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Consolidated Statements Of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest Income        
Residential loans $ 19,280 $ 17,027 $ 45,539 $ 53,497
Commercial loans 12,603 10,740 34,204 30,534
Real estate securities 31,461 29,649 97,062 84,480
Cash and cash equivalents 7 4 15 153
Total interest income 63,351 57,420 176,820 168,664
Interest Expense        
Short-term debt (8,441) (5,227) (17,409) (13,721)
Asset-backed securities issued (7,838) (9,604) (24,462) (30,815)
Long-term debt (7,071) (6,894) (21,689) (16,908)
Total interest expense (23,350) (21,725) (63,560) (61,444)
Net Interest Income 40,001 35,695 113,260 107,220
Reversal of provision (provision) for loan losses 1,596 (1,727) 629 (493)
Net Interest Income After Provision 41,597 33,968 113,889 106,727
Noninterest Income        
Mortgage banking activities, net 17,872 (8,698) 23,950 85,562
Mortgage servicing rights income, net 5,821 3,113 4,650 14,681
Other market valuation adjustments, net (3,706) [1] 462 [1] (13,966) [1] (6,099) [1]
Realized gains, net 8,532 10,469 10,687 23,291
Total noninterest income, net 28,519 5,346 25,321 117,435
Operating expenses (21,406) (22,320) (63,660) (66,937)
Other income 1,600   1,600  
Net income before provision for income taxes 50,310 16,994 77,150 157,225
(Provision for) benefit from income taxes (5,213) 4,935 (3,703) (9,113)
Net Income $ 45,097 $ 21,929 $ 73,447 $ 148,112
Basic earnings per common share $ 0.53 $ 0.26 $ 0.87 $ 1.76
Diluted earnings per common share $ 0.50 $ 0.25 $ 0.84 $ 1.65
Regular dividends declared per common share $ 0.28 $ 0.28 $ 0.84 $ 0.84
Basic weighted average shares outstanding 83,017,534 82,201,473 82,722,079 81,888,231
Diluted weighted average shares outstanding 96,956,232 84,422,039 85,031,130 93,233,865
[1] For the three months ended September 30, 2014, other-than-temporary impairments were $188, all of which was recognized through the income statement. For the three months ended September 30, 2013, there were no other-than-temporary impairments. For the nine months ended September 30, 2014, other-than-temporary impairments were $4,774, of which $565 were recognized through the Income Statement and $4,209 were recognized in Accumulated Other Comprehensive Income. For the nine months ended September 30, 2013, other-than-temporary impairments were $1,666, all of which was recognized through the income statement.