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Impac Mortgage Holdings, Inc. Announces Year End 2017 Results and Management Changes

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IRVINE, Calif., March 14, 2018 (GLOBE NEWSWIRE) -- Impac Mortgage Holdings, Inc. (NYSE:IMH) announces the financial results for the quarter and year ended December 31, 2017.   

2017 Financial Results

For the year ended December 31, 2017, the Company reported net (loss) of $(31.5) million, or $(1.62) per diluted common share, and Adjusted Operating (Loss) (as defined below) of $(29.0) million, or $(1.49) per diluted common share.  For the year ended December 31, 2016, the Company reported net earnings of $46.7 million, or $3.31 per diluted common share, and Adjusted Operating Income of $96.9 million, or $6.52 per diluted common share.

For the quarter ended December 31, 2017, the Company reported net (loss) of $(44.9) million, or $(2.14) per diluted common share, and Adjusted Operating (Loss) of $(31.1) million, or $(1.48) per diluted common share.  For the quarter ended December 31, 2016, the Company reported net earnings of $16.9 million, or $1.00 per diluted common share, and Adjusted Operating Income of $23.9 million or $1.37 per diluted common share. 

                                     
Results of Operations   For the Three Months Ended    For the Year Ended 
(in thousands, except share data)    December 31,     September 30,     December 31,     December 31,     December 31,    December 31, 
(unaudited)   2017   2017   2016   2017   2016   2015
Revenues:                                    
Gain on sale of loans, net   $   19,545     $   42,476     $   65,168     $   136,147     $   311,017     $   169,206  
Real estate services fees, net       1,364         1,355         1,622         5,856         8,395         9,850  
Servicing fees, net       8,327         8,492         5,054         31,902         13,734         6,102  
(Loss) Income on mortgage servicing rights, net     (17,721 )       (10,513 )       4,808         (35,880 )       (36,441 )       (18,598 )
Other       140         266         598         680         1,051         397  
Total revenues       11,655         42,076         77,250         138,705         297,756         166,957  
Expenses:                                    
Personnel expense       20,294         23,062         31,534         89,647         124,559         77,821  
Business promotion       9,532         10,403         11,742         40,276         42,571         27,650  
General, administrative and other       12,931         8,497         10,030         37,775         33,771         27,988  
Accretion of contingent consideration       109         396         1,753         2,058         6,997         8,142  
Change in fair value of contingent consideration       (2,273 )       (4,798 )       (4,424 )       (13,326 )       30,145         (45,920 )
Total expenses       40,593         37,560         50,635    
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