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Section 1: 8-K (MR. COOPER GROUP INC. 8-K)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report:  February 25, 2020
 
Mr. Cooper Group Inc.
(Exact Name of Registrant as Specified in Charter) 

 
Delaware
 
001-14667
 
91-1653725
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)

8950 Cypress Waters Blvd.
Coppell, TX 75019
(Address of Principal Executive Offices, and Zip Code)

469.549.2000
Registrant’s Telephone Number, Including Area Code
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
COOP
The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


 
Item 2.02
Results of Operations and Financial Condition.
 
On February 25, 2020, Mr. Cooper Group Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and for its full fiscal year ended December 31, 2019. A copy of the press release is attached as Exhibit 99.1 and will be published in the Investors section on the Company’s website at www.mrcoopergroup.com. In connection with the release and the related conference call, the Company posted a presentation relating to its fourth quarter and for its full fiscal year ended December 31, 2019 financial results in the Investors section on the Company’s website.
 
The press release and presentation include certain non-generally accepted accounting principles financial measures. Reconciliations to the most directly comparable generally accepted accounting principles financial measures are included in the press release and the presentation.
 
The information furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits


Exhibit
Number
  
Exhibit
   
  
 


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
       
 
Mr. Cooper Group Inc.
   
   
     
Date:  February 25, 2020
By:
 
 /s/ Christopher G. Marshall
   
 
Christopher G. Marshall
Vice Chairman & Chief Financial Officer


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1


Mr. Cooper Group Reports Fourth Quarter 2019 Financial Results

  • Reported $461 million net income or $4.95 per diluted share, including $285 million recovery of valuation allowance and positive $102 million mark-to-market
  • Strong pretax operating income of $125 million, equivalent to a 21.1% after-tax ROTCE
  • Generated Originations pretax income of $138 million on record funded volume of $12.6 billion
  • Servicing UPB portfolio remained stable, ending the quarter at $643 billion
  • Xome reported pretax income of $9 million and pretax operating income of $14 million
  • Tangible book value per diluted share increased from $16.88 to $22.00
  • Subsequent to quarter end, called $100 million of senior notes, issued $600 million in senior notes maturing 2027 with coupon of 6.0%, and redeemed senior notes maturing 2021 and 2022

DALLAS--(BUSINESS WIRE)--February 25, 2020--Mr. Cooper Group Inc. (NASDAQ: COOP) (the “Company”), which principally operates under the Mr. Cooper® and Xome® brands, reported a fourth quarter net income of $461 million or $4.95 per diluted share. Net income included $285 million recovery of deferred tax asset (“DTA”) reserve and positive $102 million in mark-to-market. Excluding the mark-to-market and other items, the Company reported pretax operating income of $125 million. Items excluded from operating income were $102 million in mark-to-market, net of the add back of $31 million in fair value amortization that is included in the full mark-to-market, $6 million in severance charges related to corporate actions, and $12 million of intangible amortization.

Chairman and CEO Jay Bray commented, “This was a strong operating quarter with solid results in Originations and Xome and a stable quarter in servicing, capping a year of tremendous progress for the organization. We successfully delivered on our commitments to integrate recent acquisitions and improve profitability.”

Chris Marshall, vice chairman and CFO, added, “In addition to delivering strong operating performance, we made progress in our balance sheet strategy by deleveraging and building liquidity, which is key to sustaining return on equity and growth over the long term.”


Servicing

The Servicing segment is focused on providing a best-in-class home loan experience for our 3.8 million customers while simultaneously strengthening asset performance for investors. In the fourth quarter, Servicing recorded pretax income of $189 million. The total servicing portfolio remained stable, ending the quarter at $643 billion UPB. Servicing earned pretax operating income excluding the full mark of $87 million, equivalent to a servicing margin of 5.5 bps. At quarter end, the carrying value of the MSR was $3,502 million, of which $3,496 million was at fair value equivalent to 118 bps of MSR UPB and original cost basis of 86 bps.

 


Quarter Ended

($ in millions)


Q3'19

 

Q4'19

 


$

 

BPS

 

$

 

BPS

Operational revenue


$

319

 

 

20.0

 

 

$

316

 

 

20.1

 

Amortization, net of accretion


(73

)

 

(4.6

)

 

(84

)

 

(5.3

)

Mark-to-market


(83

)

 

(5.2

)

 

102

 

 

6.4

 

Total revenues


163

 

 

10.2

 

 

334

 

 

21.2

 

Total expenses


(171

)

 

(10.7

)

 

(135

)

 

(8.6

)

Total other income (expenses), net


17

 

 

1.1

 

 

(10

)

 

(0.6

)

Income before taxes


9

 

 

0.6

 

 

189

 

 

12.0

 

Mark-to-market


83

 

 

5.2

 

 

(102

)

 

(6.5

)

Pretax operating income excluding mark-to-market


$

92

 

 

5.8

 

 

$

87

 

 

5.5

 

 


 

 

 

 

 

 

 

 


Quarter Ended

 


Q3'19

 

Q4'19

Ending UPB ($B)


$

641

 

 

$

643

 

Average UPB ($B)


$

637

 

 

$

630

 

60+ day delinquency rate at period end


2.2

%

 

2.0

%

Annualized CPR


17.5

%

 

19.1

%

Modifications and workouts


8,792

 

 

9,873

 

Originations

The Originations segment focuses on creating servicing assets at attractive margins through existing customer relationships, correspondent, and wholesale originations. Originations earned pretax income of $138 million.

Mr. Cooper funded 51,508 loans in the fourth quarter, totaling approximately $12.6 billion UPB comprised of $5.8 billion in direct-to-consumer, $6.2 billion in correspondent, and $0.6 billion in wholesale. Funded volume increased 5% quarter-over-quarter.


 


Quarter Ended

($ in millions)


Q3'19

 

Q4'19

 


 

 

 

Income before taxes


$

178

 

 

$

138

 









 

 


Quarter Ended

($ in millions)


Q3'19

 

Q4'19

Total pull through adjusted volume


$

12,699

 

 

$

12,537

 

Funded volume


$

11,911

 

 

$

12,559

 

Refinance recapture percentage


38

%

 

39

%

Recapture percentage


25

%

 

29

%

Purchase volume as a percentage of funded volume


39

%

 

32

%

Xome

Xome provides real estate solutions including property disposition, asset management, title, close, valuation, and field services for Mr. Cooper and third-party clients. The Xome segment recorded pretax income of $9 million and pretax operating income of $14 million in the fourth quarter, which excluded severance charges, and intangible amortization.

 


Quarter Ended

($ in millions)


Q3'19

 

Q4'19

Income before taxes


$

14

 

 

$

9

 

Accounting items / other


(4

)

 

3

 

Intangible amortization


3

 

 

2

 

Pretax operating income excluding intangible amortization and accounting items


$

13

 

 

$

14

 

 


Quarter Ended

 


Q3'19

 

Q4'19

Exchange properties sold


2,453

 

 

2,332

 

Average Exchange properties under management


6,688

 

 

11,917

 

Services completed orders


429,128

 

 

403,779

 

Percentage of revenue earned from third-party customers


53

%

 

51

%

Conference Call Webcast and Investor Presentation

The Company will host a conference call on February 25, 2020 at 9:00 A.M. Eastern Time. The conference call may be accessed by dialing 855-874-2685, or 720-634-2923 internationally. Please use the participant passcode 2299433 to access the conference call. A simultaneous audio webcast of the conference call will be available in the Investor section of www.mrcoopergroup.com. A replay will also be available approximately two hours after the conclusion of the conference call by dialing 855-859-2056, or 404-537-3406 internationally. Please use the passcode 2299433 to access the replay. The replay will be accessible through March 11, 2020 at 1:00 P.M. Eastern Time.


Non-GAAP Financial Measures

The Company utilizes non-GAAP financial measures as the measures provide additional information to assist investors in understanding and assessing the Company’s and our business segments’ ongoing performance and financial results, as well as assessing our prospects for future performance. The adjusted operating financial measures facilitate a meaningful analysis and allow more accurate comparisons of our ongoing business operations because they exclude items that may not be indicative of or are unrelated to the Company’s and our business segments’ core operating performance, and are better measures for assessing trends in our underlying businesses. These notable items are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operational and planning decisions and evaluating the Company’s and our business segment’s ongoing performance. Pretax operating income (loss) in the servicing segment eliminates the effects of mark-to-market adjustments which primarily reflects unrealized gains or losses based on the changes in fair value measurements of MSRs and their related financing liabilities for which a fair value accounting election was made. These adjustments, which can be highly volatile and material due to changes in credit markets, are not necessarily reflective of the gains and losses that will ultimately be realized by the Company. Pretax operating income (loss) in each segment also eliminates, as applicable, transition and integration costs, gains (losses) on sales of fixed assets, certain settlement costs that are not considered normal operational matters, intangible amortization, and other adjustments based on the facts and circumstances that would provide investors a supplemental means for evaluating the Company’s core operating performance.

Forward-Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements, including statements regarding the results of deleveraging. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. Certain of these risks and uncertainties are described in the “Risk Factors” section of Mr. Cooper Group’s most recent annual reports and other required documents as filed with the SEC which are available at the SEC’s website at http://www.sec.gov. Mr. Cooper undertakes no obligation to publicly update or revise any forward-looking statement or any other financial information contained herein, and the statements made in this press release are current as of the date of this release only.


MR. COOPER GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(millions of dollars, except for earnings per share data)





 

 


Three Months Ended September 30, 2019

 

Three Months Ended December 31, 2019

Revenues:


 

 

 

Service related, net, excluding mark-to-market


$

341

 

 

$

328

 

Mark-to-market


(83

)

 

102

 

Net gain on mortgage loans held for sale


360

 

 

310

 

Total revenues


618

 

 

740

 

Total expenses


478

 

 

438

 

Other income (expense):


 

 

 

Interest income


163

 

 

146

 

Interest expense


(196

)

 

(207

)

Other expense, net


 

 

(1

)

Total other income (expenses), net


(33

)

 

(62

)

Income before income tax expense (benefit)


107

 

 

240

 

Income tax expense (benefit)


24

 

 

(221

)

Net income


83

 

 

461

 

Net loss attributable to non-controlling interest


(1

)

 

(2

)

Net income attributable to Mr. Cooper Group


84

 

 

463

 

Undistributed earnings attributable to participating stockholders


1

 

 

4

 

Net income attributable to common stockholders


$

83

 

 

$

459

 

 


 

 

 

 


 

 

 

Net income per share attributable to common stockholders:


 

 

 

Basic


$

0.91

 

 

$

5.03

 

Diluted


$

0.90

 

 

$

4.95

 

Weighted average shares of common stock outstanding (in thousands):


 

 

 

Basic


91,080

 

 

91,105

 

Diluted


92,036

 

 

92,599

 


MR. COOPER GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(millions of dollars)





 

 


September 30, 2019

 

December 31, 2019

Assets


 

 

 

Cash and cash equivalents


$

371

 

 

$

329

 

Restricted cash


271

 

 

283

 

Mortgage servicing rights


3,346

 

 

3,502

 

Advances and other receivables, net


967

 

 

988

 

Reverse mortgage interests, net


6,662

 

 

6,279

 

Mortgage loans held for sale at fair value


4,267

 

 

4,077

 

Property and equipment, net


113

 

 

112

 

Deferred tax asset, net


1,032

 

 

1,345

 

Other assets


1,449

 

 

1,390

 

Total assets


$

18,478

 

 

$

18,305

 

 


 

 

 

Liabilities and Stockholders’ Equity


 

 

 

Unsecured senior notes, net


$

2,464

 

 

$

2,366

 

Advance facilities, net


513

 

 

422

 

Warehouse facilities, net


4,802

 

 

4,575

 

Payables and other liabilities


2,002

 

 

2,016

 

MSR related liabilities - nonrecourse at fair value


1,328

 

 

1,348

 

Mortgage servicing liabilities


69

 

 

61

 

Other nonrecourse debt, net


5,533

 

 

5,286

 

Total liabilities


16,711

 

 

16,074

 

Total stockholders’ equity


1,767

 

 

2,231

 

Total liabilities and stockholders’ equity


$

18,478

 

 

$

18,305

 


UNAUDITED SEGMENT STATEMENT OF

OPERATIONS & EARNINGS RECONCILIATION

(millions of dollars, except for earnings per share data)



 

 


Three Months Ended September 30, 2019

 


Servicing

 

Originations

 

Xome

 

Corporate/ Other

 

Elimination

 

Consolidated

 


 

 

 

 

 

 

 

 

 

 

 

Service related, net


$

126

 

 

$

22

 

 

$

112

 

 

$

 

 

$

(2

)

 

$

258

 

Net gain on mortgage loans held for sale


37

 

 

312

 

 

 

 

11

 

 

 

 

360

 

Total revenues


163

 

 

334

 

 

112

 

 

11

 

 

(2

)

 

618

 

Total expenses


171

 

 

155

 

 

101

 

 

53

 

 

(2

)

 

478

 

Other income (expense):


 

 

 

 

 

 

 

 

 

 

 

Interest income


137

 

 

24

 

 

 

 

2

 

 

 

 

163

 

Interest expense


(120

)

 

(24

)

 

 

 

(52

)

 

 

 

(196

)

Other income (expense), net


 

 

(1

)

 

3

 

 

(2

)

 

 

 

 

Total other income (expense), net


17

 

 

(1

)

 

3

 

 

(52

)

 

 

 

(33

)

Pretax income (loss)


$

9

 

 

$

178

 

 

$

14

 

 

$

(94

)

 

$

 

 

$

107

 

Income tax expense


 

 

 

 

 

 

 

 

 

 

24

 

Net income


 

 

 

 

 

 

 

 

 

 

$

83

 

Net loss attributable to noncontrolling interests


 

 

 

 

 

 

 

 

 

 

(1

)

Net income attributable to Mr. Cooper Group


 

 

 

 

 

 

 

 

 

 

$

84

 

Undistributed earnings attributable to participating stockholders


 

 

 

 

 

 

 

 

 

 

1

 

Net income attributable to common stockholders


 

 

 

 

 

 

 

 

 

 

$

83

 

Net income per share


 

 

 

 

 

 

 

 

 

 

 

Basic


 

 

 

 

 

 

 

 

 

 

$

0.91

 

Diluted


 

 

 

 

 

 

 

 

 

 

$

0.90

 

 


 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Reconciliation:


 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss)


$

9

 

 

$

178

 

 

$

14

 

 

$

(94

)

 

$

 

 

$

107

 

Mark-to-market


83

 

 

 

 

 

 

 

 

 

 

83

 

Accounting items / other


 

 

 

 

(4

)

 

5

 

 

 

 

1

 

Intangible amortization


 

 

 

 

3

 

 

9

 

 

 

 

12

 

Pretax income (loss), net of notable items


$

92

 

 

$

178

 

 

$

13

 

 

$

(80

)

 

$

 

 

$

203

 

Fair value amortization(1)


(32

)

 

 

 

 

 

 

 

 

 

(32

)

Pretax operating income (loss)


$

60

 

 

$

178

 

 

$

13

 

 

$

(80

)

 

$

 

 

$

171

 

Income tax expense


 

 

 

 

 

 

 

 

 

 

(41

)

Operating income


 

 

 

 

 

 

 

 

 

 

$

130

 

ROTCE


 

 

 

 

 

 

 

 

 

 

34.5

%

(1) Amount represents additional amortization required under the fair value amortization method over the cost amortization method.


UNAUDITED SEGMENT STATEMENT OF

OPERATIONS & EARNINGS RECONCILIATION

(millions of dollars, except for earnings per share data)

 


Three Months Ended December 31, 2019

 


Servicing

 

Originations

 

Xome

 

Corporate/ Other

 

Elimination

 

Consolidated

 


 

 

 

 

 

 

 

 

 

 

 

Service related, net


$

300

 

 

$

23

 

 

$

106

 

 

$

2

 

 

(1

)

 

$

430

 

Net gain on mortgage loans held for sale


34

 

 

276

 

 

 

 

 

 

 

 

310

 

Total revenues


334

 

 

299

 

 

106

 

 

2

 

 

(1

)

 

740

 

Total expenses


135

 

 

164

 

 

97

 

 

43

 

 

(1

)

 

438

 

Other income (expense):


 

 

 

 

 

 

 

 

 

 

 

Interest income


112

 

 

34

 

 

 

 

 

 

 

 

146

 

Interest expense


(126

)

 

(31

)

 

 

 

(50

)

 

 

 

(207

)

Other income (expense), net


4

 

 

 

 

 

 

(5

)

 

 

 

(1

)

Total other income (expense), net


(10

)

 

3

 

 

 

 

(55

)

 

 

 

(62

)

Pretax income (loss)


$

189

 

 

$

138

 

 

$

9

 

 

$

(96

)

 

$

 

 

$

240

 

Income tax benefit


 

 

 

 

 

 

 

 

 

 

(221

)

Net income


 

 

 

 

 

 

 

 

 

 

$

461

 

Net loss attributable to noncontrolling interests


 

 

 

 

 

 

 

 

 

 

(2

)

Net income attributable to Mr. Cooper Group


 

 

 

 

 

 

 

 

 

 

$

463

 

Undistributed earnings attributable to participating stockholders


 

 

 

 

 

 

 

 

 

 

4

 

Net income attributable to common stockholders


 

 

 

 

 

 

 

 

 

 

$

459

 

Net income per share


 

 

 

 

 

 

 

 

 

 

 

Basic


 

 

 

 

 

 

 

 

 

 

$

5.03

 

Diluted


 

 

 

 

 

 

 

 

 

 

$

4.95

 

 


 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Reconciliation:


 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss)


189

 

 

138

 

 

9

 

 

(96

)

 

 

 

$

240

 

Mark-to-market


(102

)

 

 

 

 

 

 

 

 

 

(102

)

Accounting items / other


 

 

 

 

3

 

 

3

 

 

 

 

6

 

Intangible amortization


 

 

 

 

2

 

 

10

 

 

 

 

12

 

Pretax income (loss), net of notable items


$

87

 

 

$

138

 

 

$

14

 

 

$

(83

)

 

$

 

 

$

156

 

Fair value amortization(1)


(31

)

 

 

 

 

 

 

 

 

 

(31

)

Pretax operating income (loss)


$

56

 

 

$

138

 

 

$

14

 

 

$

(83

)

 

$

 

 

$

125

 

Income tax expense


 

 

 

 

 

 

 

 

 

 

(30

)

Operating income


 

 

 

 

 

 

 

 

 

 

$

95

 

ROTCE


 

 

 

 

 

 

 

 

 

 

21.1

%

(1) Amount represents additional amortization required under the fair value amortization method over the cost amortization method.


UNAUDITED SEGMENT STATEMENT OF

OPERATIONS & EARNINGS RECONCILIATION

(millions of dollars, except for earnings per share data)



 

 


Year Ended December 31, 2019

 


Servicing

 

Originations

 

Xome

 

Corporate/ Other

 

Elimination

 

Consolidated

 


 

 

 

 

 

 

 

 

 

 

 

Service related, net


$

408

 

 

$

80

 

 

$

422

 

 

$

2

 

 

$

(3

)

 

$

909

 

Net gain on mortgage loans held for sale


124

 

 

963

 

 

 

 

11

 

 

 

 

1,098

 

Total revenues


532

 

 

1,043

 

 

422

 

 

13

 

 

(3

)

 

2,007

 

Total expenses


690

 

 

568

 

 

398

 

 

198

 

 

(3

)

 

1,851

 

Other income (expense):


 

 

 

 

 

 

 

 

 

 

 

Interest income


500

 

 

98

 

 

 

 

7

 

 

 

 

605

 

Interest expense


(469

)

 

(98

)

 

 

 

(212

)

 

 

 

(779

)

Other income (expense), net


4

 

 

4

 

 

14

 

 

(7

)

 

 

 

15

 

Total other income (expense), net


35

 

 

4

 

 

14

 

 

(212

)

 

 

 

(159

)

Pretax (loss) income


$

(123

)

 

$

479

 

 

$

38

 

 

$

(397

)

 

$

 

 

$

(3

)

Income tax benefit


 

 

 

 

 

 

 

 

 

 

(273

)

Net income


 

 

 

 

 

 

 

 

 

 

$

270

 

Net loss attributable to noncontrolling interests


 

 

 

 

 

 

 

 

 

 

(4

)

Net income attributable to Mr. Cooper Group


 

 

 

 

 

 

 

 

 

 

$

274

 

Undistributed earnings attributable to participating stockholders


 

 

 

 

 

 

 

 

 

 

2

 

Net income attributable to common stockholders


 

 

 

 

 

 

 

 

 

 

$

272

 

Net income per share


 

 

 

 

 

 

 

 

 

 

 

Basic


 

 

 

 

 

 

 

 

 

 

$

2.99

 

Diluted


 

 

 

 

 

 

 

 

 

 

$

2.95

 

 


 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Reconciliation:


 

 

 

 

 

 

 

 

 

 

 

Pretax (loss) income


(123

)

 

479

 

 

38

 

 

(397

)

 

 

 

$

(3

)

Mark-to-market


505

 

 

 

 

 

 

 

 

 

 

505

 

Accounting items / other


(9

)

 

 

 

(12

)

 


8

 

 

 

 

(13

)

Merger related costs


 

 

 

 

 

 

37

 

 

 

 

37

 

Intangible amortization


 

 

 

 

11

 

 

39

 

 

 

 

50

 

Pretax income (loss), net of notable items


$

373

 

 

$

479

 

 

$

37

 

 

$

(313

)

 

$

 

 

$

576

 

Fair value amortization(1)


(114

)

 

 

 

 

 

 

 

 

 

(114

)

Pretax operating income (loss)


$

259

 

 

$

479

 

 

$

37

 

 

$

(313

)

 

$

 

 

$

462

 

Income tax expense


 

 

 

 

 

 

 

 

 

 

(112

)

Operating income


 

 

 

 

 

 

 

 

 

 

$

350

 

ROTCE


 

 

 

 

 

 

 

 

 

 

21.7

%

(1) Amount represents additional amortization required under the fair value amortization method over the cost amortization method.

 

Contacts

Investor Contact:
Kenneth Posner, SVP Strategic Planning and Investor Relations
(469) 426-3633
[email protected]

Media Contact:
Christen Reyenga, VP Corporate Communications
[email protected]

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