2015 Form 10-K Financial Statement

#000093023616000038 Filed on February 26, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $259.4M $65.25M $63.35M
YoY Change 7.17% 13.5% 10.33%
Cost Of Revenue $95.90M $23.90M $23.40M
YoY Change 9.6% 23.83% 7.83%
Gross Profit $163.5M $41.30M $40.00M
YoY Change 5.76% 8.12% 12.04%
Gross Profit Margin 63.02% 63.29% 63.14%
Selling, General & Admin $79.90M $23.20M $18.10M
YoY Change 1.78% 48.72% -7.18%
% of Gross Profit 48.87% 56.17% 45.25%
Research & Development $10.21M $3.463M
YoY Change -12.37% 24.57%
% of Gross Profit 6.25% 8.66%
Depreciation & Amortization $800.0K $100.0K $200.0K
YoY Change 60.0% 0.0% 100.0%
% of Gross Profit 0.49% 0.24% 0.5%
Operating Expenses $97.42M $26.46M $21.41M
YoY Change 8.09% -234.53% -195.91%
Operating Profit $66.08M $14.84M $18.59M
YoY Change 2.49% -74.36% -67.95%
Interest Expense $95.88M $23.90M $23.35M
YoY Change 9.63% 22.4% 7.48%
% of Operating Profit 145.09% 161.09% 125.58%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $91.74M $24.20M $50.31M
YoY Change -9.45% -10.37% 196.05%
Income Tax -$10.35M -$3.000M $5.213M
% Of Pretax Income -11.28% -12.4% 10.36%
Net Earnings $102.1M $27.12M $45.10M
YoY Change 1.51% 7.91% 105.65%
Net Earnings / Revenue 39.35% 41.57% 71.19%
Basic Earnings Per Share $1.20 $0.32 $0.53
Diluted Earnings Per Share $1.18 $0.31 $0.50
COMMON SHARES
Basic Shares Outstanding 82.95M shares 83.28M shares 83.02M shares
Diluted Shares Outstanding 84.52M shares 96.96M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.0M $1.649B $1.545B
YoY Change -18.52% -11.16% 1.0%
Cash & Equivalents $220.0M $269.7M $149.6M
Short-Term Investments $1.379B $1.395B
Other Short-Term Assets $4.000M $3.000M $2.000M
YoY Change 33.33% 50.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $311.0M $338.0M $208.0M
YoY Change -8.26% 64.08% -18.43%
LONG-TERM ASSETS
Property, Plant & Equipment $4.000M $3.008M $2.273M
YoY Change 33.33% 144.16% 113.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.425B $1.519B $1.530B
YoY Change -6.19% -13.1% 10.47%
Other Assets $6.000M $17.00M $22.00M
YoY Change -64.71% 21.43% 46.67%
Total Long-Term Assets $5.909B $5.581B $5.404B
YoY Change 5.9% 26.77% 22.69%
TOTAL ASSETS
Total Short-Term Assets $311.0M $338.0M $208.0M
Total Long-Term Assets $5.909B $5.581B $5.404B
Total Assets $6.220B $5.919B $5.612B
YoY Change 5.09% 28.44% 20.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $2.112M
YoY Change 150.0%
Accrued Expenses $28.00M $33.00M $29.00M
YoY Change -9.68% -40.0% -39.58%
Deferred Revenue
YoY Change
Short-Term Debt $1.855B $1.794B $1.888B
YoY Change 3.4% 107.92% 125.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.888B $1.827B $1.921B
YoY Change 3.34% 99.02% 116.82%
LONG-TERM LIABILITIES
Long-Term Debt $3.077B $2.740B $2.353B
YoY Change 12.3% 13.27% -7.11%
Other Long-Term Liabilities $109.0M $86.00M $64.00M
YoY Change 26.74% 377.78% 93.94%
Total Long-Term Liabilities $3.186B $2.826B $2.417B
YoY Change 12.74% 15.96% -5.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.888B $1.827B $1.921B
Total Long-Term Liabilities $3.186B $2.826B $2.417B
Total Liabilities $5.074B $4.663B $4.345B
YoY Change 8.81% 38.66% 25.86%
SHAREHOLDERS EQUITY
Retained Earnings $906.9M $879.7M
YoY Change 12.47% 12.62%
Common Stock $1.775B $1.769B
YoY Change 0.75% 0.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.146B $1.266B $1.267B
YoY Change
Total Liabilities & Shareholders Equity $6.220B $5.919B $5.612B
YoY Change 5.09% 28.44% 20.44%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $102.1M $27.12M $45.10M
YoY Change 1.51% 7.91% 105.65%
Depreciation, Depletion And Amortization $800.0K $100.0K $200.0K
YoY Change 60.0% 0.0% 100.0%
Cash From Operating Activities -$1.250B -$257.8M -$747.1M
YoY Change -30.2% -197.8% -236.58%
INVESTING ACTIVITIES
Capital Expenditures -$32.40M -$4.300M -$38.70M
YoY Change -29.72% 1148.39%
Acquisitions
YoY Change
Other Investing Activities $895.6M $115.6M $593.0M
YoY Change 13.84% -162.69% 189.13%
Cash From Investing Activities $863.2M $111.3M $554.2M
YoY Change 16.56% -160.36% 174.36%
FINANCING ACTIVITIES
Cash Dividend Paid $94.87M
YoY Change -0.42%
Common Stock Issuance & Retirement, Net $78.52M
YoY Change -925.56%
Debt Paid & Issued, Net $527.4M
YoY Change 76888.47%
Cash From Financing Activities $337.5M 266.7M 185.4M
YoY Change -70.58% -340.92% -124.65%
NET CHANGE
Cash From Operating Activities -$1.250B -257.8M -747.1M
Cash From Investing Activities $863.2M 111.3M 554.2M
Cash From Financing Activities $337.5M 266.7M 185.4M
Net Change In Cash -$49.50M 120.2M -7.500M
YoY Change -151.28% -481.59% 150.0%
FREE CASH FLOW
Cash From Operating Activities -$1.250B -$257.8M -$747.1M
Capital Expenditures -$32.40M -$4.300M -$38.70M
Free Cash Flow -$1.218B -$253.5M -$708.4M
YoY Change -30.21% -196.17% -228.78%

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CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
92121000 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
96529000 USD
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-49501000 USD
CY2014 us-gaap Cash Flows Between Transferee And Transferor Proceeds From New Transfers
CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers
1201411000 USD
CY2015 us-gaap Cash Flows Between Transferee And Transferor Proceeds From New Transfers
CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers
1139052000 USD
CY2014 us-gaap Cash Flows Between Transferee And Transferor Servicing Fee Advances
CashFlowsBetweenTransfereeAndTransferorServicingFeeAdvances
227000 USD
CY2015 us-gaap Cash Flows Between Transferee And Transferor Servicing Fee Advances
CashFlowsBetweenTransfereeAndTransferorServicingFeeAdvances
363000 USD
CY2014 us-gaap Cash Flows Between Transferee And Transferor Servicing Fees
CashFlowsBetweenTransfereeAndTransferorServicingFees
13812000 USD
CY2015 us-gaap Cash Flows Between Transferee And Transferor Servicing Fees
CashFlowsBetweenTransfereeAndTransferorServicingFees
14874000 USD
CY2014 us-gaap Cash Flows Between Transferor And Transferee Beneficial Interest
CashFlowsBetweenTransferorAndTransfereeBeneficialInterest
56870000 USD
CY2015 us-gaap Cash Flows Between Transferor And Transferee Beneficial Interest
CashFlowsBetweenTransferorAndTransfereeBeneficialInterest
43460000 USD
CY2013 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.12
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2014Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.12
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28000
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28000
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28000
CY2015Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28000
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.12
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
180000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
180000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
83443141 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
78162765 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
83443141 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
78162765 shares
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
834000 USD
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
782000 USD
CY2013 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
7517000 USD
CY2014 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
11654000 USD
CY2015 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
10212000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
183680000 USD
CY2014 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
92491000 USD
CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
53393000 USD
CY2013 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
9239000 USD
CY2014 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
19362000 USD
CY2015 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
38964000 USD
CY2013 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
8314000 USD
CY2014 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
17528000 USD
CY2015 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
33885000 USD
CY2014Q4 us-gaap Cumulative Dividends
CumulativeDividends
1566278000 USD
CY2015Q4 us-gaap Cumulative Dividends
CumulativeDividends
1661149000 USD
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3490000 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
24000 USD
CY2015 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
144000 USD
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3632000 USD
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
41000 USD
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
311000 USD
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
142000 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
17000 USD
CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
167000 USD
CY2015 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
Substantially all ABS issued pay variable rates of interest, which are indexed to one-, three-, or six-month LIBOR.
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
7316000 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
703000 USD
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-10198000 USD
CY2014Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16050000 USD
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10980000 USD
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7316000 USD
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
703000 USD
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-10657000 USD
CY2014Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
47173000 USD
CY2015Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
53268000 USD
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-459000 USD
CY2014Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
148120000 USD
CY2015Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
170062000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
18765000 USD
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
32929000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
91579000 USD
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
95972000 USD
CY2014Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
210000 USD
CY2015Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
513000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
2355000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
3458000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
111183000 USD
CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
116794000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
10236000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
87000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
0 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Mortgage Servicing Rights
DeferredTaxLiabilitiesMortgageServicingRights
37581000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Mortgage Servicing Rights
DeferredTaxLiabilitiesMortgageServicingRights
50630000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
2684000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
2638000 USD
CY2013 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000 USD
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000 USD
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
800000 USD
CY2015 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2014Q4 us-gaap Deposit Assets
DepositAssets
5000000 USD
CY2015Q4 us-gaap Deposit Assets
DepositAssets
0 USD
CY2013 us-gaap Depreciation And Amortization
DepreciationAndAmortization
388000 USD
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
513000 USD
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
824000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
3547000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
1243000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAmountOffsetAgainstCollateral
15257000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAmountOffsetAgainstCollateral
11722000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
4735000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
2930000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnSecurities
6975000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnSecurities
7549000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
15257000 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
11722000 USD
CY2014Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
0 USD
CY2015Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
0 USD
CY2014Q4 us-gaap Derivative Assets
DerivativeAssets
16417000 USD
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
16393000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-41914000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-46401000 USD
CY2014Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
58331000 USD
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
62794000 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
976000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
614000 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
1851876000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
1778711000 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
50100000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
53167000 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1800800000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
1724930000 USD
CY2014Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1851876000 USD
CY2015Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1778711000 USD
CY2013 us-gaap Dividends Common Stock
DividendsCommonStock
94414000 USD
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
95273000 USD
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
94871000 USD
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.05
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.18
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.20
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.94
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.18
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.059
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.007
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.113
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.164
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.001
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.061
CY2013 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.019
CY2014 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.145
CY2015 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.203
CY2013 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.170
CY2014 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.259
CY2015 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.383
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2014Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
19273000 USD
CY2015Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
17527000 USD
CY2015 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
15817000 USD
CY2014Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
20269000 USD
CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
23608000 USD
CY2013 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
518000 USD
CY2014 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
494000 USD
CY2015 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
460000 USD
CY2012Q4 us-gaap Employee Stock Ownership Plan Esop Repurchase Obligation Amount
EmployeeStockOwnershipPlanESOPRepurchaseObligationAmount
3000 USD
CY2013Q4 us-gaap Employee Stock Ownership Plan Esop Repurchase Obligation Amount
EmployeeStockOwnershipPlanESOPRepurchaseObligationAmount
3000 USD
CY2014Q4 us-gaap Employee Stock Ownership Plan Esop Repurchase Obligation Amount
EmployeeStockOwnershipPlanESOPRepurchaseObligationAmount
3000 USD
CY2015Q4 us-gaap Employee Stock Ownership Plan Esop Repurchase Obligation Amount
EmployeeStockOwnershipPlanESOPRepurchaseObligationAmount
18000 USD
CY2014Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
10688000 USD
CY2015Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
34437000 USD
CY2015Q4 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
11000000 USD
CY2015 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
0 USD
CY2013 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
36290000 USD
CY2014 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
15478000 USD
CY2015 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
36369000 USD
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3503000 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5011000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5270000 USD
CY2014Q4 us-gaap Guaranty Assets
GuarantyAssets
7201000 USD
CY2015Q4 us-gaap Guaranty Assets
GuarantyAssets
5697000 USD
CY2014Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
7201000 USD
CY2015Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
22704000 USD
CY2014 us-gaap Impairment Of Investments
ImpairmentOfInvestments
4774000 USD
CY2015 us-gaap Impairment Of Investments
ImpairmentOfInvestments
419000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
184194000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
101313000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
91742000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10948000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
744000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10346000 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
3397000 USD
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
1407000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
165000 USD
CY2013 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-12002000 USD
CY2014 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
57685000 USD
CY2015 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
88173000 USD
CY2013 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
31046000 USD
CY2014 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-2768000 USD
CY2015 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
5993000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
15000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
230000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
4939000 USD
CY2014 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-24000000 USD
CY2015 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-17000000 USD
CY2013 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2014 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2015 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2013 us-gaap Interest And Dividend Income Operating
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226156000 USD
CY2014Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
55475000 USD
CY2014Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
57993000 USD
CY2014Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63351000 USD
CY2014Q4 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
65251000 USD
CY2014 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
242070000 USD
CY2015Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63746000 USD
CY2015Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63373000 USD
CY2015Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63484000 USD
CY2015Q4 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
68829000 USD
CY2015 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
259432000 USD
CY2013 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
43420000 USD
CY2014 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
47567000 USD
CY2015 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
46933000 USD
CY2013 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
67016000 USD
CY2014 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
68949000 USD
CY2015 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
114715000 USD
CY2013 us-gaap Interest Expense
InterestExpense
80971000 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
19059000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
21151000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
23350000 USD
CY2014Q4 us-gaap Interest Expense
InterestExpense
23903000 USD
CY2014 us-gaap Interest Expense
InterestExpense
87463000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
23961000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
23008000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
23875000 USD
CY2015Q4 us-gaap Interest Expense
InterestExpense
25039000 USD
CY2015 us-gaap Interest Expense
InterestExpense
95883000 USD
CY2013 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
39716000 USD
CY2014 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
31227000 USD
CY2015 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
21469000 USD
CY2013 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
23819000 USD
CY2014 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
30246000 USD
CY2015 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
43842000 USD
CY2013 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
17436000 USD
CY2014 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
25990000 USD
CY2015 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
30572000 USD
CY2013 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
140448000 USD
CY2014 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
153646000 USD
CY2015 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
163904000 USD
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145185000 USD
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
36416000 USD
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
36842000 USD
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
40001000 USD
CY2014Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
41348000 USD
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
154607000 USD
CY2015Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
39785000 USD
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
40365000 USD
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
39609000 USD
CY2015Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
43790000 USD
CY2015 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
163549000 USD
CY2013 us-gaap Interest Income Other
InterestIncomeOther
157000 USD
CY2014 us-gaap Interest Income Other
InterestIncomeOther
72000 USD
CY2015 us-gaap Interest Income Other
InterestIncomeOther
336000 USD
CY2013 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
115563000 USD
CY2014 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
125482000 USD
CY2015 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
97448000 USD
CY2013 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
12641000 USD
CY2014 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
CY2015 us-gaap Interest On Convertible Debt Net Of Tax
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0 USD
CY2013 us-gaap Interest Paid
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CY2014 us-gaap Interest Paid
InterestPaid
81350000 USD
CY2015 us-gaap Interest Paid
InterestPaid
86849000 USD
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2000000 USD
CY2015Q4 us-gaap Interest Payable Current
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2000000 USD
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
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8503000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
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8936000 USD
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18222000 USD
CY2015Q4 us-gaap Interest Receivable
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23290000 USD
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LaborAndRelatedExpense
55570000 USD
CY2014 us-gaap Labor And Related Expense
LaborAndRelatedExpense
53670000 USD
CY2015 us-gaap Labor And Related Expense
LaborAndRelatedExpense
59620000 USD
CY2015Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1000000 USD
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4662825000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
5084762000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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5918966000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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6231027000 USD
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0 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2015Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
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10000000 USD
CY2014Q4 us-gaap Litigation Reserve
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2000000 USD
CY2015Q4 us-gaap Litigation Reserve
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2000000 USD
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566927000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount Commercial
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402647000 USD
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3398573000 USD
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3928803000 USD
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66707000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
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63152000 USD
CY2014Q4 us-gaap Margin Deposit Assets
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65374000 USD
CY2015Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
83191000 USD
CY2014Q4 us-gaap Marketable Securities
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1379230000 USD
CY2015Q4 us-gaap Marketable Securities
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities
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351336000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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-221828000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
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-1791133000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q1 us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss
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CY2014Q3 us-gaap Net Income Loss
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CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
27122000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
27064000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2015 us-gaap Net Income Loss
NetIncomeLoss
102088000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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168347000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
97957000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2014Q2 us-gaap Noninterest Income
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CY2014Q3 us-gaap Noninterest Income
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CY2014Q4 us-gaap Noninterest Income
NoninterestIncome
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CY2014 us-gaap Noninterest Income
NoninterestIncome
37790000 USD
CY2015Q1 us-gaap Noninterest Income
NoninterestIncome
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CY2015Q2 us-gaap Noninterest Income
NoninterestIncome
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CY2015Q3 us-gaap Noninterest Income
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CY2015Q4 us-gaap Noninterest Income
NoninterestIncome
19593000 USD
CY2015 us-gaap Noninterest Income
NoninterestIncome
25254000 USD
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3 Segment
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OperatingExpenses
86607000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
19973000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
22282000 USD
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
21406000 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
26462000 USD
CY2014 us-gaap Operating Expenses
OperatingExpenses
90123000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
25063000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
25218000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
24497000 USD
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
22638000 USD
CY2015 us-gaap Operating Expenses
OperatingExpenses
97416000 USD
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10254000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due Current
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2864000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1127000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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1189000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1827000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2880000 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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367000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
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2000000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3000000 USD
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3000000 USD
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CY2015Q4 us-gaap Other Assets
OtherAssets
197886000 USD
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3832000 USD
CY2015Q4 us-gaap Other Assets Miscellaneous
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4438000 USD
CY2013 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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32635000 USD
CY2015 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-17955000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
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10434000 USD
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CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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20008000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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10552000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
29426000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-281000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-164000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-95000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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32079000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-30325000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-1409000 USD
CY2013 us-gaap Other Cost And Expense Operating
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3428000 USD
CY2014 us-gaap Other Cost And Expense Operating
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4100000 USD
CY2015 us-gaap Other Cost And Expense Operating
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5102000 USD
CY2013 us-gaap Other Expenses
OtherExpenses
12000000 USD
CY2014 us-gaap Other Expenses
OtherExpenses
0 USD
CY2015 us-gaap Other Expenses
OtherExpenses
0 USD
CY2013 us-gaap Other General Expense
OtherGeneralExpense
2721000 USD
CY2014 us-gaap Other General Expense
OtherGeneralExpense
2237000 USD
CY2015 us-gaap Other General Expense
OtherGeneralExpense
2049000 USD
CY2013 us-gaap Other Income
OtherIncome
0 USD
CY2014 us-gaap Other Income
OtherIncome
1781000 USD
CY2015 us-gaap Other Income
OtherIncome
3192000 USD
CY2014Q4 us-gaap Other Liabilities
OtherLiabilities
52244000 USD
CY2015Q4 us-gaap Other Liabilities
OtherLiabilities
69897000 USD
CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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0 USD
CY2014 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
70000 USD
CY2015 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
0 USD
CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
137000 USD
CY2014 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
261000 USD
CY2015 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
246000 USD
CY2012Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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50852000 USD
CY2013Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
37149000 USD
CY2014Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
33849000 USD
CY2015Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
28277000 USD
CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
5811000 USD
CY2014 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
922000 USD
CY2015 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
4567000 USD
CY2014 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterest
4209000 USD
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterest
173000 USD
CY2014 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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565000 USD
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
246000 USD
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
1000000 USD
CY2013 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4899000 USD
CY2014 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2612000 USD
CY2015 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2806000 USD
CY2013 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
3726000 USD
CY2014 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
2524000 USD
CY2015 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
2677000 USD
CY2013 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
7000 USD
CY2014 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
3352000 USD
CY2015 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
43000 USD
CY2013 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
85820000 USD
CY2013 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
9184000 USD
CY2014 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6934000 USD
CY2015 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
33000 USD
CY2013 us-gaap Payments Of Dividends
PaymentsOfDividends
94414000 USD
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
95273000 USD
CY2015 us-gaap Payments Of Dividends
PaymentsOfDividends
94871000 USD
CY2013 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2015 rwt Other Assets And Other Liabilities Policy Textblock
OtherAssetsAndOtherLiabilitiesPolicyTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Other Assets and Other Liabilities </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets primarily consists of margin receivable, pledged collateral, FHLBC stock, guarantee asset, REO, fixed assets, leasehold improvements, investment receivable, and prepaid expenses. Other liabilities primarily consists of accrued compensation, guarantee obligations, margin payable, and residential loan and MSR repurchase reserves.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">FHLBC Stock </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with its borrowing agreement with the FHLBC, our FHLB-member subsidiary is required to purchase and hold stock in the FHLBC in an amount equal to a specified percentage of outstanding advances. FHLBC stock is considered a non-marketable, long-term investment, and is carried at cost. Because this stock can only be redeemed or sold at its par value, and only to the FHLBC, carrying value, or cost, approximates fair value. Dividends received from FHLBC stock are recorded in other income, net in our consolidated statements of income.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Margin Receivable and Payable</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Margin receivable and payable result from margin calls between us and our derivatives, master repurchase agreements, and warehouse facilities counterparties, whereby we or the counterparty were required to post collateral.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fannie Mae Risk-Sharing - Other Assets and Liabilities </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During 2014 and 2015, we entered into various risk-sharing arrangements with Fannie Mae and Freddie Mac. Under these arrangements, we committed to assume the first </font><font style="font-family:inherit;font-size:10pt;">1.00%</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2.25%</font><font style="font-family:inherit;font-size:10pt;"> (depending on the arrangement) of losses realized on reference pools of conforming residential mortgage loans that we acquired and then sold to the Agencies. As part of these risk sharing arrangements, during the </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> year term of our first Fannie Mae arrangement, we receive monthly cash payments from Fannie Mae based on the monthly outstanding unpaid principal balance of the reference pool of loans, and for our Freddie Mac and our new Fannie Mae arrangements, the Agencies charged us a reduced guarantee fee for the reference loans we delivered to them in exchange for mortgage backed securities, which we then sold.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under these arrangements we are required to pledge assets to the Agencies to collateralize our risk sharing commitments to them throughout the terms of the arrangements. These pledged assets are held by a third-party custodian for the benefit of the Agencies. To the extent approved losses are incurred, the custodian will transfer collateral to the Agencies. As a result of these transactions, we recorded &#8220;pledged collateral&#8221; in the other assets line item, and &#8220;guarantee obligations&#8221; in the other liabilities line item, on our consolidated balance sheets. In addition, for the first Fannie Mae transaction, we recorded a &#8220;guarantee asset&#8221; in the other assets line item on our consolidated balance sheets.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The guarantee obligations represent our commitments to assume losses under these arrangements, which at inception were recorded at fair value based on the fair value of the guarantee asset in the case of the first Fannie Mae arrangement, and the additional proceeds received that were attributable to the reduced guarantee fees for the Freddie Mac and new Fannie Mae arrangements. We amortize the guarantee obligations over the </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> year terms of the arrangements based primarily on changes in the outstanding unpaid principal balance of loans in the reference pools, with a portion of the liabilities treated as a credit reserve that is not amortized into income. In addition, each period we assess the need for a separate loss allowance related to these arrangements, based on our estimate of credit losses inherent in the reference pools of loans.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from cash payments received under the first Fannie Mae risk sharing arrangement and income related to the amortization of the guarantee obligations of all three arrangements are recorded in other income, and market valuation changes of the guarantee asset are recorded in mortgage banking and investment activities, net, on our consolidated statements of income.&#160; </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our consolidated balance sheets include assets of the special purpose entities ("SPEs") associated with these risk sharing arrangements (i.e., the "pledged collateral" referred to above) that can only be used to settle obligations of these SPEs and liabilities of these SPEs for which the creditors of these SPEs (the Agencies) do not have recourse to Redwood Trust, Inc. or its affiliates. At </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, assets of such SPEs totaled </font><font style="font-family:inherit;font-size:10pt;">$63 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$19 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and liabilities of such SPEs totaled </font><font style="font-family:inherit;font-size:10pt;">$25 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 15</font><font style="font-family:inherit;font-size:10pt;"> for further discussion on loss contingencies&#160;&#8212; risk sharing.</font></div><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">REO </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">REO property acquired through, or in lieu of, foreclosure is initially recorded at fair value, and subsequently reported at the lower of its carrying amount or fair value (less estimated cost to sell). Changes in the fair value of an REO property that has a fair value at or below its carrying amount are recorded in our consolidated statements of income as a component of other market valuation adjustments. Margin receivable reflects cash collateral we have posted with various counterparties relating to our derivative and lending agreements with those counterparties, as applicable. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 11</font><font style="font-family:inherit;font-size:10pt;"> for further discussion on other assets.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font></div></div>
CY2015 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc., together with its subsidiaries, focuses on investing in mortgage- and other real estate-related assets and engaging in mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our mortgage banking activities. During 2015, we operated our business in </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our primary sources of income are net interest income from our investment portfolios and non-interest income from our mortgage banking activities. Net interest income consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities consists of the profit we seek to generate through the acquisition of loans and their subsequent sale or securitization. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221;), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are not subject to subsidiary-level corporate income tax as &#8220;the REIT&#8221; or &#8220;our REIT.&#8221; We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as &#8220;our operating subsidiaries&#8221; or &#8220;our taxable REIT subsidiaries&#8221; or &#8220;TRS.&#8221; </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood was incorporated in the State of Maryland on April&#160;11, 1994, and commenced operations on August&#160;19, 1994. References herein to &#8220;Redwood,&#8221; the &#8220;company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. Refer to </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Item&#160;1</font><font style="font-family:inherit;font-size:10pt;"> - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business</font><font style="font-family:inherit;font-size:10pt;"> in this Annual Report on Form 10-K for additional information on our business.</font></div></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.</font></div></div>

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