Net Interest Income Analysis

3 Months Ended

Mar. 31, 2012

Net Interest Income Analysis [Abstract]

Net Interest Income Analysis

NOTE 10 — NET INTEREST INCOME ANALYSIS

The following table summarizes interest income, interest expense and weighted average interest rates as well as related changes due to changes in interest rates versus changes in volume (dollars in thousands):

	Quarter Ended March 31
	2012						2011						Related Changes in
	Amount			Average Rate			Amount			Average Rate			Rate*			Volume*			Total*
Interest income:
Residential mortgage investments	$	65,733			2.14	%	$	53,141			2.36	%	$	(5,372	)	$	17,964		$	12,592
Other		150			0.15			113			0.19			(26	)		63			37
		65,883			2.08			53,254			2.31			(5,398	)		18,027			12,629
Interest expense:
Repurchase arrangements and similar borrowings		(14,103	)		0.49			(12,322	)		0.59			(2,446	)		4,227			1,781
Unsecured borrowings		(2,187	)		8.49			(2,187	)		8.49			—			—			—
Other		—			—			(4	)		0.16			—			(4	)		(4	)
		(16,290	)		0.56			(14,513	)		0.69			(2,446	)		4,223			1,777
	$	49,593			1.52		$	38,741			1.62		$	(2,952	)	$	13,804		$	10,852

* The change in interest income and interest expense due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.