Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income:        
Available-for-sale securities $ 116,318 $ 123,056 $ 369,972 $ 374,574
Trading securities 0 4,308 8,676 8,174
Residential mortgage loans held-for-sale 9,479 5,268 21,268 12,553
Residential mortgage loans held-for-investment in securitization trusts 24,841 9,526 64,908 25,180
Commercial real estate loans held-for-investment 1,947 0 2,841 0
Cash and cash equivalents 249 145 667 506
Total interest income 152,834 142,303 468,332 420,987
Interest expense:        
Repurchase agreements 18,235 17,509 58,198 56,684
Collateralized borrowings in securitization trusts 15,562 5,678 39,401 16,623
Federal Home Loan Bank advances 3,282 1,531 8,012 2,439
Total interest expense 37,079 24,718 105,611 75,746
Net interest income 115,755 117,585 362,721 345,241
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (238) 0 (535) (212)
Non-credit portion of loss recognized in other comprehensive (loss) income 0 0 0 0
Net other-than-temporary credit impairment losses (238) 0 (535) (212)
Other income:        
Gain on investment securities 64,123 59,471 263,512 58,504
(Loss) gain on interest rate swap and swaption agreements (171,656) 28,519 (253,147) (193,028)
(Loss) gain on other derivative instruments (455) 6,056 (2,972) (12,345)
Gain (loss) on residential mortgage loans held-for-sale 16,040 (2,387) 18,300 6,233
Servicing income 32,010 32,264 94,613 96,573
Loss on servicing asset (61,549) (10,711) (96,317) (73,042)
Other income (loss) 2,201 (1,515) (16,265) 19,948
Total other (loss) income (119,286) 111,697 7,724 (97,157)
Expenses:        
Management fees 12,617 12,258 38,024 36,559
Securitization deal costs 2,676 3,355 7,771 3,355
Servicing expenses 7,234 12,513 19,849 24,595
Other operating expenses 16,150 12,424 48,032 41,281
Total expenses 38,677 40,550 113,676 105,790
(Loss) income before income taxes (42,446) 188,732 256,234 142,082
Benefit from income taxes (7,656) (4,858) (25,270) (62,020)
Net (loss) income $ (34,790) $ 193,590 $ 281,504 $ 204,102
Basic and diluted (loss) earnings per weighted average common share $ (0.09) $ 0.53 $ 0.77 $ 0.56
Dividends declared per common share $ 0.26 $ 0.26 $ 0.78 $ 0.78
Basic and diluted weighted average number of shares of common stock outstanding 367,365,973 366,118,866 366,985,731 365,938,150
Comprehensive (loss) income:        
Net (loss) income $ (34,790) $ 193,590 $ 281,504 $ 204,102
Other comprehensive (loss) income, net of tax:        
Unrealized (loss) gain on available-for-sale securities (58,031) (40,982) (282,788) 331,913
Other comprehensive (loss) income (58,031) (40,982) (282,788) 331,913
Comprehensive (loss) income $ (92,821) $ 152,608 $ (1,284) $ 536,015