Anworth Mortgage Asset Corp. (ANH, Financial) filed Quarterly Report for the period ended 2010-06-30.
Anworth Mortgage Asset Corp. has a market cap of $830.4 million; its shares were traded at around $6.99 with a P/E ratio of 6.8 and P/S ratio of 3.2. The dividend yield of Anworth Mortgage Asset Corp. stocks is 14.3%.ANH is in the portfolios of David Dreman of Dreman Value Management, Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors.
For the three months ended June 30, 2010, our net income was $25.8 million. Our net income available to common stockholders was $24.4 million, or $0.21 per diluted share, based on a weighted average of 121.1 million fully diluted shares outstanding. This includes net income of $25.8 million minus the payment of preferred dividends of $1.4 million. For the three months ended June 30, 2009, our net income was $34.0 million. Our net income available to common stockholders was $32.5 million, or $0.31 per diluted share, based on a weighted average of 105.8 million fully diluted shares outstanding. This included net income of $34 million minus the payment of preferred dividends of $1.5 million.
Net interest income for the three months ended June 30, 2010 totaled $29.8 million, or 44.6% of gross income, compared to $38.1 million, or 53.3% of gross income, for the three months ended June 30, 2009. Net interest income is comprised of the interest income earned on mortgage investments (net of premium amortization expense) less interest expense from borrowings. Interest income (net of premium amortization expense) for the three months ended June 30, 2010 was $54.4 million, compared to $67.3 million for the three months ended June 30, 2009, a decrease of 19.1% due primarily to an increase in premium amortization expense, a decrease in the weighted average coupons on Agency MBS (from 5.42% at June 30, 2009 to 4.50% at June 30, 2010), partially offset by an increase in the weighted average portfolio outstanding of approximately $5.97 billion at June 30, 2010 from approximately $5.36 billion at June 30, 2009. Interest expense for the three months ended June 30, 2010 was $24.6 million, compared to $29.2 million for the three months ended June 30, 2009, a decrease of 15.8%, which resulted from a decline in short-term interest rates.
For the six months ended June 30, 2010, our net income was $59.1 million. Our net income available to common stockholders was $56.2 million, or $0.47 per diluted share, based on a weighted average of 120.7 million fully diluted shares outstanding. This includes net income of $59.1 million minus the payment of preferred dividends of $2.9 million. For the six months ended June 30, 2009, our net income was $64.8 million. Our net income available to common stockholders was $61.8 million, or $0.61 per diluted share, based on a weighted average of 102.7 million fully diluted shares outstanding. This included net income of $64.8 million minus the payment of preferred dividends of $3 million.
Net interest income for the six months ended June 30, 2010 totaled $67.0 million, or 47.7% of gross income, compared to $72.6 million, or 50.8% of gross income, for the six months ended June 30, 2009. Interest income (net of premium amortization expense) for the six months ended June 30, 2010 was $115.6 million, compared to $134.3 million for the six months ended June 30, 2009, a decrease of 13.9% due primarily to an increase in premium amortization. Interest expense for the six months ended June 30, 2010 was $48.6 million, compared to $61.7 million for the six months ended June 30, 2009, a decrease of 21.2%, which resulted from a decline in short-term interest rates.
Total expenses were $8.0 million for the six months ended June 30, 2010, compared to $7.9 million for the six months ended June 30, 2009. The increase of $67 thousand in total expenses was due primarily to the write-down of the Lehman receivable by $674 thousand, partially offset by a decrease in compensation costs of $562 thousand (due to a decrease in the accrual for bonus and incentive compensation) and a decrease in Other expenses (as detailed in Note 14 to the accompanying unaudited consolidated financial statements) of $45 thousand.
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Anworth Mortgage Asset Corp. has a market cap of $830.4 million; its shares were traded at around $6.99 with a P/E ratio of 6.8 and P/S ratio of 3.2. The dividend yield of Anworth Mortgage Asset Corp. stocks is 14.3%.ANH is in the portfolios of David Dreman of Dreman Value Management, Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
At June 30, 2010, we had total assets of $6.26 billion. Our Agency MBS portfolio, consisting of $6.15 billion, was distributed as follows: 27% adjustable-rate Agency MBS, 62% hybrid adjustable-rate Agency MBS, 11% fixed-rate Agency MBS and less than 1% agency floating-rate collateralized mortgage obligations, or CMOs. Our Non-Agency MBS portfolio consisted of approximately $5.1 million of floating-rate CMOs. Stockholders equity available to common stockholders at June 30, 2010 was approximately $840 million, or $7.18 per share. The $840 million equals total stockholders equity of $889 million less the Series A Preferred Stock liquidating value of approximately $46.9 million and less the difference between the Series B Preferred Stock liquidating value of $27.5 million and the proceeds from its sale of $25.6 million. For the three months ended June 30, 2010, we reported net income of $25.8 million. Net income to common stockholders was $24.4 million, or net income of $0.21 per diluted share, based on a weighted average of 121.1 million fully diluted shares outstanding, which consisted of net income of $25.8 million minus payment of preferred dividends of $1.4 million.For the three months ended June 30, 2010, our net income was $25.8 million. Our net income available to common stockholders was $24.4 million, or $0.21 per diluted share, based on a weighted average of 121.1 million fully diluted shares outstanding. This includes net income of $25.8 million minus the payment of preferred dividends of $1.4 million. For the three months ended June 30, 2009, our net income was $34.0 million. Our net income available to common stockholders was $32.5 million, or $0.31 per diluted share, based on a weighted average of 105.8 million fully diluted shares outstanding. This included net income of $34 million minus the payment of preferred dividends of $1.5 million.
Net interest income for the three months ended June 30, 2010 totaled $29.8 million, or 44.6% of gross income, compared to $38.1 million, or 53.3% of gross income, for the three months ended June 30, 2009. Net interest income is comprised of the interest income earned on mortgage investments (net of premium amortization expense) less interest expense from borrowings. Interest income (net of premium amortization expense) for the three months ended June 30, 2010 was $54.4 million, compared to $67.3 million for the three months ended June 30, 2009, a decrease of 19.1% due primarily to an increase in premium amortization expense, a decrease in the weighted average coupons on Agency MBS (from 5.42% at June 30, 2009 to 4.50% at June 30, 2010), partially offset by an increase in the weighted average portfolio outstanding of approximately $5.97 billion at June 30, 2010 from approximately $5.36 billion at June 30, 2009. Interest expense for the three months ended June 30, 2010 was $24.6 million, compared to $29.2 million for the three months ended June 30, 2009, a decrease of 15.8%, which resulted from a decline in short-term interest rates.
For the six months ended June 30, 2010, our net income was $59.1 million. Our net income available to common stockholders was $56.2 million, or $0.47 per diluted share, based on a weighted average of 120.7 million fully diluted shares outstanding. This includes net income of $59.1 million minus the payment of preferred dividends of $2.9 million. For the six months ended June 30, 2009, our net income was $64.8 million. Our net income available to common stockholders was $61.8 million, or $0.61 per diluted share, based on a weighted average of 102.7 million fully diluted shares outstanding. This included net income of $64.8 million minus the payment of preferred dividends of $3 million.
Net interest income for the six months ended June 30, 2010 totaled $67.0 million, or 47.7% of gross income, compared to $72.6 million, or 50.8% of gross income, for the six months ended June 30, 2009. Interest income (net of premium amortization expense) for the six months ended June 30, 2010 was $115.6 million, compared to $134.3 million for the six months ended June 30, 2009, a decrease of 13.9% due primarily to an increase in premium amortization. Interest expense for the six months ended June 30, 2010 was $48.6 million, compared to $61.7 million for the six months ended June 30, 2009, a decrease of 21.2%, which resulted from a decline in short-term interest rates.
Total expenses were $8.0 million for the six months ended June 30, 2010, compared to $7.9 million for the six months ended June 30, 2009. The increase of $67 thousand in total expenses was due primarily to the write-down of the Lehman receivable by $674 thousand, partially offset by a decrease in compensation costs of $562 thousand (due to a decrease in the accrual for bonus and incentive compensation) and a decrease in Other expenses (as detailed in Note 14 to the accompanying unaudited consolidated financial statements) of $45 thousand.
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