NTR Nutrien Ltd

* Consolidated net loss of $0.21 per share for the quarter ended September 30, 2006 as compared to a net income of $0.01 per share for the immediate preceding quarter ended June 30, 2006 and net income of $0.16 per share for the quarter ended September 30, 2005. NEW YORK, Nov. 7 /PRNewswire-FirstCall/ -- New York Mortgage Trust, Inc. (NYSE:NTR), a self-advised residential mortgage finance company organized as a real estate investment trust ("REIT") for federal income tax purposes, today reported results for the quarter ended September 30, 2006. Comparison of the Quarters Ended September 30, 2006 and 2005 * Quarterly loan origination volume of $602.8 million for the quarter ended September 30, 2006 as compared to $741.8 million for the immediate preceding quarter ended June 30, 2006 and $1.0 billion for the quarter ended September 30, 2005. * Consolidated net loss of $3.9 million for the quarter ended September 30, 2006 as compared to a net income of $178,000 for the immediate preceding quarter ended June 30, 2006 and net income of $2.9 million for the quarter ended September 30, 2005. * REIT (Mortgage Portfolio Management segment) earnings of $1.2 million for the quarter ended September 30, 2006 as compared to net income of $2.4 million for the immediately preceding quarter ended June 30, 2006 and net income of $3.8 million for the quarter ended September 30, 2005. Third Quarter Results For the quarter ended September 30, 2006, the Company's Mortgage Portfolio Management segment (REIT operations exclusive of its taxable REIT subsidiaries) reported net revenues of $1.5 million and a net income of $1.2 million, or $0.07 per share. The Company's Mortgage Lending segment (the Company's wholly owned taxable REIT subsidiaries or "TRS") reported net revenues of $2.4 million (including $4.0 million in loan losses) and a net loss of $5.1 million for the quarter ended September 30, 2006. On a consolidated basis, the Company reported net loss of $3.9 million for the quarter ended September 30, 2006. Comments from Management Steven B. Schnall, Chairman, President and Co-Chief Executive Officer, commented, "The deterioration in third quarter operating results is attributable to continued pressure in both our Mortgage Portfolio Management and our Mortgage Lending segments. The decline in earnings in our Mortgage Portfolio Management segment was largely the result of the persistence of a flat to inverted yield curve and decreasing net interest spreads due to hedge maturities and, to a lesser extent, high prepayment rates associated with the re-pricing of adjustable rate mortgage loans held in our $1.2 billion loan portfolio. Specifically, our net interest margin declined to 16 basis points, as compared to 78 basis points from the immediately preceding second quarter of 2006. Additionally, on a positive note, the net duration gap between the average lives of our assets and our liabilities declined slightly to approximately six months and the credit characteristics of our portfolio remains very strong, with total loan delinquencies of 1.03% of portfolio, loan delinquencies greater than 90 days representing only 0.41% of portfolio value and credit losses since inception of only $52,000." Mr. Schnall added, "Our Mortgage Lending segment also experienced significant earnings pressure primarily as the result of a 19% decrease in our mortgage origination volume from the second quarter of 2006 (as compared to a 14% nationwide decline in mortgage originations for the same period -- as reported by the Mortgage Bankers Association) as well as continued pricing pressure on premiums earned on loans sold to third parties. Our third quarter earnings were further affected by atypical, and largely non-recurring, loan losses due primarily to early payment defaults incurred on sub-prime loans made during the early part of 2006. Of note, though, is that we have largely discontinued making sub-prime loans other than in cases where the loans are either prior-approved by loan purchasers or simply brokered to third parties -- both of which serve to dramatically reduce our risk going forward. Additionally, on a positive note, both our loan application and funding volumes for October 2006 have taken a slight positive turn as compared to September 2006 results." A breakdown of the Company's loan originations by payment stream for the quarter ended September 30, 2006 follows: MORTGAGE LOAN ORIGINATION SUMMARY For the Third Quarter Ended September 30, 2006 (Dollar amounts in thousands) Number of Loans Par Amount % of Total Payment Stream Fixed Rate FHA/VA 82 $12,882 2.1% Conventional Conforming 1,577 270,379 44.9% Conventional Jumbo 132 80,705 13.4% Total Fixed Rate 1,791 363,966 60.4% ARMs FHA/VA 3 1,271 0.2% Conventional 794 237,572 39.4% Total ARMs 797 238,843 39.6% Total 2,588 $602,809 100.0% Loan Purpose Conventional 2,503 $588,656 97.7% FHA/VA 85 14,153 2.3% Total 2,588 $602,809 100.0% Documentation Type Full Documentation 1,285 $288,726 47.9% Stated Income 545 141,503 23.5% Stated Income/Stated Assets 323 73,166 12.1% No Documentation 266 63,481 10.5% No Ratio 116 27,091 4.5% Stated Asset 4 578 0.1% Other 49 8,264 1.4% Total 2,588 $602,809 100.0% A breakdown by credit quality of the Company's loan originations for third quarter 2006 follows: Aggregate Weighted Principal Weighted Average Balance Percentage Average Average Number of ($ in Of Total Interest Principal Loans millions) Principal Rate Balance LTV FICO ARM 794 $237.6 39.4% 7.27% $299,209 72.8 704 Fixed- rate 1,709 351.1 58.2% 7.48% 205,433 75.6 711 Subtotal -non-FHA 2,503 588.7 97.6% 7.39% 235,180 74.5 708 FHA - ARM 3 1.2 0.2% 6.06% 423,701 96.1 681 FHA - fixed-rate 82 12.9 2.2% 6.61% 157,096 95.7 652 Subtotal - FHA 85 14.1 2.4% 6.56% 166,506 95.7 654 Total ARM 797 238.8 39.6% 7.27% 299,678 72.9 704 Total fixed -rate 1,791 364.0 60.4% 7.45% 203,220 76.4 709 Total Origi- nations 2,588 $602.8 100.0% 7.38% $232,925 75.0 707 Purchase mortgages 1,594 $352.6 58.5% 7.47% $221,215 79.0 718 Refinancings 909 236.1 39.1% 7.28% 259,670 67.8 693 Subtotal- non-FHA 2,503 588.7 97.6% 7.39% 235,180 74.5 708 FHA - purchase 70 11.9 2.0% 6.50% 170,453 96.5 664 FHA - refinancings 15 2.2 0.4% 6.84% 148,087 91.4 604 Subtotal - FHA 85 14.1 2.4% 6.56% 166,506 95.7 654 Total purchase 1,664 364.5 60.5% 7.44% 219,079 79.5 716 Total refinancings 924 238.3 39.5% 7.27% 257,858 68.0 692 Total Origi- nations 2,588 $602.8 100.0% 7.38% $232,925 75.0 707 Note: FHA originations are Streamlined Refinance mortgages with low average balances. All FHA loans are and will continue to be sold or brokered to third party investors. Investment Activity As of September 30, 2006, the Company's portfolio of investment securities totaled $524.0 million and had a weighted average purchase price of 100.31. Approximately 41% of the securities purchased have rate resets in less than six months, 8% reset in six to 24 months and the remaining 51% reset in less than five years. In addition, loans held in securitization trusts totaled $628.6 million and had an average origination value (purchase price) of 100.66. Approximately 26% of loans held in the portfolio have interest rate resets of less than 6 months, 9% have resets between 6 months and 24 months and the remaining 65% have resets less than 48 months. The investment securities and the loans held in securitization trusts are financed in part with debt totaling $1.1 billion at September 30, 2006. The net interest margin on the Company's mortgage portfolio investments for the quarter ended September 30, 2006 averaged 16 basis points, down from 78 basis points in the quarter ended June 30, 2006. This decrease in spreads is primarily due to hedge maturities and, to a lesser extent, to the re- pricing of adjustable rate mortgage loans held in our portfolio. The following table summarizes the Company's investment portfolio of residential mortgage-backed securities and loans owned at September 30, 2006, classified by relevant categories: Par Value Coupon Carrying Value Yield Agency REMIC floaters $178,388,984 6.68% $178,990,895 6.56% Private label floaters 27,573,587 6.11% 27,499,840 6.28% Private label ARMs 296,201,236 4.81% 293,237,365 6.03% NYMT retained securities 25,111,629 5.65% 24,240,627 7.91% Loans held in securitization trusts 624,525,836 5.31% 628,624,669 6.00% Total/Weighted Average $1,151,801,272 5.42% $1,152,593,396 6.14% Conference Call On Wednesday, November 8, 2006 at 10:00 a.m. Eastern time, New York Mortgage Trust's executive management will host a conference call and audio webcast highlighting the Company's third quarter financial results. The conference call dial-in number is 303-262-2138. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis, at http://www.earnings.com/ or at the Investor Relations section of the Company's website at http://www.nymtrust.com/. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. The online archive of the webcast will be available for approximately 90 days. About New York Mortgage Trust New York Mortgage Trust, Inc., a real estate investment trust (REIT), is engaged in the origination of and investment in residential mortgage loans throughout the United States. The Company, through its wholly owned taxable REIT subsidiary, The New York Mortgage Company, LLC ("NYMC"), originates a broad spectrum of residential loan products with a focus on high credit quality, or prime, loans. In addition to prime loans, NYMC also originates jumbo loans, alternative-A loans, sub-prime loans and home equity or second mortgage loans through its retail and wholesale origination branch network. The Company's REIT portfolio is comprised of securitized, high credit quality, adjustable and hybrid ARM loans, the majority of which, over time, will be originated by NYMC. As a REIT, the company is not subject to federal income tax provided that it distributes at least 90% of its REIT taxable income to its stockholders. This news release contains 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, the possibilities that a rise in interest rates may cause a decline in the market value of the Company's assets, a decrease in the demand for mortgage loans may have a negative effect on the Company's volume of closed loan originations, prepayment rates may change, borrowings to finance the purchase of assets may not be available on favorable terms, the Company may not be able to maintain its qualification as a REIT for federal tax purposes, the Company may experience the risks associated with investing in real estate, including changes in business conditions and the general economy, and the Company's hedging strategies may not be effective. The reports that the Company files with the Securities and Exchange Commission contain a fuller description of these and many other risks to which the Company is subject. Because of those risks, the Company's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. The information set forth in this news release represents management's current expectations and intentions. The Company assumes no responsibility to issue updates to the forward-looking matters discussed in this news release. NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollar amounts in thousands, except per share data) (unaudited) For the Nine Months Ended For the Three Months Ended September 30, September 30, 2006 2005 2006 2005 REVENUE: Interest income: Investment securities and loans held in securitization trusts $50,050 $40,523 $16,998 $13,442 Loans held for investment - 5,388 - 1,783 Loans held for sale 12,155 10,573 3,880 4,473 Total interest income 62,205 56,484 20,878 19,698 Interest expense: Investment securities and loans held in securitization trusts 42,320 30,090 15,882 10,751 Loans held for investment - 3,911 - 1,366 Loans held for sale 9,284 7,284 3,337 3,441 Subordinated debentures 2,656 1,095 877 601 Total interest expense 54,260 42,380 20,096 16,159 Net interest income 7,945 14,104 782 3,539 OTHER INCOME (EXPENSE): Gain on sales of mortgage loans 14,362 21,634 4,311 8,985 Brokered loan fees 8,672 7,181 2,402 2,647 (Loss) gain on sale of current period securitized loans (747) - - - (Loss) gain on sale of securities and related hedges (529) 2,207 440 1,286 Loan losses (4,077) - (4,077) - Miscellaneous income (expense) 310 195 43 91 Total other income 17,991 31,217 3,119 13,009 EXPENSES: Salaries and benefits 17,720 23,875 5,378 7,302 Brokered loan expenses 6,609 5,689 1,674 1,483 Occupancy and equipment 3,871 4,981 1,256 1,265 Marketing and promotion 1,643 3,900 427 1,310 Data processing and communications 1,938 1,807 524 618 Office supplies and expenses 1,464 1,909 426 651 Professional fees 3,329 2,812 798 966 Travel and entertainment 409 707 126 261 Depreciation and amortization 1,625 1,069 539 302 Other 1,308 1,084 536 531 Total expenses 39,916 47,833 11,684 14,689 (LOSS) INCOME BEFORE INCOME TAX BENEFIT (13,980) (2,512) (7,783) 1,859 Income tax benefit 8,494 5,880 3,915 1,000 NET (LOSS) INCOME $(5,486) $3,368 $(3,868) $2,859 Basic (loss) income per share $(0.31) $0.19 $(0.21) $0.16 Diluted (loss) income per share $(0.31) $0.19 $(0.21) $0.16 Weighted average shares outstanding -basic 17,975 17,855 18,025 17,958 Weighted average shares outstanding -diluted 17,975 18,121 18,025 18,242 NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands) September 30, December 31, 2006 2005 (unaudited) ASSETS Cash and cash equivalents $6,879 $9,056 Restricted cash 1,979 5,468 Investment securities - available for sale 523,969 716,482 Due from loan purchasers 132,950 121,813 Escrow deposits - pending loan closings 1,622 1,434 Accounts and accrued interest receivable 9,256 14,866 Mortgage loans held for sale 109,197 108,271 Mortgage loans held in securitization trusts 628,625 776,610 Mortgage loans held for investment - 4,060 Prepaid and other assets 27,118 16,505 Derivative assets 3,402 9,846 Property and equipment, net 6,838 6,882 TOTAL ASSETS $1,451,835 $1,791,293 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Financing arrangements, portfolio investments $886,956 $1,166,499 Financing arrangements, loans held for sale/for investment 208,285 225,186 Collateralized debt obligations 203,550 228,226 Due to loan purchasers 11,677 1,652 Accounts payable and accrued expenses 14,736 22,794 Subordinated debentures 45,000 45,000 Derivative liabilities 686 394 Other liabilities 202 584 Total liabilities 1,371,092 1,690,335 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, $0.01 par value, 400,000,000 shares authorized, 18,327,371 shares issued and 18,077,160 outstanding at September 30, 2006 and 18,258,221 shares issued and 17,984,843 outstanding at December 31, 2005 183 183 Additional paid-in capital 100,324 107,573 Accumulated other comprehensive (loss) income (5,570) 1,910 Accumulated deficit (14,194) (8,708) Total stockholders' equity 80,743 100,958 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,451,835 $1,791,293 NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES SELECTED SEGMENT REPORTING (Dollar amounts in thousands) For the Nine Months Ended September 30, 2006 Mortgage Portfolio Mortgage Management Lending Segment Segment Total Total revenue $7,149 $18,787 $25,936 Total expense 1,473 29,949 31,422 Net income (loss) $5,676 $(11,162) $(5,486) Total assets $1,163,802 $288,033 $1,451,835 For the Nine Months Ended September 30, 2005 Mortgage Portfolio Mortgage Management Lending Segment Segment Total Total revenue $14,118 $31,203 $45,321 Total expense 2,527 39,426 41,953 Net income (loss) $11,591 $(8,223) $3,368 For the Three Months Ended September 30, 2006 Mortgage Portfolio Mortgage Management Lending Segment Segment Total Total revenue $1,504 $2,397 $3,901 Total expense 279 7,490 7,769 Net income (loss) $1,225 $(5,093) $(3,868) For the Three Months Ended September 30, 2005 Mortgage Portfolio Mortgage Management Lending Segment Segment Total Total revenue $4,394 $12,154 $16,548 Total expense 599 13,090 13,689 Net income (loss) $3,795 $(936) $2,859 DATASOURCE: New York Mortgage Trust, Inc. CONTACT: Steven R. Mumma, Chief Financial Officer, +1-212-634-2411, ; or Joe Calabrese, General, +1-212-827-3772, or Julie Tu, Analysts, +1-212-827-3776, both of Financial Relations Board Web site: http://www.nymtrust.com/

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