Monday, MFA Financial Inc. (MFA), a mortgage real estate investment trust, reported an increase in second -quarter profit backed by an increase in interest income. Earnings on a per share basis came in above the analysts' estimates.
The New York-based company reported second-quarter net income of $67.07 million or $0.30 per share, compared to net income of $33.0 million or $0.20 per share in the same quarter last year. Net income included capital gains on sales of mortgage-backed securities or MBS of $13.5 million and net impairment losses recognized in earnings on legacy non-Agency MBS of $7.5 million.
Excluding items not affecting distributable income, the company reported net income of $61.0 million or $0.27 per share.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Interest income for the quarter was $126.74 million, up from $120.69 million in the comparable quarter last year. Net interest income increased to $68.73 million from $44.03 million a year ago.
For the six-month period, the company reported net income of $118.70 million or $0.53 per share, compared to a loss of $54.99 million or $0.35 per share in the year ago period.
Interest income increased to $259.5 million from $248.79 million in the previous year quarter. Net interest income was $129.36 million, down from $78.66 million a year ago.
MFA is currently trading at $7.34, up $0.24 or 3.38%, on a volume of 1.06 million shares on the NYSE.
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