2018 Q4 Form 10-Q Financial Statement

#000162828018013359 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue -$1.587B $1.006B $694.6M
YoY Change -240.44% 44.79% -25.18%
Cost Of Revenue $586.8M $501.0M $268.9M
YoY Change 84.12% 86.31% 54.36%
Gross Profit -$2.173B $504.7M $425.7M
YoY Change -367.98% 18.56% -43.55%
Gross Profit Margin 50.18% 61.29%
Selling, General & Admin $77.10M $126.5M $57.00M
YoY Change 30.02% 121.93% -41.66%
% of Gross Profit 25.06% 13.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000M $51.00M $7.000M
YoY Change 33.33% 628.57% -12.5%
% of Gross Profit 10.11% 1.64%
Operating Expenses $80.50M $126.5M $57.10M
YoY Change 35.75% 121.54% -41.56%
Operating Profit -$2.254B $378.2M $368.6M
YoY Change -399.83% 2.6% -43.85%
Interest Expense $586.8M $501.0M $268.9M
YoY Change 84.11% 86.28% 54.42%
% of Operating Profit 132.46% 72.96%
Other Income/Expense, Net $52.38M -$10.64M $28.28M
YoY Change 108.97% -137.63% -3.38%
Pretax Income -$2.254B $378.2M $368.7M
YoY Change -399.82% 2.58% -49.42%
Income Tax $1.041M -$7.242M $1.371M
% Of Pretax Income -1.91% 0.37%
Net Earnings -$2.255B $385.6M $367.5M
YoY Change -401.95% 4.91% -49.73%
Net Earnings / Revenue 38.34% 52.91%
Basic Earnings Per Share -$1.74 $0.29 $0.31
Diluted Earnings Per Share -$1.74 $0.29 $0.31
COMMON SHARES
Basic Shares Outstanding 1.314B shares 1.202B shares 1.073B shares
Diluted Shares Outstanding 1.202B shares 1.073B shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.736B $1.083B $868.0M
YoY Change 145.54% 24.77% -63.56%
Cash & Equivalents $1.736B $1.083B $867.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $69.00M $1.267B $340.0M
Other Receivables $357.0M $347.0M $293.0M
Total Short-Term Assets $2.162B $2.697B $1.501B
YoY Change 109.5% 79.68% -52.14%
LONG-TERM ASSETS
Property, Plant & Equipment $739.0M $753.0M $471.0M
YoY Change 52.06% 59.87% -5.8%
Goodwill $71.80M $71.80M $71.82M
YoY Change 0.0% -0.02% 0.0%
Intangibles $29.04M $31.23M $25.74M
YoY Change 25.06% 21.31% -35.49%
Long-Term Investments $102.3B $101.7B $93.98B
YoY Change 4.33% 8.19% 14.32%
Other Assets
YoY Change
Total Long-Term Assets $103.6B $103.3B $96.07B
YoY Change 2.88% 7.49% 14.68%
TOTAL ASSETS
Total Short-Term Assets $2.162B $2.697B $1.501B
Total Long-Term Assets $103.6B $103.3B $96.07B
Total Assets $105.8B $106.0B $97.57B
YoY Change 3.96% 8.6% 12.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $571.0M $400.0M $232.0M
YoY Change 125.69% 72.41% 34.1%
Deferred Revenue
YoY Change
Short-Term Debt $80.58B $78.69B $69.43B
YoY Change 3.71% 13.34% 12.38%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $82.13B $81.70B $75.23B
YoY Change 4.02% 8.6% 20.03%
LONG-TERM LIABILITIES
Long-Term Debt $8.576B $8.801B $7.383B
YoY Change 20.47% 19.21% -6.04%
Other Long-Term Liabilities $964.0M $505.0M $804.0M
YoY Change 18.14% -37.19% -74.14%
Total Long-Term Liabilities $9.540B $9.306B $8.187B
YoY Change 20.23% 13.67% -25.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.13B $81.70B $75.23B
Total Long-Term Liabilities $9.540B $9.306B $8.187B
Total Liabilities $91.67B $91.01B $83.42B
YoY Change 5.5% 9.1% 13.27%
SHAREHOLDERS EQUITY
Retained Earnings -$4.494B -$1.812B -$3.320B
YoY Change 51.72% -45.43% -28.68%
Common Stock $13.14M $13.03M $10.88M
YoY Change 13.3% 19.76% 6.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.11B $14.95B $14.15B
YoY Change
Total Liabilities & Shareholders Equity $105.8B $106.0B $97.57B
YoY Change 3.96% 8.6% 12.27%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.255B $385.6M $367.5M
YoY Change -401.95% 4.91% -49.73%
Depreciation, Depletion And Amortization $8.000M $51.00M $7.000M
YoY Change 33.33% 628.57% -12.5%
Cash From Operating Activities -$401.0M $733.0M $617.0M
YoY Change -144.46% 18.8% -159.73%
INVESTING ACTIVITIES
Capital Expenditures -$118.0M -$597.0M -$221.0M
YoY Change 1.72% 170.14% 54.55%
Acquisitions
YoY Change
Other Investing Activities -$371.0M -$895.0M -$7.999B
YoY Change -95.93% -88.81% -449.0%
Cash From Investing Activities -$489.0M -$1.493B -$8.220B
YoY Change -94.71% -81.84% -482.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.544B 707.0M 7.769B
YoY Change -81.12% -90.9% -628.86%
NET CHANGE
Cash From Operating Activities -401.0M 733.0M 617.0M
Cash From Investing Activities -489.0M -1.493B -8.220B
Cash From Financing Activities 1.544B 707.0M 7.769B
Net Change In Cash 654.0M -53.00M 166.0M
YoY Change -506.21% -131.93% -147.03%
FREE CASH FLOW
Cash From Operating Activities -$401.0M $733.0M $617.0M
Capital Expenditures -$118.0M -$597.0M -$221.0M
Free Cash Flow -$283.0M $1.330B $838.0M
YoY Change -127.8% 58.71% -194.16%

Facts In Submission

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CY2017Q3 us-gaap Nonoperating Gains Losses
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us-gaap Nonoperating Gains Losses
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CY2018Q3 us-gaap Nonoperating Gains Losses
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us-gaap Nonoperating Gains Losses
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CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Real Estate
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us-gaap Preferred Stock Dividends And Other Adjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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2460097000 USD
us-gaap Proceeds From Interest Received
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Sale Of Available For Sale Securities
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295380000 USD
us-gaap Proceeds From Sale Of Held To Maturity Securities
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134538000 USD
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0 USD
us-gaap Proceeds From Secured Lines Of Credit
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588111000 USD
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50280000000 USD
us-gaap Proceeds From Securities Purchased Under Agreements To Resell
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70016988000 USD
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131052000 USD
us-gaap Proceeds Of Other Loans And Leases Held For Investment
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251407000 USD
CY2017Q3 us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
822245000 USD
CY2018Q3 us-gaap Profit Loss
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385429000 USD
us-gaap Profit Loss
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2309020000 USD
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0 USD
us-gaap Provision For Loan Losses Expensed
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0 USD
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
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48920000 USD
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60795000 USD
CY2017Q4 us-gaap Real Estate Acquired Through Foreclosure
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CY2017Q4 us-gaap Real Estate Investment Property At Cost
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P58D
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us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
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10000 USD
us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
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0 USD
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us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
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CY2018Q3 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
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us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
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68984000 USD
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31900000 USD
us-gaap Servicing Fees Net
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99700000 USD
CY2018Q3 us-gaap Servicing Fees Net
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27700000 USD
us-gaap Servicing Fees Net
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83800000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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245000 shares
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0 shares
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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2584000 USD
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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14955856000 USD
CY2017Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
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3800000 USD
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5700000 USD
CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
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56854000 USD
us-gaap Unrealized Gain Loss On Derivatives
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28471000 USD
CY2018Q3 us-gaap Unrealized Gain Loss On Derivatives
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417203000 USD
us-gaap Unrealized Gain Loss On Derivatives
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1737963000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1037445177 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1202353851 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#00316c;font-weight:bold;text-decoration:underline;">BASIS OF PRESENTATION </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company&#8217;s most recent Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;2017 Form 10-K&#8221;). The consolidated financial information as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> has been derived from audited consolidated financial statements included in the Company&#8217;s 2017 Form 10-K. The Company reclassified previously presented financial information to conform to the current presentation.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.</font></div></div>
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the Company&#8217;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, MBS options and U.S. Treasury or Eurodollar futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of MAC interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swap to compensate for the out of market nature of such interest rate swap. Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.</font><font style="font-family:inherit;font-size:10pt;color:#0000ff;"> </font><font style="font-family:inherit;font-size:10pt;">In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.</font></div></div>
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Interest Income - </font><font style="font-family:inherit;font-size:10pt;">Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans.&#160; Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). Refer to the &#8220;Interest Income and Interest Expense&#8221; Note for further discussion on interest income.</font></div></div>
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">. Refer to the &#8220;Derivative Instruments&#8221; Note for information related to the effect of netting arrangements on the Company&#8217;s derivative instruments.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40461215932913%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:top;border-bottom:1px solid #ffffff;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:top;border-bottom:1px solid #ffffff;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Reverse Repurchase</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Agreements</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Repurchase</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Agreements</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Reverse Repurchase</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Agreements</font></div></td><td style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#00316c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Repurchase</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">Agreements</font></div></td></tr><tr><td style="vertical-align:top;background-color:#7d91a6;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#7d91a6;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:top;background-color:#7d91a6;padding-left:2px;padding-top:2px;padding-bottom:2px;border-right:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#ffffff;font-weight:bold;">(dollars in thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Gross Amounts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">1,484,704</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">79,323,026</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,250,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">78,946,343</font></div></td><td style="vertical-align:bottom;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#e5e5e5;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amounts Offset</font></div></td><td style="vertical-align:bottom;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(250,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(250,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,250,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,250,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#e5e5e5;padding-right:2px;padding-top:2px;padding-bottom:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Netted Amounts</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">1,234,704</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">79,073,026</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">77,696,343</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. </font></div></div>

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