Market Overview

Impac Mortgage Holdings, Inc. Announces Third Quarter 2017 Results

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

For the third quarter of 2017, the Company reported GAAP net earnings of $2.3 million, or $0.11 per diluted common share, and Adjusted Operating (Loss) Income (as defined below) of $114 thousand, or $0.01 per diluted common share, as compared to GAAP net earnings of $16.5 million, or $1.18 per diluted common share, and Adjusted Operating Income of $47.4 million, or $3.29 per diluted common share for the third quarter of 2016. 

         
Results of Operations   For the Three Months Ended    For the Nine Months Ended 
(in thousands, except share data)   September 30,    June 30,    September 30,    September 30,    September 30, 
(unaudited)   2017   2017   2016   2017   2016
Revenues:                              
Gain on sale of loans, net   $ 42,476     $ 36,806     $ 113,158     $ 116,602     $ 245,849  
Real estate services fees, net     1,355       1,504       2,678       4,492       6,773  
Servicing fees, net     8,492       7,764       3,789       23,575       8,680  
Loss on mortgage servicing rights, net     (10,513 )     (6,669 )     (15,857 )     (18,159 )     (41,249 )
Other     266       228       225       541       453  
Total revenues     42,076       39,633       103,993       127,051       220,506  
Expenses:                              
Personnel expense     23,062       21,373       38,467       69,353       93,025  
Business promotion     10,403       10,110       10,350       30,744       30,828  
General, administrative and other     8,497       8,324       7,736       24,845       23,742  
Accretion of contingent consideration     396       707       1,591       1,948       5,244  
Change in fair value of contingent consideration     (4,798 )     (6,793 )     23,215       (11,052 )     34,569  
Total expenses     37,560       33,721       81,359       115,838       187,408  
Operating income:     4,516       5,912       22,634       11,213       33,098  
Other income (expense):                              
Net interest income     1,546       1,098       1,304       3,090       2,036  
Loss on extinguishment of debt           (1,265 )    
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