Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

Note 31 — Segment Information

The Company’s operations are broken down into two business segments: banking and home lending. Each business operates under the same banking charter but is reported on a segmented basis for this report. Each of the business lines is complementary to each other. The banking operation includes the gathering of deposits and investing those deposits in duration-matched assets primarily originated by the home lending operation. The banking group holds these loans in the investment portfolio in order to earn income based on the difference or “spread” between the interest earned on loans and the interest paid for deposits and other borrowed funds. The home lending operation involves the origination, packaging, and sale of loans in order to receive transaction income. The lending operation also services mortgage loans for others and sells MSRs into the secondary market. Funding for the lending operation is provided by deposits and borrowings garnered by the banking group. All of the non-bank consolidated subsidiaries are included in the banking segment. No such subsidiary is material to the Company’s overall operations.

Following is a presentation of financial information by business segment for the period indicated.

	As of or for the Year Ended December 31, 2011
	Banking Operation			Home Lending Operation			Eliminations(1)			Combined
	(Dollars in thousands)
Net interest income	$	144,781		$	100,592		$	—		$	245,373
Net gain on sale revenue		22,676			313,974			—			336,650
Other income		32,169			16,697			—			48,866
Total net interest income and non-interest income		199,626			431,263			—			630,889
(Loss) earnings before income taxes		(211,514	)		30,792			—			(180,722	)
Depreciation and amortization		8,079			7,800			—			15,879
Capital expenditures		(48,242	)		34,831			—			(13,411	)
Identifiable assets		11,445,959			5,011,514			(2,820,000	)		13,637,473
Inter-segment income (expense)		90,105			(90,105	)		—			—

(1) Represents inter-segment borrowings.

	As of or for the Year Ended December 31, 2010
	Banking Operation			Home Lending Operation			Eliminations(1)			Combined
	(Dollars in thousands)
Net interest income	$	124,521		$	86,142		$	—		$	210,663
Net gain on sale revenue		6,689			366,517			—			373,206
Other (loss) income		47,522			32,952			—			80,474
Total net interest income and non-interest income		178,732			485,611			—			664,343
Loss before income taxes		(589,396	)		216,687			—			(372,709	)
Depreciation and amortization		11,663			6,635			—			18,298
Capital expenditures		32,027			(21,355	)		—			10,672
Identifiable assets		11,269,376			5,399,128			(3,025,000	)		13,643,504
Inter-segment income (expense)		79,650			(79,650	)		—			—

(1) Represents inter-segment borrowings.

	As of or for the Year Ended December 31, 2009
	Banking Operation			Home Lending Operation			Eliminations(1)			Combined
	(Dollars in thousands)
Net interest income	$	127,117		$	91,950		$	—		$	219,067
Net gain on sale revenue		8,556			503,225			—			511,781
Other income (expense)		85,757			(74,252	)		—			11,505
Total net interest income and non-interest income		221,430			520,923			—			742,353
(Loss) income before income taxes		(596,521	)		154,851			—			(441,670	)
Depreciation and amortization		8,528			13,202			—			21,730
Capital expenditures		2,346			9,234			—			11,580
Identifiable assets		12,629,589			4,233,742			(2,850,000	)		14,013,331
Inter-segment income (expense)		110,588			(110,588	)		—			—

(1) Represents inter-segment borrowings.

Revenues are comprised of net interest income (before the provision for loan losses) and non-interest income. Non-interest expenses are fully allocated to each business segment. The intersegment income (expense) consists of interest expense incurred for intersegment borrowing.