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Chimera Investment Corporation Reports Estimated Taxable EPS For The 3rd Quarter 2011 Of $0.13; GAAP EPS Of $0.06

Stocks in this article: CIM

Chimera Investment Corporation (NYSE: CIM) today reported GAAP net income of $65.9 million or $0.06 per average share for the quarter ended September 30, 2011, as compared to $116.3 million or $0.13 per average share for the quarter ended September 30, 2010, and $134.6 million or $0.13 per average share for the quarter ended June 30, 2011. As previously disclosed, estimated taxable income for the quarter ended September 30, 2011, was $0.13 per share.

During the quarter ended September 30, 2011, the Company sold residential mortgage-backed securities (RMBS) with a carrying value of $2.3 million for realized gains of $28 thousand. During the quarter ended September 30, 2010, the Company sold RMBS with a carrying value of $206.0 million for realized gains of $2.0 million. During the quarter ended June 30, 2011, the Company sold RMBS with a carrying value of $16.4 million for realized losses of $381 thousand.

The Company declared common stock dividends of $0.13, $0.18, and $0.13 per share for the quarters ended September 30, 2011, September 30, 2010, and June 30, 2011, respectively. The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as differences in premium amortization, discount accretion, unrealized and realized gains and losses, credit loss recognition, and non-deductible general and administrative expenses. The annualized dividend yield on the Company’s common stock for the quarter ended September 30, 2011 based on the September 30, 2011 closing price of $2.77 was 18.77%. On a GAAP basis, the Company provided an annualized return on average equity of 7.76%, 16.00% and 15.42%, for the quarters ended September 30, 2011, September 30, 2010, and June 30, 2011, respectively.

Matthew J. Lambiase, Chief Executive Officer and President of the Company, commented on the quarter. “Our third quarter results reflect the variability of cash flows in a portfolio of mortgages and mortgage-backed securities. While the credit of our structured holdings is behaving as expected, we did witness a decline in prepayment speeds in our portfolio of senior and subordinated pieces, which slowed the accretion of discount in the period. Market conditions remain turbulent and I believe our conservative approach to managing our portfolio has positioned us to take advantage of opportunities as they arise.”

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