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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (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
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 240,773 $ 233,783 $ 468,299 $ 521,727
Investment securities 23,253 14,741 42,110 34,917
Securities purchased under resale agreements 5,109 2,630 9,379 8,893
Investment in Federal Home Loan Bank stock 124 115 357 237
Investment in Federal Reserve Bank stock 709 762 1,418 1,419
Short-term investments 4,500 1,502 7,240 5,043
Total interest and dividend income 274,468 253,533 528,803 572,236
INTEREST EXPENSE        
Customer deposit accounts 29,130 29,132 55,112 62,580
Federal Home Loan Bank advances 3,955 6,175 9,733 15,180
Securities sold under repurchase agreements 12,116 12,045 24,133 24,586
Long-term debt 1,788 1,591 3,359 3,138
Other borrowings 143 967 296 1,405
Total interest expense 47,132 49,910 92,633 106,889
Net interest income before provision for loan losses 227,336 203,623 436,170 465,347
Provision for loan losses 26,500 55,256 53,006 131,677
Net interest income after provision for loan losses 200,836 148,367 383,164 333,670
NONINTEREST INCOME        
Gain on acquisition 0 19,476 0 27,571
Impairment loss on investment securities 0 (12,303) (5,555) (17,102)
Less: Noncredit-related impairment loss recorded in other comprehensive income 0 7,661 5,091 7,661
Net impairment loss on investment securities recognized in earnings 0 (4,642) (464) (9,441)
Decrease in FDIC indemnification asset and receivable (18,806) (9,424) (36,249) (52,996)
Branch fees 9,078 8,219 16,832 16,977
Net gain on sales of investment securities 1,117 5,847 3,632 21,958
Net gain on sales of fixed assets 2,169 27 2,206 52
Letters of credit fees and commissions 3,390 2,865 6,434 5,605
Ancillary loan fees 2,055 2,369 4,046 4,058
Income from life insurance policies 1,122 1,101 2,106 2,206
Net gain on sales of loans 5,891 8,073 13,301 8,073
Other operating income 6,475 1,774 11,688 3,171
Total noninterest income 12,491 35,685 23,532 27,234
NONINTEREST EXPENSE        
Compensation and employee benefits 40,870 41,579 79,140 92,358
Occupancy and equipment expense 12,175 13,115 24,773 25,059
Amortization of investments in affordable housing partnerships 4,598 2,638 9,123 5,675
Amortization of premiums on deposits acquired 3,151 3,310 6,336 6,694
Deposit insurance premiums and regulatory assessments 6,833 4,528 14,024 16,109
Loan-related expenses 4,284 5,254 7,383 8,251
Other real estate owned expense 14,585 20,983 25,249 38,995
Legal expense 6,791 6,183 10,892 9,090
Prepayment penalty for FHLB advances 4,433 3,900 8,455 13,832
Data processing 2,100 3,046 4,703 5,528
Deposit-related expenses 1,373 1,133 2,532 2,142
Consulting expense 2,378 1,919 4,004 4,060
Other operating expenses 14,026 17,730 27,772 36,435
Total noninterest expense 117,597 125,318 224,386 264,228
INCOME BEFORE PROVISION FOR INCOME TAXES 95,730 58,734 182,310 96,676
PROVISION FOR INCOME TAXES 35,205 22,386 65,714 35,412
NET INCOME 60,525 36,348 116,596 61,264
PREFERRED STOCK DIVIDENDS AND AMORTIZATION OF PREFERRED STOCK DISCOUNT 1,714 6,147 3,429 12,285
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 58,811 $ 30,201 $ 113,167 $ 48,979
EARNINGS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS        
BASIC (in dollars per share) $ 0.40 $ 0.21 $ 0.77 $ 0.40
DILUTED (in dollars per share) $ 0.39 $ 0.21 $ 0.76 $ 0.34
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
BASIC (in shares) 147,011 146,372 146,937 123,445
DILUTED (in shares) 153,347 147,131 153,349 142,134
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.05 $ 0.01 $ 0.06 $ 0.02