Mfa financial, inc. (MFA)
Income statement / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Interest Income:
Residential whole loans held at carrying value

72,255

64,226

57,879

49,620

39,133

29,524

17,935

14,329

9,987

9,000

8,500

8,700

7,805

5,917

5,758

4,436

4,219

4,033

4,193

3,591

2,886

1,197

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

MSR-related assets

14,415

15,274

12,338

10,620

8,171

6,407

6,219

7,623

6,997

7,194

5,905

4,734

2,100

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Agency MBS transferred to consolidated VIEs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38,601

38,868

-

40,812

43,280

44,410

43,128

46,405

37,275

26,755

-

-

-

-

-

-

Cash and cash equivalent investments

690

903

1,036

764

588

754

685

909

1,395

1,452

1,047

355

243

221

170

140

42

32

29

27

26

20

17

26

31

21

36

36

43

38

27

19

30

25

27

54

99

121

112

53

149

260

Other interest-earning assets

2,880

1,679

1,287

1,306

923

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest and Dividend Income, Operating

153,118

142,721

144,935

140,952

132,744

117,432

101,747

103,752

100,901

105,133

110,157

117,257

112,810

112,716

114,507

117,417

118,499

119,706

123,996

129,942

111,844

112,157

118,642

121,174

121,049

118,482

120,671

122,738

124,968

125,135

125,531

123,523

123,994

130,766

132,109

109,878

97,597

97,417

88,627

107,697

124,548

126,737

Interest Expense:
Repurchase agreements

71,111

74,240

75,890

70,809

62,506

50,881

46,234

45,717

44,903

46,303

46,802

48,339

47,859

46,158

45,574

45,395

44,182

41,331

40,223

41,182

35,890

35,935

36,690

36,729

38,700

37,113

33,397

34,675

37,128

39,317

36,252

36,070

35,226

34,924

34,535

33,054

34,556

35,464

35,741

38,451

-

-

Senior Notes and other interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,541

2,008

2,008

2,007

2,008

2,007

2,006

2,007

-

2,007

1,784

-

-

-

-

-

-

-

-

-

-

-

Other interest expense

11,352

11,583

9,154

8,217

8,438

7,997

5,576

4,837

3,592

2,972

2,220

2,010

2,009

2,009

2,146

2,205

2,274

2,372

2,626

2,758

-

1,415

1,871

2,185

2,719

2,830

3,075

3,476

3,920

4,477

4,652

4,057

3,585

3,828

2,660

1,599

-

-

-

-

-

-

Interest Expense

82,463

85,823

85,044

79,026

70,944

58,878

51,810

50,554

48,495

49,275

49,022

50,349

49,868

48,167

47,720

47,600

46,456

43,703

42,849

43,940

38,960

39,358

40,569

40,921

43,427

41,950

38,478

40,158

43,054

45,801

42,688

40,127

38,811

38,752

37,195

34,653

35,469

35,464

35,741

38,451

52,976

58,006

Net Interest Income

70,655

56,898

59,891

61,926

61,800

58,554

49,937

53,198

52,406

55,858

61,135

66,908

62,942

64,549

66,787

69,817

72,043

76,003

81,147

86,002

72,884

72,799

78,073

80,253

77,622

76,532

82,193

82,580

81,914

79,334

82,843

83,396

85,183

92,014

94,914

75,225

62,128

61,953

52,886

69,246

71,572

68,731

Total other-than-temporary impairment losses

-

-

-

-

-

-

-

-

-

-

0

63

-

1,255

0

0

0

0

130

395

0

0

0

0

-

-

-

-

0

0

0

879

-

14,913

637

-

-

-

3,370

-

-

76,586

Portion of loss reclassed from other comprehensive income

-

-

-

-

-

-

-

-

-

-

618

351

-

-770

0

0

0

0

168

12

0

0

0

0

-

-

-

-

0

0

280

41

-

-10,922

-1,755

-

-

-

-2,042

-

-

69,126

OTTI recognized in earnings

-

-

-

-

-

-

-

-

-

-

618

414

-

485

0

0

0

0

298

407

0

0

0

0

-

-

-

-

0

0

280

920

-

3,991

2,392

-

-

-

5,412

-

-

7,460

Other Income, net:
Net gain on residential whole loans measured at fair value through earnings

41,415

40,175

51,473

25,267

31,736

34,942

32,443

38,498

41,358

18,679

16,208

13,800

14,876

19,639

15,742

12,348

8,752

5,565

3,224

2,034

116

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized gain on sales of residential mortgage securities

11,975

17,708

7,710

24,609

28,646

16,415

7,429

8,817

9,047

14,933

5,889

9,708

9,768

7,083

9,241

9,745

9,652

11,196

7,617

6,435

12,194

13,880

7,852

3,571

6,147

13,680

4,365

1,633

1,769

4,279

0

2,953

-

-

-

-

-

-

-

-

-

-

Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings

-1,021

-571

0

8,672

-25,039

-8,545

-2,351

-880

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss on Swaps not designated as hedges for accounting purposes

767

-929

-7,394

-8,944

-13,965

4,002

353

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,724

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized net gains and net interest income from Linked Transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,506

2,559

3,776

3,251

1,440

544

-295

1,536

1,166

3,177

568

7,699

-6,955

733

-5,613

14,850

12,458

21,307

7,197

12,800

-

-

Other, net

2,261

6,046

5,073

1,565

-428

1,545

3,132

1,225

-14,188

-4,515

14,847

4,512

-12,692

7,179

2,047

619

-2,684

-259

-678

311

-266

54

708

-416

54

55

55

55

-

1

1

-

-

-898

12

-

-

-

-

-

-

-1

Gains on MBS Forwards, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

754

-

Gain on sales of MBS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,196

-

-

0

0

0

33,739

-

13,495

Revenue from operations of real estate held-for-sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

420

390

375

381

364

369

357

374

378

384

Loss on termination of repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

26,815

-

-

Other Income, net

55,397

62,429

56,862

51,169

20,950

48,359

41,006

47,660

63,953

29,097

36,944

27,993

24,914

33,901

27,030

22,712

15,720

16,502

10,163

8,780

19,550

16,493

12,336

6,406

8,848

5,555

4,125

3,224

2,943

7,457

569

10,652

-3,599

4,421

-5,226

15,231

12,822

21,676

7,554

20,098

1,132

13,878

Operating and Other Expense:
Compensation and benefits

7,920

7,920

7,841

8,554

7,769

6,868

7,038

6,748

5,415

10,892

7,573

7,793

7,774

7,078

7,022

7,407

6,534

6,482

6,531

6,746

7,203

5,970

5,901

6,507

4,477

5,294

5,284

5,273

5,337

5,984

5,156

5,612

3,368

5,477

4,991

5,123

3,565

4,106

4,053

4,368

3,710

3,612

Other general and administrative expense

4,812

5,022

5,934

4,645

4,084

4,155

5,582

3,832

3,900

4,081

5,754

4,225

3,823

3,709

4,881

3,918

4,079

3,538

4,678

3,457

3,288

3,831

4,081

3,964

3,186

3,434

3,561

3,180

2,801

2,666

3,210

2,803

3,269

3,031

2,789

2,161

2,576

2,003

2,139

1,853

1,713

1,978

Loan servicing and other related operating expenses

12,699

10,786

9,938

11,039

10,018

8,758

7,928

6,883

7,483

6,177

4,199

4,409

4,107

4,167

2,964

3,134

3,678

2,975

1,732

1,999

2,248

609

526

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excise tax and interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,175

-

-

0

2,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

Impairment of resecuritization related costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,031

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Real estate held-for-sale operating expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

196

237

230

307

363

306

546

446

444

453

Costs and Expenses

25,431

23,728

23,713

24,238

21,871

19,781

20,548

17,463

16,798

21,150

17,526

16,427

15,704

14,954

14,867

14,459

14,291

12,995

12,941

12,202

12,726

10,410

11,683

10,471

7,913

10,759

10,845

8,453

15,638

8,650

8,366

8,415

6,833

8,745

8,010

7,591

6,504

6,415

6,738

6,667

5,867

6,043

Net Income (Loss) Attributable to Parent

100,621

95,599

93,040

88,857

60,879

87,132

70,395

83,395

100,593

63,805

79,935

78,060

72,637

83,011

78,950

78,070

73,472

79,510

78,071

82,173

79,708

78,882

78,726

76,188

78,557

71,328

75,473

77,351

69,219

78,141

74,766

84,713

70,564

83,699

79,286

82,865

61,581

77,214

48,290

82,677

66,837

69,106

Preferred Stock Dividends, Income Statement Impact

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

4,210

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

2,040

Net Income Available to Common Stock and Participating Securities

96,871

91,849

89,290

85,107

57,129

83,382

66,645

79,645

96,843

60,055

76,185

74,310

68,887

79,261

75,200

74,320

69,722

75,760

74,321

78,423

75,958

75,132

74,976

72,438

74,807

67,578

67,316

75,311

67,179

76,101

72,726

82,673

68,524

81,659

77,246

80,825

59,541

75,174

46,250

80,637

64,797

67,066

Less Issuance Costs of Redeemed Preferred Stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,947

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

Earnings Per Share, Basic and Diluted

-

-

-

0.19

-

-

-

0.20

-

0.15

0.20

0.20

0.19

0.21

0.20

0.20

0.19

0.20

0.20

0.21

0.21

0.20

0.20

0.20

0.19

0.19

0.19

0.21

0.19

0.21

0.20

0.23

0.18

0.23

0.22

0.27

-

0.27

-

-

-

-

Basic Earnings per Common Share (in dollars per share)

-

0.20

0.20

-

-

0.19

0.17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.16

0.29

0.25

0.30

Diluted Earnings per Common Share (in dollars per share)

-

0.20

0.20

-

-

0.19

0.17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.16

0.29

0.25

0.30

Dividends Declared per Share of Common Stock (in dollars per share)

-

-

-

-

-

-

-

-

-

0.20

0.20

0.20

-

0.20

0.20

0.20

-

0.20

0.20

0.20

-

0.20

0.20

0.20

-

0.50

0.22

0.72

-

0.21

0.23

0.24

-

0.25

0.25

0.23

-

0.19

0.24

0.00

0.25

0.22

Agency MBS
Interest Income, Securities, Mortgage Backed

10,380

11,806

15,274

18,441

19,508

14,332

13,170

15,293

15,341

15,533

16,587

17,894

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38,037

42,787

-

47,198

49,550

53,300

55,880

59,957

65,982

60,175

57,003

60,390

54,530

78,679

-

-

Non-Agency MBS
Interest Income, Securities, Mortgage Backed

-

44,582

-

-

-

58,667

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

43,997

41,047

-

37,087

32,674

25,794

24,956

24,379

28,825

22,894

27,214

36,906

33,985

28,965

-

-

CRT securities
Interest Income, Securities, Mortgage Backed

3,038

4,251

5,094

6,200

7,437

7,748

8,695

9,496

8,817

8,676

7,846

6,376

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124,399

126,477