001-32171 Bimini Capital Management, Inc. | |||
(Exact name of registrant as specified in its charter) Maryland 72-1571637 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) | |||
Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ (Do not check if a smaller reporting company) Smaller reporting company ☒ Emerging growth company ☐ | |||
Title of each Class Latest Practicable Date Shares Outstanding Class A Common Stock, $0.001 par value May 14, 2021 11,608,555 Class B Common Stock, $0.001 par value May 14, 2021 31,938 Class C Common Stock, $0.001 par value May 14, 2021 31,938 | ||
Page | ||||
BIMINI CAPITAL MANAGEMENT, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
ASSETS: | ||||||||
Mortgage-backed securities, at fair value | ||||||||
Pledged to counterparties | $ | 54,406,359 | $ | 217,793,209 | ||||
Unpledged | 36,041 | 47,744 | ||||||
Total mortgage-backed securities | 54,442,400 | 217,840,953 | ||||||
Cash and cash equivalents | 5,870,983 | 8,070,067 | ||||||
Restricted cash | 863,775 | 4,315,050 | ||||||
Orchid Island Capital, Inc. common stock, at fair value | 4,484,106 | 8,892,211 | ||||||
Accrued interest receivable | 223,333 | 750,875 | ||||||
Property and equipment, net | 2,145,377 | 2,162,975 | ||||||
Real property held for sale | 450,000 | 450,000 | ||||||
Deferred tax assets | 25,887,684 | 33,288,536 | ||||||
Other assets | 3,743,252 | 3,718,281 | ||||||
Total Assets | $ | 98,110,910 | $ | 279,488,948 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES: | ||||||||
Repurchase agreements | $ | 52,357,397 | $ | 209,954,000 | ||||
Long-term debt | 27,476,044 | 27,481,121 | ||||||
Accrued interest payable | 109,568 | 645,302 | ||||||
Other liabilities | 523,857 | 1,431,534 | ||||||
Total Liabilities | 80,466,866 | 239,511,957 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 100,000 shares | ||||||||
designated Series A Junior Preferred Stock, 9,900,000 shares undesignated; | ||||||||
no shares issued and outstanding as of March 31, 2020 and December 31, 2019 | - | - | ||||||
Class A Common stock, $0.001 par value; 98,000,000 shares designated: 11,608,555 | ||||||||
shares issued and outstanding as of March 31, 2020 and 11,608,555 shares issued | ||||||||
and outstanding as of December 31, 2019 | 11,609 | 11,609 | ||||||
Class B Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares | ||||||||
issued and outstanding as of March 31, 2020 and December 31, 2019 | 32 | 32 | ||||||
Class C Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares | ||||||||
issued and outstanding as of March 31, 2020 and December 31, 2019 | 32 | 32 | ||||||
Additional paid-in capital | 332,642,758 | 332,642,758 | ||||||
Accumulated deficit | (315,010,387 | ) | (292,677,440 | ) | ||||
Stockholders’ Equity | 17,644,044 | 39,976,991 | ||||||
Total Liabilities and Stockholders' Equity | $ | 98,110,910 | $ | 279,488,948 | ||||
See Notes to Condensed Consolidated Financial Statements |
BIMINI CAPITAL MANAGEMENT, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
For the three Months Ended March 31, 2020 and 2019 | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Revenues: | ||||||||
Advisory services | $ | 1,724,597 | $ | 1,607,320 | ||||
Interest income | 2,039,994 | 2,190,416 | ||||||
Dividend income from Orchid Island Capital, Inc. common stock | 364,809 | 364,809 | ||||||
Total revenues | 4,129,400 | 4,162,545 | ||||||
Interest expense | ||||||||
Repurchase agreements | (927,816 | ) | (1,312,865 | ) | ||||
Long-term debt | (349,501 | ) | (406,555 | ) | ||||
Net revenues | 2,852,083 | 2,443,125 | ||||||
Other income (expense): | ||||||||
Unrealized (losses) gains on mortgage-backed securities | (574,281 | ) | 3,052,235 | |||||
Realized losses on mortgage-backed securities | (5,804,656 | ) | - | |||||
Unrealized (losses) gains on Orchid Island Capital, Inc. common stock | (4,408,105 | ) | 288,807 | |||||
Losses on derivative instruments | (5,290,731 | ) | (2,257,411 | ) | ||||
Gains on retained interests in securitizations | - | 275,115 | ||||||
Other income | 324 | 246 | ||||||
Total other (expense) income | (16,077,449 | ) | 1,358,992 | |||||
Expenses: | ||||||||
Compensation and related benefits | 1,100,044 | 1,070,781 | ||||||
Directors' fees and liability insurance | 164,581 | 160,641 | ||||||
Audit, legal and other professional fees | 159,293 | 138,632 | ||||||
Administrative and other expenses | 282,039 | 250,972 | ||||||
Total expenses | 1,705,957 | 1,621,026 | ||||||
Net (loss) income before income tax provision | (14,931,323 | ) | 2,181,091 | |||||
Income tax provision | 7,401,624 | 562,488 | ||||||
Net (loss) income | $ | (22,332,947 | ) | $ | 1,618,603 | |||
Basic and Diluted Net (loss) income Per Share of: | ||||||||
CLASS A COMMON STOCK | ||||||||
Basic and Diluted | $ | (1.92 | ) | $ | 0.13 | |||
CLASS B COMMON STOCK | ||||||||
Basic and Diluted | $ | (1.92 | ) | $ | 0.13 | |||
Weighted Average Shares Outstanding: | ||||||||
CLASS A COMMON STOCK | ||||||||
Basic and Diluted | 11,608,555 | 12,708,618 | ||||||
CLASS B COMMON STOCK | ||||||||
Basic and Diluted | 31,938 | 31,938 | ||||||
See Notes to Condensed Consolidated Financial Statements |
BIMINI CAPITAL MANAGEMENT, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the three Months Ended March 31, 2020 and 2019 | ||||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||
Common Stock | Additional | Accumulated | ||||||||||||||||||
Shares | Par Value | Paid-in Capital | Deficit | Total | ||||||||||||||||
Balances, January 1, 2019 | 12,709,269 | $ | 12,773 | $ | 334,919,265 | $ | (305,977,417 | ) | $ | 28,954,621 | ||||||||||
Net income | - | - | - | 1,618,603 | 1,618,603 | |||||||||||||||
Class A common shares repurchased and retired | (714 | ) | - | (1,542 | ) | - | (1,542 | ) | ||||||||||||
Balances, March 31, 2019 | 12,708,555 | $ | 12,773 | $ | 334,917,723 | $ | (304,358,814 | ) | $ | 30,571,682 | ||||||||||
Balances, January 1, 2020 | 11,608,555 | $ | 11,673 | $ | 332,642,758 | $ | (292,677,440 | ) | $ | 39,976,991 | ||||||||||
Net loss | - | - | - | (22,332,947 | ) | (22,332,947 | ) | |||||||||||||
Balances, March 31, 2020 | 11,608,555 | $ | 11,673 | $ | 332,642,758 | $ | (315,010,387 | ) | $ | 17,644,044 | ||||||||||
See Notes to Condensed Consolidated Financial Statements |
BIMINI CAPITAL MANAGEMENT, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended March 31, 2020 and 2019 | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net (loss) income | $ | (22,332,947 | ) | $ | 1,618,603 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
Depreciation | 17,598 | 18,451 | ||||||
Deferred income tax provision | 7,400,852 | 757,099 | ||||||
Losses (gains) on mortgage-backed securities, net | 6,378,937 | (3,052,235 | ) | |||||
Gains on retained interests in securitizations | - | (275,115 | ) | |||||
Unrealized losses (gains) on Orchid Island Capital, Inc. common stock | 4,408,105 | (288,807 | ) | |||||
Realized and unrealized losses on forward settling TBA securities | 1,441,406 | 1,067,686 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accrued interest receivable | 527,542 | 16,024 | ||||||
Other assets | (24,971 | ) | (132,636 | ) | ||||
Accrued interest payable | (535,734 | ) | (243,397 | ) | ||||
Other liabilities | (849,083 | ) | (856,704 | ) | ||||
NET CASH USED IN OPERATING ACTIVITIES | (3,568,295 | ) | (1,371,031 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
From mortgage-backed securities investments: | ||||||||
Purchases | (20,823,373 | ) | - | |||||
Sales | 171,155,249 | - | ||||||
Principal repayments | 6,687,740 | 3,835,069 | ||||||
Proceeds from termination of retained interests | - | 275,115 | ||||||
Net settlement of forward settling TBA contracts | (1,500,000 | ) | (941,406 | ) | ||||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 155,519,616 | 3,168,778 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from repurchase agreements | 361,393,397 | 348,756,000 | ||||||
Principal repayments on repurchase agreements | (518,990,000 | ) | (350,006,000 | ) | ||||
Principal repayments on long-term debt | (5,077 | ) | - | |||||
Class A common shares repurchased and retired | - | (1,542 | ) | |||||
NET CASH USED IN FINANCING ACTIVITIES | (157,601,680 | ) | (1,251,542 | ) | ||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (5,650,359 | ) | 546,205 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | 12,385,117 | 6,240,488 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $ | 6,734,758 | $ | 6,786,693 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid (received) during the period for: | ||||||||
Interest expense | $ | 1,813,051 | $ | 1,962,817 | ||||
Income taxes | $ | 13,465 | $ | (46,700 | ) | |||
See Notes to Condensed Consolidated Financial Statements |
(in thousands) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Cash and cash equivalents | $ | 5,870,983 | $ | 8,070,067 | ||||
Restricted cash | 863,775 | 4,315,050 | ||||||
Total cash, cash equivalents and restricted cash | $ | 6,734,758 | $ | 12,385,117 |
(in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Management fee | $ | 1,377 | $ | 1,285 | ||||
Allocated overhead | 348 | 322 | ||||||
Total | $ | 1,725 | $ | 1,607 |
(in thousands) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Fixed-rate MBS | $ | 53,858 | $ | 216,231 | ||||
Interest-Only MBS | 552 | 1,024 | ||||||
Inverse Interest-Only MBS | 32 | 586 | ||||||
Total | $ | 54,442 | $ | 217,841 |
($ in thousands) | ||||||||||||||||||||
OVERNIGHT | BETWEEN 2 | BETWEEN 31 | GREATER | |||||||||||||||||
(1 DAY OR | AND | AND | THAN | |||||||||||||||||
LESS) | 30 DAYS | 90 DAYS | 90 DAYS | TOTAL | ||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Fair value of securities pledged, including accrued | ||||||||||||||||||||
interest receivable | $ | - | $ | 46,929 | $ | 7,685 | $ | - | $ | 54,614 | ||||||||||
Repurchase agreement liabilities associated with | ||||||||||||||||||||
these securities | $ | - | $ | 45,038 | $ | 7,319 | $ | - | $ | 52,357 | ||||||||||
Net weighted average borrowing rate | - | 1.17 | % | 1.77 | % | - | 1.26 | % | ||||||||||||
December 31, 2019 | ||||||||||||||||||||
Fair value of securities pledged, including accrued | ||||||||||||||||||||
interest receivable | $ | - | $ | 137,992 | $ | 80,550 | $ | - | $ | 218,542 | ||||||||||
Repurchase agreement liabilities associated with | ||||||||||||||||||||
these securities | $ | - | $ | 132,573 | $ | 77,381 | $ | - | $ | 209,954 | ||||||||||
Net weighted average borrowing rate | - | 2.02 | % | 1.92 | % | - | 1.98 | % |
(in thousands) | |||||||||
Derivative Instruments and Related Accounts | Balance Sheet Location | March 31, 2020 | December 31, 2019 | ||||||
Liabilities | |||||||||
TBA Securities | Other liabilities | $ | - | $ | 59 | ||||
Total derivative liabilities, at fair value | $ | - | $ | 59 | |||||
Margin Balances Posted To (From) Counterparties | |||||||||
Futures contracts | Restricted cash | $ | 3 | $ | 537 | ||||
Total margin balances on derivative contracts | $ | 3 | $ | 537 |
($ in thousands) | ||||||||||||||||
As of March 31, 2020 | ||||||||||||||||
Junior Subordinated Debt Funding Hedges | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Contract | Average | Average | ||||||||||||||
Notional | Entry | Effective | Open | |||||||||||||
Expiration Year | Amount | Rate | Rate | Equity(1) | ||||||||||||
2020 | $ | 1,000 | 1.91 | % | 0.53 | % | $ | (3 | ) | |||||||
2021 | 1,000 | 1.02 | % | 0.30 | % | (7 | ) | |||||||||
Total / Weighted Average | $ | 1,000 | 1.20 | % | 0.35 | % | $ | (10 | ) |
($ in thousands) | ||||||||||||||||
As of December 31, 2019 | ||||||||||||||||
Repurchase Agreement Funding Hedges | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Contract | Average | Average | ||||||||||||||
Notional | Entry | Effective | Open | |||||||||||||
Expiration Year | Amount | Rate | Rate | Equity(1) | ||||||||||||
2020 | $ | 120,000 | 2.90 | % | 1.67 | % | $ | (1,480 | ) | |||||||
2021 | 80,000 | 2.80 | % | 1.57 | % | (984 | ) | |||||||||
Total / Weighted Average | $ | 102,500 | 2.86 | % | 1.63 | % | $ | (2,464 | ) | |||||||
Treasury Note Futures Contracts | ||||||||||||||||
March 2020- 5-year T-Note futures | ||||||||||||||||
(Mar 2020 - Mar 2025 Hedge Period) | $ | 20,000 | 1.96 | % | 2.06 | % | $ | 88 |
($ in thousands) | ||||||||||||||||
As of December 31, 2019 | ||||||||||||||||
Junior Subordinated Debt Funding Hedges | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Contract | Average | Average | ||||||||||||||
Notional | Entry | Effective | Open | |||||||||||||
Expiration Year | Amount | Rate | Rate | Equity(1) | ||||||||||||
2020 | $ | 19,500 | 1.92 | % | 1.68 | % | $ | (46 | ) | |||||||
Total / Weighted Average | $ | 19,500 | 1.92 | % | 1.68 | % | $ | (46 | ) |
($ in thousands) | �� | ||||||||||||||||||
Notional | Net | ||||||||||||||||||
Amount | Cost | Market | Carrying | ||||||||||||||||
Long (Short)(1) | Basis(2) | Value(3) | Value(4) | ||||||||||||||||
December 31, 2019 | |||||||||||||||||||
30-Year TBA Securities: | |||||||||||||||||||
3.5 | % | $ | (50,000 | ) | $ | (51,414 | ) | $ | (51,438 | ) | $ | (24 | ) | ||||||
4.5 | % | (50,000 | ) | (52,621 | ) | (52,656 | ) | (35 | ) | ||||||||||
$ | (100,000 | ) | $ | (104,035 | ) | $ | (104,094 | ) | $ | (59 | ) |
(in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Eurodollar futures contracts (short positions) | ||||||||
Repurchase agreement funding hedges | $ | (2,329 | ) | $ | (969 | ) | ||
Junior subordinated debt funding hedges | (515 | ) | (220 | ) | ||||
T-Note futures contracts (short positions) | ||||||||
Repurchase agreement funding hedges | (1,006 | ) | - | |||||
Net TBA securities | (1,441 | ) | (1,068 | ) | ||||
losses on derivative instruments | $ | (5,291 | ) | $ | (2,257 | ) |
($ in thousands) | ||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Repurchase | Derivative | Repurchase | Derivative | |||||||||||||||||||||
Assets Pledged to Counterparties | Agreements | Agreements | Total | Agreements | Agreements | Total | ||||||||||||||||||
PT MBS - at fair value | $ | 53,858 | $ | - | $ | 53,858 | $ | 216,231 | $ | - | $ | 216,231 | ||||||||||||
Structured MBS - at fair value | 549 | - | 549 | 1,562 | - | 1,562 | ||||||||||||||||||
Accrued interest on pledged securities | 208 | - | 208 | 749 | - | 749 | ||||||||||||||||||
Restricted cash | 861 | 3 | 864 | 3,778 | 537 | 4,315 | ||||||||||||||||||
Total | $ | 55,476 | $ | 3 | $ | 55,479 | $ | 222,320 | $ | 537 | $ | 222,857 |
($ in thousands) | ||||||||
Assets Pledged to Bimini | March 31, 2020 | December 31, 2019 | ||||||
Repurchase agreements | $ | 204 | $ | - | ||||
Total | $ | 204 | $ | - |
(in thousands) | ||||||||||||||||||||||||
Offsetting of Liabilities | ||||||||||||||||||||||||
Gross Amount Not Offset in the | ||||||||||||||||||||||||
Net Amount | Consolidated Balance Sheet | |||||||||||||||||||||||
Gross Amount | of Liabilities | Financial | ||||||||||||||||||||||
Gross Amount | Offset in the | Presented in the | Instruments | Cash | ||||||||||||||||||||
of Recognized | Consolidated | Consolidated | Posted as | Posted as | Net | |||||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | Collateral | Collateral | Amount | |||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||
Repurchase Agreements | $ | 52,357 | $ | - | $ | 52,357 | $ | (51,496 | ) | $ | (861 | ) | $ | - | ||||||||||
$ | 52,357 | $ | - | $ | 52,357 | $ | (51,496 | ) | $ | (861 | ) | $ | - | |||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Repurchase Agreements | $ | 209,954 | $ | - | $ | 209,954 | $ | (206,176 | ) | $ | (3,778 | ) | $ | - | ||||||||||
TBA securities | 59 | - | 59 | - | - | 59 | ||||||||||||||||||
$ | 210,013 | $ | - | $ | 210,013 | $ | (206,176 | ) | $ | (3,778 | ) | $ | 59 |
(in thousands) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Junior subordinated debt | $ | 26,804 | $ | 26,804 | ||||
Note payable | 672 | 677 | ||||||
Total | $ | 27,476 | $ | 27,481 |
(in thousands) | ||||
December 31, 2019 | ||||
Last nine months of 2020 | $ | 16 | ||
2021 | 22 | |||
2022 | 23 | |||
2023 | 24 | |||
2024 | 25 | |||
After 2024 | 27,366 | |||
Total | $ | 27,476 |
(in thousands, except per-share information) | ||||||||
2020 | 2019 | |||||||
Basic and diluted EPS per Class A common share: | ||||||||
(Loss) income attributable to Class A common shares: | ||||||||
Basic and diluted | $ | (22,272 | ) | $ | 1,615 | |||
Weighted average common shares: | ||||||||
Class A common shares outstanding at the balance sheet date | 11,609 | 12,709 | ||||||
Weighted average shares-basic and diluted | 11,609 | 12,709 | ||||||
(Loss) income per Class A common share: | ||||||||
Basic and diluted | $ | (1.92 | ) | $ | 0.13 |
(in thousands, except per-share information) | ||||||||
2020 | 2019 | |||||||
Basic and diluted EPS per Class B common share: | ||||||||
(Loss) income attributable to Class B common shares: | ||||||||
Basic and diluted | $ | (61 | ) | $ | 4 | |||
Weighted average common shares: | ||||||||
Class B common shares outstanding at the balance sheet date | 32 | 32 | ||||||
Effect of weighting | - | - | ||||||
Weighted average shares-basic and diluted | 32 | 32 | ||||||
(Loss) income per Class B common share: | ||||||||
Basic and diluted | $ | (1.92 | ) | $ | 0.13 |
(in thousands) | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Fair Value | Assets | Inputs | Inputs | |||||||||||||
Measurements | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2020 | ||||||||||||||||
Mortgage-backed securities | $ | 54,442 | $ | - | $ | 54,442 | $ | - | ||||||||
Orchid Island Capital, Inc. common stock | 4,484 | 4,484 | - | - | ||||||||||||
December 31, 2019 | ||||||||||||||||
Mortgage-backed securities | $ | 217,841 | $ | - | $ | 217,841 | $ | - | ||||||||
Orchid Island Capital, Inc. common stock | 8,892 | 8,892 | - | - | ||||||||||||
TBA securities | (59 | ) | - | (59 | ) | - |
(in thousands) | ||||||||
Retained Interests in Securitizations | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Balances, January 1 | $ | - | $ | - | ||||
Gain included in earnings | - | 275 | ||||||
Collections | - | (275 | ) | |||||
Balances, March 31 | $ | - | $ | - |
(in thousands) | ||||||||||||||||||||
Asset | Investment | |||||||||||||||||||
Management | Portfolio | Corporate | Eliminations | Total | ||||||||||||||||
2020 | ||||||||||||||||||||
Advisory services, external customers | $ | 1,725 | $ | - | $ | - | $ | - | $ | 1,725 | ||||||||||
Advisory services, other operating segments(1) | 59 | - | - | (59 | ) | - | ||||||||||||||
Interest and dividend income | - | 2,405 | - | - | 2,405 | |||||||||||||||
Interest expense | - | (928 | ) | (350 | )(2) | - | (1,278 | ) | ||||||||||||
Net revenues | 1,784 | 1,477 | (350 | ) | (59 | ) | 2,852 | |||||||||||||
Other | - | (15,563 | ) | (514 | )(3) | - | (16,077 | ) | ||||||||||||
Operating expenses(4) | (709 | ) | (997 | ) | - | - | (1,706 | ) | ||||||||||||
Intercompany expenses(1) | - | (59 | ) | - | 59 | - | ||||||||||||||
Income (loss) before income taxes | $ | 1,075 | $ | (15,142 | ) | $ | (864 | ) | $ | - | $ | (14,931 | ) |
Asset | Investment | |||||||||||||||||||
Management | Portfolio | Corporate | Eliminations | Total | ||||||||||||||||
2019 | ||||||||||||||||||||
Advisory services, external customers | $ | 1,607 | $ | - | $ | - | $ | - | $ | 1,607 | ||||||||||
Advisory services, other operating segments(1) | 68 | - | - | (68 | ) | - | ||||||||||||||
Interest and dividend income | - | 2,555 | - | - | 2,555 | |||||||||||||||
Interest expense | - | (1,313 | ) | (406 | )(2) | - | (1,719 | ) | ||||||||||||
Net revenues | 1,675 | 1,242 | (406 | ) | (68 | ) | 2,443 | |||||||||||||
Other | - | 1,304 | 55 | (3) | - | 1,359 | ||||||||||||||
Operating expenses(4) | (630 | ) | (991 | ) | - | - | (1,621 | ) | ||||||||||||
Intercompany expenses(1) | - | (68 | ) | - | 68 | - | ||||||||||||||
Income (loss) before income taxes | $ | 1,045 | $ | 1,487 | $ | (351 | ) | $ | - | $ | 2,181 |
(in thousands) | ||||||||||||||||
Asset | Investment | |||||||||||||||
Management | Portfolio | Corporate | Total | |||||||||||||
March 31, 2020 | $ | 1,498 | $ | 81,986 | $ | 14,627 | $ | 98,111 | ||||||||
December 31, 2019 | 1,457 | 263,223 | 14,809 | 279,489 |
(in thousands) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2020 | 2019 | Change | ||||||||||
Advisory services revenues | $ | 1,725 | $ | 1,607 | $ | 118 | ||||||
Interest and dividend income | 2,404 | 2,555 | (150 | ) | ||||||||
Interest expense | (1,277 | ) | (1,719 | ) | 442 | |||||||
Net revenues | 2,852 | 2,443 | 410 | |||||||||
Other (expense) income | (16,077 | ) | 1,359 | (17,436 | ) | |||||||
Expenses | (1,706 | ) | (1,621 | ) | (85 | ) | ||||||
Net (loss) income before income tax provision | (14,931 | ) | 2,181 | (17,111 | ) | |||||||
Income tax provision | 7,402 | 562 | 6,841 | |||||||||
Net (loss) income | $ | (22,333 | ) | $ | 1,619 | $ | (23,952 | ) |
Gains (Losses) on Derivative Instruments - Recognized in Consolidated Statement of Operations (GAAP) | ||||||||||||
(in thousands) | ||||||||||||
Recognized in | ||||||||||||
Statement of | TBA | |||||||||||
Operations | Securities | Futures | ||||||||||
(GAAP) | Income (Loss) | Contracts | ||||||||||
Three Months Ended | ||||||||||||
March 31, 2020 | $ | (5,291 | ) | $ | (1,441 | ) | $ | (3,850 | ) | |||
December 31, 2019 | 287 | (192 | ) | 479 | ||||||||
September 30, 2019 | (483 | ) | (204 | ) | (279 | ) | ||||||
June 30, 2019 | (3,364 | ) | (734 | ) | (2,630 | ) | ||||||
March 31, 2019 | (2,258 | ) | (1,067 | ) | (1,191 | ) |
Gains (Losses) on Futures Contracts | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Attributed to Current Period (Non-GAAP) | Attributed to Future Periods (Non-GAAP) | |||||||||||||||||||||||||||
Repurchase | Long-Term | Repurchase | Long-Term | Statement of | ||||||||||||||||||||||||
Agreements | Debt | Total | Agreements | Debt | Total | Operations | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2020 | $ | (456 | ) | $ | (40 | ) | $ | (496 | ) | $ | (2,879 | ) | $ | (475 | ) | $ | (3,354 | ) | $ | (3,850 | ) | |||||||
December 31, 2019 | 510 | 56 | 566 | (50 | ) | (37 | ) | (87 | ) | 479 | ||||||||||||||||||
September 30, 2019 | (124 | ) | 61 | (63 | ) | (155 | ) | (61 | ) | (216 | ) | (279 | ) | |||||||||||||||
June 30, 2019 | (226 | ) | 43 | (183 | ) | (2,215 | ) | (232 | ) | (2,447 | ) | (2,630 | ) | |||||||||||||||
March 31, 2019 | 5 | 65 | 70 | (976 | ) | (285 | ) | (1,261 | ) | (1,191 | ) |
Economic Net Portfolio Interest Income | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Interest Expense on Repurchase Agreements | Net Portfolio | |||||||||||||||||||||||
Effect of | Interest Income | |||||||||||||||||||||||
Interest | GAAP | Non-GAAP | Economic | GAAP | Economic | |||||||||||||||||||
Income | Basis | Hedges(1) | Basis(2) | Basis | Basis(3) | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2020 | $ | 2,040 | $ | 928 | $ | (456 | ) | $ | 1,384 | $ | 1,112 | $ | 656 | |||||||||||
December 31, 2019 | 1,899 | 948 | 510 | 438 | 951 | 1,461 | ||||||||||||||||||
September 30, 2019 | 1,646 | 1,002 | (124 | ) | 1,126 | 644 | 520 | |||||||||||||||||
June 30, 2019 | 2,134 | 1,340 | (226 | ) | 1,566 | 794 | 568 | |||||||||||||||||
March 31, 2019 | 2,190 | 1,313 | 5 | 1,308 | 877 | 882 |
Economic Net Interest Income | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net Portfolio | Interest Expense on Long-Term Debt | |||||||||||||||||||||||||||
Interest Income | Effect of | Net Interest Income | ||||||||||||||||||||||||||
GAAP | Economic | GAAP | Non-GAAP | Economic | GAAP | Economic | ||||||||||||||||||||||
Basis | Basis(1) | Basis | Hedges(2) | Basis(3) | Basis | Basis(4) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2020 | $ | 1,112 | $ | 656 | $ | 350 | $ | (40 | ) | $ | 390 | $ | 762 | $ | 266 | |||||||||||||
December 31, 2019 | 951 | 1,461 | 376 | 56 | 320 | 575 | 1,141 | |||||||||||||||||||||
September 30, 2019 | 644 | 520 | 390 | 61 | 329 | 254 | 191 | |||||||||||||||||||||
June 30, 2019 | 794 | 568 | 400 | 43 | 357 | 394 | 211 | |||||||||||||||||||||
March 31, 2019 | 877 | 882 | 406 | 65 | 341 | 471 | 541 |
(in thousands) | ||||||||||||||||||||
Asset | Investment | |||||||||||||||||||
Management | Portfolio | Corporate | Eliminations | Total | ||||||||||||||||
2020 | ||||||||||||||||||||
Advisory services, external customers | $ | 1,725 | $ | - | $ | - | $ | - | $ | 1,725 | ||||||||||
Advisory services, other operating segments(1) | 59 | - | - | (59 | ) | - | ||||||||||||||
Interest and dividend income | - | 2,405 | - | - | 2,405 | |||||||||||||||
Interest expense | - | (928 | ) | (350 | )(2) | - | (1,278 | ) | ||||||||||||
Net revenues | 1,784 | 1,477 | (350 | ) | (59 | ) | 2,852 | |||||||||||||
Other | - | (15,563 | ) | (514 | )(3) | - | (16,077 | ) | ||||||||||||
Operating expenses(4) | (709 | ) | (997 | ) | - | - | (1,706 | ) | ||||||||||||
Intercompany expenses(1) | - | (59 | ) | - | 59 | - | ||||||||||||||
Income (loss) before income taxes | $ | 1,075 | $ | (15,142 | ) | $ | (864 | ) | $ | - | $ | (14,931 | ) |
Asset | Investment | |||||||||||||||||||
Management | Portfolio | Corporate | Eliminations | Total | ||||||||||||||||
2019 | ||||||||||||||||||||
Advisory services, external customers | $ | 1,607 | $ | - | $ | - | $ | - | $ | 1,607 | ||||||||||
Advisory services, other operating segments(1) | 68 | - | - | (68 | ) | - | ||||||||||||||
Interest and dividend income | - | 2,555 | - | - | 2,555 | |||||||||||||||
Interest expense | - | (1,313 | ) | (406 | )(2) | - | (1,719 | ) | ||||||||||||
Net revenues | 1,675 | 1,242 | (406 | ) | (68 | ) | 2,443 | |||||||||||||
Other | - | 1,304 | 55 | (3) | - | 1,359 | ||||||||||||||
Operating expenses(4) | (630 | ) | (991 | ) | - | - | (1,621 | ) | ||||||||||||
Intercompany expenses(1) | - | (68 | ) | - | 68 | - | ||||||||||||||
Income (loss) before income taxes | $ | 1,045 | $ | 1,487 | $ | (351 | ) | $ | - | $ | 2,181 |
(in thousands) | ||||||||||||||||
Asset | Investment | |||||||||||||||
Management | Portfolio | Corporate | Total | |||||||||||||
March 31, 2020 | $ | 1,498 | $ | 81,986 | $ | 14,627 | $ | 98,111 | ||||||||
December 31, 2019 | 1,457 | 263,938 | 14,809 | 280,204 |
(in thousands) | ||||||||||||||||||||
Average | Average | Advisory Services | ||||||||||||||||||
Orchid | Orchid | Management | Overhead | |||||||||||||||||
Three Months Ended | MBS | Equity | Fee | Allocation | Total | |||||||||||||||
March 31, 2020 | $ | 3,269,859 | $ | 356,685 | $ | 1,377 | $ | 348 | $ | 1,725 | ||||||||||
December 31, 2019 | 3,705,920 | 414,018 | 1,477 | 379 | 1,856 | |||||||||||||||
September 30, 2019 | 3,674,087 | 394,788 | 1,440 | 351 | 1,791 | |||||||||||||||
June 30, 2019 | 3,307,885 | 363,961 | 1,326 | 327 | 1,653 | |||||||||||||||
March 31, 2019 | 3,051,509 | 363,204 | 1,285 | 322 | 1,607 |
($ in thousands) | ||||||||||||||||||||||||||||||||
Average | Yield on | Average | Interest Expense | Average Cost of Funds | ||||||||||||||||||||||||||||
MBS | Interest | Average | Repurchase | GAAP | Economic | GAAP | Economic | |||||||||||||||||||||||||
Held(1) | Income(2) | MBS | Agreements(1) | Basis | Basis(2) | Basis | Basis(3) | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 136,142 | $ | 2,040 | 5.99 | % | $ | 131,156 | $ | 928 | $ | 1,384 | 2.83 | % | 4.22 | % | ||||||||||||||||
December 31, 2019 | 190,534 | 1,898 | 3.99 | % | 182,215 | 948 | 438 | 2.08 | % | 0.96 | % | |||||||||||||||||||||
September 30, 2019 | 187,199 | 1,646 | 3.52 | % | 177,566 | 1,002 | 1,126 | 2.26 | % | 2.54 | % | |||||||||||||||||||||
June 30, 2019 | 211,406 | 2,134 | 4.04 | % | 199,901 | 1,340 | 1,566 | 2.68 | % | 3.13 | % | |||||||||||||||||||||
March 31, 2019 | 212,033 | 2,190 | 4.13 | % | 199,771 | 1,313 | 1,308 | 2.63 | % | 2.62 | % |
($ in thousands) | ||||||||||||||||
Net Portfolio | Net Portfolio | |||||||||||||||
Interest Income | Interest Spread | |||||||||||||||
GAAP | Economic | GAAP | Economic | |||||||||||||
Basis | Basis(2) | Basis | Basis(4) | |||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2020 | $ | 1,112 | $ | 656 | 3.16 | % | 1.77 | % | ||||||||
December 31, 2019 | 951 | 1,461 | 1.91 | % | 3.03 | % | ||||||||||
September 30, 2019 | 644 | 520 | 1.26 | % | 0.98 | % | ||||||||||
June 30, 2019 | 794 | 568 | 1.36 | % | 0.91 | % | ||||||||||
March 31, 2019 | 877 | 882 | 1.50 | % | 1.51 | % |
($ in thousands) | ||||||||||||||||||||||||||||||||||||
Average MBS Held | Interest Income | Realized Yield on Average MBS | ||||||||||||||||||||||||||||||||||
PT | Structured | PT | Structured | PT | Structured | |||||||||||||||||||||||||||||||
MBS | MBS | Total | MBS | MBS | Total | MBS | MBS | Total | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 135,044 | $ | 1,098 | $ | 136,142 | $ | 2,029 | $ | 11 | $ | 2,040 | 6.01 | % | 3.93 | % | 5.99 | % | ||||||||||||||||||
December 31, 2019 | 188,884 | 1,650 | 190,534 | 1,870 | 28 | 1,898 | 3.96 | % | 6.90 | % | 3.99 | % | ||||||||||||||||||||||||
September 30, 2019 | 185,309 | 1,890 | 187,199 | 1,652 | (6 | ) | 1,646 | 3.57 | % | (1.15 | )% | 3.52 | % | |||||||||||||||||||||||
June 30, 2019 | 209,171 | 2,235 | 211,406 | 2,111 | 23 | 2,134 | 4.04 | % | 4.01 | % | 4.04 | % | ||||||||||||||||||||||||
March 31, 2019 | 209,469 | 2,564 | 212,033 | 2,143 | 47 | 2,190 | 4.09 | % | 7.42 | % | 4.13 | % |
($ in thousands) | ||||||||||||||||||||
Average | ||||||||||||||||||||
Balance of | Interest Expense | Average Cost of Funds | ||||||||||||||||||
Repurchase | GAAP | Economic | GAAP | Economic | ||||||||||||||||
Agreements | Basis | Basis | Basis | Basis | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2020 | $ | 131,156 | $ | 928 | $ | 1,384 | 2.83 | % | 4.22 | % | ||||||||||
December 31, 2019 | 182,215 | 948 | 438 | 2.08 | % | 0.96 | % | |||||||||||||
September 30, 2019 | 177,566 | 1,002 | 1,126 | 2.26 | % | 2.54 | % | |||||||||||||
June 30, 2019 | 199,901 | 1,340 | 1,566 | 2.68 | % | 3.13 | % | |||||||||||||
March 31, 2019 | 199,771 | 1,313 | 1,308 | 2.63 | % | 2.62 | % |
Average GAAP Cost of Funds | Average Economic Cost of Funds | |||||||||||||||||||||||
Relative to Average | Relative to Average | |||||||||||||||||||||||
Average LIBOR | One-Month | Six-Month | One-Month | Six-Month | ||||||||||||||||||||
One-Month | Six-Month | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2020 | 1.34 | % | 1.43 | % | 1.49 | % | 1.40 | % | 2.88 | % | 2.79 | % | ||||||||||||
December 31, 2019 | 1.90 | % | 1.98 | % | 0.18 | % | 0.10 | % | (0.94 | )% | (1.02 | )% | ||||||||||||
September 30, 2019 | 2.22 | % | 2.18 | % | 0.04 | % | 0.08 | % | 0.32 | % | 0.36 | % | ||||||||||||
June 30, 2019 | 2.45 | % | 2.49 | % | 0.23 | % | 0.19 | % | 0.68 | % | 0.64 | % | ||||||||||||
March 31, 2019 | 2.50 | % | 2.77 | % | 0.13 | % | (0.14 | )% | 0.12 | % | (0.15 | )% |
(in thousands) | ||||||||||||
2020 | 2019 | Change | ||||||||||
Realized losses on sales of MBS | $ | (5,805 | ) | $ | - | $ | (5,805 | ) | ||||
Unrealized (losses) gains on MBS | (574 | ) | $ | 3,052 | $ | (3,626 | ) | |||||
Losses on derivative instruments | (5,291 | ) | (2,257 | ) | (3,034 | ) | ||||||
Gains on retained interests | - | 275 | (275 | ) | ||||||||
Unrealized (losses) gains on Orchid Island Capital, Inc. common stock | (4,408 | ) | 289 | (4,697 | ) |
5 Year | 10 Year | 15 Year | 30 Year | Three | ||||||||||||||||
U.S. Treasury | U.S. Treasury | Fixed-Rate | Fixed-Rate | Month | ||||||||||||||||
Rate(1) | Rate(1) | Mortgage Rate(2) | Mortgage Rate(2) | Libor(3) | ||||||||||||||||
March 31, 2020 | 0.38 | % | 0.70 | % | 2.89 | % | 3.45 | % | 1.10 | % | ||||||||||
December 31, 2019 | 1.69 | % | 1.92 | % | 3.18 | % | 3.72 | % | 1.91 | % | ||||||||||
September 30, 2019 | 1.55 | % | 1.68 | % | 3.12 | % | 3.61 | % | 2.13 | % | ||||||||||
June 30, 2019 | 1.76 | % | 2.00 | % | 3.24 | % | 3.80 | % | 2.40 | % | ||||||||||
March 31, 2019 | 2.24 | % | 2.41 | % | 3.72 | % | 4.27 | % | 2.61 | % |
(in thousands) | ||||||||||||
2020 | 2019 | Change | ||||||||||
Compensation and benefits | $ | 1,100 | $ | 1,071 | $ | 29 | ||||||
Legal fees | 20 | 26 | (6 | ) | ||||||||
Accounting, auditing and other professional fees | 139 | 113 | 26 | |||||||||
Directors’ fees and liability insurance | 165 | 161 | 4 | |||||||||
Other G&A expenses | 282 | 250 | 32 | |||||||||
$ | 1,706 | $ | 1,621 | $ | 85 |
Structured | ||||||||||||
PT MBS | MBS | Total | ||||||||||
Three Months Ended | Portfolio (%) | Portfolio (%) | Portfolio (%) | |||||||||
March 31, 2020 | 11.6 | 18.1 | 13.7 | |||||||||
December 31, 2019 | 15.6 | 15.6 | 15.6 | |||||||||
September 30, 2019 | 9.5 | 16.2 | 10.5 | |||||||||
June 30, 2019 | 9.9 | 14.6 | 10.5 | |||||||||
March 31, 2019 | 5.7 | 13.4 | 6.8 |
($ in thousands) | ||||||
Weighted | ||||||
Percentage | Average | |||||
of | Weighted | Maturity | ||||
Fair | Entire | Average | in | Longest | ||
Asset Category | Value | Portfolio | Coupon | Months | Maturity | |
March 31, 2020 | ||||||
Fixed Rate MBS | $ | 53,858 | 98.9% | 4.18% | 334 | 1-Feb-50 |
Interest-Only MBS | 552 | 1.0% | 3.64% | 289 | 15-Jul-48 | |
Inverse Interest-Only MBS | 32 | 0.1% | 5.30% | 230 | 15-May-39 | |
Total MBS Portfolio | $ | 54,442 | 100.0% | 4.17% | 333 | 1-Feb-50 |
December 31, 2019 | ||||||
Fixed Rate MBS | $ | 216,231 | 99.3% | 4.25% | 316 | 1-Nov-49 |
Interest-Only MBS | 1,024 | 0.5% | 3.65% | 281 | 15-Jul-48 | |
Inverse Interest-Only MBS | 586 | 0.2% | 4.77% | 254 | 25-Apr-41 | |
Total MBS Portfolio | $ | 217,841 | 100.0% | 4.25% | 316 | 1-Nov-49 |
($ in thousands) | ||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||
Percentage of | Percentage of | |||||||||||||||
Agency | Fair Value | Entire Portfolio | Fair Value | Entire Portfolio | ||||||||||||
Fannie Mae | $ | 42,669 | 78.4 | % | $ | 203,321 | 93.3 | % | ||||||||
Freddie Mac | 11,746 | 21.6 | % | 14,499 | 6.7 | % | ||||||||||
Ginnie Mae | 7 | 0.0 | % | 21 | 0.0 | % | ||||||||||
Total Portfolio | $ | 54,442 | 100.0 | % | $ | 217,841 | 100.0 | % |
March 31, 2020 | December 31, 2019 | |||||||
Weighted Average Pass-through Purchase Price | $ | 108.92 | $ | 107.12 | ||||
Weighted Average Structured Purchase Price | $ | 5.38 | $ | 6.39 | ||||
Weighted Average Pass-through Current Price | $ | 109.75 | $ | 108.77 | ||||
Weighted Average Structured Current Price | $ | 3.46 | $ | 6.91 | ||||
Effective Duration (1) | 3.266 | 3.196 |
($ in thousands) | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
Total Cost | Average Price | Weighted Average Yield | Total Cost | Average Price | Weighted Average Yield | |||||||||||||||||||
PT MBS | $ | 20,823 | $ | 110.83 | 2.64 | % | $ | - | $ | - | 0.00 | % |
($ in thousands) | ||||||||||||||||||||||||||||
Fair | $ Change in Fair Value | % Change in Fair Value | ||||||||||||||||||||||||||
MBS Portfolio | Value | -100BPS | +100BPS | +200BPS | -100BPS | +100BPS | +200BPS | |||||||||||||||||||||
Fixed Rate MBS | $ | 53,858 | $ | 1,694 | $ | (2,103 | ) | $ | (4,664 | ) | 3.15 | % | (3.90 | )% | (8.66 | )% | ||||||||||||
Interest-Only MBS | 552 | (76 | ) | 164 | 330 | (13.69 | )% | 29.65 | % | 59.66 | % | |||||||||||||||||
Inverse Interest-Only MBS | 32 | 2 | (5 | ) | (9 | ) | 7.67 | % | (14.61 | )% | (28.73 | )% | ||||||||||||||||
Total MBS Portfolio | $ | 54,442 | $ | 1,620 | $ | (1,944 | ) | $ | (4,343 | ) | 2.98 | % | (3.57 | )% | (7.98 | )% |
($ in thousands) | ||||||||||||||||||||||||||||
Notional | $ Change in Fair Value | % Change in Fair Value | ||||||||||||||||||||||||||
Amount(1) | -100BPS | +100BPS | +200BPS | -100BPS | +100BPS | +200BPS | ||||||||||||||||||||||
Eurodollar Futures Contracts | ||||||||||||||||||||||||||||
Junior Subordinated Debt Hedges | $ | 1,000 | $ | (13 | ) | $ | 13 | $ | 25 | (1.00 | )% | 1.00 | % | 2.01 | % | |||||||||||||
$ | 1,000 | $ | (13 | ) | $ | 13 | $ | 25 | ||||||||||||||||||||
Gross Totals | $ | 1,607 | $ | (1,931 | ) | $ | (4,318 | ) |
($ in thousands) | ||||||||||||||||||||
Ending | Maximum | Average | Difference Between Ending | |||||||||||||||||
Balance | Balance | Balance | Repurchase Agreements and | |||||||||||||||||
of Repurchase | of Repurchase | of Repurchase | Average Repurchase Agreements | |||||||||||||||||
Three Months Ended | Agreements | Agreements | Agreements | Amount | Percent | |||||||||||||||
March 31, 2020 | $ | 52,357 | $ | 224,850 | $ | 131,156 | $ | (78,799 | ) | (60.08 | )%(1) | |||||||||
December 31, 2019 | 209,954 | 239,243 | 182,215 | 27,739 | 15.22 | %(2) | ||||||||||||||
September 30, 2019 | 154,475 | 200,552 | 177,566 | (23,091 | ) | (13.00 | )%(3) | |||||||||||||
June 30, 2019 | 200,656 | 200,776 | 199,901 | 755 | 0.38 | % | ||||||||||||||
March 31, 2019 | 199,146 | 200,113 | 199,771 | (625 | ) | (0.31 | )% |
(in thousands) | ||||||||||||||||||||
Obligations Maturing | ||||||||||||||||||||
Within One Year | One to Three Years | Three to Five Years | More than Five Years | Total | ||||||||||||||||
Repurchase agreements | $ | 52,357 | $ | - | $ | - | $ | - | $ | 52,357 | ||||||||||
Interest expense on repurchase agreements(1) | 92 | - | - | - | 92 | |||||||||||||||
Junior subordinated notes(2) | - | - | - | 26,000 | 26,000 | |||||||||||||||
Interest expense on junior subordinated notes(1) | 1,167 | 2,236 | 2,239 | 11,978 | 17,620 | |||||||||||||||
Principal and interest on mortgage loan(1) | 53 | 107 | 102 | 785 | 1,047 | |||||||||||||||
Totals | $ | 53,669 | $ | 2,343 | $ | 2,341 | $ | 38,763 | $ | 97,116 |
3.2 3.3 | ||
By: | ||||