Summarized Quarterly Results

12 Months Ended

Dec. 31, 2012

Note 16 – Summarized Quarterly Results (Unaudited)


	March 31,						June 30,						September 30,						December 31,
	2012			2011			2012			2011			2012			2011			2012			2011
Net interest income:
Interest income from securities	$	5,323		$	6,656		$	3,230		$	6,448		$	3,674		$	6,316		$	3,120		$	5,904
Interest income from commercial mortgage loans		2,234			2,313			2,791			2,297			2,825			2,276			2,930			2,267
Interest income from subordinate loans		5,313			1,909			5,859			3,167			6,144			3,784			7,350			4,817
Interest income from repurchase agreements		1,559			60			2,000			1,552			2,361			1,576			366			1,576
Interest expense		(3,242	)		(3,339	)		(1,929	)		(3,781	)		(1,768	)		(3,716	)		(1,463	)		(3,618	)

Net interest income		11,187			7,599			11,951			9,683			13,236			10,236			12,303			10,946
Operating expenses:
General and administrative expenses		(2,036	)		(1,380	)		(2,762	)		(1,412	)		(2,430	)		(1,297	)		(1,315	)		(1,563	)
Management fees to related party		(1,289	)		(1,088	)		(1,292	)		(1,101	)		(1,518	)		(1,241	)		(2,040	)		(1,297	)

Total operating expenses		(3,325	)		(2,468	)		(4,054	)		(2,513	)		(3,948	)		(2,538	)		(3,355	)		(2,860	)
Interest income from cash balances		1			5			—			3			—			2			6			1
Realized loss on sale of security		262			—			—			—			—			—			—			—
Unrealized gain (loss) on securities		1,385			26			2,078			1,366			3,010			(1,511	)		16			600
Gain (loss) on derivative instruments		(417	)		18			(65	)		(2,019	)		(87	)		(677	)		(2	)		(18	)

Net income (loss)		9,093			5,180			9,910			6,520			12,211			5,512			8,968			8,669

Preferred dividends		—			—			—			—			(1,219	)		—			(1,860	)		—

Net income available to common stockholders	$	9,093		$	5,180		$	9,910		$	6,520			10,992		$	5,512		$	7,108		$	8,669

Basic and diluted net income per share of common stock	$	0.43		$	0.29		$	0.47		$	0.37		$	0.52		$	0.28		$	0.26		$	0.41

Basic and diluted weighted average common shares outstanding		20,966,426			17,670,787			20,991,450			17,684,991			20,992,312			19,966,594			27,297,600			20,989,828
Dividend declared per share of common stock	$	0.40		$	0.40		$	0.40		$	0.40		$	0.40		$	0.40		$	0.40		$	0.40

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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