NEW YORK, Nov. 2, 2017 /PRNewswire/ -- MFA Financial,
Inc. (NYSE: MFA) today announced its financial results for the
third quarter ended September 30, 2017.
Third Quarter 2017 and other
highlights:
- MFA generated third quarter net income available to common
shareholders of $60.1 million, or
$0.15 per common share (based on
396.7 million weighted average common shares outstanding). As of
September 30, 2017, book value per
common share was $7.70.
- Earnings for the third quarter were negatively impacted
principally by lower prices on CRT securities, primarily
reflecting market concerns related to seasonal hurricanes, and by
one-time contractual obligations of the Company related to the
death of our former CEO, who passed away in August.
- On October 31, 2017, MFA paid its
third quarter 2017 dividend of $0.20
per share of common stock to shareholders of record as of
September 28, 2017.
- MFA purchased or committed to purchase nearly $600 million of residential mortgage assets in
the third quarter, including $202
million of credit sensitive whole loans and REO.
Craig Knutson, MFA's President
and CEO, said, "In the third quarter, we continued to execute our
strategy of targeted investment within the residential mortgage
universe with a focus on credit sensitive assets. We made
acquisitions in each of our credit sensitive investment asset
classes during the quarter. Further, we opportunistically
sold $44.5 million of Non-Agency MBS
issued prior to 2008 ("Legacy Non-Agency MBS"), realizing gains of
$14.9 million for the quarter.
As we have for over five years now, we continue to manage this
portfolio through selective and strategic sales of positions.
"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 0.76 at quarter-end. MFA's book value per common
share decreased modestly during the quarter from $7.76 to $7.70, but year-to-date has increased
approximately 1% as our investment strategy continues to produce
stable book value. Leverage, which reflects the ratio of our
financing obligations to equity, was 2.4:1 at quarter-end."
Mr. Knutson 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 third
quarter of 2017, we reduced our credit reserve on this portfolio by
$14.8 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."
During the third quarter, while MFA successfully purchased (or
committed to purchase) nearly $600
million of investments in credit sensitive whole loans,
RPL/NPL MBS, MSR related assets and CRT securities, we also
experienced an elevated level of runoff in RPL/NPL MBS as issuers
called a number of deals and refinanced at lower coupons.
MFA's Legacy Non-Agency MBS had a face amount of $2.9 billion with an amortized cost of
$2.1 billion and a net purchase
discount of $835.8 million at
September 30, 2017. This discount consists of a
$593.1 million credit reserve and
other-than-temporary impairments and a $242.7 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 have underlying mortgage loans that are on average
approximately eleven years seasoned and approximately 11.8% are
currently 60 or more days delinquent.
The Agency MBS portfolio had an amortized cost basis of 103.8%
of par as of September 30, 2017, and generated a 1.97% yield
in the third quarter. The Legacy Non-Agency MBS portfolio had
an amortized cost of 71.3% of par as of September 30, 2017,
and generated a loss-adjusted yield of 8.93% in the third
quarter. At the end of the third quarter, MFA held
approximately $1.2 billion of RPL/NPL
MBS. These securities had an amortized cost of 99.84% of par
and generated a 4.43% yield for the quarter.
In addition, at September 30, 2017, our investments in
credit sensitive residential whole loans totaled $1.7 billion. Of this amount, $639.2 million is recorded at carrying value, or
86.0% of the interest-bearing unpaid principal balance, and
generated a loss-adjusted yield of 5.92% (5.43% net of servicing
costs) during the quarter, and $1.1
billion is recorded at fair value on our consolidated
balance sheet. On this portion of the portfolio, we recorded
gains for the quarter of approximately $18.7
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 September 30,
2017, MFA's costs for compensation and benefits and other
general and administrative expenses were $15.0 million, or an annualized 1.84% of
stockholders' equity as of September 30, 2017. Our
costs for compensation and benefits were higher than usual this
quarter as they include the impact of non-recurring expenses
recorded related to the Company's contractual obligations to our
former CEO, William S. Gorin, who
sadly passed away in August.
The following table presents the weighted average prepayment
speed on MFA's MBS portfolio.
Table 1
|
|
Third Quarter
2017 Average CPR
|
|
Second Quarter
2017 Average CPR
|
Agency MBS
|
|
16.2%
|
|
16.3%
|
Legacy Non-Agency
MBS
|
|
18.7%
|
|
18.2%
|
RPL/NPL MBS
(1)
|
|
26.2%
|
|
36.2%
|
(1)
|
All principal
payments are considered to be prepayments for conditional
prepayment rate ("CPR") purposes. RPL/NPL MBS 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 September 30, 2017, under its swap agreements, MFA
had a weighted average fixed-pay rate of interest of 2.04% and a
floating receive rate of 1.24% on notional balances totaling
$2.6 billion, with an average
maturity of 30 months.
The following table presents MFA's asset allocation as of
September 30, 2017, and the third quarter 2017 yield on
average interest-earning assets, average cost of funds and net
interest rate spread for the various asset types.
Table 2
ASSET
ALLOCATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2017
|
Agency
MBS
|
Legacy
Non-Agency
MBS
|
RPL/NPL
MBS
|
Credit Risk
Transfer
Securities
|
MSR
Related
Assets
|
Residential
Whole
Loans, at
Carrying
Value
|
Residential
Whole
Loans, at
Fair
Value
|
Other,
net
(1)
|
Total
|
($ in Millions)
|
|
|
|
|
|
|
|
|
|
Fair Value/Carrying
Value
|
$
|
3,019
|
$
|
2,717
|
$
|
1,195
|
$
|
654
|
$
|
412
|
$
|
639
|
$
|
1,103
|
$
|
748
|
$
|
10,487
|
Less Payable
for
Unsettled Purchases
|
—
|
(4)
|
—
|
—
|
—
|
—
|
(120)
|
—
|
(124)
|
Less Repurchase
Agreements
|
(2,671)
|
(1,837)
|
(798)
|
(413)
|
(269)
|
(273)
|
(610)
|
—
|
(6,871)
|
Less Senior
Notes
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(97)
|
(97)
|
Less Securitized
Debt
|
—
|
—
|
—
|
—
|
—
|
(111)
|
(26)
|
—
|
(137)
|
Net Equity
Allocated
|
$
|
348
|
$
|
876
|
$
|
397
|
$
|
241
|
$
|
143
|
$
|
255
|
$
|
347
|
$
|
651
|
$
|
3,258
|
Debt/Net Equity Ratio
(2)
|
7.7x
|
2.1x
|
2.0x
|
1.7x
|
1.9x
|
1.5x
|
2.2x
|
|
2.4x
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended September 30, 2017
|
|
|
|
|
|
Yield on Average
Interest
Earning Assets (3)
|
1.97%
|
8.93%
|
4.43%
|
5.74%
|
6.33%
|
5.92%
|
N/A
|
—%
|
4.68%
|
Less Average Cost
of
Funds
(4)
|
(1.75)
|
(3.26)
|
(2.69)
|
(2.54)
|
(3.13)
|
(3.39)
|
(3.63)
|
—
|
(2.66)
|
Net Interest Rate
Spread
|
0.22%
|
5.67%
|
1.74%
|
3.20%
|
3.20%
|
2.53%
|
N/A
|
—%
|
2.02%
|
|
|
(1)
|
Includes cash and
cash equivalents and restricted cash, securities obtained and
pledged as collateral, other assets, obligation to return
securities obtained as
collateral and other liabilities.
|
(2)
|
Represents the sum
of borrowings under repurchase agreements, securitized debt and
payable for unsettled purchases 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 $507.3 million and Senior Notes.
|
(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 September 30, 2017, the
amortized cost of our interest earning assets were as follows:
Agency MBS - $3.0 billion; Legacy Non-Agency MBS - $2.1 billion;
RPL/NPL MBS - $1.2 billion; Credit Risk Transfer securities -
$612.7 million; and Residential Whole Loans at carrying value -
$639.2 million. In addition, the yield for residential whole loans
at carrying value was 5.43% net of 49 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 44 basis points and Legacy Non-Agency cost of funds
includes 45 basis points associated with swaps to hedge interest
rate sensitivity on these assets.
|
At September 30, 2017, MFA's $5.7
billion of Agency and Legacy Non-Agency MBS were backed by
Hybrid, adjustable and fixed-rate mortgages. Additional
information about these MBS, including average months to reset and
three-month average CPR, is presented below:
Table 3
|
|
Agency
MBS
|
|
Legacy Non-Agency
MBS (1)
|
|
Total
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time to
Reset
|
|
Fair Value
(2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value (2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
($ in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
< 2 years
(5)
|
|
$
|
1,598
|
8
|
20.4%
|
|
$
|
1,845
|
5
|
19.0%
|
|
$
|
3,443
|
6
|
19.6%
|
2-5 years
|
|
144
|
46
|
12.0
|
|
—
|
—
|
—
|
|
144
|
46
|
12.0
|
> 5
years
|
|
60
|
67
|
12.8
|
|
—
|
—
|
—
|
|
60
|
67
|
12.8
|
ARM-MBS
Total
|
|
$
|
1,802
|
13
|
19.5%
|
|
$
|
1,845
|
5
|
19.0%
|
|
$
|
3,647
|
9
|
19.2%
|
15-year fixed
(6)
|
|
$
|
1,216
|
|
11.4%
|
|
$
|
3
|
|
12.9%
|
|
$
|
1,219
|
|
11.4%
|
30-year fixed
(6)
|
|
—
|
|
—
|
|
831
|
|
18.3
|
|
831
|
|
18.3
|
40-year fixed
(6)
|
|
—
|
|
—
|
|
38
|
|
15.1
|
|
38
|
|
15.1
|
Fixed-Rate
Total
|
|
$
|
1,216
|
|
11.4%
|
|
$
|
872
|
|
18.1%
|
|
$
|
2,088
|
|
14.4%
|
MBS Total
|
|
$
|
3,018
|
|
16.2%
|
|
$
|
2,717
|
|
18.7%
|
|
$
|
5,735
|
|
17.5%
|
|
|
(1)
|
Excludes $1.2
billion of RPL/NPL MBS.
|
(2)
|
Does not include
principal payments receivable of $1.1
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.
|
Webcast
MFA Financial, Inc. plans to host a live audio
webcast of its investor conference call on Thursday,
November 2, 2017, at 11:00 a.m.
(Eastern Time) to discuss its third quarter 2017 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, which is dependent on, among
other things, the supply of loans offered for sale in the market;
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)
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Mortgage-backed
securities ("MBS") and credit risk transfer ("CRT")
securities:
|
|
|
|
|
Agency MBS, at fair
value ($2,911,353 and $3,540,401 pledged as collateral,
respectively)
|
|
$
|
3,019,304
|
|
$
|
3,738,497
|
Non-Agency MBS, at
fair value ($2,853,891 and $4,751,419 pledged as collateral,
respectively) (1)
|
|
3,911,660
|
|
5,684,836
|
CRT securities, at
fair value ($530,833 and $357,488 pledged as collateral,
respectively)
|
|
653,633
|
|
404,850
|
Mortgage servicing
rights ("MSR") related assets ($412,674 and $226,780 pledged as
collateral,
respectively)
|
|
411,840
|
|
226,780
|
Residential whole
loans, at carrying value ($347,906 and $427,880 pledged as
collateral, respectively) (2)
|
|
639,216
|
|
590,540
|
Residential whole
loans, at fair value ($903,494 and $734,331 pledged as collateral,
respectively) (2)
|
|
1,103,518
|
|
814,682
|
Securities obtained
and pledged as collateral, at fair value
|
|
507,318
|
|
510,767
|
Cash and cash
equivalents
|
|
608,173
|
|
260,112
|
Restricted
cash
|
|
15,440
|
|
58,463
|
Other
assets
|
|
233,357
|
|
194,495
|
Total
Assets
|
|
$
|
11,103,459
|
|
$
|
12,484,022
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
6,871,443
|
|
$
|
8,687,268
|
Obligation to return
securities obtained as collateral, at fair value
|
|
507,318
|
|
510,767
|
8% Senior Notes due
2042 ("Senior Notes")
|
|
96,763
|
|
96,733
|
Payable for unsettled
MBS and residential whole loans purchases
|
|
124,006
|
|
—
|
Other
liabilities
|
|
246,278
|
|
155,352
|
Total
Liabilities
|
|
$
|
7,845,808
|
|
$
|
9,450,120
|
|
|
|
|
|
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; 396,939 and 371,854 shares
issued
and outstanding, respectively
|
|
3,969
|
|
3,719
|
Additional paid-in
capital, in excess of par
|
|
3,219,398
|
|
3,029,062
|
Accumulated
deficit
|
|
(596,022)
|
|
(572,641)
|
Accumulated other
comprehensive income
|
|
630,226
|
|
573,682
|
Total Stockholders'
Equity
|
|
$
|
3,257,651
|
|
$
|
3,033,902
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
11,103,459
|
|
$
|
12,484,022
|
|
|
(1)
|
Includes
approximately $174.4 million of Non-Agency MBS transferred to
consolidated VIEs at December 31, 2016. Such assets can
be used
only to settle the obligations of each respective
VIE.
|
(2)
|
Includes
approximately $131.3 million of Residential whole loans, at
carrying value and $40.4 million of Residential whole loans, at
fair value transferred to a consolidated VIE at September 30,
2017. Such assets can be used only to settle the obligations of the
VIE.
|
MFA FINANCIAL,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In Thousands, Except Per Share Amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
Interest
Income:
|
|
|
|
|
|
|
|
|
Agency MBS
|
|
$
|
15,533
|
|
$
|
18,957
|
|
$
|
50,014
|
|
$
|
64,546
|
Non-Agency
MBS
|
|
63,252
|
|
83,638
|
|
212,728
|
|
253,555
|
CRT
securities
|
|
8,676
|
|
3,983
|
|
22,898
|
|
9,897
|
MSR related
assets
|
|
7,194
|
|
—
|
|
17,833
|
|
—
|
Residential whole
loans held at carrying value
|
|
9,026
|
|
5,917
|
|
26,219
|
|
16,112
|
Cash and cash
equivalent investments
|
|
1,452
|
|
221
|
|
2,854
|
|
531
|
Interest
Income
|
|
$
|
105,133
|
|
$
|
112,716
|
|
$
|
332,546
|
|
$
|
344,641
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
46,303
|
|
$
|
46,158
|
|
$
|
141,444
|
|
$
|
137,127
|
Senior Notes and
other interest expense
|
|
2,972
|
|
2,009
|
|
7,202
|
|
6,360
|
Interest
Expense
|
|
$
|
49,275
|
|
$
|
48,167
|
|
$
|
148,646
|
|
$
|
143,487
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
$
|
55,858
|
|
$
|
64,549
|
|
$
|
183,900
|
|
$
|
201,154
|
|
|
|
|
|
|
|
|
|
Other-Than-Temporary Impairments:
|
|
|
|
|
|
|
|
|
Total
other-than-temporary impairment losses
|
|
$
|
—
|
|
$
|
(1,255)
|
|
$
|
(63)
|
|
$
|
(1,255)
|
Portion of loss
recognized in/(reclassed from) other comprehensive
income
|
|
—
|
|
770
|
|
(969)
|
|
770
|
Net Impairment
Losses Recognized in Earnings
|
|
$
|
—
|
|
$
|
(485)
|
|
$
|
(1,032)
|
|
$
|
(485)
|
|
|
|
|
|
|
|
|
|
Other Income,
net:
|
|
|
|
|
|
|
|
|
Net gain on
residential whole loans held at fair value
|
|
$
|
18,679
|
|
$
|
19,639
|
|
$
|
48,660
|
|
$
|
47,729
|
Net gain on sales of
MBS and U.S. Treasury securities
|
|
14,933
|
|
7,083
|
|
30,530
|
|
26,069
|
Other, net
|
|
(4,515)
|
|
7,179
|
|
14,844
|
|
9,844
|
Other Income,
net
|
|
$
|
29,097
|
|
$
|
33,901
|
|
$
|
94,034
|
|
$
|
83,642
|
|
|
|
|
|
|
|
|
|
Operating and
Other Expense:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
$
|
10,892
|
|
$
|
7,078
|
|
$
|
26,258
|
|
$
|
21,507
|
Other general and
administrative expense
|
|
4,081
|
|
3,709
|
|
14,060
|
|
12,508
|
Loan servicing and
other related operating expenses
|
|
6,177
|
|
4,167
|
|
14,785
|
|
10,265
|
Operating and
Other Expense
|
|
$
|
21,150
|
|
$
|
14,954
|
|
$
|
55,103
|
|
$
|
44,280
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
63,805
|
|
$
|
83,011
|
|
$
|
221,799
|
|
$
|
240,031
|
Less Preferred Stock
Dividends
|
|
3,750
|
|
3,750
|
|
11,250
|
|
11,250
|
Net Income
Available to Common Stock and Participating
Securities
|
|
$
|
60,055
|
|
$
|
79,261
|
|
$
|
210,549
|
|
$
|
228,781
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share - Basic and Diluted
|
|
$
|
0.15
|
|
$
|
0.21
|
|
$
|
0.54
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
Dividends Declared
per Share of Common Stock
|
|
$
|
0.20
|
|
$
|
0.20
|
|
$
|
0.60
|
|
$
|
0.60
|
INVESTOR
CONTACT:
|
InvestorRelations@mfafinancial.com
|
|
212-207-6488
|
|
www.mfafinancial.com
|
|
|
MEDIA
CONTACT:
|
Abernathy
MacGregor
|
|
Tom
Johnson
|
|
212-371-5999
|
View original
content:http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-third-quarter-2017-financial-results-300547927.html
SOURCE MFA Financial, Inc.