mcan mortgage corp (MKP) Snapshot

MCAN Mortgage Corp. declared a second quarter regular dividend of $0.28 per share to be paid June 28, 2013 to shareholders of record as of June 14, 2013. The company also announced that Robert Stuebing will not stand for re-election at annual and special meeting of shareholders on May 14, 2013. The company reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income for of $4.5 million, up from $4.4 million in the prior year. Earnings per share were $0.24 compared to $0.26 during the same quarter in the prior year. The impact of expenses related to the proposed acquisition of Xceed Mortgage Corporation reduced income by $722,000 ($0.04 per share) in the quarter. The increase in net income was primarily due to higher equity income from MCAP Commercial LP, lower provisions for credit losses and increased securitization income, partially offset by a lower recovery of income taxes and transaction expenses incurred during the quarter. Taxable income decreased significantly in the current year to $1.3 million ($0.07 per share) from $6.1 million ($0.36 per share) in the prior year. Net investment income was $6.6 million for the quarter, an increase of $3.2 million from $3.4 million during the same quarter in the prior year. The increase was primarily due to higher equity income from MCAP, lower negative fair market value adjustments to derivative financial instruments and a lower provision for credit losses.

MCAN Mortgage Corp. announced that at its AGM to be held on May 14, 2013, the shareholders proposed to consider a special resolution of shareholders to confirm the amendment to section 3.01 of By-Law No. Six and to consider a resolution of shareholders to confirm amendments to sections 1.01(l), 3.02(d), 3.06, 13.01 and 15.01 of By-Law No. Six.

MCAN Mortgage Corp. announced that the Board of Directors declared a first quarter dividend of $0.31 per share to be paid March 28, 2013 to shareholders of record as of March 15, 2013, consisting of the regular dividend of $0.28 per share and an extra dividend of $0.03 per share. The company paid its regular $0.28 per share dividend during the fourth quarter, which was increased from $0.27 in the previous quarter. The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, net investment income - corporate assets mortgage interest was $10,006,000 against $8,845,000 a year ago. Net investment income - securitization assets mortgage interest was $3,099,000 against $4,685,000 a year ago. Net investment income before fair market value adjustment was $837,000 against $1,431,000 a year ago. Net investment income was $8,372,000 against $6,998,000 a year ago. Income before income taxes was $5,902,000 against $5,229,000 a year ago. Net income was $7,342,000 or $0.28 per diluted share against $5,223,000 or $0.27 per diluted share a year ago. The increase from the prior year was due to increases in equity income from MCAP Commercial LP, income from securitization assets and a higher recovery of income taxes, partially offset by an increase in operating expenses. For the full year, net investment income - corporate assets mortgage interest was $41,395,000 against $32,593,000 a year ago. Net investment income - securitization assets mortgage interest was $14,372,000 against $20,718,000 a year ago. Net investment income before fair market value adjustment was $2,778,000 against $5,830,000 a year ago. Net investment income was $25,231,000 against $31,708,000 a year ago. Income before income taxes was $16,237,000 against $24,848,000 a year ago. Net income was $21,493,000 or $1.42 per diluted share against $27,103,000 or $1.81 per diluted share a year ago.