,434,277
Retained earnings		934,617			720,116
Treasury stock, at cost—7,470,104 shares in 2011 and 7,200,301 shares in 2010		(116,001	)		(111,262	)
Accumulated other comprehensive (loss) income, net of tax		(33,940	)		(12,414	)
Total stockholders' equity		2,311,743			2,113,931
TOTAL	$	2,449,411		$	2,279,841

Statements of income

STATEMENTS OF INCOME

	Year Ended December 31,
	2011		2010		2009
	(In thousands)
Dividends from subsidiaries	$	72,129	$	85,158	$	23,576
Interest income		—		1,095		794
Gain on sales of investment securities available-for-sale		—		556		—
Impairment writedown on investment securities available-for-sale		—		—		(5,863	)
Impairment writedown on other investments		—		—		(581	)
Other income		372		3		—
Total income		72,501		86,812		17,926
Interest expense		4,734		5,302		6,197
Compensation and net occupancy reimbursement to subsidiary		2,537		2,921		2,288
Goodwill impairment		—		—		—
Other expense		2,339		2,132		1,179
Total expense		9,610		10,355		9,664
Income before income taxes and equity in undistributed income of subsidiaries		62,891		76,457		8,262
Income tax benefit		3,830		3,592		6,361
Equity in undistributed income (loss) of subsidiaries		178,513		84,515		62,019
Net income	$	245,234	$	164,564	$	76,642

Statements of cash flows

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2011			2010			2009
	(In thousands)
Cash flows from operating activities:
Net income	$	245,234		$	164,564		$	76,642
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries		(178,513	)		(84,515	)		(62,019	)
Depreciation and amortization		1,034			623			470
Impairment writedown on investment securities available-for-sale		—			—			5,863
Impairment writedown on other investments		—			—			581
Prepayment penalty on other borrowings		526			—			—
Stock compensation costs		1,767			8,761			5,330
Gain on sale of investment securities available-for-sale		—			(556	)		—
Tax provision (benefit) from stock plans		(717	)		170			(1,012	)
Net change in other assets		1,797			(1,605	)		(1,841	)
Net change in other liabilities		(3,709	)		(596	)		4,509
Net cash provided by operating activities		67,419			86,846			28,523
Cash flows from investing activities:
Purchases of:
Investment securities available-for-sale		—			(20,746	)		(31,981	)
Certificates of deposit		—			—			(17,714	)
Proceeds from:
Redemption of certificates of deposit		198			17,516			—
Repayments, maturity and redemption of investment
Sale/call of investment securities available-for-sale		—			48,224			5,000
Capital contributions to subsidiaries, net		—			—			(350,000	)
Net cash provided by (used in) investing activities		198			44,994			(394,695	)
Cash flows from financing activities:
Payment for:
Repayment of long-term debt		(23,918	)		—			—
Purchase of treasury shares		(649	)		(1,207	)		(430	)
Cash dividends on preferred stock		(6,857	)		(24,060	)		(26,076	)
Cash dividends on common stock		(23,822	)		(5,545	)		(3,586	)
Repurchase of Series B preferred stock		—			(306,546	)		—
Repurchase of common stock warrants		(14,500	)		—			—
Proceeds from:
Issuance of common stock pursuant to various stock plans and agreements		5,726			4,454			263,336
Issuance of preferred stock and common stock warrants		—			—			325,120
Tax (provision) benefit from stock plans		717			(170	)		—
Net cash (used in) provided by financing activities		(63,303	)		(333,074	)		558,364
Net (decrease) increase in cash and cash equivalents		4,314			(201,234	)		192,192
Cash and cash equivalents, beginning of year		4,973			206,207			14,015
Cash and cash equivalents, end of year	$	9,287		$	4,973		$	206,207
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest	$	5,167		$	5,306		$	6,373
Noncash financing activities:
Conversion of preferred stock to common stock		31			325,299			—
Amortization of preferred stock discount		—			21,042			3,847
Issuance of common stock in lieu of Board of Director retainer fees		520			281			219