Market Overview

Impac Mortgage Holdings, Inc. Announces Second Quarter 2017 Results

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IRVINE, Calif., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Impac Mortgage Holdings, Inc. (NYSE American: IMH) announces the financial results for the quarter ended June 30, 2017. 

For the second quarter of 2017, the Company reported GAAP net earnings of $6.4 million, or $0.32 per diluted common share, and Adjusted Operating (Loss) Income (as defined below) of $(174) thousand, or $(0.01) per diluted common share, as compared to GAAP net earnings of $12.3 million, or $0.92 per diluted common share, and Adjusted Operating Income of $18.5 million, or $1.33 per diluted common share for the second quarter of 2016. 

Operating income, excluding the changes in contingent consideration ("Adjusted Operating (Loss) Income"), is considered a non-GAAP financial measurement; see the discussion and reconciliation of non-GAAP financial measures below.

Results of Operations   For the Three Months Ended   For the Six Months Ended
(in thousands, except share data)   June 30,   March 31,   June 30,   June 30,   June 30,
(unaudited)   2017     2017     2016     2017     2016  
Revenues:                              
Gain on sale of loans, net   $ 36,806     $ 37,319     $ 78,822     $ 74,126     $ 132,691  
Real estate services fees, net     1,504       1,633       1,995       3,137       4,095  
Servicing fees, net     7,764       7,320       2,803       15,083       4,891  
Loss on mortgage servicing rights, net     (6,669 )     (977 )     (14,482 )     (7,646 )     (25,392 )
Other     228       47       75       275       227  
Total revenues     39,633       45,342       69,213       84,975       116,512  
Expenses:                              
Personnel expense     21,373       24,919       30,592       46,291       54,557  
Business promotion     10,110       10,231       11,286       20,341       20,478  
General, administrative and other     8,324       8,023       8,842       16,348       16,004  
Accretion of contingent consideration     707       845       1,759       1,552       3,653  
Change in fair value of contingent consideration     (6,793 )     539       8,412       (6,254 )     11,354  
Total expenses     33,721       44,557       60,891       78,278       106,046  
Operating income:     5,912       785       8,322       6,697       10,466  
Other income (expense):                              
Net interest income     1,098       446       833       1,543       732  
Change in long-term debt     (1,530 )     (2,497 )     1,354       (4,026 )     1,354  
Change in fair value of net trust assets     2,005       6,319       2,165       8,324       1,538
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