NEW YORK, Nov. 6, 2018 /PRNewswire/ -- MFA Financial,
Inc. (NYSE: MFA) today announced its financial results for the
third quarter ended September 30, 2018.
Third Quarter 2018 and other
highlights:
- MFA generated third quarter GAAP net income of $83.4 million, or $0.19 per common share. As of September 30, 2018, book value per common share
was $7.46.
- Asset acquisitions exceeded run-off during the quarter. MFA
purchased in excess of $2.3 billion
of residential mortgage assets in the third quarter, including
$707 million of residential whole
loans.
- Recent growth in MFA's residential whole loan portfolio has
been largely through purchases of newly originated whole loans,
including Non-QM loans, rehabilitation or "fix and flip" loans and
single family rental loans.
- We completed a common equity offering in August, selling 50.9
million common shares, for net proceeds of $389.4 million.
- Net Income was $0.02 per common
share higher than the second quarter of 2018, primarily due to
higher net interest income, primarily due to growth in our
portfolio of newly originated residential whole loans.
- On October 31, 2018, MFA paid its
third quarter 2018 dividend of $0.20
per share of common stock to shareholders of record as of
October 1, 2018.
Craig Knutson, MFA's CEO and
President, said, "MFA's investment team was very active in the
third quarter, acquiring over $2.3
billion of new assets. With the additional capital
from our August common equity raise, we grew our investment
portfolio by over $1.3 billion. Our
residential whole loan and REO portfolio increased by $543 million, largely due to purchases of newly
originated whole loans. RPL/NPL MBS increased by $253 million, and MSR-related investments
increased by $184 million. We
also purchased approximately $750
million of 30 year fixed rate Agency MBS, growing this
portfolio by approximately $540
million. This incremental Agency MBS investment was
hedged to minimize duration exposure and also provided an efficient
means to deploy a portion of the capital raised in our August
common equity raise. These very liquid investments can easily
be sold to fund future purchases of residential whole loans or
other higher yielding assets. Much of the growth in our
residential whole loan portfolio has been through purchases of
newly originated whole loans, including Non-QM loans, fix and flip
loans and single family rental loans. We are pleased to
continue to gain traction on these new acquisition efforts, which
involve relationships cultivated over the past year or more.
Through our willingness and ability to explore and enter into
various arrangements, including flow agreements, strategic
alliances and also minority equity investments, we have been able
to partner with originators to source attractive new investments,
while enabling them to grow with support from MFA as a reliable
provider of capital."
"MFA remains well-positioned to generate attractive returns
despite higher funding costs due to Fed Funds increases and
continued elevated asset prices. Through our asset selection
and hedging strategy, our estimated net effective duration, a gauge
of our portfolio's sensitivity to interest rates, remained
relatively low and measured 1.14 at quarter-end. MFA's book
value per common share decreased slightly to $7.46 from $7.54 as
of June 30, 2018, due primarily to
lower unrealized gains on Legacy Non-Agency MBS and higher
unrealized losses on Agency MBS, which were partially offset by an
increase in the fair value of Swaps. Leverage, which reflects
the ratio of our financing obligations to equity, was 2.3:1 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, the performance of our credit sensitive
residential whole loan portfolio benefits from this fundamental
strength. MFA's proactive asset management team has been able
to shorten liquidation timelines and increase property sale
proceeds, leading to improved outcomes and better returns.
Additionally, MFA's Legacy Non-Agency MBS portfolio continues to
outperform our credit assumptions. In the third quarter of
2018, we reduced our credit reserve on this portfolio by
$10.2 million and these assets
generated a yield of 10.76% for the quarter."
At September 30, 2018, our investments in residential whole
loans totaled $3.9 billion. Of
this amount, $2.5 billion is recorded
at carrying value and generated a yield of 5.89% (5.73% net of
servicing costs) during the quarter, and $1.4 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 $34.9 million, primarily reflecting coupon
interest payments and other cash received during the quarter
together with changes in the fair value of the underlying
loans. In addition, as of the end of the quarter we held
approximately $223 million of REO
properties.
MFA's Legacy Non-Agency MBS had a face amount of $2.3 billion with an amortized cost of
$1.6 billion and a net purchase
discount of $722.8 million at
September 30, 2018. This discount consists of a
$531.8 million credit reserve and
other-than-temporary impairments and a $191.0 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 twelve years seasoned and approximately 11.2% are
currently 60 or more days delinquent.
As of September 30, 2018, the Agency MBS portfolio totaled
$2.9 billion, had an amortized cost
basis of 103.9% of par and generated a 2.21% yield 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 basis of 99.9% of par and
generated a 5.01% yield for the quarter. Our investments in
CRT securities totaled $538.9 million
at September 30, 2018, and generated a yield of 6.19% in the
third quarter. During the quarter we opportunistically sold Legacy
Non-Agency MBS and CRT securities for $143.2
million, realizing gains of $16.4
million ($6.8 million of which
had previously been recorded as unrealized gains on CRT securities
for which we had elected fair value accounting).
For the three months ended September 30,
2018, MFA's costs for compensation and benefits and other
general and administrative expenses were $11.0 million, or an annualized 1.24% of
stockholders' equity as of September 30, 2018.
The following table presents the weighted average prepayment
speed on MFA's MBS portfolio.
Table
1
|
|
|
|
Third Quarter
2018 Average CPR
|
|
Second Quarter
2018 Average CPR
|
|
Agency MBS
|
|
16.8%
|
|
16.2%
|
|
Legacy Non-Agency
MBS
|
|
16.8%
|
|
15.8%
|
|
RPL/NPL MBS
(1)
|
|
19.6%
|
|
20.4%
|
|
|
|
|
|
|
(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 from 300 -
400 basis points at 36 - 48 months from issuance or
sooner.
|
As of September 30, 2018, under its swap agreements, MFA
had a weighted average fixed-pay rate of interest of 2.35% and a
floating receive rate of 2.21% on notional balances totaling
$2.6 billion, with an average
maturity of 32 months.
The following table presents MFA's asset allocation as of
September 30, 2018, and the third quarter 2018 yield on
average interest-earning assets, average cost of funds and net
interest rate spread for the various asset types.
Table
2
|
|
ASSET
ALLOCATION
|
|
At September 30,
2018
|
Agency
MBS
|
Legacy
Non-Agency
MBS
|
RPL/NPL
MBS
|
Credit Risk
Transfer
Securities
|
MSR
Related
Assets
|
Residential
Whole
Loans, at
Carrying
Value
(1)
|
Residential
Whole
Loans, at
Fair
Value
|
Other,
net
(2)
|
Total
|
($ in Millions)
|
|
|
|
|
|
|
|
|
|
Fair Value/Carrying
Value
|
$
|
2,905
|
$
|
2,173
|
$
|
1,162
|
$
|
539
|
$
|
565
|
$
|
2,472
|
$
|
1,449
|
$
|
387
|
$
|
11,652
|
Less Payable for
Unsettled Purchases
|
—
|
(2)
|
—
|
—
|
—
|
(7)
|
(2)
|
—
|
(11)
|
Less Repurchase
Agreements
|
(2,584)
|
(1,592)
|
(913)
|
(405)
|
(436)
|
(893)
|
(455)
|
—
|
(7,278)
|
Less Securitized
Debt
|
—
|
—
|
—
|
—
|
—
|
(173)
|
(541)
|
—
|
(714)
|
Less Senior
Notes
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(97)
|
(97)
|
Net Equity
Allocated
|
$
|
321
|
$
|
579
|
$
|
249
|
$
|
134
|
$
|
129
|
$
|
1,399
|
$
|
451
|
$
|
290
|
$
|
3,552
|
Debt/Net Equity Ratio
(3)
|
8.0x
|
2.8x
|
3.7x
|
3.0x
|
3.4x
|
0.8x
|
2.2x
|
|
2.3x
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Average
Interest
Earning Assets (4)
|
2.21%
|
10.76%
|
5.01%
|
6.19%
|
5.32%
|
5.89%
|
N/A
|
|
5.54%
|
Less Average Cost
of
Funds
(5)
|
(2.22)
|
(3.29)
|
(3.10)
|
(3.14)
|
(3.08)
|
(3.67)
|
(4.07)
|
|
(3.13)
|
Net Interest Rate
Spread
|
(0.01)%
|
7.47%
|
1.91%
|
3.05%
|
2.24%
|
2.22%
|
N/A
|
|
2.41%
|
|
(1)
|
Includes $825.6
million of purchased credit impaired loans, $989.8 million of
Non-QM loans, $329.3 million of Rehabilitation loans, $79.7 million
of Single-family rental loans and $247.1 million of seasoned
performing loans. At September 30, 2018, the total fair
value of these loans is estimated to be approximately $2.5
billion.
|
(2)
|
Includes cash and
cash equivalents and restricted cash, other assets and other
liabilities.
|
(3)
|
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 Senior Notes.
|
(4)
|
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, 2018, the
amortized cost of our interest earning assets were as follows:
Agency MBS - $3.0 billion; Legacy Non-Agency MBS - $1.6 billion;
RPL/NPL MBS - $1.2 billion; Credit Risk Transfer securities -
$504.8 million; and Residential Whole Loans at carrying value -
$2.5 billion. In addition, the yield for residential whole loans at
carrying value was 5.73%, net of 16 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.
|
(5)
|
Average cost of
funds includes interest on repurchase agreements, the cost of
swaps, Senior Notes and securitized debt. Agency MBS cost of
funds includes 6 basis points and Legacy Non-Agency MBS cost of
funds includes 5 basis points associated with swaps to hedge
interest rate sensitivity on these assets.
|
At September 30, 2018, MFA's $5.1
billion of Agency and Legacy Non-Agency MBS were backed by
hybrid, adjustable and fixed-rate mortgages. Additional
information about these MBS, including average months to reset and
three-month average CPR, is presented below:
Table
3
|
|
|
|
Agency
MBS
|
|
Legacy Non-Agency
MBS (1)
|
|
Total
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time to
Reset
|
|
Fair Value
(2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
(2)
|
Average
Months
to Reset (3)
|
3 Month
Average CPR
(4)
|
($ in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
< 2 years
(5)
|
|
$
|
1,150
|
6
|
22.7%
|
|
$
|
1,418
|
4
|
18.6%
|
|
$
|
2,568
|
5
|
20.3%
|
2-5 years
|
|
132
|
44
|
12.6
|
|
—
|
—
|
—
|
|
132
|
44
|
12.6
|
> 5
years
|
|
10
|
82
|
10.7
|
|
—
|
—
|
—
|
|
10
|
82
|
10.7
|
ARM-MBS
Total
|
|
$
|
1,292
|
11
|
21.6%
|
|
$
|
1,418
|
4
|
18.6%
|
|
$
|
2,710
|
7
|
19.9%
|
15-year
fixed
|
|
$
|
866
|
|
11.5%
|
|
$
|
2
|
|
17.6%
|
|
$
|
868
|
|
11.5%
|
30-year
fixed
|
|
747
|
|
8.7
|
|
719
|
|
13.4
|
|
1,466
|
|
12.5
|
40-year
fixed
|
|
—
|
|
—
|
|
34
|
|
16.7
|
|
34
|
|
16.7
|
Fixed-Rate
Total
|
|
$
|
1,613
|
|
11.0%
|
|
$
|
755
|
|
13.6%
|
|
$
|
2,368
|
|
12.2%
|
MBS Total
|
|
$
|
2,905
|
|
16.8%
|
|
$
|
2,173
|
|
16.8%
|
|
$
|
5,078
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes $1.2
billion of RPL/NPL MBS.
|
(2)
|
Does not include
principal payments receivable of $438,000.
|
(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.
|
Webcast
MFA Financial, Inc. plans to host a live audio
webcast of its investor conference call on Tuesday,
November 6, 2018, at 10:00 a.m.
(Eastern Time) to discuss its third quarter 2018 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,"
"should," "could," "would," "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 (i.e., fair) value of MFA's MBS, residential whole loans,
CRT securities and other assets; changes in the prepayment rates on
residential mortgage assets, an increase of which could result in a
reduction of the yield on certain investments in our portfolio and
an increase of which could require us to reinvest the proceeds
received by us as a result of such prepayments in investments 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
modifications, foreclosures and liquidations; 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 MFA's Board of Directors
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 continue growing 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; targeted
or expected returns on MFA's investments in recently-originated
loans, the performance of which is, similar to MFA's other mortgage
loan investments, subject to, among other things, prepayment risk,
credit risk and financing cost associated with such investments;
risks associated with our investments in MSR related assets,
including servicing, regulatory and economic risks, and risks
associated with investing in real estate assets, including changes
in business conditions and the general economy. 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 are based on beliefs, assumptions and
expectations of MFA's future performance, taking into account all
information currently available. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
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 Per Share Amounts)
|
|
September 30,
2018
|
|
December 31,
2017
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Mortgage-backed
securities ("MBS") and credit risk transfer ("CRT")
securities:
|
|
|
|
|
Agency MBS, at fair
value ($2,795,273 and $2,727,510 pledged as collateral,
respectively)
|
|
$
|
2,905,490
|
|
$
|
2,824,681
|
Non-Agency MBS, at
fair value ($3,237,108 and $2,379,523 pledged as collateral,
respectively)
|
|
3,334,610
|
|
3,533,966
|
CRT securities, at
fair value ($504,931 and $595,900 pledged as collateral,
respectively)
|
|
538,945
|
|
664,403
|
Mortgage servicing
rights ("MSR") related assets ($565,272 and $482,158 pledged as
collateral, respectively)
|
|
565,272
|
|
492,080
|
Residential whole
loans, at carrying value ($1,149,293 and $448,689 pledged as
collateral, respectively) (1)
|
|
2,471,567
|
|
908,516
|
Residential whole
loans, at fair value ($685,095 and $996,226 pledged as collateral,
respectively) (1)
|
|
1,449,365
|
|
1,325,115
|
Cash and cash
equivalents
|
|
104,186
|
|
449,757
|
Restricted
cash
|
|
6,489
|
|
13,307
|
Other
assets
|
|
406,069
|
|
742,909
|
Total
Assets
|
|
$
|
11,781,993
|
|
$
|
10,954,734
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Repurchase
agreements
|
|
$
|
7,278,270
|
|
$
|
6,614,701
|
Other
liabilities
|
|
951,483
|
|
1,078,397
|
Total
Liabilities
|
|
$
|
8,229,753
|
|
$
|
7,693,098
|
|
|
|
|
|
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; 449,472 and 397,831 shares
issued
and outstanding, respectively
|
|
4,495
|
|
3,978
|
Additional paid-in
capital, in excess of par
|
|
3,620,268
|
|
3,227,304
|
Accumulated
deficit
|
|
(598,971)
|
|
(578,950)
|
Accumulated other
comprehensive income
|
|
526,368
|
|
609,224
|
Total Stockholders'
Equity
|
|
$
|
3,552,240
|
|
$
|
3,261,636
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
11,781,993
|
|
$
|
10,954,734
|
|
|
(1)
|
Includes
approximately $215.1 million and $183.2 million of Residential
whole loans, at carrying value and $723.8 million and $289.3
million of
Residential whole loans, at fair value transferred to consolidated
VIEs at September 30, 2018 and December 31, 2017, respectively.
Such
assets can be used only to settle the obligations of each
respective VIE.
|
MFA FINANCIAL,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In Thousands, Except Per Share Amounts)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
Interest
Income:
|
|
|
|
|
|
|
|
|
Agency MBS
|
|
$
|
14,332
|
|
|
$
|
15,533
|
|
|
$
|
42,795
|
|
|
$
|
50,014
|
|
Non-Agency
MBS
|
|
58,667
|
|
|
63,252
|
|
|
169,812
|
|
|
212,728
|
|
CRT
securities
|
|
7,748
|
|
|
8,676
|
|
|
25,939
|
|
|
22,898
|
|
MSR related
assets
|
|
6,407
|
|
|
7,194
|
|
|
20,249
|
|
|
17,833
|
|
Residential whole
loans held at carrying value
|
|
29,524
|
|
|
9,026
|
|
|
61,788
|
|
|
26,219
|
|
Cash and cash
equivalent investments
|
|
754
|
|
|
1,452
|
|
|
2,348
|
|
|
2,854
|
|
Interest
Income
|
|
$
|
117,432
|
|
|
$
|
105,133
|
|
|
$
|
322,931
|
|
|
$
|
332,546
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
50,881
|
|
|
$
|
46,303
|
|
|
$
|
142,832
|
|
|
$
|
141,444
|
|
Other interest
expense
|
|
7,997
|
|
|
2,972
|
|
|
18,410
|
|
|
7,202
|
|
Interest
Expense
|
|
$
|
58,878
|
|
|
$
|
49,275
|
|
|
$
|
161,242
|
|
|
$
|
148,646
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
$
|
58,554
|
|
|
$
|
55,858
|
|
|
$
|
161,689
|
|
|
$
|
183,900
|
|
|
|
|
|
|
|
|
|
|
Other Income,
net:
|
|
|
|
|
|
|
|
|
Net gain on
residential whole loans held at fair value
|
|
$
|
34,942
|
|
|
$
|
18,679
|
|
|
$
|
105,883
|
|
|
$
|
48,660
|
|
Net gain on sales of
investment securities
|
|
16,415
|
|
|
14,933
|
|
|
32,661
|
|
|
30,530
|
|
Other, net
|
|
(2,998)
|
|
|
(4,515)
|
|
|
(1,519)
|
|
|
13,812
|
|
Other Income,
net
|
|
$
|
48,359
|
|
|
$
|
29,097
|
|
|
$
|
137,025
|
|
|
$
|
93,002
|
|
|
|
|
|
|
|
|
|
|
Operating and
Other Expense:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
$
|
6,868
|
|
|
$
|
10,892
|
|
|
$
|
20,654
|
|
|
$
|
26,258
|
|
Other general and
administrative expense
|
|
4,155
|
|
|
4,081
|
|
|
13,569
|
|
|
14,060
|
|
Loan servicing and
other related operating expenses
|
|
8,758
|
|
|
6,177
|
|
|
23,569
|
|
|
14,785
|
|
Operating and
Other Expense
|
|
$
|
19,781
|
|
|
$
|
21,150
|
|
|
$
|
57,792
|
|
|
$
|
55,103
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
87,132
|
|
|
$
|
63,805
|
|
|
$
|
240,922
|
|
|
$
|
221,799
|
|
Less Preferred Stock
Dividends
|
|
3,750
|
|
|
3,750
|
|
|
11,250
|
|
|
11,250
|
|
Net Income
Available to Common Stock and Participating
Securities
|
|
$
|
83,382
|
|
|
$
|
60,055
|
|
|
$
|
229,672
|
|
|
$
|
210,549
|
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share - Basic and Diluted
|
|
$
|
0.19
|
|
|
$
|
0.15
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
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-2018-financial-results-300744060.html
SOURCE MFA Financial, Inc.