New York Mortgage Trust Reports Second Quarter 2011 Results
Summary of Second Quarter 2011:
Second quarter 2011 earnings per common share of$0.44 as compared to$0.16 per common share for the second quarter of 2010 and$0.27 per common share for the first quarter of 2011. Second quarter 2011 net income of$4.2 million as compared to net income of$1.5 million for the second quarter of 2010. Declared second quarter dividend of$0.22 per common share as compared to first quarter dividend of$0.18 per common share. The dividend was paid onJune 27, 2011 . Second quarter 2011 portfolio margin was 644 basis points, an increase of 276 basis points from the first quarter 2011 portfolio margin. Adjusted book value per common share was$7.44 as ofJune 30, 2011 (adjusted to give effect to the 1.5 million shares issued by the Company onJuly 1, 2011 in a public offering) as compared to$7.27 per common share as ofDecember 31, 2010 and$7.54 per common share as ofMarch 31, 2011 . Invested an additional$10 million in our Midway Residential Mortgage Portfolio in the second quarter. Funded$6.9 million of commercial mortgage assets through our investment relationship withRiverBanc LLC . Priced a follow-on public offering of common stock at a price to the public of$7.50 per share. Closed on the issuance of 1,725,000 shares of commons stock inJuly 2011 , resulting in net proceeds of$11.9 million to the Company.
Management Overview
Results from Operations
For the three months ended
Adjusted book value per common share as of
Portfolio Results
The following table summarizes the Company's significant interest earning assets at
(dollar amount in thousands) Current
Par Value Carrying
Value Coupons * Yield * CPR *
Agency RMBS $50,879 $53,739 3.88% 3.25% 19.30%
Non Agency RMBS 8,011 5,791 1.15% 2.51% 11.20%
Midway Residential
Mortgage Portfolio 491,688 63,997 5.29% 28.25% 8.00%
CLO 35,550 26,950 3.97% 33.78% NA
Loans held in Limited
Partnership 18,614 13,053 5.94% 9.03% NA
RB Commercial 6,955 6,955 5.12% 13.25% NA
Loans Held in
Securitization Trusts 218,605 217,085 2.71% 2.62% 8.40%* Coupons, yields and CPRs are based on second quarter 2011 average balances.
As of
As of
Public Offering of Common Stock
On
Initial Funding of our Commercial Mortgage Portfolio
On
Additional Investments in Midway Residential Mortgage Portfolio
In
Conference Call
On
Second quarter 2011 financial and operating data can be viewed on the Company's Quarterly Report on Form 10-Q, which is expected to be filed with the
About
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. The Company's results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company's control and/or are difficult to predict, including, without limitation, changes in interest rates, changes in mortgage default rates and prepayment rates, and other changes in market conditions and economic trends. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended
FINANCIAL TABLES FOLLOW
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 Six Months Ended June 30, Ended June 30, 2011 2010 2011 2010 INTEREST INCOME$6,482 $5,185 $10,176 $11,406 INTEREST EXPENSE: Investment securities and loans held in securitization trusts 711 1,284 1,429 2,676 Subordinated debentures 470 673 936 1,432 Convertible preferred debentures -- 538 -- 1,200 Total interest expense 1,181 2,495 2,365 5,308 NET INTEREST INCOME 5,301 2,690 7,811 6,098 OTHER INCOME (EXPENSE): Provision for loan losses (391) (600) (1,024) (602) Income from investment in limited partnership and limited liability company 499 -- 1,283 -- Realized gain on investment securities and related hedges 3,283 1,291 5,474 2,098 Unrealized loss on investment securities and related hedges (695) -- (735) -- Total other income (expense) 2,696 691 4,998 1,496 General, administrative and other expenses 3,454 2,107 5,747 3,963 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 4,543 1,274 7,062 3,631 Income tax expense 363 -- 363 -- INCOME FROM CONTINUING OPERATIONS 4,180 1,274 6,699 3,631 Income from discontinued operation – net of tax 9 268 4 579 NET INCOME 4,189 1,542 6,703 4,210 Net income attributable to noncontrolling interest 20 -- 20 -- NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$4,169 $1,542 $6,683 $4,210 Basic income per common share$0.44 $0.16 $0.71 $0.45 Diluted income per common share$0.44 $0.16 $0.71 $0.45 Dividends declared per common share$0.22 $0.18 $0.40 $0.43 Weighted average shares outstanding-basic 9,447 9,419 9,440 9,419 Weighted average shares outstanding-diluted 9,447 11,919 9,440 11,919
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share amounts)
June 30,
2011 December 31,
2010
ASSETS (unaudited)
Investment securities available for sale, at fair value (including pledged
securities of $115,595 and $38,475 , respectively) $150,477 $86,040
Mortgage loans held in securitization trusts (net) 217,085 228,185
Mortgage loans held for investment 5,113 7,460
Investments in limited partnership and limited liability company 20,350 18,665
Cash and cash equivalents 6,885 19,375
Reverse repurchase agreements 18,000 --
Receivable for securities sold -- 5,653
Derivative assets 14,671 --
Subscription receivable 10,638 --
Receivables and other assets 12,359 8,916
Total Assets $455,578 $374,294
LIABILITIES AND EQUITY
Liabilities:
Financing arrangements, portfolio investments $96,370 $35,632
Collateralized debt obligations 209,674 219,993
Derivative liabilities 2,444 1,087
Payable for securities purchased 15,674 --
Accrued expenses and other liabilities 4,027 4,095
Subordinated debentures (net) 45,000 45,000
Total Liabilities 373,189 305,807
Commitments and Contingencies
Equity:
Stockholders' equity
Common stock, $0.01 par value, 400,000,000 authorized, 9,450,599 and 9,425,442
shares issued and outstanding, respectively 95 94
Common stock subscribed 10,638 --
Additional paid-in capital 131,316 135,300
Accumulated other comprehensive income 17,344 17,732
Accumulated deficit (77,936) (84,639)
Total stockholders' equity 81,457 68,487
Noncontrolling interest 932 --
Total equity 82,389 68,487
Total Liabilities and Equity $455,578 $374,294 CONTACT: AT THE COMPANY
Steven R. Mumma
CEO, President
Phone: 212-792-0109
Email: [email protected]
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