Summarized Quarterly Financial Results (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

The following is a presentation of the quarterly results of operations for the years ended December 31, 2015 and 2014.

	For the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,
	2015			2015			2015			2015
(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Interest income:
Securities	$	72,211		$	70,874		$	76,270		$	86,362
Mortgage loans		2,168			1,786			1,088			467
Mortgage loans in securitization trusts		446			-			-			-
Short-term cash investments		433			328			318			288
Total interest income		75,258			72,988			77,676			87,117
Interest expense:
Repurchase agreements		18,724			20,956			23,750			27,314
Warehouse lines		305			292			-			-
Collateralized borrowings in securitization trusts		97			-			-			-
Total interest expense		19,126			21,248			23,750			27,314
Net interest margin		56,132			51,740			53,926			59,803
Other income (loss):
Servicing income		15,549			4,562			-			-
Management fee income		1,503			524			-			-
Net realized gain on sale of securities		15,371			1,216			(309	)		16,453
Net gain (loss) on mortgage loans		(1,950	)		1,361			(689	)		244
Net gain on mortgage servicing rights		11,250			(539	)		-			-
Net gain (loss) on derivative instruments		64,085			(130,301	)		(19,415	)		(102,785	)
Net miscellaneous gains and losses		1,686			(912	)		-			-
Total other income (loss)		107,494			(124,089	)		(20,413	)		(86,088	)
Expenses:
Management fee		4,020			4,037			4,083			4,095
Share-based compensation		1,211			966			1,034			1,045
Servicing expenses		2,268			754			-			-
General and administrative		9,163			5,786			3,840			3,110
Securitization deal costs		1,473			-			-			-
Total expenses		18,135			11,543			8,957			8,250
Net income (loss)		145,491			(83,892	)		24,556			(34,535	)
Dividends on preferred stock		5,481			5,480			5,480			5,481
Net income (loss) available to common shareholders	$	140,010		$	(89,372	)	$	19,076		$	(40,016	)
Earnings (loss) per share - common stock, basic	$	1.45		$	(0.93	)	$	0.20		$	(0.41	)
Earnings (loss) per share - common stock, diluted	$	1.45		$	(0.93	)	$	0.20		$	(0.41	)
Dividends per share of common stock	$	0.45		$	0.45		$	0.50		$	0.50
Weighted average common shares outstanding, basic		96,546,219			96,545,913			96,790,541			96,783,199
Weighted average common shares outstanding, diluted		96,546,219			96,545,913			96,790,541			96,783,199

	For the Three Months Ended
	Dec. 31,			Sept. 30,		June 30,			March 31,
	2014			2014		2014			2014
(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Interest income:
Securities	$	87,702		$	80,969	$	89,458		$	96,307
Mortgage loans		35			-		-			-
Mortgage loans in securitization trusts		-			-		-			-
Short-term cash investments		324			330		347			282
Total interest income		88,061			81,299		89,805			96,589
Interest expense:
Repurchase agreements		26,966			31,950		35,128			38,451
Warehouse lines		-			-		-			-
Collateralized borrowings in securitization trusts		-			-		-			-
Total interest expense		26,966			31,950		35,128			38,451
Net interest margin		61,095			49,349		54,677			58,138
Other income (loss):
Servicing income		-			-		-			-
Management fee income		-			-		-			-
Net realized gain on sale of securities		2,107			237		(4,584	)		7,436
Net gain (loss) on mortgage loans		8			-		-			-
Net gain on mortgage servicing rights		-			-		-			-
Net gain (loss) on derivative instruments		(79,988	)		35,430		(55,260	)		(41,615	)
Net miscellaneous gains and losses		-			-		-			-
Total other income (loss)		(77,873	)		35,667		(59,844	)		(34,179	)
Expenses:
Management fee		4,112			4,122		4,144			4,154
Share-based compensation		1,020			890		842			860
Servicing expenses		-			-		-			-
General and administrative		3,941			2,113		2,324			2,147
Securitization deal costs		-			-		-			-
Total expenses		9,073			7,125		7,310			7,161
Net income (loss)		(25,851	)		77,891		(12,477	)		16,798
Dividends on preferred stock		5,481			5,480		5,481			5,480
Net income (loss) available to common shareholders	$	(31,332	)	$	72,411	$	(17,958	)	$	11,318
Earnings (loss) per share - common stock, basic	$	(0.32	)	$	0.75	$	(0.19	)	$	0.12
Earnings (loss) per share - common stock, diluted	$	(0.32	)	$	0.75	$	(0.19	)	$	0.12
Dividends per share of common stock	$	0.50		$	0.50	$	0.50		$	0.50
Weighted average common shares outstanding, basic		96,728,821			96,563,132		96,515,599			96,606,081
Weighted average common shares outstanding, diluted		96,728,821			96,563,132		96,515,599			96,606,081