Origen Financial Announces First Quarter 2014 Results
PR Newswire
SOUTHFIELD, Mich., May 29, 2014
SOUTHFIELD, Mich. , May 29, 2014 /PRNewswire/ -- Origen Financial, Inc. (Pink Sheets: ORGN) ("Origen" or the "Company"), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a net loss of $97,000 for the quarter ended March 31, 2014, as compared to a net loss of $1.9 million , or $0.07 per share of common stock outstanding for the first quarter of 2013. On May 27, 2014 , Origen's Board of Directors declared a dividend on common stock of $0.08 per share to be paid to holders of Origen's common stock of record on June 12 , 2014. The dividend will be paid on June 20, 2014 and will approximate $2.1 million .
Net interest income before loan losses and impairment decreased by approximately 7.5 percent for the first quarter 2014 to $3.7 million as compared to $4.0 million for the first quarter 2013. Such decrease is the result of the continued runoff of the Company's securitized loan portfolio and the corresponding reduction in bonds payable. The first quarter 2014 provision for loan losses was $1.7 million versus $3.3 million for the prior year quarter, a decrease of approximately 48 percent. The decrease is the result of declining loan balances, as well as improvements in delinquency levels and increased recovery percentages on the dispositions of foreclosures and repossessions.
Non-interest expenses, including $1.5 million of loan servicing expense, were $2.4 million for the first quarter 2014, as compared to $2.6 million , including $1.8 million of loan servicing expense, for the year ago quarter, a decrease of approximately 8 percent.
Earnings Call and Webcast
A conference call has been scheduled for Thursday, June 19, 2014 at 11:00 a.m. Eastern Time to discuss first quarter results, current operations and an update on the execution of the shareholder-approved Asset Disposition and Management Plan. The call may be accessed by dialing 888-438-5491 or 719-457-2627. A replay will be available through June 26, 2014 by dialing 877-870-5176 or 858-384-5517 pass code 8801583.
Forward-Looking Statements
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.
About Origen Financial, Inc.
Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan .
For more information about Origen, please visit http://www.origenfinancial.com .
Financial Tables Follow…
| ORIGEN FINANCIAL, INC. | |||
| CONSOLIDATED BALANCE SHEETS | |||
| (Dollars in thousands) | |||
| | | | |
| | | | |
| ASSETS | |||
| | | | |
| | (Unaudited) | | |
| | March 31, | | December 31, |
| | 2014 | | 2013 |
| Assets | | | |
| Cash and Equivalents | $ 1,350 | | $ 774 |
| Restricted Cash | 9,157 | | 8,516 |
| Investment Securities | 1,190 | | 1,191 |
| Loans Receivable, Net | 446,519 | | 463,254 |
| Furniture, Fixtures and Equipment, Net | 31 | | 35 |
| Repossessed Houses, Net | 1,084 | | 1,401 |
| Other Assets | 3,476 | | 3,612 |
| Total Assets | $ 462,807 | | $ 478,783 |
| | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| | | | |
| Liabilities | | | |
| Securitization Financing | 409,145 | | 423,369 |
| Derivative Liabilities | 28,400 | | 29,552 |
| Other Liabilities | 9,038 | | 8,557 |
| Total Liabilities | 446,583 | | 461,478 |
| | | | |
| Equity | 16,224 | | 17,305 |
| | | | |
| Total Liabilities and Equity | $ 462,807 | | $ 478,783 |
| ORIGEN FINANCIAL, INC. | |||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||
| (Dollars in thousands, except for share data) | |||
| | |||
| | | | |
| | | | |
| | (Unaudited) | ||
| | Three Months Ended | ||
| | March 31, | ||
| | 2014 | | 2013 |
| Interest Income | | | |
| Total Interest Income | $ 10,881 | | $ 12,540 |
| Total Interest Expense | 7,153 | | 8,580 |
| Net Interest Income Before Loan Losses and Impairment | 3,728 | | 3,960 |
| Provision for Loan Losses | 1,722 | | 3,312 |
| Net Interest Income After Loan Losses and Impairment | 2,006 | | 648 |
| Non-interest Income | | | |
| Other | 326 | | 133 |
| Total Non-interest Income | 326 | | 133 |
| Non-interest Expenses | | | |
| Total Personnel | 311 | | 356 |
| Total Loan Servicing Expenses | 1,527 | | 1,790 |
| State Taxes | 88 | | 73 |
| Other Operating | 496 | | 408 |
| Total Non-interest Expenses | 2,422 | | 2,627 |
| Net Loss Before Income Taxes | (90) | | (1,846) |
| Income Tax Expense | 7 | | 7 |
| Net Loss | $ (97) | | $ (1,853) |
| | | | |
| Weighted Average Common Shares Outstanding, Basic and Diluted | 25,926,149 | | 25,926,149 |
| | | | |
| Net Loss Per Common Share | $ (0.00) | | $ (0.07) |
SOURCE Origen Financial, Inc.
