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Annaly Capital Management, Inc. Reports Core EPS for

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Annaly Capital Management, Inc. Announces Dates of Third Quarter 2014 Financial Results and Conference Call "Business Wire" - 10/23/2014 4:05:00 PM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 10/1/2014 4:05:48 PM
Annaly Capital Management, Inc. Announces Conversion Rate Adjustment for 4.00% Convertible Senior Notes Due 2015 "Business Wire" - 10/1/2014 4:05:00 PM
Annaly Capital Management, Inc. Announces 3rd Quarter 2014 Dividend of $0.30 per Share "Business Wire" - 9/18/2014 4:05:00 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 8/14/2014 4:28:17 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 8/11/2014 5:29:12 PM
Annaly Capital Management, Inc. Announces Preferred Dividends "Business Wire" - 8/11/2014 4:05:00 PM
Quarterly Report (10-q) "Edgar (US Regulatory)" - 8/7/2014 5:06:50 PM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 8/6/2014 4:08:05 PM
Annaly Capital Management, Inc. Reports 2nd Quarter 2014 Results "Business Wire" - 8/6/2014 4:05:00 PM
Annaly Capital Management, Inc. Announces Dates of Second Quarter 2014 Financial Results and Conference Call "Business Wire" - 7/24/2014 4:05:00 PM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 7/2/2014 4:06:41 PM
Annaly Capital Management, Inc. Announces Conversion Rate Adjustment for 4.00% Convertible Senior Notes Due 2015 "Business Wire" - 7/2/2014 4:05:00 PM
Annaly Capital Management, Inc. Announces 2nd Quarter 2014 Dividend of $0.30 per Share "Business Wire" - 6/19/2014 4:05:00 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 6:00:24 PM
Initial Statement of Beneficial Ownership (3) "Edgar (US Regulatory)" - 5/27/2014 5:01:56 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:27:59 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:19:12 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:12:47 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:11:13 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:09:58 PM
Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 5/27/2014 4:08:37 PM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 5/22/2014 4:07:12 PM
Quarterly Report (10-q) "Edgar (US Regulatory)" - 5/8/2014 5:30:21 PM
Annaly Capital Management, Inc. Announces Net Lease Initiative with Inland Real Estate Group "Business Wire" - 5/8/2014 4:05:00 PM
RainmanOregon   Wednesday, 10/27/10 05:34:03 PM
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Annaly Capital Management, Inc. Reports Core EPS for the 3rd Quarter 2010 of $0.60 Annaly Mortgage (NYSE:NLY)
Today : Wednesday 27 October 2010
Annaly Capital Management, Inc. (NYSE: NLY) today reported Core Earnings for the quarter ended September 30, 2010, of $371.1 million or $0.60 per average share available to common shareholders as compared to Core Earnings of $413.3 million or $0.75 per average share available to common shareholders for the quarter ended September 30, 2009, and Core Earnings of $335.7 million or $0.59 per average share available to common shareholders for the quarter ended June 30, 2010. “Core Earnings” represents a non-GAAP measure and is defined as net income excluding impairment losses, loss on receivable from prime broker, gains or losses on sales of securities and termination of interest rate swaps, unrealized gains or losses on interest rate swaps, and unrealized gains or losses on trading securities. On a GAAP basis, net loss for the quarter ended September 30, 2010, was $14.1 million or $0.03 per average share related to common shareholders as compared to net income of $285.2 million or $0.51 per average share related to common shareholders for the quarter ended September 30, 2009, and net loss of $218.2 million or $0.40 per average share available to common shareholders for the quarter ended June 30, 2010.

During the quarter ended September 30, 2010, the Company sold or had called $3.1 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $62.0 million. During the quarter ended September 30, 2009, the Company sold $194.3 million of mortgage-backed securities and agency debentures, resulting in a realized gain of $591,000. During the quarter ended June 30, 2010, the Company sold $2.7 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $39.0 million.

Common dividends declared for the quarter ended September 30, 2010, were $0.68 per share, which include gains on sale of mortgage-backed securities and agency debentures, as compared to $0.69 per share for the quarter ended September 30, 2009, and $0.68 per share for the quarter ended June 30, 2010. The annualized dividend yield on the Company’s common stock for the quarter ended September 30, 2010, based on the September 30, 2010 closing price of $17.60, was 15.45%. On a Core Earnings basis, the Company provided an annualized return on average equity of 15.35% for the quarter ended September 30, 2010, as compared to 18.27% for the quarter ended September 30, 2009, and 13.89% for the quarter ended June 30, 2010. On a GAAP basis, the Company provided an annualized loss on average equity of 0.58% for the quarter ended September 30, 2010, as compared to an annualized return on average equity of 12.60% for the quarter ended September 30, 2009, and an annualized loss on average equity of 9.03% for the quarter ended June 30, 2010.

During the quarter ended September 30, 2010, the Company completed a public offering of 60,000,000 shares of common stock. The estimated net proceeds of the offering were approximately $1.0 billion, net of offering expenses.

Michael A.J. Farrell, Chairman, Chief Executive Officer and President of Annaly, commented on the Company’s results. “Macroeconomic, regulatory and legislative uncertainties continue to cast a shadow over the market and the results of market participants. Of these, the Federal Reserve’s use of unconventional tools in order to stoke a recovery is having the most tangible effect, in particular its commitment to keep the Fed Funds rate at or near zero and its apparent intent to make additional large scale asset purchases: The yield curve is flattening in the shorter maturities, rising inflation expectations are keeping the long end steep, and in mortgages there is heightened uncertainty over cash flows. A consequence of this combination is a historically lucrative and persistent net interest spread. We continue to prudently execute the asset selection and hedging components of managing this key aspect of our portfolio management efforts. In addition, the sustained support of asset prices by the central bank will likely continue to ripple through all capital markets activity and impact return expectations across the spectrum of financial, commodity and hard assets. With this backdrop, I am confident about our company’s ability to continue to offer a relatively attractive return profile and build a portfolio for long-term performance.”

For the quarter ended September 30, 2010, the annualized yield on average interest-earning assets was 4.06% and the annualized cost of funds on the average interest-bearing liabilities was 1.95%, which resulted in an average interest rate spread of 2.11%. This is a 54 basis point decrease from the 2.65% annualized interest rate spread for the quarter ended September 30, 2009, and a 5 basis point decrease from the 2.16% average interest rate spread for the quarter ended June 30, 2010. At September 30, 2010, the weighted average yield on interest-earning assets was 3.86% and the weighted average cost of funds on interest-bearing liabilities, including the effect of interest rate swaps, was 1.94%, which resulted in an interest rate spread of 1.92%. Leverage at September 30, 2010, was 6.4:1 compared to 6.0:1 at September 30, 2009, and 5.9:1 at June 30, 2010.

Fixed-rate mortgage-backed securities and agency debentures comprised 84% of the Company’s portfolio at September 30, 2010. The balance of the mortgage-backed securities and agency debentures was comprised of 14% adjustable-rate mortgages and 2% LIBOR floating-rate collateralized mortgage obligations. At September 30, 2010, the Company had entered into interest rate swaps with a notional amount of $25.9 billion, or 35% of the mortgage-backed securities and agency debentures portfolio. Changes in the unrealized gains or losses on the interest rate swaps are reflected in the Company’s consolidated statement of operations. The purpose of the swaps is to mitigate the risk of rising interest rates that affect the Company’s cost of funds. Since the Company receives a floating rate on the notional amount of the swaps, the effect of the swaps is to lock in a spread relative to the cost of financing. As of September 30, 2010, substantially all of the Company’s Investment Securities were Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities and agency debentures, which carry an actual or implied “AAA” rating.

“We witnessed the effects of market conditions on the mark-to-market values of our investment securities and our interest rate swap book,” said Wellington Denahan-Norris, Annaly’s Vice Chairman, Chief Investment Officer and Chief Operating Officer. “Prepayment speeds declined as the Agencies completed their buyouts of delinquent mortgages in the prior quarter, but portfolio asset yields declined as overall market rates edged lower. Interest rate spreads remain wide as the cost of funds fell as well. As we prudently evaluate investment opportunities, we will continue our vigilant efforts to protect our portfolio from the market consequences—intended or otherwise—of regulatory and policy decisions through our hedging and portfolio strategy. After taking into account the effect of interest rate swaps, our portfolio of mortgage-backed securities and agency debentures was comprised of 37% floating-rate, 14% adjustable-rate and 49% fixed-rate assets.”

The following table summarizes portfolio information for the Company:

September 30, September 30, June 30,
2010 2009 2010
Leverage at period-end 6.4:1 6.0:1 5.9:1
Fixed-rate mortgage-backed securities and agency debentures as a percentage of portfolio 84% 71% 82%
Adjustable-rate mortgage-backed securities and agency debentures as a percentage of portfolio 14% 24% 16%
Floating-rate mortgage-backed securities and agency debentures as a percentage of portfolio 2% 5% 2%
Notional amount of interest rate swaps as a percentage of mortgage-backed securities and agency debentures 35% 32% 38%
Annualized yield on average interest-earning assets during the quarter 4.06% 4.89% 4.16%
Annualized cost of funds on average interest-bearing liabilities during the quarter 1.95% 2.24% 2.00%
Annualized interest rate spread during the quarter 2.11% 2.65% 2.16%
Weighted average yield on interest-earning assets at period-end 3.86% 4.55% 3.65%
Weighted average cost of funds on interest-bearing liabilities at period-end 1.94% 2.15% 2.09%
Interest rate spread at period-end 1.92% 2.40% 1.56%
Weighted average receive rate on interest rate swaps at period-end 0.31% 0.28% 0.38%
Weighted average pay rate on interest rate swaps at period-end 3.34% 3.98% 3.48%

The Constant Prepayment Rate was 20% during the third quarter of 2010, as compared to 21% during the third quarter of 2009, and 32% during the second quarter of 2010. The weighted average purchase price of the Company’s mortgage-backed securities and agency debentures was 102.6% at September 30, 2010. The net amortization of premiums and accretion of discounts on mortgage-backed securities and agency debentures for the quarters ended September 30, 2010, June 30, 2010 and September 30, 2009, was $155.9 million, $75.1 million, and $137.2 million, respectively. The total net premium remaining unamortized at September 30, 2010, September 30, 2009, and June 30, 2010, was $2.3 billion, $1.1 billion, and $1.8 billion, respectively.

General and administrative expenses as a percentage of average assets were 0.22%, 0.19% and 0.23% for the quarters ended September 30, 2010, September 30, 2009, and June 30, 2010, respectively. At September 30, 2010, September 30, 2009, and June 30, 2010, the Company had a common stock book value per share of $15.16, $16.52 and $16.89, respectively.

At September 30, 2010, Annaly’s wholly-owned registered investment advisors had under management approximately $12.1 billion in net assets and $19.8 billion in gross assets, as compared to $11.3 billion in net assets and $22.6 billion in gross assets at September 30, 2009 and $12.1 billion in net assets and $18.8 billion in gross assets at June 30, 2010. For the quarter ended September 30, 2010, the investment advisors earned investment advisory and service fees, net of fees paid to distributors, of $15.3 million, as compared to $14.1 million for the quarter ended September 30, 2009 and $13.9 million for the quarter ended June 30, 2010.

Annaly manages assets on behalf of institutional and individual investors worldwide. The Company’s principal business objective is to generate net income for distribution to investors from its Investment Securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”), and currently has 621,859,075 shares of common stock outstanding.

The Company will hold the third quarter 2010 earnings conference call on Thursday October 28, 2010 at 10:00 a.m. EST. The number to call is 800-561-2693 for domestic calls and 617-614-3523 for international calls and the pass code is 46941497. The replay number is 888-286-8010 for domestic calls and 617-801-6888 for international calls and the pass code is 53379330. The replay is available for 48 hours after the earnings call. There will be a web cast of the call on www.annaly.com. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on Investor Relations, then select Investor Information and complete the E-Mail notification form.

This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements which are based on various assumptions (some of which are beyond our control) may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "anticipate," "continue," or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability of mortgage-backed securities for purchase, the availability of financing and, if available, the terms of any financing, changes in the market value of our assets, changes in business conditions and the general economy, changes in government regulations affecting our business, our ability to maintain our qualification as a REIT for federal income tax purposes, risks associated with the broker-dealer business of our subsidiary, and risks associated with the investment advisory business of our subsidiaries, including the removal by clients of assets they manage, their regulatory requirements and competition in the investment advisory business. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. We do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)


September 30,
June 30, March 31, December 31,
September 30,
2010
2010 2010 2009((1))
2009
(Unaudited
(Unaudited) (Unaudited)
(Unaudited)
ASSETS

Cash and cash equivalents $ 289,486 $ 327,979 $ 905,955 $ 1,504,568 $ 1,723,341
Reverse repurchase agreements with affiliate - 82,678 255,580 328,757 226,264
Reverse repurchase agreements 757,722 226,098 276,586 425,000 100,000
Mortgage-Backed Securities, at fair value 76,174,141 69,422,400 67,239,930 64,805,725 66,837,761
Agency debentures, at fair value 2,046,371 2,390,429 2,931,945 915,752 625,615
Investments with affiliates 245,659 230,268 242,788 242,198 239,740
U.S. Treasury Securities, at fair value 754,993 87,352 - - -
Securities borrowed 251,242 242,242 60,132 29,077 -
Receivable for Mortgage Backed Securities sold 1,637,542 78,581 359,636 732,134 -
Accrued interest and dividends receivable 345,153 322,853 327,666 318,919 332,861
Receivable from Prime Broker 3,272 3,272 3,272 3,272 16,886
Receivable for advisory and service fees 15,138 13,359 11,714 12,566 12,807
Intangible for customer relationships, net 9,590 9,891 10,191 10,491 10,791
Goodwill 27,917 27,917 27,917 27,917 27,917
Interest rate swaps, at fair value - - - 5,417 -
Other derivative contracts, at fair value 186 - - - -
Other assets 26,351 42,665 65,850 14,397 8,695

Total assets $82,584,763 $73,507,984 $72,719,162 $69,376,190 $70,162,678

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:
Repurchase agreements $61,040,668 $56,386,835 $53,784,480 $54,598,129 $55,842,840
Payable for Mortgage-Backed Securities and agency debentures purchased
8,165,941
4,867,945
7,498,712
4,083,786
3,644,420

Convertible Senior Notes 600,000 600,000 600,000 - -
U.S. Treasury Securities sold, not yet purchased, at fair value 691,593 26,207 - - -
Accrued interest payable 113,837 99,366 88,346 89,460 97,693
Dividends payable 422,036 380,636 363,785 414,851 381,411
Securities loaned 251,332 242,242 60,377 29,057 -
Accounts payable and other liabilities 51,440 33,815 70,290 10,005 37,991
Interest rate swaps, at fair value 1,604,639 1,174,788 608,688 533,362 788,065
Other Derivative contracts, at fair value - 216 - - -

Total liabilities 72,941,486 63,812,050 63,074,678 59,758,650 60,792,420

6.00% Series B Cumulative Convertible Preferred Stock: 4,600,000 shares authorized, 2,306,537, 2,603,969, 2,603,969, 2,604,614, and 2,604,614 shares issued and outstanding, respectively




55,891




63,098




63,098




63,114




63,114


Stockholders’ Equity:
7.875% Series A Cumulative Redeemable Preferred Stock: 7,412,500 authorized, 7,412,500 shares issued and outstanding


177,088


177,088


177,088


177,088


177,088

Common stock, par value $.01 per share, 987,987,500 authorized, 620,640,708, 559,763,825, 559,668,624, 553,134,877 and 552,778,531 issued and outstanding, respectively






6,206




5,598




5,597




5,531




5,528

Additional paid-in capital 8,994,954 7,937,738 7,935,151 7,817,454 7,811,356
Accumulated other comprehensive income 1,877,537 2,540,201 1,887,852 1,891,317 1,959,994
Accumulated deficit (1,468,399) (1,027,789) (424,302) (336,964) (646,822)

Total stockholders’ equity 9,587,386 9,632,836 9,581,386 9,554,426 9,307,144

Total liabilities, Series B Cumulative Convertible Preferred Stock and stockholders’ equity
$82,584,763
$73,507,984
$72,719,162
$69,376,190
$70,162,678


(1) Derived from the audited financial statements at December 31,2009.


ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

(dollars in thousands, except per share data)


For the quarters ended
September 30,
June 30, March 31, December 31, September 30,

2010 2010 2010 2009 2009
Interest income:
Mortgage-Backed Securities and agency debentures $700,964 $642,782 $653,935 $751,560 $744,523
Securities loaned 1,261 860 454 103 -
U.S. Treasury Securities 751 40 - - -
Total interest income 702,976 643,682 654,389 751,663 744,523

Interest expense:
Repurchase agreements 105,393 96,975 92,089 101,632 124,653
Interest rate swaps 188,636 175,535 180,838 185,040 183,124
Convertible Senior Notes 7,033 6,966 3,195 - -
Securities borrowed 1,047 742 387 92 -
U.S. Treasury Securities sold, not yet purchased 459 24 - - -
Total interest expense 302,568 280,242 276,509 286,764 307,777

Net interest income 400,408 363,440 377,880 464,899 436,746

Other (loss) income
Investment advisory and service fees 15,343 13,863 12,546 14,835 14,620
Gain on sale of Investment Securities 61,986 39,041 46,962 91,150 591
Dividend income 8,097 7,330 7,964 7,647 5,398
Loss on receivable from Prime Broker(1) - - - (13,613) -
Unrealized (loss) gain on interest rate swaps (448,253) (593,038) (116,732) 212,456 (128,687)
Net gain on trading securities 1,082 77 - - -
Income from underwriting 915 500 - - -
Total other (loss) income (360,830) (532,227) (49,260) 312,475 (108,078)

Expenses
Distribution fees - - 360 418 478
General and administrative expenses 43,430 41,540 40,021 36,880 33,344
Total expenses 43,430 41,540 40,381 37,298 33,822

(Loss) income before income from equity method investment
and income taxes
(3,852) (210,327) 288,239 740,076 294,846

Income (loss) from equity method investment 868 935 140 (252) -

Income taxes (11,076) (8,837) (7,314) (10,489) (9,657)

Net (loss) income (14,060) (218,229) 281,065 729,335 285,189

Dividends on preferred stock 4,515 4,625 4,625 4,625 4,625

Net (loss) income (related) available to common shareholders ($18,575) ($222,854) $276,440 $724,710 $280,564

Net (loss) income (related) available per share to common
shareholders:

Basic ($0.03) ($0.40) $0.50 $1.31 $0.51
Diluted ($0.03) ($0.40) $0.49 $1.30 $0.51

Weighted average number of common shares outstanding:
Basic 611,904,518 559,700,836 554,995,092 552,917,499 547,611,480
Diluted 611,904,518 559,700,836 575,859,564 559,336,066 553,376,285

Net (loss) income ($14,060) ($218,229) $281,065 $729,335 $285,189
Other comprehensive(loss) income:
Unrealized (loss) gain on available-for-sale securities (617,998) 664,621 7,416 (25,190) 542,396
Unrealized gain on interest rate swaps 18,402 26,846 36,081 47,663 56,055
Reclassification adjustment for gains included in net
income
(63,068)
(39,118)
(46,962)
(91,150)
(591)

Other comprehensive (loss) income (662,664) 652,349 (3,465) (68,677) 597,860
Comprehensive (loss) income ($676,724) $434,120 $277,600 $660,658 $883,049

(1) The Company invested $45,000,000 in an equity fund and has redeemed $56,000,000. Assets of the fund still remain at the prime broker, Lehman Brothers International (Europe) (in administration) (“LBIE”), which is in bankruptcy and the ultimate recovery of such amount remains uncertain. The Company has entered into the Claims Resolution Agreement between Lehman Brothers International (Europe) (in administration) and certain eligible offerees effective December 29, 2009 with respect to these assets (the “CRA”). Given the great degree of uncertainty as to the status of the Company’s assets, other than specific assets that remain directly in the control of LBIE that the Company has valued in accordance with the CRA, the Company has valued the assets at an 80% discount.


ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

(dollars in thousands, except per share data)



For the nine months ended
September 30, 2010 September 30, 2009
Interest income
Mortgage-Backed Securities and agency debentures $1,997,681 $2,170,939
Securities loaned 2,575 -
U.S. Treasury Securities 791
Total interest income 2,001,047 2,170,939

Interest expense
Repurchase agreements 294,457 474,235
Interest rate swaps 545,009 534,763
Convertible Senior Notes 17,194 -
Securities borrowed 2,176 -
U.S. Treasury Securities sold, not yet purchased 483 -
Total interest expense 859,319 1,008,998

Net interest income 1,141,728 1,161,941

Other (loss) income
Investment advisory and service fees 41,752 34,117
Gain on sale of Investment Securities 147,989 7,978
Dividend income 23,391 9,537
Unrealized (loss) gain on interest rate swaps (1,158,023) 137,065
Net gain on trading securities 1,159 -
Income from underwriting 1,415 -
Total other (loss) income (942,317) 188,697

Expenses
Distribution fees 360 1,338
General and administrative expenses 124,991 93,272
Total expenses 125,351 94,610

Income before income from equity method investment and
income taxes
74,060 1,256,028

Income from equity method investment 1,943 -

Income taxes (27,227) (23,892)

Net income 48,776 1,232,136

Dividend on preferred stock 13,765 13,876

Net income available to common shareholders $35,011 $1,218,260

Net income available per share to
common shareholders:

Basic $0.06 $2.24
Diluted $0.06 $2.22

Weighted average number of common shares outstanding:
Basic 575,742,043 544,970,392
Diluted 575,958,563 550,913,871

Net income $48,776 $1,232,136
Other comprehensive (loss) income:
Unrealized gain on available-for-sale securities 54,039 1,538,587
Unrealized gain on interest rate swaps 81,329 177,155
Reclassification adjustment for gains included in net income (149,148) (7,978)
Other comprehensive (loss) income (13,780) 1,707,764
Comprehensive income $34,996 $2,939,900



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