OREANDA-NEWS. CYS Investments, Inc. (NYSE: CYS) ("CYS", "we", "our", or the "Company") today announced financial results for the quarter ended (the "Fourth Quarter") and the year ended December 31, 2015.

Fourth Quarter 2015 Highlights

  • December 31, 2015 book value per common share of $9.36, after declaring a $0.26 dividend per common share on December 8, 2015.
  • GAAP net loss available to common stockholders of $(3.6) million, or $(0.02) per diluted common share.
  • Core earnings plus drop income of $44.5 million ($40.8 million core earnings and $3.7 million drop income), or $0.29 per diluted common share ($0.27 core earnings and $0.02 drop income).
  • Interest rate spread net of hedge, including drop income, of 1.43%.
  • Net realized and unrealized loss on investments of $(138.4) million.
  • Net realized and unrealized gain on swap and cap contracts of $92.0 million.
  • December 31, 2015 leverage ratio of 6.77 to 1.
  • Operating expenses of $3.3 million, or 0.75% of average stockholders' equity.
  • Weighted-average amortized cost of Agency RMBS and U.S. Treasuries (collectively, "Debt Securities") of $103.69.
  • Constant Prepayment Rate ("CPR") of 8.1% for the quarter.
  • Repurchased 3,055,784 shares of the Company's common stock for an aggregate purchase price of approximately $23.1 million at a weighted-average price of $7.54 per share.
  • The Company's duration gap extended to 0.74 at December 31, 2015 from 0.66 at September 30, 2015.

Full Year 2015 Highlights

  • Total dividends of $1.10 per common share.
  • GAAP net loss available to common stockholders of $(25.6) million, or $(0.17) per diluted common share.
  • Core earnings plus drop income of $176.8 million, ($144.2 million core earnings and $32.6 million drop income), or $1.13 per diluted common share ($0.92 core earnings and $0.21 drop income).
  • Interest rate spread net of hedge, including drop income, of 1.40%.
  • Net realized and unrealized loss on investments of $(116.1) million.
  • Net realized and unrealized loss on swap and cap contracts of $(54.9) million.
  • Operating expenses of $20.8 million, or 1.12% of average stockholders' equity, a decrease from $22.9 million, or 1.19% for the year ended December 31, 2014.
  • Repurchased 10,559,493 shares of the Company's common stock for an aggregate purchase price of approximately $87.7 million at a weighted-average price of $8.28 per share.