($ in millions, except per share amounts)
| 2009 Q4 | 2009 Q3 | 2009 Q2 | 2009 Q1 | |
|---|---|---|---|---|
| Net interest income | $20.1 | $20.8 | $22.0 | $22.7 |
| Average consolidated residential loans(1)(2) | $1,678.3 | $1,709.0 | $1,739.6 | $1,773.2 |
| Net interest margin | 4.79% | 4.87% | 5.06% | 5.13% |
| Provision for loan losses | $4.0 | $3.1 | $3.8 | $4.4 |
| Annualized loss ratio (3) | 0.95% | 0.73% | 0.87% | 0.99% |
| Income before income taxes | $8.1 | $9.6 | $8.6 | $11.3 |
| Dividends per share (4) | $0.50 | $0.50 | $0.50 |
(1) Includes delinquent, bankrupt and foreclosure loans and excludes real estate owned. Calculated using beginning and end of period residential loan balances.
(2) Average residential loans are net of yield adjustments and gross of allowance.
(3) Annualized provision as a percentage of average residential loans.
(4) Dividends per share related to Q4 2009 were declared in Q4 2009 and paid in Q1 2010.
| 12/31/2009 | |||||
| ASSETS | LIABILITIES | NET ASSETS | |||
| Securitized residential loans (1) | $1,310.7 | $(1,276.3) | $34.4 | ||
| Securitized short-term investments (2) | 45.8 | 45.8 | |||
| Securitized deferred debt issuance costs | 18.5 | 18.5 | |||
| Securitized real estate owned | 41.1 | 41.1 | |||
| Total securitized net assets | 1,416.1 | (1,276.3) | 139.8 | ||
| Unencumbered residential loans | 333.6 | 333.6 | |||
| Unencumbered real estate owned | 22.0 | 22.0 | |||
| Total unencumbered net assets | 355.6 | - | 355.6 | ||
| Unrestricted cash | 99.3 | 99.3 | |||
| Other (3) | 16.7 | (43.2) | (26.5) | ||
| Total GAAP net assets | $1,887.7 | $(1,319.5) | $568.2 | ||
GAAP Reconciliation for 12/31/09
(1) Securitized residential loan liabilities in the above table consist of the following GAAP balances: mortgage-backed debt of $1,267.5 M and accrued interest of $8.8 M.
(2) GAAP short-term investments of $51.7 M includes restricted cash associated with our insurance business of $5.9 M in addition to the securitized restricted cash shown in the table above.
(3) Other assets in the above table consist of the following GAAP balances: short-term investments (insurance) of $5.9 M, receivables of $3.0 M, subordinated security of $1.8 M, and other assets of $6.0 M. Other liabilities in the above table consist of the following GAAP balances: accounts payable of $14.0 M, accrued expenses of $28.3 M, deferred income taxes of $0.2 M, and other liabilities of $0.7 M.
| Residential Loans, Net | |||||||||
| Principal Balance | Yield Adjustment | Balance | Allowance for Loan Losses | Carrying Value | |||||
| Securitized | $1,454.2 | $129.3 | $1,324.9 | $14.2 | $1,310.7 | ||||
| Unencumbererd | 365.8 | 28.7 | 337.1 | 3.5 | 333.6 | ||||
| Total per GAAP balance sheet | $1,820.0 | $158.0 | $1,662.0 | $17.7 | $1,644.3 | ||||