0001144204-12-041819.txt : 20120731 0001144204-12-041819.hdr.sgml : 20120731 20120731060145 ACCESSION NUMBER: 0001144204-12-041819 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120731 DATE AS OF CHANGE: 20120731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arlington Asset Investment Corp. CENTRAL INDEX KEY: 0001209028 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 541873198 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34374 FILM NUMBER: 12995137 BUSINESS ADDRESS: STREET 1: 1001 19TH STREET NORTH CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7033730200 MAIL ADDRESS: STREET 1: 1001 19TH STREET NORTH CITY: ARLINGTON STATE: VA ZIP: 22209 FORMER COMPANY: FORMER CONFORMED NAME: FRIEDMAN BILLINGS RAMSEY GROUP INC DATE OF NAME CHANGE: 20030331 FORMER COMPANY: FORMER CONFORMED NAME: FOREST MERGER CORP DATE OF NAME CHANGE: 20021205 8-K 1 v319937_8k.htm FORM 8-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported): July 30, 2012

 

ARLINGTON ASSET INVESTMENT CORP.

(Exact name of Registrant as specified in its charter)

 

 

 

Virginia   54-1873198   001-34374

(State or Other Jurisdiction

of Incorporation or Organization)

   (I.R.S. Employer Identification No.)   (Commission File Number)

 

1001 Nineteenth Street North

Arlington, VA 22209

(Address of principal executive offices) (Zip code)

 

(703) 373-0200

(Registrant’s telephone number including area code)

 

N/A

(Former name or former address, if changed from last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 
 

 

Item 2.02.     Results of Operations and Financial Condition.

 

Arlington Asset Investment Corp. (the “Company”) issued a press release on July 30, 2012 announcing its financial results for the quarter ended June 30, 2012. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section. Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

 

Item 9.01.     Financial Statements and Exhibits.

 

(d)     Exhibits.

 

99.1 Arlington Asset Investment Corp. Press Release dated July 30, 2012.

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ARLINGTON ASSET INVESTMENT CORP.  
       
Date:  July 31, 2012      
  By: /s/ Kurt R. Harrington  
  Name: Kurt R. Harrington  
  Title: Executive Vice President, Chief Financial Officer and Treasurer  

  

 
 

 

EXHIBIT INDEX

 

Exhibit No. 

  

Description 

99.1   Arlington Asset Investment Corp. Press Release dated July 30, 2012.

 

 

 

 

 EX-99.1 2 v319937_ex99-1.htm EXHIBIT 99.1

 

 

  

Contacts:+

Media: 703.373.0200 or ir@arlingtonasset.com 

Investors: Kurt Harrington at 703.373.0200 or ir@arlingtonasset.com

 

Arlington Asset Investment Corp. Reports Second Quarter 2012 Financial Results

Non-GAAP Core Operating Income of $1.16 per share (diluted) for the second quarter 2012(1)

20.5% Return on Equity from Non-GAAP Core Operating Income for the second quarter 2012(2)

Dividend of $0.875 per share for the second quarter 2012, will be paid on July 31, 2012

Annualized dividend yield of 15%(3), 20%(4) on a tax adjusted basis

Book value per share at June 30, 2012 was $22.58

 

 

ARLINGTON, VA, July 30, 2012 – Arlington Asset Investment Corp. (NYSE: AI) (the “Company”) today reported non-GAAP core operating income of $11.3 million for the quarter ended June 30, 2012, or $1.16 per share (diluted). A reconciliation of non-GAAP core operating income to GAAP net income appears at the end of this press release. On a GAAP basis, the Company reported net income of $2.1 million for the quarter ended June 30, 2012, or $0.22 per share (diluted), compared to net income of $10.8 million for the quarter ended March 31, 2012, or $1.37 per share (diluted), and net income of $0.1 million, or $0.01 per share (diluted), for the quarter ended June 30, 2011.

 

“The Company had another solid quarter in core operating earnings per share and overall portfolio performance. Since quarter end, strong investor appetite has pushed prices up in our prepayment protected agency-backed MBS portfolio causing spreads between our agency-backed MBS and our hedges to narrow, boosting book value per share and permitting us to realize cash gains of approximately $5.0 million to date in the third quarter,” said J. Rock Tonkel, Jr., President and Chief Operating Officer. “Trading activity and liquidity levels in private-label MBS have increased since mid-June, while credit trends in our private-label MBS portfolio continue to be steady with improvement in delinquency levels, CPRs, and loss severities.”

 

Second Quarter Highlights

 

Net interest income for the quarter was $13.0 million, excluding non-cash accretion of $1.9 million, required under GAAP. Net realized cash gains during the quarter were $1.4 million. The three-month CPR for the Company’s agency-backed MBS as of June 30, 2012 was 4.4%. The Company’s debt to equity ratio at June 30, 2012 was 4.4 to 1.

 

As of June 30, 2012, the Company’s agency-backed MBS consisted of $934.3 million in face value with a cost basis of $976.9 million and a fair value of $1.0 billion. Substantially all of the Company’s agency-backed MBS were fixed-rate 30-year MBS specifically selected for their prepayment protections with a weighted average coupon of 4.32%, a weighted average cost of 104.4, a weighted average market price of 108.9, and a weighted average cost of repo funding of 41 basis points. On a mark-to-market basis at June 30, 2012, the estimated hedged cost of funds associated with the agency-backed MBS portfolio was 1.07% on a weighted average basis over 5 years.

 

 
 

 

 

 

As of June 30, 2012, the Company’s private-label MBS portfolio consisted of $271.1 million in face value with an amortized cost basis of $139.0 million and a fair value of $172.9 million. The following table presents certain statistics of our private-label MBS portfolio as of or for the quarter ended June 30, 2012 (dollars in millions):

 

  Total Private-Label MBS
   
Fair market value $172.9
Fair market value (as a % of face value) 63.8%
   
Quarterly yield (as a % of amortized cost) 17.9%
Quarterly cash yield (excluding GAAP non-cash accretion) 12.6%
Average cost (as a % of face value) 49.3%
Weighted average coupon 5.2%
   
Face value $271.1
Amortized cost $139.0
Purchase discount $132.0
   
60+ delinquent 19.4%
Credit enhancement 5.6%
Severity (3-month) 48.8%
Constant prepayment rate (3-month) 16.8%

 

The Company’s Board of Directors approved a $0.875 dividend for the second quarter of 2012. The dividend will be paid on July 31, 2012 to shareholders of record on June 29, 2012. This represented a 15% annualized dividend yield based on the Class A common stock closing price on the New York Stock Exchange (NYSE) of $22.70 on July 30, 2012.

__________________________________

(1)Non-GAAP Financial Measures

 

In addition to the financial results reported in accordance with generally accepted accounting principles as consistently applied in the United States (GAAP), the Company has disclosed non-GAAP core operating income for the quarter ended June 30, 2012 in this press release. This non-GAAP measurement is used by management to analyze and assess the Company’s operating results and dividends. Management believes that this non-GAAP measurement assists investors in understanding the impact of these non-core items and non-cash expenses on the performance of the Company and provides additional clarity around the Company's forward earnings capacity and trend.

 

A limitation of utilizing this non-GAAP measure is that the GAAP accounting effects of these events do in fact reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing the Company's financial results. Therefore, management believes net income on a GAAP basis and core operating income on a non-GAAP basis should be considered together.

 

 
 

 

 

 

In determining core operating income, the Company has excluded certain costs and the following non-cash expenses: (i) compensation costs associated with stock-based awards, (ii) accretion of MBS purchase discounts adjusted for principal repayments in excess of proportionate invested capital, (iii) net unrealized mark-to-market adjustments on the trading MBS and hedge instruments and (iv) other-than-temporary impairment charges recognized, if any.

 

The following table presents a reconciliation of the GAAP financial results to non-GAAP measurements for the quarter ended June 30, 2012 (dollars in thousands):

 

GAAP net income  $2,144 
Adjustments     
   Adjusted expenses(a)   826 
   Stock compensation   140 
   Net unrealized mark-to-market loss on trading MBS and hedge instruments   5,578 
   Other-than-temporary impairment charges   4,531 
   Adjusted interest related to purchase discount accretion   (1,895)
      Non-GAAP core operating income  $11,324 
Non-GAAP core operating income per share (diluted)  $1.16 

 

(a)Adjusted expenses represent certain professional fees and income taxes that are not considered representative of routine activities of the Company.

 

(2)Return on Equity from non-GAAP core operating income is calculated using quarterly average equity and non-GAAP core operating income for the respective period.
(3)Based on the annualized second quarter 2012 dividend and a Class A common stock closing price on the NYSE of $22.70 on July 30, 2012.
(4)The Company's dividends are eligible for the 15% federal income tax rate on qualified dividend income, whereas dividends paid by a REIT are generally subject to the higher 35% tax rate on ordinary income.  To provide the same return after payment of federal income tax as the Company, a REIT would be required to pay dividends providing a 20% yield.

 

About the Company

 

Arlington Asset Investment Corp. (NYSE: AI) is a principal investment firm that invests in mortgage-related and other assets. The Company is headquartered in the Washington, D.C. metropolitan area. For more information, please visit www.arlingtonasset.com.

 

 
 

 

 

 

Statements concerning future performance, market conditions, risk spreads, private-label MBS trading activity, liquidity levels and credit trends, agency-backed MBS prices, cash earnings, book value, portfolio allocation, plans and steps to position the Company to realize value, and any other guidance on present or future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances. These factors include, but are not limited to, changes in interest rates, increased costs of borrowing, decreased interest spreads, changes in default rates, preservation and utilization of our net operating loss and net capital loss carry-forwards, impacts of regulatory changes including actions taken by the Securities and Exchange Commission, impacts of changes to Fannie Mae and Freddie Mac, actions taken by the U.S. Federal Reserve and the U.S. Treasury, availability of opportunities that meet or exceed our risk adjusted return expectations, ability to effectively migrate private-label MBS into agency-backed MBS, ability to realize a higher return on capital migrated to agency-backed MBS, ability and willingness to make future dividends, the failure of sovereign or municipal entities to meet their debt obligations or a downgrade in the credit rating of such debt obligations, ability to generate sufficient cash through retained earnings to satisfy capital needs, changes in and the effects on the Company of mortgage prepayment speeds, use of proceeds from our recently-completed equity offering, ability to realize book value growth through reflation of private-label MBS, the realization of gains and losses on principal investments, the outcome of certain litigation and investigatory matters, available technologies, competition for business and personnel, and general economic, political, regulatory and market conditions. These and other risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 that are available from the Company and from the SEC, and you should read and understand these risks when evaluating any forward-looking statement.

 

Financial data follows

 

 
 

 

ARLINGTON ASSET INVESTMENT CORP.                
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                
(Dollars in thousands, except per share data)  Three Months Ended   Six Months Ended 
(Unaudited)  June 30,   June 30, 
   2012   2011   2012   2011 
INTEREST INCOME  $16,031   $13,262   $29,394   $25,757 
                     
INTEREST EXPENSE                    
Interest on short-term debt   994    477    1,686    794 
Interest on long-term debt   123    115    248    230 
Total interest expense   1,117    592    1,934    1,024 
Net interest income   14,914    12,670    27,460    24,733 
                     
OTHER (LOSS) INCOME, NET                    
Investment (loss) gain, net   (8,677)   (8,484)   (5,869)   2,740 
Other loss   (4)   (4)   (8)   (7)
Total other (loss) income, net   (8,681)   (8,488)   (5,877)   2,733 
Operating income before other expenses   6,233    4,182    21,583    27,466 
                     
OTHER EXPENSES                    
Compensation and benefits   2,101    2,570    4,061    5,006 
Professional services   891    561    2,475    684 
Business development   55    47    72    79 
Occupancy and equipment   150    92    245    188 
Communications   53    50    105    96 
Other operating expenses   460    425    898    720 
Total other expenses   3,710    3,745    7,856    6,773 
                     
Income before income taxes   2,523    437    13,727    20,693 
                     
Income tax provision   379    346    821    817 
                     
Net income  $2,144   $91   $12,906   $19,876 
                     
Basic earnings per share  $0.22   $0.01   $1.47   $2.58 
                     
Diluted earnings per share  $0.22   $0.01   $1.47   $2.57 
                     
Weighted average shares outstanding - basic (in thousands)   9,726    7,723    8,795    7,692 
Weighted average shares outstanding - diluted (in thousands)   9,733    7,736    8,803    7,728 
                     
Other comprehensive income (loss), net of taxes                    
Unrealized gains (losses) for the period on available-for-sale securities (net of taxes of $-0-)  $343   $(1,597)  $(4,560)  $(136)
Reclassification adjustment for gains included in net income on available-for-sale securities (net of taxes of $-0-)   -    (2,089)   -    (13,794)
Comprehensive income (loss)  $2,487   $(3,595)  $8,346   $5,946 

 

 
 

 

ARLINGTON ASSET INVESTMENT CORP.        
CONSOLIDATED BALANCE SHEETS        
(Dollars in thousands, except per share amounts)        
(Unaudited)        
         
ASSETS  June 30, 2012   December 31, 2011 
           
Cash and cash equivalents  $21,137   $20,018 
Receivables          
Interest   3,360    2,366 
Sold securities receivable   70,727    41,321 
Other   106    11 
Mortgage-backed securities, at fair value          
Available-for-sale   173,042    179,566 
Trading   1,017,822    636,872 
Other investments   2,931    2,946 
Derivative assets, at fair value   1,899    504 
Deposits   88,074    71,079 
Prepaid expenses and other assets   367    377 
Total assets  $1,379,465   $955,060 
           
LIABILITIES AND EQUITY          
           
Liabilities:          
Repurchase agreements  $963,051   $647,977 
Interest payable   410    504 
Accrued compensation and benefits   2,564    6,177 
Dividend payable   8,566    6,785 
Derivative liabilities, at fair value   81,028    63,024 
Purchased securities payable   -    15,820 
Securities sold but not yet purchased, at fair value   70,965    - 
Accounts payable, accrued expenses and other liabilities   16,789    16,401 
Long-term debt   15,000    15,000 
Total liabilities   1,158,373    771,688 
           
Equity:          
Common stock   97    77 
Additional paid-in capital   1,554,952    1,508,713 
Accumulated other comprehensive income, net of taxes   33,807    38,367 
Accumulated deficit   (1,367,764)   (1,363,785)
Total equity   221,092    183,372 
           
Total liabilities and equity  $1,379,465   $955,060 
           
Book Value per Share  $22.58   $23.67 
           
Shares Outstanding (in thousands)   9,790    7,748 

 

 

 

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