EX-5.0 2 d88804ex5-0.txt SELECTED FINANCIAL DATA 1 EXHIBIT 5.0 TO FORM 8-K SELECTED FINANCIAL DATA (In thousands, except percentages and per share amounts) (Unaudited)
QUARTER ENDED MARCH 31 ------------------------------ 2001 2000 ----------- ----------- SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA: Interest income $ 143,327 $ 142,829 Interest and related expense 121,105 130,214 ----------- ----------- Net margin on mortgage assets and other investments 22,222 12,615 Other operating revenue (expense) 2,427 (945) ----------- ----------- Net income (loss) $ 24,649 $ 11,670 =========== =========== Net income (loss) per common share:* Basic $ 1.49 $ 0.44 Diluted 1.39 0.44 Return on average stockholders' equity and preferred stock subject to repurchase 13.38% 6.96% Cash dividends paid per share:* Common $ 0.980 $ 0.440 $1.60 Series A Preferred 0.400 0.400 $1.26 Series B Preferred 0.315 0.315 $0.56 Series C Preferred -- 0.140 $0.40 Series D Preferred -- 0.100 Average number of common shares outstanding:* Basic 12,557 12,159 Diluted 14,185 13,508 SELECTED CONSOLIDATED BALANCE SHEET DATA: Mortgage securities and other investments $ 4,682,937 $ 5,339,935 CMO collateral and investments 3,020,161 3,455,238 Total assets 7,787,070 8,853,267 Borrowings under repurchase arrangements 4,168,018 4,855,340 Collateralized mortgage obligations 2,998,224 3,427,653 Preferred stock subject to repurchase 25,210 50,458 Stockholders' equity 578,014 501,716
NOTE: THE SELECTED FINANCIAL DATA DOES NOT REFLECT THE JUNE 29, 2001 PAYMENT OF A $7.30 (PRE-REVERSE SPLIT) SPECIAL COMMON DIVIDEND RESULTING IN THE REDUCTION OF STOCKHOLDERS' EQUITY OF APPROXIMATELY $201 MILLION. * AMOUNTS HAVE BEEN ADJUSTED FOR 1-FOR-2 REVERSE COMMON STOCK SPLITS EFFECTIVE JULY 2, 2001 AND MAY 8, 2000. 2 SELECTED FINANCIAL DATA (In thousands, except percentages and per share amounts) (Unaudited)
YEAR ENDED DECEMBER 31 ----------------------------------------------------------------------------- 2000 1999 1998 1997 1996 ----------- ----------- ----------- ----------- ----------- SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA: Interest income $ 586,585 $ 563,159 $ 667,198 $ 694,259 $ 662,964 Interest and related expense 542,150 504,947 659,575 616,287 589,606 ----------- ----------- ----------- ----------- ----------- Net margin on mortgage assets and other investments 44,435 58,212 7,623 77,972 73,358 Net margin on mortgage banking operations* -- -- 11,821 59,422 49,122 Other operating revenue (expense)** (95,921) (303) (254,208) 22,532 4,748 ----------- ----------- ----------- ----------- ----------- Net income (loss) $ (51,486) $ 57,909 $ (234,764) $ 159,926 $ 127,228 =========== =========== =========== =========== =========== Net income (loss) per common share:*** Basic $ (6.59) $ 2.42 $ (16.87) $ 10.49 $ 9.48 Diluted (6.59) 2.42 (16.87) 9.40 8.28 Return on average stockholders' equity and preferred stock subject to repurchase (8.72)% 8.56% (28.83)% 19.12% 18.41% Cash dividends paid per share:*** Common $ 1.42 $ 2.40 $ 4.00 $ 9.60 $ 8.46 $1.60 Series A Preferred 1.60 1.60 1.60 1.60 1.60 $1.26 Series B Preferred 1.26 1.26 1.26 1.26 1.26 $0.56 Series C Preferred 0.56 0.03 -- -- -- $0.40 Series D Preferred 0.30 0.02 -- -- -- Average number of common shares outstanding:*** Basic 11,487 14,587 15,237 12,814 9,579 Diluted 11,487 14,761 15,237 17,006 15,375 SELECTED CONSOLIDATED BALANCE SHEET DATA: Mortgage securities and other investments $ 5,394,459 $ 5,408,714 $ 2,369,602 $ 6,114,130 $ 4,840,417 CMO collateral and investments 3,126,878 3,318,886 4,571,274 5,195,436 4,501,646 Mortgage servicing rights* -- -- -- 669,062 626,094 Total assets 8,610,497 8,807,039 7,100,287 12,357,515 10,157,338 Borrowings under repurchase arrangements 4,904,632 4,872,392 1,839,868 7,099,706 5,462,856 Collateralized mortgage obligations 3,103,874 3,289,584 4,521,324 4,309,455 3,861,892 Preferred stock subject to repurchase 25,210 50,584 -- -- -- Stockholders' equity 545,669 563,806 680,201 888,608 726,869
NOTE: THE SELECTED FINANCIAL DATA DOES NOT REFLECT THE JUNE 29, 2001 PAYMENT OF A $7.30 (PRE-REVERSE SPLIT) SPECIAL COMMON DIVIDEND RESULTING IN THE REDUCTION OF STOCKHOLDERS' EQUITY OF APPROXIMATELY $201 MILLION. * THE MORTGAGE BANKING OPERATIONS, INCLUDING RELATED MORTGAGE SERVICING RIGHTS, WERE SOLD IN DECEMBER 1998. ** INCLUDES LOSSES ON THE SALE OF MORTGAGE ASSETS INCURRED DURING THE SECOND QUARTER OF 2000 WITH THE MODIFICATION OF THE COMPANY'S INVESTMENT STRATEGY TO FOCUS ON SHORT MATURITY AND ADJUSTABLE-RATE MORTGAGE ASSETS. RESULTS IN 1998 INCLUDE LOSSES FROM THE SALE OF MORTGAGE ASSETS, PRINCIPALLY INTEREST-ONLY MORTGAGE SECURITIES. *** AMOUNTS HAVE BEEN ADJUSTED FOR 1-FOR-2 REVERSE COMMON STOCK SPLITS EFFECTIVE JULY 2, 2001 AND MAY 8, 2000.