- Book value per common share was $9.66 at June 30, 2012, $9.62 at March 31, 2012, and $9.20 at December 31, 2011.
- Annualized return on average equity was 14.3% during the second quarter of 2012 compared to 14.7% for the first quarter of 2012 and 14.2% for the second quarter of 2011.
- Net interest spread was 2.18% for the second quarter of 2012 versus 2.41% for the first quarter of 2012 and 2.45% for the second quarter of 2011.
- Net interest income was $19.0 million for the second quarter of 2012 versus $19.1 million in the first quarter of 2012 and $15.0 million in the second quarter of 2011. The decline in net interest income from the first quarter of 2012 to the second quarter of 2012 was related principally to an additional $1.7 million in premium amortization in the second quarter of 2012 versus the first quarter of 2012 primarily from changes in forecasted prepayment speeds from the first quarter to the second quarter as a result of continued declines in mortgage rates and the HARP refinance program.
- The investment portfolio prepaid at a constant prepayment rate, or CPR, of 14.3% for the second quarter of 2012 versus 15.4% for the first quarter of 2012 and 18.0% for the second quarter of 2011.
- Dividend per common share for the second quarter of 2012 was increased to $0.29 for an annualized dividend yield of 11.2% based on the June 30, 2012 closing stock price of $10.38.
- Overall leverage was 6.1 times equity capital at June 30, 2012 compared to 5.4 times at March 31, 2012 and 6.0 times at December 31, 2011. The overall leverage target for the Company based on the current investment portfolio is approximately 6.0 times equity capital.
Dynex Capital, Inc. Reports Second Quarter 2012
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