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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net Income Loss $ 7,800 $ (236,814)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 1,703 73
Depreciation and amortization 6,666 6,257
Mark-to-market adjustment of servicing assets 3,199 8,480
Deferred tax expense 2,493 3,126
Provision for loan and lease losses 15,914 58,538
Provision for claim receivable 0 10,819
Provision for OREO losses 1,375 26,391
Loss (gain) on sale of OREO 475 (58)
Net premium amortization on loans, investment securities and debt 9,167 8,417
Origination and purchases of loans held for sale (177,825) (160,982)
Principal repayments and sales of loans held for sale 64,849 95,065
(Gain) loss on sale of securities (27,636) 108,150
Net OTTI losses 86 13,259
Net loss on early repayment of debt 3,068 3,021
Unrealized (gain) loss on trading securities (64) 61
Principal repayment and sales of securities held for traiding 253,692 151,492
Amortization and net gain in the fair value of IOs 500 1,011
Unrealized (gain) loss on derivative instruments (1,021) 1,594
Decrease (increase) in derivative instruments 337 (5,224)
(Increase) decrease in accounts receivable (12,888) 6,033
Increase in mortgage servicing advances (2,549) (22,017)
Decrease in accrued interest receivable 1,530 882
Decrease in other assets 137,550 66,033
(Decrease) increase in accrued expenses and other liabilities (3,879) 65,365
Total adjustments 276,742 445,786
Net cash provided by operating activities 284,542 208,972
Cash flows from investing activities:    
Purchases of securities available for sale (234,764) (1,430,635)
Principal repayment and sales of securities available for sale 1,075,068 1,852,364
Proceeds from sale of FHLB stock 3,522 26,756
Originations, purchases and repurchases of loans receivable (672,013) (592,890)
Principal repayment of loans receivable 351,265 262,558
Proceeds from sales of servicing assets 0 192
Purchases of premises and equipment (7,068) (4,455)
Proceeds from sales of real estate held for sale 31,430 10,492
Net cash provided by investing activities 547,440 124,382
Cash flows from financing activities:    
(Decrease) increase in deposits (315,683) 297,548
Decrease in securities sold under agreements to repurchase (219,500) (687,483)
Proceeds from advances from FHLB 145,000 575,000
Repayment of advances from FHLB (160,001) (964,000)
Fees paid on debt exchange and early repayment of debt (65,367) 0
Proceeds from other short-term borrowings 0 345,000
Repayment of other short-term borrowings 0 (455,000)
Repayment of secured borrowings (9,412) (18,384)
Repayment of notes payable (3,724) (3,363)
Issuance of preferred stock 0 171,000
Net cash used in financing activities (628,687) (739,682)
Net increase (decrease) in cash and cash equivalents 203,295 (406,328)
Cash and cash equivalents at beginning of period 383,211 725,277
Cash and cash equivalents at the end of period 586,506 [1] 318,949 [1]
Cash and cash equivalents includes:    
Cash and due from banks 561,506 318,949
Other interest-earning assets 25,000 0
Supplemental schedule of non-cash activities:    
Loan securitizations 243,719 148,851
Loans foreclosed 47,474 51,965
Capitalization of servicing assets 4,642 3,184
Reclassification of loans held for investment portfolio to the held for sale portfolio 59,917 95,648
Reclassification of loans held for sale portfolio to the held for investment portfolio 0 210
Substitution of securities sold under agreement to repurchase with advances from FHLB 515,000 0
Supplemental information for cash flows:    
Cash used to pay interest 104,119 131,546
Cash used to pay income taxes $ 3,824 $ 2,267
[1] Does not include $19.9 million and $0.3 million in restricted cash and equivalents as of June 30, 2011 and 2010.