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08.08.2016 22:20
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Redwood Trust Reports Second Quarter 2016 Results
Eine Tageszeitung (Symbolbild).
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PR Newswire
MILL VALLEY, Calif., Aug. 8, 2016
MILL VALLEY, Calif., Aug. 8, 2016 /PRNewswire/ -- Redwood Trust, Inc. (NYSE:RWT) today reported net income for the second quarter of 2016 of $41 million, or $0.48 per fully diluted share. This compares to net income of $12 million, or $0.15 per fully diluted share, for the first quarter of 2016 and net income of $27 million, or $0.31 per fully diluted share, for the second quarter of 2015. Redwood also reported non-GAAP core earnings for the second quarter of 2016 of $40 million, or $0.47 per fully diluted share. This compares to core earnings of $37 million, or $0.44 per fully diluted share, for the first quarter of 2016.
A reconciliation of GAAP earnings to core earnings, along with additional information about Redwood's core earnings measure, is included in the tables that follow. A further discussion of core earnings is included in the Management's Discussion and Analysis section of Redwood's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016.
Redwood also reported estimated REIT taxable income of $28 million, or $0.36 per share, for the second quarter of 2016. This compares to estimated REIT taxable income of $17 million, or $0.23 per share, for the first quarter of 2016 and estimated REIT taxable income of $18 million, or $0.21 per share, for the second quarter of 2015.
At June 30, 2016, Redwood reported GAAP book value per share of $14.20, as compared to $14.17 at March 31, 2016, and $14.67 at December 31, 2015.
For the full year of 2016, Redwood continues to expect GAAP earnings to fall within a range of $1.20 - $1.50 per share. Additional details on Redwood's 2016 earnings outlook are provided in the second quarter Redwood Review, which is available on the company's website at www.redwoodtrust.com.
Redwood will host an earnings call today, August 8, 2016, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its second quarter 2016 financial results. The number to dial in order to listen to the conference call is 1-888-801-6507 in the U.S. and Canada. International callers must dial 1-913-312-0654. Callers should reference call ID #9114709. A replay of the call will be available through midnight on August 8, 2016, and can be accessed by dialing 1-877-870-5176 in the U.S. and Canada or 1-858-384-5517 internationally and entering access code #9114709. Live audio of the conference call will also be accessible over the internet at www.redwoodtrust.com, where a link to the call will be posted on Redwood's home page. To listen to the call over the internet, go to the Redwood website at least 15 minutes before the call to register and to download and install any needed audio software. An audio replay of the call will also be available on Redwood's website following the call.
Additional information on Redwood's business, financial results, and taxable income can be found in The Redwood Review, a quarterly publication available on Redwood's website at www.redwoodtrust.com. In order to complete the formatting of its Quarterly Report on Form 10-Q with eXtensible Business Reporting Language (XBRL) tags, Redwood plans to file this Quarterly Report with the Securities and Exchange Commission by Tuesday, August 9, 2016, and make it available on Redwood's website.
Cautionary Statement: This press release and the related conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Redwood's 2016 earnings outlook, expected 2016 GAAP earnings, statements related to estimates of 2016 REIT taxable income, and the expected timing for the filing of Redwood's Quarterly Report on Form 10-Q. Forward-looking statements involve numerous risks and uncertainties. Redwood's actual results may differ from Redwood's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K under the caption "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Important factors, among others, that may affect our actual results in 2016 include: interest rate volatility, changes in credit spreads, and changes in liquidity in the market for real estate securities and loans; changes in the demand from investors for residential mortgages and investments, and our ability to distribute an increased volume of residential mortgages through our whole-loan distribution channel; our ability to finance our investments in securities and our acquisition of residential mortgages with short-term debt; the availability of assets for purchase at attractive risk-adjusted returns and our ability to reinvest the proceeds from the potential sale of securities and investments we hold; changes in the values of assets we own; higher than expected operating expenses due to delays or decreases in the realization of expected operating expense reductions related to the repositioning of our conforming mortgage banking activities and commercial loan origination activities; and other unforeseen expenses.
| REDWOOD TRUST, INC. | |||||||||||||||||||||
| | | | | | | | | | | | | ||||||||||
| Consolidated Income Statements (1) | | Second | | First | | Fourth | | Third | | Second | | ||||||||||
| ($ in millions, except share and per share data) | | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | ||||||||||
| | | 2016 | | 2016 | | 2015 | | 2015 | | 2015 | | ||||||||||
| | | | | | | | | | | | | ||||||||||
| Interest income | | $ | 67 | | | $ | 62 | | | $ | 69 | | | $ | 63 | | | $ | 63 | | |
| Interest expense | | (22) | | | (24) | | | (25) | | | (24) | | | (23) | | | |||||
| Net interest income | | 44 | | | 38 | | | 44 | | | 40 | | | 40 | | | |||||
| Reversal of provision for loan losses | | 7 | | | — | | | — | | | — | | | — | | | |||||
| Net interest income after provision | | 51 | | | 38 | | | 44 | | | 40 | | | 41 | | | |||||
| Non-interest income (loss) | | | | | | | | | | | | ||||||||||
| Mortgage banking activities, net | | 8 | | | 7 | | | — | | | 1 | | | 7 | | | |||||
| MSR income, net | | 3 | | | 6 | | | 3 | | | 4 | | | 1 | | | |||||
| Investment fair value changes, net | | (11) | | | (20) | | | (4) | | | (14) | | | (2) | | | |||||
| Other income | | 2 | | | 1 | | | 1 | | | — | | | 1 | | | |||||
| Realized gains, net | | 10 | | | 10 | | | 20 | | | 6 | | | 6 | | | |||||
| Total non-interest income (loss) | | 11 | | | 4 | | | 20 Werbung Mehr Nachrichten zur Redwood Trust Inc Aktie kostenlos abonnieren
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