ARMOUR Residential REIT Inc. Reports Core Income of $58 Million

Today ARMOUR Residential REIT  (NYSE: ARR  )  reported its core income stood at $58.3 million in first quarter of 2014, or $0.15 per share. This was almost identical to the core income of $59.3 million seen in the fourth quarter of 2013, which also stood at $0.15 per share.

According to generally accepted accounting principals (GAAP), it saw a net loss of $19.8 million. However core income excludes impairment losses, gains or losses from the sale of securities and dividends, as well as other non-recurring expenses, which are reflected in the GAAP loss. 

ARMOUR Residential REIT noted its portfolio of mortgage securities from Fannie MaeFreddie Mac, and Ginnie Mae stood at $16.5 billion, up 14% from the $14.6 billion seen at the end of the fourth quarter. In addition it noted its annualized yield on its assets grew to 3.19%. As a result its net interest spread stood at 1.82%, ahead of the 1.60% seen in the fourth quarter.

The company also saw its leverage ratio (debt to stockholders equity) rise in the first quarter. At the end of 2013 that ratio stood at 6.92 to 1, but by March 31it had expanded to 8.12 to 1. ARMOUR Residential REIT concluded its press release by noting it repurchased $2.6 million worth of its common stock in the fourth quarter, well below the $52.4 million in the fourth quarter of 2013.

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Patrick Morris

After a few stints in banking and corporate finance, Patrick joined the Motley Fool as a writer covering the financial sector. He's scaled back his everyday writing a bit, but he's always happy to opine on the latest headline news surrounding Berkshire Hathaway, Warren Buffett and all things personal finance.

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8/28/2015 4:05 PM
ARR $21.57 Down -0.23 -1.06%
ARMOUR Residential… CAPS Rating: ****