Commitments, Contingent Liabilities and Other Disclosures

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingent Liabilities and Other Disclosures

14 Commitments, Contingent Liabilities and Other Disclosures

The Company is obligated under leases and other contracts for certain of its branches and equipment. Minimum rental commitments for bank premises and equipment under non-cancelable operating leases are as follows:

Year	Amount
	(In thousands)
2014	$	5,129
2015		5,151
2016		4,717
2017		4,359
2018		3,630
Thereafter		10,559
Total minimum future payments	$	33,545

Rent expense for premises and equipment was $3,852, $3,832 and $4,254 in 2013, 2012 and 2011, respectively.

As previously disclosed, the SEC and DOL conducted investigations related to issues surrounding the brokerage practices and policies and disclosures about such practices of the Company’s investment advisory subsidiary, ARS. The Company and ARS recorded $2,900 of legal and other expenses related to this matter, $1,200 of which was expensed in the first quarter of 2012 and the remainder in the fourth quarter of 2011. In the third quarter of 2013, the Company and ARS reached a settlement of these matters and all known amounts due had been provided for.

Cash Reserve Requirements

HVB is required to maintain average reserve balances under the Federal Reserve Act and Regulation D issued thereunder. Such reserves totaled $15,874 at December 31, 2013.

Restrictions on Funds Transfers

There are various restrictions which limit the ability of a bank subsidiary to transfer funds in the form of cash dividends, loans or advances to the parent company. Under federal law, the approval of the primary regulator is required if dividends declared by a bank in any year exceed the net profits of that year, as defined, combined with the retained net profits for the two preceding years. Under applicable banking statutes, at December 31, 2013, the Bank could have declared additional dividends of approximately $15,100 to the Company.