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Orchid Island Capital, Inc. (ORC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Orchid Island Capital, Inc.

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CIK: 1518621 Ticker: ORC
EXHIBIT 99.1



ORCHID ISLAND CAPITAL ANNOUNCES THIRD QUARTER 2018 RESULTS

VERO BEACH, Fla. (October 25, 2018) – Orchid Island Capital, Inc. (NYSE:ORC) ("Orchid" or the "Company"), a real estate investment trust ("REIT"), today announced results of operations for the three month period ended September 30, 2018.

Third Quarter 2018 Highlights

·
Net loss of $3.0 million, or $0.06 per common share, which consists of:
·
Net interest income of $20.2 million, or $0.39 per common share
·
Total expenses of $3.0 million, or $0.06 per common share
·
Net realized and unrealized losses of $20.1 million, or $0.39 per share, on RMBS and derivative instruments, including net interest income on interest rate swaps
·
Third quarter total dividends declared and paid of $0.25 per common share
·
Book value per share of $7.56 at September 30, 2018
·
0.6% economic loss on common equity for the quarter, or 2.5% annualized, comprised of $0.25 dividend per common share and $0.30 decrease in net book value per common share, divided by beginning book value per share
·
Company to discuss results on Friday, October 26, 2018, at 10:00 AM ET
·
Supplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company's website at www.orchidislandcapital.com

Details of Third Quarter 2018 Results of Operations

The Company reported net loss of $3.0 million for the three month period ended September 30, 2018, compared with net income of $15.2 million for the three month period ended September 30, 2017.  The third quarter net loss included net interest income of $20.2 million, net portfolio losses of $20.1 million (which includes realized and unrealized losses on RMBS and derivative instruments, and net interest income realized on interest rate swaps), management fees and allocated overhead of $1.9 million, audit, legal and other professional fees of $0.2 million, and other operating, general and administrative expenses of $0.9 million.

Capital Allocation and Return on Invested Capital

The Company allocates capital to two RMBS sub-portfolios, the pass-through RMBS portfolio ("PT RMBS"), and the structured RMBS portfolio, consisting of interest only ("IO") and inverse interest-only ("IIO") securities.  As of June 30, 2018, approximately 65% of the Company's investable capital (which consists of equity in pledged PT RMBS, available cash and unencumbered assets) was deployed in the PT RMBS portfolio.  At September 30, 2018, the allocation to the PT RMBS portfolio remained at approximately 65%.

The following information was filed by Orchid Island Capital, Inc. (ORC) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Orchid Island Capital, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Orchid Island Capital, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statement Of Stockholders' Equity, (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity, (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows, (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation (Policies)
Capital Stock
Capital Stock (Tables)
Capital Stock - Cash Dividends Declared (Details)
Capital Stock - Completed Public Offerings Ofcommon Stock (Details)
Capital Stock - Share Repurchase Progam (Narrative) (Details)
Cash And Cash Equivalents And Restricted Cash (Tables)
Committments And Contingencies
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Effect On The Consolidated Statements Of Operations (Details)
Derivative Financial Instruments - Eurodollar And T-Note Futures Positions (Details)
Derivative Financial Instruments - Interest Rate Swap Positions (Details)
Derivative Financial Instruments - Schedule Of Derivative Assets And Liabilties (Details)
Derivative Financial Instruments - Tba Positions (Details)
Derivative Financial Intstruments - Summary Of Outstanding Swaptions (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnings Per Share - (Narrative) (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets - Assets And Liabilities Recorded At Fair Value On Recurring Basis (Details)
Income Taxes
Mortgage-Backed Securities
Mortgage-Backed Securities (Tables)
Mortgage-Backed Securities - Rmbs Portfolio (Details)
Mortgage-Backed Securities - Rmbs Portfolio By Contractual Maturities (Details)
Offsetting Assets And Liabilities
Offsetting Assets And Liabilities (Tables)
Offsetting Assets And Liabilities - Offsetting Of Assets (Details)
Offsetting Assets And Liabilities - Offsetting Of Liabilties (Details)
Organization And Siginificant Accounting Policies - Cash And Cash Equivalents And Restricted Cash (Details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies - Capital Raising Activities (Narrative) (Details)
Organization And Significant Accounting Policies - Cash And Cash Equivalents And Restricted Cash (Narrative) (Details)
Organization And Significant Accounting Policies - Organization And Business Description (Narrative) (Details)
Pledged Assets
Pledged Assets (Tables)
Pledged Assets - Assets Pledged By Counterparties (Details)
Pledged Assets - Assets Pledged To Counterparties (Details)
Related Party Transactions
Related Party Transactions - Management Agreement (Narrative) (Details)
Related Party Transactions - Other Relationships (Narrative) (Details)
Repurchase Agreements And Other Borrowings
Repurchase Agreements And Other Borrowings - Remaining Maturities (Details)
Repurchase Agreements And Other Borrowings (Narrative) (Details)
Repurchase Agreements And Other Borrowings (Tables)
Stock Incentive Plan
Stock Incentive Plan - (Narrative) (Details)
Stock Incentive Plan - (Narrative, Continued) (Details)
Stock Incentive Plan - Descriptions Of Plans (Details)
Stock Incentive Plans (Tables)

Material Contracts, Statements, Certifications & more

Orchid Island Capital, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: ORC
CIK: 1518621
Form Type: 10-Q Quarterly Report
Accession Number: 0001275477-18-000150
Submitted to the SEC: Fri Oct 26 2018 10:36:59 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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