2014 Q3 Form 10-Q Financial Statement

#000105516014000096 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $112.2M $119.3M $120.7M
YoY Change -5.34% -1.14% -3.87%
Cost Of Revenue $39.40M $40.60M $38.50M
YoY Change -6.19% 5.45% -51.14%
Gross Profit $89.30M $90.40M $86.30M
YoY Change 8.77% 4.75% 49.57%
Gross Profit Margin 79.62% 75.78% 71.52%
Selling, General & Admin $9.800M $11.20M $10.80M
YoY Change 12.64% 3.7% 28.57%
% of Gross Profit 10.97% 12.39% 12.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $400.0K $1.100M
YoY Change -77.78% -63.64% 22.22%
% of Gross Profit 0.22% 0.44% 1.27%
Operating Expenses $10.40M $11.70M $10.80M
YoY Change 19.54% 8.33% -138.85%
Operating Profit $78.90M $78.70M $75.50M
YoY Change 7.49% 4.24% -11.7%
Interest Expense $39.36M $40.57M $38.48M
YoY Change -6.18% 5.43% -9.86%
% of Operating Profit 49.88% 51.55% 50.96%
Other Income/Expense, Net
YoY Change
Pretax Income $78.90M $78.70M $75.50M
YoY Change 10.66% 4.24% 0.94%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $78.88M $78.73M $75.47M
YoY Change 10.59% 4.31% 0.95%
Net Earnings / Revenue 70.33% 65.99% 62.54%
Basic Earnings Per Share
Diluted Earnings Per Share $213.4K $213.6K $208.9K
COMMON SHARES
Basic Shares Outstanding 367.9M shares 366.6M shares 361.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $424.0M $344.0M $448.0M
YoY Change -15.87% -23.21% -24.45%
Cash & Equivalents $423.9M $343.7M $448.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $456.0M $379.0M $489.0M
YoY Change -15.87% -22.49% -23.35%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $7.189M $7.189M $7.189M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $11.38B $12.00B $12.64B
YoY Change -4.56% -5.08% 3.57%
Other Assets $44.00M $54.00M $3.000M
YoY Change -25.42% 1700.0% -66.67%
Total Long-Term Assets $11.79B $12.27B $12.71B
YoY Change -2.24% -3.43% 3.7%
TOTAL ASSETS
Total Short-Term Assets $456.0M $379.0M $489.0M
Total Long-Term Assets $11.79B $12.27B $12.71B
Total Assets $12.24B $12.65B $13.20B
YoY Change -2.82% -4.14% 2.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $12.00M $11.00M $11.00M
YoY Change -14.29% 0.0% -15.38%
Deferred Revenue
YoY Change
Short-Term Debt $8.126B $8.384B $8.909B
YoY Change -5.16% -5.89% -4.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.212B $8.469B $9.035B
YoY Change -5.27% -6.26% -5.15%
LONG-TERM LIABILITIES
Long-Term Debt $256.0M $314.0M $544.0M
YoY Change -50.77% -42.28%
Other Long-Term Liabilities $521.0M $592.0M $453.0M
YoY Change 55.06% 30.68% -25.74%
Total Long-Term Liabilities $777.0M $906.0M $997.0M
YoY Change -9.23% -9.13% 63.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.212B $8.469B $9.035B
Total Long-Term Liabilities $777.0M $906.0M $997.0M
Total Liabilities $8.989B $9.376B $10.03B
YoY Change -5.63% -6.55% -1.02%
SHAREHOLDERS EQUITY
Retained Earnings -$570.1M -$571.4M -$457.6M
YoY Change -0.52% 24.88% 78.55%
Common Stock $3.687M $3.675M $3.621M
YoY Change 0.79% 1.49% 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.254B $3.275B $3.165B
YoY Change
Total Liabilities & Shareholders Equity $12.24B $12.65B $13.20B
YoY Change -2.82% -4.14% 2.37%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $78.88M $78.73M $75.47M
YoY Change 10.59% 4.31% 0.95%
Depreciation, Depletion And Amortization $200.0K $400.0K $1.100M
YoY Change -77.78% -63.64% 22.22%
Cash From Operating Activities $62.50M $66.70M $70.00M
YoY Change -27.24% -4.71% -13.37%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$100.0K $0.00
YoY Change 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $483.8M $456.0M $98.70M
YoY Change -35.0% 362.01% -149.08%
Cash From Investing Activities $483.7M $455.7M $98.70M
YoY Change -35.0% 361.7% -149.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -466.0M -453.5M -322.1M
YoY Change -39.82% 40.79% -194.93%
NET CHANGE
Cash From Operating Activities 62.50M 66.70M 70.00M
Cash From Investing Activities 483.7M 455.7M 98.70M
Cash From Financing Activities -466.0M -453.5M -322.1M
Net Change In Cash 80.20M 68.90M -153.4M
YoY Change 43.99% -144.92% -170.08%
FREE CASH FLOW
Cash From Operating Activities $62.50M $66.70M $70.00M
Capital Expenditures -$200.0K -$100.0K $0.00
Free Cash Flow $62.70M $66.80M $70.00M
YoY Change -27.18% -4.57% -13.58%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MFA Financial,&#160;Inc. (the &#8220;Company&#8221;) was incorporated in Maryland on July&#160;24, 1997 and began operations on April&#160;10, 1998.&#160; The Company has elected to be treated as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes.&#160; In order to maintain its qualification as a REIT, the Company must comply with a number of requirements under federal tax law, including that it must distribute at least 90% of its annual REIT taxable income to its stockholders.&#160; (See Notes 2(n) and 11)</font></div></div>
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CY2013Q4 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2014Q2 mfa Available For Sale Securities Principal Payments Receivable
AvailableForSaleSecuritiesPrincipalPaymentsReceivable
1300000 USD
CY2014Q2 mfa Available For Sale Securities Purchase Premiums
AvailableForSaleSecuritiesPurchasePremiums
238272000 USD
CY2013Q4 mfa Available For Sale Securities Purchase Premiums
AvailableForSaleSecuritiesPurchasePremiums
227533000 USD
CY2013Q4 mfa Non Agency Mortgage Backed Securities Transferred To Consolidated Variable Interest Entity
NonAgencyMortgageBackedSecuritiesTransferredToConsolidatedVariableInterestEntity
2282371000 USD
CY2014Q2 mfa Non Agency Mortgage Backed Securities Transferred To Consolidated Variable Interest Entity
NonAgencyMortgageBackedSecuritiesTransferredToConsolidatedVariableInterestEntity
2200288000 USD
mfa Number Of Components Of Linked Transactions
NumberOfComponentsOfLinkedTransactions
2 Component
CY2014Q2 mfa Number Of Derivatives Terminated
NumberOfDerivativesTerminated
0 derivative
mfa Number Of Derivatives Terminated
NumberOfDerivativesTerminated
0 derivative
mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
260752000 USD
CY2013Q2 mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
-156152000 USD
CY2014Q2 mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
133824000 USD
mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
49554000 USD
CY2013Q4 mfa Derivative Collateral Excess
DerivativeCollateralExcess
9300000 USD
mfa Employment Agreements Number Of Officers
EmploymentAgreementsNumberOfOfficers
5 officer
mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
2000000 USD
CY2014Q2 mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
1175000 USD
CY2013Q2 mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
2000000 USD
mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
1175000 USD
mfa Gain On Linked Transactions
GainOnLinkedTransactions
7027000 USD
CY2014Q2 mfa Gain On Linked Transactions
GainOnLinkedTransactions
3776000 USD
mfa Gain On Linked Transactions
GainOnLinkedTransactions
1241000 USD
CY2013Q2 mfa Gain On Linked Transactions
GainOnLinkedTransactions
-295000 USD
CY2013Q2 mfa Interest Income Agency Securities Mortgage Backed
InterestIncomeAgencySecuritiesMortgageBacked
38037000 USD
mfa Interest Income Agency Securities Mortgage Backed
InterestIncomeAgencySecuritiesMortgageBacked
76938000 USD
CY2014Q2 mfa Interest Income Agency Securities Mortgage Backed
InterestIncomeAgencySecuritiesMortgageBacked
37609000 USD
mfa Interest Income Agency Securities Mortgage Backed
InterestIncomeAgencySecuritiesMortgageBacked
80824000 USD
mfa Interest Income Non Agency Securities Mortgage Backed
InterestIncomeNonAgencySecuritiesMortgageBacked
86628000 USD
mfa Interest Income Non Agency Securities Mortgage Backed
InterestIncomeNonAgencySecuritiesMortgageBacked
85044000 USD
CY2013Q2 mfa Interest Income Non Agency Securities Mortgage Backed
InterestIncomeNonAgencySecuritiesMortgageBacked
43997000 USD
CY2014Q2 mfa Interest Income Non Agency Securities Mortgage Backed
InterestIncomeNonAgencySecuritiesMortgageBacked
43473000 USD
CY2013Q2 mfa Interest Income Non Agency Securities Mortgage Backed Transferred To Consolidated Variable Interest Entity
InterestIncomeNonAgencySecuritiesMortgageBackedTransferredToConsolidatedVariableInterestEntity
38601000 USD
mfa Interest Income Non Agency Securities Mortgage Backed Transferred To Consolidated Variable Interest Entity
InterestIncomeNonAgencySecuritiesMortgageBackedTransferredToConsolidatedVariableInterestEntity
77469000 USD
CY2014Q2 mfa Interest Income Non Agency Securities Mortgage Backed Transferred To Consolidated Variable Interest Entity
InterestIncomeNonAgencySecuritiesMortgageBackedTransferredToConsolidatedVariableInterestEntity
37543000 USD
mfa Interest Income Non Agency Securities Mortgage Backed Transferred To Consolidated Variable Interest Entity
InterestIncomeNonAgencySecuritiesMortgageBackedTransferredToConsolidatedVariableInterestEntity
76207000 USD
CY2013Q4 mfa Mbs Linked Transactions Net
MBSLinkedTransactionsNet
28181000 USD
CY2014Q2 mfa Mbs Linked Transactions Net
MBSLinkedTransactionsNet
106859000 USD
mfa Mortgage Backed Securities Period Of Fixed Rate Mortgages Minimum
MortgageBackedSecuritiesPeriodOfFixedRateMortgagesMinimum
P15Y
CY2014Q2 mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
74689000 USD
CY2013Q2 mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
66987000 USD
mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
141977000 USD
mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
146853000 USD
CY2013Q2 mfa Number Of Derivatives Terminated
NumberOfDerivativesTerminated
0 derivative
mfa Number Of Repurchase Agreement Counterparties With Unconditional Right Of Setoff
NumberOfRepurchaseAgreementCounterpartiesWithUnconditionalRightOfSetoff
1 counterparty
mfa Operating Leases Number Of Operating Leases
OperatingLeasesNumberOfOperatingLeases
2 lease
CY2014Q2 mfa Other Comprehensive Income Unrealized Holding Gain Loss On Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
43094000 USD
mfa Other Comprehensive Income Unrealized Holding Gain Loss On Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
60937000 USD
CY2013Q2 mfa Other Comprehensive Income Unrealized Holding Gain Loss On Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
-140480000 USD
mfa Other Comprehensive Income Unrealized Holding Gain Loss On Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
-167771000 USD
CY2014Q2 mfa Other Comprehensive Income Unrealized Holding Gain Loss On Non Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnNonAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
50136000 USD
mfa Other Comprehensive Income Unrealized Holding Gain Loss On Non Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnNonAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
48388000 USD
CY2013Q2 mfa Other Comprehensive Income Unrealized Holding Gain Loss On Non Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnNonAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
-98282000 USD
mfa Other Comprehensive Income Unrealized Holding Gain Loss On Non Agency Mortgage Backed Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnNonAgencyMortgageBackedSecuritiesArisingDuringPeriodNetOfTax
101554000 USD
mfa Payments Made For Margin Calls On Repurchase Agreements And Derivatives
PaymentsMadeForMarginCallsOnRepurchaseAgreementsAndDerivatives
3000 USD
mfa Payments Made For Margin Calls On Repurchase Agreements And Derivatives
PaymentsMadeForMarginCallsOnRepurchaseAgreementsAndDerivatives
87700000 USD
mfa Payments On Securitized Debt
PaymentsOnSecuritizedDebt
203068000 USD
mfa Payments On Securitized Debt
PaymentsOnSecuritizedDebt
151296000 USD
mfa Percentage Of Annual Reit Taxable Income Distributed To Stockholders
PercentageOfAnnualREITTaxableIncomeDistributedToStockholders
1.00
CY2014Q2 mfa Pledged Financial Instruments Not Separately Reported Securities Pledged Aggregate Fair Value And Accrued Interest
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledgedAggregateFairValueAndAccruedInterest
10323352000 USD
mfa Principal Payments On Linked Transactions
PrincipalPaymentsOnLinkedTransactions
1139692000 USD
mfa Principal Payments On Linked Transactions
PrincipalPaymentsOnLinkedTransactions
114903000 USD
mfa Principal Payments On Securities Sold Under Agreements To Repurchase
PrincipalPaymentsOnSecuritiesSoldUnderAgreementsToRepurchase
41172586000 USD
mfa Principal Payments On Securities Sold Under Agreements To Repurchase
PrincipalPaymentsOnSecuritiesSoldUnderAgreementsToRepurchase
39284004000 USD
mfa Proceeds From Linked Transactions
ProceedsFromLinkedTransactions
1065107000 USD
mfa Proceeds From Linked Transactions
ProceedsFromLinkedTransactions
117554000 USD
mfa Proceeds From Margin Calls On Repurchase Agreements And Derivatives
ProceedsFromMarginCallsOnRepurchaseAgreementsAndDerivatives
2000000 USD
mfa Proceeds From Margin Calls On Repurchase Agreements And Derivatives
ProceedsFromMarginCallsOnRepurchaseAgreementsAndDerivatives
48400000 USD
mfa Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
41217390000 USD
mfa Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
39440815000 USD
mfa Repayments Of Securities Received As Collateral
RepaymentsOfSecuritiesReceivedAsCollateral
300119000 USD
mfa Repayments Of Securities Received As Collateral
RepaymentsOfSecuritiesReceivedAsCollateral
0 USD
CY2014Q2 mfa Repurchase Agreement Counterparty Risk As Percentage Of Stockholders Equity
RepurchaseAgreementCounterpartyRiskAsPercentageOfStockholdersEquity
0.05
mfa Repurchase Agreements Financing Period High End Of Range
RepurchaseAgreementsFinancingPeriodHighEndOfRange
P6M
mfa Repurchase Agreements Financing Period Low End Of Range
RepurchaseAgreementsFinancingPeriodLowEndOfRange
P1M
CY2014Q2 mfa Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
26 counterparty
CY2013Q4 mfa Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
26 counterparty
mfa Stock Repurchase Program Stock Repurchased And Retired During Period Shares
StockRepurchaseProgramStockRepurchasedAndRetiredDuringPeriodShares
0 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001055160
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
367873219 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MFA FINANCIAL, INC.
mfa Securities Obtained As Collateral Net Of Returns
SecuritiesObtainedAsCollateralNetOfReturns
50375000 USD
mfa Securities Obtained As Collateral Net Of Returns
SecuritiesObtainedAsCollateralNetOfReturns
200098000 USD
CY2013Q4 mfa Securitized Debt
SecuritizedDebt
366205000 USD
CY2014Q2 mfa Securitized Debt
SecuritizedDebt
214048000 USD
mfa Share Based Compensation Arrangement By Share Based Payment Award Forfeiture Rate2009 And Prior
ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeitureRate2009AndPrior
0

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0001055160-14-000096-xbrl.zip Edgar Link pending
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