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SEC Filings

10-K
AGNC INVESTMENT CORP. filed this Form 10-K on 02/23/2012
Entire Document
 


 
Quarter Ended
 
March 31,
2010
 
June 30,
2010

 
September 30,
2010
 
December 31,
2010
Interest income:
 
 
 
 
 
 
 
Interest income
$
38,797

 
$
50,589

 
$
62,600

 
$
101,019

Interest expense
15,510

 
17,348

 
18,531

 
24,637

Net interest income
23,287

 
33,241

 
44,069

 
76,382

Other income:
 
 
 
 
 
 
 
Gain on sale of agency securities, net
27,408

 
29,585

 
24,565

 
10,451

Gain (loss) on derivative instruments and other securities, net
5,920

 
(21,867
)
 
(3,733
)
 
58,069

Total other income, net
33,328

 
7,718

 
20,832

 
68,520

Expenses:
 
 
 
 
 
 
 
Management fees
1,784

 
2,314

 
2,697

 
4,483

General and administrative expenses
1,681

 
1,787

 
1,926

 
2,134

Total expenses
3,465

 
4,101

 
4,623

 
6,617

Income before taxes
53,150

 
36,858

 
60,278

 
138,285

Provision for income taxes

 

 
250

 
205

Net income
53,150

 
36,858

 
60,028

 
138,080

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss) on available-for-sale securities, net
1,933

 
59,484

 
11,660

 
(137,045
)
Unrealized (loss) gain on derivative instruments, net
(13,476
)
 
(38,906
)
 
(38,620
)
 
67,187

Other comprehensive income (loss)
(11,543
)
 
20,578

 
(26,960
)
 
(69,858
)
Comprehensive income
$
41,607

 
$
57,436

 
$
33,068

 
$
68,222

Weighted average number of common shares outstanding-basic and diluted
25,002

 
29,872

 
35,495

 
55,291

Net income per common share - basic and diluted
$
2.13

 
$
1.23

 
$
1.69

 
$
2.50

Comprehensive income per share - basic and diluted
$
1.66

 
$
1.92

 
$
0.93

 
$
1.23

Dividends declared per common share
$
1.40

 
$
1.40

 
$
1.40

 
$
1.40


Note 11. Subsequent Event  
On February 6, 2012, our Board of Directors declared a first quarter 2012 dividend of $1.25 per share payable on April 27, 2012 to common shareholders of record as of March 7, 2012, with an ex-dividend date of March 5, 2012.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
None.

Item 9A. Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange Act of 1934, as amended (the “Exchange Act”) reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” as promulgated under the Exchange Act and the rules and regulations there under. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.


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