SOUTHFIELD, Mich., March 15, 2012 /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 $3.4
million, or $0.13 per share,
for the quarter ended December 31,
2011, as compared to a net loss of $5.7 million, or $0.22 per share, for the fourth quarter of 2010,
an improvement of approximately 40 percent. For the full year the
Company recorded a net loss of approximately $11.8 million, as compared to a net loss of
$16.6 million, for the year ago
period, an improvement of approximately 29 percent.
On March 14, 2012, Origen's Board
of Directors declared a common stock dividend of $0.15 per share to be paid to holders of Origen's
common stock of record on March 26,
2012. The dividend will be paid on April 2, 2012 and will approximate $3.9 million. The cash dividend will represent a
return of capital.
For the fourth quarter 2011, net interest income before loan
losses and impairment increased by approximately 12 percent to
$4.6 million from $4.1 million for the fourth quarter 2010. Year to
date net interest income before loan losses and impairment
decreased by approximately 8 percent to $21.6 million from $23.6
million.
The fourth quarter 2011 provision for loan losses was
$6.0 million versus $6.9 million for the prior year quarter, a
decrease of approximately 13 percent. The full year 2011 provision
for loan losses was $24.1 million as
compared to $26.6 million for the
year ago period, a decrease of approximately 9 percent.
Non-interest expenses, including $2.2
million of loan servicing expense, were $3.0 million for the fourth quarter 2011, as
compared to $3.7 million, including
$2.5 million of loan servicing
expense, for the year ago quarter, a decrease of approximately 19
percent. Full year 2011 non-interest expenses were $12.9 million, including $9.0 million of loan servicing expense versus the
prior year total of $16.0 million,
including $10.3 million of loan
servicing expense, a reduction of $3.1
million, or approximately 19 percent from the year ago
period.
Earnings Call and Webcast
A conference call has been scheduled for Friday, March 16, 2012, at 11:00 a.m. Eastern Time to discuss fourth quarter
and full year 2011 results and current operations. The call may be
accessed by dialing 877-317-6789 or 412-317-6789. A replay will be
available through March 23, 2012 by
dialing 877-870-5176 or 858-384-5517 pass code 10011625.
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
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
Assets
|
|
|
|
|
Cash and
Equivalents
|
$
3,740
|
|
$
2,595
|
|
Restricted
Cash
|
9,767
|
|
9,981
|
|
Investment
Securities
|
1,707
|
|
1,996
|
|
Loans
Receivable
|
628,708
|
|
716,900
|
|
Furniture,
Fixtures and Equipment, Net
|
49
|
|
106
|
|
Repossessed
Houses
|
2,512
|
|
6,705
|
|
Other
Assets
|
5,149
|
|
5,818
|
|
Total Assets
|
$
651,632
|
|
$
744,101
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Securitization
Financing
|
560,724
|
|
627,334
|
|
Derivative
Liabilities
|
41,662
|
|
37,090
|
|
Other
Liabilities
|
9,963
|
|
12,702
|
|
Total Liabilities
|
612,349
|
|
677,126
|
|
|
|
|
|
|
Equity
|
39,283
|
|
66,975
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$
651,632
|
|
$
744,101
|
|
|
|
|
|
ORIGEN
FINANCIAL, INC.
|
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|
(Dollars in
thousands, except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010 (as
restated)
|
|
2011
|
|
2010 (as
restated)
|
|
Interest Income
|
|
|
|
|
|
|
|
|
Total Interest
Income
|
$
15,038
|
|
$
17,071
|
|
$
63,435
|
|
$
71,641
|
|
Total Interest
Expense
|
10,397
|
|
13,016
|
|
41,849
|
|
48,029
|
|
Net Interest Income Before Loan
Losses and Impairment
|
4,641
|
|
4,055
|
|
21,586
|
|
23,612
|
|
Provision for Loan
Losses
|
5,975
|
|
6,941
|
|
24,079
|
|
26,606
|
|
Impairment of Purchased
Loan Pool
|
-
|
|
-
|
|
-
|
|
382
|
|
Net Interest Income (Loss) After
Loan Losses and Impairment
|
(1,334)
|
|
(2,886)
|
|
(2,493)
|
|
(3,376)
|
|
Non-interest Income
(Loss)
|
|
|
|
|
|
|
|
|
Other
|
924
|
|
871
|
|
3,659
|
|
2,760
|
|
Total Non-interest
Income
|
924
|
|
871
|
|
3,659
|
|
2,760
|
|
Non-interest
Expenses
|
|
|
|
|
|
|
|
|
Total
Personnel
|
367
|
|
615
|
|
1,544
|
|
2,494
|
|
Total Loan Origination
& Servicing
|
2,151
|
|
2,472
|
|
9,042
|
|
10,312
|
|
Investment
Impairment
|
-
|
|
26
|
|
-
|
|
26
|
|
State Taxes
|
37
|
|
(74)
|
|
217
|
|
167
|
|
Other
Operating
|
441
|
|
698
|
|
2,118
|
|
2,971
|
|
Total Non-interest
Expenses
|
2,996
|
|
3,737
|
|
12,921
|
|
15,970
|
|
Net Loss Before Income
Taxes
|
(3,406)
|
|
(5,752)
|
|
(11,755)
|
|
(16,586)
|
|
Income Tax Expense
(Benefit)
|
10
|
|
(40)
|
|
53
|
|
8
|
|
Net Loss
|
$
(3,416)
|
|
$
(5,712)
|
|
$
(11,808)
|
|
$
(16,594)
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares
Outstanding, Basic and Diluted
|
25,926,149
|
|
25,926,149
|
|
25,926,149
|
|
25,926,149
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common
Share
|
$
(0.13)
|
|
$
(0.22)
|
|
$
(0.46)
|
|
$
(0.64)
|
|
|
|
|
|
|
|
|
|
SOURCE Origen Financial, Inc.