Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Available-for-sale securities $ 118,129 $ 127,605 $ 253,654 $ 251,518
Trading securities 3,981 1,940 8,676 3,866
Residential mortgage loans held-for-sale 7,518 2,699 11,789 7,285
Residential mortgage loans held-for-investment in securitization trusts 21,830 7,761 40,067 15,654
Commercial real estate loans held-for-investment 850 0 894 0
Cash and cash equivalents 221 144 418 361
Total interest income 152,529 140,149 315,498 278,684
Interest expense:        
Repurchase agreements 19,398 18,603 39,963 39,175
Collateralized borrowings in securitization trusts 13,131 5,592 23,839 10,945
Federal Home Loan Bank advances 2,500 755 4,730 908
Total interest expense 35,029 24,950 68,532 51,028
Net interest income 117,500 115,199 246,966 227,656
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (170) 0 (297) (212)
Non-credit portion of loss recognized in other comprehensive (loss) income 0 0 0 0
Net other-than-temporary credit impairment losses (170) 0 (297) (212)
Other income:        
Gain (loss) on investment securities 69,932 37,688 199,389 (967)
Gain (loss) on interest rate swap and swaption agreements 44,952 (116,019) (81,491) (221,547)
Loss on other derivative instruments (5,484) (24,202) (2,517) (18,401)
(Loss) gain on residential mortgage loans held-for-sale (6,832) 11,801 2,260 8,620
Servicing income 30,516 33,868 62,603 64,309
Gain (loss) on servicing asset 17,635 (29,571) (34,768) (62,331)
Other (loss) income (16,609) 21,003 (18,466) 21,463
Total other income (loss) 134,110 (65,432) 127,010 (208,854)
Expenses:        
Management fees 12,686 12,190 25,407 24,301
Securitization deal costs 2,484 0 5,095 0
Servicing expenses 5,899 6,857 12,615 12,082
Other operating expenses 15,827 14,323 31,882 28,857
Total expenses 36,896 33,370 74,999 65,240
Income (loss) before income taxes 214,544 16,397 298,680 (46,650)
Benefit from income taxes (6,957) (23,260) (17,614) (57,162)
Net income $ 221,501 $ 39,657 $ 316,294 $ 10,512
Basic and diluted earnings per weighted average common share $ 0.60 $ 0.11 $ 0.86 $ 0.03
Dividends declared per common share $ 0.26 $ 0.26 $ 0.52 $ 0.52
Basic and diluted weighted average number of shares of common stock outstanding 367,074,131 366,078,124 366,792,459 365,846,295
Comprehensive income:        
Net income $ 221,501 $ 39,657 $ 316,294 $ 10,512
Other comprehensive (loss) income:        
Unrealized (loss) gain on available-for-sale securities, net (218,826) 191,160 (224,757) 372,895
Other comprehensive (loss) income (218,826) 191,160 (224,757) 372,895
Comprehensive income $ 2,675 $ 230,817 $ 91,537 $ 383,407