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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |
|---|---|---|
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Mar. 31, 2015
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Mar. 31, 2014
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| Interest income: | ||
| Available-for-sale securities | $ 135,525us-gaap_InterestAndDividendIncomeSecuritiesAvailableForSale | $ 123,913us-gaap_InterestAndDividendIncomeSecuritiesAvailableForSale |
| Trading securities | 4,695us-gaap_InterestAndDividendIncomeSecuritiesTradingOrMeasuredAtFairValue | 1,926us-gaap_InterestAndDividendIncomeSecuritiesTradingOrMeasuredAtFairValue |
| Residential mortgage loans held-for-sale | 4,271us-gaap_InterestAndFeeIncomeLoansHeldForSaleMortgages | 4,586us-gaap_InterestAndFeeIncomeLoansHeldForSaleMortgages |
| Residential mortgage loans held-for-investment in securitization trusts | 18,237us-gaap_InterestAndFeeIncomeLoansAndLeases | 7,893us-gaap_InterestAndFeeIncomeLoansAndLeases |
| Commercial real estate loans held-for-investment | 44us-gaap_InterestAndFeeIncomeLoansCommercialRealEstate | 0us-gaap_InterestAndFeeIncomeLoansCommercialRealEstate |
| Cash and cash equivalents | 197us-gaap_InterestIncomeDomesticDeposits | 217us-gaap_InterestIncomeDomesticDeposits |
| Total interest income | 162,969us-gaap_InterestAndDividendIncomeOperating | 138,535us-gaap_InterestAndDividendIncomeOperating |
| Interest expense: | ||
| Repurchase agreements | 20,565us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase | 20,572us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase |
| Collateralized borrowings in securitization trusts | 10,708us-gaap_InterestExpenseLongTermDebt | 5,353us-gaap_InterestExpenseLongTermDebt |
| Federal Home Loan Bank advances | 2,230us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm | 153us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm |
| Total interest expense | 33,503us-gaap_InterestExpense | 26,078us-gaap_InterestExpense |
| Net interest income | 129,466us-gaap_InterestIncomeExpenseNet | 112,457us-gaap_InterestIncomeExpenseNet |
| Other-than-temporary impairments: | ||
| Total other-than-temporary impairment losses | (127)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities | (212)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities |
| Non-credit portion of loss recognized in other comprehensive (loss) income | 0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities | 0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities |
| Net other-than-temporary credit impairment losses | (127)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities | (212)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities |
| Other income: | ||
| Gain (loss) on investment securities | 129,457us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments | (38,655)us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments |
| Loss on interest rate swap and swaption agreements | (126,443)us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments | (105,528)us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments |
| Gain on other derivative instruments | 2,967us-gaap_DerivativeGainLossOnDerivativeNet | 5,801us-gaap_DerivativeGainLossOnDerivativeNet |
| Gain (loss) on residential mortgage loans held-for-sale | 9,092two_GainLossonResidentialMortgageLoansHeldforSale | (3,181)two_GainLossonResidentialMortgageLoansHeldforSale |
| Servicing income | 32,087us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets | 30,441us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets |
| Loss on servicing asset | (52,403)two_ServicingAssetatFairValueTotalChangesinFairValue | (32,760)two_ServicingAssetatFairValueTotalChangesinFairValue |
| Other (loss) income | (1,857)us-gaap_NoninterestIncomeOtherOperatingIncome | 460us-gaap_NoninterestIncomeOtherOperatingIncome |
| Total other loss | (7,100)us-gaap_OtherIncome | (143,422)us-gaap_OtherIncome |
| Expenses: | ||
| Management fees | 12,721us-gaap_AssetManagementCosts | 12,111us-gaap_AssetManagementCosts |
| Securitization deal costs | 2,611two_SecuritizationDealCosts | 0two_SecuritizationDealCosts |
| Servicing expenses | 6,716two_SubservicingExpense | 5,225two_SubservicingExpense |
| Other operating expenses | 16,055us-gaap_OtherCostAndExpenseOperating | 14,534us-gaap_OtherCostAndExpenseOperating |
| Total expenses | 38,103us-gaap_CostsAndExpenses | 31,870us-gaap_CostsAndExpenses |
| Income (loss) before income taxes | 84,136us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | (63,047)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |
| Benefit from income taxes | (10,657)us-gaap_IncomeTaxExpenseBenefit | (33,902)us-gaap_IncomeTaxExpenseBenefit |
| Net income (loss) | 94,793us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | (29,145)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
| Basic and diluted earnings (loss) per weighted average common share | $ 0.26us-gaap_EarningsPerShareBasicAndDiluted | $ (0.08)us-gaap_EarningsPerShareBasicAndDiluted |
| Dividends declared per common share | $ 0.26us-gaap_CommonStockDividendsPerShareDeclared | $ 0.26us-gaap_CommonStockDividendsPerShareDeclared |
| Basic and diluted weighted average number of shares of common stock outstanding | 366,507,657us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | 365,611,890us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted |
| Comprehensive income: | ||
| Net income (loss) | 94,793us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | (29,145)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
| Other comprehensive (loss) income: | ||
| Unrealized (loss) gain on available-for-sale securities, net | (5,931)us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax | 181,735us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax |
| Other comprehensive (loss) income | (5,931)us-gaap_OtherComprehensiveIncomeLossNetOfTax | 181,735us-gaap_OtherComprehensiveIncomeLossNetOfTax |
| Comprehensive income | $ 88,862us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest | $ 152,590us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
| X | ||||||||||
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- Definition
The gains (losses) included in earnings that represent (1) increases or decreases in the market value of residential mortgage loans held-for-sale and commitments to purchase or sell residential mortgage loans, and (2) the difference between the sale price and carrying value of residential mortgage loans held-for-sale and commitments to purchase or sell residential mortgage loans. No definition available.
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- Definition
Upfront costs related to subordinated debt and excess servicing rights purchased from securitization trusts. No definition available.
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- Definition
The total net increase or decrease in fair value as a result of changes in the inputs, assumptions or model used to calculated the fair value of servicing assets, as well as other changes in fair value that are not additions or disposals. No definition available.
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| X | ||||||||||
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- Definition
All amounts that, per contract, are due to the subservicer in exchange for servicing the mortgage servicing rights held by the entity. Depending on the servicing contract, those fees may include some or all of the difference between the interest rate collected on the asset being serviced and the rate to be paid to the entity (the beneficial owners of the asset). No definition available.
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- Definition
The aggregate costs related to asset management during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of contractually specified servicing fees, late fees, and ancillary fees earned for each period for which results of operations are presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on trading securities and other forms of securities that provide ownership interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest and fee income generated from loans secured by commercial properties. Examples of properties commonly securing commercial real estate loans may include office buildings, apartment buildings, shopping centers, industrial property, and hotels. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest and fee income from mortgage loans considered to be held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Interest expense incurred during the reporting period on long-term borrowings associated with Federal Home Loan Bank and Federal Reserve Bank advances. No definition available.
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- Definition
Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Gross expenses on securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest earned on deposits in United States money market accounts and other United States interest earning accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents other forms of revenue earned, excluding interest, which is not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount by which the fair value of an investment in debt and equity securities categorized as Available-for-sale is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount before tax of other than temporary impairment (OTTI) on investment in available-for-sale debt security, recognized in other comprehensive loss, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of other than temporary impairment losses on investments in debt and equity securities categorized as Available-for-sale which have been recognized in earnings during the period. Such impairment losses consist of other than temporary impairments (OTTI) on equity securities, credit losses on investments in debt securities, and when the entity intends to sell an impaired debt security or it is more likely than not that the entity will be required to sell the impaired debt security before recovery of its amortized cost basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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