American Home Mortgage Announces First Quarter Results

  
    
  
  
    
      American Home Mortgage Investment Corp. (NYSE: AHM) announced today 
      results for the quarter ended March 31, 2007.
    
    
      FINANCIAL HIGHLIGHTS
    
    
      Comparison of the Three Months Ended March 31, 2007 and 2006
    
    
      
        Revenue for the first quarter of 2007 was $197.2 million, compared to 
        revenue of $233.1 million for the first quarter of 2006, a decrease of 
        15.4%.
      
      
        Net earnings for the first quarter of 2007 were $30.7 million, 
        compared to net earnings of $54.5 million for the first quarter of 
        2006, a decrease of 43.7%.
      
      
        Earnings per diluted share for the first quarter of 2007 were $0.54, 
        compared to earnings per diluted share of $1.02 for the first quarter 
        of 2006, a decrease of 47.1%.
      
      
        Dividends declared per common share for the first quarter of 2007 were 
        $1.12, compared to $0.91 for the first quarter of 2006, an 
        increase of 23.1%.
      
      
        Book value per common share was $21.68 at March 31, 2007, compared to 
        book value per common share of $22.01 at March 31, 2006, a decrease of 
        1.5%.
      
    
    
      Comparison of the Three Months Ended March 31, 2007 and December 31, 
      2006
    
    
      
        Revenue for the first quarter of 2007 was $197.2 million, compared to 
        revenue of $257.7 million for the fourth quarter of 2006, a decrease 
        of 23.4%.
      
      
        Net earnings for the first quarter of 2007 were $30.7 million, 
        compared to net earnings of $64.7 million for the fourth quarter of 
        2006, a decrease of 52.6%.
      
      
        Earnings per diluted share for the first quarter of 2007 were $0.54, 
        compared to earnings per diluted share of $1.21 for the fourth quarter 
        of 2006, a decrease of 55.4%.
      
      
        Dividends declared per common share for the first quarter of 2007 were 
        $1.12, compared to $1.06 for the fourth quarter of 2006, an increase 
        of 5.7%.
      
      
        Book value per common share was $21.68 at March 31, 2007, compared to 
        book value per common share of $22.64 at December 31, 2006, a decrease 
        of 4.2%.
      
    
    
      Michael Strauss, American Home’s Chief 
      Executive Officer commented, “As has been well 
      publicized, the first quarter was a difficult period for mortgage 
      lenders. Our company also found the first quarter to be challenging. 
      During the quarter, a severe disruption in the secondary mortgage market 
      caused the prices we received for our loan production to be far less 
      than in previous quarters. Specifically, our company’s 
      gain on sale margin excluding delinquency related charges was 1.09% 
      during the first quarter compared to 1.52% during the fourth quarter of 
      2006. Also, during the first quarter our company set aside a record 
      level of reserves for delinquency related charges including $60.5 
      million of reserving associated with our loans held for sale. This high 
      level of reserving caused our gain on sale margin net of loans held for 
      sale delinquency reserves to be 0.74% in the first quarter compared to 
      1.42% in the fourth quarter of 2006. Finally, during the first quarter 
      our company experienced a loss in the value of the mortgage-backed 
      securities and hedges in our mortgage holdings segment.
    
    
      These factors caused our company’s first 
      quarter income to be significantly reduced despite gains in net interest 
      income stemming from improved portfolio and warehouse spreads and 
      despite strong revenue from mortgage servicing.
    
    
      While I am disappointed by our company’s 
      results, our company will always be susceptible to significant 
      disruptions in the secondary mortgage market. It does appear that the 
      secondary market is stabilizing. During April, more loan buyers have 
      been bidding to buy our loan pools. Additionally, spreads on some junior 
      mortgage securities have retraced a portion of the sharp widening that 
      occurred in March, junior mortgage securities are trading in a more 
      orderly fashion, and the ABX index is off its lows. We will have to see 
      how market conditions develop as the year progresses. For now, however, 
      our company’s working assumption, which is 
      incorporated into our earnings guidance, is that our gain on sale 
      margins, excluding delinquency related charges, will continue near the 
      low levels we experienced during the first quarter.
    
    
      While our company remains susceptible to disruptions in the secondary 
      mortgage market, we can and have taken actions to reduce our delinquency 
      related charges. It is important to note that most of our company’s 
      delinquency related expenses are not due to delinquency in our 
      portfolio, but instead result from early payment defaults on loans sold 
      that we were required to repurchase, or on loans we hold pending sale. 
      Indeed, 87% of the first quarter’s delinquency 
      related charges stem from our loans held for sale, not our portfolio. 
      Moreover, the vast majority of our delinquent loans held for sale are 
      due to our previously offering a particular type of product, namely 
      stated income loans where a high portion of a home’s 
      value is borrowed. These types of loans have accounted for approximately 
      15% of our loan production, but resulted in 73% of our delinquent loans 
      held for sale at March 31, 2007.
    
    
      Our company discontinued offering the high loan-to-value, stated income 
      loans that resulted in the great majority of our delinquency related 
      charges, generally in late February. As a result, our company is now in 
      a “tail” period 
      that will include repurchasing loans that were recently sold and are 
      still inside the period in which our sale is subject to repurchase, 
      which is usually three months. As the tail period winds down, our company’s 
      delinquency related charges should begin to diminish.
    
    
      During the first quarter, our company’s 
      delinquency related charges were increased both due to reserving for new 
      delinquencies and due to reserving because we increased the loss 
      severity assumption for all delinquent loans held for sale. Increased 
      severity assumptions are due to ongoing weakness in home prices and long 
      home marketing periods. This change in assumptions is the reason first 
      quarter delinquency related charges were disproportionately greater than 
      increases to delinquent loans held for sale. During the first quarter, 
      our company increased the loss severity assumption associated with our 
      contingent reserve for repurchases.
    
    
      One bright note for the first quarter and for April of 2007 is that our 
      loan application volume remains reasonably strong despite our no longer 
      offering those products that resulted in higher delinquency. Our 
      application volume appears to be benefiting from reduced competition and 
      strong demand for refinancing. Based on current application run rates, 
      our 2007 loan production volume guidance of $68 billion to $74 billion 
      remains unchanged. During the first quarter, our company did achieve a 
      record for loan production of $16.7 billion and for market share of 
      2.54%.
    
    
      As described in the headline of this earnings release, our company is 
      reducing its full year 2007 earnings guidance to $3.25 to $3.75 per 
      share. The reduction assumes continued weakness in the secondary 
      mortgage markets with little improvement in our company’s 
      gain on sale margin. It also assumes a gradual reduction in delinquency 
      related charges associated with selling and repurchasing those loan 
      products our company has discontinued offering. Our projection is that 
      our company’s earnings per share will 
      increase sequentially with earnings in the second quarter exceeding 
      those in the first quarter, and earnings in the third and fourth quarter 
      continuing to modestly improve.
    
    
      Our company is reaffirming its $0.70 per share per quarter dividend 
      policy. Please note, however, that our company is only obligated to pay 
      dividends upon dividends being declared by our Board of Directors, and 
      that the dividend policy is subject to change at any time without prior 
      notice.”
    
    
      FIRST QUARTER RESULTS
    
    
      During the first quarter, the Company adopted Statement of Financial 
      Accounting Standards No. 159, “The 
      Fair Value Option for Financial Assets and Financial Liabilities” 
      (“SFAS 159”). As a 
      result of the adoption of SFAS 159, the Company recorded a reduction to 
      the January 1, 2007 opening balance of retained earnings and an 
      offsetting decrease to other comprehensive loss of $54.5 million. The 
      net effect of these two entries did not change the Company’s 
      book value, but did reduce both retained earnings and other 
      comprehensive loss by a like amount.
    
    
      During the first quarter of 2007, the Company’s 
      net interest income, plus the positive carry from interest rate swaps, 
      was $64.3 million compared to $48.9 million in the fourth quarter of 
      2006. Of the $64.3 million, $19.0 million was from portfolio loans, 
      $18.3 million was from mortgage-backed securities, $3.8 million was from 
      swaps associated with mortgage-backed securities, $2.8 million was from 
      American Home Bank, and $33.9 million was from loans in warehouse, 
      reduced by $13.5 million of net interest expense on trust preferred 
      securities, the financing of servicing assets, and other. By comparison, 
      the components of the $48.9 million of net interest income, plus the 
      positive carry from interest rate swaps, earned in the fourth quarter of 
      2006 were $12.4 million from portfolio loans, $14.7 million from 
      mortgage-backed securities, $6.3 million from swaps associated with 
      mortgage-backed securities, $0.6 million was from American Home Bank and 
      $26.8 million from loans in warehouse, including loans held for 
      investment pending securitization, reduced by $11.9 million of interest 
      expense on trust preferred securities and the financing of servicing 
      assets.
    
    
      During the first quarter of 2007, portfolio loans earned a net interest 
      margin of 1.56% and had an average balance of $4.9 billion, compared to 
      a net interest margin of 1.42% and an average balance of $3.5 billion in 
      the fourth quarter of 2006. During the first quarter, mortgage-backed 
      securities had an average balance of $8.7 billion, earned a net interest 
      margin on a stand-alone basis of 0.84%, and earned a net interest margin 
      including income from associated swaps of 1.01%. By comparison, in the 
      fourth quarter of 2006, mortgage-backed securities had an average 
      balance of $9.2 billion, earned net interest margin on a stand-alone 
      basis of 0.64%, and earned a net interest margin including income from 
      associated swaps of 0.91%. In the first quarter, loans in warehouse, 
      including loans held for investment pending securitization, had an 
      average balance of $9.9 billion and earned a net interest margin of 
      1.37%. By comparison, during the fourth quarter of 2006, loans in 
      warehouse, including loans held for investment pending securitization, 
      had an average balance of $10.0 billion and earned a net interest margin 
      of 1.08%.
    
    
      During the first quarter, the Company’s 
      provision expense associated with loans held for investment was $9.1 
      million, while its quarter-end allowance for loan loss balance was $16.6 
      million and its non-performing loans held for investment were $96.1 
      million. By comparison, for the fourth quarter of 2006, the Company’s 
      provision expense was $6.7 million, while its quarter-end allowance for 
      loan loss balance was $14.2 million and its non-performing loans held 
      for investment were $82.4 million. Additionally, in the first quarter, 
      the Company’s gain on sale was reduced by 
      $60.5 million to account for additional reserving against the Company’s 
      loans held for sale and additions to its contingent reserve for 
      repurchases. At quarter-end, reserves associated with delinquent loans 
      held for sale were $52.8 million, while non-performing loans held for 
      sale were $242.9 million. By comparison, in the fourth quarter, 
      additions to reserves charged to gain on sale were $14.5 million, 
      reserves associated with loans held for sale were $22.0 million, and 
      non-performing loans held for sale were $124.3 million.
    
    
      Throughout the first quarter, the Company continued to pursue a strategy 
      of matching the duration of its portfolio assets with the duration of 
      its liabilities, net of hedges. At March 31, 2007, the composition of 
      the Company’s loans held for investment and 
      loans underlying its mortgage-backed securities was 43.7% 5/1 ARM loans, 
      28.7% short reset ARMs, 15.8% fixed rate loans, 5.1% 7/1 ARM loans, 1.9% 
      3/1 ARM loans, 1.4% HELOC and closed-end seconds, and 3.4% other ARM 
      types. On March 31, 2007, the mortgage-backed securities portfolio’s 
      duration, net of liabilities and hedges, was estimated to be 0.01 years 
      and its projected average life was 2.27 years. The composition of the 
      mortgage-backed securities portfolio by credit quality based on Standard 
      & Poor’s ratings was 92.1% Agency and 
      AAA, 5.0% AA, A, and BBB and 2.9% BB, B, and unrated.
    
    
      During the first quarter, the Company’s loan 
      originations were $16.7 billion compared to $15.5 billion in the fourth 
      quarter of last year. During the first quarter, the Company sold $13.3 
      billion of loans to third parties, and retained $3.8 billion of loans at 
      the end of the quarter which were marked to their fair value in 
      accordance with FAS 159. These loans were carried on the Company’s 
      books at quarter-end in part because of adverse market conditions in 
      March. Most of these loans have been sold in April as a result of 
      improved market conditions. During the first quarter, the Company’s 
      gross gain on sale excluding reserving for delinquencies was $187.4 
      million equal to a gross gain on sale margin of 1.09% on loans sold or 
      marked. By comparison, during last year’s 
      fourth quarter, the Company sold $14.3 billion of loans to third parties 
      for a gross gain on sale excluding reserving for delinquencies of $217.4 
      million equal to a gross gain on sale margin of 1.52%. The Company’s 
      gain on sale net of additions to its reserves for delinquent loans held 
      for sale of $71.2 million was $126.8 million in the first quarter 
      compared to $202.9 million in the fourth quarter of 2006 which included 
      additions to reserves for delinquent loans held for sale of $29.0 
      million.
    
    
      During the first quarter of 2007, the Company’s 
      loan origination expenses were $161.2 million, or 0.94% of loans sold 
      including the increase in loans carried at fair value, or 0.96% of loans 
      originated, compared to $157.9 million, or 1.11% of loans sold, or 1.02% 
      of loans originated in the fourth quarter of 2006. The Company estimates 
      that its national market share, based on Freddie Mac’s 
      recent, revised estimate of national market size, was 2.54% in the first 
      quarter compared to 2.21% in last year’s 
      fourth quarter and 1.87% during the first quarter of 2006. At the end of 
      the first quarter, the Company employed approximately 2,520 loan 
      officers and account executives, including call center representatives, 
      but excluding sales assistants, compared to approximately 2,450 on 
      December 31, 2006.
    
    
      During the first quarter of 2007, the Company’s 
      servicing income and ancillary fees were $46.1 million gross, and $21.2 
      million net of $24.9 million of reduction of fair value due to 
      realization of servicing cash flows. By comparison, during the fourth 
      quarter of 2006, servicing income and ancillary fees were $47.3 million 
      gross, and $18.4 million net of $28.9 million reduction of fair value 
      due to realization of servicing cash flows. At the end of the first 
      quarter, the principal amount of the loans underlying the Company’s 
      servicing assets was $39.6 billion. By comparison, the amount of loans 
      underlying the Company’s servicing assets at 
      the end of last year’s fourth quarter was 
      $38.5 billion. The principal amount of the servicing portfolio, 
      including warehouse loans, was $50.4 billion at the end of the first 
      quarter and $46.3 billion at the end of last year’s 
      fourth quarter.
    
    
      The Company’s total revenues in the first 
      quarter of 2007 were $197.2 million. Of these revenues, $60.5 million 
      was from net interest income, $126.8 million was from gain on mortgage 
      loans including origination fees and net of hedges and additions to loss 
      reserves, $46.1 million was from mortgage servicing fees, $3.8 million 
      was from interest carry on free-standing swaps and $3.1 million was from 
      other sources. Revenues were decreased by $24.9 million due to 
      realization of servicing cash flows; $1.1 million due to a decrease in 
      the value of servicing due to changes in assumptions net of hedges; $8.0 
      million due to realized and unrealized losses on mortgage-backed 
      securities and derivatives held, net of hedges and $9.1 million due to 
      provisioning for loan losses. During the first quarter, the Company’s 
      expenses were $179.2 million, and the Company’s 
      pre-tax income was $18.0 million. Also during the quarter, the Company’s 
      tax benefit was $12.7 million. Consequently, net income for the quarter 
      was $30.7 million while preferred dividends were $3.3 million and net 
      income available to common stockholders was $27.4 million, resulting in 
      earnings per diluted share of $0.54. Book value attributable to common 
      stockholders at March 31, 2007 was $1.09 billion, or $21.68 per common 
      share, compared to $1.14 billion, or $22.64 per common share, at 
      December 31, 2006.
    
    
      EARNINGS OUTLOOK
    
    
      As described above, the Company is reducing its full year 2007 earnings 
      guidance to $3.25 to $3.75 per share. The new guidance reflects an 
      expectation that quarterly earnings will modestly increase sequentially 
      throughout the year, with each successive quarter through the year 
      coming in modestly ahead of the previous quarter.
    
    
      Underlying the Company’s earnings guidance is 
      the assumption that gain on sale margins will continue near the 
      depressed levels of the first quarter through the balance of the year. 
      Also underlying earnings guidance is the assumption that delinquency 
      related charges on discontinued products will diminish gradually as the 
      year progresses.
    
    
      It is important to note that actual results, which are different than 
      the assumptions, may prevent the Company from achieving its earnings 
      guidance, and may instead result in losses. In addition, factors other 
      than the assumptions listed herein may cause the Company to fail to 
      achieve its earnings guidance and may result in losses as more fully 
      described under Risk Factors in the Company’s 
      Annual Report filed on Form 10-K with the Securities and Exchange 
      Commission. In addition, investors should note that mortgage lending and 
      mortgage investment have recently been adversely affected by a number of 
      factors that have also affected the Company, and which are generally 
      beyond the Company’s control. Any one or more 
      of these factors may reduce the Company’s 
      income or lead to losses. These factors include poor conditions for 
      securitizing mortgage loans, reduced prices for mortgage loans, falling 
      housing prices, reduced housing activity, rising mortgage delinquencies, 
      downgrades of junior mortgage securities and the potential for 
      additional laws and regulation. The Company cautions that investors 
      should carefully consider each of these factors and should also 
      carefully read each of the Risk Factors in the Company’s 
      Annual Report.
    
    
      DIVIDEND POLICY
    
    
      Based on the Company’s projections for 
      earnings and cash flow, the Company’s 
      dividend policy of $0.70 per quarter or $2.80 on an annualized basis is 
      being maintained. The Company's dividend policy does not constitute an 
      obligation to pay dividends, which only occurs when its Board of 
      Directors declares a dividend. The dividend policy is subject to ongoing 
      review by the Board of Directors based on, among other things, the 
      Company's business prospects, financial condition, earnings projections 
      and cash flow projections, and the Board may, when it deems doing so is 
      advisable, lower or eliminate the dividend without prior notice.
    
    
      CONFERENCE CALL TODAY
    
    
      American Home will hold an investor conference call today, April 30, 
      2007, at 10:30 a.m., Eastern Time, to discuss earnings. Interested 
      parties may listen to the live conference call by visiting the investor 
      relations section of American Home’s 
      corporate website, www.americanhm.com. 
      A replay of the online broadcast will be available on the site through 
      May 14, 2007.
    
    
      DIVIDEND REINVESTMENT & DIRECT STOCK 
      PURCHASE AND SALE PLAN
    
    
      American Home Mortgage Investment Corp. has established an Investors 
      Choice Dividend Reinvestment & Direct Stock Purchase and Sale Plan for 
      its shareholders. The plan offers affordable alternatives for buying and 
      selling common stock of American Home Mortgage Investment Corp. 
      Participants in the plan may also reinvest cash dividends and make 
      periodic supplemental cash payments to purchase additional shares of the 
      Company’s common stock. If you have 
      additional questions or would like to enroll in the plan, please contact 
      the plan administrator, American Stock Transfer & Trust Company, at 
      1-888-777-0319 (toll free) or visit their website at www.amstock.com.
    
    
      ABOUT AMERICAN HOME
    
    
      American Home Mortgage Investment Corp. is a mortgage real estate 
      investment trust (“REIT”) 
      focused on earning net interest income from self-originated loans and 
      mortgage-backed securities, and, through its taxable subsidiaries, from 
      originating and selling mortgage loans and servicing mortgage loans for 
      institutional investors. Mortgages are originated through a network of 
      loan production offices and mortgage brokers as well as purchased from 
      correspondent lenders, and are serviced at the Company’s 
      Irving, Texas servicing center. For additional information, please visit 
      the Company's website at www.americanhm.com.
    
    
      FORWARD-LOOKING STATEMENTS
    
    
      This news release contains “forward-looking 
      statements” that are based upon expectations, 
      estimates, forecasts, projections and assumptions. Any statement in this 
      news release that is not a statement of historical fact, including, but 
      not limited to, earnings guidance and forecasts, projections of 
      financial results and loan origination volume, expected future financial 
      position, dividend plans or business strategy, and any other statements 
      of plans, expectations, objectives, estimates and beliefs, is a forward 
      looking statement. Words such as “look 
      forward,” “will,” 
      “anticipate,” “may,” 
      “expect,” “plan,” 
      “believe,” “intend,” 
      “opportunity,” “potential,” 
      and similar words, or the negatives of those words, are intended to 
      identify forward-looking statements. Such forward-looking statements 
      involve known and unknown risks, uncertainties and other factors that 
      are difficult to predict, and are not guarantees of future performance. 
      As a result, actual future events may differ materially from any future 
      results, performance or achievements expressed in or implied by this 
      news release. Specific factors that might cause such a difference 
      include, but are not limited to: American Home’s 
      limited operating history with respect to its portfolio strategy; the 
      potential fluctuations in American Home’s 
      operating results; American Home’s potential 
      need for additional capital; the direction of interest rates and their 
      subsequent effect on the business of American Home and its subsidiaries; 
      risks associated with the use of leverage; changes in federal and state 
      tax laws affecting REITs; federal and state regulation of mortgage 
      banking; and those risks and uncertainties discussed in filings made by 
      American Home with the Securities and Exchange Commission. Such 
      forward-looking statements are inherently uncertain, and stockholders 
      must recognize that actual results may differ from expectations. 
      American Home does not assume any responsibility, and expressly 
      disclaims any responsibility, to issue updates to any forward-looking 
      statements discussed in this news release, whether as a result of new 
      information, future events or otherwise.
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          OPERATING STATISTICS
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          As of and for the
        
      
      
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
          March 31,
        
        
        
        
          March 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Mortgage Holdings Segment (1):
        
        
        
        
        
        
        
        
        
      
      
        
          Investment Portfolio Performance:
        
        
        
        
        
        
        
        
        
      
      
        
          Average loans and mortgage-backed securities in portfolio ($ 
          billions)
        
        
        
        
          13.9 
        
        
        
        
          11.1 
        
      
      
        
          Interest income ($ millions)
        
        
        
        
          222.7 
        
        
        
        
          154.9 
        
      
      
        
          Average portfolio yield
        
        
        
        
          6.42%
        
        
        
        
          5.60%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Interest expense ($ millions)
        
        
        
        
          182.5 
        
        
        
        
          128.5 
        
      
      
        
          Average cost of funds and hedges
        
        
        
        
          5.49%
        
        
        
        
          4.96%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income ($ millions)
        
        
        
        
          40.2 
        
        
        
        
          26.4 
        
      
      
        
          Net interest margin
        
        
        
        
          1.16%
        
        
        
        
          0.95%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Interest carry on free standing derivatives ($ millions)
        
        
        
        
          3.8 
        
        
        
        
          3.9 
        
      
      
        
          
            Net interest income plus interest carry on free standing 
            derivatives ($ millions)
          
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          44.0 
        
        
        
        
          30.3 
        
      
      
        
          Net interest margin including interest carry on free standing 
          derivatives
        
        
        
        
          1.27%
        
        
        
        
          1.09%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Reconciliation of Changes in Mortgage Holdings (2):
        
        
        
        
        
        
        
        
        
      
      
        
          Net change in securities ($ billions)
        
        
        
        
          -1.8 
        
        
        
        
          -1.0 
        
      
      
        
          Additions to loans in portfolio ($ billions)
        
        
        
        
          0.1 
        
        
        
        
          1.0 
        
      
      
        
          Principal repayments and other dispositions of loans in portfolio ($ 
          billions)
        
        
        
        
          -0.4 
        
        
        
        
          -0.2 
        
      
      
        
          Net additions to loans in portfolio ($ billions)
        
        
        
        
          -0.3 
        
        
        
        
          0.8 
        
      
      
        
          Loans and securities held - end of period ($ billions)
        
        
        
        
          13.6 
        
        
        
        
          13.9 
        
      
      
        
          Mortgage-backed securities period end duration gap (in years)
        
        
        
        
          0.01 
        
        
        
        
          0.15 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan Origination Segment:
        
        
        
        
        
        
        
        
        
      
      
        
          Loan originations ($ billions) (3)
        
        
        
        
          16.7 
        
        
        
        
          13.2 
        
      
      
        
          Refinance
        
        
        
        
          61%
        
        
        
        
          51%
        
      
      
        
          ARM
        
        
        
        
          40%
        
        
        
        
          51%
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Average mortgage loans, net ($ billions) (2)
        
        
        
        
          9.9 
        
        
        
        
          9.6 
        
      
      
        
          Net interest income excluding trust preferred and other interest 
          expense ($ millions)
        
        
        
        
          33.9 
        
        
        
        
          28.0 
        
      
      
        
          Net interest margin excluding trust preferred and other interest 
          expense
        
        
        
        
          1.37%
        
        
        
        
          1.17%
        
      
      
        
          Trust preferred and other interest expense ($ millions)
        
        
        
        
          7.8 
        
        
        
        
          4.7 
        
      
      
        
          Net interest income ($ millions)
        
        
        
        
          26.1 
        
        
        
        
          23.3 
        
      
      
        
          Loan sales ($ billions)
        
        
        
        
          13.3 
        
        
        
        
          13.5 
        
      
      
        
          Increase in loans carried at fair value ($ billions)
        
        
        
        
          3.8 
        
        
        
        
          0.0 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Gain on sales of loans before credit related charges ($ millions)
        
        
        
        
          187.4 
        
        
        
        
          171.5 
        
      
      
        
          Reduction to gain on sales of loans for estimated credit losses ($ 
          millions)
        
        
        
        
          -60.6 
        
        
        
        
          0.4 
        
      
      
        
          Gain on sales of loans, net of credit related charges ($ millions)
        
        
        
        
          126.8 
        
        
        
        
          171.9 
        
      
      
        
          Excess of fair value over carrying value of loans added to 
          investment portfolio ($ millions)
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          0.7 
        
        
        
        
          14.0 
        
      
      
        
          Total ($ millions)
        
        
        
        
          127.5 
        
        
        
        
          185.9 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Gain on sales of loans before credit related charges
        
        
        
        
          1.09%
        
        
        
        
          1.27%
        
      
      
        
          Reduction to gain on sales of loans for estimated credit losses
        
        
        
        
          -0.35%
        
        
        
        
          0.00%
        
      
      
        
          Gain on sales of loans, net of credit related charges
        
        
        
        
          0.74%
        
        
        
        
          1.27%
        
      
      
        
          Excess of fair value over carrying value of loans added to 
          investment portfolio (% of principal)
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          0.48%
        
        
        
        
          1.44%
        
      
      
        
          Total (% of principal)
        
        
        
        
          0.74%
        
        
        
        
          1.28%
        
      
      
        
          Applications accepted ($ billions)
        
        
        
        
          29.3 
        
        
        
        
          20.8 
        
      
      
        
          Application pipeline ($ billions)
        
        
        
        
          15.4 
        
        
        
        
          11.8 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan Servicing Segment:
        
        
        
        
        
        
        
        
        
      
      
        
          Loan servicing portfolio - total with warehouse ($ billions)
        
        
        
        
          50.4 
        
        
        
        
          34.8 
        
      
      
        
          Loan servicing portfolio - loans sold or securitized ($ billions)
        
        
        
        
          39.6 
        
        
        
        
          29.0 
        
      
      
        
          Interest expense ($ millions)
        
        
        
        
          5.8 
        
        
        
        
          3.1 
        
      
      
        
          Weighted average note rate
        
        
        
        
          7.30%
        
        
        
        
          6.09%
        
      
      
        
          Weighted average service fee
        
        
        
        
          0.348%
        
        
        
        
          0.329%
        
      
      
        
          Average age (in months)
        
        
        
        
          17 
        
        
        
        
          14 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Notes:
        
        
        
        
        
        
        
        
        
      
      
        
          (1) Excludes loans held for investment pending securitization. 
          Includes Banking segment.
        
      
      
        
          (2) Includes loans held for investment pending securitization.
        
      
      
        
          (3) Loan originations of $13.2 billion in the first quarter of 2006 
          exclude $559 million of loans purchased in the Waterfield 
          acquisition.
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          OPERATING STATISTICS
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          As of and for the Three Months Ended
        
      
      
        
        
        
        
        
          Mar. 31,
        
        
        
        
          Dec. 31,
        
        
        
        
          Sept. 30,
        
        
        
        
          June 30,
        
        
        
        
          Mar. 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
      
      
        
          Mortgage Holdings Segment (1):
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Investment Portfolio Performance:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Average loans and mortgage-backed securities in portfolio ($ 
          billions)
        
        
        
        
          13.9 
        
        
        
        
          12.8 
        
        
        
        
          13.0 
        
        
        
        
          12.5 
        
        
        
        
          11.1 
        
      
      
        
          Interest income ($ millions)
        
        
        
        
          222.7 
        
        
        
        
          194.6 
        
        
        
        
          195.6 
        
        
        
        
          181.3 
        
        
        
        
          154.9 
        
      
      
        
          Average portfolio yield
        
        
        
        
          6.42%
        
        
        
        
          6.08%
        
        
        
        
          6.03%
        
        
        
        
          5.82%
        
        
        
        
          5.60%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Interest expense ($ millions)
        
        
        
        
          182.5 
        
        
        
        
          166.8 
        
        
        
        
          167.2 
        
        
        
        
          153.2 
        
        
        
        
          128.5 
        
      
      
        
          Average cost of funds and hedges
        
        
        
        
          5.49%
        
        
        
        
          5.43%
        
        
        
        
          5.37%
        
        
        
        
          5.19%
        
        
        
        
          4.96%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income ($ millions)
        
        
        
        
          40.2 
        
        
        
        
          27.8 
        
        
        
        
          28.4 
        
        
        
        
          28.1 
        
        
        
        
          26.4 
        
      
      
        
          Net interest margin
        
        
        
        
          1.16%
        
        
        
        
          0.87%
        
        
        
        
          0.88%
        
        
        
        
          0.90%
        
        
        
        
          0.95%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Interest carry on free standing derivatives ($ millions)
        
        
        
        
          3.8 
        
        
        
        
          6.3 
        
        
        
        
          7.5 
        
        
        
        
          5.8 
        
        
        
        
          3.9 
        
      
      
        
          Net interest income plus interest carry on free standing derivatives 
          ($ millions)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          44.0 
        
        
        
        
          34.1 
        
        
        
        
          35.9 
        
        
        
        
          33.9 
        
        
        
        
          30.3 
        
      
      
        
          Net interest margin including interest carry on free standing 
          derivatives
        
        
        
        
          1.27%
        
        
        
        
          1.06%
        
        
        
        
          1.11%
        
        
        
        
          1.09%
        
        
        
        
          1.09%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Reconciliation of Changes in Mortgage Holdings (2):
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net change in securities ($ billions)
        
        
        
        
          -1.8 
        
        
        
        
          0.3 
        
        
        
        
          -0.3 
        
        
        
        
          -0.3 
        
        
        
        
          -1.0 
        
      
      
        
          Additions to loans in portfolio ($ billions)
        
        
        
        
          0.1 
        
        
        
        
          1.0 
        
        
        
        
          0.9 
        
        
        
        
          1.2 
        
        
        
        
          1.0 
        
      
      
        
          Principal repayments and other dispositions of loans in portfolio ($ 
          billions)
        
        
        
        
          -0.4 
        
        
        
        
          -0.5 
        
        
        
        
          -0.4 
        
        
        
        
          -0.2 
        
        
        
        
          -0.2 
        
      
      
        
          Net additions to loans in portfolio ($ billions)
        
        
        
        
          -0.3 
        
        
        
        
          0.5 
        
        
        
        
          0.5 
        
        
        
        
          1.0 
        
        
        
        
          0.8 
        
      
      
        
          Loans and securities held - end of period ($ billions)
        
        
        
        
          13.6 
        
        
        
        
          15.6 
        
        
        
        
          14.8 
        
        
        
        
          14.6 
        
        
        
        
          13.9 
        
      
      
        
          Mortgage-backed securities period end duration gap (in years)
        
        
        
        
          0.01 
        
        
        
        
          0.07 
        
        
        
        
          -0.12 
        
        
        
        
          0.10 
        
        
        
        
          0.15 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan Origination Segment:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Loan originations ($ billions) (3)
        
        
        
        
          16.7 
        
        
        
        
          15.5 
        
        
        
        
          15.3 
        
        
        
        
          14.9 
        
        
        
        
          13.2 
        
      
      
        
          Refinance
        
        
        
        
          61%
        
        
        
        
          60%
        
        
        
        
          54%
        
        
        
        
          51%
        
        
        
        
          51%
        
      
      
        
          ARM
        
        
        
        
          40%
        
        
        
        
          51%
        
        
        
        
          53%
        
        
        
        
          55%
        
        
        
        
          51%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Average mortgage loans, net ($ billions) (2)
        
        
        
        
          9.9 
        
        
        
        
          10.0 
        
        
        
        
          8.1 
        
        
        
        
          8.8 
        
        
        
        
          9.6 
        
      
      
        
          Net interest income excluding trust preferred and other interest 
          expense ($ millions)
        
        
        
        
          33.9 
        
        
        
        
          26.8 
        
        
        
        
          25.1 
        
        
        
        
          31.6 
        
        
        
        
          28.0 
        
      
      
        
          Net interest margin excluding trust preferred and other interest 
          expense
        
        
        
        
          1.37%
        
        
        
        
          1.08%
        
        
        
        
          1.24%
        
        
        
        
          1.44%
        
        
        
        
          1.17%
        
      
      
        
          Trust preferred and other interest expense ($ millions)
        
        
        
        
          7.8 
        
        
        
        
          7.4 
        
        
        
        
          6.6 
        
        
        
        
          5.7 
        
        
        
        
          4.7 
        
      
      
        
          Net interest income ($ millions)
        
        
        
        
          26.1 
        
        
        
        
          19.4 
        
        
        
        
          18.5 
        
        
        
        
          25.9 
        
        
        
        
          23.3 
        
      
      
        
          Loan sales ($ billions)
        
        
        
        
          13.3 
        
        
        
        
          14.3 
        
        
        
        
          14.3 
        
        
        
        
          13.9 
        
        
        
        
          13.5 
        
      
      
        
          Increase in loans carried at fair value ($ billions)
        
        
        
        
          3.8 
        
        
        
        
          0.0 
        
        
        
        
          0.0 
        
        
        
        
          0.0 
        
        
        
        
          0.0 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Gain on sales of loans before credit related charges ($ millions)
        
        
        
        
          187.4 
        
        
        
        
          217.4 
        
        
        
        
          213.4 
        
        
        
        
          227.4 
        
        
        
        
          171.5 
        
      
      
        
          Reduction to gain on sales of loans for estimated credit losses ($ 
          millions)
        
        
        
        
          -60.6 
        
        
        
        
          -14.5 
        
        
        
        
          -2.8 
        
        
        
        
          -2.8 
        
        
        
        
          0.4 
        
      
      
        
          Gain on sales of loans, net of credit related charges ($ millions)
        
        
        
        
          126.8 
        
        
        
        
          202.9 
        
        
        
        
          210.6 
        
        
        
        
          224.6 
        
        
        
        
          171.9 
        
      
      
        
          Excess of fair value over carrying value of loans added to 
          investment portfolio ($ millions)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          0.7 
        
        
        
        
          8.7 
        
        
        
        
          15.6 
        
        
        
        
          18.8 
        
        
        
        
          14.0 
        
      
      
        
          Total ($ millions)
        
        
        
        
          127.5 
        
        
        
        
          211.6 
        
        
        
        
          226.2 
        
        
        
        
          243.4 
        
        
        
        
          185.9 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Gain on sales of loans before credit related charges
        
        
        
        
          1.09%
        
        
        
        
          1.52%
        
        
        
        
          1.49%
        
        
        
        
          1.64%
        
        
        
        
          1.27%
        
      
      
        
          Reduction to gain on sales of loans for estimated credit losses
        
        
        
        
          -0.35%
        
        
        
        
          -0.10%
        
        
        
        
          -0.02%
        
        
        
        
          -0.02%
        
        
        
        
          0.00%
        
      
      
        
          Gain on sales of loans, net of credit related charges
        
        
        
        
          0.74%
        
        
        
        
          1.42%
        
        
        
        
          1.47%
        
        
        
        
          1.62%
        
        
        
        
          1.27%
        
      
      
        
          Excess of fair value over carrying value of loans added to 
          investment portfolio (% of principal)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          0.48%
        
        
        
        
          0.82%
        
        
        
        
          1.71%
        
        
        
        
          1.49%
        
        
        
        
          1.44%
        
      
      
        
          Total (% of principal)
        
        
        
        
          0.74%
        
        
        
        
          1.38%
        
        
        
        
          1.48%
        
        
        
        
          1.61%
        
        
        
        
          1.28%
        
      
      
        
          Applications accepted ($ billions)
        
        
        
        
          29.3 
        
        
        
        
          23.1 
        
        
        
        
          23.4 
        
        
        
        
          22.1 
        
        
        
        
          20.8 
        
      
      
        
          Application pipeline ($ billions)
        
        
        
        
          15.4 
        
        
        
        
          11.3 
        
        
        
        
          12.3 
        
        
        
        
          12.1 
        
        
        
        
          11.8 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan Servicing Segment:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Loan servicing portfolio - total with warehouse ($ billions)
        
        
        
        
          50.4 
        
        
        
        
          46.3 
        
        
        
        
          43.0 
        
        
        
        
          39.1 
        
        
        
        
          34.8 
        
      
      
        
          Loan servicing portfolio - loans sold or securitized ($ billions)
        
        
        
        
          39.6 
        
        
        
        
          38.5 
        
        
        
        
          35.9 
        
        
        
        
          32.6 
        
        
        
        
          29.0 
        
      
      
        
          Interest expense ($ millions)
        
        
        
        
          5.8 
        
        
        
        
          4.5 
        
        
        
        
          3.9 
        
        
        
        
          3.8 
        
        
        
        
          3.1 
        
      
      
        
          Weighted average note rate
        
        
        
        
          7.30%
        
        
        
        
          7.08%
        
        
        
        
          6.77%
        
        
        
        
          6.38%
        
        
        
        
          6.09%
        
      
      
        
          Weighted average service fee
        
        
        
        
          0.348%
        
        
        
        
          0.347%
        
        
        
        
          0.339%
        
        
        
        
          0.336%
        
        
        
        
          0.329%
        
      
      
        
          Average age (in months)
        
        
        
        
          17 
        
        
        
        
          15 
        
        
        
        
          15 
        
        
        
        
          14 
        
        
        
        
          14 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Notes:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          (1) Excludes loans held for investment pending securitization. 
          Includes Banking segment.
        
      
      
        
          (2) Includes loans held for investment pending securitization.
        
      
      
        
          (3) Loan originations of $13.2 billion in the first quarter of 2006 
          exclude $559 million of loans purchased in the Waterfield 
          acquisition.
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
        
      
      
        
          (In thousands, except per share amounts)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
        
        
          March 31,
        
        
        
        
          March 31,
        
      
      
        
        
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Interest income
        
        
        
        
          $
        
        
          394,277 
        
        
        
        
          $
        
        
          300,613 
        
      
      
        
        
        
          Interest expense
        
        
        
        
           
        
        
          (333,738)
        
        
        
        
           
        
        
          (254,035)
        
      
      
        
        
        
          Net interest income
        
        
        
        
           
        
        
          60,539 
        
        
        
        
           
        
        
          46,578 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Provision for loan losses
        
        
        
        
        
        
          (9,143)
        
        
        
        
        
        
          (1,311)
        
      
      
        
        
        
        
        
        
        
           
        
        
        
        
           
        
      
      
        
        
        
          Net interest income after provision for loan losses
        
        
        
        
           
        
        
          51,396 
        
        
        
        
           
        
        
          45,267 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest income:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Gain on sales of mortgage loans
        
        
        
        
        
        
          126,817 
        
        
        
        
        
        
          171,907 
        
      
      
        
        
        
          (Loss) gain on securities and derivatives
        
        
        
        
        
        
          (4,242)
        
        
        
        
        
        
          8,465 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Loan servicing fees
        
        
        
        
        
        
          46,084 
        
        
        
        
        
        
          24,333 
        
      
      
        
        
        
          Change in fair value of mortgage servicing rights:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Due to realization of cash flows
        
        
        
        
        
        
          (24,959)
        
        
        
        
        
        
          (18,735)
        
      
      
        
        
        
          Due to changes in valuation assumptions, net of hedge gain (loss)
        
        
        
        
           
        
        
          (1,076)
        
        
        
        
           
        
        
          114 
        
      
      
        
        
        
          Net loan servicing fees
        
        
        
        
           
        
        
          20,049 
        
        
        
        
           
        
        
          5,712 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Other non-interest income
        
        
        
        
           
        
        
          3,221 
        
        
        
        
           
        
        
          1,769 
        
      
      
        
        
        
          Non-interest income
        
        
        
        
           
        
        
          145,845 
        
        
        
        
           
        
        
          187,853 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest expenses:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Salaries, commissions and benefits, net
        
        
        
        
        
        
          107,871 
        
        
        
        
        
        
          99,267 
        
      
      
        
        
        
          Occupancy and equipment
        
        
        
        
        
        
          21,306 
        
        
        
        
        
        
          17,970 
        
      
      
        
        
        
          Data processing and communications
        
        
        
        
        
        
          5,377 
        
        
        
        
        
        
          7,126 
        
      
      
        
        
        
          Office supplies and expenses
        
        
        
        
        
        
          4,851 
        
        
        
        
        
        
          4,332 
        
      
      
        
        
        
          Marketing and promotion
        
        
        
        
        
        
          4,278 
        
        
        
        
        
        
          5,800 
        
      
      
        
        
        
          Travel and entertainment
        
        
        
        
        
        
          7,797 
        
        
        
        
        
        
          6,753 
        
      
      
        
        
        
          Professional fees
        
        
        
        
        
        
          6,904 
        
        
        
        
        
        
          5,331 
        
      
      
        
        
        
          Other
        
        
        
        
           
        
        
          20,850 
        
        
        
        
           
        
        
          15,882 
        
      
      
        
        
        
          Non-interest expenses
        
        
        
        
           
        
        
          179,234 
        
        
        
        
           
        
        
          162,461 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income before income tax (benefit) expense
        
        
        
        
        
        
          18,007 
        
        
        
        
        
        
          70,659 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income tax (benefit) expense
        
        
        
        
           
        
        
          (12,675)
        
        
        
        
           
        
        
          16,200 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          30,682 
        
        
        
        
          $
        
        
          54,459 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Dividends on preferred stock
        
        
        
        
        
        
          3,305 
        
        
        
        
        
        
          3,305 
        
      
      
        
        
        
        
        
        
        
           
        
        
        
        
           
        
      
      
        
          Net income available to common shareholders
        
        
        
        
          $
        
        
          27,377 
        
        
        
        
          $
        
        
          51,154 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Per share data:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Basic
        
        
        
        
          $
        
        
          0.55 
        
        
        
        
          $
        
        
          1.03 
        
      
      
        
        
        
          Diluted
        
        
        
        
          $
        
        
          0.54 
        
        
        
        
          $
        
        
          1.02 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Weighted average number of shares - basic
        
        
        
        
        
        
          50,223 
        
        
        
        
        
        
          49,715 
        
      
      
        
        
        
          Weighted average number of shares - diluted
        
        
        
        
        
        
          50,499 
        
        
        
        
        
        
          50,070 
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
        
      
      
        
          (In thousands, except per share amounts)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
          March 31,
        
        
        
        
          Dec. 31,
        
        
        
        
          Sept. 30,
        
        
        
        
          June 30,
        
        
        
        
          March 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
      
      
        
          Net interest income:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest income
        
        
        
        
          $
        
        
          394,277 
        
        
        
        
          $
        
        
          364,810 
        
        
        
        
          $
        
        
          332,875 
        
        
        
        
          $
        
        
          330,196 
        
        
        
        
          $
        
        
          300,613 
        
      
      
        
          Interest expense
        
        
        
        
           
        
        
          (333,738)
        
        
        
        
           
        
        
          (322,134)
        
        
        
        
           
        
        
          (289,878)
        
        
        
        
           
        
        
          (279,992)
        
        
        
        
           
        
        
          (254,035)
        
      
      
        
          Net interest income
        
        
        
        
           
        
        
          60,539 
        
        
        
        
           
        
        
          42,676 
        
        
        
        
           
        
        
          42,997 
        
        
        
        
           
        
        
          50,204 
        
        
        
        
           
        
        
          46,578 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          (9,143)
        
        
        
        
        
        
          (6,725)
        
        
        
        
        
        
          (5,365)
        
        
        
        
        
        
          (3,979)
        
        
        
        
        
        
          (1,311)
        
      
      
        
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
      
      
        
          
            Net interest income after provision for loan losses
          
        
        
        
        
           
        
        
          51,396 
        
        
        
        
           
        
        
          35,951 
        
        
        
        
           
        
        
          37,632 
        
        
        
        
           
        
        
          46,225 
        
        
        
        
           
        
        
          45,267 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest income:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Gain on sales of mortgage loans
        
        
        
        
        
        
          126,817 
        
        
        
        
        
        
          202,884 
        
        
        
        
        
        
          210,621 
        
        
        
        
        
        
          224,594 
        
        
        
        
        
        
          171,907 
        
      
      
        
          (Loss) gain on securities and derivatives
        
        
        
        
        
        
          (4,242)
        
        
        
        
        
        
          (6,358)
        
        
        
        
        
        
          10,899 
        
        
        
        
        
        
          (7,777)
        
        
        
        
        
        
          8,465 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan servicing fees
        
        
        
        
        
        
          46,084 
        
        
        
        
        
        
          47,300 
        
        
        
        
        
        
          43,379 
        
        
        
        
        
        
          30,417 
        
        
        
        
        
        
          24,333 
        
      
      
        
          Change in fair value of mortgage servicing rights:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Due to realization of cash flows
        
        
        
        
        
        
          (24,959)
        
        
        
        
        
        
          (28,940)
        
        
        
        
        
        
          (28,839)
        
        
        
        
        
        
          (26,306)
        
        
        
        
        
        
          (18,735)
        
      
      
        
          Due to changes in valuation assumptions, net of hedge gain (loss)
        
        
        
        
           
        
        
          (1,076)
        
        
        
        
           
        
        
          3,920 
        
        
        
        
           
        
        
          (16,799)
        
        
        
        
           
        
        
          7,476 
        
        
        
        
           
        
        
          114 
        
      
      
        
          Net loan servicing fees (loss)
        
        
        
        
           
        
        
          20,049 
        
        
        
        
           
        
        
          22,280 
        
        
        
        
           
        
        
          (2,259)
        
        
        
        
           
        
        
          11,587 
        
        
        
        
           
        
        
          5,712 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other non-interest income
        
        
        
        
           
        
        
          3,221 
        
        
        
        
           
        
        
          2,902 
        
        
        
        
           
        
        
          2,018 
        
        
        
        
           
        
        
          2,125 
        
        
        
        
           
        
        
          1,769 
        
      
      
        
          Non-interest income
        
        
        
        
           
        
        
          145,845 
        
        
        
        
           
        
        
          221,708 
        
        
        
        
           
        
        
          221,279 
        
        
        
        
           
        
        
          230,529 
        
        
        
        
           
        
        
          187,853 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Salaries, commissions and benefits, net
        
        
        
        
        
        
          107,871 
        
        
        
        
        
        
          105,908 
        
        
        
        
        
        
          105,676 
        
        
        
        
        
        
          103,157 
        
        
        
        
        
        
          99,267 
        
      
      
        
          Occupancy and equipment
        
        
        
        
        
        
          21,306 
        
        
        
        
        
        
          20,396 
        
        
        
        
        
        
          19,228 
        
        
        
        
        
        
          19,763 
        
        
        
        
        
        
          17,970 
        
      
      
        
          Data processing and communications
        
        
        
        
        
        
          5,377 
        
        
        
        
        
        
          6,346 
        
        
        
        
        
        
          5,700 
        
        
        
        
        
        
          6,733 
        
        
        
        
        
        
          7,126 
        
      
      
        
          Office supplies and expenses
        
        
        
        
        
        
          4,851 
        
        
        
        
        
        
          4,324 
        
        
        
        
        
        
          5,346 
        
        
        
        
        
        
          5,145 
        
        
        
        
        
        
          4,332 
        
      
      
        
          Marketing and promotion
        
        
        
        
        
        
          4,278 
        
        
        
        
        
        
          4,574 
        
        
        
        
        
        
          4,868 
        
        
        
        
        
        
          6,383 
        
        
        
        
        
        
          5,800 
        
      
      
        
          Travel and entertainment
        
        
        
        
        
        
          7,797 
        
        
        
        
        
        
          8,966 
        
        
        
        
        
        
          7,798 
        
        
        
        
        
        
          7,793 
        
        
        
        
        
        
          6,753 
        
      
      
        
          Professional fees
        
        
        
        
        
        
          6,904 
        
        
        
        
        
        
          7,902 
        
        
        
        
        
        
          6,076 
        
        
        
        
        
        
          5,013 
        
        
        
        
        
        
          5,331 
        
      
      
        
          Other
        
        
        
        
           
        
        
          20,850 
        
        
        
        
           
        
        
          14,952 
        
        
        
        
           
        
        
          16,588 
        
        
        
        
           
        
        
          17,192 
        
        
        
        
           
        
        
          15,882 
        
      
      
        
          Non-interest expenses
        
        
        
        
           
        
        
          179,234 
        
        
        
        
           
        
        
          173,368 
        
        
        
        
           
        
        
          171,280 
        
        
        
        
           
        
        
          171,179 
        
        
        
        
           
        
        
          162,461 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income before income tax (benefit) expense
        
        
        
        
        
        
          18,007 
        
        
        
        
        
        
          84,291 
        
        
        
        
        
        
          87,631 
        
        
        
        
        
        
          105,575 
        
        
        
        
        
        
          70,659 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income tax (benefit) expense
        
        
        
        
           
        
        
          (12,675)
        
        
        
        
           
        
        
          19,594 
        
        
        
        
           
        
        
          15,611 
        
        
        
        
           
        
        
          33,224 
        
        
        
        
           
        
        
          16,200 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          30,682 
        
        
        
        
          $
        
        
          64,697 
        
        
        
        
          $
        
        
          72,020 
        
        
        
        
          $
        
        
          72,351 
        
        
        
        
          $
        
        
          54,459 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Dividends on preferred stock
        
        
        
        
        
        
          3,305 
        
        
        
        
        
        
          3,304 
        
        
        
        
        
        
          3,305 
        
        
        
        
        
        
          3,304 
        
        
        
        
        
        
          3,305 
        
      
      
        
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
      
      
        
          Net income available to common shareholders
        
        
        
        
          $
        
        
          27,377 
        
        
        
        
          $
        
        
          61,393 
        
        
        
        
          $
        
        
          68,715 
        
        
        
        
          $
        
        
          69,047 
        
        
        
        
          $
        
        
          51,154 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Per share data:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
          $
        
        
          0.55 
        
        
        
        
          $
        
        
          1.22 
        
        
        
        
          $
        
        
          1.37 
        
        
        
        
          $
        
        
          1.38 
        
        
        
        
          $
        
        
          1.03 
        
      
      
        
          Diluted
        
        
        
        
          $
        
        
          0.54 
        
        
        
        
          $
        
        
          1.21 
        
        
        
        
          $
        
        
          1.36 
        
        
        
        
          $
        
        
          1.37 
        
        
        
        
          $
        
        
          1.02 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average number of shares - basic
        
        
        
        
        
        
          50,223 
        
        
        
        
        
        
          50,192 
        
        
        
        
        
        
          50,148 
        
        
        
        
        
        
          50,056 
        
        
        
        
        
        
          49,715 
        
      
      
        
          Weighted average number of shares - diluted
        
        
        
        
        
        
          50,499 
        
        
        
        
        
        
          50,602 
        
        
        
        
        
        
          50,553 
        
        
        
        
        
        
          50,487 
        
        
        
        
        
        
          50,070 
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          CONSOLIDATED BALANCE SHEETS (Unaudited)
        
      
      
        
          (Dollars in thousands)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          March 31,
        
        
        
        
          December 31,
        
        
        
        
          September 30,
        
        
        
        
          June 30,
        
        
        
        
          March 31,
        
      
      
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
      
      
        
          Assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Cash and cash equivalents
        
        
          $
        
        
          836,860 
        
        
        
        
          $
        
        
          398,166 
        
        
        
        
          $
        
        
          298,079 
        
        
        
        
          $
        
        
          304,268 
        
        
        
        
          $
        
        
          572,591 
        
      
      
        
          Securities purchased under agreements to resell
        
        
        
        
          58,675 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Accounts receivable and servicing advances
        
        
        
        
          316,673 
        
        
        
        
        
        
          432,418 
        
        
        
        
        
        
          350,965 
        
        
        
        
        
        
          342,244 
        
        
        
        
        
        
          327,586 
        
      
      
        
          Securities
        
        
        
        
          7,557,886 
        
        
        
        
        
        
          9,308,032 
        
        
        
        
        
        
          8,957,546 
        
        
        
        
        
        
          9,299,343 
        
        
        
        
        
        
          9,580,974 
        
      
      
        
          Mortgage loans held for sale, net
        
        
        
        
          955,451 
        
        
        
        
        
        
          1,523,737 
        
        
        
        
        
        
          1,365,595 
        
        
        
        
        
        
          1,243,702 
        
        
        
        
        
        
          1,589,613 
        
      
      
        
          Mortgage loans held for sale, at fair value
        
        
        
        
          3,926,296 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Mortgage loans held for investment, net
        
        
        
        
          6,010,969 
        
        
        
        
        
        
          6,329,721 
        
        
        
        
        
        
          5,797,801 
        
        
        
        
        
        
          5,337,138 
        
        
        
        
        
        
          4,315,384 
        
      
      
        
          Derivative assets
        
        
        
        
          22,718 
        
        
        
        
        
        
          32,142 
        
        
        
        
        
        
          26,323 
        
        
        
        
        
        
          139,397 
        
        
        
        
        
        
          102,267 
        
      
      
        
          Mortgage servicing rights, net
        
        
        
        
          525,565 
        
        
        
        
        
        
          506,341 
        
        
        
        
        
        
          460,913 
        
        
        
        
        
        
          434,173 
        
        
        
        
        
        
          371,974 
        
      
      
        
          Premises and equipment, net
        
        
        
        
          87,723 
        
        
        
        
        
        
          86,211 
        
        
        
        
        
        
          82,288 
        
        
        
        
        
        
          80,296 
        
        
        
        
        
        
          75,594 
        
      
      
        
          Goodwill
        
        
        
        
          133,248 
        
        
        
        
        
        
          133,128 
        
        
        
        
        
        
          111,890 
        
        
        
        
        
        
          110,759 
        
        
        
        
        
        
          110,330 
        
      
      
        
          Other assets
        
        
           
        
        
          121,871 
        
        
        
        
           
        
        
          79,089 
        
        
        
        
           
        
        
          52,927 
        
        
        
        
           
        
        
          34,279 
        
        
        
        
           
        
        
          30,697 
        
      
      
        
          Total assets
        
        
          $
        
        
          20,553,935 
        
        
        
        
          $
        
        
          18,828,985 
        
        
        
        
          $
        
        
          17,504,327 
        
        
        
        
          $
        
        
          17,325,599 
        
        
        
        
          $
        
        
          17,077,010 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Liabilities and Stockholders' Equity:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Liabilities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Warehouse lines of credit
        
        
          $
        
        
          4,013,190 
        
        
        
        
          $
        
        
          1,304,541 
        
        
        
        
          $
        
        
          1,890,034 
        
        
        
        
          $
        
        
          1,476,958 
        
        
        
        
          $
        
        
          1,754,581 
        
      
      
        
          Commercial paper
        
        
        
        
          1,696,256 
        
        
        
        
        
        
          1,273,965 
        
        
        
        
        
        
          1,283,858 
        
        
        
        
        
        
          888,476 
        
        
        
        
        
        
          1,073,630 
        
      
      
        
          Reverse repurchase agreements
        
        
        
        
          6,727,505 
        
        
        
        
        
        
          8,571,459 
        
        
        
        
        
        
          7,232,503 
        
        
        
        
        
        
          8,939,786 
        
        
        
        
        
        
          8,899,050 
        
      
      
        
          Deposits
        
        
        
        
          184,614 
        
        
        
        
        
        
          24,016 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Collateralized debt obligations
        
        
        
        
          4,719,376 
        
        
        
        
        
        
          4,854,801 
        
        
        
        
        
        
          3,484,873 
        
        
        
        
        
        
          3,724,878 
        
        
        
        
        
        
          2,905,199 
        
      
      
        
          Payable for securities purchased
        
        
        
        
          595,277 
        
        
        
        
        
        
          289,716 
        
        
        
        
        
        
          1,221,105 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          215,114 
        
      
      
        
          Derivative liabilities
        
        
        
        
          36,550 
        
        
        
        
        
        
          12,644 
        
        
        
        
        
        
          40,170 
        
        
        
        
        
        
          3,280 
        
        
        
        
        
        
          7,512 
        
      
      
        
          Trust preferred securities
        
        
        
        
          336,616 
        
        
        
        
        
        
          336,078 
        
        
        
        
        
        
          282,340 
        
        
        
        
        
        
          252,780 
        
        
        
        
        
        
          204,018 
        
      
      
        
          Accrued expenses and other liabilities
        
        
        
        
          396,109 
        
        
        
        
        
        
          361,923 
        
        
        
        
        
        
          392,334 
        
        
        
        
        
        
          367,358 
        
        
        
        
        
        
          401,769 
        
      
      
        
          Notes payable
        
        
        
        
          531,867 
        
        
        
        
        
        
          417,467 
        
        
        
        
        
        
          317,161 
        
        
        
        
        
        
          337,700 
        
        
        
        
        
        
          330,714 
        
      
      
        
          Income taxes payable
        
        
           
        
        
          92,831 
        
        
        
        
           
        
        
          112,089 
        
        
        
        
           
        
        
          95,808 
        
        
        
        
           
        
        
          80,529 
        
        
        
        
           
        
        
          51,016 
        
      
      
        
          Total liabilities
        
        
           
        
        
          19,330,191 
        
        
        
        
           
        
        
          17,558,699 
        
        
        
        
           
        
        
          16,240,186 
        
        
        
        
           
        
        
          16,071,745 
        
        
        
        
           
        
        
          15,842,603 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Stockholders' Equity:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Preferred stock
        
        
        
        
          134,040 
        
        
        
        
        
        
          134,040 
        
        
        
        
        
        
          134,040 
        
        
        
        
        
        
          134,040 
        
        
        
        
        
        
          134,040 
        
      
      
        
          Common stock
        
        
        
        
          503 
        
        
        
        
        
        
          502 
        
        
        
        
        
        
          502 
        
        
        
        
        
        
          501 
        
        
        
        
        
        
          500 
        
      
      
        
          Additional paid-in capital
        
        
        
        
          965,034 
        
        
        
        
        
        
          963,617 
        
        
        
        
        
        
          962,903 
        
        
        
        
        
        
          960,995 
        
        
        
        
        
        
          958,175 
        
      
      
        
          Retained earnings
        
        
        
        
          173,900 
        
        
        
        
        
        
          257,283 
        
        
        
        
        
        
          245,473 
        
        
        
        
        
        
          227,450 
        
        
        
        
        
        
          206,512 
        
      
      
        
          Accumulated other comprehensive loss
        
        
           
        
        
          (49,733)
        
        
        
        
           
        
        
          (85,156)
        
        
        
        
           
        
        
          (78,777)
        
        
        
        
           
        
        
          (69,132)
        
        
        
        
           
        
        
          (64,820)
        
      
      
        
          Total stockholders’ equity
        
        
           
        
        
          1,223,744 
        
        
        
        
           
        
        
          1,270,286 
        
        
        
        
           
        
        
          1,264,141 
        
        
        
        
           
        
        
          1,253,854 
        
        
        
        
           
        
        
          1,234,407 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total liabilities and stockholders' equity
        
        
          $
        
        
          20,553,935 
        
        
        
        
          $
        
        
          18,828,985 
        
        
        
        
          $
        
        
          17,504,327 
        
        
        
        
          $
        
        
          17,325,599 
        
        
        
        
          $
        
        
          17,077,010 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Number of shares outstanding - preferred
        
        
        
        
          5,600,000 
        
        
        
        
        
        
          5,600,000 
        
        
        
        
        
        
          5,600,000 
        
        
        
        
        
        
          5,600,000 
        
        
        
        
        
        
          5,600,000 
        
      
      
        
          Number of shares outstanding - common
        
        
        
        
          50,273,878 
        
        
        
        
        
        
          50,195,499 
        
        
        
        
        
        
          50,182,257 
        
        
        
        
        
        
          50,107,214 
        
        
        
        
        
        
          50,004,965 
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ 
          EQUITY (Unaudited)
        
      
      
        
          (In thousands)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
          Mar. 31,
        
        
        
        
          Dec. 31,
        
        
        
        
          Sept. 30,
        
        
        
        
          June 30,
        
        
        
        
          Mar. 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Preferred stock
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Balance at end of period
        
        
        
        
          $
        
        
          134,040 
        
        
        
        
          $
        
        
          134,040 
        
        
        
        
          $
        
        
          134,040 
        
        
        
        
          $
        
        
          134,040 
        
        
        
        
          $
        
        
          134,040 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Common stock
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Balance at beginning of period
        
        
        
        
          $
        
        
          502 
        
        
        
        
          $
        
        
          502 
        
        
        
        
          $
        
        
          501 
        
        
        
        
          $
        
        
          500 
        
        
        
        
          $
        
        
          496 
        
      
      
        
          Issuance of common stock
        
        
        
        
           
        
        
          1 
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          1 
        
        
        
        
           
        
        
          1 
        
        
        
        
           
        
        
          4 
        
      
      
        
          Balance at end of period
        
        
        
        
          $
        
        
          503 
        
        
        
        
          $
        
        
          502 
        
        
        
        
          $
        
        
          502 
        
        
        
        
          $
        
        
          501 
        
        
        
        
          $
        
        
          500 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Additional paid-in capital
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Balance at beginning of period
        
        
        
        
          $
        
        
          963,617 
        
        
        
        
          $
        
        
          962,903 
        
        
        
        
          $
        
        
          960,995 
        
        
        
        
          $
        
        
          958,175 
        
        
        
        
          $
        
        
          947,512 
        
      
      
        
          Issuance of common stock
        
        
        
        
        
        
          798 
        
        
        
        
        
        
          371 
        
        
        
        
        
        
          1,539 
        
        
        
        
        
        
          1,249 
        
        
        
        
        
        
          10,253 
        
      
      
        
          Stock-based employee compensation expense
        
        
        
        
        
        
          322 
        
        
        
        
        
        
          241 
        
        
        
        
        
        
          37 
        
        
        
        
        
        
          373 
        
        
        
        
        
        
          410 
        
      
      
        
          Tax benefit for stock options exercised
        
        
        
        
           
        
        
          297 
        
        
        
        
           
        
        
          102 
        
        
        
        
           
        
        
          332 
        
        
        
        
           
        
        
          1,198 
        
        
        
        
           
        
        
          - 
        
      
      
        
          Balance at end of period
        
        
        
        
          $
        
        
          965,034 
        
        
        
        
          $
        
        
          963,617 
        
        
        
        
          $
        
        
          962,903 
        
        
        
        
          $
        
        
          960,995 
        
        
        
        
          $
        
        
          958,175 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Retained earnings
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Balance at beginning of period
        
        
        
        
          $
        
        
          257,283 
        
        
        
        
          $
        
        
          245,473 
        
        
        
        
          $
        
        
          227,450 
        
        
        
        
          $
        
        
          206,512 
        
        
        
        
          $
        
        
          203,778 
        
      
      
        
          Cumulative-effect adjustment as of beginning of period (1) (2)
        
        
        
        
        
        
          (54,453)
        
        
        
        
        
        
          3,635 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          (2,917)
        
      
      
        
          Net income
        
        
        
        
        
        
          30,682 
        
        
        
        
        
        
          64,697 
        
        
        
        
        
        
          72,020 
        
        
        
        
        
        
          72,351 
        
        
        
        
        
        
          54,459 
        
      
      
        
          Dividends declared
        
        
        
        
           
        
        
          (59,612)
        
        
        
        
           
        
        
          (56,522)
        
        
        
        
           
        
        
          (53,997)
        
        
        
        
           
        
        
          (51,413)
        
        
        
        
           
        
        
          (48,808)
        
      
      
        
          Balance at end of period
        
        
        
        
          $
        
        
          173,900 
        
        
        
        
          $
        
        
          257,283 
        
        
        
        
          $
        
        
          245,473 
        
        
        
        
          $
        
        
          227,450 
        
        
        
        
          $
        
        
          206,512 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other comprehensive loss
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Balance at beginning of period
        
        
        
        
          $
        
        
          (85,156)
        
        
        
        
          $
        
        
          (78,777)
        
        
        
        
          $
        
        
          (69,132)
        
        
        
        
          $
        
        
          (64,820)
        
        
        
        
          $
        
        
          (78,810)
        
      
      
        
          Cumulative-effect adjustment as of beginning of period (1)
        
        
        
        
        
        
          54,453 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Unrealized (loss) gain on securities and derivatives
        
        
        
        
           
        
        
          (19,030)
        
        
        
        
           
        
        
          (6,379)
        
        
        
        
           
        
        
          (9,645)
        
        
        
        
           
        
        
          (4,312)
        
        
        
        
           
        
        
          13,990 
        
      
      
        
          Balance at end of period
        
        
        
        
          $
        
        
          (49,733)
        
        
        
        
          $
        
        
          (85,156)
        
        
        
        
          $
        
        
          (78,777)
        
        
        
        
          $
        
        
          (69,132)
        
        
        
        
          $
        
        
          (64,820)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total stockholders' equity
        
        
        
        
          $
        
        
          1,223,744 
        
        
        
        
          $
        
        
          1,270,286 
        
        
        
        
          $
        
        
          1,264,141 
        
        
        
        
          $
        
        
          1,253,854 
        
        
        
        
          $
        
        
          1,234,407 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Note:
        
      
      
        
          (1) Effective January 1, 2007, the Company adopted SFAS 159 and 
          elected the fair value option to subsequently measure its securities.
        
      
      
        
          (2) Effective January 1, 2006, the Company adopted SFAS 156 and 
          elected the fair value option to subsequently measure its MSRs.
        
      
    
    
      
        
          AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES
        
      
      
        
          CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
        
      
      
        
          (In thousands)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
        
        
        
        
          Mar. 31,
        
        
        
        
          Dec. 31,
        
        
        
        
          Sept. 30,
        
        
        
        
          June 30,
        
        
        
        
          Mar. 31,
        
      
      
        
        
        
        
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
        
        
        
          2006 
        
      
      
        
          Cash flows from operating activities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net income
        
        
        
        
        
        
          $
        
        
          30,682 
        
        
        
        
          $
        
        
          64,697 
        
        
        
        
          $
        
        
          72,020 
        
        
        
        
          $
        
        
          72,351 
        
        
        
        
          $
        
        
          54,459 
        
      
      
        
          Adjustments to reconcile net income to net cash (used in) provided 
          by operating activities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Depreciation and amortization
        
        
        
        
        
        
          5,637 
        
        
        
        
        
        
          5,003 
        
        
        
        
        
        
          4,275 
        
        
        
        
        
        
          5,014 
        
        
        
        
        
        
          3,953 
        
      
      
        
          Provision for loans held for investment
        
        
        
        
        
        
          9,143 
        
        
        
        
        
        
          6,725 
        
        
        
        
        
        
          5,365 
        
        
        
        
        
        
          3,979 
        
        
        
        
        
        
          1,311 
        
      
      
        
          Provision for loans held for sale
        
        
        
        
        
        
          60,543 
        
        
        
        
        
        
          14,471 
        
        
        
        
        
        
          2,836 
        
        
        
        
        
        
          2,812 
        
        
        
        
        
        
          (412)
        
      
      
        
          Change in fair value of mortgage servicing rights
        
        
        
        
        
        
          26,421 
        
        
        
        
        
        
          28,834 
        
        
        
        
        
        
          52,753 
        
        
        
        
        
        
          18,830 
        
        
        
        
        
        
          18,621 
        
      
      
        
          Accretion and amortization of mortgage-backed securities, net
        
        
        
        
        
        
          3,801 
        
        
        
        
        
        
          4,845 
        
        
        
        
        
        
          4,696 
        
        
        
        
        
        
          2,006 
        
        
        
        
        
        
          2,331 
        
      
      
        
          
            Deferred cash flow hedge gain (loss), net of amortization
          
        
        
        
        
        
        
          8,323 
        
        
        
        
        
        
          (14,292)
        
        
        
        
        
        
          5,509 
        
        
        
        
        
        
          10,509 
        
        
        
        
        
        
          3,909 
        
      
      
        
          Gain on sales of mortgage-backed securities and derivatives
        
        
        
        
        
        
          (5,155)
        
        
        
        
        
        
          (930)
        
        
        
        
        
        
          (4,735)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Unrealized loss (gain) on mortgage-backed securities
        
        
        
        
        
        
          14,073 
        
        
        
        
        
        
          10,890 
        
        
        
        
        
        
          (1,588)
        
        
        
        
        
        
          14,591 
        
        
        
        
        
        
          3,090 
        
      
      
        
          Unrealized loss (gain) on free standing derivatives
        
        
        
        
        
        
          3,431 
        
        
        
        
        
        
          (4,828)
        
        
        
        
        
        
          20,629 
        
        
        
        
        
        
          (1,038)
        
        
        
        
        
        
          (4,765)
        
      
      
        
          Increase (decrease) in forward delivery contracts
        
        
        
        
        
        
          13,174 
        
        
        
        
        
        
          (35,605)
        
        
        
        
        
        
          42,315 
        
        
        
        
        
        
          (6,036)
        
        
        
        
        
        
          (24,041)
        
      
      
        
          Capitalized mortgage servicing rights on sold loans
        
        
        
        
        
        
          (45,645)
        
        
        
        
        
        
          (73,918)
        
        
        
        
        
        
          (79,493)
        
        
        
        
        
        
          (81,029)
        
        
        
        
        
        
          (69,768)
        
      
      
        
          (Increase) decrease in interest rate lock commitments
        
        
        
        
        
        
          (8,904)
        
        
        
        
        
        
          12,586 
        
        
        
        
        
        
          (5,069)
        
        
        
        
        
        
          (4,447)
        
        
        
        
        
        
          7,131 
        
      
      
        
          Fair value in excess of cost basis on mortgage loans held for sale, 
          fair value
        
        
        
        
        
        
          (44,831)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Cost basis adjustments on mortgage loans held for sale, fair value
        
        
        
        
        
        
          (52,100)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Decrease (increase) in mortgage loan basis adjustments
        
        
        
        
        
        
          9,836 
        
        
        
        
        
        
          (4,917)
        
        
        
        
        
        
          (10,125)
        
        
        
        
        
        
          (2,156)
        
        
        
        
        
        
          4,731 
        
      
      
        
          Excess tax benefits from share-based payment arrangements
        
        
        
        
        
        
          (297)
        
        
        
        
        
        
          (102)
        
        
        
        
        
        
          (332)
        
        
        
        
        
        
          (1,198)
        
        
        
        
        
        
          - 
        
      
      
        
          Other
        
        
        
        
        
        
          3,111 
        
        
        
        
        
        
          (1,450)
        
        
        
        
        
        
          (569)
        
        
        
        
        
        
          (633)
        
        
        
        
        
        
          (198)
        
      
      
        
          (Increase) decrease in operating assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Accounts receivable
        
        
        
        
        
        
          118,178 
        
        
        
        
        
        
          (58,738)
        
        
        
        
        
        
          2,740 
        
        
        
        
        
        
          (13,506)
        
        
        
        
        
        
          6,829 
        
      
      
        
        
        
          Servicing advances
        
        
        
        
        
        
          (2,433)
        
        
        
        
        
        
          (22,038)
        
        
        
        
        
        
          (11,461)
        
        
        
        
        
        
          (1,152)
        
        
        
        
        
        
          (3,281)
        
      
      
        
        
        
          Other assets
        
        
        
        
        
        
          11,210 
        
        
        
        
        
        
          8,281 
        
        
        
        
        
        
          (18,648)
        
        
        
        
        
        
          (3,582)
        
        
        
        
        
        
          (1,451)
        
      
      
        
          Increase (decrease) in operating liabilities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Accrued expenses and other liabilities
        
        
        
        
        
        
          22,412 
        
        
        
        
        
        
          (42,808)
        
        
        
        
        
        
          25,988 
        
        
        
        
        
        
          (32,977)
        
        
        
        
        
        
          93,876 
        
      
      
        
        
        
          Income taxes payable
        
        
        
        
        
        
          (18,961)
        
        
        
        
        
        
          20,018 
        
        
        
        
        
        
          15,611 
        
        
        
        
        
        
          30,711 
        
        
        
        
        
        
          16,173 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Origination of mortgage loans held for sale
        
        
        
        
        
        
          (16,624,997)
        
        
        
        
        
        
          (15,080,212)
        
        
        
        
        
        
          (14,664,704)
        
        
        
        
        
        
          (14,371,439)
        
        
        
        
        
        
          (12,203,014)
        
      
      
        
          Principal received from sales of mortgage loans held for sale
        
        
        
        
        
        
          13,255,213 
        
        
        
        
        
        
          14,356,578 
        
        
        
        
        
        
          14,238,604 
        
        
        
        
        
        
          14,011,109 
        
        
        
        
        
        
          13,372,986 
        
      
      
        
          Additions to mortgage-backed securities and derivatives
        
        
        
        
        
        
          (67,834)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Principal proceeds from sales of self-originated mortgage-backed 
          securities
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          99,086 
        
        
        
        
        
        
          1,809,796 
        
      
      
        
          Cash received from residual assets in securitizations
        
        
        
        
        
        
          4,188 
        
        
        
        
        
        
          14,710 
        
        
        
        
        
        
          16,785 
        
        
        
        
        
        
          20,947 
        
        
        
        
        
        
          27,353 
        
      
      
        
          Principal repayments of mortgage-backed securities
        
        
        
        
           
        
        
          39,340 
        
        
        
        
           
        
        
          29,491 
        
        
        
        
           
        
        
          35,677 
        
        
        
        
           
        
        
          60,485 
        
        
        
        
           
        
        
          93,845 
        
      
      
        
        
        
          Net cash (used in) provided by operating activities
        
        
        
        
           
        
        
          (3,232,441)
        
        
        
        
           
        
        
          (762,709)
        
        
        
        
           
        
        
          (250,921)
        
        
        
        
           
        
        
          (166,763)
        
        
        
        
           
        
        
          3,213,464 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash flows from investing activities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Purchases of premises and equipment
        
        
        
        
        
        
          (7,149)
        
        
        
        
        
        
          (8,708)
        
        
        
        
        
        
          (6,267)
        
        
        
        
        
        
          (9,716)
        
        
        
        
        
        
          (10,765)
        
      
      
        
          Origination of mortgage loans held for investment
        
        
        
        
        
        
          (121,224)
        
        
        
        
        
        
          (450,263)
        
        
        
        
        
        
          (599,384)
        
        
        
        
        
        
          (560,003)
        
        
        
        
        
        
          (970,335)
        
      
      
        
          Proceeds from repayments and dispositions of mortgage loans held for 
          investment
        
        
        
        
        
        
          425,385 
        
        
        
        
        
        
          464,332 
        
        
        
        
        
        
          446,199 
        
        
        
        
        
        
          240,403 
        
        
        
        
        
        
          137,545 
        
      
      
        
          Net increase in securities purchased under agreements to resell
        
        
        
        
        
        
          (58,675)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Purchases of mortgage-backed securities
        
        
        
        
        
        
          (1,452,021)
        
        
        
        
        
        
          (1,423,115)
        
        
        
        
        
        
          (1,666,650)
        
        
        
        
        
        
          (461,125)
        
        
        
        
        
        
          (1,389,336)
        
      
      
        
          Principal proceeds from sales of purchased mortgage-backed securities
        
        
        
        
        
        
          2,737,023 
        
        
        
        
        
        
          482,336 
        
        
        
        
        
        
          1,503,760 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          Principal repayments of purchased mortgage-backed securities
        
        
        
        
        
        
          474,015 
        
        
        
        
        
        
          535,465 
        
        
        
        
        
        
          529,441 
        
        
        
        
        
        
          501,239 
        
        
        
        
        
        
          438,297 
        
      
      
        
          Net increase in investment in Federal Home Loan Bank stock, at cost
        
        
        
        
        
        
          (713)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          (54)
        
        
        
        
        
        
          (108)
        
        
        
        
        
        
          - 
        
      
      
        
          Acquisition of business
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          (14,108)
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          (550,077)
        
      
      
        
        
        
          Net cash provided by (used in) investing activities
        
        
        
        
           
        
        
          1,996,641 
        
        
        
        
           
        
        
          (414,061)
        
        
        
        
           
        
        
          207,045 
        
        
        
        
           
        
        
          (289,310)
        
        
        
        
           
        
        
          (2,344,671)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash flows from financing activities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Increase (decrease) in warehouse lines of credit, net
        
        
        
        
        
        
          2,708,649 
        
        
        
        
        
        
          (585,493)
        
        
        
        
        
        
          413,076 
        
        
        
        
        
        
          (277,623)
        
        
        
        
        
        
          (1,719,610)
        
      
      
        
          (Decrease) increase in reverse repurchase agreements, net
        
        
        
        
        
        
          (1,843,954)
        
        
        
        
        
        
          1,338,956 
        
        
        
        
        
        
          (1,707,283)
        
        
        
        
        
        
          40,736 
        
        
        
        
        
        
          (907,094)
        
      
      
        
          Increase (decrease) in deposits
        
        
        
        
        
        
          160,598 
        
        
        
        
        
        
          (6,673)
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
          (Decrease) increase in collateralized debt obligations
        
        
        
        
        
        
          (135,425)
        
        
        
        
        
        
          1,369,928 
        
        
        
        
        
        
          (240,005)
        
        
        
        
        
        
          819,679 
        
        
        
        
        
        
          1,847,293 
        
      
      
        
          Increase (decrease) in payable for securities purchased
        
        
        
        
        
        
          305,561 
        
        
        
        
        
        
          (931,389)
        
        
        
        
        
        
          1,221,105 
        
        
        
        
        
        
          (215,114)
        
        
        
        
        
        
          (46,425)
        
      
      
        
          Increase (decrease) in commercial paper, net
        
        
        
        
        
        
          422,291 
        
        
        
        
        
        
          (9,893)
        
        
        
        
        
        
          395,382 
        
        
        
        
        
        
          (185,154)
        
        
        
        
        
        
          (5,549)
        
      
      
        
          (Decrease) increase in drafts payable, net
        
        
        
        
        
        
          (2,751)
        
        
        
        
        
        
          4,063 
        
        
        
        
        
        
          (3,600)
        
        
        
        
        
        
          (4,028)
        
        
        
        
        
        
          (4,377)
        
      
      
        
          Increase in trust preferred securities
        
        
        
        
        
        
          538 
        
        
        
        
        
        
          53,738 
        
        
        
        
        
        
          29,560 
        
        
        
        
        
        
          48,762 
        
        
        
        
        
        
          330 
        
      
      
        
          Increase (decrease) in notes payable, net
        
        
        
        
        
        
          114,400 
        
        
        
        
        
        
          97,306 
        
        
        
        
        
        
          (20,539)
        
        
        
        
        
        
          6,986 
        
        
        
        
        
        
          11,405 
        
      
      
        
          Proceeds from issuance of common stock
        
        
        
        
        
        
          802 
        
        
        
        
        
        
          211 
        
        
        
        
        
        
          1,068 
        
        
        
        
        
        
          1,127 
        
        
        
        
        
        
          652 
        
      
      
        
          Excess tax benefits from share-based payment arrangements
        
        
        
        
        
        
          297 
        
        
        
        
        
        
          102 
        
        
        
        
        
        
          332 
        
        
        
        
        
        
          1,198 
        
        
        
        
        
        
          - 
        
      
      
        
          Dividends paid
        
        
        
        
           
        
        
          (56,512)
        
        
        
        
           
        
        
          (53,999)
        
        
        
        
           
        
        
          (51,409)
        
        
        
        
           
        
        
          (48,819)
        
        
        
        
           
        
        
          (48,477)
        
      
      
        
        
        
          Net cash provided by (used in) financing activities
        
        
        
        
           
        
        
          1,674,494 
        
        
        
        
           
        
        
          1,276,857 
        
        
        
        
           
        
        
          37,687 
        
        
        
        
           
        
        
          187,750 
        
        
        
        
           
        
        
          (871,852)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net increase (decrease) in cash and cash equivalents
        
        
        
        
        
        
          438,694 
        
        
        
        
        
        
          100,087 
        
        
        
        
        
        
          (6,189)
        
        
        
        
        
        
          (268,323)
        
        
        
        
        
        
          (3,059)
        
      
      
        
          Cash and cash equivalents, beginning of period
        
        
        
        
           
        
        
          398,166 
        
        
        
        
           
        
        
          298,079 
        
        
        
        
           
        
        
          304,268 
        
        
        
        
           
        
        
          572,591 
        
        
        
        
           
        
        
          575,650 
        
      
      
        
          Cash and cash equivalents, end of period
        
        
        
        
          $
        
        
          836,860 
        
        
        
        
          $
        
        
          398,166 
        
        
        
        
          $
        
        
          298,079 
        
        
        
        
          $
        
        
          304,268 
        
        
        
        
          $
        
        
          572,591 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Supplemental disclosure of non-cash investing activities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net transfer of loans held for sale to loans held for investment
        
        
        
        
          $
        
        
          10,135 
        
        
        
        
          $
        
        
          533,184 
        
        
        
        
          $
        
        
          307,431 
        
        
        
        
          $
        
        
          699,519 
        
        
        
        
          $
        
        
          -