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Impac Mortgage Holdings Inc. Message Board

  • liverless001 liverless001 Nov 17, 2012 12:44 AM Flag

    Impac earned $1.50 per share in Q2 if you remove the mark to market of the residual trusts

    GAAP earnings at Impac are misleading because they include the mark to market and REO adjustments of trusts that the company holds residuals in but that are non-recourse to the company (the company defines this as its Long-term Portfolio segment). To see the operating earnings of the business the long-term portfolio (which is in run-off) should be ignored.

    Looking at the Q3 EPS from operations (from the news release):
    Long-term Portfolio $(0.61)
    Mortgage Lending $1.04
    Real Estate Services $0.46

    If you remove the effect of the long-term portfolio, Impac earned $1.50 for the quarter.

    If you were to annualize the quarter the company would be on target for $6 of annual operating earnings.

    On top of that, the company said during its Q3 conference call that origination volumes for October were $290 million, which is another 19% increase in volume over the average monthly volume for Q2.

    Sentiment: Strong Buy

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