XML 91 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Non-covered loans $ 88,064 $ 91,105 $ 173,307 $ 171,912
Covered loans 24,879 23,999 48,267 44,228
Total interest income from loans 112,943 115,104 221,574 216,140
Mortgage-backed securities 11,984 9,080 24,400 19,898
Investment securities and other 973 2,118 3,000 4,436
Total interest income 125,900 126,302 248,974 240,474
Interest expense:        
Deposits 9,165 9,487 18,143 19,423
Securities sold under agreements to repurchase 7,372 7,109 14,784 14,357
Advances from FHLB and other borrowings 2,289 2,241 4,583 3,955
Subordinated capital notes 996 1,170 1,988 2,830
Total interest expense 19,822 20,007 39,498 40,565
Net interest income 106,078 106,295 209,476 199,909
Provision for Non Covered Loan and Lease Losses 13,220 37,527 23,282 45,443
Provision for Covered Loan and Lease Losses 1,595 1,211 3,224 1,883
Total provision for loan and lease losses 14,815 38,738 26,506 47,326
Net interest income after provision for loan and lease losses 91,263 67,557 182,970 152,583
Non-interest income:        
Banking service revenues 9,995 12,705 20,552 24,345
Financial Service Revenues 7,336 8,030 14,203 15,690
Mortgage banking activities 1,554 3,827 3,249 6,963
Total Banking and Financial Service Revenues 18,885 24,562 38,004 46,998
FDIC shared-loss expense, net [Abstract]        
FDIC indemnification asset expense (17,499) (19,225) (35,121) (31,425)
FDIC true-up payment obligation expense (856) (740) (1,721) (1,411)
FDIC shared-loss expense, net (18,355) (19,965) (36,842) (32,836)
Net gain (loss) on:        
Sale of securities 0 0 4,366 0
Derivatives (247) (164) (470) (934)
Loss on early extinguishment of repurchase agreements 0 0 0 1,061
Other 224 2,302 678 2,349
Total non-interest income, net 507 6,735 5,736 16,638
Non-interest expense:        
Compensation and employee benefits 20,707 24,089 42,494 47,338
Professional and service fees 3,512 5,375 7,719 11,853
Occupancy and equipment 8,605 8,066 16,914 17,282
Insurance 2,333 2,723 4,407 5,401
Electronic banking charges 4,796 4,065 9,449 7,763
Information technology related expenses 1,485 2,335 3,300 4,979
Advertising, business promotion, and strategic initiatives 1,669 1,670 3,450 3,079
Merger and restructuring charges 0 5,273 0 10,808
Foreclosure, repossession and other real estate expenses 6,554 3,717 12,941 6,900
Loan servicing and clearing expenses 1,669 1,884 3,728 3,360
Taxes, other than payroll and income taxes 3,776 5,132 7,511 7,754
Communication 813 835 1,770 1,699
Printing, postage, stationary and supplies 645 851 1,200 2,017
Director and investors relations 293 377 544 613
Other 2,991 2,295 5,825 4,452
Total non-interest expense 59,848 68,687 121,252 135,298
Income before income taxes 31,922 5,605 67,454 33,923
Income tax expense (benefit) 10,613 (31,934) 22,398 (24,808)
Net income 21,309 37,539 45,056 58,731
Dividends on preferred stock (3,466) (3,466) (6,931) (6,931)
Income available to common shareholders $ 17,843 $ 34,073 $ 38,125 $ 51,800
Earnings per common share:        
Basic $ 0.40 $ 0.75 $ 0.84 $ 1.14
Diluted $ 0.38 $ 0.68 $ 0.80 $ 1.05
Average common shares outstanding and equivalents 52,352 52,968 52,476 52,929
Cash dividends per share of common stock $ 0.08 $ 0.06 $ 0.16 $ 0.12