2014 Q4 Form 10-Q Financial Statement

#000105516014000122 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $111.2M $112.2M $118.5M
YoY Change -8.14% -5.34% -5.32%
Cost Of Revenue $39.00M $39.40M $42.00M
YoY Change -10.14% -6.19% -8.3%
Gross Profit $92.00M $89.30M $82.10M
YoY Change 6.36% 8.77% -5.41%
Gross Profit Margin 82.74% 79.62% 69.29%
Selling, General & Admin $10.90M $9.800M $8.700M
YoY Change 37.97% 12.64% 0.0%
% of Gross Profit 11.85% 10.97% 10.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $900.0K
YoY Change -88.89% -77.78% -25.0%
% of Gross Profit 0.33% 0.22% 1.1%
Operating Expenses $12.70M $10.40M $8.700M
YoY Change 60.76% 19.54% 0.0%
Operating Profit $79.30M $78.90M $73.40M
YoY Change 0.89% 7.49% -6.02%
Interest Expense $38.96M $39.36M $41.95M
YoY Change -10.29% -6.18% -8.41%
% of Operating Profit 49.13% 49.88% 57.15%
Other Income/Expense, Net
YoY Change
Pretax Income $79.70M $78.90M $71.30M
YoY Change 1.4% 10.66% -8.71%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $79.71M $78.88M $71.33M
YoY Change 1.47% 10.59% -8.72%
Net Earnings / Revenue 71.69% 70.33% 60.2%
Basic Earnings Per Share
Diluted Earnings Per Share $214.9K $213.4K $195.9K
COMMON SHARES
Basic Shares Outstanding 369.1M shares 367.9M shares 362.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.0M $424.0M $504.0M
YoY Change -67.79% -15.87% 12.0%
Cash & Equivalents $182.4M $423.9M $503.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $215.0M $456.0M $542.0M
YoY Change -64.23% -15.87% 9.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $7.189M $7.189M $7.189M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $11.17B $11.38B $11.92B
YoY Change -4.96% -4.56% -9.56%
Other Assets $67.00M $44.00M $59.00M
YoY Change 76.32% -25.42% 742.86%
Total Long-Term Assets $12.14B $11.79B $12.06B
YoY Change 2.26% -2.24% -8.94%
TOTAL ASSETS
Total Short-Term Assets $215.0M $456.0M $542.0M
Total Long-Term Assets $12.14B $11.79B $12.06B
Total Assets $12.35B $12.24B $12.60B
YoY Change -0.94% -2.82% -8.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $13.00M $12.00M $14.00M
YoY Change -13.33% -14.29% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $8.267B $8.126B $8.568B
YoY Change -0.86% -5.16% -11.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.355B $8.212B $8.669B
YoY Change -1.02% -5.27% -12.42%
LONG-TERM LIABILITIES
Long-Term Debt $211.0M $256.0M $520.0M
YoY Change -54.72% -50.77%
Other Long-Term Liabilities $586.0M $521.0M $336.0M
YoY Change 38.53% 55.06% -43.81%
Total Long-Term Liabilities $797.0M $777.0M $856.0M
YoY Change -10.35% -9.23% 43.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.355B $8.212B $8.669B
Total Long-Term Liabilities $797.0M $777.0M $856.0M
Total Liabilities $9.151B $8.989B $9.525B
YoY Change -1.91% -5.63% -9.25%
SHAREHOLDERS EQUITY
Retained Earnings -$568.6M -$570.1M -$573.1M
YoY Change -0.52% -0.52% 124.21%
Common Stock $3.701M $3.687M $3.658M
YoY Change 1.37% 0.79% 2.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.203B $3.254B $3.074B
YoY Change
Total Liabilities & Shareholders Equity $12.35B $12.24B $12.60B
YoY Change -0.94% -2.82% -8.28%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $79.71M $78.88M $71.33M
YoY Change 1.47% 10.59% -8.72%
Depreciation, Depletion And Amortization $300.0K $200.0K $900.0K
YoY Change -88.89% -77.78% -25.0%
Cash From Operating Activities $78.30M $62.50M $85.90M
YoY Change 10.28% -27.24% 19.47%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$200.0K -$200.0K
YoY Change 300.0% 0.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$53.50M $483.8M $744.3M
YoY Change -113.08% -35.0% -257.52%
Cash From Investing Activities -$53.90M $483.7M $744.2M
YoY Change -113.19% -35.0% -257.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -265.8M -466.0M -774.4M
YoY Change -36.44% -39.82% -400.5%
NET CHANGE
Cash From Operating Activities 78.30M 62.50M 85.90M
Cash From Investing Activities -53.90M 483.7M 744.2M
Cash From Financing Activities -265.8M -466.0M -774.4M
Net Change In Cash -241.4M 80.20M 55.70M
YoY Change -492.52% 43.99% -138.95%
FREE CASH FLOW
Cash From Operating Activities $78.30M $62.50M $85.90M
Capital Expenditures -$400.0K -$200.0K -$200.0K
Free Cash Flow $78.70M $62.70M $86.10M
YoY Change 10.69% -27.18% 19.58%

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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AmortizationOfPurchasePremiums
25986000 USD
CY2013Q4 mfa Available For Sale Securities Accretable Purchase Discounts
AvailableForSaleSecuritiesAccretablePurchaseDiscounts
460126000 USD
CY2014Q3 mfa Available For Sale Securities Accretable Purchase Discounts
AvailableForSaleSecuritiesAccretablePurchaseDiscounts
426424000 USD
CY2013Q4 mfa Available For Sale Securities Discount Designated As Credit Reserve And Other Than Temporary Impairments
AvailableForSaleSecuritiesDiscountDesignatedAsCreditReserveAndOtherThanTemporaryImpairments
1043037000 USD
CY2014Q3 mfa Available For Sale Securities Discount Designated As Credit Reserve And Other Than Temporary Impairments
AvailableForSaleSecuritiesDiscountDesignatedAsCreditReserveAndOtherThanTemporaryImpairments
929100000 USD
CY2013Q4 mfa Available For Sale Securities Principal Payments Receivable
AvailableForSaleSecuritiesPrincipalPaymentsReceivable
1100000 USD
CY2014Q3 mfa Available For Sale Securities Principal Payments Receivable
AvailableForSaleSecuritiesPrincipalPaymentsReceivable
1900000 USD
CY2013Q4 mfa Available For Sale Securities Purchase Premiums
AvailableForSaleSecuritiesPurchasePremiums
227533000 USD
CY2014Q3 mfa Available For Sale Securities Purchase Premiums
AvailableForSaleSecuritiesPurchasePremiums
224907000 USD
CY2013Q3 mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
64336000 USD
mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
113890000 USD
mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
302385000 USD
CY2014Q3 mfa Comprehensive Income Loss To Common Stockholders And Participating Securities
ComprehensiveIncomeLossToCommonStockholdersAndParticipatingSecurities
41633000 USD
CY2013Q4 mfa Derivative Collateral Excess
DerivativeCollateralExcess
9300000 USD
CY2014Q3 mfa Employment Agreements Number Of Officers
EmploymentAgreementsNumberOfOfficers
5 officer
CY2013Q3 mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
0 USD
mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
2000000 USD
CY2014Q3 mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
0 USD
mfa Excise Taxesand Interest Expense
ExciseTaxesandInterestExpense
1175000 USD
mfa Gain On Linked Transactions
GainOnLinkedTransactions
1785000 USD
mfa Gain On Linked Transactions
GainOnLinkedTransactions
9586000 USD
CY2014Q3 mfa Gain On Linked Transactions
GainOnLinkedTransactions
2559000 USD
CY2013Q3 mfa Gain On Linked Transactions
GainOnLinkedTransactions
544000 USD
CY2014Q3 mfa Mbs Linked Transactions Net
MBSLinkedTransactionsNet
190681000 USD
CY2013Q4 mfa Mbs Linked Transactions Net
MBSLinkedTransactionsNet
28181000 USD
mfa Maturity Of Obligation To Return Securities Obtained As Collateral
MaturityOfObligationToReturnSecuritiesObtainedAsCollateral
0 USD
mfa Maturity Of Obligation To Return Securities Obtained As Collateral
MaturityOfObligationToReturnSecuritiesObtainedAsCollateral
275402000 USD
mfa Mortgage Backed Securities Period Of Fixed Rate Mortgages Minimum
MortgageBackedSecuritiesPeriodOfFixedRateMortgagesMinimum
P15Y
mfa Mortgage Backed Securities Recorded Upon De Linking
MortgageBackedSecuritiesRecordedUponDeLinking
36258000 USD
mfa Mortgage Backed Securities Recorded Upon De Linking
MortgageBackedSecuritiesRecordedUponDeLinking
0 USD
CY2013Q3 mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
67348000 USD
mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
209325000 USD
CY2014Q3 mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
74851000 USD
mfa Net Income Loss Available To Common Stockholders Basic And Diluted Net Of Allocation To Participating Securities
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedNetOfAllocationToParticipatingSecurities
221704000 USD
mfa Number Of Components Of Linked Transactions
NumberOfComponentsOfLinkedTransactions
2 Component
mfa Number Of Repurchase Agreement Counterparties With Unconditional Right Of Setoff
NumberOfRepurchaseAgreementCounterpartiesWithUnconditionalRightOfSetoff
1 counterparty
mfa Operating Leases Number Of Operating Leases
OperatingLeasesNumberOfOperatingLeases
2 lease
mfa Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
842000 USD
mfa Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
880000 USD
CY2013Q3 mfa Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
230000 USD
CY2014Q3 mfa Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
281000 USD
mfa Payments Made For Margin Calls On Repurchase Agreements And Derivatives
PaymentsMadeForMarginCallsOnRepurchaseAgreementsAndDerivatives
61402000 USD
mfa Payments Made For Margin Calls On Repurchase Agreements And Derivatives
PaymentsMadeForMarginCallsOnRepurchaseAgreementsAndDerivatives
111800000 USD
mfa Payments On Securitized Debt
PaymentsOnSecuritizedDebt
303608000 USD
mfa Payments On Securitized Debt
PaymentsOnSecuritizedDebt
208702000 USD
mfa Percentage Of Annual Reit Taxable Income Distributed To Stockholders
PercentageOfAnnualREITTaxableIncomeDistributedToStockholders
1.00
CY2014Q3 mfa Pledged Financial Instruments Not Separately Reported Securities Pledged Aggregate Fair Value And Accrued Interest
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledgedAggregateFairValueAndAccruedInterest
9689421000 USD
mfa Principal Payments On Linked Transactions
PrincipalPaymentsOnLinkedTransactions
2738961000 USD
mfa Principal Payments On Linked Transactions
PrincipalPaymentsOnLinkedTransactions
254155000 USD
mfa Principal Payments On Securities Sold Under Agreements To Repurchase
PrincipalPaymentsOnSecuritiesSoldUnderAgreementsToRepurchase
60312234000 USD
mfa Principal Payments On Securities Sold Under Agreements To Repurchase
PrincipalPaymentsOnSecuritiesSoldUnderAgreementsToRepurchase
62567398000 USD
mfa Proceeds From Issuance Of Securitized Debt
ProceedsFromIssuanceOfSecuritizedDebt
0 USD
mfa Proceeds From Issuance Of Securitized Debt
ProceedsFromIssuanceOfSecuritizedDebt
76485000 USD
mfa Proceeds From Linked Transactions
ProceedsFromLinkedTransactions
2583744000 USD
mfa Proceeds From Linked Transactions
ProceedsFromLinkedTransactions
243325000 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
70900000 USD
mfa Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
62353824000 USD
mfa Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
60127933000 USD
mfa Repayments Of Securities Received As Collateral
RepaymentsOfSecuritiesReceivedAsCollateral
200050000 USD
mfa Repayments Of Securities Received As Collateral
RepaymentsOfSecuritiesReceivedAsCollateral
0 USD
CY2014Q3 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
CY2014Q3 mfa Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
26 counterparty
CY2013Q4 mfa Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
26 counterparty
mfa Securities Obtained As Collateral Net Of Returns
SecuritiesObtainedAsCollateralNetOfReturns
221578000 USD
mfa Securities Obtained As Collateral Net Of Returns
SecuritiesObtainedAsCollateralNetOfReturns
63691000 USD
mfa Share Based Compensation Arrangement By Share Based Payment Award Forfeiture Rate2009 And Prior
ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeitureRate2009AndPrior
0
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001055160
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
369079139 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MFA FINANCIAL, INC.

Files In Submission

Name View Source Status
0001055160-14-000122-index-headers.html Edgar Link pending
0001055160-14-000122-index.html Edgar Link pending
0001055160-14-000122.txt Edgar Link pending
0001055160-14-000122-xbrl.zip Edgar Link pending
exhibit311chiefcertificati.htm Edgar Link pending
exhibit312chiefcertificati.htm Edgar Link pending
exhibit321certfication0930.htm Edgar Link pending
exhibit322certification093.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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mfa-09302014x10q.htm Edgar Link pending
mfa-20140930.xml Edgar Link completed
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mfa-20140930_cal.xml Edgar Link unprocessable
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