Exhibit 99.1
Item 6. | Selected Financial Data |
The following selected consolidated financial data is derived from our audited consolidated financial statements for the periods presented and should be read in conjunction with the more detailed information therein and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this annual report. Operating results are not necessarily indicative of future performance.
Selected Consolidated Financial and Other Data
(dollars in thousands, except per share amounts)
For the Year Ended December 31, | ||||||||||||||||||||
2004 (E) | 2003 | 2002 | 2001 | 2000 (A) | ||||||||||||||||
Consolidated Statement of Operations Data: | ||||||||||||||||||||
Interest income | $ | 224,024 | $ | 170,420 | $ | 107,143 | $ | 57,904 | $ | 47,627 | ||||||||||
Interest expense | 52,590 | 40,364 | 27,728 | 27,366 | 34,696 | |||||||||||||||
Net interest income before credit recoveries (losses) | 171,434 | 130,056 | 79,415 | 30,538 | 12,931 | |||||||||||||||
Credit (losses) recoveries | (726 | ) | 389 | 432 | (3,608 | ) | (5,449 | ) | ||||||||||||
Gains (losses) on sales of mortgage assets | 144,950 | 144,005 | 53,305 | 37,347 | (826 | ) | ||||||||||||||
Losses on derivative instruments | (8,905 | ) | (30,837 | ) | (36,841 | ) | (3,953 | ) | — | |||||||||||
Impairment on mortgage securities – available for sale | (15,902 | ) | — | — | — | — | ||||||||||||||
General and administrative expenses | 218,038 | 174,408 | 84,594 | 46,505 | 3,017 | |||||||||||||||
Income from continuing operations | 124,155 | 111,996 | 48,761 | 32,308 | 5,626 | |||||||||||||||
Loss from discontinued operations, net of income tax (C) | (8,766 | ) | — | — | — | — | ||||||||||||||
Net income available to common shareholders | 109,124 | 111,996 | 48,761 | 32,308 | 5,626 | |||||||||||||||
Basic income per share: | ||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 4.66 | $ | 5.04 | $ | 2.35 | $ | 1.61 | $ | 0.26 | ||||||||||
Loss from discontinued operations, net of income tax (C) | (0.35 | ) | — | — | — | — | ||||||||||||||
Net income available to common shareholders | $ | 4.31 | $ | 5.04 | $ | 2.35 | $ | 1.61 | $ | 0.26 | ||||||||||
Diluted income per share: | ||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 4.58 | $ | 4.91 | $ | 2.25 | $ | 1.51 | $ | 0.25 | ||||||||||
Loss from discontinued operations, net of income tax (C) | (0.34 | ) | — | — | — | — | ||||||||||||||
Net income available to common shareholders | $ | 4.24 | $ | 4.91 | $ | 2.25 | $ | 1.51 | $ | 0.25 | ||||||||||
As of December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 (A) | ||||||||||||||||
Consolidated Balance Sheet Data: | ||||||||||||||||||||
Mortgage Assets: | ||||||||||||||||||||
Mortgage loans | $ | 807,121 | $ | 792,709 | $ | 1,133,509 | $ | 365,560 | $ | 375,927 | ||||||||||
Mortgage securities – available-for-sale | 489,175 | 382,287 | 178,879 | 71,584 | 46,650 | |||||||||||||||
Mortgage securities – trading | 143,153 | — | — | — | — | |||||||||||||||
Total assets | 1,861,311 | 1,399,957 | 1,452,497 | 512,380 | 494,482 | |||||||||||||||
Borrowings | 1,295,422 | 1,005,516 | 1,225,228 | 362,398 | 382,437 | |||||||||||||||
Stockholders’ equity | 426,344 | 300,224 | 183,257 | 129,997 | 107,919 |
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For the Year Ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Other Data: | ||||||||||||||||||||
Loans originated and purchased, principal | $ | 8,486,028 | $ | 5,994,492 | $ | 2,781,539 | $ | 1,333,366 | $ | 719,341 | ||||||||||
Loans securitized, principal | $ | 8,329,804 | $ | 5,319,435 | $ | 1,560,001 | $ | 1,215,100 | $ | 584,350 | ||||||||||
Nonconforming loans sold, principal | $ | — | $ | 151,210 | $ | 142,159 | $ | 73,324 | $ | 172,839 | ||||||||||
Loan servicing portfolio, principal | $ | 12,151,196 | $ | 7,206,113 | $ | 3,657,640 | $ | 1,994,448 | $ | 1,112,615 | ||||||||||
Annualized return on assets | 6.48 | % | 8.24 | % | 6.31 | % | 6.03 | % | 0.97 | % | ||||||||||
Annualized return on equity | 31.69 | % | 48.92 | % | 31.61 | % | 27.04 | % | 5.50 | % | ||||||||||
Taxable income (loss) available to common shareholders (D) | $ | 250,501 | $ | 137,851 | $ | 49,511 | $ | 5,221 | $ | (2 | ) | |||||||||
Taxable income (loss) per common share (B) (D) | $ | 9.04 | $ | 5.64 | $ | 2.36 | $ | 0.45 | $ | — | ||||||||||
Dividends declared per common share (B) | $ | 6.75 | $ | 5.04 | $ | 2.15 | $ | 0.48 | $ | — | ||||||||||
Dividends declared per preferred share | $ | 2.11 | $ | — | $ | — | $ | 1.08 | $ | 0.49 |
(A) | Does not include the assets, liabilities, equity and results of operations for NFI Holding Corporation. The common stock of NFI Holding Corporation was acquired on January 1, 2001. |
(B) | On January 29, 2003, a $0.165 special dividend related to 2002 taxable income was declared per common share. |
(C) | Discussion and detail regarding the loss from discontinued operations is provided in Note 14 to the consolidated financial statements. |
(D) | Taxable income (loss) for years prior to 2004, are actual while 2004 taxable income is an estimate. For a reconciliation of taxable income to GAAP income see “Income Taxes” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The common shares outstanding as of the end of each period presented is used in calculating the taxable income (loss) per common share. |
(E) | Reclassified to conform to current year presentation in accordance with SFAS No. 144,Accounting for the Impairment or Disposal of Long-Lived Assets,as described in Note 14 to the consolidated financial statements. |
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