TWO HARBORS INVESTMENT CORP. TWO Income Statement

Two harbors investment corp. (TWO)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Interest income:
Available-for-sale securities
248,684	230,567	242,023	253,807	235,886	242,535	230,607	183,467	190,716	182,712	163,904	149,910	135,327	121,717	111,393	101,512	79,428	88,543	116,318	118,129	135,525	131,694	123,056	127,605	123,913	120,934	121,303	134,651	130,292	135,466	124,621	104,319	84,214	71,713	65,919	39,959	19,535	12,780	11,823	9,088	6,153
Trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	3,981	4,695	4,739	4,308	1,940	1,926	1,929	1,509	1,261	1,264	1,295	1,278	1,250	1,050	1,376	1,706	805	272	155	15	0	0
Commercial real estate assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,907	13,300	11,072	-	1,947	850	44	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Residential mortgage loans held-for-investment in securitization trusts
-	-	-	-	-	-	-	-	-	10,567	29,865	30,826	31,628	33,228	33,495	34,499	32,771	30,832	24,841	21,830	18,237	16,040	9,526	7,761	7,893	7,548	5,649	4,369	1,654	0	0	0	0	-	-	-	-	-	-	-	-
Residential mortgage loans held-for-sale
-	-	-	-	-	-	-	-	-	-	479	503	398	-	7,627	4,960	7,202	7,698	9,479	7,518	4,271	3,536	5,268	2,699	4,586	6,776	9,297	4,794	1,318	247	167	126	69	2	0	0	0	0	0	0	0
Other
6,823	7,871	7,717	7,222	9,597	9,420	6,091	3,893	3,303	3,206	1,841	3,502	1,801	25,802	440	505	290	315	249	221	197	211	145	144	217	270	216	250	307	324	243	209	168	106	114	64	63	37	27	37	6
Total interest income
255,507	238,438	249,740	261,029	245,483	251,955	236,698	187,360	194,019	195,105	196,089	184,741	169,154	120,679	168,862	154,776	130,763	124,547	152,834	152,529	162,969	156,220	142,303	140,149	138,535	137,457	137,974	145,325	134,835	137,332	126,309	105,904	85,501	-	-	-	-	-	-	-	-
Total interest income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	137,332	-	-	-	73,197	67,739	40,828	19,870	12,972	11,865	9,125	6,159
Interest expense:
Repurchase agreements
152,605	152,919	176,450	177,351	147,560	146,702	138,343	97,812	86,580	74,674	59,694	43,806	32,256	23,068	27,056	22,697	16,029	14,455	18,235	19,398	20,565	19,493	17,509	18,603	20,572	22,097	21,802	22,553	23,018	24,369	20,743	15,527	11,467	-	-	-	-	-	-	-	-
Collateralized borrowings in securitization trusts
-	-	-	-	-	-	-	-	-	8,374	23,970	24,843	25,386	26,764	26,422	25,184	19,359	17,815	15,562	13,131	10,708	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Federal Home Loan Bank advances
1,592	514	391	3,941	6,074	5,762	5,301	4,896	4,458	6,357	10,317	11,444	8,793	7,297	6,744	6,088	5,972	3,909	3,282	2,500	2,230	2,074	1,531	755	153	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Revolving credit facilities
3,531	4,038	3,964	6,196	5,156	5,044	3,973	999	804	614	701	597	429	476	128	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Term notes payable
4,804	5,002	5,475	231	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Convertible senior notes
4,776	4,811	4,797	4,724	4,735	4,793	4,779	4,707	4,718	4,776	4,745	4,591	3,821	0	0	0	0	-	-	-	-	-	5,678	5,592	5,353	-	3,125	2,169	818	0	0	0	0	-	-	-	-	-	-	-	-
Total interest expense
167,308	167,284	191,077	192,443	163,525	162,301	152,396	108,414	96,560	94,795	99,427	85,281	70,685	57,605	60,350	53,969	41,360	36,179	37,079	35,029	33,503	31,704	24,718	24,950	26,078	26,922	24,927	24,722	23,836	24,369	20,743	15,527	11,467	9,129	7,218	3,863	2,499	1,644	1,396	863	518
Net interest income
88,199	71,154	58,663	68,586	81,958	89,654	84,302	78,946	97,459	100,310	96,662	99,460	98,469	63,074	108,512	100,807	89,403	88,368	115,755	117,500	129,466	124,516	117,585	115,199	112,457	110,535	113,047	120,603	110,999	112,963	105,566	90,377	74,034	64,068	60,521	36,965	17,371	11,328	10,469	8,262	5,641
Other-than-temporary impairments:
Total other-than-temporary impairment losses
0	3,308	5,950	4,848	206	101	95	174	100	360	0	429	0	-22	1,015	90	717	0	238	170	127	180	0	0	212	0	0	1,426	236	1,642	559	4,476	4,275	1,437	3,371	294	0	0	0	0	0
Non-credit portion of loss recognized in other comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net other-than-temporary credit impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	170	127	-	0	0	212	0	0	1,426	236	1,642	559	4,476	4,275	1,437	3,371	294	0	0	0	0	0
Other income (loss):
Loss on investment securities
-1,081,607	28,141	248,828	22,441	-19,292	-245,763	-42,996	-31,882	-20,671	-19,210	5,618	31,249	-52,352	-173,469	28,290	8,331	29,474	99,867	64,123	69,932	129,457	28,697	59,471	37,688	-38,655	97,850	-230,111	50,863	26,968	108,219	2,527	1,789	9,931	360	31,432	3,189	1,539	1,519	2,577	834	1,197
Servicing income
130,797	127,690	126,025	130,949	116,948	104,623	89,618	77,665	71,190	60,597	57,387	51,308	39,773	34,922	38,708	35,816	34,133	32,785	32,010	30,516	32,087	31,587	32,264	33,868	30,441	10,777	989	245	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on servicing asset
-586,665	-21,739	-234,514	-252,432	-188,974	-171,284	20,591	9,853	71,807	-593	-29,245	-46,630	-14,565	127,895	-33,451	-76,535	-101,440	-3,267	-61,549	17,635	-52,403	-55,346	-10,711	-29,571	-32,760	13,065	861	-45	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on interest rate swap, cap and swaption agreements
-250,596	-6,875	70,620	-88,775	-83,259	-239,492	75,857	29,133	150,545	57,237	-207	-76,710	9,927	177,979	5,584	-12,708	-125,484	42,526	-171,656	44,952	-126,443	-152,619	28,519	-116,019	-105,528	21,841	-55,410	259,826	18,972	-6,096	-76,472	-61,014	-16,193	1,411	-39,311	-50,808	1,939	3,693	-4,436	-4,054	-1,547
(Loss) gain on other derivative instruments
-133,468	-10,800	85,856	80,664	104,278	-39,122	-31,463	7,675	8,053	-3,831	-18,924	-19,540	-27,864	143,443	-12,028	-48,051	16,015	-2,077	-455	-5,484	2,967	-5,184	6,056	-24,202	5,801	29,290	20,434	62,283	-16,662	-27,276	2,850	-7,577	-8,903	-10,719	22,361	9,766	5,347	2,959	3,098	153	946
Gain on residential mortgage loans held-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-889	7,734	10,803	-4,015	16,040	-6,832	9,092	11,064	-2,387	11,801	-3,181	-8,584	-4,443	-35,142	14,323	1,679	613	10	-32	0	0	0	0	0	0	0	0
Other income
798	60	495	-341	123	342	907	730	1,058	9,088	8,431	3,126	9,496	10,941	5,757	-9,561	2,827	-5,706	2,201	-16,609	-1,857	-1,409	-1,515	21,003	460	-2,218	8,938	1,610	6,289	-	0	0	-	-	-	-	-	-	-	-	-
Total other loss
-1,920,741	116,477	297,310	-107,494	-70,176	-590,696	112,514	93,174	281,982	103,288	23,060	-57,197	-35,585	304,063	31,971	-94,974	-133,672	160,113	-119,286	134,110	-7,100	-143,210	111,697	-65,432	-143,422	162,021	-258,742	339,640	49,890	76,526	-70,482	-66,792	-15,197	-8,948	14,482	-37,853	8,825	8,171	1,239	-3,067	596
Gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Expenses:
Management fees
14,550	17,620	16,800	13,600	12,082	12,113	-5,041	11,500	11,700	10,671	10,146	9,847	9,808	3,993	11,387	11,837	12,044	11,092	12,617	12,686	12,721	12,244	12,258	12,190	12,111	12,319	12,036	12,591	4,761	9,886	8,929	7,610	6,743	5,178	4,785	2,728	1,550	921	863	748	457
Servicing expenses
19,905	20,253	17,696	16,746	19,912	18,610	16,433	11,539	14,554	10,135	8,560	11,296	5,298	7,609	9,073	7,576	7,861	8,179	7,234	5,899	6,716	1,330	12,513	6,857	5,225	2,561	862	307	31	-	-	-	-	-	-	-	-	-	-	-	-
Securitization deal costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-89	2,080	429	3,732	1,200	2,676	2,484	2,611	1,283	3,355	0	0	0	2,125	0	2,028	0	0	0	0	-	-	-	-	-	-	-	-
Other operating expenses
15,797	14,142	13,344	14,013	15,556	15,943	17,033	15,515	14,492	9,787	13,138	17,471	13,764	9,325	14,780	17,644	14,856	8,732	16,150	15,827	16,055	14,950	12,424	14,323	14,534	12,395	9,155	9,179	6,530	6,255	3,954	3,919	3,550	3,156	2,850	2,155	1,512	1,246	1,213	1,132	987
Acquisition transaction costs
-	-	0	-	-	-	86,703	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring charges
-	-	0	-	-	-	8,238	-	-	-	0	-	-	-	1,189	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total expenses
50,252	51,941	47,879	44,394	47,550	46,705	123,366	38,507	40,754	30,593	31,844	38,614	28,870	22,639	38,509	37,486	38,493	29,203	38,677	36,896	38,103	29,807	40,550	33,370	31,870	27,275	24,178	22,077	13,350	16,141	12,883	11,529	10,293	8,334	7,635	4,883	3,062	2,167	2,076	1,880	1,444
Loss before income taxes
-1,882,794	132,382	302,144	-88,150	-35,974	-547,854	73,355	133,439	338,593	172,645	87,878	3,220	34,014	344,498	100,959	-31,743	-83,479	219,278	-42,446	214,544	84,136	-48,681	188,732	16,397	-63,047	245,281	-169,873	436,740	147,303	171,706	21,642	7,580	44,269	45,349	63,997	-6,065	23,134	17,332	9,632	3,315	4,793
Benefit from income taxes
-13,138	-2,321	-3,600	2,400	-10,039	6,723	37,400	-6,100	3,800	10,618	-5,342	8,759	-24,517	38,452	-16,827	-14,762	5,451	8,710	-7,656	-6,957	-10,657	-11,718	-4,858	-23,260	-33,902	6,602	23,726	49,119	4,964	-10,203	-7,834	-16,605	-7,577	-6,170	9,388	-5,081	757	872	-246	-774	-535
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-	-	-	-	-	-	-	-	-	162,027	93,220	-5,539	58,531	-	-	-	-	-	-	-	-	-	-	-	-	238,679	-193,599	387,621	142,339	181,909	29,476	24,185	51,846	51,519	54,609	-984	22,377	16,460	9,878	4,089	5,328
Income from discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	4,977	11,518	14,197	13,454	-	-	-	-	-	-	-	-	-	-	-	-	735	871	1,016	1,377	7,391	-2,674	-181	-46	-89	0	0	0	0	0	0	0
Net loss
-1,869,656	134,754	305,700	-90,557	-25,935	-554,535	35,946	139,490	334,809	167,004	104,738	8,658	71,985	-	117,786	-16,981	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	2,674	40	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Parent
-	-	-	-	-	-	-	-	-	-	102,064	8,618	-	-	117,786	-16,981	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends on preferred stock
18,950	18,950	18,951	18,950	18,950	18,950	18,951	13,747	13,747	11,949	8,888	4,285	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss attributable to common stockholders
-1,888,606	115,804	286,749	-109,507	-44,885	-573,485	16,995	125,743	321,062	153,955	93,176	4,333	71,985	341,403	117,786	-16,981	-88,930	210,706	-34,790	221,501	94,793	-36,963	193,590	39,657	-29,145	239,414	-192,728	388,637	143,716	189,300	26,802	24,004	51,800	51,430	54,609	-984	22,377	16,460	9,878	4,089	5,328
Basic and diluted earnings (loss) per weighted average common share (in usd per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.05	-0.25	-	-0.09	0.60	0.26	-0.10	0.53	0.11	-0.08	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic earnings (loss) per weighted average common share:
Continuing operations
-	-	-	-	-	-	-	-	-	0.87	0.48	-0.06	0.33	-	-	-	-	-	-	-	-	-	-	-	-	0.64	-0.53	1.06	0.47	0.62	0.11	0.11	0.28	0.37	0.42	-0.01	0.49	0.60	0.38	0.18	0.40
Discontinued operations
-	-	-	-	-	-	-	-	-	0.02	0.05	0.08	0.08	-	-	-	-	-	-	-	-	-	-	-	-	0.01	0.00	0.00	0.00	0.02	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Basic loss per weighted average common share (in usd per share)
-6.91	0.46	1.05	-0.40	-0.18	-3.16	0.08	0.72	1.83	0.89	0.53	0.02	0.41	-	0.68	-	-	-	-	-	-	-	-	-	-	0.65	-0.53	1.06	0.47	0.64	0.10	0.11	0.28	0.37	0.42	-0.01	0.49	0.60	0.38	0.18	0.40
Diluted earnings (loss) per weighted average common share:
Continuing operations
-	-	-	-	-	-	-	-	-	0.86	0.47	-0.06	0.33	-	-	-	-	-	-	-	-	-	-	-	-	0.64	-0.53	1.06	0.47	0.61	0.11	0.11	0.28	0.37	0.42	-0.01	0.49	0.60	0.38	0.18	0.40
Discontinued operations
-	-	-	-	-	-	-	-	-	0.00	0.05	0.08	0.08	-	-	-	-	-	-	-	-	-	-	-	-	0.01	0.00	0.00	0.00	0.03	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Diluted loss per weighted average common share (in usd per share)
-6.91	0.51	1.00	-0.40	-0.18	-2.98	0.08	0.68	1.69	0.86	0.52	0.02	0.41	-	0.68	-	-	-	-	-	-	-	-	-	-	0.65	-0.53	1.06	0.47	0.64	0.10	0.11	0.28	0.37	0.42	-0.01	0.49	0.60	0.38	0.18	0.40
Dividends declared per common share (in usd per share)
0.00	-	0.40	0.40	0.47	-	0.47	0.47	0.47	-	0.52	0.52	0.50	-	0.46	0.23	0.23	-	0.26	0.26	0.26	-	0.26	0.26	0.26	-	0.28	0.31	0.32	0.55	0.36	0.40	0.40	0.40	0.40	0.40	0.40	0.40	0.39	0.33	0.36
Basic and diluted weighted average number of shares of common stock outstanding (in shares)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	347,597	349,436	-	367,365	367,074	366,507	366,238	366,118	366,078	365,611	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average basic common shares outstanding (in shares)
273,392	273,188	272,897	272,863	252,357	249,084	224,399	175,451	175,145	174,492	174,488	174,473	174,281	-	173,813	-	-	-	-	-	-	-	-	-	-	365,515	365,057	365,589	305,284	295,492	270,005	214,810	186,855	140,592	130,607	77,101	45,612	27,532	26,126	22,466	13,401
Weighted average diluted common shares outstanding (in shares)
273,392	255,032	291,053	272,863	252,357	213,651	224,399	193,212	192,818	214,870	188,907	174,473	174,281	-	173,813	-	-	-	-	-	-	-	-	-	-	365,781	365,166	366,057	306,963	296,229	270,937	214,810	186,855	140,592	130,607	77,101	45,612	27,532	26,126	22,466	13,401
Comprehensive (loss) income:
Net income (loss)
-1,888,606	115,804	286,749	-109,507	-44,885	-573,485	16,995	125,743	321,062	153,955	93,176	4,333	71,985	341,403	117,786	-16,981	-88,930	210,706	-34,790	221,501	94,793	-36,963	193,590	39,657	-29,145	239,414	-192,728	388,637	143,716	189,300	26,802	24,004	51,800	51,430	54,609	-984	22,377	16,460	9,878	4,089	5,328
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities
-198,070	-58,954	-29,164	310,549	356,152	265,546	-119,796	-34,887	-344,777	-88,237	68,433	81,628	73,762	-339,216	18,746	139,291	21,345	-213,940	-58,031	-218,826	-5,931	79,141	-40,982	191,160	181,735	-68,039	246,777	-534,713	104,252	-3,938	497,598	117,604	143,910	-	-	-	-	-	-	-	-
Other comprehensive (loss) income
-198,070	-58,954	-29,164	310,549	356,152	265,546	-119,796	-34,887	-344,777	-88,237	68,433	81,628	73,762	-339,216	18,746	139,291	21,345	-213,940	-58,031	-218,826	-5,931	79,141	-40,982	191,160	181,735	-68,039	246,777	-534,713	104,252	-3,938	497,598	117,604	143,910	-	-	-	-	-	-	-	-
Comprehensive (loss) income
-2,067,726	75,800	276,536	219,992	330,217	-288,989	-83,850	104,603	-9,968	78,767	173,171	90,286	145,747	2,187	136,532	122,310	-67,585	-3,234	-92,821	2,675	88,862	42,178	152,608	230,817	152,590	171,375	54,049	-146,076	247,968	185,362	524,400	141,608	195,710	-	-	-	-	-	-	-	-
Comprehensive income attributable to noncontrolling interest
-	-	-	-	-	-	-	-	-	-	2,682	42	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Comprehensive income (loss) attributable to Two Harbors Investment Corp.
-	-	-	-	-	-	-	-	-	-	170,489	90,244	-	-	136,532	122,310	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends on preferred stock
18,950	18,950	18,951	18,950	18,950	18,950	18,951	13,747	13,747	11,949	8,888	4,285	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Comprehensive (loss) income attributable to common stockholders
-2,086,676	56,850	257,585	201,042	311,267	-307,939	-102,801	90,856	-23,715	65,728	161,601	85,959	145,747	-	136,532	122,310	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-