Business Context and Reporting Period
Chimera Investment Corporation filed this Form 8-K on May 21, 2015, to voluntarily present selected financial data adjusted for a one-for-five reverse stock split that became effective on April 6, 2015. The filing covers historical periods ending December 31, 2010 through December 31, 2014.
Key Financial Metrics
The following table presents consolidated statements of operations highlights (dollars in thousands, except per share data) as adjusted for the reverse stock split:
| Metric | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|
| Interest Income | $687,795 | $511,783 | $589,440 | $705,024 | $576,100 |
| Interest Expense | $147,785 | $101,999 | $126,558 | $134,858 | $146,448 |
| Net Interest Income | $540,010 | $409,784 | $462,882 | $570,166 | $429,652 |
| Net Income | $589,205 | $362,686 | $327,767 | $137,329 | $248,405 |
| EPS (Basic) | $2.87 | $1.77 | $1.60 | $0.67 | $1.51 |
| Dividends Declared (Per Share) | $1.80 | $2.80 | $1.90 | $2.55 | $3.45 |
The filing does not provide specific data regarding cash flow, debt levels, liquidity ratios, or operating margins beyond the net interest income figures presented.
Material Changes
The primary material change reported is the one-for-five reverse stock split. Consequently, all per-share data and share counts in the historical table have been restated to reflect this capital structure change. Comparing the most recent full year (2014) to the prior year (2013), Net Income increased from $362.7 million to $589.2 million, and Net Interest Income rose from $409.8 million to $540.0 million.
Guidance, Outlook, and Risks
This filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors. It serves strictly as a disclosure of historical financial data adjusted for the reverse stock split. Investors are directed to the company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for detailed management discussion and analysis.
Investor Verification Checklist
- Verify the impact of the one-for-five reverse stock split on current share ownership and trading price.
- Confirm the restated per-share dividend history to ensure accurate yield calculations.
- Review the full Form 10-K for the year ended December 31, 2014, to analyze cash flow, debt maturity schedules, and liquidity positions not included in this summary.
- Assess the trend in Net Interest Income versus Interest Expense to understand margin compression or expansion drivers.