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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Mar. 31, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:          
Loans $ 68,331 $ 66,781 $ 62,314 $ 135,112 $ 126,059
Investment securities 8,782 7,819 5,702 16,601 10,823
Deposits in financial institutions 83 57 245 140 374
Total interest income 77,196 74,657 68,261 151,853 137,256
Interest expense:          
Deposits 5,518 5,956 6,945 11,474 13,834
Borrowings 1,763 1,744 2,216 3,507 4,884
Subordinated debentures 1,226 1,219 1,483 2,445 2,898
Total interest expense 8,507 8,919 10,644 17,426 21,616
Net interest income 68,689 65,738 57,617 134,427 115,640
Provision for credit losses:          
Non-covered loans 5,500 7,800 14,100 13,300 126,627
Covered loans 5,890 2,910 7,825 8,800 28,100
Total provision for credit losses 11,390 10,710 21,925 22,100 154,727
Net interest income (loss) after provision for credit losses 57,299 55,028 35,692 112,327 (39,087)
Noninterest income:          
Service charges on deposit accounts 3,400 3,558 2,666 6,958 5,395
Other commissions and fees 1,980 1,720 1,845 3,700 3,635
Increase in cash surrender value of life insurance 368 379 369 747 767
FDIC loss sharing income (expense), net 5,316 (1,170) 6,004 4,146 21,751
Other income 176 302 173 478 353
Total noninterest income 11,240 4,789 11,057 16,029 31,901
Noninterest expense:          
Compensation 21,717 21,929 21,068 43,646 40,479
Occupancy 7,142 6,983 6,576 14,125 13,534
Data processing 2,129 2,475 1,892 4,604 3,861
Other professional services 2,505 2,296 2,042 4,801 4,040
Business development 595 569 655 1,164 1,322
Communications 834 859 795 1,693 1,599
Insurance and assessments 1,603 2,337 2,611 3,940 4,885
Non-covered other real estate owned, net 2,300 703 625 3,003 9,066
Covered other real estate owned expense (income), net 1,205 (2,578) (89) (1,373) 2,080
Intangible asset amortization 2,308 2,307 2,424 4,615 4,848
Other expense 4,200 3,519 4,174 7,719 7,629
Total noninterest expense 46,538 41,399 42,773 87,937 93,343
Earnings (loss) before income taxes 22,001 18,418 3,976 40,419 (100,529)
Income tax (expense) benefit (9,160) (7,742) (1,271) (16,902) 42,701
Net earnings (loss) $ 12,841 $ 10,676 $ 2,705 $ 23,517 $ (57,828)
Earnings (loss) per share:          
Basic (in dollars per share) $ 0.35 $ 0.29 $ 0.07 $ 0.64 $ (1.66)
Diluted (in dollars per share) $ 0.35 $ 0.29 $ 0.07 $ 0.64 $ (1.66)
Dividends declared per share (in dollars per share) $ 0.01 $ 0.01 $ 0.01 $ 0.02 $ 0.02