Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest income:      
Available-for-sale securities $ 458,515 $ 506,268 $ 507,180
Trading securities 8,676 12,913 5,963
Residential mortgage loans held-for-sale 28,966 16,089 22,185
Residential mortgage loans held-for-investment in securitization trusts 95,740 41,220 19,220
Commercial real estate assets 9,138 0 0
Cash and cash equivalents 902 717 1,043
Total interest income 601,937 577,207 555,591
Interest expense:      
Repurchase agreements 73,049 76,177 89,470
Collateralized borrowings in securitization trusts 57,216 26,760 10,937
Federal Home Loan Bank advances 11,921 4,513 0
Total interest expense 142,186 107,450 100,407
Net interest income 459,751 469,757 455,184
Other-than-temporary impairments:      
Total other-than temporary impairment losses (535) (392) (1,662)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0
Net other-than-temporary credit impairment losses (535) (392) (1,662)
Other income (loss):      
Gain (loss) on investment securities 363,379 87,201 (54,430)
(Loss) gain on interest rate swap and swaption agreements (210,621) (345,647) 245,229
(Loss) gain on other derivative instruments (5,049) (17,529) 95,345
Gain (loss) on residential mortgage loans held-for-sale 14,285 17,297 (33,846)
Servicing income 127,412 128,160 12,011
(Loss) gain on servicing asset (99,584) (128,388) 13,881
Other (loss) income (21,790) 18,539 14,619
Total other income (loss) 168,032 (240,367) 292,809
Expenses:      
Management fees 50,294 48,803 41,707
Securitization deal costs 8,971 4,638 4,153
Servicing expenses 28,101 25,925 3,761
Other operating expenses 64,162 56,231 37,259
Total expenses 151,528 135,597 86,880
Income from continuing operations before income taxes 475,720 93,401 659,451
(Benefit from) provision for income taxes (16,490) (73,738) 84,411
Net income from continuing operations 492,210 167,139 575,040
Income from discontinued operations 0 0 3,999
Net income $ 492,210 $ 167,139 $ 579,039
Basic earnings per weighted average common share:      
Continuing operations $ 1.35 $ 0.46 $ 1.64
Discontinued operations 0.00 0.00 0.01
Net income 1.35 0.46 1.65
Diluted earnings per weighted average common share:      
Continuing operations 1.35 0.46 1.64
Discontinued operations 0.00 0.00 0.01
Net income $ 1.35 $ 0.46 $ 1.65
Basic weighted average number of shares of common stock 365,247,738 366,011,855 350,361,827
Diluted weighted average number of shares of common stock 365,247,738 366,011,855 350,992,387
Comprehensive (loss) income:      
Net income $ 492,210 $ 167,139 $ 579,039
Other comprehensive (loss) income, net of tax:      
Unrealized (loss) gain on available-for-sale securities (496,728) 411,054 (251,723)
Other comprehensive (loss) income (496,728) 411,054 (251,723)
Comprehensive (loss) income $ (4,518) $ 578,193 $ 327,316