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22.11.2016 04:08:00
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Sutherland Asset Management Corporation Announces Third Quarter 2016 Results
NEW YORK, Nov. 21, 2016 /PRNewswire/ -- Sutherland Asset Management Corporation (NYSE: SLD) today reported financial results for the quarter ended September 30, 2016. On October 31, 2016, Sutherland Asset Management Corporation, a private mortgage REIT ("Sutherland"), merged with and into a subsidiary of ZAIS Financial Corp. (the "Merger"), with ZAIS Financial Corp. surviving the merger and changing its name to Sutherland Asset Management Corporation (the "Company"), as described in greater detail in the Current Report on Form 8-K filed by the Company on November 4, 2016. The Company today reported financial results of Sutherland for the quarter ended September 30, 2016. ZAIS Financial Corp. separately reported its financial results for the quarter ended September 30, 2016 on October 25, 2016 in a Current Report on Form 8-K filed on such date.
Third Quarter Highlights:
- Core earnings of $10.1 million, or $0.30 per share of common stock
- Net income of $9.6 million, or $0.28 per share of common stock
- Declared dividend of $0.30 per share of common stock. Total dividends declared year-to-date represent a 9.9% annualized dividend yield based on December 31, 2015 book value per share of common stock
- Net Book Value of $14.38 per share of common stock as of September 30, 2016
- Completed merger with ZAIS Financial Corp on October 31, 2016 increasing the Company's stockholders' equity to approximately $561 million and delivering liquidity to stockholder base
- Pro-forma Net Book Value of $17.07 per share of common stock, post-closing of the ZAIS merger
- Originated $153.6 million of loans during the quarter
- Robust pipeline with substantial acquisition opportunities
A summary of Sutherland's operating results for the quarter ended September 30, 2016 is presented below. Sutherland reported U.S. GAAP net income attributable to common stockholders for the three months ended September 30, 2016 of $9.6 million, or $0.28 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $10.1 million, or $0.30 per share of common stock. Sutherland previously announced a dividend of $0.30 per share of common stock and operating partnership unit ("OP unit").
The Company issued a full detailed presentation of its third quarter 2016 results, which can be viewed at www.sutherlandam.com.
Common Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock and OP unit for the quarter ended September 30, 2016 to common stockholders and OP unit holders of record as of October 14, 2016. The dividend was paid on October 25, 2016.
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized gains (losses) related to mortgage backed securities and non-recurring expenses.
The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.
The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended September 30, 2016:
(in millions) | |
Net Income | $ 9.6 |
Reconciling items: | |
Unrealized (gain) loss on mortgage-backed securities | (0.7) |
Merger transaction costs | 0.9 |
Employee severance | 0.3 |
Total reconciling items | 0.5 |
Core earnings | $ 10.1 |
Earnings Conference Call
Management will host a conference call on Tuesday, November 22, 2016 at 10:00 am EDT to provide a general business update and discuss the financial results for the quarter ended September 30, 2016. Supplemental financial data is attached hereto. The conference call can be accessed by dialing (888) 267-2860. The passcode is 374125.
A replay of the call will be available approximately two hours after the live call and will be available through December 6, 2016. To access the replay, dial (800) 332-6854. The passcode is 374125.
The live broadcast of the Company's quarterly conference call will also be available online at the Company's website, www.sutherlandam.com, on Tuesday, November 22, 2016, beginning at 10:00 am EDT. The online replay will follow shortly after the call and will be available for approximately one year.
In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, the Company uses its website as a channel of distribution of material Company information. Financial and other material information regarding the Company is routinely posted on the Company's website and is readily accessible.
Safe Harbor Statement
This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; risks associated with acquisitions, including the integration and implementation of the Merger; risks associated with achieving expected revenue synergies, cost savings and other benefits from the Merger and the increased scale of the combined company; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's Registration Statement on Form S-4, the most recent Annual Report on Form 10-K filed with the SEC on March 10, 2016, Form 10-K/A filed with the SEC on April 29, 2016 and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Additional information can be found on the Company's website at www.sutherlandam.com.
SUTHERLAND ASSET MANAGEMENT CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||
(In Thousands) | September 30, 2016 | December 31, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 38,458 | $ | 41,569 | ||
Restricted cash | 15,935 | 14,757 | ||||
Short term investments | 249,997 | 249,989 | ||||
Loans, held for sale, at fair value | 23,314 | — | ||||
Loans, held at fair value | 233,618 | 155,134 | ||||
Loans, held-for-investment (net of allowances for loan losses of $11,629 at | 923,465 | 927,218 | ||||
Mortgage backed securities, at fair value | 34,812 | 213,504 | ||||
Real estate acquired in settlement of loans | 6,275 | 8,224 | ||||
Derivative instruments, at fair value | 363 | 723 | ||||
Servicing rights | 23,351 | 27,250 | ||||
Intangible assets | 1,000 | 1,000 | ||||
Assets of consolidated VIEs: | ||||||
Cash and cash equivalents | 77 | 26 | ||||
Restricted cash | 904 | 1,362 | ||||
Loans, held-for-investment (net of allowances for loan losses of $3,352 at | 543,857 | 633,720 | ||||
Real estate acquired in settlement of loans | 3,734 | 5,257 | ||||
Accrued interest | 2,252 | 2,557 | ||||
Due from servicers | 3,508 | 6,121 | ||||
Deferred financing costs | 3,645 | 4,788 | ||||
Accrued interest | 5,037 | 5,258 | ||||
Due from servicers | 14,893 | 14,208 | ||||
Receivable from related parties | 2 | 4 | ||||
Receivable from third parties | 7,285 | 608 | ||||
Other assets | 12,896 | 5,179 | ||||
Assets of discontinued operations held for sale | — | 11,325 | ||||
Total Assets | $ | 2,148,678 | $ | 2,329,781 | ||
Liabilities: | ||||||
Borrowings under credit facilities | 228,000 | 175,306 | ||||
Promissory note payable | 9,040 | — | ||||
Securitized debt obligations of consolidated VIEs | 374,816 | 461,522 | ||||
Borrowings under repurchase agreements | 581,773 | 644,137 | ||||
Guaranteed loan financing | 415,417 | 499,187 | ||||
Repair and denial reserve | 6,849 | 8,071 | ||||
Liability under subservicing agreements | 7,576 | 8,827 | ||||
Liability under participation agreements | 2,803 | 3,700 | ||||
Accrued salaries, wages and commissions | 5,503 | 7,067 | ||||
Payable to related parties | 2,592 | 2,305 | ||||
Derivative instruments, at fair value | 3,415 | 1,499 | ||||
Dividends payable | — | 13,366 | ||||
Accounts payable and other accrued liabilities | 26,265 | 17,695 | ||||
Liabilities of discontinued operations held for sale | — | 6,886 | ||||
Total Liabilities | $ | 1,664,049 | $ | 1,849,568 | ||
Stockholders' Equity | ||||||
Common stock, $0.01 par value, 450,000,000 share authorized, 30,960,370 and | 309 | 308 | ||||
Preferred stock, $1,000 par value, 125 shares authorized, 125 shares issued | 125 | 125 | ||||
Additional paid-in capital | 449,075 | 446,787 | ||||
Retained earnings (deficit) | (4,276) | (5,899) | ||||
Total Sutherland Asset Management Corporation equity | 445,233 | 441,321 | ||||
Non-controlling interests | 39,396 | 38,892 | ||||
Total Stockholders' Equity | $ | 484,629 | $ | 480,213 | ||
Total Liability and Stockholders' Equity | $ | 2,148,678 | $ | 2,329,781 | ||
SUTHERLAND ASSET MANAGEMENT CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In Thousands, except share data) | 2016 | 2015 | 2016 | 2015 | ||||||||
Interest income | ||||||||||||
Loans, held-for-investment | $ | 27,009 | $ | 31,623 | $ | 90,118 | $ | 88,710 | ||||
Loans, held at fair value | 3,950 | 4,947 | 9,784 | 12,287 | ||||||||
Loans, held for sale, at fair value | 164 | 94 | 352 | 148 | ||||||||
Mortgage backed securities, at fair value | 767 | 2,981 | 4,028 | 8,998 | ||||||||
Total interest income | 31,890 | 39,645 | 104,282 | 110,143 | ||||||||
Interest expense | ||||||||||||
Borrowings under credit facilities | (2,367) | (1,350) | (6,397) | (6,869) | ||||||||
Promissory note payable | (18) | — | (85) | — | ||||||||
Securitized debt obligations of consolidated VIEs | (4,233) | (2,996) | (13,174) | (7,261) | ||||||||
Borrowings under repurchase agreements | (4,141) | (4,355) | (11,686) | (12,372) | ||||||||
Guaranteed loan financing | (3,338) | (4,923) | (10,701) | (8,210) | ||||||||
Total interest expense | (14,097) | (13,624) | (42,043) | (34,712) | ||||||||
Net interest income before provision for loan losses | 17,793 | 26,021 | 62,239 | 75,431 | ||||||||
Provision for loan losses | (488) | (4,112) | (4,689) | (15,859) | ||||||||
Net interest income after provision for loan losses | 17,305 | 21,909 | 57,550 | 59,572 | ||||||||
Other income (expense) | ||||||||||||
Other income | 1,729 | 3,999 | 5,335 | 9,985 | ||||||||
Servicing income, net of amortization and impairment of $1,850 and $6,079 for | 1,661 | 994 | 4,420 | 5,377 | ||||||||
Employee compensation and benefits | (4,822) | (4,934) | (14,005) | (14,015) | ||||||||
Allocated employee compensation and benefits from related party | (900) | (596) | (2,700) | (1,808) | ||||||||
Professional fees | (3,120) | (1,567) | (8,573) | (5,827) | ||||||||
Management fees – related party | (1,793) | (1,841) | (5,464) | (5,424) | ||||||||
Incentive fees – related party | — | (681) | — | (1,073) | ||||||||
Loan servicing expense | (1,830) | (771) | (3,889) | (3,640) | ||||||||
Operating expenses | (3,373) | (3,448) | (11,185) | (8,349) | ||||||||
Total other income (expense) | (12,448) | (8,845) | (36,061) | (24,774) | ||||||||
Net realized gain on financial instruments | 2,454 | 2,989 | 3,720 | 2,368 | ||||||||
Net unrealized gain (loss) on financial instruments | 3,557 | (325) | 5,800 | 2,855 | ||||||||
Net income from continued operations before income tax provisions | 10,868 | 15,728 | 31,009 | 40,021 | ||||||||
Provision for income taxes | (1,297) | (2,682) | (3,326) | (5,179) | ||||||||
Net income from continued operations | 9,571 | 13,046 | 27,683 | 34,842 | ||||||||
Discontinued operations | ||||||||||||
Loss from discontinued operations (including gain on disposal of $267 for nine | — | (857) | (576) | (2,683) | ||||||||
Income tax benefit | — | 1,243 | 225 | 3,740 | ||||||||
Income (loss) from discontinued operations | — | 386 | (351) | 1,057 | ||||||||
Net income | 9,571 | 13,432 | 27,332 | 35,899 | ||||||||
Less: Net income attributable to non-controlling interest | 777 | 1,118 | 2,217 | 2,871 | ||||||||
Net income attributable to Sutherland Asset Management Corporation | $ | 8,794 | $ | 12,314 | $ | 25,115 | $ | 33,028 | ||||
Earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 0.28 | $ | 0.39 | $ | 0.82 | $ | 1.05 | ||||
Discontinued operations | $ | — | $ | 0.01 | $ | (0.01) | $ | 0.03 | ||||
Basic weighted average shares outstanding | 30,960,370 | 30,539,376 | 30,960,370 | 30,539,376 | ||||||||
SUTHERLAND ASSET MANAGEMENT CORPORATION UNAUDITED SEGMENT REPORTING FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 | ||||||||||||
SBA Loan | ||||||||||||
Investment | New Loan | Origination | ||||||||||
(In Thousands) | Activities | Origination | and Servicing | Consolidated | ||||||||
Interest income | ||||||||||||
Loans, held-for-investment | $ | 15,793 | 1,015 | 10,201 | $ | 27,009 | ||||||
Loans, held at fair value | 633 | 3,317 | — | 3,950 | ||||||||
Loans, held for sale, at fair value | — | 164 | — | 164 | ||||||||
Mortgage backed securities, at fair value | 767 | — | — | 767 | ||||||||
Total interest income | 17,193 | 4,496 | 10,201 | 31,890 | ||||||||
Interest expense | ||||||||||||
Borrowings under credit facilities | (1,838) | (14) | (515) | (2,367) | ||||||||
Promissory note payable | (18) | — | — | (18) | ||||||||
Securitized debt obligations | (3,887) | — | (346) | (4,233) | ||||||||
Borrowings under repurchase agreements | (2,300) | (1,841) | — | (4,141) | ||||||||
Guaranteed loan financing | — | — | (3,338) | (3,338) | ||||||||
Total interest expense | (8,043) | (1,855) | (4,199) | (14,097) | ||||||||
Net interest income before provision for loan losses | 9,150 | 2,641 | 6,002 | 17,793 | ||||||||
Provision for loan losses | 153 | — | (641) | (488) | ||||||||
Net interest income after provision for loan losses | 9,303 | 2,641 | 5,361 | 17,305 | ||||||||
Other income (expense) | ||||||||||||
Other income | 844 | 1,404 | (519) | 1,729 | ||||||||
Servicing income | 6 | 135 | 1,520 | 1,661 | ||||||||
Employee compensation and benefits | 96 | (2,351) | (2,567) | (4,822) | ||||||||
Allocated employee compensation and benefits from related party | (542) | (204) | (154) | (900) | ||||||||
Professional fees | (1,797) | (422) | (901) | (3,120) | ||||||||
Management fees – related party | (1,080) | (406) | (307) | (1,793) | ||||||||
Loan servicing expense | (1,473) | (191) | (166) | (1,830) | ||||||||
Operating expenses | (729) | (1,595) | (1,049) | (3,373) | ||||||||
Total other income (expense) | (4,675) | (3,630) | (4,143) | (12,448) | ||||||||
Net realized gain (loss) on financial instruments | 423 | 542 | 1,489 | 2,454 | ||||||||
Net unrealized gain (loss) on financial instruments | 802 | 2,755 | — | 3,557 | ||||||||
Net income (loss) before income tax provisions | 5,853 | 2,308 | 2,707 | 10,868 | ||||||||
Provisions for income taxes | 145 | (487) | (955) | (1,297) | ||||||||
Net income (loss) from continuing operations | $ | 5,998 | $ | 1,821 | $ | 1,752 | $ | 9,571 | ||||
Loss from discontinued operations | — | |||||||||||
Net income | $ | 9,571 | ||||||||||
Less: Net income attributable to non-controlling interests | 777 | |||||||||||
Net income attributable to Sutherland Asset Management | $ | 8,794 | ||||||||||
Total Assets | $ | 1,282,303 | $ | 241,148 | $ | 625,227 | $ | 2,148,678 | ||||
SUTHERLAND ASSET MANAGEMENT CORPORATION UNAUDITED SEGMENT REPORTING FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 | ||||||||||||
SBA Loan | ||||||||||||
Investment | New Loan | Origination | ||||||||||
(In Thousands) | Activities | Origination | and Servicing | Consolidated | ||||||||
Interest income | ||||||||||||
Loans, held-for-investment | $ | 51,047 | 3,082 | 35,989 | $ | 90,118 | ||||||
Loans, held at fair value | 1,806 | 7,978 | — | 9,784 | ||||||||
Loans, held for sale, at fair value | — | 352 | — | 352 | ||||||||
Mortgage backed securities, at fair value | 4,028 | — | — | 4,028 | ||||||||
Total interest income | 56,881 | 11,412 | 35,989 | 104,282 | ||||||||
Interest expense | ||||||||||||
Borrowings under credit facilities | (4,926) | (14) | (1,457) | (6,397) | ||||||||
Promissory note payable | (85) | — | — | (85) | ||||||||
Securitized debt obligations | (12,022) | — | (1,152) | (13,174) | ||||||||
Borrowings under repurchase agreements | (6,463) | (5,223) | — | (11,686) | ||||||||
Guaranteed loan financing | — | — | (10,701) | (10,701) | ||||||||
Total interest expense | (23,496) | (5,237) | (13,310) | (42,043) | ||||||||
Net interest income before provision for loan losses | 33,385 | 6,175 | 22,679 | 62,239 | ||||||||
Provision for loan losses | (3,370) | — | (1,319) | (4,689) | ||||||||
Net interest income after provision for loan losses | 30,015 | 6,175 | 21,360 | 57,550 | ||||||||
Other income (expense) | ||||||||||||
Other income | 1,740 | 2,694 | 901 | 5,335 | ||||||||
Servicing income | 41 | 371 | 4,008 | 4,420 | ||||||||
Employee compensation and benefits | (95) | (6,805) | (7,105) | (14,005) | ||||||||
Allocated employee compensation and benefits from related party | (1,596) | (605) | (499) | (2,700) | ||||||||
Professional fees | (4,523) | (1,108) | (2,942) | (8,573) | ||||||||
Management fees – related party | (3,229) | (1,225) | (1,010) | (5,464) | ||||||||
Loan servicing expense | (3,817) | (504) | 432 | (3,889) | ||||||||
Operating expenses | (2,998) | (5,128) | (3,059) | (11,185) | ||||||||
Total other income (expense) | (14,477) | (12,310) | (9,274) | (36,061) | ||||||||
Net realized gain (loss) on financial instruments | (2,017) | 2,311 | 3,426 | 3,720 | ||||||||
Net unrealized gain (loss) on financial instruments | 4,011 | 1,789 | — | 5,800 | ||||||||
Net income (loss) before income tax provisions | 17,532 | (2,035) | 15,512 | 31,009 | ||||||||
Provisions for income taxes | 145 | 2,003 | (5,474) | (3,326) | ||||||||
Net income (loss) from continuing operations | $ | 17,677 | $ | (32) | $ | 10,038 | $ | 27,683 | ||||
Loss from discontinued operations | (351) | |||||||||||
Net income | $ | 27,332 | ||||||||||
Less: Net income attributable to non-controlling interests | 2,217 | |||||||||||
Net income attributable to Sutherland Asset Management | $ | 25,115 | ||||||||||
Total Assets | $ | 1,282,303 | $ | 241,148 | $ | 625,227 | $ | 2,148,678 | ||||
Media contact: Frederick Herbst, rherbst@waterfallam.com
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sutherland-asset-management-corporation-announces-third-quarter-2016-results-300367107.html
SOURCE Sutherland Asset Management Corporation
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