Parent Company Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2014		December 31, 2013
Assets
Cash	$	24,026	$	13,047
Investment securities available for sale	110,644		234,488
Investment in subsidiaries (1)	2,815,866		2,053,292
Due from subsidiaries	295,994		145,666
Other assets	74,157		144,998
Total assets	$	3,320,687	$	2,591,491
Liabilities and Shareholders' Equity
Short-term borrowings	$	485,207	$	411,907
Long-term obligations	136,717		96,392
Other liabilities	11,169		11,730
Shareholders' equity (1)	2,687,594		2,071,462
Total liabilities and shareholders' equity (1)	$	3,320,687	$	2,591,491

⁽¹⁾ Amounts for 2013 have been updated to reflect the fourth quarter 2014 adoption of Accounting Standard Update (ASU) 2014-01 related to qualified affordable housing projects.

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2014			2013			2012
Interest income	$	1,784		$	1,387		$	1,353
Interest expense	9,694			7,065			15,435
Net interest loss	(7,910		)	(5,678		)	(14,082		)
Dividends from subsidiaries	82,419			131,006			179,588
Other income	33,600			3,620			2,843
Other operating expense	6,534			2,344			6,384
Income before income tax benefit and equity in undistributed net income of subsidiaries	101,575			126,604			161,965
Income tax benefit	(2,590		)	(2,095		)	(8,417		)
Income before equity in undistributed net income of subsidiaries	104,165			128,699			170,382
Equity (excess distributions) in undistributed net income of subsidiaries (1)	34,397			38,170			(37,987		)
Net income (1)	$	138,562		$	166,869		$	132,395

⁽¹⁾ Amounts for 2013 and 2012 periods have been updated to reflect the fourth quarter 2014 adoption of Accounting Standard Update (ASU) 2014-01 related to qualified affordable housing projects.

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2014			2013			2012
OPERATING ACTIVITIES
Net income (1)	$	138,562		$	166,869		$	132,395
Adjustments
Excess distributions (undistributed) net income of subsidiaries (1)	(34,397		)	(38,170		)	37,987
Net amortization of premiums and discounts	594			334			439
Securities gains	(29,126		)	—			(2,274		)
Gain on elimination of acquired debt	(1,988		)	—			—
Gain on sale of other assets	—			(1,331		)	—
Other than temporary impairment on securities	—			—			45
Change in other assets	93,385			(61,704		)	30,761
Change in other liabilities	2,250			(2,096		)	(10,148		)
Net cash provided by operating activities	169,280			63,902			189,205
INVESTING ACTIVITIES
Net change in due from subsidiaries	(150,328		)	(67,154		)	42,323
Purchases of investment securities	(33,243		)	(126,197		)	(111,409		)
Proceeds from sales, calls, and maturities of securities	114,208			135,000			112,625
Investment in subsidiaries	1,579			1,489			9,298
Business acquisitions, net of cash acquired	(24,772		)	—			—
Net cash (used) provided by investing activities	(92,556		)	(56,862		)	52,837
FINANCING ACTIVITIES
Net change in short-term borrowings	(1,211		)	12,860			23,651
Retirement of long-term obligations	(52,372		)	—			(155,305		)
Stock issuance costs	(619		)	—			—
Repurchase of common stock	—			(321		)	(103,624		)
Cash dividends paid	(11,543		)	(8,663		)	(15,398		)
Net cash provided (used) by financing activities	(65,745		)	3,876			(250,676		)
Net change in cash	10,979			10,916			(8,634		)
Cash balance at beginning of year	13,047			2,131			10,765
Cash balance at end of year	$	24,026		$	13,047		$	2,131
CASH PAYMENTS FOR:
Interest	$	5,079		$	6,904		$	25,574
Income taxes	127,970			102,890			66,453

⁽¹⁾ Amounts for 2013 and 2012 periods have been updated to reflect the fourth quarter 2014 adoption of Accounting Standard Update (ASU) 2014-01 related to qualified affordable housing projects.