News Release
The Company also reports a 20% increase in estimated taxable earnings of $11.0 million, or $0.40 per diluted share, for the third quarter of 2001 as compared to estimated taxable earnings of $9.2 million, or $0.34 per diluted share, for the second quarter of 2001. As a result of higher than anticipated estimated taxable earnings during the first nine months of 2001, the Board of Directors returned to regular dividends by declaring a third quarter dividend of $0.25 per share. The Company is paying the dividend in two installments. The first installment of $0.13 per share was paid on October 15, 2001 to common stockholders of record on October 1, 2001. The second installment of $0.12 per share is payable on November 15, 2001 to common stockholders of record on November 1, 2001.
Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc., commented, "we are pleased that the Company has returned to regular dividend payments six months prior to our original expectations. In addition, at current levels of estimated taxable income and earnings, we expect dividends to increase to $0.30-$0.35 per share for the fourth quarter."
Third Quarter Highlights
-- Resumption of regular dividend six months earlier than expected with a
$0.25 per share third quarter cash dividend
-- 23.4% return on average equity and 2.0% return on average assets based
on core operating earnings
-- Total assets increased 26% to $2.4 billion compared to $1.9 billion at
12/31/2000
-- Warehouse Lending Operations increased average finance receivables to
non-affiliates by 36% to $208.2 million during the third quarter
-- Mortgage Operations increased loan production by 39% to $828.3 million
and was ranked in the top 15 of all private non-investment bank
mortgage conduits during the first nine months of 2001
-- Impac Direct Access System for Lending ("IDASL") sets record amount of
quarterly loan submissions of $2.5 billion during the third quarter
-- Conversion of the Company's outstanding Cumulative Preferred Stock to
common stock increasing the Company's market float by 31% to
26,832,329 common shares at September 30, 2001
Mr. Tomkinson, commented, "our operating results during the third quarter
exceeded second quarter record levels as the Mortgage Operations established a
new high in loan production, the Warehouse Lending Operations exceeded $200
million in average non-affiliate finance receivables outstanding for the second
consecutive quarter and total Mortgage Assets reached record levels with the
issuance of a $400 million collateralized mortgage obligation ("CMO") in the
third quarter and expectations of two more CMO's before the end of this year."
Mr. Tomkinson, further commented, "we generated significant taxable earnings during 2001 which allowed us to return to regular dividend payments earlier than anticipated. This was the result of our efforts to restructure our balance sheet, reduce debt, expand our Mortgage Operations, as well as our Warehouse Lending Operations, and take advantage of lower interest rates. Although the Company returned to dividend payments much earlier than expected, everyone involved in the day-to-day operations of the Company, from the Board of Directors, the executive management team and our employees remain committed to the following goals: focus on providing consistent, reliable cash flows in changing interest rate environments, maintain high credit quality on our mortgage loan investments and grow the balance sheet with more efficient use of our capital."
Regarding the events of September 11, 2001, Mr. Tomkinson commented, "production volumes were at record levels for the third quarter even with the temporary interruption of funding at our Mortgage Operations and Warehouse Lending Operations during the days after the terrorist attacks. Since the attacks, we have experienced no decrease in loan production, as low interest rates are driving significant mortgage lending activity nationwide. Continuing this trend, I further expect fourth quarter loan production from our Mortgage Operations to exceed third quarter results and the balance sheet to grow to another record high by year end."
Mr. Tomkinson commented on the success of the Company's first common stock offering of 6,400,000 shares since the 1998 liquidity crisis, "we were extremely pleased at the response we received from the market. It was important for the Company to communicate its story on how we changed our business strategy over the last three years which ultimately re-established interest in the Company within the investment community. Additionally, we were able to expand analyst coverage of the Company, giving us research and the added capability of communicating our message to our shareholders."
Long-Term Investment Operations Increases Mortgage Acquisitions
by 191% during the Third Quarter of 2001 as compared
to the same quarter of last year
Mr. Tomkinson commented, "to accomplish our goal of providing consistent,
reliable cash flows in changing interest rate environments we have acquired high
credit quality, non-conforming Alt-A mortgage loans from our Mortgage
Operations. Most of the mortgages acquired by the Long-Term Investment
Operations include prepayment penalties that reduce our exposure to accelerated
prepayments, which may result in increased amortization of premiums associated
with the acquisition of these loans. Mortgages with prepayment penalties have
softened the impact of prepayments on CMO collateral during the current period
of declining interest rates. Of the current CMO portfolio, 44% had active
prepayment penalties, an increase from 30% at the beginning of this year. We
have reduced the adverse effect of premium amortization on net interest margins
as we have acquired mortgages at reduced premiums. Premium and capitalized
transaction costs as a percentage of CMO collateral were significantly lower
this quarter-end as compared to last year. Although we have benefited from
short-term interest rate reductions this year, we are also in a position to
maintain reliable cash flows and net interest margins when interest rates rise
as a result of our current hedging policy. We have also been successful in
growing the balance sheet with more efficient use of our capital due to the
exemplary historical performance of our non-conforming Alt-A mortgage loans. The
improved loss performance of our current mortgage portfolio is requiring less
capital investment by credit rating agencies than was required when the Company
made significant investments in sub-prime mortgage loans."
The Long-term Investment Operations acquired $366.9 million of adjustable-rate mortgages from the Mortgage Operations during the third quarter as compared to $126.2 million acquired during the third quarter of 2000 and $373.4 million acquired during the prior quarter. Of the loans acquired by the Long-Term Investment Operations during the third quarter, 54% were acquired with prepayment penalty features. Mr. Tomkinson stated, "we expect fourth quarter acquisitions by the Long-Term Investment Operations to exceed that of the third quarter, further increasing the level of the Company's Mortgage Assets by the end of this year."
At September 30, 2001, over 95% of the Company's CMO collateral were Alt-A mortgages acquired or originated by the Mortgage Operations. Alt-A mortgage loans primarily consist of mortgage loans that are first lien mortgage loans made to borrowers whose credit is generally within typical Fannie Mae or Freddie Mac guidelines, but that have loan characteristics, such as lack of documentation or verifications, that make them ineligible under their guidelines. The Company generally considers prime, or "A" credit quality loans, to have a Fair Isaac Credit Score ("FICO") of 640 or better, and "Alt-A" credit quality loans have a FICO of 600 or better. At September 30, 2001, the weighted average FICO of mortgages in the Company's CMO portfolio was 677. As a comparison, Fannie Mae and Freddie Mac generally purchase loans with FICO's greater than 620.
During the third quarter, constant prepayment rates ("CPR") on CMO collateral decreased to 36% CPR as compared to 41% CPR during the second quarter of this year. Through the use of prepayment penalties and hedging instruments, the Company has protected its net interest margins from higher than expected prepayments and against rising borrowing costs, which may adversely effect net interest margins. As of June 30, 2001, the Company estimates that over the next twelve months, changes in interest rates will not have a material adverse effect on net interest margins from the CMO portfolio.
Allowance for loan losses increased 55% to $7.9 million at September 30, 2001 as compared to $5.1 million at December 31, 2000. The allowance expressed as a percentage of loan receivable, which includes CMO collateral, mortgage loans held-for-investment and finance receivables, was 0.35% as compared to 0.28% at December 31, 2000. The Company makes a monthly provision for estimated loan losses on its long-term investment portfolio as an increase to allowance for loan losses. The provision for estimated loan losses is primarily based on a migration analysis based on historical loss statistics, including cumulative loss percentages and loss severity, of similar loans in the Company's long-term investment portfolio. The loss percentage is used to determine the estimated inherent losses in the investment portfolio. Provision for loan losses is also based on management's judgment of net loss potential, including specific allowances for known impaired loans, changes in the nature and volume of the portfolio, the value of the collateral and current economic conditions that may affect the borrowers' ability to pay.
Warehouse Lending Operations Increases Average
Finance Receivables by 36% during the Third Quarter of 2001
as compared to the same quarter of last year
Gretchen D. Verdugo, Executive Vice President of Impac Warehouse Lending Group,
Inc., commented, "the progress we have made with technology initiatives that
were started at the beginning of this year have been a significant driver in the
growth and success of our Warehouse Lending Operations as average outstanding
finance receivables to non-affiliates exceeded $200 million for the second
consecutive quarter. The efficiencies gained from technology has given us the
tools to expand our business without a commensurate increase to staff and
facilities. Another key component to the success of our business is maintaining
an excellent client risk profile through diligent credit review and close
interaction with our customers."
Average finance receivables to non-affiliates were $208.2 million as compared to $152.7 million during the third quarter of 2000 and $222.0 million during the prior quarter. At September 30, 2001, the Warehouse Lending Operations had 55 approved warehouse lines available to non-affiliates customers totaling $408.0 million as compared to 52 and $359.0 million as of September 30, 2000, respectively.
Mortgage Operations Increases Loan Production by 39% during the
Third Quarter of 2001 as compared to the same quarter of last year
William S. Ashmore, President and Chief Operating Officer, commented, "I am
pleased with the record production levels and increased profitability of our
Mortgage Operations. During the first nine months, we ranked in the top fifteen
among private non-investment bank mortgage conduits and mortgage-backed issuers.
We also ranked fourth among non-investment bank Alt-A mortgage-backed issuers
for the first half of the year. We have continued to focus on reducing price
volatility in the securitization and sale of our mortgage loans through the use
of forward commitments with major investment banks that underwrite
mortgage-backed securities."
Mr. Ashmore went on to say, "we continue to strive on being a nationwide low cost correspondent and wholesale lender and leader in providing innovative, non-conforming Alt-A mortgage loan programs to our clients. We look to reduce interest rate and market risk exposure through the acquisition and origination of mortgages with prepayment penalties, shortening the accumulation and holding period of mortgages by securitizing more frequently, reducing premiums paid for the loans we acquire or originate and focus on maintaining high credit quality. For the third quarter, 23% of our total loan production was from our wholesale lending operation, an increase of 16% from the same period last year, which reduces the weighted average premium we pay for mortgages, resulting in higher profit margins on the sale of these loans. We also continue to leverage off of our centralized operation and improve our technology and systems to further reduce our operating costs."
Loan production by the Mortgage Operations increased 39% to $828.3 million as compared to $594.7 million during the third quarter of 2000 and $776.0 million during the prior quarter. Correspondent loan acquisitions were $618.7 million and wholesale loan originations were $189.6 million as compared to $604.6 million and $171.4 million, respectively, during the prior quarter. Loan production was again driven by lower interest rates, niche loan programs offered to correspondent and wholesale customers and IDASL, the Company's web-based automated underwriting system, which has substantially enhanced the origination process. IDASL stands for Impac Direct Access System for Lending and can be viewed at the Company's new and improved website at www.impaccompanies.com. During the third quarter, average monthly dollar volume of all loans submitted through IDASL for underwriting increased by 91% to $838.5 million as compared to $438.0 million per month during the third quarter of 2000 and $783.0 million per month during the prior quarter. During 2001, on a quarter-to-quarter basis the increasing dollar volume of loan submissions through IDASL are the result of increased loan production as virtually all correspondent and wholesale customers actively utilize and submit loans through the IDASL system.
Net earnings per generally accepted accounting principles ("GAAP") was $8.3 million, or $0.31 per diluted share, during the third quarter as compared to net earnings of $3.3 million, or $0.12 per diluted share, during the third quarter of 2000. Earnings for the third quarter were negatively impacted by Statement of Financial Accounting Standards No. 133 ("SFAS 133"), "Accounting for Derivative Instruments and Hedging Activities." On August 10, 2001, the Derivatives Implementation Group ("DIG") of the Financial Accounting Standards Board published DIG G20, which further interpreted FAS 133. During the fourth quarter, DIG's interpretation of SFAS 133 will allow the Company to reverse most of the earnings effect of SFAS 133 on third quarter results. Excluding the effect of SFAS 133, net earnings were $9.5 million, or $0.35 per diluted share, for the third quarter. Diluted book value was $6.58 per share at September 30, 2001 as compared to $7.00 per share at June 30, 2001. Book value decreased during the third quarter as a result of marking to market hedging instruments that protect the Company from adverse changes in interest rates. While SFAS 133 requires the Company to mark to market its hedges, the Company's application of FAS 133 will not allowed it to correspondingly increase the value of its investment in its CMO portfolio. Excluding the effect of SFAS 133, the Company's diluted book value per share at September 30, 2001 was $7.47, an increase of 7% from $7.01 at June 30, 2001.
For additional information, questions or comments call or write to the Company's Investor Relations group and ask for Tania Jernigan at (949) 475-3600 or email Ms. Jernigan at tjernigan@impaccompanies.com. The Company has announced a conference call and live web cast on Friday, October 26, 2001 at 10:00 a.m. Pacific standard time (1:00 p.m. Eastern standard time). Mr. Tomkinson will discuss the results of the Company's third quarter operations and provide a general update on the Company followed by a question and answer session. The conference call will be limited for discussion to certain buyside and sellside analysts and will be open for listen only to all interested parties. If you would like to participate, you may access the web cast via our web site at http://www.impaccompanies.com/IMH/IMH_Main.asp or by using the dial in number, (800) 350-9149. To participate in the call, dial in fifteen minutes prior to the scheduled start time. The conference call will be archived on Impac Mortgage Holdings, Inc.'s web site at www.impaccompanies.com, by linking to Impac Mortgage Holdings, Inc./Audio Archives. You can subscribe to receive instant notification of Impac Mortgage Holdings, Inc.'s conference, news and monthly-unaudited fact sheet by using our email alert feature located at the Company's web site at www.impaccompanies.com under Impac Mortgage Holdings, Inc./Investor Relations/Email Alerts.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such as "may," "will," "intend," "expect," "anticipate," "estimate," or "continue" or the negatives thereof or other comparable terminology. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including but not limited to, changes in the origination and resale pricing of mortgage loans, changes in management's estimates and expectations, general financial markets and economic conditions and other factors described in this press release. The financial information presented in this release pertaining to actual results should not be taken to predict future earnings, as the Company may not experience similar earnings in future periods.
IMPAC MORTGAGE HOLDINGS, INC.
(in thousands, except per share amounts)
(unaudited)
Balance Sheets: September 30, December 31,
2001 2000
Cash and cash
equivalents $17,871 $17,944
Investment securities
available-for-sale 34,329 36,921
Loan receivables:
CMO collateral 1,672,581 1,372,996
Finance
receivables 464,503 405,438
Mortgage loans
held-for-
investment 151,283 16,720
Allowance for
loan losses (7,942) (5,090)
Net Loan
Receivables 2,280,425 1,790,064
Investment in Impac
Funding Corporation 22,114 15,762
REO properties 6,066 4,669
Due from affiliates 14,500 14,500
Other assets 21,437 18,978
Total Assets $2,396,742 $1,898,838
CMO borrowings $1,597,936 $1,291,284
Reverse repurchase
agreements 598,210 398,653
Borrowings secured
by investment
securities
available-for-sale 14,923 21,124
11% senior
subordinated debt -- 6,979
Other liabilities 9,082 2,358
Stockholders' equity 176,591 178,440
Total Liabilities
and Stockholders'
Equity $2,396,742 $1,898,838
Statements of
Operations: For the Three Months Ended, For the Nine Months Ended,
September 30, September 30,
2001 2000 2001 2000
Interest income $38,968 $37,972 $116,032 $106,642
Interest expense 27,581 32,595 85,202 89,512
Net interest income 11,387 5,377 30,830 17,130
Provision for
loan losses 2,615 1,248 10,559 17,735
Net interest income
(expense) after
provision for
loan losses 8,772 4,129 20,271 (605)
Equity in net earnings
(loss) of Impac
Funding Corporation 3,039 143 7,857 (937)
Other non-interest
income 1,322 743 3,419 2,136
Total non-interest
income 4,361 886 11,276 1,199
Professional services 646 611 1,728 1,697
General and
administrative and
other expense 415 388 1,339 1,069
Personnel expense 290 177 866 484
Write-down on
investment securities
available-for-sale 1,841 171 1,949 53,576
(Gain) loss on
disposition of real
estate owned (619) 369 (1,584) 1,677
Mark-to-market (gain)
loss - FAS 133 2,269 -- 3,713 --
Total non-interest
expense 4,842 1,716 8,011 58,503
Earnings (loss)
before extraordinary
item and cumulative
effect of change in
accounting
principle 8,291 3,299 23,536 (57,909)
Extraordinary item -- -- (1,006) --
Cumulative effect of
change in accounting
principle -- -- (4,313) --
Net earnings (loss) 8,291 3,299 18,217 (57,909)
Less: Cash dividends
on 10.5% cumulative
convertible preferred
stock -- (788) (1,575) (2,363)
Net earnings (loss)
available to common
stockholders $8,291 $2,511 $16,642 $(60,272)
Net earnings (loss)
per share before
extraordinary item
and cumulative effect
of change in
accounting principle:
Basic $0.37 $0.12 $0.97 $(2.82)
Diluted $0.31 $0.12 $0.87 $(2.82)
Net earnings (loss)
per share:
Basic $0.37 $0.12 $0.74 $(2.82)
Diluted $0.31 $0.12 $0.68 $(2.82)
Dividends declared
per common share $0.25 $0.12 $0.25 $0.36
Taxable earnings $11,001 $158 $27,676 $2,089
Taxable earnings per
diluted share $0.40 $0.01 $1.03 $0.08
Weighted average
shares outstanding:
Basic 22,687 21,401 22,573 21,401
Diluted 27,184 27,757 26,967 21,401
Common shares
outstanding 26,832 21,401 26,832 21,401
IMPAC MORTGAGE HOLDINGS, INC.
($ in thousands, except per share amounts)
(unaudited)
Core Operating
Earnings: For the Three Months Ended, For the Nine Months Ended,
September 30, September 30,
2001 2000 2001 2000
Reportable net
earnings (loss) $8,291 $3,299 $18,217 $(57,909)
Add:
Mark-to-market
(gain) loss
- FAS 133 2,269 -- 3,713 --
Write-down on
investment
securities
available-for-
sale 1,841 171 1,949 53,576
Extraordinary item -- -- 1,006 --
Cumulative effect of
change in accounting
principle -- -- 4,313 --
Excess loan loss
provisions to allow
for write-down of
loans 14,499
Tax-effected
write-down of
investment securities
owned by IFC and
write-off of bank
related charges -- -- -- 1,836
Less:
Amortization of costs
associated with the
acquisition of hedging
instruments not
included in interest
expense due to the
implementation of
FAS 133 (1,096) -- (3,366) --
Core operating
earnings $11,305 $3,470 $25,832 $12,002
Core operating
earnings per
diluted share $0.42 $0.13 $0.96 $0.43
Diluted weighted
average shares
outstanding used for
calculation of core
earnings per share 27,184 27,757 26,967 27,757
Yield Analysis: For the Three Months Ended, For the Three Months Ended,
September 30, 2001 September 30, 2000
Avg Bal Yield Avg Bal Yield
Investment securities
available-for-sale $33,491 8.11% $40,058 16.28%
CMO collateral 1,515,450 7.18% 1,145,119 7.28%
Mortgage loans
held-for-investment 195,891 5.16% 153,213 8.42%
Finance receivables 459,304 6.90% 468,723 10.25%
Total Mortgage
Assets 2,204,136 6.96% 1,807,113 8.35%
CMO borrowings 1,435,864 5.36% 1,046,699 7.58%
Reverse repurchase
agreements 633,248 4.86% 598,306 7.81%
Borrowings secured
by investment
securities 16,183 15.32% 25,022 12.23%
Total Borrowings
on Mortgage
Assets $2,085,295 5.29% $1,670,027 7.73%
Net Interest Spread
on Mortgage Assets 1.67% 0.62%
Net Interest Margin
on Mortgage Assets 1.96% 1.20%
Other Financial
Information: Quarter Ended, Nine Months Ended,
September 30, September 30,
2001 2000 2001 2000
Book value per share $6.58 $6.47 $6.58 $6.47
Return on average
assets (1) 1.98% 0.74% 4.93% 2.65%
Return on average
equity (1) 23.40% 7.76% 55.87% 23.09%
Assets to equity ratio 13.57 10.06 13.57 10.06
Debt to equity ratio 12.52 9.03 12.52 9.03
Allowance for loan
losses to total
loan receivables 0.35% 0.52% 0.35% 0.52%
Mortgage loan
acquisitions 366,907 126,206 922,434 305,468
Prepayment penalties
as a % of
CMO collateral 44% 23% 44% 23%
Constant prepayment
rate on CMO collateral 36% 25% 33% (2) 27% (2)
Total non-performing
loans to total
assets (3) 2.52% 2.39% 2.52% 2.39%
Delinquency rate
of mortgages in
the long-term
term investment
portfolio (4) 4.15% 4.39% 4.15% 4.39%
(1) Based on core operating earnings
(2) Twelve month CPR as of September 30th
(3) Non-performing assets include mortgages 90+ days delinquent plus
other real estate owned
(4) Delinquencies are mortgages 60+ days delinquent inclusive of
foreclosures and delinquent bankruptcies
IMPAC FUNDING CORPORATION
(in thousands)
(unaudited)
Balance Sheets: September 30, December 31,
2001 2000
Cash $12,749 $8,281
Securities
available-for-sale 15,147 266
Mortgage loans
held-for-sale 244,762 275,570
Mortgage servicing
rights 10,365 10,938
Premises and
equipment, net 5,284 5,037
Other assets 8,254 17,071
Total Assets $296,561 $317,163
Warehouse
facilities $234,827 $266,994
Due to affiliates 14,500 14,500
Deferred revenue 5,462 5,026
Other liabilities 19,435 14,722
Shareholders' equity 22,337 15,921
Total Liabilities
and Shareholders'
Equity $296,561 $317,163
Statements of
Operations: For the Three Months Ended, For the Nine Months Ended,
September 30, September 30,
2001 2000 2001 2000
Interest income $5,569 $8,063 $18,314 $20,116
Interest expense 4,629 8,388 16,601 21,063
Net interest income
(expense) 940 (325) 1,713 (947)
Gain on sale
of loans 12,423 3,793 32,947 13,163
Loan servicing income 507 2,310 2,308 4,858
Other non-interest
income 210 188 319 595
Total non-interest
income 13,140 6,291 35,574 18,616
Personnel expense 4,138 2,370 10,776 6,950
General and
administrative and
other expense 2,844 2,048 8,500 6,954
Amortization of
mortgage servicing
rights 1,313 1,294 3,757 3,751
Write-down on
securities
available-for-sale -- -- -- 1,537
Mark-to-market gain
- FAS 133 (62) -- (45) --
Provision for
repurchases 501 5 515 77
Total non-interest
expense 8,734 5,717 23,503 19,269
Earnings before income
taxes and cumulative
effect of change
in accounting
principle 5,346 249 13,784 (1,600)
Income taxes 2,257 105 5,865 (651)
Earnings (loss)
before cumulative
effect of change
in accounting
principle 3,089 144 7,919 (949)
Cumulative effect of
change in accounting
principle -- -- 17 --
Net earnings (loss)
after cumulative
effect of change
in accounting
principle $3,089 $144 $7,936 $(949)
Production Summary
(excluding premiums paid):
For the Three Months Ended,
September 30,
2001 % 2000 %
Volume by product:
Fixed rate $335,256 41 $417,459 71
Adjustable rate 470,176 58 147,717 25
Second trust deeds 10,083 1 19,129 3
Total loan production $815,515 $584,305
Volume by business line:
Correspondent
acquisitions $606,905 74 $481,882 82
Wholesale and retail
originations 188,629 23 94,935 16
Bulk acquisitions -- 0 7,488 1
Novelle Financial
Services 19,981 2 -- 0
Total production $815,515 $584,305
Volume by purpose:
Purchase $531,935 65 $484,801 84
Refinance 283,580 35 89,504 16
Total loan production $815,515 $574,305
Volume by prepayment
penalties:
With prepayment
penalties $515,814 63 $344,787 59
Without prepayment
penalties 299,701 37 239,518 41
Total loan production $815,515 $584,305
For the Nine Months Ended,
September 30,
2001 % 2000 %
Volume by product:
Fixed rate $1,169,007 54 $1,004,849 69
Adjustable rate 978,666 45 418,595 29
Second trust deeds 29,879 1 34,150 2
Total loan production $2,177,552 $1,457,594
Volume by business line:
Correspondent
acquisitions $1,667,374 77 $1,211,365 83
Wholesale and retail
originations 490,197 23 174,946 12
Bulk acquisitions -- 0 71,283 5
Novelle Financial
Services 19,981 1 -- 0
Total production $2,177,552 $1,457,594
Volume by purpose:
Purchase $1,373,171 63 $1,201,725 82
Refinance 804,381 37 255,869 18
Total loan production $2,177,552 $1,457,594
Volume by prepayment
penalties:
With prepayment
penalties $1,407,519 65 $719,967 49
Without prepayment
penalties 770,033 35 737,627 51
Total loan production $2,177,552 $1,457,594
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SOURCE Impac Mortgage Holdings, Inc.
CONTACT: Tania Jernigan, Investor Relations of Impac Mortgage Holdings,
Inc., +1-949-475-3600, tjernigan@impaccompanies.com
URL: http://www.impaccompanies.com/IMH/IMH_Main.asp
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