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Invesco Mortgage Capital Inc. Message Board

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  • borderlaw borderlaw Nov 3, 2011 2:19 AM Flag

    Earnings and BV Are In-Line--see my earlier posts

    Press Release Source: Invesco Mortgage Capital Inc. On Wednesday November 2, 2011, 4:01 pm EDT

    ATLANTA, Nov. 2, 2011 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE:IVR - News) (the "Company") today announced results for the quarter ended September 30, 2011.

    The Company reported net income of $82.2 million, or $0.79 per share (basic and diluted), for the quarter ended September 30, 2011 compared to $74.4 million, or $0.99 per share (basic and diluted), for the quarter ended June 30, 2011. During the third quarter of 2011, the Company completed a follow-on common stock offering generating net proceeds of $362.2 million. The 10% increase in quarterly net income was driven by an increase in average earning assets as the Company invested the funds from the follow-on common stock offerings in June and August 2011.

    The Company also reported its book value per share as of September 30, 2011 was $16.47 compared to $19.34 per share as of June 30, 2011.

    ($ in millions, except per share amounts)


    Q3 '11
    Q2 '11


    (unaudited)
    (unaudited)

    Average Earning Assets (at fair value)
    $13,324.2
    $10,165.9

    Average Borrowed Funds
    11,466.6
    8,893.6

    Average Equity
    1,847.3
    1,567.1





    Interest Income
    138.3
    109.0

    Interest Expense
    50.5
    34.2

    Net Interest Income
    87.8
    74.8

    Other Income
    3.1
    6.5

    Operating Expenses
    8.7
    6.9

    Net Income
    $82.2
    $74.4





    Average Portfolio Yield
    4.15%
    4.29%

    Average Cost of Funds
    1.76%
    1.54%

    Debt to Equity Ratio
    6.3
    5.2

    Return on Average Equity
    17.79%
    18.99%

    Book Value per Share (Diluted)
    $16.47
    $19.34

    Earnings per share (Basic and Diluted)
    $0.79
    $0.99

    Dividend
    $0.80
    $0.97



    Financial Summary

    The Company's portfolio of mortgage-backed securities ("MBS") was $14.3 billion as of September 30, 2011, an increase of $2.1 billion from June 30, 2011. For the quarter ended September 30, 2011, average earning assets were $13.3 billion which generated interest income of $138.3 million. This represents an increase of $3.1 billion, or 30%, and $29.3 million, or 27%, respectively, from the second quarter of 2011. The increase was primarily driven by the follow-on common stock offerings completed in June and August 2011.

    For the quarter ended September 30, 2011, the Company had average borrowings of approximately $11.5 billion and interest expense including cost of hedging of $50.5 million, compared to $8.9 billion and $34.2 million, respectively, for the second quarter of 2011. The increase in average borrowed funds and interest expense was primarily the result of increasing the size of our investment portfolio.

    Our average cost of funds was 1.76% and 1.54% for the third quarter of 2011 and the second quarter of 2011, respectively. The increase in our cost of funds was primarily the result of additional interest expense related to our hedging activities.

    Operating expenses for the third quarter of 2011 totalled $8.7 million compared to $6.9 million for the second quarter of 2011. The ratio of operating expenses to average equity in the third quarter of 2011 increased 0.13% to 1.89%.

    The Company declared a dividend of $0.80 per share for the third quarter of 2011. The dividend was paid on October 27, 2011.

 
IVR
17.20-0.04(-0.23%)Jul 11 4:02 PMEDT

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