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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to               

Commission File Number: 1-14100

IMPAC MORTGAGE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Maryland

33-0675505

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

19500 Jamboree RoadIrvine, California 92612

(Address of principal executive offices)

(949) 475-3600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

IMH

NYSE American

Preferred Stock Purchase Rights

IMH

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2)  Yes  No 

There were 21,332,684 shares of common stock outstanding as of August 6, 2021.

1

Table of Contents

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020

3

Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

4

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

5

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited)

7

Notes to Unaudited Consolidated Financial Statements

8

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

33

Forward-Looking Statements

33

The Mortgage Industry and Discussion of Relevant Fiscal Periods

33

Selected Financial Results

34

Status of Operations

34

Liquidity and Capital Resources

38

Critical Accounting Policies

40

Financial Condition and Results of Operations

41

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

61

ITEM 4.

CONTROLS AND PROCEDURES

61

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

62

ITEM 1A.

RISK FACTORS

62

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

62

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

62

ITEM 4.

MINE SAFETY DISCLOSURES

62

ITEM 5.

OTHER INFORMATION

62

ITEM 6.

EXHIBITS

62

SIGNATURES

63

CERTIFICATIONS

2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

    

June 30, 

    

December 31, 

 

2021

2020

 

ASSETS

Cash and cash equivalents

$

50,194

$

54,150

Restricted cash

 

5,872

 

5,602

Mortgage loans held-for-sale

 

152,558

 

164,422

Mortgage servicing rights

 

553

 

339

Securitized mortgage trust assets

 

1,862,595

 

2,103,269

Other assets

 

38,579

 

41,524

Total assets

$

2,110,351

$

2,369,306

LIABILITIES

Warehouse borrowings

$

148,164

$

151,932

Convertible notes, net

 

20,000

 

20,000

Long-term debt

 

44,900

 

44,413

Securitized mortgage trust liabilities

 

1,847,224

 

2,086,557

Other liabilities

 

45,721

 

50,753

Total liabilities

 

2,106,009

 

2,353,655

Commitments and contingencies (See Note 11)

STOCKHOLDERS’ EQUITY

Series A-1 junior participating preferred stock, $0.01 par value; 2,500,000 shares authorized; none issued or outstanding

 

 

Series B 9.375% redeemable preferred stock, $0.01 par value; liquidation value $34,970; 2,000,000 shares authorized, 665,592 noncumulative shares issued and outstanding as of June 30, 2021 and December 31, 2020 (See Note 12)

 

7

 

7

Series C 9.125% redeemable preferred stock, $0.01 par value; liquidation value $35,127; 5,500,000 shares authorized; 1,405,086 noncumulative shares issued and outstanding as of June 30, 2021 and December 31, 2020 (See Note 12)

 

14

 

14

Common stock, $0.01 par value; 200,000,000 shares authorized; 21,332,684 and 21,238,191 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

 

213

 

212

Additional paid-in capital

 

1,237,544

 

1,237,102

Accumulated other comprehensive earnings, net of tax

22,561

24,766

Total accumulated deficit:

 

Cumulative dividends declared

 

(822,520)

 

(822,520)

Accumulated deficit

 

(433,477)

 

(423,930)

Total accumulated deficit

 

(1,255,997)

 

(1,246,450)

Total stockholders’ equity

 

4,342

 

15,651

Total liabilities and stockholders’ equity

$

2,110,351

$

2,369,306

See accompanying notes to unaudited consolidated financial statements

3

Table of Contents

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share data)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

Revenues

    

    

    

    

Gain (loss) on sale of loans, net

$

10,693

$

1,451

$

30,824

$

(26,712)

Real estate services fees, net

 

478

 

293

 

688

 

687

(Loss) gain on mortgage servicing rights, net

(37)

(8,443)

1

(26,753)

Servicing (expense) fees, net

 

(150)

 

1,352

 

(269)

 

3,859

Other

 

(4)

 

1,289

 

320

 

1,352

Total revenues, net

 

10,980

 

(4,058)

 

31,564

 

(47,567)

Expenses

Personnel

 

11,964

 

7,774

 

26,888

 

28,439

General, administrative and other

 

5,882

 

6,617

 

11,063

 

13,590

Business promotion

1,770

74

2,963

3,203

Total expenses

 

19,616

 

14,465

 

40,914

 

45,232

Operating loss

(8,636)

(18,523)

(9,350)

(92,799)

Other (expense) income

Interest income

 

15,707

 

35,832

 

32,231

 

71,927

Interest expense

 

(15,149)

 

(35,051)

 

(31,013)

 

(68,218)

Change in fair value of long-term debt

1,417

(4,208)

2,442

4,828

Change in fair value of net trust assets, including trust REO gains

 

(2,141)

 

(864)

 

(3,814)

 

(3,247)

Total other (expense) income, net

 

(166)

 

(4,291)

 

(154)

 

5,290

Loss before income taxes

 

(8,802)

 

(22,814)

 

(9,504)

 

(87,509)

Income tax expense

 

62

 

15

 

43

 

51

Net loss

$

(8,864)

$

(22,829)

$

(9,547)

$

(87,560)

Other comprehensive loss

Change in fair value of instrument specific credit risk of long-term debt

(538)

2,186

(2,205)

(887)

Total comprehensive loss

$

(9,402)

$

(20,643)

$

(11,752)

$

(88,447)

Net loss per common share:

Basic

$

(0.42)

$

(1.08)

$

(0.45)

$

(4.12)

Diluted

$

(0.42)

$

(1.08)

$

(0.45)

$

(4.12)

See accompanying notes to unaudited consolidated financial statements

4

Table of Contents

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

(Unaudited)

    

Preferred

    

    

Common

    

    

Additional

    

Cumulative

    

Accumulated Other

    

Total

 

Shares

Preferred

Shares

Common

Paid-In

Dividends

Accumulated

Comprehensive

Stockholders’

 

Outstanding

Stock

Outstanding

Stock

Capital

Declared

Deficit

Earnings, net of tax

Equity

 

Balance, December 31, 2020

 

2,070,678

$

21

 

21,238,191

$

212

$

1,237,102

$

(822,520)

$

(423,930)

$

24,766

$

15,651

Stock based compensation

 

 

 

 

218

 

 

 

 

218

Issuance of restricted stock units

94,493

1

1

Other comprehensive loss

(1,667)

(1,667)

Net loss

 

 

 

 

 

 

 

(683)

 

 

(683)

Balance, March 31, 2021

 

2,070,678

$

21

 

21,332,684

$

213

$

1,237,320

$

(822,520)

$

(424,613)

$

23,099

$

13,520

Stock based compensation

 

 

 

 

224

 

 

 

 

224

Issuance of restricted stock units

Other comprehensive loss

(538)

(538)

Net loss

 

 

 

 

 

 

 

(8,864)

 

 

(8,864)

Balance, June 30, 2021

 

2,070,678

$

21

 

21,332,684

$

213

$

1,237,544

$

(822,520)

$

(433,477)

$

22,561

$

4,342

5

Table of Contents

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

(Unaudited)

    

Preferred

    

    

Common

    

    

Additional

    

Cumulative

    

Accumulated Other

    

Total

Shares

Preferred

Shares

Common

Paid-In

Dividends

Accumulated

Comprehensive

Stockholders’

Outstanding

Stock

Outstanding

Stock

Capital

Declared

Deficit

Earnings, net of tax

Equity

Balance, December 31, 2019

 

2,070,678

$

21

 

21,255,426

$

212

$

1,236,237

$

(822,520)

$

(334,499)

$

24,786

$

104,237

Proceeds and tax benefit from exercise of stock options

 

 

 

9,500

1

 

46

 

 

 

 

47

Stock based compensation

 

 

 

 

238

 

 

 

 

238

Other comprehensive loss

(3,073)

(3,073)

Consolidation of corporate-owned life insurance trusts

(1,281)

(1,281)

Net loss

 

 

 

 

 

 

 

(64,731)

 

 

(64,731)

Balance, March 31, 2020

 

2,070,678

$

21

 

21,264,926

$

213

$

1,236,521

$

(822,520)

$

(400,511)

$

21,713

$

35,437

Proceeds from exercise of stock options

 

 

 

(35,069)

(1)

 

(125)

 

 

 

 

(126)

Stock based compensation

 

 

 

 

111

 

 

 

 

111

Issuance of warrants in connection with debt financing

242

242

Other comprehensive earnings

2,186

2,186

Net loss

 

 

 

 

 

 

 

(22,829)

 

 

(22,829)

Balance, June 30, 2020

 

2,070,678

$

21

 

21,229,857

$

212

$

1,236,749

$

(822,520)

$

(423,340)

$

23,899

$

15,021

See accompanying notes to unaudited consolidated financial statements

6

Table of Contents

IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

For the Six Months Ended

June 30, 

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

    

    

    

    

Net loss

$

(9,547)

$

(87,560)

Loss on sale of mortgage servicing rights

4,811

Change in fair value of mortgage servicing rights

 

(1)

 

21,942

Gain on sale of mortgage loans

 

(34,304)

 

(