Parent Company Financial Information

12 Months Ended

Dec. 31, 2012

Parent Company Financial Information [Abstract]

Parent Company Financial Information [Text Block]

Note 27 – Parent Company Financial Information

Following are condensed statements of the parent company:
Statements of Condition		Year Ended December 31
(Dollars in thousands)		2012		2011
Assets:
Cash	$	20,421	$	16,816
Interest-bearing cash		80,000		165,000
Securities available for sale		6,346		6,726
Notes receivable		3,700		3,700
Allowance for loan losses		(1,850)		(3,700)
Investments in subsidiaries:
Bank		3,161,926		3,268,359
Non-bank		17,818		17,476
Other assets		217,934		208,613
Total assets	$	3,506,295	$	3,682,990
Liabilities and equity:
Other short-term borrowings	$	27,200	$	28,100
Accrued employee benefits and other liabilities		128,655		121,599
Term borrowings		841,234		848,654
Total liabilities		997,089		998,353
Total equity		2,509,206		2,684,637
Total liabilities and equity	$	3,506,295	$	3,682,990

Statements of Income		Year Ended December 31
(Dollars in thousands)		2012		2011		2010
Dividend income:
Bank	$	100,000	$	100,000	$	300,000
Non-bank		390		907		1,531
Total dividend income		100,390		100,907		301,531
Interest income		329		176		340
Other income		1,050		6,392		1,761
Total income		101,769		107,475		303,632
Provision/(provision credit) for loan losses		(1,850)		2,877		-
Interest expense:
Short-term debt		50		283		290
Term borrowings		24,365		22,626		11,713
Total interest expense		24,415		22,909		12,003
Compensation, employee benefits and other expense		40,286		36,053		33,476
Total expense		62,851		61,839		45,479
Income/(loss) before income taxes		38,918		45,636		258,153
Income tax benefit		(23,653)		(21,127)		(13,078)
Income/(loss) before equity in undistributed net income of subsidiaries		62,571		66,763		271,231
Equity in undistributed net income/(loss) of subsidiaries:
Bank		(90,769)		64,113		(220,800)
Non-bank		439		320		(230)
Net income/(loss) attributable to the controlling interest	$	(27,759)	$	131,196	$	50,201

Statements of Cash Flows		Year Ended December 31
(Dollars in thousands)		2012		2011		2010
Operating activities:
Net income/(loss)	$	(27,759)	$	131,196	$	50,201
Less undistributed net loss of subsidiaries		(90,330)		64,433		(221,030)
Income/(loss) before undistributed net income of subsidiaries		62,571		66,763		271,231
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other		(2,335)		4,396		4,201
Stock-based compensation expense		16,201		12,996		6,797
Net (increase)/decrease in interest receivable and other assets		(14,945)		(12,999)		26,439
Net (decrease)/increase in interest payable and other liabilities		1,599		(7,993)		155
Total adjustments		520		(3,600)		37,592
Net cash provided/(used) by operating activities		63,091		63,163		308,823
Investing activities:
Securities:
Sales and prepayments		512		699		20
Purchases		(180)		(149)		(410)
Premises and equipment:
Purchases		(225)		-		-
Decrease/(increase) in interest-bearing cash		85,000		(52,104)		48,103
Return on investment in subsidiary		-		2,170		49
Net cash provided/(used) by investing activities		85,107		(49,384)		47,762
Financing activities:
Preferred stock:
Repayment of preferred equity - CPP		-		-		(866,540)
Cash dividends		-		-		(47,780)
Common stock:
Repurchase of common stock warrants - CPP		-		(79,700)		-
Exercise of stock options		144		-		93
Proceeds from issuance of common stock		-		-		263,103
Cash dividends		(10,066)		(7,944)		-
Repurchase of shares		(133,757)		(45,111)		(1,345)
Term borrowings:
Proceeds from issuance of term borrowings		-		-		496,345
Repayment of term borrowings		-		(103,093)		-
Increase/(decrease) in short-term borrowings		(900)		23,300		1,000
Repayment of advance from subsidiary		-		(3,700)		-
Other		(14)		(2)		(1)
Net cash (used)/provided by financing activities		(144,593)		(216,250)		(155,125)
Net increase/(decrease) in cash and cash equivalents		3,605		(202,471)		201,460
Cash and cash equivalents at beginning of year		16,816		219,287		17,827
Cash and cash equivalents at end of year	$	20,421	$	16,816	$	219,287
Total interest paid	$	23,858	$	26,517	$	10,966
Total income taxes paid		10,671		4,998		1,713