Quarterly Results

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information [Text Block]

Quarterly Results (Unaudited)

The following is a presentation of the quarterly results of operations and comprehensive income for fiscal years 2012 and 2011 (in thousands, except per share data).

	Quarter Ended
	March 31, 2012			June 30,  2012			September 30, 2012			December 31, 2012
Interest income:
Interest income	$	514		$	504		$	520		$	570
Interest expense	106			120			139			147
Net interest income	408			384			381			423
Other income (loss):
Gain on sale of agency securities, net	216			417			210			353
Gain (loss) on derivative instruments and other securities, net	47			(1,029		)	(460		)	89
Total other income (loss), net	263			(612		)	(250		)	442
Expenses:
Management fees	22			28			32			31
General and administrative expenses	6			8			8			9
Total expenses	28			36			40			40
Income (loss) before income tax (benefit)	643			(264		)	91			825
Income tax provision (benefit), net	2			(3		)	5			15
Net income (loss)	641			(261		)	86			810
Dividend on preferred stock	—			3			3			3
Net income (loss) available (attributable) to common shareholders	$	641		$	(264	)	$	83		$	807
Net income (loss)	641			(261		)	86			810
Other comprehensive income:
Unrealized (loss) gain on available-for-sale securities, net	(106		)	689			1,190			(734		)
Unrealized gain on derivative instruments, net	52			52			51			50
Other comprehensive (loss) income	(54		)	741			1,241			(684		)
Comprehensive income	587			480			1,327			126
Dividend on preferred stock	—			3			3			3
Comprehensive income available to common shareholders	$	587		$	477		$	1,324		$	123
Weighted average number of common shares outstanding-basic and diluted	240.6			301.0			332.8			340.3
Net income (loss) per common share - basic and diluted	$	2.66		$	(0.88	)	$	0.25		$	2.37
Comprehensive income per common share - basic and diluted	$	2.44		$	1.58		$	3.98		$	0.36
Dividends declared per common share	$	1.25		$	1.25		$	1.25		$	1.25

	Quarter Ended
	March 31, 2011			June 30,  2011			September 30, 2011			December 31, 2011
Interest income:
Interest income	$	165		$	265		$	327		$	353
Interest expense	36			65			94			91
Net interest income	129			200			233			262
Other income (loss):
Gain on sale of agency securities, net	4			94			263			112
Gain (loss) on derivative instruments and other securities, net	12			(100		)	(222		)	(137		)
Total other income (loss), net	16			(6		)	41			(25		)
Expenses:
Management fees	8			12			16			18
General and administrative expenses	3			5			6			6
Total expenses	11			17			22			24
Income before taxes	134			177			252			213
Provision for income taxes	—			—			1			5
Net income	$	134		$	177		$	251		$	208
Other comprehensive income:
Unrealized (loss) gain on available-for-sale securities, net	(41		)	319			535			216
Unrealized gain (loss) on derivative instruments, net	61			(252		)	(513		)	54
Other comprehensive income	20			67			22			270
Comprehensive income	$	154		$	244		$	273		$	478
Weighted average number of common shares outstanding-basic and diluted	90.3			130.5			180.7			210.3
Net income per common share - basic and diluted	$	1.48		$	1.36		$	1.39		$	0.99
Comprehensive income per common share - basic and diluted	$	1.71		$	1.87		$	1.51		$	2.27
Dividends declared per common share	$	1.40		$	1.40		$	1.40		$	1.40