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QUARTERLY RESULTS (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

 

$

69,138

 

 

$

65,202

 

 

$

67,649

 

 

$

72,902

 

Related interest expense

 

 

(45,021

)

 

 

(48,241

)

 

 

(54,393

)

 

 

(59,321

)

 

 

 

24,117

 

 

 

16,961

 

 

 

13,256

 

 

 

13,581

 

Other interest income (expense) (a)

 

 

(1,483

)

 

 

(1,595

)

 

 

(1,560

)

 

 

(1,284

)

Other revenue (expense) (b)

 

 

(3,214

)

 

 

(2,378

)

 

 

(3,016

)

 

 

(3,313

)

Net income

 

$

19,420

 

 

$

12,988

 

 

$

8,680

 

 

$

8,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.16

 

 

$

0.09

 

 

$

0.04

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on residential mortgage investments

 

$

54,841

 

 

$

56,103

 

 

$

57,073

 

 

$

64,418

 

Related interest expense

 

 

(28,240

)

 

 

(33,850

)

 

 

(36,655

)

 

 

(40,012

)

 

 

 

26,601

 

 

 

22,253

 

 

 

20,418

 

 

 

24,406

 

Other interest income (expense) (a)

 

 

(1,738

)

 

 

(1,662

)

 

 

(1,544

)

 

 

(1,702

)

Other revenue (expense) (b)

 

 

(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

 

 

(a)

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

(b)

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.