Summary of Third Quarter 2009:
- Consolidated net income of
$2.9 million , or$0.31 per common share, for the quarter endedSeptember 30, 2009 , as compared to net income of$1.0 million , or$0.11 per common share for the quarter endedSeptember 30, 2008 .
- Book value as of
September 30, 2009 of$6.17 per common share, an increase of 26% from book value as ofJune 30, 2009 .
- Declared third quarter dividend of
$0.25 per common share that was paid onOctober 26, 2009 .
- Net portfolio interest margin of 413 basis points for the quarter ended
September 30, 2009 as compared to 361 basis points for the quarter endedJune 30, 2009 and 136 basis points for the quarter endedSeptember 30, 2008 .
- Completed initial phase of non-Agency residential mortgage-backed securities ("RMBS") investment program at an average price that equals approximately 60% of current par value; initiative commenced in the previous quarter and focused on investments in previously rated AAA non-Agency RMBS.
- Leverage ratio as of
September 30, 2009 was 2.5 to 1 as compared to 6.8 to 1 as ofDecember 31, 2008 . As ofSeptember 30, 2009 , the Company had$22.4 million in cash and$74.3 million in unencumbered securities, including$16.6 million in Agency RMBS.
Management Overview
Results from Operations
For the quarter ended
Book value per common share was
Portfolio Results
The following table summarizes the Company's investment portfolio at
(dollar amounts in thousands) Current Par Carrying Coupon Yield
Value Value ------ -----
----- -----
Agency RMBS $213,802 $224,889 5.14 % 4.00 %
Non-Agency RMBS 60,187 44,385 4.09 % 9.77 %
Collateralized Loan Obligations 45,950 13,320 3.68 % 22.25 %
Loans Held in Securitization
Trusts 291,423 290,940 5.05 % 5.41 %
------- -------
Total/Weighted Average $611,362 $573,534 5.07 % 5.19 %
======== ========
As of
As of
Portfolio Restructuring
As previously announced, the Company has substantially restructured its investment portfolio during 2009. The Company commenced this restructuring by selling a total of
Subsequent to
Conference Call
On
More detailed information regarding the Company's third quarter 2009 financial and operating results can be viewed on the Company's Quarterly Report on Form 10-Q, which is expected to be filed on or about
About
Certain statements contained in this press release may be deemed to be forward-looking statements that predict or describe future events or trends. The matters described in these forward-looking statements are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company faces many risks that could cause its actual performance to differ materially from the results predicted by its forward-looking statements, including, without limitation, changes in business conditions and the general economy, a rise in interest rates or an unfavorable change in prepayment rates may cause a decline in the market value of the Company's assets, borrowings to finance the purchase of assets may not be available on favorable terms, the failure to identify suitable alternative assets under the Company's alternative investment strategy, failure to maintain the Company's qualification as a REIT for federal tax purposes or its exemption from the Investment Company Act of 1940, failure to effectively manage the risks associated with investing in mortgage loans, including changes in loan delinquencies and increasing prepayment rates, and a failure to effectively implement and manage the Company's hedging strategy. The reports that the Company files with the
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share amounts)
(unaudited)
September 30, December 31,
2009 2008
------------ ------------
ASSETS
Cash and cash equivalents $22,403 $9,387
Restricted cash 3,359 7,959
Investment securities - available for sale,
at fair value (including pledged securities
of $208,327 and $456,506, respectively) 282,594 477,416
Accounts and accrued interest receivable 2,623 3,095
Mortgage loans held in securitization trusts
(net) 290,940 348,337
Derivative assets 15 22
Prepaid and other assets 1,636 1,230
Assets related to discontinued operation 4,544 5,854
----- -----
Total Assets $608,114 $853,300
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Financing arrangements, portfolio
investments $194,745 $402,329
Collateralized debt obligations 280,223 335,646
Derivative liabilities 3,025 4,194
Accounts payable and accrued expenses 5,095 3,997
Subordinated debentures (net) 44,823 44,618
Convertible preferred debentures (net) 19,814 19,702
Liabilities related to discontinued
operation 2,240 3,566
----- -----
Total liabilities 549,965 814,052
------- -------
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000
authorized, 9,419,094 and 9,320,094, shares
issued and outstanding, respectively 94 93
Additional paid-in capital 144,838 150,790
Accumulated other comprehensive
income/(loss) 8,853 (8,521)
Accumulated deficit (95,636) (103,114)
------- --------
Total stockholders' equity 58,149 39,248
------ ------
Total Liabilities and Stockholders' Equity $608,114 $853,300
======== ========
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-----------------------------------------
2009 2008 2009 2008
--------- -------- --------- --------
REVENUE:
Interest income-investment
securities and loans held
in securitization trusts $7,994 $10,324 $24,200 $34,332
Interest expense-investment
securities and loans held
in securitization trusts 1,864 6,692 7,041 23,997
----- ----- ----- ------
Net interest income from
investment securities and
loans held in securitization
trusts 6,130 3,632 17,159 10,335
Interest expense -
subordinated debentures (785) (913) (2,417) (2,768)
Interest expense -
convertible preferred
debentures (662) (537) (1,807) (1,612)
---- ---- ------ ------
Net interest income 4,683 2,182 12,935 5,955
OTHER EXPENSE:
Provision for loan losses (526) (7) (1,414) (1,462)
Impairment loss on
investment securities - - (119) -
Realized gain (loss) on
securities and related
hedges 359 4 623 (19,927)
--- --- --- -------
Total other expense (167) (3) (910) (21,389)
EXPENSE:
Salaries and benefits 473 258 1,486 988
Professional fees 323 367 1,021 1,065
Management fees 508 186 935 479
Insurance 266 275 358 668
Other 306 349 1,247 1,626
--- --- ----- -----
Total expenses 1,876 1,435 5,047 4,826
INCOME (LOSS) FROM
CONTINUING OPERATIONS 2,640 744 6,978 (20,260)
Income from discontinued
operation - net of tax 236 285 500 1,294
--- --- --- -----
NET INCOME (LOSS) $2,876 $1,029 $7,478 $(18,966)
====== ====== ====== ========
Basic income (loss) per
common share $0.31 $0.11 $0.80 $(2.39)
===== ===== ===== ======
Diluted income (loss) per
common share $0.30 $0.11 $0.78 $(2.39)
===== ===== ===== ======
Dividends declared per
common share $0.25 $0.16 $0.66 $0.44
===== ===== ===== =====
Weighted average shares
outstanding-basic 9,406 9,320 9,349 7,924
===== ===== ===== =====
Weighted average shares
outstanding-diluted 11,906 9,320 11,849 7,924
====== ===== ====== =====
SOURCE
AT THE COMPANY, Steven R. Mumma, CEO and Chief Financial Officer, +1-212-792-0109, [email protected]; AT FINANCIAL RELATIONS BOARD, Joe Calabrese, General, +1-212-827-3772, Scott Eckstein, Analysts, +1-212-827-3776