SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 19, 2003
IMPAC MORTGAGE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
| Maryland |
1-14100 |
33-0675505 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1401 Dove Street
Newport Beach, CA, 92660
(Address of principal executive offices including zip code)
(949) 475-3600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. Other Events
See attached Consolidated Statements of Cash Flows for the year ended December 31, 2002 of Impac Mortgage Holdings, Inc. and subsidiaries.
ITEM 7. Exhibits
(c) Exhibits
| 99.1 |
Consolidated Statements of Cash Flows for the year ended December 31, 2002 of Impac Mortgage Holdings, Inc. and subsidiaries. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IMPAC MORTGAGE HOLDINGS, INC. | ||
| By: |
/s/ RICHARD J. JOHNSON | |
| Richard J. Johnson Executive Vice President and Chief Financial Officer | ||
Date: February 19, 2003
EXHIBIT INDEX
| 99.1 |
Consolidated Statements of Cash Flows for the year ended December 31, 2002 of Impac Mortgage Holdings, Inc. and subsidiaries. |
EXHIBIT 99.1
IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2002
(in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||
| Earnings (loss) before cumulative effect of change in accounting principle |
$ |
74,917 |
| |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
||||
| Equity in net (earnings) loss of Impac Funding Corporation |
|
(17,073 |
) | |
| Provision for loan losses |
|
19,848 |
| |
| Amortization of CMO premiums and deferred securitization costs |
|
37,945 |
| |
| Net change in accrued interest receivable |
|
(13,722 |
) | |
| Write-down of investment securities available-for-sale |
|
1,039 |
| |
| Gain (loss) on sale of other real estate owned |
|
(154 |
) | |
| Net change in other assets and liabilities |
|
(1,267 |
) | |
| Net cash provided by operating activities |
|
101,533 |
| |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
||||
| Net change in CMO collateral |
|
(2,994,039 |
) | |
| Net change in finance receivables |
|
(673,599 |
) | |
| Net change in mortgage loans held-for-investment |
|
(44,235 |
) | |
| Dividend Impac Funding Corporation |
|
12,870 |
| |
| Principal reductions on investment securities available-for-sale |
|
8,704 |
| |
| Proceeds from sale of other real estate owned |
|
12,455 |
| |
| Net cash used in investing activities |
|
(3,677,844 |
) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||
| Net change in reverse repurchase agreements and other borrowings |
|
692,675 |
| |
| Proceeds from CMO borrowings |
|
2,890,351 |
| |
| Dividends paid |
|
(66,329 |
) | |
| Proceeds from sale of common stock |
|
119,159 |
| |
| Proceeds from exercise of stock options |
|
993 |
| |
| Reduction (advances) on notes-receivable common stock |
|
920 |
| |
| Net cash provided by financing activities |
|
3,637,769 |
| |
| Net change in cash and cash equivalents |
|
61,458 |
| |
| Cash and cash equivalents at beginning of year |
|
51,887 |
| |
| Cash and cash equivalents at end of year |
$ |
113,345 |
| |