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Radian Announces First Quarter 2019 Financial Results
— GAAP net income increases to $171 million; diluted net income per
share grows 50% year-over-year to $0.78 —
— Adjusted diluted net operating income per share increases 24%
year-over-year to $0.73 —
— MI in force increases 10% year-over-year to $224 billion —
— Book value per share grows 24% year-over-year to $17.49 —
— Company purchases shares of its common stock under most recent
share repurchase program —
— In April, company enhances risk profile and improves capital
position with closing of $562 million ILN transaction; improves
financial flexibility with additional $375 million return of capital
from Radian Guaranty to Radian Group —
PHILADELPHIA–(BUSINESS WIRE)–Radian Group Inc. (NYSE: RDN) today reported net income for the quarter
ended March 31, 2019, of $171.0 million, or $0.78 per diluted share.
This compares to net income for the quarter ended March 31, 2018, of
$114.5 million, or $0.52 per diluted share.
Key Financial Highlights (dollars in millions, except |
|||||||||
Quarter Ended March 31, |
Quarter Ended March 31, |
Percent |
|||||||
Net income (1) | $171.0 | $114.5 | 49% | ||||||
Diluted net income per share | $0.78 | $0.52 | 50% | ||||||
Consolidated pretax income | $216.1 | $142.4 | 52% | ||||||
Adjusted pretax operating income (2) | $202.1 | $164.1 | 23% | ||||||
Adjusted diluted net operating |
$0.73 | $0.59 | 24% | ||||||
Net premiums earned – mortgage insurance | $261.8 | $242.6 | 8% | ||||||
MI New Insurance Written (NIW) | $10,900 | $11,664 | (7)% | ||||||
MI primary insurance in force | $223,734 | $204,025 | 10% | ||||||
Book value per share | $17.49 | $14.16 | 24% | ||||||
Return on Equity (1)(3) | 19.0% | 15.1% | 26% | ||||||
Adjusted Net Operating Return on Equity (2) | 17.7% | 17.1% | 4% | ||||||
(1) |
Net income for the first quarter of 2019 includes a $21.9 |
|
(2) |
Adjusted results, including adjusted pretax operating income, |
|
(3) |
Calculated by dividing annualized net income by average |
|
Adjusted pretax operating income for the quarter ended March 31, 2019,
was $202.1 million, compared to $164.1 million for the quarter ended
March 31, 2018. Adjusted diluted net operating income per share for the
quarter ended March 31, 2019, was $0.73, an increase of 24 percent
compared to $0.59 for the quarter ended March 31, 2018.
Book value per share at March 31, 2019, was $17.49, an increase of 7
percent compared to $16.34 at December 31, 2018, and an increase of 24
percent compared to $14.16 at March 31, 2018. A $78.4 million after-tax
change in accumulated other comprehensive income, due to net unrealized
gains on investment securities, increased book value per share by $0.37
during the first quarter of 2019.
“I am pleased to report on another excellent first quarter for Radian,
with net income of $171 million, return on equity of 19%, and the fifth
consecutive quarter of 10% year-over-year growth in our mortgage
insurance in-force portfolio, which grew to $224 billion. These results
are driven by the fundamental strength of our business model,” said
Radian’s Chief Executive Officer Rick Thornberry. “We continue to
enhance our risk profile and improve our financial flexibility, and are
pleased that our strong financial position has afforded us the
opportunity to return value more quickly to our stockholders through our
share repurchases.”
FIRST QUARTER HIGHLIGHTS
-
Mortgage insurance NIW was $10.9 billion for the quarter, representing
a decrease of 14 percent compared to $12.7 billion in the fourth
quarter of 2018 and a decrease of 7 percent compared to $11.7 billion
in the prior-year quarter.-
Of the $10.9 billion in NIW in the first quarter of 2019, 83
percent was written with monthly and other recurring premiums
compared to 83 percent in the fourth quarter of 2018, and 79
percent a year ago. -
Borrower-paid originations accounted for 95 percent of total NIW
in the first quarter of 2019, compared to 94 percent in the fourth
quarter of 2018, and 83 percent a year ago. -
Purchase originations accounted for 92 percent of total NIW in the
first quarter of 2019, compared to 95 percent in the fourth
quarter of 2018, and 89 percent a year ago.
-
Of the $10.9 billion in NIW in the first quarter of 2019, 83
-
Total primary mortgage insurance in force as of March 31, 2019, grew
to $223.7 billion, an increase of 1 percent compared to $221.4 billion
as of December 31, 2018, and an increase of 10 percent compared to
$204.0 billion as of March 31, 2018.-
Radian’s mortgage insurance portfolio consists of 94 percent of
new business written after 2008, including those loans that
successfully completed the Home Affordable Refinance Program
(HARP). -
Persistency, which is the percentage of mortgage insurance that
remains in force after a 12-month period, was 83.4 percent as of
March 31, 2019, compared to 83.1 percent as of December 31, 2018,
and 81.0 percent as of March 31, 2018. -
Annualized persistency for the three months ended March 31, 2019,
was 85.4 percent, compared to 85.5 percent for the three months
ended December 31, 2018, and 84.3 percent for the three months
ended March 31, 2018.
-
Radian’s mortgage insurance portfolio consists of 94 percent of
-
Net mortgage insurance premiums earned were $261.8 million for the
quarter ended March 31, 2019, compared to $259.7 million for the
quarter ended December 31, 2018, and $242.6 million for the quarter
ended March 31, 2018.-
Mortgage insurance in force premium yield was 48.6 basis points in
the first quarter of 2019, compared to 49.0 basis points in the
fourth quarter of 2018 and 48.7 basis points in the first quarter
of 2018. -
Total net mortgage insurance premium yield, which includes the
impact of ceded premiums and accrued profit commission, was 47.0
basis points in the first quarter of 2019, compared to 47.4 basis
points in the fourth quarter of 2018, and 47.9 basis points in the
first quarter of 2018. -
Additional details regarding notable variable items impacting
premiums earned may be found in Exhibit D.
-
Mortgage insurance in force premium yield was 48.6 basis points in
-
The mortgage insurance provision for losses was $20.8 million in the
first quarter of 2019, compared to $27.1 million in the fourth quarter
of 2018, and $37.4 million in the prior-year quarter.-
The number of primary delinquent loans was 20,122 as of March 31,
2019, a decrease of 5 percent compared to 21,093 as of
December 31, 2018 and a decrease of 18 percent compared to 24,597
as of March 31, 2018. -
The primary mortgage insurance delinquency rate decreased to 2.0
percent in the first quarter of 2019, compared to 2.1 percent in
the fourth quarter of 2018, and 2.5 percent in the first quarter
of 2018. -
The loss ratio in the first quarter of 2019 was 8.0 percent,
compared to 10.4 percent in the fourth quarter of 2018, and 15.4
percent in the first quarter of 2018. -
Mortgage insurance loss reserves were $385.4 million as of
March 31, 2019, compared to $397.9 million as of December 31,
2018, and $485.2 million as of March 31, 2018.
-
The number of primary delinquent loans was 20,122 as of March 31,
-
Total mortgage insurance claims paid were $34.6 million in the first
quarter of 2019, compared to $39.7 million in the fourth quarter of
2018, and $59.9 million in the first quarter of 2018. In addition, the
company’s pending claim inventory declined 3 percent from March 31,
2018. -
Total Mortgage and Real Estate Services Segment revenues for the first
quarter of 2019 were $36.0 million, compared to $41.5 million for the
fourth quarter of 2018, and $34.2 million for the first quarter of
2018. Segment results for the first quarter of 2019 include revenues
of approximately $5.1 million and incremental expenses (comprised of
approximately $3.6 million of operating expenses and approximately
$2.2 million of cost of services), both related to businesses acquired
in 2018. Adjusted earnings before interest, income taxes, depreciation
and amortization (Services adjusted EBITDA) for the quarter ended
March 31, 2019 was a loss of $0.9 million, compared to income of $3.2
million for the quarter ended December 31, 2018, and income of $0.5
million for the quarter ended March 31, 2018. Additional details
regarding the non-GAAP measure Services adjusted EBITDA may be found
in Exhibits F and G. -
Other operating expenses were $78.8 million in the first quarter of
2019, compared to $77.3 million in the fourth quarter of 2018, and
$63.2 million in the first quarter of 2018. The change in expenses
year-over-year is primarily driven by $5.7 million of non-operating
items, $3.6 million related to businesses acquired in 2018 as
previously mentioned, and an increase in legal and other professional
services of $1.6 million.
CAPITAL AND LIQUIDITY UPDATE
The company remains focused on optimizing its capital position,
enhancing its return on capital, and increasing its financial
flexibility.
Radian Group
-
As of March 31, 2019, Radian Group maintained $718 million of
available liquidity. Total liquidity, which includes the company’s
$268 million unsecured revolving credit facility entered into in
October 2017, was $986 million as of March 31, 2019. -
In March 2019, the company announced the Board’s authorization to
increase its existing share repurchase program from $100 million to
$250 million and extend the term to July 31, 2020. This program
provides Radian the flexibility to repurchase shares opportunistically
from time to time and to spend up to $250 million, excluding
commissions, based on market and business conditions, stock price and
other factors. During the first quarter, Radian repurchased and
settled 1,546,674 shares of its common stock. In addition, as of April
26, 2019, the company repurchased an additional 4,131,329 shares. As
of April 26, 2019, total shares repurchased in 2019 were 5,678,003,
representing a total approximate value of $122.4 million or $21.56 per
share inclusive of commissions. At April 26, 2019, purchase authority
of up to approximately $128 million remained available under this
program, which expires on July 31, 2020. -
After consideration of the shares repurchased after quarter end and
the $375 million return of capital described below, Radian Group’s
available liquidity would have increased by approximately $284 million
relative to the amount as of March 31, 2019.
Radian Guaranty
-
At March 31, 2019, Radian Guaranty’s Available Assets under the
Private Mortgage Insurer Eligibility Requirements (PMIERs) totaled
approximately $3.5 billion, resulting in an excess or “cushion” of
approximately $488 million, or 16 percent over its Minimum Required
Assets of approximately $3.0 billion. -
In April 2019, Radian Guaranty announced the closing of its second
mortgage insurance-linked note (ILN) transaction, where the company
obtained $562 million of credit risk protection from Eagle Re 2019-1
Ltd. (Eagle Re) through the issuance by Eagle Re of ILNs to eligible
third-party capital markets investors in an unregistered private
offering. Eagle Re is a special purpose insurer domiciled in Bermuda
and is not a subsidiary or affiliate of Radian Guaranty. Eagle Re has
funded its reinsurance obligations by issuing four classes of ILNs
which have a 10-year maturity with a 7-year call option. The ILNs are
non-recourse to Radian Group or its subsidiaries and affiliates. -
The Pennsylvania Insurance Department approved a $375 million return
of capital from Radian Guaranty to Radian Group during the second
quarter of 2019, which was paid on April 30, 2019 from Radian
Guaranty’s gross paid in and contributed statutory surplus. As
previously reported, the Pennsylvania Insurance Department approved a
$450 million return of capital in the fourth quarter of 2018. These
strategic capital actions improve Radian Group’s financial flexibility. -
After consideration of the ILN transaction and the $375 million return
of capital described above, Radian Guaranty’s excess of Available
Assets over its Minimum Required Assets under PMIERs would have
increased by approximately $187 million.
CONFERENCE CALL
Radian will discuss first quarter financial results in a conference call
tomorrow, Wednesday, May 1, 2019, at 9:00 a.m. Eastern time. The
conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts
or at www.radian.biz.
The call may also be accessed by dialing 800.230.1074 inside the U.S.,
or 612.288.0340 for international callers, using passcode 466411 or by
referencing Radian.
A replay of the webcast will be available on the Radian website
approximately two hours after the live broadcast ends for a period of
one year. A replay of the conference call will be available
approximately two and a half hours after the call ends for a period of
two weeks, using the following dial-in numbers and passcode:
800.475.6701 inside the U.S., or 320.365.3844 for international callers,
passcode 466411.
In addition to the information provided in the company’s earnings news
release, other statistical and financial information, which is expected
to be referred to during the conference call, will be available on
Radian’s website under Investors>Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.
2019 INVESTOR DAY
Radian will host an Investor Day on Tuesday, May 7, 2019, from 9:30 a.m.
to 3:30 p.m. Eastern time in Philadelphia. The company’s senior leaders
will provide details on Radian’s business strategy and priorities, key
business and product initiatives, and financial objectives. The event
will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts.
The slide presentation will also be available on Radian’s website one
hour prior to the event and can be accessed by visiting http://www.radian.biz/page?name=Presentations.
A replay of the webcast will be available at http://www.radian.biz/page?name=Webcasts
following the live broadcast, for a period of one year.
NON-GAAP FINANCIAL MEASURES
Radian believes that adjusted pretax operating income, adjusted diluted
net operating income per share and adjusted net operating return on
equity (non-GAAP measures) facilitate evaluation of the company’s
fundamental financial performance and provide relevant and meaningful
information to investors about the ongoing operating results of the
company. On a consolidated basis, these measures are not recognized in
accordance with accounting principles generally accepted in the United
States of America (GAAP) and should not be considered in isolation or
viewed as substitutes for GAAP measures of performance. The measures
described below have been established in order to increase transparency
for the purpose of evaluating the company’s operating trends and
enabling more meaningful comparisons with Radian’s competitors.
Adjusted pretax operating income is defined as earnings excluding the
impact of certain items that are not viewed as part of the operating
performance of the company’s primary activities, or not expected to
result in an economic impact equal to the amount reflected in pretax
income. Adjusted pretax operating income adjusts GAAP pretax income to
remove the effects of: (i) net gains (losses) on investments and other
financial instruments; (ii) loss on induced conversion and debt
extinguishment; (iii) acquisition-related expenses; (iv) amortization or
impairment of goodwill and other acquired intangible assets; and (v) net
impairment losses recognized in earnings and infrequent or unusual
non-operating items. Adjusted diluted net operating income per share
represents a diluted net income per share calculation using as its basis
adjusted pretax operating income, net of taxes at the company’s
statutory tax rate for the period. Adjusted net operating return on
equity is calculated by dividing annualized adjusted pretax operating
income, net of taxes computed using the company’s statutory tax rate, by
average stockholders’ equity, based on the average of the beginning and
ending balances for each period presented.
In addition to the above non-GAAP measures for the consolidated company,
the company also presents as supplemental information a non-GAAP measure
for the Services segment, representing earnings before interest, income
tax provision (benefit), depreciation and amortization (EBITDA).
Services adjusted EBITDA is calculated by using the Services segment’s
adjusted pretax operating income as described above, further adjusted to
remove the impact of depreciation and corporate allocations for interest
and operating expenses. In addition, the company also has presented a
related non-GAAP measure, Services adjusted EBITDA margin, which is
calculated by dividing Services adjusted EBITDA by GAAP total revenue
for the Services segment. Services adjusted EBITDA and Services adjusted
EBITDA margin are presented to facilitate comparisons with other
services companies, since they are widely accepted measures of
performance in the services industry and are used internally as
supplemental measures to evaluate the performance of our Services
segment.
See Exhibit F or Radian’s website for a description of these items, as
well as Exhibit G for reconciliations to the most comparable
consolidated GAAP measures.
ABOUT RADIAN
Radian is ensuring the American dream of homeownership responsibly and
sustainably through products and services that include industry-leading
mortgage insurance and a comprehensive suite of mortgage, risk, real
estate, and title services. We are powered by technology, informed by
data and driven to deliver new and better ways to transact and manage
risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz
and visit www.radian.com
to see how Radian is shaping the future of mortgage and real estate
services.
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS |
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For historical trend information, refer to Radian’s quarterly |
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Exhibit A: | Condensed Consolidated Statements of Operations Trend Schedule | |
Exhibit B: | Net Income Per Share Trend Schedule | |
Exhibit C: | Condensed Consolidated Balance Sheets | |
Exhibit D: | Net Premiums Earned – Insurance | |
Exhibit E: | Segment Information | |
Exhibit F: | Definition of Consolidated Non-GAAP Financial Measures | |
Exhibit G: | Consolidated Non-GAAP Financial Measure Reconciliations | |
Exhibit H: |
Mortgage Insurance Supplemental Information New Insurance Written |
|
Exhibit I: |
Mortgage Insurance Supplemental Information Primary Insurance in Force and Risk in Force |
|
Exhibit J: |
Mortgage Insurance Supplemental Information Claims and Reserves |
|
Exhibit K: |
Mortgage Insurance Supplemental Information Default Statistics |
|
Exhibit L: |
Mortgage Insurance Supplemental Information Reinsurance Programs |
|
Radian Group Inc. and Subsidiaries | |||||||||||||||||||||||||
Condensed Consolidated Statements of Operations Trend Schedule | |||||||||||||||||||||||||
Exhibit A | |||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||
(In thousands, except per-share amounts) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Net premiums earned – insurance | $ | 263,512 | $ | 261,682 | $ | 258,431 | $ | 251,344 | $ | 242,550 | |||||||||||||||
Services revenue | 32,753 | 38,414 | 36,566 | 36,828 | 33,164 | ||||||||||||||||||||
Net investment income | 43,847 | 42,051 | 38,995 | 37,473 | 33,956 | ||||||||||||||||||||
Net gains (losses) on investments and other financial instruments | 21,913 | (11,705 | ) | (4,480 | ) | (7,404 | ) | (18,887 | ) | ||||||||||||||||
Other income | 1,604 | 1,031 | 1,174 | 1,016 | 807 | ||||||||||||||||||||
Total revenues | 363,629 | 331,473 | 330,686 | 319,257 | 291,590 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Provision for losses | 20,754 | 27,140 | 20,881 | 19,337 | 37,283 | ||||||||||||||||||||
Policy acquisition costs | 5,893 | 6,485 | 5,667 | 5,996 | 7,117 | ||||||||||||||||||||
Cost of services | 24,157 | 24,939 | 25,854 | 24,205 | 23,126 | ||||||||||||||||||||
Other operating expenses | 78,805 | 77,266 | 70,125 | 70,184 | 63,243 | ||||||||||||||||||||
Restructuring and other exit costs | — | 113 | 4,464 | 925 | 551 | ||||||||||||||||||||
Interest expense | 15,697 | 15,584 | 15,535 | 15,291 | 15,080 | ||||||||||||||||||||
Amortization and impairment of other acquired intangible assets | 2,187 | 3,461 | 3,472 | 2,748 | 2,748 | ||||||||||||||||||||
Total expenses | 147,493 | 154,988 | 145,998 | 138,686 | 149,148 | ||||||||||||||||||||
Pretax income | 216,136 | 176,485 | 184,688 | 180,571 | 142,442 | ||||||||||||||||||||
Income tax provision (benefit) | 45,179 | 36,706 | 41,891 | (28,378 | ) | 27,956 | |||||||||||||||||||
Net income | $ | 170,957 | $ | 139,779 | $ | 142,797 | $ | 208,949 | $ | 114,486 | |||||||||||||||
Diluted net income per share | $ | 0.78 | $ | 0.64 | $ | 0.66 | $ | 0.96 | $ | 0.52 | |||||||||||||||
Radian Group Inc. and Subsidiaries | ||||||||||||||||||||
Net Income Per Share Trend Schedule | ||||||||||||||||||||
Exhibit B | ||||||||||||||||||||
The calculation of basic and diluted net income per share was |
||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands, except per-share amounts) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | |||||||||||||||
Net income —basic and diluted | $ | 170,957 | $ | 139,779 | $ | 142,797 | $ | 208,949 | $ | 114,486 | ||||||||||
Average common shares outstanding—basic | 213,537 | 213,435 | 213,309 | 213,976 | 215,967 | |||||||||||||||
Dilutive effect of stock-based compensation arrangements (1) | 4,806 | 4,448 | 4,593 | 3,854 | 3,916 | |||||||||||||||
Adjusted average common shares outstanding—diluted | 218,343 | 217,883 | 217,902 | 217,830 | 219,883 | |||||||||||||||
Basic net income per share | $ | 0.80 | $ | 0.65 | $ | 0.67 | $ | 0.98 | $ | 0.53 | ||||||||||
Diluted net income per share | $ | 0.78 | $ | 0.64 | $ | 0.66 | $ | 0.96 | $ | 0.52 | ||||||||||
(1) |
The following number of shares of our common stock equivalents |
|
2019 | 2018 | |||||||||||||||||
(In thousands) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | |||||||||||||
Shares of common stock equivalents | 169 | 337 | 338 | 484 | 170 | |||||||||||||
Radian Group Inc. and Subsidiaries | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
Exhibit C | |||||||||||||||||||||||||
(In thousands, except per-share amounts) |
March 31, |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments | $ | 5,475,770 | $ | 5,153,029 | $ | 5,028,235 | $ | 4,873,919 | $ | 4,668,217 | |||||||||||||||
Cash | 118,668 | 95,393 | 104,413 | 95,573 | 122,481 | ||||||||||||||||||||
Restricted cash | 9,086 | 11,609 | 9,925 | 9,152 | 7,623 | ||||||||||||||||||||
Accounts and notes receivable | 89,237 | 78,652 | 108,003 | 94,848 | 80,068 | ||||||||||||||||||||
Deferred income taxes, net | 67,697 | 131,643 | 134,201 | 171,293 | 253,381 | ||||||||||||||||||||
Goodwill and other acquired intangible assets, net | 56,811 | 58,998 | 55,707 | 59,179 | 61,465 | ||||||||||||||||||||
Prepaid reinsurance premium | 408,622 | 417,628 | 413,728 | 405,447 | 390,241 | ||||||||||||||||||||
Other assets | 373,678 | 367,700 | 415,272 | 430,077 | 426,773 | ||||||||||||||||||||
Total assets | $ | 6,599,569 | $ | 6,314,652 | $ | 6,269,484 | $ | 6,139,488 | $ | 6,010,249 | |||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||
Unearned premiums | $ | 720,159 | $ | 739,357 | $ | 747,921 | $ | 741,296 | $ | 723,100 | |||||||||||||||
Reserve for losses and loss adjustment expense | 388,784 | 401,361 | 412,460 | 451,542 | 488,656 | ||||||||||||||||||||
Senior notes | 1,031,197 | 1,030,348 | 1,029,511 | 1,028,687 | 1,027,875 | ||||||||||||||||||||
Reinsurance funds withheld | 329,868 | 321,212 | 352,952 | 331,776 | 305,409 | ||||||||||||||||||||
Other liabilities | 419,470 | 333,659 | 379,362 | 385,051 | 412,793 | ||||||||||||||||||||
Total liabilities | 2,889,478 | 2,825,937 | 2,922,206 | 2,938,352 | 2,957,833 | ||||||||||||||||||||
Common stock | 230 | 231 | 231 | 231 | 233 | ||||||||||||||||||||
Treasury stock | (895,321 | ) | (894,870 | ) | (894,635 | ) | (894,610 | ) | (894,191 | ) | |||||||||||||||
Additional paid-in capital | 2,697,724 | 2,724,733 | 2,720,626 | 2,715,426 | 2,748,233 | ||||||||||||||||||||
Retained earnings | 1,889,964 | 1,719,541 | 1,580,296 | 1,438,032 | 1,229,616 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | 17,494 | (60,920 | ) | (59,240 | ) | (57,943 | ) | (31,475 | ) | ||||||||||||||||
Total stockholders’ equity | 3,710,091 | 3,488,715 | 3,347,278 | 3,201,136 | 3,052,416 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,599,569 | $ | 6,314,652 | $ | 6,269,484 | $ | 6,139,488 | $ | 6,010,249 | |||||||||||||||
Shares outstanding | 212,136 | 213,473 | 213,333 | 213,232 | 215,543 | ||||||||||||||||||||
Book value per share | $ | 17.49 | $ | 16.34 | $ | 15.69 | $ | 15.01 | $ | 14.16 | |||||||||||||||
Tangible book value per share (See Exhibit G) | $ | 17.22 | $ | 16.06 | $ | 15.43 | $ | 14.73 | $ | 13.88 | |||||||||||||||
Statutory Capital Ratios | |||||||||||||||||||||||||
Risk to capital ratio-Radian Guaranty only | 13.4 | :1 | (1) | 13.9 | :1 | 12.4 | :1 | 12.5 | :1 | 12.6 | :1 | ||||||||||||||
Risk to capital ratio-Mortgage Insurance combined | 12.4 | :1 | (1) | 12.8 | :1 | 11.7 | :1 | 11.8 | :1 | 11.9 | :1 | ||||||||||||||
(1) Preliminary. |
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Contacts
Emily Riley – Phone: 215.231.1035
Email: emily.riley@radian.com