Arlington Asset Investment earns $4.6m

Arlington Asset Investment Corp., which has shifted its focus from investment banking to mortgage banking, reported its second straight profitable quarter for the first three months of 2010. The Arlington-based firm reported net income of $4.6m, or 59 cents per diluted share, for the period ended March 31, compared to net income of $101.6m, or $13.33 per diluted share, for the quarter ended March 31, 2009. In the year-ago quarter, results included a pre-tax gain of $132.5m from the extinguishment of trust preferred securities related to the exit from investment banking.

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