NEW YORK, Feb. 15, 2018 /PRNewswire/ -- MFA Financial,
Inc. (NYSE: MFA) today announced its financial results for the
fourth quarter ended December 31, 2017.
Fourth Quarter 2017 and other
highlights:
- MFA generated fourth quarter net income available to common
shareholders of $96.8 million, or
$0.24 per common share (based on
397.5 million weighted average common shares outstanding). As of
December 31, 2017, book value per
common share was $7.70.
- Net income increased from the prior quarter due primarily to
higher income on residential whole loans held at fair value, which
exhibited mark to market gains and increased cash receipts. In
addition, CRT securities held at fair value increased in value as
prices recovered after hurricane-related concerns in the third
quarter.
- On January 31, 2018, MFA paid its
fourth quarter 2017 dividend of $0.20
per share of common stock to shareholders of record as of
December 28, 2017.
- MFA purchased more than $700
million of residential mortgage assets in the fourth
quarter, including $554 million of
residential whole loans.
Craig Knutson, MFA's President
and CEO, said, "In the fourth quarter, we continued to execute our
strategy of targeted investment within the residential mortgage
universe with a focus on credit sensitive assets. We grew our
portfolio slightly this quarter, as acquisitions exceeded run-off,
which included opportunistic sales of $20.9
million of Legacy Non-Agency MBS that generated realized
gains of $9.0 million. As we
have for over five years now, we continue to manage this portfolio
through selective and strategic sales of positions.
"MFA remains well-positioned to generate attractive returns
despite historically low interest rates. Through our asset
selection and hedging strategy, the estimated net effective
duration, a gauge of MFA's interest rate sensitivity, remains
relatively low and measured 0.91 at quarter-end. MFA's book
value per common share was unchanged during the quarter at
$7.70 and increased during 2017
approximately 1% as our investment strategy continues to produce
stable book value. Leverage, which reflects the ratio of our
financing obligations to equity, was 2.3:1 at quarter-end."
Mr. Knutson added, "MFA's portfolio asset selection process
continues to emphasize residential mortgage credit exposure while
seeking to minimize sensitivity to interest rates. As housing
prices maintain their upward trend and borrowers repair their
credit and balance sheets, MFA's Legacy Non-Agency MBS portfolio
continues to outperform our credit assumptions. In the fourth
quarter of 2017, we reduced our credit reserve on this portfolio by
$17.1 million. Also, our credit
sensitive residential whole loans offer additional exposure to
residential mortgage credit while affording us the opportunity to
improve outcomes through sensible and effective servicing
decisions."
During the fourth quarter MFA successfully purchased more than
$700 million of residential mortgage
assets, including $554 million of
residential whole loans. Portfolio run-off in RPL/NPL MBS,
which had been elevated for the past few quarters, returned to more
normal levels during the fourth quarter.
MFA's Legacy Non-Agency MBS had a face amount of $2.8 billion with an amortized cost of
$2.0 billion and a net purchase
discount of $806.5 million at
December 31, 2017. This discount consists of a
$593.2 million credit reserve and
other-than-temporary impairments and a $213.3 million net accretable discount. We
believe this credit reserve appropriately factors in remaining
uncertainties regarding underlying mortgage performance and the
potential impact on future cash flows. Our Legacy Non-Agency
MBS have underlying mortgage loans that are on average
approximately twelve years seasoned and approximately 12.8% are
currently 60 or more days delinquent.
The Agency MBS portfolio had an amortized cost basis of 103.8%
of par as of December 31, 2017, and generated a 2.08% yield in
the fourth quarter. The Legacy Non-Agency MBS portfolio had
an amortized cost of 71.2% of par as of December 31, 2017, and
generated a loss-adjusted yield of 9.12% in the fourth
quarter. At the end of the fourth quarter, MFA held
approximately $923.1 million of
RPL/NPL MBS. These securities had an amortized cost of 99.79%
of par and generated a 4.27% yield for the quarter. Our
investments in CRT securities totaled $664.4
million at December 31, 2017,
and generated a yield of 5.77% in the fourth quarter. Values
of our CRT securities increased during the quarter, reversing the
declines experienced in the third quarter, as hurricane-related
concerns subsided.
In addition, at December 31, 2017, our investments in
credit sensitive residential whole loans totaled $2.2 billion. Of this amount, $908.5 million is recorded at carrying value, or
88.4% of the interest-bearing unpaid principal balance, and
generated a loss-adjusted yield of 5.88% (5.43% net of servicing
costs) during the quarter, and $1.3
billion is recorded at fair value on our consolidated
balance sheet. On this portion of the portfolio, we recorded
gains for the quarter of approximately $41.4
million, primarily reflecting changes in the fair value of
the underlying loans, coupon interest payments and other cash
received during the quarter.
For the three months ended December 31,
2017, MFA's costs for compensation and benefits and other
general and administrative expenses were $9.3 million, or an annualized 1.14% of
stockholders' equity as of December 31, 2017.
The following table presents the weighted average prepayment
speed on MFA's MBS portfolio.
Table
1
|
|
|
|
|
Fourth Quarter
2017 Average CPR
|
|
Third
Quarter 2017 Average CPR
|
Agency MBS
|
|
14.1%
|
|
16.2%
|
Legacy Non-Agency
MBS
|
|
16.3%
|
|
18.7%
|
RPL/NPL MBS
(1)
|
|
20.1%
|
|
26.2%
|
|
|
(1)
|
All principal
payments are considered to be prepayments for conditional
prepayment rate ("CPR") purposes. RPL/NPL MBS are securitized
financial instruments that are primarily backed by securitized
re-performing and non-performing loans. The majority of these
securities are structured such that the coupon increases up to 300
basis points at 36 months from issuance or sooner.
|
As of December 31, 2017, under its swap agreements, MFA had
a weighted average fixed-pay rate of interest of 2.04% and a
floating receive rate of 1.50% on notional balances totaling
$2.6 billion, with an average
maturity of 27 months.
The following table presents MFA's asset allocation as of
December 31, 2017, and the fourth quarter 2017 yield on
average interest-earning assets, average cost of funds and net
interest rate spread for the various asset types.
Table
2
|
|
ASSET
ALLOCATION
|
|
At December 31,
2017
|
Agency
MBS
|
Legacy
Non-Agency
MBS
|
RPL/NPL
MBS
|
Credit
Risk
Transfer
Securities
|
MSR
Related
Assets
|
Residential
Whole Loans, at
Carrying
Value
(1)
|
Residential
Whole
Loans, at
Fair
Value
|
Other,
net
(2)
|
Total
|
($ in Millions)
|
|
|
|
|
|
|
|
|
|
Fair Value/Carrying
Value
|
$
|
2,825
|
$
|
2,611
|
$
|
923
|
$
|
664
|
$
|
492
|
$
|
909
|
$
|
1,325
|
$
|
588
|
$
|
10,337
|
Less Repurchase
Agreements
|
(2,501)
|
(1,726)
|
(567)
|
(459)
|
(317)
|
(348)
|
(696)
|
—
|
(6,614)
|
Less Securitized
Debt
|
—
|
—
|
—
|
—
|
—
|
(156)
|
(208)
|
—
|
(364)
|
Less Senior
Notes
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(97)
|
(97)
|
Net Equity
Allocated
|
$
|
324
|
$
|
885
|
$
|
356
|
$
|
205
|
$
|
175
|
$
|
405
|
$
|
421
|
$
|
491
|
$
|
3,262
|
Debt/Net Equity Ratio
(3)
|
7.7x
|
2.0x
|
1.6x
|
2.2x
|
1.8x
|
1.2x
|
2.1x
|
|
2.3x
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
Yield on Average
Interest
Earning Assets (4)
|
2.08%
|
9.12%
|
4.27%
|
5.77%
|
6.35%
|
5.88%
|
N/A
|
—%
|
4.80%
|
Less Average Cost
of
Funds
(5)
|
(1.79)
|
(3.29)
|
(2.72)
|
(2.55)
|
(3.11)
|
(3.31)
|
(3.58)
|
—
|
(2.72)
|
Net Interest Rate
Spread
|
0.29%
|
5.83%
|
1.55%
|
3.22%
|
3.24%
|
2.57%
|
N/A
|
—%
|
2.08%
|
|
|
(1)
|
The carrying value
of such loans reflects the purchase price, accretion of income,
cash received and provision for loan losses since
acquisition. At December 31, 2017, the fair value of
such loans is estimated to be approximately $988.7
million.
|
(2)
|
Includes cash and
cash equivalents and restricted cash, securities obtained and
pledged as collateral, other assets, obligation to return
securities obtained as collateral and other
liabilities.
|
(3)
|
Represents the sum
of borrowings under repurchase agreements and securitized debt as a
multiple of net equity allocated. The numerator of our Total
Debt/Net Equity Ratio also includes the obligation to return
securities obtained as collateral of $504.1 million and Senior
Notes.
|
(4)
|
Yields reported on
our interest earning assets are calculated based on the interest
income recorded and the average amortized cost for the quarter of
the respective asset. At December 31, 2017, the
amortized cost of our interest earning assets were as follows:
Agency MBS - $2.8 billion; Legacy Non-Agency MBS - $2.0 billion;
RPL/NPL MBS - $920.1 million; Credit Risk Transfer securities -
$608.1 million; and Residential Whole Loans at carrying value -
$908.5 million. In addition, the yield for residential whole loans
at carrying value was 5.43% net of 45 basis points of servicing fee
expense incurred during the quarter. For GAAP reporting
purposes, such expenses are included in Loan servicing and other
related operating expenses in our statement of operations.
Interest payments received on residential whole loans at fair value
is reported in Other Income as Net gain on residential whole loans
held at fair value in our statement of operations.
Accordingly, no yield is presented as such loans are not included
in interest earning assets for reporting purposes.
|
(5)
|
Average cost of
funds includes interest on repurchase agreements and other
advances, the cost of swaps and Senior Notes. Agency cost of
funds includes 43 basis points and Legacy Non-Agency cost of funds
includes 45 basis points associated with swaps to hedge interest
rate sensitivity on these assets.
|
At December 31, 2017, MFA's $5.4
billion of Agency and Legacy Non-Agency MBS were backed by
hybrid, adjustable and fixed-rate mortgages. Additional
information about these MBS, including average months to reset and
three-month average CPR, is presented below:
Table
3
|
|
|
|
Agency
MBS
|
|
Legacy Non-Agency
MBS (1)
|
|
Total
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time to
Reset
|
|
Fair Value
(2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value (2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
($ in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
< 2 years
(5)
|
|
$
|
1,483
|
7
|
17.4%
|
|
$
|
1,727
|
5
|
16.5%
|
|
$
|
3,210
|
6
|
16.9%
|
2-5 years
|
|
152
|
45
|
12.3
|
|
—
|
—
|
—
|
|
152
|
45
|
12.3
|
> 5
years
|
|
45
|
70
|
9.9
|
|
—
|
—
|
—
|
|
45
|
70
|
9.9
|
ARM-MBS
Total
|
|
$
|
1,680
|
12
|
16.8%
|
|
$
|
1,727
|
5
|
16.5%
|
|
$
|
3,407
|
8
|
16.7%
|
15-year fixed
(6)
|
|
$
|
1,143
|
|
10.2%
|
|
$
|
3
|
|
2.8%
|
|
$
|
1,146
|
|
10.2%
|
30-year fixed
(6)
|
|
—
|
|
—
|
|
842
|
|
15.9
|
|
842
|
|
15.9
|
40-year fixed
(6)
|
|
—
|
|
—
|
|
39
|
|
14.2
|
|
39
|
|
14.2
|
Fixed-Rate
Total
|
|
$
|
1,143
|
|
10.2%
|
|
$
|
884
|
|
15.8%
|
|
$
|
2,027
|
|
12.7%
|
MBS Total
|
|
$
|
2,823
|
|
14.1%
|
|
$
|
2,611
|
|
16.3%
|
|
$
|
5,434
|
|
15.2%
|
|
|
(1)
|
Excludes $923.1
million of RPL/NPL MBS.
|
(2)
|
Does not include
principal payments receivable of $1.9 million.
|
(3)
|
Months to Reset is
the number of months remaining before the coupon interest rate
resets. At reset, the MBS coupon will adjust based upon the
underlying benchmark interest rate index, margin and periodic or
lifetime caps. Months to Reset does not reflect scheduled
amortization or prepayments.
|
(4)
|
3 month average
CPR weighted by positions as of beginning of each month in the
quarter.
|
(5)
|
Includes floating
rate MBS that may be collateralized by fixed-rate
mortgages.
|
(6)
|
Information
presented based on data available at time of loan
origination.
|
Webcast
MFA Financial, Inc. plans to host a live
audio webcast of its investor conference call on Thursday,
February 15, 2018, at 10:00 a.m.
(Eastern Time) to discuss its fourth quarter 2017 financial
results. The live audio webcast will be accessible to the general
public over the internet at http://www.mfafinancial.com through the
"Webcasts & Presentations" link on MFA's home page. To
listen to the conference call over the internet, please go to the
MFA website at least 15 minutes before the call to register and to
download and install any needed audio software. Earnings
presentation materials will be posted on the MFA website prior to
the conference call and an audio replay will be available on the
website following the call.
Cautionary Language Regarding Forward-Looking
Statements
When used in this press release or other written
or oral communications, statements which are not historical in
nature, including those containing words such as "will," "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"could," "would," "should," "may" or similar expressions, are
intended to identify "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and, as such, may involve known and unknown risks, uncertainties
and assumptions. Statements regarding the following subjects, among
others, may be forward-looking: changes in interest rates and the
market (i.e., fair) value of MFA's MBS, residential whole loans,
CRT securities and other assets; changes in the prepayment rates on
the mortgage loans securing MFA's MBS, an increase of which could
result in a reduction of the yield on MBS in our portfolio and
could require us to reinvest the proceeds received by us as a
result of such prepayments in MBS with lower coupons; credit risks
underlying MFA's assets, including changes in the default rates and
management's assumptions regarding default rates on the mortgage
loans securing MFA's Non-Agency MBS and relating to MFA's
residential whole loan portfolio; MFA's ability to borrow to
finance its assets and the terms, including the cost, maturity and
other terms, of any such borrowings; implementation of or changes
in government regulations or programs affecting MFA's business;
MFA's estimates regarding taxable income, the actual amount of
which is dependent on a number of factors, including, but not
limited to, changes in the amount of interest income and financing
costs, the method elected by MFA to accrete the market discount on
Non-Agency MBS and residential whole loans and the extent of
prepayments, realized losses and changes in the composition of
MFA's Agency MBS, Non-Agency MBS and residential whole loan
portfolios that may occur during the applicable tax period,
including gain or loss on any MBS disposals and whole loan
modification, foreclosure and liquidation; the timing and amount of
distributions to stockholders, which are declared and paid at the
discretion of MFA's Board of Directors and will depend on, among
other things, MFA's taxable income, its financial results and
overall financial condition and liquidity, maintenance of its REIT
qualification and such other factors as MFA's Board of Directors
deems relevant; MFA's ability to maintain its qualification as a
REIT for federal income tax purposes; MFA's ability to maintain its
exemption from registration under the Investment Company Act of
1940, as amended (or the "Investment Company Act"), including
statements regarding the Concept Release issued by the Securities
and Exchange Commission ("SEC") relating to interpretive issues
under the Investment Company Act with respect to the status under
the Investment Company Act of certain companies that are engaged in
the business of acquiring mortgages and mortgage-related interests;
MFA's ability to successfully implement its strategy to grow its
residential whole loan portfolio, which is dependent on, among
other things, the supply of loans offered for sale in the market;
expected returns on our investments in non-performing residential
whole loans ("NPLs"), which are affected by, among other things,
the length of time required to foreclose upon, sell, liquidate or
otherwise reach a resolution of the property underlying the NPL,
home price values, amounts advanced to carry the asset (e.g.,
taxes, insurance, maintenance expenses, etc. on the underlying
property) and the amount ultimately realized upon resolution of the
asset; risks associated with our investments in MSR related assets,
including servicing, regulatory and economic risks, and risks
associated with investing in real estate assets, including changes
in business conditions and the general economy. These and other
risks, uncertainties and factors, including those described in the
annual, quarterly and current reports that MFA files with the SEC,
could cause MFA's actual results to differ materially from those
projected in any forward-looking statements it makes. All
forward-looking statements speak only as of the date on which they
are made. New risks and uncertainties arise over time and it is not
possible to predict those events or how they may affect MFA. Except
as required by law, MFA is not obligated to, and does not intend
to, update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
MFA FINANCIAL,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
Thousands, Except Share and Per Share Amounts)
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Mortgage-backed
securities ("MBS") and credit risk transfer ("CRT")
securities:
|
|
|
|
|
Agency MBS, at fair
value ($2,727,510 and $3,540,401 pledged as collateral,
respectively)
|
|
$
|
2,824,681
|
|
$
|
3,738,497
|
Non-Agency MBS, at
fair value ($2,379,523 and $4,751,419 pledged as collateral,
respectively) (1)
|
|
3,533,966
|
|
5,684,836
|
CRT securities, at
fair value ($595,900 and $357,488 pledged as collateral,
respectively)
|
|
664,403
|
|
404,850
|
Mortgage servicing
rights ("MSR") related assets ($482,158 and $226,780 pledged as
collateral,
respectively)
|
|
492,080
|
|
226,780
|
Residential whole
loans, at carrying value ($448,689 and $427,880 pledged as
collateral, respectively) (2)
|
|
908,516
|
|
590,540
|
Residential whole
loans, at fair value ($996,226 and $734,331 pledged as collateral,
respectively) (2)
|
|
1,325,115
|
|
814,682
|
Securities obtained
and pledged as collateral, at fair value
|
|
504,062
|
|
510,767
|
Cash and cash
equivalents
|
|
449,757
|
|
260,112
|
Restricted
cash
|
|
13,307
|
|
58,463
|
Other
assets
|
|
238,847
|
|
194,495
|
Total
Assets
|
|
$
|
10,954,734
|
|
$
|
12,484,022
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
6,614,701
|
|
$
|
8,687,268
|
Obligation to return
securities obtained as collateral, at fair value
|
|
504,062
|
|
510,767
|
Other
liabilities
|
|
574,335
|
|
252,085
|
Total
Liabilities
|
|
$
|
7,693,098
|
|
$
|
9,450,120
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred stock, $.01
par value; 7.50% Series B cumulative redeemable; 8,050 shares
authorized;
8,000 shares issued and outstanding
($200,000 aggregate liquidation preference)
|
|
$
|
80
|
|
$
|
80
|
Common stock, $.01
par value; 886,950 shares authorized; 397,831 and 371,854 shares
issued
and outstanding,
respectively
|
|
3,978
|
|
3,719
|
Additional paid-in
capital, in excess of par
|
|
3,227,304
|
|
3,029,062
|
Accumulated
deficit
|
|
(578,950)
|
|
(572,641)
|
Accumulated other
comprehensive income
|
|
609,224
|
|
573,682
|
Total Stockholders'
Equity
|
|
$
|
3,261,636
|
|
$
|
3,033,902
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
10,954,734
|
|
$
|
12,484,022
|
|
|
(1)
|
Includes
approximately $174.4 million of Non-Agency MBS transferred to
consolidated VIEs at December 31, 2016. Such assets can
be used only to settle the obligations of each respective
VIE.
|
(2)
|
Includes
approximately $183.2 million of Residential whole loans, at
carrying value and $289.3 million of Residential whole loans, at
fair value transferred to consolidated VIEs at December 31,
2017. Such assets can be used only to settle the obligations of
each respective VIE.
|
MFA FINANCIAL,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Three Months Ended
December 31,
|
|
For the Year Ended December 31,
|
(In Thousands, Except Per Share Amounts)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
Agency MBS
|
$
|
15,341
|
|
$
|
18,523
|
|
$
|
65,355
|
|
$
|
83,069
|
Non-Agency
MBS
|
58,384
|
|
79,266
|
|
271,112
|
|
332,821
|
CRT
securities
|
8,816
|
|
4,873
|
|
31,715
|
|
14,770
|
MSR related
assets
|
6,997
|
|
2,100
|
|
24,830
|
|
2,100
|
Residential whole
loans held at carrying value
|
9,968
|
|
7,804
|
|
36,187
|
|
23,916
|
Cash and cash
equivalent investments
|
1,395
|
|
243
|
|
4,249
|
|
774
|
Interest
Income
|
$
|
100,901
|
|
$
|
112,809
|
|
$
|
433,448
|
|
$
|
457,450
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
Repurchase agreements
and other advances
|
$
|
44,903
|
|
$
|
47,859
|
|
$
|
186,347
|
|
$
|
184,986
|
Other interest
expense
|
3,592
|
|
2,009
|
|
10,794
|
|
8,369
|
Interest
Expense
|
$
|
48,495
|
|
$
|
49,868
|
|
$
|
197,141
|
|
$
|
193,355
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
$
|
52,406
|
|
$
|
62,941
|
|
$
|
236,307
|
|
$
|
264,095
|
|
|
|
|
|
|
|
|
Other-Than-Temporary Impairments:
|
|
|
|
|
|
|
|
Total
other-than-temporary impairment losses
|
$
|
—
|
|
$
|
—
|
|
$
|
(63)
|
|
$
|
(1,255)
|
Portion of loss
(reclassed from)/recognized in other
comprehensive income
|
—
|
|
—
|
|
(969)
|
|
770
|
Net Impairment
Losses Recognized in Earnings
|
$
|
—
|
|
$
|
—
|
|
$
|
(1,032)
|
|
$
|
(485)
|
|
|
|
|
|
|
|
|
Other Income,
net:
|
|
|
|
|
|
|
|
Net gain on
residential whole loans held at fair value
|
$
|
41,359
|
|
$
|
14,876
|
|
$
|
90,019
|
|
$
|
62,605
|
Net gain on sales of
MBS and U.S. Treasury securities
|
9,047
|
|
9,768
|
|
39,577
|
|
35,837
|
Other, net
|
14,579
|
|
756
|
|
29,423
|
|
10,600
|
Other Income,
net
|
$
|
64,985
|
|
$
|
25,400
|
|
$
|
159,019
|
|
$
|
109,042
|
|
|
|
|
|
|
|
|
Operating and
Other Expense:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
|
5,415
|
|
$
|
7,774
|
|
$
|
31,673
|
|
$
|
29,281
|
Other general and
administrative expense
|
3,900
|
|
3,823
|
|
17,960
|
|
16,331
|
Loan servicing and
other related operating expenses
|
7,483
|
|
4,107
|
|
22,268
|
|
14,372
|
Operating and
Other Expense
|
$
|
16,798
|
|
$
|
15,704
|
|
$
|
71,901
|
|
$
|
59,984
|
|
|
|
|
|
|
|
|
Net
Income
|
$
|
100,593
|
|
$
|
72,637
|
|
$
|
322,393
|
|
$
|
312,668
|
Less Preferred Stock
Dividends
|
3,750
|
|
3,750
|
|
15,000
|
|
15,000
|
Net Income
Available to Common Stock and
Participating
Securities
|
$
|
96,843
|
|
$
|
68,887
|
|
$
|
307,393
|
|
$
|
297,668
|
|
|
|
|
|
|
|
|
Earnings per
Common Share - Basic and Diluted
|
$
|
0.24
|
|
$
|
0.18
|
|
$
|
0.79
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
Dividends Declared
per Share of Common Stock
|
$
|
0.20
|
|
$
|
0.20
|
|
$
|
0.80
|
|
$
|
0.80
|
INVESTOR
CONTACT:
|
InvestorRelations@mfafinancial.com
|
|
212-207-6488
|
|
www.mfafinancial.com
|
|
|
MEDIA
CONTACT:
|
Abernathy
MacGregor
|
|
Tom
Johnson
|
|
212-371-5999
|
View original
content:http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-fourth-quarter-2017-financial-results-300599058.html
SOURCE MFA Financial, Inc.