NEW YORK, Feb. 16, 2017
/PRNewswire/ -- MFA Financial, Inc. (NYSE: MFA) today
announced its financial results for the fourth quarter ended
December 31, 2016.
Fourth Quarter 2016 and other highlights:
- MFA generated fourth quarter net income available to common
shareholders of $68.9 million, or
$0.18 per common share (based on
371.5 million weighted average common shares outstanding). As of
December 31, 2016, book value per
common share was $7.62.
- On January 31, 2017, MFA paid its
fourth quarter 2016 dividend of $0.20
per share of common stock to shareholders of record as of
December 28, 2016.
- MFA acquired $455.3 million of 3
year step-up securities, $98.4
million of credit sensitive residential whole loans and
$54.5 million of Credit Risk Transfer
securities during the quarter. Additionally, MFA was an
opportunistic seller of Legacy Non-Agency MBS during the
quarter.
William Gorin, MFA's CEO, said,
"In the fourth quarter, we continued to execute our strategy of
targeted investment within the residential mortgage universe with a
focus on credit sensitive assets. We acquired 3 year step-up
securities, credit sensitive residential whole loans and Credit
Risk Transfer securities during the quarter. Further, we
opportunistically sold $20.6 million
of Non-Agency MBS issued prior to 2008 ("Legacy Non-Agency MBS"),
realizing gains of $9.8 million for
the quarter. This is the eighteenth consecutive quarter we
have realized gains through selected sales of Legacy Non-Agency MBS
based on our projections of future cash flows relative to market
pricing. We did not acquire any Agency MBS or Legacy Non-Agency MBS
in this quarter.
"MFA remains well-positioned to generate attractive returns
despite historically low interest rates. Through asset
selection and hedging strategy, the estimated net effective
duration, a gauge of MFA's interest rate sensitivity, remains low
and measured 0.71 at quarter-end. Despite recent interest
rate increases, MFA's book value per common share was little
changed at $7.62 versus $7.64 at the end of the third quarter.
Leverage, which reflects the ratio of our financing obligations to
equity, was 3.1:1 at quarter-end."
Craig Knutson, MFA's President
and COO, added, "MFA's portfolio asset selection process continues
to emphasize residential mortgage credit exposure while seeking to
minimize sensitivity to interest rates. As housing prices
maintain their upward trend and borrowers repair their credit and
balance sheets, MFA's Legacy Non-Agency MBS portfolio continues to
outperform our credit assumptions. In the fourth quarter of
2016, we reduced our credit reserve by $4.3
million. Also, our credit sensitive residential whole
loans offer additional exposure to residential mortgage credit
while affording us the opportunity to improve outcomes through
sensible and effective servicing decisions."
MFA's Legacy Non-Agency MBS had a face amount of $3.6 billion with an amortized cost of
$2.6 billion and a net purchase
discount of $970.8 million at
December 31, 2016. This discount consists of a
$694.2 million credit reserve and
other-than-temporary impairments and a $276.5 million net accretable discount. We
believe this credit reserve appropriately factors in remaining
uncertainties regarding underlying mortgage performance and the
potential impact on future cash flows. Our Legacy Non-Agency
MBS loss adjusted yield of 8.24% for the fourth quarter is based on
projected defaults equal to 21% of underlying loan balances.
On average, these loans are approximately ten years seasoned and
approximately 12.5% are currently 60 or more days delinquent.
The Agency MBS portfolio had an average amortized cost basis of
103.8% of par as of December 31, 2016, and generated a 1.92%
yield in the fourth quarter. The Legacy Non-Agency MBS
portfolio had an average amortized cost of 72.7% of par as of
December 31, 2016, and generated a loss-adjusted yield of
8.24% in the fourth quarter. At the end of the fourth
quarter, MFA held approximately $2.7
billion of the senior most tranches of 3 year step-up
securities. These securities had an amortized cost of
99.9% of par and generated a 3.94% yield for the quarter.
In addition, at December 31, 2016, our investments in
credit sensitive residential whole loans totaled $1.4 billion. Of this amount, $590.5 million is recorded at carrying value, or
86.2% of the interest-bearing unpaid principal balance, and
generated a loss-adjusted yield of 5.99% (5.61% net of servicing
costs) during the quarter, and $814.7
million is recorded at fair value on our consolidated
balance sheet. On this portion of the portfolio, we recorded
gains for the quarter of approximately $14.6
million, primarily reflecting changes in the fair value of
the underlying loans and coupon interest payments received during
the quarter.
For the three months ended December 31,
2016, MFA's costs for compensation and benefits and other
general and administrative expenses were $11.6 million, or an annualized 1.53% of
stockholders' equity as of December 31, 2016.
The following table presents the weighted average prepayment
speed on MFA's MBS portfolio.
Table
1
|
|
|
|
|
|
|
Fourth Quarter
2016 Average CPR
|
|
Third Quarter
2016 Average CPR
|
Agency MBS
|
|
15.9%
|
|
16.7%
|
Legacy Non-Agency
MBS
|
|
17.3%
|
|
15.9%
|
3 Year Step-up
securities (1)
|
|
25.6%
|
|
32.2%
|
|
|
|
|
|
(1)
|
All principal
payments are considered to be prepayments for conditional
prepayment rate ("CPR") purposes. 3 year step-up securities
are securitized financial instruments that are primarily backed by
securitized re-performing and non-performing Loans. The
majority of these securities are structured such that the coupon
increases up to 300 basis points at 36 months from issuance or
sooner.
|
As of December 31, 2016, under its swap agreements, MFA had
a weighted average fixed-pay rate of interest of 1.87% and a
floating receive rate of 0.72% on notional balances totaling
$2.9 billion, with an average
maturity of 35 months.
The following table presents MFA's asset allocation as of
December 31, 2016, and the fourth quarter 2016 yield on
average interest earning assets, average cost of funds and net
interest rate spread for the various asset types.
Table
2
|
ASSET
ALLOCATION
|
|
At December 31,
2016
|
Agency
MBS
|
Legacy
Non-Agency
MBS
|
3 Year Step-
Up Securities
|
Residential
Whole
Loans, at
Carrying
Value
|
Residential
Whole
Loans, at
Fair Value
|
Other,
net
(1)
|
Total
|
($ in Thousands)
|
|
|
|
|
|
|
|
Fair Value/Carrying
Value
|
$
|
3,738,497
|
$
|
3,171,125
|
$
|
2,654,691
|
$
|
590,540
|
$
|
814,682
|
$
|
895,089
|
$
|
11,864,624
|
Less Repurchase
Agreements
|
(3,095,020)
|
(2,195,509)
|
(2,078,684)
|
(343,063)
|
(488,787)
|
(271,205)
|
(8,472,268)
|
Less FHLB
advances
|
(215,000)
|
—
|
—
|
—
|
—
|
—
|
(215,000)
|
Less Senior
Notes
|
—
|
—
|
—
|
—
|
—
|
(96,733)
|
(96,733)
|
Equity
Allocated
|
$
|
428,477
|
$
|
975,616
|
$
|
576,007
|
$
|
247,477
|
$
|
325,895
|
$
|
527,151
|
$
|
3,080,623
|
Less Swaps at Market
Value
|
—
|
—
|
—
|
—
|
—
|
(46,721)
|
(46,721)
|
Net Equity
Allocated
|
$
|
428,477
|
$
|
975,616
|
$
|
576,007
|
$
|
247,477
|
$
|
325,895
|
$
|
480,430
|
$
|
3,033,902
|
Debt/Net Equity Ratio
(2)
|
7.7x
|
2.3x
|
3.6x
|
1.4x
|
1.5x
|
—
|
3.1x
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
Yield on Average
Interest Earning
Assets (3)
|
1.92%
|
8.24%
|
3.94%
|
5.99%
|
N/A
|
—%
|
4.34%
|
Less Average Cost of
Funds (4)
|
(1.41)
|
(3.01)
|
(2.16)
|
(3.02)
|
(3.12)
|
—
|
(2.22)
|
Net Interest Rate
Spread
|
0.51%
|
5.23%
|
1.78%
|
2.97%
|
N/A
|
—%
|
2.12%
|
|
|
(1)
|
Includes cash and
cash equivalents and restricted cash of $318.6 million, securities
obtained and pledged as collateral,
$404.9 million of CRT securities, other assets, obligation to
return securities obtained as collateral and other
liabilities.
|
|
|
(2)
|
Represents the sum
of borrowings under repurchase agreements and Federal Home Loan
Bank advances as a multiple of net equity allocated. The
numerator of our Total Debt/Net Equity Ratio also includes the
obligation to return securities obtained as collateral of $510.8
million, Senior Notes and repurchase agreements financing CRT
security purchases.
|
|
|
(3)
|
Yields reported on
our interest earning assets are calculated based on the interest
income recorded and the average amortized cost for the quarter of
the respective asset. At December 31, 2016, the
amortized cost of our interest earning assets were as follows:
Agency MBS - $3,719,037; Legacy Non-Agency MBS - $2,582,308; 3 year
step-up securities - $2,651,915; and Residential Whole Loans at
carrying value - $590,540. In addition, the yield for residential
whole loans at carrying value was 5.61% net of 38 basis
points of servicing fee expense incurred during the quarter.
For GAAP reporting purposes, such expenses are included in Loan
servicing and other related operating expenses in our statement of
operations. Interest payments received on residential whole
loans at fair value is reported in Other Income as Net gain on
residential whole loans held at fair value in our statement of
operations. Accordingly, no yield is presented as such loans
are not included in interest earning assets for reporting
purposes.
|
|
|
(4)
|
Average cost of
funds includes interest on repurchase agreements and other
advances, the cost of swaps and Senior Notes. Agency cost of
funds includes 65 basis points and Legacy Non-Agency cost of funds
includes 69 basis points associated with swaps to hedge interest
rate sensitivity on these assets.
|
At December 31, 2016, MFA's $6.9
billion of Agency and Legacy Non-Agency MBS were backed by
Hybrid, adjustable and fixed-rate mortgages. Additional
information about these MBS, including average months to reset and
three-month average CPR, is presented below:
Table
3
|
|
|
|
Agency
MBS
|
|
Legacy Non-Agency
MBS (1)
|
|
Total
(1)
|
($ in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Time to
Reset
|
|
Fair Value (2)
|
Average
Months
to Reset (3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
|
Average Months to
Reset (3)
|
3 Month
Average CPR
(4)
|
|
Fair Value (2)
|
Average Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
< 2 years
(5)
|
|
$
|
1,789,859
|
7
|
18.8%
|
|
$
|
2,132,993
|
5
|
16.9%
|
|
$
|
3,922,852
|
6
|
17.7%
|
2-5 years
|
|
384,703
|
33
|
19.8
|
|
—
|
—
|
—
|
|
384,703
|
33
|
19.8
|
> 5
years
|
|
121,870
|
69
|
14.4
|
|
—
|
—
|
—
|
|
121,870
|
69
|
14.4
|
ARM-MBS
Total
|
|
$
|
2,296,432
|
15
|
18.7%
|
|
$
|
2,132,993
|
5
|
16.9%
|
|
$
|
4,429,425
|
10
|
17.8%
|
15-year fixed
(6)
|
|
$
|
1,439,461
|
|
11.5%
|
|
$
|
5,856
|
|
4.3%
|
|
$
|
1,445,317
|
|
11.5%
|
30-year fixed
(6)
|
|
—
|
|
—
|
|
1,021,505
|
|
18.1
|
|
1,021,505
|
|
18.1
|
40-year fixed
(6)
|
|
—
|
|
—
|
|
10,771
|
|
21.0
|
|
10,771
|
|
21.0
|
Fixed-Rate
Total
|
|
$
|
1,439,461
|
|
11.5%
|
|
$
|
1,038,132
|
|
18.0%
|
|
$
|
2,477,593
|
|
14.5%
|
MBS Total
|
|
$
|
3,735,893
|
|
15.9%
|
|
$
|
3,171,125
|
|
17.3%
|
|
$
|
6,907,018
|
|
16.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes $2.7
billion of 3 year step-up securities. Refer to Table 4 for further
information.
|
|
|
(2)
|
Does not include
principal payments receivable of $2.6 million.
|
|
|
(3)
|
Months to Reset is
the number of months remaining before the coupon interest rate
resets. At reset, the MBS coupon will adjust based upon the
underlying benchmark interest rate index, margin and periodic or
lifetime caps. Months to Reset does not reflect scheduled
amortization or prepayments.
|
|
|
(4)
|
3 month average
CPR weighted by positions as of beginning of each month in the
quarter.
|
|
|
(5)
|
Includes floating
rate MBS that may be collateralized by fixed-rate
mortgages.
|
|
|
(6)
|
Information
presented based on data available at time of loan
origination.
|
Table
4
|
|
The following table
presents certain information about our 3 year step-up securities
portfolio at December 31, 2016:
|
|
|
Underlying
collateral
|
|
Fair
Value
|
|
Net
Coupon
|
|
Months
to
Step-Up
(1)
|
|
Current
Credit
Support (2)
|
|
Original
Credit
Support
|
|
3 Month
Average Bond CPR
(3)
|
($ in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Re-Performing
loans
|
|
$
|
317,064
|
|
|
3.60%
|
|
13
|
|
41%
|
|
37%
|
|
23.4%
|
Non-Performing loans
and other
|
|
2,337,627
|
|
|
3.97
|
|
20
|
|
47
|
|
45
|
|
25.9
|
Total 3 year step-up
securities
|
|
$
|
2,654,691
|
|
|
3.92%
|
|
19
|
|
46%
|
|
44%
|
|
25.6%
|
|
|
(1)
|
Months to step-up
is the weighted average number of months remaining before the
coupon interest rate increases pursuant to the first coupon
reset. We anticipate that the securities will be redeemed
prior to the step-up date.
|
|
|
(2)
|
Credit Support for
a particular security is expressed as a percentage of all
outstanding mortgage loan collateral. A particular security
will not be subject to principal loss as long as credit enhancement
is greater than zero.
|
|
|
(3)
|
All principal
payments are considered to be prepayments for CPR
purposes.
|
Webcast
MFA Financial, Inc. plans to host a live audio
webcast of its investor conference call on Thursday,
February 16, 2017, at 11:00 a.m.
(Eastern Time) to discuss its fourth quarter 2016 financial
results. The live audio webcast will be accessible to the general
public over the internet at http://www.mfafinancial.com through the
"Webcasts & Presentations" link on MFA's home page. To
listen to the conference call over the internet, please go to the
MFA website at least 15 minutes before the call to register and to
download and install any needed audio software. Earnings
presentation materials will be posted on the MFA website prior to
the conference call and an audio replay will be available on the
website following the call.
Cautionary Language Regarding Forward-Looking
Statements
When used in this press release or other written
or oral communications, statements which are not historical in
nature, including those containing words such as "will," "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"could," "would," "should," "may" or similar expressions, are
intended to identify "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and, as such, may involve known and unknown risks, uncertainties
and assumptions. Statements regarding the following subjects, among
others, may be forward-looking: changes in interest rates and the
market value of MFA's MBS; changes in the prepayment rates on the
mortgage loans securing MFA's MBS, an increase of which could
result in a reduction of the yield on MBS in our portfolio and
could require us to reinvest the proceeds received by us as a
result of such prepayments in MBS with lower coupons; credit risks
underlying MFA's assets, including changes in the default rates and
management's assumptions regarding default rates on the mortgage
loans securing MFA's Non-Agency MBS and relating to MFA's
residential whole loan portfolio; MFA's ability to borrow to
finance its assets and the terms, including the cost, maturity and
other terms, of any such borrowings; implementation of or changes
in government regulations or programs affecting MFA's business;
MFA's estimates regarding taxable income, the actual amount of
which is dependent on a number of factors, including, but not
limited to, changes in the amount of interest income and financing
costs, the method elected by MFA to accrete the market discount on
Non-Agency MBS and residential whole loans and the extent of
prepayments, realized losses and changes in the composition of
MFA's Agency MBS, Non-Agency MBS and residential whole loan
portfolios that may occur during the applicable tax period,
including gain or loss on any MBS disposals and whole loan
modification, foreclosure and liquidation; the timing and amount of
distributions to stockholders, which are declared and paid at the
discretion of MFA's Board of Directors and will depend on, among
other things, MFA's taxable income, its financial results and
overall financial condition and liquidity, maintenance of its REIT
qualification and such other factors as the Board deems relevant;
MFA's ability to maintain its qualification as a REIT for federal
income tax purposes; MFA's ability to maintain its exemption from
registration under the Investment Company Act of 1940, as amended
(or the "Investment Company Act"), including statements regarding
the Concept Release issued by the Securities and Exchange
Commission ("SEC") relating to interpretive issues under the
Investment Company Act with respect to the status under the
Investment Company Act of certain companies that are engaged in the
business of acquiring mortgages and mortgage-related interests;
MFA's ability to successfully implement its strategy to grow its
residential whole loan portfolio; expected returns on our
investments in non-performing residential whole loans ("NPLs"),
which are affected by, among other things, the length of time
required to foreclose upon, sell, liquidate or otherwise reach a
resolution of the property underlying the NPL, home price values,
amounts advanced to carry the asset (e.g., taxes, insurance,
maintenance expenses, etc. on the underlying property) and the
amount ultimately realized upon resolution of the asset; and risks
associated with investing in real estate assets, including changes
in business conditions and general economic conditions. These and
other risks, uncertainties and factors, including those described
in the annual, quarterly and current reports that MFA files with
the SEC, could cause MFA's actual results to differ materially from
those projected in any forward-looking statements it makes. All
forward-looking statements speak only as of the date on which they
are made. New risks and uncertainties arise over time and it is not
possible to predict those events or how they may affect MFA. Except
as required by law, MFA is not obligated to, and does not intend
to, update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
MFA FINANCIAL,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
Thousands, Except Share and Per Share Amounts)
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Mortgage-backed
securities ("MBS") and credit risk transfer ("CRT")
securities:
|
|
|
|
|
Agency MBS, at fair
value ($3,540,401 and $4,532,094 pledged as collateral,
respectively)
|
|
$
|
3,738,497
|
|
|
$
|
4,752,244
|
|
Non-Agency MBS, at
fair value ($4,978,199 and $4,874,372 pledged as collateral,
respectively)
|
|
5,651,412
|
|
|
5,822,519
|
|
Non-Agency MBS
transferred to consolidated variable interest entities ("VIEs"), at
fair value
|
|
174,404
|
|
|
598,298
|
|
CRT securities, at
fair value ($357,488 and $170,352 pledged as collateral,
respectively)
|
|
404,850
|
|
|
183,582
|
|
Securities obtained
and pledged as collateral, at fair value
|
|
510,767
|
|
|
507,443
|
|
Residential whole
loans, at carrying value ($427,880 and $93,692 pledged as
collateral, respectively)
|
|
590,540
|
|
|
271,845
|
|
Residential whole
loans, at fair value ($734,331, and $585,971 pledged as collateral,
respectively)
|
|
814,682
|
|
|
623,276
|
|
Cash and cash
equivalents
|
|
260,112
|
|
|
165,007
|
|
Restricted
cash
|
|
58,463
|
|
|
71,538
|
|
Other
assets
|
|
280,295
|
|
|
166,799
|
|
Total
Assets
|
|
$
|
12,484,022
|
|
|
$
|
13,162,551
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
8,687,268
|
|
|
$
|
9,387,622
|
|
Obligation to return
securities obtained as collateral, at fair value
|
|
510,767
|
|
|
507,443
|
|
8% Senior Notes due
2042 ("Senior Notes")
|
|
96,733
|
|
|
96,697
|
|
Other
liabilities
|
|
155,352
|
|
|
203,528
|
|
Total
Liabilities
|
|
$
|
9,450,120
|
|
|
$
|
10,195,290
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred stock, $.01
par value; 7.50% Series B cumulative redeemable; 8,050 shares
authorized;
8,000 shares issued and outstanding ($200,000 aggregate
liquidation preference)
|
|
$
|
80
|
|
|
$
|
80
|
|
Common stock, $.01
par value; 886,950 shares authorized; 371,854 and 370,584 shares
issued
and outstanding, respectively
|
|
3,719
|
|
|
3,706
|
|
Additional paid-in
capital, in excess of par
|
|
3,029,062
|
|
|
3,019,956
|
|
Accumulated
deficit
|
|
(572,641)
|
|
|
(572,332)
|
|
Accumulated other
comprehensive income
|
|
573,682
|
|
|
515,851
|
|
Total Stockholders'
Equity
|
|
$
|
3,033,902
|
|
|
$
|
2,967,261
|
|
Total
Liabilities and Stockholders' Equity
|
|
$
|
12,484,022
|
|
|
$
|
13,162,551
|
|
MFA FINANCIAL,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
December 31,
|
|
For the Year Ended
December 31,
|
(In Thousands, Except Per Share Amounts)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
Agency MBS
|
$
|
18,523
|
|
|
$
|
24,804
|
|
|
$
|
83,069
|
|
|
$
|
105,835
|
|
Non-Agency
MBS
|
77,914
|
|
|
76,381
|
|
|
319,030
|
|
|
317,821
|
|
Non-Agency MBS
transferred to consolidated VIEs
|
3,171
|
|
|
10,957
|
|
|
15,610
|
|
|
45,749
|
|
CRT
securities
|
4,873
|
|
|
2,096
|
|
|
14,770
|
|
|
6,572
|
|
Residential whole
loans held at carrying value
|
7,804
|
|
|
4,219
|
|
|
23,916
|
|
|
16,036
|
|
Cash and cash
equivalent investments
|
243
|
|
|
42
|
|
|
774
|
|
|
130
|
|
Interest
Income
|
$
|
112,528
|
|
|
$
|
118,499
|
|
|
$
|
457,169
|
|
|
$
|
492,143
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
Repurchase agreements
and other advances
|
$
|
47,859
|
|
|
$
|
44,181
|
|
|
$
|
184,986
|
|
|
$
|
166,918
|
|
Senior Notes and
other interest expense
|
2,009
|
|
|
2,275
|
|
|
8,369
|
|
|
10,030
|
|
Interest
Expense
|
$
|
49,868
|
|
|
$
|
46,456
|
|
|
$
|
193,355
|
|
|
$
|
176,948
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
$
|
62,660
|
|
|
$
|
72,043
|
|
|
$
|
263,814
|
|
|
$
|
315,195
|
|
|
|
|
|
|
|
|
|
Other-Than-Temporary Impairments:
|
|
|
|
|
|
|
|
Total
other-than-temporary impairment losses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,255)
|
|
|
$
|
(525)
|
|
Portion of loss
recognized in/(reclassed from) other comprehensive
income
|
—
|
|
|
—
|
|
|
770
|
|
|
(180)
|
|
Net Impairment Losses Recognized in Earnings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(485)
|
|
|
$
|
(705)
|
|
|
|
|
|
|
|
|
|
Other Income,
net:
|
|
|
|
|
|
|
|
Net gain on
residential whole loans held at fair value
|
$
|
14,632
|
|
|
$
|
6,899
|
|
|
$
|
59,684
|
|
|
$
|
17,722
|
|
Gain on sales of
MBS
|
9,768
|
|
|
9,652
|
|
|
35,837
|
|
|
34,900
|
|
Other, net
|
1,281
|
|
|
(831)
|
|
|
13,802
|
|
|
(1,457)
|
|
Other Income,
net
|
$
|
25,681
|
|
|
$
|
15,720
|
|
|
$
|
109,323
|
|
|
$
|
51,165
|
|
|
|
|
|
|
|
|
|
Operating and
Other Expense:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
|
7,774
|
|
|
$
|
6,534
|
|
|
$
|
29,281
|
|
|
$
|
26,293
|
|
Other general and
administrative expense
|
3,823
|
|
|
4,080
|
|
|
16,331
|
|
|
15,752
|
|
Loan servicing and
other related operating expenses
|
4,107
|
|
|
3,678
|
|
|
14,372
|
|
|
10,384
|
|
Operating and
Other Expense
|
$
|
15,704
|
|
|
$
|
14,292
|
|
|
$
|
59,984
|
|
|
$
|
52,429
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
|
72,637
|
|
|
$
|
73,471
|
|
|
$
|
312,668
|
|
|
$
|
313,226
|
|
Less Preferred Stock
Dividends
|
3,750
|
|
|
3,750
|
|
|
15,000
|
|
|
15,000
|
|
Net Income
Available to Common Stock and Participating
Securities
|
$
|
68,887
|
|
|
$
|
69,721
|
|
|
$
|
297,668
|
|
|
$
|
298,226
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share - Basic and Diluted
|
$
|
0.18
|
|
|
$
|
0.19
|
|
|
$
|
0.80
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
Dividends Declared
per Share of Common Stock
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.80
|
|
|
$
|
0.80
|
|
INVESTOR
CONTACT:
|
InvestorRelations@mfafinancial.com
|
|
212-207-6488
|
|
www.mfafinancial.com
|
|
|
MEDIA
CONTACT:
|
Abernathy
MacGregor
|
|
Tom Johnson,
Andrew Johnson
|
|
212-371-5999
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-fourth-quarter-2016-financial-results-300408283.html
SOURCE MFA Financial, Inc.