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Unaudited Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Loans        
Loans not covered under shared-loss agreements with the FDIC $ 15,969 $ 17,813 $ 33,808 $ 35,450
Loans covered under shared-loss agreements with the FDIC 13,060 11,587 27,285 11,586
Mortgage-backed securities 51,021 41,519 94,759 85,113
Investment securities and other 2,152 8,925 4,258 18,030
Total interest income 82,202 79,844 160,110 150,179
Interest expense:        
Deposits 11,588 11,951 23,802 23,194
Securities sold under agreements to repurchase 23,512 25,487 47,671 50,772
Advances from FHLB and other borrowings 3,061 3,053 6,110 6,065
Note payable to the FDIC   1,064   1,064
FDIC-guaranteed term notes 1,021 1,021 2,042 2,042
Subordinated capital notes 308 305 611 603
Total interest expense 39,490 42,881 80,236 83,740
Net interest income 42,712 36,963 79,874 66,439
Provision for non-covered loan and lease losses 3,800 4,100 7,600 8,114
Provision for covered loan and lease losses, net     549  
Net interest income after provision for loan and lease losses 38,912 32,863 71,725 58,325
Non-interest income:        
Wealth management revenues 4,572 4,659 9,255 8,637
Banking service revenues 3,306 3,041 7,143 4,663
Mortgage banking activities 2,435 2,339 4,394 4,136
Total banking and wealth management revenues 10,313 10,039 20,792 17,436
Total loss on other-than-temporarily impaired securities   (1,796)   (41,386)
Portion of loss on securities recognized in other comprehensive income       38,958
Other-than-temporary impairments on securities   (1,796)   (2,428)
Accretion of FDIC loss-share indemnification asset, net 1,020 1,314 2,231 1,314
Fair value adjustment on FDIC equity appreciation instrument   909   909
Net gain (loss) on:        
Sale of securities 9,132 11,833 9,130 23,853
Derivatives (3,603) (26,615) (7,571) (37,251)
Trading securities (6) 1 (37) (2)
Foreclosed real estate (3) (26) (135) (143)
Fair value adjustment on FDIC equity appreciation instrument   909   909
Other 7 7 (20) 17
Total non-interest income (loss), net 16,860 (4,334) 24,390 3,705
Non-interest expenses:        
Compensation and employee benefits 11,230 10,433 22,918 18,683
Professional and service fees 5,750 3,920 11,201 6,073
Occupancy and equipment 4,214 4,404 8,619 7,998
Insurance 1,646 1,733 3,632 3,566
Electronic banking charges 1,155 1,112 2,610 1,791
Taxes, other than payroll and income taxes 858 1,261 2,237 2,118
Advertising, business promotion and strategic initiatives 1,508 1,364 2,700 2,064
Loan servicing and clearing expenses 1,076 793 2,097 1,518
Foreclosure and repossession expenses 761 523 1,490 825
Communication 425 735 822 1,078
Director and investors relations 339 388 625 703
Printing, postage, stationery and supplies 362 292 644 495
Other 1,372 892 1,891 1,330
Total non-interest expenses 30,696 27,850 61,486 48,242
Income before income taxes 25,076 679 34,629 13,788
Income tax expense (benefit) (1,391) 34 5,081 1,206
Net income 26,467 645 29,548 12,582
Less: Dividends on preferred stock (1,200) (1,733) (2,401) (2,934)
Less: Allocation of undistributed earnings for participating preferred stock   (3,104)   (3,104)
Income available (loss) to common shareholders $ 25,267 $ (4,192) $ 27,147 $ 6,544
Income (loss) per common share:        
Basic $ 0.56 $ (0.13) $ 0.60 $ 0.22
Diluted $ 0.56 $ (0.13) $ 0.59 $ 0.22
Average common shares outstanding and equivalents 45,135 33,053 45,656 29,471
Cash dividends per share of common stock $ 0.05 $ 0.04 $ 0.10 $ 0.08