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QUARTERLY RESULTS (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Results of Operations

NOTE 12 — QUARTERLY RESULTS (UNAUDITED)

Summarized quarterly results of operations were as follows (in thousands, except per share amounts).

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

   (before investment premium amortization)

 

$

85,226

 

 

$

89,764

 

 

$

92,023

 

 

$

94,191

 

Investment premium amortization

 

 

(30,385

)

 

 

(33,661

)

 

 

(34,950

)

 

 

(29,773

)

Related interest expense

 

 

(28,240

)

 

 

(33,850

)

 

 

(36,655

)

 

 

(40,012

)

 

 

 

26,601

 

 

 

22,253

 

 

 

20,418

 

 

 

24,406

 

Other interest income (expense) *

 

 

(1,738

)

 

 

(1,662

)

 

 

(1,544

)

 

 

(1,702

)

Other revenue (expense) **

 

 

(2,162

)

 

 

(3,042

)

 

 

(2,122

)

 

 

(117

)

Net income

 

$

22,701

 

 

$

17,549

 

 

$

16,752

 

 

$

22,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.20

 

 

$

0.14

 

 

$

0.13

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

   (before investment premium amortization)

 

$

85,511

 

 

$

86,361

 

 

$

85,921

 

 

$

84,985

 

Investment premium amortization

 

 

(26,011

)

 

 

(33,052

)

 

 

(36,076

)

 

 

(34,945

)

Related interest expense

 

 

(26,582

)

 

 

(27,014

)

 

 

(26,636

)

 

 

(27,421

)

 

 

 

32,918

 

 

 

26,295

 

 

 

23,209

 

 

 

22,619

 

Other interest income (expense) *

 

 

(1,785

)

 

 

(1,848

)

 

 

(1,796

)

 

 

(1,767

)

Other revenue (expense) **

 

 

(3,780

)

 

 

(2,817

)

 

 

(4,973

)

 

 

(3,402

)

Net income

 

$

27,353

 

 

$

21,630

 

 

$

16,440

 

 

$

17,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.25

 

 

$

0.19

 

 

$

0.13

 

 

$

0.14

 

 

*

Consists principally of interest on unsecured borrowings, overnight investments and cash collateral receivable with interest rate swap counterparties.

**

Consists of general and administrative expenses, including compensation-related costs, and miscellaneous other revenue (expense).  The fourth quarter of 2017 includes $1.9 million in alternative minimum tax refunds recorded in connection with the enactment of tax reform legislation. The third and fourth quarters of 2016 also include separation of service charges totaling $3.0 million.