XML 70 R52.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data - Unaudited (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
 
Three Months Ended
(In Thousands, except Share Data)
December 31,
 
September 30,
 
June 30,
 
March 31,
2016
 
 
 
 
 
 
 
Operating results:
 
 
 
 
 
 
 
Interest income (1)
$
56,334

 
$
60,906

 
$
66,787

 
$
62,328

Interest expense
(20,537
)
 
(21,597
)
 
(22,444
)
 
(23,950
)
Net interest income
35,797

 
39,309

 
44,343

 
38,378

Reversal of (provision for) loan losses (2)
—

 
859

 
6,532

 
(289
)
Non-interest income (3)
9,763

 
33,712

 
10,888

 
4,454

Operating expenses (4)
(17,824
)
 
(20,355
)
 
(20,155
)
 
(30,452
)
Net income
25,355

 
52,553

 
41,281

 
12,063

Per share data:
 
 
 
 
 
 
 
Net income – basic
$
0.32

 
$
0.67

 
$
0.52

 
$
0.15

Net income – diluted
0.31

 
0.58

 
0.48

 
0.15

Regular dividends declared per common share
0.28

 
0.28

 
0.28

 
0.28

2015
 
 
 
 
 
 
 
Operating results:
 
 
 
 
 
 
 
Interest income (5)
$
68,829

 
$
63,484

 
$
63,373

 
$
63,746

Interest expense
(25,039
)
 
(23,875
)
 
(23,008
)
 
(23,961
)
Net interest income
43,790

 
39,609

 
40,365

 
39,785

Non-interest income
19,593

 
(3,412
)
 
14,104

 
(5,031
)
Operating expenses
(22,638
)
 
(24,497
)
 
(25,218
)
 
(25,063
)
Net income
41,059

 
19,164

 
27,064

 
14,801

Per share data:
 
 
 
 
 
 
 
Net income – basic
$
0.49

 
$
0.22

 
$
0.31

 
$
0.17

Net income – diluted
0.46

 
0.22

 
0.31

 
0.16

Regular dividends declared per common share
0.28

 
0.28

 
0.28

 
0.28


(1)
Interest income for the three-month periods ended December 31, 2016, September 30, 2016, and June 30, 2016, included $1 million, $1 million, and $5 million, respectively, of yield maintenance fees from commercial loans that prepaid during the quarters.
(2)
During the second quarter of 2016, we recorded a reversal of provision for loan losses of $7 million as a result of the transfer of most of our commercial mezzanine loans from held-for-investment to held-for sale.
(3)
Non-interest income for the three-month periods ended December 31, 2016 and September 30, 2016 included $1 million and $5 million, respectively, of realized gains from the sale of the majority of our commercial mezzanine loan portfolio.
(4)
During the first quarter of 2016, we recorded restructuring charges totaling $10 million associated with the restructuring of our conforming and commercial mortgage banking operations.
(5)
Interest income for both three-month periods ended December 31, 2015 and June 30, 2015 included $2 million of yield maintenance fees from commercial loans that prepaid during the quarters.