($ in millions, except per share amounts)
2010 Q4 | 2010 Q3 | 2010 Q2 | 2010 Q1 | |
---|---|---|---|---|
Net interest income | $21.3 | $21.0 | $20.9 | $20.4 |
Average consolidated residential loans(1)(2) | $1,632.7 | $1,630.2 | $1,635.1 | $1,649.9 |
Net interest margin | 5.21% | 5.15% | 5.10% | 4.93% |
Provision for loan losses | $2.0 | $1.4 | $1.7 | $1.5 |
Real estate owned expenses, net | $1.1 | $1.9 | $1.7 | $1.7 |
Total portfolio losses | $3.1 | $3.3 | $3.4 | $3.2 |
Total portfolio losses as a percent of average consolidated residential loans | 0.76% | 0.81% | 0.84% | 0.77% |
Income before income taxes | $11.2 | $10.0 | $9.0 | $8.2 |
Dividends per share (3) | $0.50 | $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) Dividends per share related to Q4 2010 were declared in Q4 2010 and paid in Q1 2011.
December 31, 2010 | |||||
ASSETS | LIABILITIES | NET ASSETS | |||
Securitized residential loans (1) | $1,527.8 | $(1,290.1) | $237.7 | ||
Securitized cash | 42.9 | 42.9 | |||
Securitized deferred debt issuance costs | 19.4 | 19.4 | |||
Securitized real estate owned | 38.2 | 38.2 | |||
Total securitized net assets | 1,628.3 | (1,290.1) | 338.2 | ||
Unencumbered residential loans | 93.7 | 93.7 | |||
Unencumbered real estate owned | 29.4 | 29.4 | |||
Total unencumbered net assets | 123.1 | - | 123.1 | ||
Unrestricted cash | 114.4 | 114.4 | |||
Other (2) | 29.7 | (49.9) | (20.2) | ||
Total GAAP net assets | $1,895.5 | $(1,340.0) | $555.5 | ||
GAAP Reconciliation for 12/31/10
(1) Securitized residential loan liabilities in the above table consist of the following GAAP balances: mortgage-backed debt of $1,281.6 million, accounts payable of $0.4 million and accrued interest of $8.2 million.
(2) Other assets in the above table consist of the following GAAP balances: restricted cash of $9.4 million, receivables of $2.7 million, servicing advances of $11.2 million ($8.7 million service for other investors portfolio; $2.5 million service for owned portfolio), subordinated security of $1.8 million, deferred tax assets of $0.2 million and other assets of $4.4 million. Other liabilities in the above table consist of the following GAAP balances: accounts payable and other accrued liabilities of $33.2 million, dividends payable of $13.4 million, servicing advance facility of $3.3 million.
Residential Loans, Net | |||||||||
Principal Balance | Yield Adjustment | Balance | Allowance for Loan Losses | Carrying Value | |||||
Securitized | $1,682.1 | $139.1 | $1,543.0 | $15.2 | $1,527.8 | ||||
Unencumbererd | 121.6 | 27.2 | 94.4 | 0.7 | 93.7 | ||||
Total per GAAP balance sheet | $1,803.7 | $166.3 | $1,637.4 | $15.9 | $1,621.5 |