VERO BEACH, Fla., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCBB:BMNM), ("Bimini Capital," "Bimini," or the "Company"), today announced results of operations for the three month period ended September 30, 2016. Third Quarter 2016 Highlights
Net income of $1.2 million, or $0.09 per common share
Book value per share of $5.62
Company to discuss results on Wednesday, November 9, 2016, at 10:00 AM ET
Details of Third Quarter 2016 Results of Operations The Company reported net income of $1.2 million for the three month period ended September 30, 2016. The results for the quarter included net interest income of $0.6 million, net gains on mortgage backed securities ("MBS") and derivative instruments of $0.2 million, gains on retained interests of $1.0 million, advisory services revenue of $1.4 million, dividends and net unrealized gains on Orchid Island Capital, Inc. ("Orchid") common stock of $0.8 million and operating expenses of $1.4 million. Management of Orchid Island Capital, Inc. Upon completion of its initial public offering, Orchid became externally managed and advised by Bimini and its MBS investment team pursuant to the terms of a management agreement. As manager, Bimini is responsible for administering Orchid's business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the income statement for the current period. For the three months ended September 30, 2016, Bimini's statement of operations included a fair value adjustment of $0.2 million and dividends of $0.6 million from its investment in Orchid common stock. Also during the three months ended September 30, 2016, Bimini recorded $1.4 million in advisory services revenue for managing Orchid's portfolio consisting of $1.1 million of management fees and $0.3 million in overhead reimbursement.