XML 33 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS (UNAUDITED)

NOTE 13 — QUARTERLY RESULTS (UNAUDITED)

Summarized quarterly results of operations were as follows (in thousands, except per share amounts).

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Year Ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

   (before investment premium amortization)

 

$

85,511

 

 

$

86,361

 

 

$

85,921

 

 

$

84,985

 

Investment premium amortization

 

 

(26,011

)

 

 

(33,052

)

 

 

(36,076

)

 

 

(34,945

)

Related interest expense

 

 

(26,582

)

 

 

(27,014

)

 

 

(26,636

)

 

 

(27,421

)

 

 

 

32,918

 

 

 

26,295

 

 

 

23,209

 

 

 

22,619

 

Other interest income (expense) *

 

 

(1,785

)

 

 

(1,848

)

 

 

(1,796

)

 

 

(1,767

)

Other revenue (expense) **

 

 

(3,780

)

 

 

(2,817

)

 

 

(4,973

)

 

 

(3,402

)

Net income

 

$

27,353

 

 

$

21,630

 

 

$

16,440

 

 

$

17,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.25

 

 

$

0.19

 

 

$

0.13

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

   (before investment premium amortization)

 

$

83,723

 

 

$

83,398

 

 

$

83,808

 

 

$

86,250

 

Investment premium amortization

 

 

(25,078

)

 

 

(33,057

)

 

 

(34,323

)

 

 

(28,732

)

Related interest expense

 

 

(19,214

)

 

 

(20,098

)

 

 

(22,272

)

 

 

(23,937

)

 

 

 

39,431

 

 

 

30,243

 

 

 

27,213

 

 

 

33,581

 

Other interest income (expense) *

 

 

(2,029

)

 

 

(2,023

)

 

 

(2,034

)

 

 

(2,027

)

Other revenue (expense) **

 

 

(3,445

)

 

 

(3,276

)

 

 

(4,112

)

 

 

(3,197

)

Net income

 

$

33,957

 

 

$

24,944

 

 

$

21,067

 

 

$

28,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.32

 

 

$

0.22

 

 

$

0.18

 

 

$

0.26

 

 

*

Consists principally of interest on unsecured borrowings.

**

Consists of general and administrative expenses, including compensation-related costs, and miscellaneous other revenue (expense).  The third and fourth quarters of 2016 also include separation of service charges of $2.7 million and $225,000, respectively, associated with the resignation of the Company’s former CEO.