Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Available-for-sale securities $ 127,605 $ 134,651 $ 251,518 $ 264,943
Trading securities 1,940 1,261 3,866 2,525
Mortgage loans held-for-sale 2,699 4,794 7,285 6,112
Mortgage loans held-for-investment in securitization trusts 7,761 4,369 15,654 6,023
Cash and cash equivalents 144 250 361 557
Total interest income 140,149 145,325 278,684 280,160
Interest expense:        
Repurchase agreements 18,603 22,553 39,175 45,571
Collateralized borrowings in securitization trusts 5,592 2,169 10,945 2,987
Federal Home Loan Bank advances 755 0 908 0
Total interest expense 24,950 24,722 51,028 48,558
Net interest income 115,199 120,603 227,656 231,602
Other-than-temporary impairments:        
Total other-than-temporary impairment losses 0 (1,426) (212) (1,662)
Non-credit portion of loss recognized in other comprehensive income 0 0 0 0
Net other-than-temporary credit impairment losses 0 (1,426) (212) (1,662)
Other income:        
Gain (loss) on investment securities 37,688 50,863 (967) 77,831
(Loss) gain on interest rate swap and swaption agreements (116,019) 259,826 (221,547) 278,798
(Loss) gain on other derivative instruments (24,202) 62,283 (18,401) 45,621
Gain (loss) on mortgage loans held-for-sale 11,801 (35,142) 8,620 (20,819)
Servicing income 33,868 245 64,309 245
Loss on servicing asset (29,571) (45) (62,331) (45)
Other income 21,003 1,610 21,463 7,899
Total other (loss) income (65,432) 339,640 (208,854) 389,530
Expenses:        
Management fees 12,190 12,591 24,301 17,352
Securitization deal costs 0 0 0 2,028
Servicing expenses 6,229 307 11,454 338
Other operating expenses 14,951 9,179 29,485 15,709
Total expenses 33,370 22,077 65,240 35,427
Income (loss) from continuing operations before income taxes 16,397 436,740 (46,650) 584,043
(Benefit from) provision for income taxes (23,260) 49,119 (57,162) 54,083
Net income from continuing operations 39,657 387,621 10,512 529,960
Income from discontinued operations 0 1,016 0 2,393
Net income 39,657 388,637 10,512 532,353
Basic earnings per weighted average common share:        
Continuing operations $ 0.11 $ 1.06 $ 0.03 $ 1.58
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.01
Net income $ 0.11 $ 1.06 $ 0.03 $ 1.59
Diluted earnings per weighted average common share:        
Continuing operations $ 0.11 $ 1.06 $ 0.03 $ 1.57
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.01
Net income $ 0.11 $ 1.06 $ 0.03 $ 1.58
Dividends declared per common share $ 0.26 $ 0.31 $ 0.52 $ 0.63
Basic weighted average number of shares of common stock 366,078,124 365,589,300 365,846,295 335,603,697
Diluted weighted average number of shares of common stock 366,078,124 366,057,203 365,846,295 336,677,044
Comprehensive income (loss):        
Net income 39,657 388,637 10,512 532,353
Other comprehensive income (loss):        
Unrealized gain (loss) on available-for-sale securities, net 191,160 (534,713) 372,895 (430,461)
Other comprehensive income (loss) 191,160 (534,713) 372,895 (430,461)
Comprehensive income (loss) $ 230,817 $ (146,076) $ 383,407 $ 101,892