Orchid Island Capital unveil Q1 results

PUBLISHED: 27 Apr 2015 @ 21:51 | Comments (0) |

Orchid Island Capital, Inc. (NYSE:ORC), a real estate investment trust, today announced results of operations for the three month period ended March 31, 2015.

First Quarter 2015 Highlights:

– Net income of $5.5 million, or $0.33 per common share
– First quarter total dividends declared and paid of $0.54 per common share
– Book Value Per Share of $12.87 at March 31, 2015
– 2.7% economic gain on common equity for the quarter, or 10.8% annualized, comprised of $0.54 dividend per common share and $0.19 decrease in net book value per common share, divided by beginning book value per share
– Company to discuss results on Tuesday, April 28, 2015, at 10:00 AM ET

Details of First Quarter 2015 Results of Operations:

The Company reported net income of $5.5 million for the three month period ended March 31, 2015, compared with net income of $3.6 million for the three month period ended March 31, 2014. The first quarter net income of $5.5 million included net interest income of $13.3 million, net portfolio losses of $6.1 million (which includes mark-to-market gains, realized losses on securities sold and losses on derivative instruments), accrued incentive compensation of $0.2 million, audit, legal and other professional fees of $0.2 million, management fees of $0.9 million, and other operating, general and administrative expenses of $0.4 million. During the first quarter of 2015, the Company sold residential mortgage-backed securities with a market value at the time of sale of $40.3 million, resulting in realized losses of $0.03 million (based on security prices from December 31, 2014). The remaining net loss on RMBS was due to fair value adjustments for the period.

Capital Allocation and Return on Invested Capital:

The Company allocates capital to two RMBS sub-portfolios, the pass-through RMBS portfolio, and the structured RMBS portfolio, consisting of interest only and inverse interest-only securities. As of December 31, 2014, approximately 71% of the Company’s investable capital (which consists of equity in pledged PT RMBS, available cash and unencumbered assets) was deployed in the PT RMBS portfolio. At March 31, 2015, the allocation to the PT RMBS had decreased by 7% to approximately 64%.

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