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Impac Mortgage Holdings, Inc. Announces A 173% Increase In Originations To $2.4 Billion In 2012 From $885 Million In 2011

Stocks in this article: IMH

Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) announces origination volume of $2.4 billion in 2012 as compared to $885 million in 2011, and a 93% increase in net earnings of continuing operations to $12.2 million in 2012, as compared with $6.3 million in 2011.

Selected Financial Data                          
(in millions)
YTD 2012 YTD 2011 Increase % Change
Originations $ 2,419.7 $ 883.2 $ 1,536.4 173 %
Service Retained Sales 2,212.1 419.9 1,792.2 427 %
Servicing Portfolio 2,177.2 605.4 1,571.8 260 %
Warehouse Capacity 217.5 87.5 130.0 149 %
 
Segment Results     YTD 2012   YTD 2011
(in thousands) Net earnings   Net earnings  
(loss) Diluted EPS (loss) Diluted EPS
Mortgage Lending $ 16,599 $ 2.10 $ (11,648 ) $ (1.39 )
Real Estate Services 12,640 1.60 19,946 2.39
Long-term Portfolio   (17,065 )   (2.16 )   (1,996 )   (0.24 )
Continuing Operations $ 12,174 $ 1.54 $ 6,302 $ 0.76
Discontinued Operations   (15,549 )   (1.96 )   (3,078 )   (0.37 )
Net (loss) earnings attributable to IMH $ (3,375 ) $ (0.42 ) $ 3,224   $ 0.39  
 
Segment Results     Q4 2012   Q4 2011
(in thousands) Net earnings   Net earnings  
(loss) Diluted EPS (loss) Diluted EPS
Mortgage Lending $ 4,265 $ 0.53 $ (2,930 ) $ (0.35 )
Real Estate Services 3,187 0.39 4,689 0.56
Long-term Portfolio   (5,822 )   (0.72 )   235     0.03  
Continuing Operations $ 1,630 $ 0.20 $ 1,994 $ 0.24
Discontinued Operations   (2,147 )   (0.26 )   (1,246 )   (0.15 )
Net (loss) earnings attributable to IMH $ (517 ) $ (0.06 ) $ 748   $ 0.09  
 

The continuing operations, comprised of mortgage lending, real estate services and our long-term portfolio, earned $1.54 per diluted share in 2012 as compared to $0.76 per diluted share in 2011. The increase was primarily associated with the increase in net earnings from mortgage lending activities due to the growth in both mortgage lending originations and the retention of mortgage servicing rights. In the fourth quarter of 2012, continuing operations experienced a slight decline in net earnings to $0.20 per diluted share as compared to $0.24 per diluted share for the fourth quarter of 2011. The decline was primarily due to a reduction in the estimated fair value of the long-term mortgage portfolio in 2012 compared to the prior year.

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