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New York Mortgage Trust Reports Fourth Quarter And Full Year 2010 Results

Stocks in this article: NYMT

NEW YORK, N.Y., March 1, 2011 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT" or the "Company") today reported results for the three and twelve months ended December 31, 2010.

Summary of Fourth Quarter and Full Year 2010:

  • Fourth quarter 2010 earnings per common share of $0.11 as compared to $0.45 per common share for the fourth quarter of 2009.
  • Full year 2010 earnings per common share of $0.72 as compared to $1.25 per common share for full year 2009.
  • Fourth quarter 2010 net income of $1.0 million as compared to net income of $4.2 million for the fourth quarter of 2009.
  • Consolidated net income of $6.8 million for full year 2010 as compared to $11.7 million for full year 2009.
  • Declared fourth quarter dividend of $0.18 per common share that was paid on January 25, 2011 and declared total dividends of $0.79 per common share during the year ended December 31, 2010.
  • Book value per common share increased to $7.27 as of December 31, 2010, as compared to $6.69 per common share as of December 31, 2009.
  • Fourth quarter 2010 portfolio margin was 353 basis points as compared to 363 basis points for the third quarter of 2010; full year 2010 portfolio margin of 376 basis points as compared to full year 2009 average portfolio margin of 351 basis points.
  • Fourth quarter 2010 includes charges of $0.5 million in provision for loan losses and a $0.3 million impairment loss on investments related to our investment in New Bridger Holdings LLC.

First Quarter 2011 Investment

The Company invested $24 million on February 28, 2011 in our Midway Residential Mortgage Portfolio which is externally managed by The Midway Group, L.P. and focuses on achieving long-term capital appreciation on our investments across various market cycles, primarily through investments in a hedged portfolio of mortgage-related securities, contract rights and derivatives.

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