-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JtYnaFPrwBUAywf/cLmMVgNttNgF1CH0T2d8kh9pdgee2KhurZt5Wg/Coesb3XmK iJQA6xRxuq4kl/J88l/ZfQ== 0000950123-09-058620.txt : 20091106 0000950123-09-058620.hdr.sgml : 20091106 20091105191716 ACCESSION NUMBER: 0000950123-09-058620 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20091105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091106 DATE AS OF CHANGE: 20091105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALTER INVESTMENT MANAGEMENT CORP CENTRAL INDEX KEY: 0001040719 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133950486 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13417 FILM NUMBER: 091162455 BUSINESS ADDRESS: STREET 1: 4211 W BOY SCOUT BOULEVARD STREET 2: 4TH FLOOR CITY: TAMPA STATE: FL ZIP: 33607 BUSINESS PHONE: 813-871-4811 MAIL ADDRESS: STREET 1: 4211 W BOY SCOUT BOULEVARD STREET 2: 4TH FLOOR CITY: TAMPA STATE: FL ZIP: 33607 FORMER COMPANY: FORMER CONFORMED NAME: HANOVER CAPITAL MORTGAGE HOLDINGS INC DATE OF NAME CHANGE: 19970917 8-K 1 b77968e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 5, 2009
 
Walter Investment Management Corp.
(Exact name of registrant as specified in its charter)
         
Maryland
(State or other jurisdiction of incorporation
or organization)
  6789
(Primary Standard Industrial Classification
Code Number)
  13-3950486
(I.R.S. Employer Identification No.)
 
3000 Bayport Drive, Suite 1100
Tampa, FL 33607
(813) 421-7600

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

2
Item 2.02 Results of Operations and Financial Condition; Item 7.01 Regulation FD Disclosure.
     On November 5, 2009, Walter Investment Management Corp. (“WIMC”) issued a press release announcing its financial results for the three and nine months ended September 30, 2009 and its Board of Directors’ authorization to declare a quarterly dividend of $0.50 per share. The quarterly dividend is payable on November 30, 2009 to shareholders of record on November 18, 2009. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K.
     The information contained in this Item 2.02 and Item 7.01 and the attached Exhibit 99.1 is being furnished to and not filed with the Securities and Exchange Commission, and shall not be incorporated by reference into a registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
     
Exhibit No.                               Description
 
   
99.1
  Press Release dated November 5, 2009

 


 

3
          SIGNATURES
          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
             
WALTER INVESTMENT MANAGEMENT CORP.    
 
           
Date: November 6, 2009
  By:   /s/ Kimberly A. Perez    
 
           
 
      Kimberly A. Perez, Vice President,    
 
      Chief Financial Officer and Treasurer    

 

EX-99.1 2 b77968exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(WALTER INVESTMENT MANAGEMENT CORP LOGO)
     
FOR IMMEDIATE RELEASE   Investor and Media Contact: Whitney Finch
November 5, 2009   Director of Investor Relations
    813.421.7694
    wfinch@walterinvestment.com
WALTER INVESTMENT MANAGEMENT CORP. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
    COMPANY REPORTS Q3 PRE-TAX INCOME OF $9.6 MILLION
 
    ANNOUNCES DIVIDEND OF $0.50 PER SHARE
(Tampa, Fla.) – Walter Investment Management Corp. (NYSE Amex: WAC) (“Walter Investment” or the “Company”) today reported results of operations for the quarter ended September 30, 2009 and the declaration of a quarterly dividend of $0.50 per share. The dividend will be paid on November 30, 2009 to shareholders of record on November 18, 2009.
Net income for the third quarter of 2009 was $8.2 million, or $0.40 per diluted share. These quarterly results included $0.4 million of spin-off related costs and $0.8 million of non-cash income tax expense related to the reversal of tax benefits previously reflected in accumulated other comprehensive income. Income before income taxes was $9.6 million, or $0.46 per diluted share. Income before income taxes excluding the spin-off related expenses was $10.0 million in the third quarter as compared to $9.8 million in the second quarter. The Company had a net loss before income taxes of $6.1 million in the third quarter of 2008, primarily attributable to a $12.3 million goodwill impairment charge and a $3.9 million provision for estimated hurricane losses.
Mark J. O’Brien, Walter Investment’s Chairman and CEO, said, “The $0.50 per share dividend declared today by our Board of Directors is equal to the Company’s initial dividend that was declared and paid in August. This quarter’s results and the payment of the dividend demonstrate the consistent and stable performance of our portfolio and the cash flow it produces.”
“We believe the continuing strong performance from our core business, despite ongoing weakness in the mortgage industry in general, confirms that we are well positioned to take advantage of the opportunities currently available in the distressed asset market. We anticipate that the acquisitions of residential loans, additional servicing opportunities, and other investment options for the proceeds from our recent capital raise, should further improve the efficiency and effectiveness of our servicing platform and enhance returns to our shareholders.”
Third Quarter 2009 Operating Highlights
    Consolidated delinquencies were 5.55 percent at the end of September, as compared to 5.06 percent at June 30, 2009 and 5.00 percent at September 30, 2008. The uptick reflected an expected seasonal trend upward in delinquencies. However our delinquency rates (adjusted to reflect comparable methodologies) remain better than the most recently released Mortgage Banker’s Association’s subprime industry survey average by 53 percent.
 
    On an annualized basis, the asset yield for the quarter ended September 30, 2009 was 10.13 percent and the Company’s cost of funds was 6.81 percent. The net interest margin for the quarter, which is net interest income as a percentage of average earning assets, was 4.92 percent, slightly lower than the third quarter of last year, due to lower outstanding balances, lower prepayment speeds and higher delinquencies.
 
    Loss severities were 16.9 percent in the third quarter, as compared to 19.0 percent for the second quarter of 2009. Severity levels for fixed rate residential loans, which comprise 99 percent of our portfolio, were better than
(WAC LISTED LOGO)
3000 Bayport Drive, Suite 1100, Tampa, Florida 33607
813.421.7600       www.walterinvestment.com

 


 

      historical averages at 12.5 percent improving slightly from 13.3 percent in the second quarter of 2009. The improvement in the fixed rate portion of the portfolio was partially offset by an increase in severities in the adjustable rate mortgage portfolio, which comprises approximately 1 percent of the Company’s total portfolio.
 
    Cash increased $2.3 million during the third quarter of 2009 after the $10.4 million paid in dividends to our shareholders.
Charles E. Cauthen, Walter Investment’s President and COO, said, “Despite extremely difficult economic conditions, our servicing operations continue to achieve solid and consistent results from our existing residential loan portfolio. While we expect continued weakness in the economy and for unemployment levels to remain high, we believe we are well-positioned to produce results superior to those of other servicers on our existing residential loan portfolio and from any residential loan portfolios we acquire.”
Third Quarter 2009 Financial Summary
Net interest income for the quarter was $21.0 million as compared $23.4 million in the year-ago period on lower average outstandings, lower voluntary prepayment speeds and slightly higher delinquencies.
The provision for losses was $3.1 million, compared with $5.3 million in the year ago period. The decrease from the year earlier period was primarily driven by an addition to the allowance for loan losses of $2.3 million in the prior year period, coupled with improved loss severities in the current quarter.
Non-interest income rose to $3.0 million from $1.9 million a year earlier. Other revenues increased primarily as a result of the sale of the third-party insurance agency portfolio as well as an increase in advisory services revenues.
Non-interest expense decreased to $11.3 million from $26.1 million a year earlier. The decrease was primarily attributable to goodwill impairment charges of $12.3 million and a provision for estimated hurricane insurance losses of $3.9 million taken during the third quarter of 2008.
The Company’s results for all periods presented include the results of Walter Investment Management, LLC, while the results for Hanover Capital Mortgage Holdings, Inc. are only included for post-merger periods.
Third Quarter 2009 Liquidity Summary
At September 30, 2009, the Company had $23.9 million of cash. The Company had no borrowings under its $15 million revolving credit facility at September 30, 2009. Additionally, Walter Investment has access to a $10 million facility to cover potential catastrophic hurricane-related losses.
On October 21, 2009, the Company received net proceeds of approximately $76.9 million from its follow-on common stock offering. We anticipate that the proceeds will be used to purchase residential loans and for other investment and general corporate purposes.
Conference Call Webcast
Members of the Company’s leadership team will discuss Walter Investment’s third quarter results and other general business matters during a conference call and live webcast to be held on Friday, November 6, 2009, at 10 a.m. Eastern Time. To listen to the event live or in an archive which will be available for 30 days, visit the Company’s website at www.walterinvestment.com
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in subprime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the Company currently has $1.8 billion of assets under management and annualized revenues of approximately $190 million. The Company is structured as a real estate investment trust (“REIT”) and employs approximately 215 people. For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com.

 


 

Safe Harbor Statement
Certain statements in this release and in our public documents to which we refer, contain or incorporate by reference “forward-looking” statements as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Walter Investment Management Corp. is including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical fact are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “project,” “estimate,” “forecast,” “objective,” “plan,” “goal” and similar expressions are intended to identify forward looking statements. Forward-looking statements are based on the Company’s current belief, intentions and expectations; however, forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements, to differ materially from those reflected in the statements made or incorporated in this release. Thus, these forward-looking statements are not guarantees of future performance and should not be relied upon as predictions of future events. These risks and uncertainties are contained in Walter Investment Management Corp.’s Registration Statement on Form S-11 dated September 22, 2009, as amended October 8, 2009 and October 16, 2009 and Walter Investment Management Corp.’s other filings with the Securities and Exchange Commission.
In particular (but not by way of limitation), the following important factors and assumptions could affect the Company’s future results and could cause actual results to differ materially from those expressed in the forward-looking statements: local, regional, national and global economic trends and developments in general, and local, regional and national real estate and residential mortgage market trends and developments in particular; the availability of suitable qualifying investments for the proceeds of the Company’s recent secondary offering and risks associated with any such investments that we may pursue; the availability of additional investment capital and suitable qualifying investments and risks associated with any future expansion of our business activities; limitations imposed on the Company’s business due to its REIT status and the Company’s continued qualification as a REIT for Federal Income Tax Purposes; financing sources and availability, and future interest expense; fluctuations in interest rates and levels of mortgage prepayments; increases in costs and other general competitive factors; natural disasters and adverse weather conditions, especially to the extent they result in material payouts under insurance policies placed with our captive insurance subsidiary; changes in federal, state and local policies, laws and regulations affecting our business, including, without limitation, mortgage financing or servicing, and/or the rights and obligations of property owners, mortgagees and tenants; the effectiveness of risk management strategies; unexpected losses resulting from pending, threatened or unforeseen litigation or other third party claims against the Company; the ability or willingness of Walter Energy, Inc., the Company’s former parent and other counterparties to satisfy its/their material obligations under its/their agreements with the Company; the Company’s continued listing on the NYSE Amex; uninsured losses or losses in excess of insurance limits and the availability of adequate insurance coverage at reasonable costs; the integration of the former Hanover Capital Mortgage Holdings, Inc. business into that of Walter Investment Management, LLC and its affiliates (the “Merger”), and the realization of anticipated synergies, cost savings and growth opportunities from the Merger; future performance generally; and other presently unidentified factors.
All forward looking statements set forth herein are qualified by these cautionary statements and are made only as of November 5, 2009. The Company undertakes no obligation to update or revise the information contained herein, including without limitation any forward-looking statements whether as a result of new information, subsequent events or circumstances, or otherwise, unless otherwise required by law.

 


 

Walter Investment Management Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except share and per share amounts)
                                 
    For the Three Months     For the Nine Months  
    Ended September 30,     Ended September 30,  
    2009     2008     2009     2008  
Net interest income:
                               
Interest income
  $ 43,191     $ 47,649     $ 133,701     $ 146,107  
Less: Interest expense
    22,229       24,278       67,972       78,432  
Less: Interest rate hedge ineffectiveness
                      16,981  
 
                       
Total net interest income
    20,962       23,371       65,729       50,694  
Less: Provision for loan losses
    3,102       5,289       11,211       12,646  
 
                       
 
                               
Total net interest income after provision for loan losses
    17,860       18,082       54,518       38,048  
 
                               
Non-interest income:
                               
Premium revenue
    2,581       3,205       9,060       8,264  
Other income, net
    461       (1,272 )     838       (1,627 )
 
                       
Total non-interest income
    3,042       1,933       9,898       6,637  
 
                               
Non-interest expenses:
                               
Claims expense
    1,098       1,400       3,760       3,870  
Salaries and benefits
    5,441       4,177       15,254       12,272  
Legal and professional
    615       273       3,215       855  
Occupancy
    223       389       1,023       1,168  
Technology and communication
    687       300       2,236       1,008  
Depreciation and amortization
    283       308       893       1,132  
General and administrative
    2,914       1,924       7,212       5,447  
Other expense
    53       361       439       1,119  
Related party — allocated corporate charges
          869       853       2,603  
Goodwill impairment charges
          12,291             12,291  
Provision for estimated hurricane insurance losses
          3,853             3,853  
 
                       
Total non-interest expenses
    11,314       26,145       34,885       45,618  
 
                               
Income (loss) before income taxes
    9,588       (6,130 )     29,531       (933 )
Income tax expense
    1,345       1,767       (75,725 )     3,694  
 
                       
Net income (loss)
  $ 8,243     $ (7,897 )   $ 105,256     $ (4,627 )
 
                       
 
                               
Basic income (loss) per common and common equivalent share
  $ 0.40     $ (0.40 )   $ 5.16     $ (0.23 )
Diluted income (loss) per common and common equivalent share
  $ 0.40     $ (0.40 )   $ 5.15     $ (0.23 )
 
                               
Weighted average common and common equivalent shares outstanding — basic
    20,586,199       19,871,205       20,299,435       19,871,205  
 
                               
Weighted average common and common equivalent shares outstanding — diluted
    20,687,965       19,871,205       20,357,139       19,871,205  

 


 

Walter Investment Management Corp. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands, except share amounts)
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)          
ASSETS
               
 
               
Cash and cash equivalents
  $ 23,896     $ 1,319  
Short-term investments, restricted
    53,186       49,196  
Receivables, net
    4,369       5,447  
Residential loans, net of allowance for loan losses of $17,789 and $18,969, respectively
    1,673,103       1,767,838  
Subordinate security
    1,769        
Real estate owned
    56,745       48,198  
Unamortized debt expense
    18,822       19,745  
Other assets
    10,859       7,098  
 
           
Total assets
  $ 1,842,749     $ 1,898,841  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
 
               
Accounts payable
  $ 1,507     $ 2,181  
Accrued expenses
    29,875       46,367  
Deferred income taxes, net
    208       55,530  
Mortgage-backed debt
    1,292,242       1,372,821  
Accrued interest
    8,989       9,717  
Other liabilities
    742       748  
 
           
Total liabilities
    1,333,563       1,487,364  
 
           
 
               
Stockholders’ equity:
               
Member unit
               
Issued - 0 member units at September 30, 2009 and 1 member unit at December 31,
           
2008
               
Preferred stock, $0.01 par value per share:
               
Authorized - 10,000,000 shares
Issued and outstanding - 0 shares at September 30, 2009 and December 31, 2008
           
Common stock, $0.01 par value per share:
               
Authorized - 90,000,000 shares
Issued and outstanding - 19,892,887 shares at September 30, 2009
    199        
Additional paid-in capital
    45,354       52,293  
Retained earnings
    461,406       684,127  
Accumulated other comprehensive income
    2,227       1,747  
 
           
 
    509,186       738,167  
Less: Receivable from Walter Energy
          (326,690 )
 
           
Total stockholders’ equity
    509,186       411,477  
 
           
Total liabilities and stockholders’ equity
  $ 1,842,749     $ 1,898,841  
 
           

 


 

Walter Investment Management Corp. and Subsidiaries
Operating Statistics
(Unaudited)
(dollars in millions, except per share amounts)
                         
    Q3 2009     Q2 2009     Q3 2008  
30+ Delinquencies (1)
    5.55 %     5.06 %     5.00 %
90+ Delinquencies (1)
    3.24 %     2.73 %     2.53 %
 
                       
Provision for Losses
  $ 3.1     $ 3.7     $ 5.3  
Net Charge-offs
  $ 3.6     $ 3.9     $ 4.3  
Charge-off Ratio (2)
    0.85 %     0.90 %     0.94 %
 
                       
Allowance for Losses
  $ 17.8     $ 18.3     $ 14.9  
Allowance for Losses Ratio (3)
    1.05 %     1.06 %     0.82 %
 
                       
30+ Delinquencies (1)
  $ 102.7     $ 95.4     $ 98.0  
REO (Real Estate Owned)
  $ 56.7     $ 55.8     $ 41.3  
TIO (Taxes, Insurance, Escrow and Other Advances)
  $ 15.4     $ 14.8     $ 13.8  
 
                 
Nonperforming Assets (Delinquencies +REO + TIO)
  $ 174.8     $ 166.0     $ 153.1  
Nonperforming Assets Ratio (4)
    9.08 %     8.48 %     7.47 %
 
                       
Default Rate (5)
    5.37 %     5.51 %     3.89 %
Fixed Rate Mortgages
    5.20 %     5.37 %     3.48 %
Adjustable Rate Mortgages
    14.71 %     14.43 %     26.07 %
 
                       
Loss Severities (6)
    16.90 %     19.00 %     17.80 %
Fixed Rate Mortgages
    12.51 %     13.30 %     10.50 %
Adjustable Rate Mortgages
    61.75 %     47.00 %     52.00 %
 
                       
Number of Accounts Serviced (7)
    35,725       36,320       38,192  
 
                       
Total Portfolio (8)
  $ 1,924.7     $ 1,956.5     $ 2,050.3  
 
                       
ARM Portfolio (9)
  $ 27.3     $ 29.6     $ 36.3  
 
                       
Prepayment Rate (Voluntary CPR)
    3.36 %     4.06 %     4.49 %
 
                       
Book Value per Share(10)
  $ 25.60     $ 25.69     NM  
 
                       
Debt to Equity Ratio
    2.54:1       2.59:1     NM  
 
(1)   Delinquencies are defined as the percentage of principal balances outstanding which have monthly payments over 30 days past due. The calculation of delinquencies excludes from delinquent amounts those accounts that are in bankruptcy proceedings that are paying their mortgage payments in contractual compliance with bankruptcy court approved mortgage payment obligations.
 
(2)   The charge-off ratio is calculated as annualized net charge-offs, divided by average residential loans before the allowance for losses.
 
(3)   The allowance for losses ratio is calculated as period-end allowance for losses divided by period-end residential loans before the allowance for losses.
 
(4)   The nonperforming assets ratio is calculated as period-end non-performing assets, divided by period-end principal balance of residential loans plus REO and TIO.
 
(5)   Default rate is calculated as the annualized balance of repossessions for the quarter divided by the average total balance of the portfolio for the quarter.
 
(6)   Loss severities are calculated as the loss on sale of REO properties divided by the carrying value of REO.
 
(7)   Includes REO accounts.
 
(8)   Total portfolio includes the principal balance of residential loans, REO and TIO.
 
(9)   ARM portfolio includes the principal balance of adjustable rate residential loans and REO resulting from defaulted adjustable rate residential loans.
 
(10)   Book Value per share is calculated by dividing the Company’s equity by total shares issued and outstanding of 19,892,887.
 
NM   Not Meaningful

 

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