CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Interest income: | ||||
| Residential mortgage investments | $ 49,845 | $ 49,485 | $ 162,654 | $ 158,471 |
| Other | 174 | 88 | 494 | 281 |
| Interest income | 50,019 | 49,573 | 163,148 | 158,752 |
| Interest expense: | ||||
| Secured borrowings | (26,636) | (22,272) | (80,232) | (61,584) |
| Unsecured borrowings | (1,970) | (2,122) | (5,923) | (6,367) |
| Interest expense | (28,606) | (24,394) | (86,155) | (67,951) |
| Net interest income (expense) | 21,413 | 25,179 | 76,993 | 90,801 |
| Other revenue (expense): | ||||
| Compensation-related expense | (1,299) | (3,064) | (6,565) | (7,573) |
| Separation of service charge | (2,740) | 0 | (2,740) | 0 |
| Other general and administrative expense | (1,239) | (1,309) | (3,565) | (3,628) |
| Miscellaneous other revenue | 305 | 261 | 1,300 | 368 |
| Operating expenses | (4,973) | (4,112) | (11,570) | (10,833) |
| Net income | 16,440 | 21,067 | 65,423 | 79,968 |
| Net income available to common stockholders: | ||||
| Net income | 16,440 | 21,067 | 65,423 | 79,968 |
| Less preferred stock dividends | (3,846) | (3,809) | (11,515) | (11,339) |
| Net income available to common stockholders | $ 12,594 | $ 17,258 | $ 53,908 | $ 68,629 |
| Net income per common share: | ||||
| Basic and diluted (in dollars per share) | $ 0.13 | $ 0.18 | $ 0.56 | $ 0.72 |
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 95,678 | 95,530 | 95,647 | 95,500 |
| Diluted (in shares) | 95,866 | 95,721 | 95,799 | 95,695 |
| Cash dividends declared per share: | ||||
| Common (in dollars per share) | $ 0.23 | $ 0.26 | $ 0.72 | $ 0.88 |
| Series E Preferred [Member] | ||||
| Cash dividends declared per share: | ||||
| Series E preferred (in dollars per share) | $ 0.47 | $ 0.47 | $ 1.41 | $ 1.41 |