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Consolidated Statements of Operations (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 income:        
Loans $ 79,238 $ 78,916 $ 159,303 $ 160,349
Mortgage-backed securities ("MBS") 9,221 18,542 20,277 41,789
Interest-only strips ("IOs") 1,508 1,491 2,979 3,034
Investment securities 130 583 229 1,448
Other interest-earning assets 1,020 1,545 2,320 3,685
Total interest income 91,117 101,077 185,108 210,305
Interest expense:        
Deposits 22,543 27,587 49,442 54,287
Securities sold under agreements to repurchase 6,238 13,738 15,357 31,762
Advances from FHLB 8,822 12,921 15,430 26,894
Notes payable 6,561 5,086 13,214 10,196
Loans payable 1,498 1,680 3,040 3,340
Total interest expense 45,662 61,012 96,483 126,479
Net interest income 45,455 40,065 88,625 83,826
Provision for loan and lease losses 13,323 44,617 15,914 58,538
Net interest income after provision for loan and lease losses 32,132 (4,552) 72,711 25,288
Non-interest income (loss):        
Total other-than-temporary impairment ("OTTI") losses (411) 0 (411) (40,195)
Portion of loss recognized in other comprehensive income (before taxes) 325 0 325 26,936
Net credit related OTTI losses (86) 0 (86) (13,259)
Net gain (loss) on sale of investment securities available for sale 14,808 (137,204) 17,662 (110,790)
Net loss on early repayment of debt (3,068) (2,545) (3,068) (3,021)
Net gain on loans securitized and sold and capitalization of mortgage servicing 9,026 3,605 14,568 6,956
Retail banking fees 7,067 7,199 14,073 14,342
Mortgage loan servicing income (net of mark-to-market adjustments) 4,543 (1,354) 13,442 5,390
Net gain on trading assets and derivatives 3,373 7,102 2,286 8,091
Insurance agency commissions 2,439 2,436 4,661 4,778
Other income 695 571 3,884 3,907
Total non-interest income (loss) 38,797 (120,190) 67,422 (83,606)
Non-interest expense:        
Compensation and benefits 21,081 20,315 39,375 36,750
Professional services 9,339 15,420 17,976 29,212
Occupancy expenses 4,786 4,322 9,126 8,303
FDIC insurance expense 3,797 5,574 8,153 10,765
Communication expenses 3,636 4,056 7,639 8,000
Depreciation and amortization 3,463 3,110 6,666 6,257
EDP expenses 3,024 2,878 6,299 6,657
Taxes, other than payroll and income taxes 2,923 2,591 5,799 5,155
Corporate Insurance 1,490 1,264 3,060 2,526
Other 5,785 9,737 11,688 16,302
Other provisions and other real estate owned expenses:        
Foreclosure expenses and other credit related expenses 2,196 582 4,561 2,723
Other real estate owned ("OREO") expenses 2,061 23,414 4,023 28,011
Provision for Lehman Brothers, Inc. claim receivable 0 10,819 0 10,819
Total non-interest expenses 63,581 104,082 124,365 171,480
Income (loss) before income taxes 7,348 (228,824) 15,768 (229,798)
Income tax expense 2,871 4,487 7,968 7,016
Net income (loss) 4,477 (233,311) 7,800 (236,814)
Net income (loss) attributable to common shareholders $ 2,062 [1] $ (235,726) [1] $ 2,970 [1] $ (214,508) [1]
Net income (loss) per common share $ 0.02 [1],[2] $ (3.50) [1],[2] $ 0.02 [1],[2] $ (3.30) [1],[2]
[1] For the quarters and six month periods ended June 30, 2011 and 2010, respectively, net income (loss) per common share represents the basic and diluted loss per common share. Refer to Note 28 for additional information regarding net income (loss) attributable to common shareholders.
[2] For the six month period ended June 30, 2011 and 2010, net loss per common share included $26.6 million related to the effect of the preferred stock exchange. Refer to Note 28 for additional information.