Parent Company Financial Statements

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Parent Company
Condensed Balance Sheets
	December 31, 2013		December 31, 2012
	(dollars in thousands)
Assets
Cash	$	13,047	$	2,131
Investment securities available for sale	234,488		237,765
Investment in subsidiaries	2,058,505		1,969,600
Due from subsidiaries	145,666		78,512
Other assets	144,998		83,283
Total assets	$	2,596,704	$	2,371,291
Liabilities and Shareholders' Equity
Short-term borrowings	$	411,907	$	399,047
Long-term obligations	96,392		96,392
Other liabilities	11,730		11,845
Shareholders' equity	2,076,675		1,864,007
Total liabilities and shareholders' equity	$	2,596,704	$	2,371,291

Parent Company
Condensed Income Statements
	Year ended December 31
	2013			2012			2011
	(dollars in thousands)
Interest income	$	1,387		$	1,353		$	1,345
Interest expense	7,065			15,435			21,512
Net interest loss	(5,678		)	(14,082		)	(20,167		)
Dividends from subsidiaries	131,006			179,588			82,812
Other income	3,620			2,843			9,699
Other operating expense	2,344			6,384			5,298
Income before income tax benefit and equity in undistributed net income of subsidiaries	126,604			161,965			67,046
Income tax benefit	(2,095		)	(8,417		)	(5,531		)
Income before equity in undistributed net income of subsidiaries	128,699			170,382			72,577
(Excess distributions) equity in undistributed net income of subsidiaries	39,000			(36,034		)	122,451
Net income	$	167,699		$	134,348		$	195,028

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
	2013			2012			2011
	(dollars in thousands)
OPERATING ACTIVITIES
Net income	$	167,699		$	134,348		$	195,028
Adjustments
Excess distributions (undistributed) net income of subsidiaries	(39,000		)	36,034			(122,451		)
Net amortization of premiums and discounts	334			439			203
Gain on retirement of long term obligations	—			—			(9,685		)
Securities gains	—			(2,274		)	(62		)
Gain on sale of other assets	(1,331		)	—			—
Other than temporary impairment on securities	—			45			26
Change in other assets	(61,704		)	30,761			(20,951		)
Change in other liabilities	(2,096		)	(10,148		)	(1,925		)
Net cash provided by operating activities	63,902			189,205			40,183
INVESTING ACTIVITIES
Net change in due from subsidiaries	(67,154		)	42,323			146,463
Purchases of investment securities	(126,197		)	(111,409		)	(220,387		)
Proceeds from sales, calls, and maturities of securities	135,000			112,625			75,151
Investment in subsidiaries	1,489			9,298			—
Net cash (used) provided by investing activities	(56,862		)	52,837			1,227
FINANCING ACTIVITIES
Net change in short-term borrowings	12,860			23,651			4,046
Retirement of long-term obligations	—			(155,305		)	(11,815		)
Repurchase of common stock	(321		)	(103,624		)	(24,387		)
Cash dividends paid	(8,663		)	(15,398		)	(12,499		)
Net cash provided (used) by financing activities	3,876			(250,676		)	(44,655		)
Net change in cash	10,916			(8,634		)	(3,245		)
Cash balance at beginning of year	2,131			10,765			14,010
Cash balance at end of year	$	13,047		$	2,131		$	10,765
Cash payments for
Interest	$	6,904		$	25,574		$	20,677
Income taxes	102,890			66,453			91,465