SEC Filing - IMPAC Mortgage Holdings, Inc.

View:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURTIES AND EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported June 30, 2004 IMPAC MORTGAGE HOLDINGS, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 0-19861 33-0675505 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification No.) 1401 Dove Street Newport Beach, CA 92660 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (949) 475-3600

Item 9. Regulation FD Impac Mortgage Holdings, Inc. ("IMH"), a real estate investment trust ("REIT"), is announcing the posting of its unaudited Monthly Fact Sheet, which will be available on the Company's web site at www.impaccompanies.com. - ------------------------------------------------------------------------------------------------------------------------- For the For the Month Ended Year Ended --------------------------------------------- The REIT (in millions) 5/31/04 4/30/04 12/31/2003 - ------------------------------------------------------------------------------------------------------------------------- Total Assets $ 15,377.9 $ 13,991.2 $ 10,674.7 - ------------------------------------------------------------------------------------------------------------------------- Long Term Investment Operations - ------------------------------------------------------------------------------------------------------------------------- (in millions, except Average Size of Loan) - ------------------------------------------------------------------------------------------------------------------------- Collateralized Mortgage Obligations ("CMO") Collateral (a) $ 13,278.4 $ 12,283.5 $ 8,735.4 - ------------------------------------------------------------------------------------------------------------------------- Finance Receivables (b) $ 561.3 $ 615.5 $ 630.0 - ------------------------------------------------------------------------------------------------------------------------- Mortgage Loans Held For Sale ("LHFS")(c) $ 693.5 $ 639.6 $ 395.1 - ------------------------------------------------------------------------------------------------------------------------- Mortgage Loans Held For Investment ("LHFI") (d) $ 469.1 $ 145.9 $ 652.8 - ------------------------------------------------------------------------------------------------------------------------- Investment Securities Available for Sale (e) $ 13.8 $ 12.5 $ 13.4 - ------------------------------------------------------------------------------------------------------------------------- Total Mortgage Assets (a+b+c+d+e) $ 15,016.1 $ 13,697.0 $ 10,426.7 - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- Long Term Investment Portfolio: (a+d) - ------------------------------------------------------------------------------------------------------------------------- Percentage of Fixed 12% 12% 13% - ------------------------------------------------------------------------------------------------------------------------- Percentage of Adjustable 88% 88% 87% - ------------------------------------------------------------------------------------------------------------------------- Weighted Average Coupon 5.47% 5.50% 5.58% - ------------------------------------------------------------------------------------------------------------------------- Weighted Average Margin 3.30% 3.26% 3.15% - ------------------------------------------------------------------------------------------------------------------------- Weighted Average Loan to Value 77% 77% 78% - ------------------------------------------------------------------------------------------------------------------------- Average Size of Loan (in thousands) $ 238.5 $ 238.8 $ 239.3 - ------------------------------------------------------------------------------------------------------------------------- Credit Grade: "A, A-" 99% 99% 99% - ------------------------------------------------------------------------------------------------------------------------- Credit Grade: "B" and Below 1% 1% 1% - ------------------------------------------------------------------------------------------------------------------------- Total Loans (90 days+ delinquent, and other real estate owned) $ 177.2 $ 151.3 $ 140.4 - ------------------------------------------------------------------------------------------------------------------------- Loan Delinquency Rate (60 days +) 1.66% 1.62% 1.90% - ------------------------------------------------------------------------------------------------------------------------- CMO Prepayment Amount (reporting period delay-30 days) $ 455.2 $ 373.0 $ 2,319.1 - ------------------------------------------------------------------------------------------------------------------------- Yield of CMO Borrowings 2.55% 2.51% 2.87% - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- Warehouse Lending Operations (in millions) - ------------------------------------------------------------------------------------------------------------------------- Average Outstanding Finance Receivables with Non Affiliated Customers $ 507.9 $ 547.6 $ 604.1 - ------------------------------------------------------------------------------------------------------------------------- Total Outstanding Warehouse Lines Approved to Non Affiliated Customers $ 841.5 $ 915.5 $ 1,005.0 - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- Mortgage Operations (in millions, except Master Servicing Portfolio) - ------------------------------------------------------------------------------------------------------------------------- Total Loan Acquisitions and Originations $ 1,908.0 $ 1,466.5 $ 9,525.1 - ------------------------------------------------------------------------------------------------------------------------- Percentage of Fixed 18% 16% 42% - ------------------------------------------------------------------------------------------------------------------------- Percentage of Adjustable 82% 84% 58% - ------------------------------------------------------------------------------------------------------------------------- Master Servicing Portfolio (in billions) $ 18.3 $ 17.2 $ 13.9 - ------------------------------------------------------------------------------------------------------------------------- Weighted Average Coupon 5.86% 5.92% 6.13% - ------------------------------------------------------------------------------------------------------------------------- Loan Delinquency Rate (60+ days) 2.36% 2.38% 2.67% - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- Impac Direct Access System for Lending - ------------------------------------------------------------------------------------------------------------------------- IDASLg2 Utilization - ------------------------------------------------------------------------------------------------------------------------- Volume Submitted(in millions) $ 3,213.5 $ 3,000.0 $ 21,194.6 - ------------------------------------------------------------------------------------------------------------------------- Approval Rate 76% 76% 71% - ------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- No opinion, advice, statement or other information ("Information") contained or provided herein or hereby is intended or shall be construed as a prediction of the performance of any security, fund, or obligation. Reliance upon any Information shall be at the sole risk of the reader. Prior to the execution of a purchase or sale of any security or investment, you are advised to consult with your broker or other financial advisor or other professionals as appropriate. Neither IMPAC, its affiliates, information providers nor content providers shall have any liability for investment decisions based upon, or the results obtained from the Information. The Information provided herein is unaudited and neither IMPAC, its affiliates, information providers nor content providers guarantee nor warrant the timeliness, sequence, accuracy, or completeness of the Information. Nothing contained in this Fact Sheet or Web Site is intended to be, nor shall be construed as, investment advice. - --------------------------------------------------------------------------------

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized. IMPAC MORTGAGE HOLDINGS, INC. Date: June 30,2004 By: /s/ Richard J. Johnson ------------------------------- Name: Richard J. Johnson Title: Executive Vice President and Chief Financial Officer