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Dec 31, 2022
AGNC Q4 2022 Earnings Report
Announced financial results for the quarter ended December 31, 2022.
Key Takeaways
AGNC Investment Corp. reported a comprehensive income of $1.17 per common share for Q4 2022, driven by a recovery in Agency MBS valuations. The company's tangible net book value per common share increased by 8.4% to $9.84, and it generated a 12.3% economic return on tangible common equity.
Comprehensive income per common share was $1.17, including $0.93 net income and $0.24 other comprehensive income.
Net spread and dollar roll income per common share was $0.74, excluding estimated 'catch-up' premium amortization cost.
Tangible net book value per common share increased to $9.84, an 8.4% increase from the previous quarter.
The company generated a 12.3% economic return on tangible common equity for the quarter.
Forward Guidance
AGNC anticipates a constructive investment environment for Agency MBS due to favorable mortgage spreads, manageable supply, and declining interest rate volatility.
Positive Outlook
- Mortgage spreads remain well above historical averages.
- Supply of Agency MBS to the private sector should be manageable.
- Interest rate volatility should decline as the Federal Reserve slows the pace of rate hikes.
- Favorable investment environment for Agency MBS may prove to be more durable than previous episodes.
- AGNC is well-positioned to generate attractive returns for shareholders without compromising risk management.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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