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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2009
Operating Activities      
Net (loss) income $ (41,186) $ (36,789) $ 29,320
Less: (Loss) income from discontinued operations (3,565) 2,519 2,607
Less: Gain from extraordingary item, net of tax 0 0 28,857
Net (loss) income from continuing operations (37,621) (39,308) (2,144)
Adjustments to reconcile net (loss) income to net cash provided by operating activities      
Provision for loan losses 109,901 125,194 66,883
Depreciation 5,465 5,753 5,697
Amortization of intangibles 325 327 25
Net (increase) decrease in current & deferred income tax (18,682) (26,828) 10,616
Amortization of mark-to-market adjustments (669) (7,314) (12,016)
Fair value of adjustments on other real estate owned 7,198 6,540 1,964
Amortization of unearned discounts on investments, net (1,680) (3,632) 3,627
Net securities gains (1,419) 0 0
Other-than-temporary impairment losses 879 2,853 3,993
Loans originated for sale (333,020) (260,344) (455,725)
Proceeds from loans held for sale 324,796 260,692 440,848
Gain on sale of loans, net (4,161) (3,145) (1,995)
(Gain) loss on sale of other real estate owned, net (1,049) 1,847 1,223
Recognition of stock-based compensation expense 432 (219) 524
Tax benefit resulting from stock options 0 (3) (11)
Decrease (increase) in prepaid FDIC insurance premium 3,228 (11,130) 0
FDIC reimbursement of covered asset losses 20,480 0 0
Goodwill impairment 630 0 0
Loss (gain) on sale of property and equipment, net 34 (1,360) (162)
Other 760 (6,282) 8,457
Discontinued operations, net 28,344 4,256 6,975
Net cash provided by operating activities 104,171 47,897 78,779
Investing Activities      
Proceeds from sales 2,221 21 19,670
Proceeds from maturities, calls and payments 114,225 160,323 144,897
Purchases (121,928) (73,104) (235,628)
Securities held to maturity      
Proceeds from maturities, calls and payments 965 0 0
Purchases 0 0 (506)
Redemption (purchases) of FHLB stock, net 7,085 3,273 (847)
Increase in loans, net (26,847) (25,083) (94,341)
Proceeds from sales of other real estate owned 17,223 20,281 16,241
Proceeds from sale of business 40,278 0 0
Decrease in property and equipment, net (3,332) (6,913) (8,011)
Increase in intangibles in acquisitions 0 0 (2,346)
Acquisition of Cape Fear Bank, net of cash 0 0 (11,676)
Discontinued operations, net 456 (443) (256)
Net cash provided by (used in) investing activities 30,346 78,355 (172,803)
Financing Activities      
Increase (decrease) in demand and savings deposits, net 63,609 83,099 (1,689)
(Decrease) increase in time deposits, net (215,921) 12,433 148,192
(Decrease) increase in short term borrowings, net 0 (258,001) 230,025
Repayments (proceeds) of FHLB advances, net 50,000 16,000 (384,244)
Proceeds from Issuance of common stock, net 0 9,166 60,638
Issuance of preferred stock 0 0 62,020
Issuance of stock warrants 0 0 2,980
Change related to employee benefit plans (260) (179) (15)
Proceeds from exercise of stock options 0 19 350
Tax benefit resulting from stock options 0 3 11
Dividends paid on preferred stock (3,250) (3,252) (4,732)
Dividends paid on common stock (3,306) (3,304) (2,663)
Treasury stock purchased 0 0 (176)
Net cash (used in) provided by financing activities (109,128) (144,016) 110,697
Net increase (decrease) in cash and cash equivalents 25,389 (17,764) 16,673
Cash and cash equivalents at beginning of period, continuing operations 55,274 74,621 60,422
Cash and cash equivalents at beginning of period, discontinued operations 5,274 3,691 1,217
Cash and cash equivalents at beginning of period 60,548 78,312 61,639
Cash and cash equivalents at end of period, continuing operations 85,937 55,274 74,621
Cash and cash equivalents at end of period, discontinued operations 0 5,274 3,691
Cash and cash equivalents at end of period 85,937 60,548 78,312
Supplemental disclosures      
Interest 42,937 54,933 69,596
Income taxes 3,998 0 11,654
Loans foreclosed 37,188 18,142 29,908
Loans securitized into mortgage-backed securities 254,770 196,280 337,908
Unrealized (loss) gain on securities available for sale, net of income tax $ (2,114) $ 1,096 $ 19,914