PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2012

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2012		2011
Assets
Cash and cash equivalents	$	7,102	$	8,022
Securities available for sale		399		899
Investment in subsidiaries		361,397		372,476
Other assets		11,523		11,482
Total assets	$	380,421	$	392,879
Liabilities
Subordinated debentures	$	50,418	$	50,267
Other liabilities		6,252		6,059
Total liabilities		56,670		56,326
Shareholders' equity		323,751		336,553
Total liabilities and shareholders' equity	$	380,421	$	392,879

Parent Only Condensed Statements of Operations

Year Ended December 31	2012			2011			2010
Income
Dividends from subsidiaries	$	47,800		$	2,825		$	1,119
Fees from subsidiaries		19,024			19,624			17,669
Other Income		(845	)		176			233
Total income		65,979			22,625			19,021
Expenses
Interest expense		1,825			1,737			1,755
Salaries and benefits		11,238			11,388			11,062
Professional fees		1,465			2,534			1,275
Other expenses		13,655			13,173			12,223
Total expenses		28,183			28,832			26,315
Income (loss) before income taxes and equity in undistributed income of subsidiaries		37,796			(6,207	)		(7,294	)
Income tax (benefit)		(3,377	)		(3,069	)		(2,989	)
Income (loss) before equity in undistributed income of subsidiaries		41,173			(3,138	)		(4,305	)
Equity in undistributed income (loss) of subsidiaries		(13,915	)		26,951			19,107
Net income	$	27,258		$	23,813		$	14,802

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2012			2011			2010
Operating Activities
Net income	$	27,258		$	23,813		$	14,802
Undistributed (income)/loss of subsidiaries		13,915			(26,951	)		(19,107	)
Changes in other assets and liabilities		2,862			2,699			1,838
Net cash provided/(used) by operating activities		44,035			(439	)		(2,467	)
Investing Activities
Cash received from subsidiaries		—			—			1,287
Purchase of security AFS		—			—			(39	)
Purchases of equipment		(1,230	)		(2,166	)		(1,766	)
Net cash used by investing activities		(1,230	)		(2,166	)		(518	)
Financing Activities
Proceeds from exercise of stock options		120			—			—
Repurchase of preferred stock		(40,255	)		—			—
Cash dividends on preferred stock		(1,967	)		(2,850	)		(2,850	)
Cash dividends on common stock		(1,623	)		(807	)		(805	)
Net cash used by financing activities		(43,725	)		(3,657	)		(3,655	)
Net change in cash and cash equivalents		(920	)		(6,262	)		(6,640	)
Cash and cash equivalents, beginning of year		8,022			14,284			20,924
Cash and cash equivalents, end of year	$	7,102		$	8,022		$	14,284