XML 32 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating Activities      
Net loss $ (137,314) $ (131,827) $ (101,696)
Net loss from discontinued operations (5,796) (1,406) 865
Net loss from continuing operations (131,518) (130,421) (102,561)
Adjustments to reconcile net loss to cash provided by operatings activities:      
Depreciation and amortization of premises and equipment 3,321 3,649 3,700
Provision for loan losses 67,362 132,755 61,509
Deferred income taxes 641 1,307 9,854
Deferred loan fees and costs, net (760) (775) (1,599)
Premium amortization and discount accretion of investment securities, net 3,869 (3,814) (1,689)
Net gain on sale of investment securities (7,298) (10,647) (989)
Other-than-temporary impairment charge     4,985
Amortization of core deposit premiums 896 795 794
Net accretion of purchase accounting adjustments (1,731)    
Stock compensation expense 23 50 405
Increase in cash surrender value of bank-owned life insurance (1,115) (1,085) (1,187)
Loans held for sale:      
Origination of loans held for sale   (118,251) (180,362)
Net proceeds from sale of loans held for sale 17,966 128,403 181,774
Net loss/(gain) on sale of loans held for sale 1,241 (2,120) (1,580)
Mortgage servicing rights capitalized   (1,340) (1,642)
Mortgage servicing rights amortization and impairment 117 3,748 829
Net gain on sale of premises and equipment (15)    
Gain on retirement of subordinated debt (1,625)    
Goodwill impairment     52,395
Net loss on sales and write-downs of other real estate owned 44,249 9,939 1,771
Changes in assets and liabilities:      
Decrease/(increase) in accrued interest receivable and other assets 20,781 5,163 (16,453)
Increase/(decrease) in accrued interest payable and other liabilities 5,443 2,279 2,447
Net cash provided by/(used in) operating activities of continuing operations 21,847 19,635 12,401
Net effect of discontinued operations 31,885 12,554 (23,069)
Net cash provided by/(used in) operating activities 53,732 32,189 (10,668)
Investing Activities      
Proceeds from sales 290,491 214,181 40,789
Proceeds from maturities, calls and principal repayments 77,486 100,694 85,959
Purchases (302,830) (291,341) (158,398)
Held-to-maturity securities:      
Proceeds from maturities, calls and principal repayments   6,184 20,367
Purchases     (78,548)
Net decrease/(increase) in loans held for investment 179,854 91,230 (55,591)
Proceeds from sales of loans held for investment 25,503 33,505  
Proceeds from sales of other real estate owned 57,634 10,981 4,954
Improvements to other real estate owned   (363) (439)
Proceeds from settlement of bank-owned life insurance     205
Purchases of premises and equipment (2,696) (750) (972)
Proceeds from sales of premises and equipment 334    
Purchases of Small Business Investment Company ("SBIC") investments     (100)
Proceeds from sale of mortgage servicing rights 2,242    
Net cash received in acquisition 99,126    
Net cash provided by/(used in) investing activities of continuing operations 427,144 164,321 (141,774)
Net effect of discontinued operations 354 (232) (68)
Net cash provided by/(used in) investing activities 427,498 164,089 (141,842)
Financing Activities      
Net (decrease)/increase in deposits (286,318) (25,738) 207,381
Decrease in retail repurchase agreements (790) (3,964) (4,553)
Decrease in Federal Home Loan Bank advances (86,115) (23,036) (72,813)
Decrease in Federal funds purchased   (10,000) (27,000)
Repayment of subordinated debt (875)    
Proceeds from issuance of Series A preferred stock and common stock warrant     51,500
Repurchase and retirement of preferred stock (3,125)    
Issuance of common stock, net of expense 289,571    
Cash dividends paid on common stock     (1,714)
Cash dividends paid on preferred stock (756)    
Cash dividends paid on Series A preferred stock   (644) (1,946)
Net cash provided by/(used in) financing activities of continuing operations (88,408) (63,382) 150,855
Net effect of discontinued operations         
Net cash provided by/(used in) financing activities (88,408) (63,382) 150,855
Net Increase in Cash and Cash Equivalents 392,822 132,896 (1,655)
Cash and Cash Equivalents at Beginning of Period 160,594 27,698 29,353
Cash and Cash Equivalents at End of Period 553,416 160,594 27,698
Supplemental disclosure of cash flow information      
Interest 24,230 30,516 42,580
Income taxes, net of refunds   645 700
Noncash transactions:      
Foreclosed loans transferred to other real estate owned 132,546 47,808 35,089
Loans to facilitate the sale of other real estate owned 1,148    
Transfer of loans from held for investment to held for sale 31,832    
Unrealized securities gains (losses), net of income taxes 810 (3,390) 3,235
Conversion of subordinated debt to preferred stock 5,000 7,500  
Employee benefit plan costs, net of income taxes (1,088) 558 (65)
Unrealized gains on interest rate swaps   249 51
Gain on repurchase and retirement of preferred stock 9,375    
Conversion of Series A preferred stock to common stock (8,982)    
Exchange of unaccrued dividend on Series A preferred stock to common stock 4,334    
Warrant agreement adjustment 3,891    
Gain on conversion of Series A preferred stock to common stock 38,625    
Assets acquired in business combination 724,452    
Liabilities assumed in business combination $ 723,433