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Impac Mortgage Holdings, Inc. Announces Year End 2010 Results

Through loss mitigation efforts, the Company has been able to improve the performance of its long-term mortgage portfolio by reducing the 60 or more days delinquent loans to $2.4 billion, or 21.3%, at December 31, 2010 from $3.1 billion, or 25.0%, at December 31, 2009.

Results of Operations

Condensed Statements of Operations

                               
 
For the year ended December 31,
Increase %
2010 2009 (Decrease) Change
Interest income $ 985,150 $ 1,780,923 $ (795,773 ) (45 ) %
Interest expense   979,440     1,771,143     (791,703 ) (45 )
Net interest income 5,710 9,780 (4,070 ) (42 )
Total non-interest income 63,464 56,142 7,322 13
Total non-interest expense (61,370 ) (55,633 ) (5,737 ) (10 )
Income tax expense   (205 )   (2,017 )   1,812   90
Net earnings from continuing operations 7,599 8,272 (673 ) (8 )
Earnings from discontinued operations, net   2,238     2,315     (77 ) (3 )
Net earnings 9,837 10,587 (750 ) (7 )
Net loss attributable to noncontrolling interest   457     250     207   83
Net earnings attributable to IMH 10,294 10,837 (543 ) (5 )
Cash dividends on preferred stock   -     (7,443 )   7,443   100
Net earnings available to common stockholders before preferred stock redemption $ 10,294   $ 3,394   $ 6,900   203
 
Earnings per share available to common stockholders - basic $ 1.33   $ 0.44   $ 0.88   197 %
Earnings per share available to common stockholders - diluted $ 1.24   $ 0.44   $ 0.79   180 %
 

Selected Financial Results for 2010

Continuing Operations

  • Earnings from continuing operations of $7.6 million for the year ended December 31, 2010, compared to $8.3 million for 2009.
  • Net interest income of $5.7 million for the year ended December 31, 2010, compared to $9.8 million for 2009.
  • Non-interest income—net trust assets of $4.3 million for the year ended December 31, 2010, compared to $13.0 million for 2009.
  • Mortgage and real estate services fees of $56.4 million for the year ended December 31, 2010, compared to $42.3 million for 2009.

Discontinued Operations

  • Earnings from discontinued operations (net of tax) of $2.2 million for the year ended December 31, 2010, compared to $2.3 million for 2009.

Stockholders’ Equity

To understand the financial position of the Company better, we believe it is important to understand the composition of the Company’s stockholders’ equity (deficit) and to which component of the business it relates. At December 31, 2010, the equity (deficit) within our continuing and discontinued operations was comprised of the following significant assets and liabilities:

     

Condensed Components of Stockholders' Equity (Deficit)

As of December 31, 2010

   
Continuing Discontinued
Operations Operations Total
Cash $ 11,506 $ 113 $ 11,619
Residual interests in securitizations 26,407 - 26,407
Note payable (6,874 ) - (6,874 )
Long-term debt ($71,120 par) (11,728 ) - (11,728 )
Repurchase reserve - (7,987 ) (7,987 )
Lease liability (1) - (2,226 ) (2,226 )
Deferred charge 13,144 - 13,144
Net other assets (liabilities)   7,922   (2,580 )   5,342
Stockholders' equity (deficit) $ 40,377 $ (12,680 ) $ 27,697
________________________________________
(1)   Guaranteed by IMH.
 

Continuing Operations

At December 31, 2010, cash within our continuing operations decreased to $11.5 million from $25.7 million at December 31, 2009. The primary sources of cash between periods were $56.4 million in fees generated from the mortgage and real estate fee-based businesses and $11.2 million from residual interests in securitizations. Offsetting the sources of cash were operating expenses totaling $61.4 million and $23.8 million in payments on the notes payable, net of proceeds received from issuance of structured debt agreement.

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