Monday, Chimera Investment Corp. (CIM) reported a significant increase in profit for the fourth quarter, compared with the year-ago period.
The company reported net income of $95.5 million or $0.14 per share for the fourth quarter, compared with net income of $8.8 million or $0.07 per share for the comparable period a year-ago.
According to the company, core earnings for the quarter were $80.7 million or $0.12 per share, compared with core earnings of $9.0 million or $0.07 per share a year-ago.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.14 per share. Analysts' estimates typically exclude special items.
Net interest income for the quarter declined to $92.23 million from $12.70 million a year-ago.
Four Wall Street analysts estimated a revenue of $110.61 million for the quarter.
The company's portfolio is comprised of RMBS and securitized whole residential mortgage loans. During the quarter ended December 31, 2009, the company recorded a loan loss provision in general and administrative expenses of $1.7 million as compared to a provision of $940 thousand for the quarter ended December 31, 2008.
The company said that during the quarter ended December 31, 2009, it sold residential mortgage-backed securities or RMBS with a carrying value of $213.0 million for realized gains of $16.2 million. It did not sell any RMBS for the quarter ended December 31, 2008.
According to the New York based company, net other-than-temporary impairment losses during the quarter were $1.31 million. Total other gains during the quarter were $15.99 million. The net investment income rose to $106.91 million from $12.70 million a year-ago.
The company's total assets at the end of the period were $4.61 billion, compared with $1.47 billion in the prior year period. Total liabilities rose to $2.49 billion from $1.06 billion a year-ago.
The company declared common stock dividends of $0.17, $0.04 for the quarters ended December 31, 2009, and December 31, 2008 respectively. The annualized dividend yield on the company's common stock for the fourth quarter, based on the December 31, 2009, closing price of $3.88, was 17.53%.
CIM closed Monday's last trade at $3.96, down $0.17 or 4.12%, on a volume of 6.15 million shares on the New York Stock Exchange. However, in the after hours, the stock gained $0.01 or 0.25% to trade at $3.97.
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