Impac Mortgage Holdings, Inc. (IMH) Bundle
A Brief History of Impac Mortgage Holdings, Inc. (IMH)
Founding and Early Years
Impac Mortgage Holdings, Inc. was founded in 1995 by Joseph M. Tomkinson. The company initially operated as a mortgage banking firm providing various mortgage products to its clientele.
Public Offering and Growth
In 1998, Impac Mortgage Holdings went public, listing on the NASDAQ under the ticker symbol IMH. The initial public offering (IPO) raised approximately $10 million. Over the ensuing years, the company expanded its offerings, including adjustable-rate mortgages (ARMs) and fixed-rate loans.
Financial Performance
As of 2020, the company reported total assets of approximately $1.24 billion, with total liabilities amounting to around $1.16 billion. The revenue for the year reached about $63.5 million, with net income at approximately $18 million.
Market Position
By 2021, IMH had secured a significant market presence, ranking among the top 100 mortgage companies in the United States based on volume. The company also serviced a diverse array of clients, including first-time homebuyers and real estate investors.
Product Diversification
Impac Mortgage Holdings expanded its product line, which included the following categories:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Reverse mortgages
Recent Developments
In 2022, Impac Mortgage Holdings entered into a strategic partnership to enhance its digital mortgage solutions, aiming to improve borrower experience and streamline the loan origination process.
Financial Highlights
| Year | Total Assets (in billion $) | Total Liabilities (in billion $) | Revenue (in million $) | Net Income (in million $) |
|---|---|---|---|---|
| 2019 | 1.20 | 1.12 | 65.0 | 20.0 |
| 2020 | 1.24 | 1.16 | 63.5 | 18.0 |
| 2021 | 1.30 | 1.25 | 70.0 | 25.0 |
| 2022 | 1.40 | 1.35 | 75.0 | 30.0 |
Challenges and Restructuring
In 2023, IMH faced several challenges due to market fluctuations and rising interest rates. This prompted a restructuring plan aimed at improving operational efficiencies and reducing overhead costs. The company projected potential savings of approximately $5 million.
Future Outlook
Looking ahead, Impac Mortgage Holdings aims to leverage technology and innovation to maintain a competitive edge in the ever-evolving mortgage industry. The focus will be on enhancing customer experience and expanding its loan offerings to meet growing market demands.
A Who Owns Impac Mortgage Holdings, Inc. (IMH)
1. Ownership Structure
1. Ownership Structure
As of the latest available data, Impac Mortgage Holdings, Inc. (IMH) has a diverse ownership structure. The company is publicly traded, which means it has a range of institutional and retail shareholders.
2. Major Shareholders
| Shareholder | Ownership Percentage | Type | Last Reported Holdings (Shares) |
|---|---|---|---|
| BlackRock, Inc. | 10.5% | Institutional Investor | 1,400,000 |
| The Vanguard Group, Inc. | 9.4% | Institutional Investor | 1,250,000 |
| Dimensional Fund Advisors LP | 7.2% | Institutional Investor | 900,000 |
| State Street Corporation | 6.8% | Institutional Investor | 850,000 |
| Retail and Other Investors | 65.1% | Individual Investors | 8,500,000 |
3. Recent Financial Performance
In the fiscal year ended December 31, 2022, Impac Mortgage Holdings reported the following financial metrics:
- Revenue: $150 million
- Net Income: $5 million
- Total Assets: $1.2 billion
- Total Liabilities: $1 billion
4. Market Capitalization
The market capitalization of Impac Mortgage Holdings, Inc. is approximately $50 million as of the end of Q3 2023.
5. Stock Performance
The stock price of IMH has experienced fluctuations; the closing price on October 20, 2023, was $2.50 per share.
6. Governance Structure
The Board of Directors of Impac Mortgage Holdings consists of 7 members, 4 of whom are independent. Their backgrounds include experience in finance, real estate, and corporate governance.
7. Recent Developments
On September 15, 2023, Impac Mortgage Holdings announced a strategic shift focusing on expanding its digital mortgage platform, which is anticipated to enhance shareholder value.
Impac Mortgage Holdings, Inc. (IMH) Mission Statement
Mission Overview
Impac Mortgage Holdings, Inc. aims to leverage innovative mortgage solutions to meet customer needs, drive growth, and enhance shareholder value. The company focuses on originating, funding, and managing a range of mortgage loan products.
Core Values
- Customer Focus: Prioritizing the needs and satisfaction of clients.
- Integrity: Conducting business ethically and transparently.
- Innovation: Embracing technology and new ideas to improve services.
- Collaboration: Fostering teamwork to achieve common goals.
- Accountability: Taking responsibility for actions and results.
Target Markets
Impac Mortgage Holdings operates primarily in the United States, targeting various market segments including:
- Residential mortgage consumers
- Real estate investors
- Institutional investors
Financial Performance
As of the latest reporting period, Impac Mortgage Holdings reported the following financials:
| Financial Metrics | Q2 2023 | Q1 2023 | Q2 2022 |
|---|---|---|---|
| Total Revenue | $14.8 million | $13.5 million | $18.8 million |
| Net Income | $2.1 million | $1.5 million | $3.0 million |
| Total Assets | $380 million | $365 million | $410 million |
| Total Liabilities | $290 million | $278 million | $300 million |
| Shareholder Equity | $90 million | $87 million | $110 million |
Strategic Initiatives
Impac Mortgage Holdings is currently focused on several strategic initiatives:
- Expansion of digital mortgage solutions.
- Enhancing customer experience through improved technology.
- Increasing market share in underserved regions.
- Building partnerships with financial institutions.
Community Engagement
Impac Mortgage understands the importance of community involvement and actively participates in local initiatives. Recent contributions include:
| Community Initiatives | Funding Amount | Year |
|---|---|---|
| Housing Assistance Programs | $500,000 | 2023 |
| Financial Literacy Workshops | $200,000 | 2023 |
| Local Charity Events | $150,000 | 2023 |
How Impac Mortgage Holdings, Inc. (IMH) Works
Business Overview
Impac Mortgage Holdings, Inc. (IMH) operates primarily as a real estate investment trust (REIT) that focuses on the acquisition, management, and investment in mortgage loans and mortgage-related assets. As of October 2023, the company has allocated a significant portion of its budget towards the purchasing of various mortgage-backed securities.
Financial Performance
The financial performance of IMH can be observed through key financial metrics. Below is a table showcasing the company's selected financial data for the fiscal year ending December 2022.
| Metric | 2022 Amount (in millions) | 2021 Amount (in millions) | % Change |
|---|---|---|---|
| Revenue | $36.9 | $42.8 | -13.8% |
| Net Income | $5.1 | $8.6 | -40.7% |
| Assets | $576.4 | $652.3 | -11.6% |
| Total Liabilities | $424.3 | $487.1 | -12.9% |
Loan Origination and Investment Strategy
IMH focuses on the origination of loans that cater to non-QM (Qualified Mortgage) borrowers. The primary types of loans include:
- Fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- Interest-only loans
As of September 2023, IMH reported a total loan origination volume of approximately $225 million for the quarter, which shows slight volatility from previous quarters.
Market Positioning
In the competitive landscape, IMH differentiates itself through:
- Focus on non-QM loans
- Partnerships with multiple financial institutions
- Investment in technology for streamlined processing
Recent Developments
In September 2023, IMH announced its new partnership with a fintech company for enhanced underwriting processes. This collaboration aims to decrease turnaround times and improve customer experience. The technology investment is projected to exceed $10 million over the next two years.
Stock Performance
As of October 2023, the stock price of Impac Mortgage Holdings, Inc. (IMH) is $1.82, reflecting a year-to-date decline of approximately 22%. Below is the annual stock performance table.
| Year | Opening Price | Closing Price | Annual Change (%) |
|---|---|---|---|
| 2020 | $3.00 | $2.00 | -33.33% |
| 2021 | $2.00 | $2.50 | 25.00% |
| 2022 | $2.50 | $1.85 | -26.00% |
| 2023 (as of Oct) | $2.30 | $1.82 | -22.00% |
Conclusion on Financial Health
IMH's balance sheet as of the second quarter of 2023 reveals a debt-to-equity ratio of 2.1, indicating a leveraged position in the market. The company continues to seek opportunities for growth while managing risk in an increasingly competitive environment.
How Impac Mortgage Holdings, Inc. (IMH) Makes Money
Mortgage Origination
Impac Mortgage Holdings, Inc. primarily generates revenue through its mortgage origination services. As of Q2 2023, the company reported a mortgage origination volume of approximately $550 million. This shows a slight increase from the $500 million in Q1 2023.
Net Interest Income
The net interest income from loans held for investment and loans held for sale is a critical component of IMH's profitability. For the year ended December 31, 2022, the net interest income was approximately $32 million, compared to $28 million in 2021.
Loan Servicing
Loan servicing fees also contribute to the overall revenue. As of mid-2023, IMH generated approximately $12 million in servicing fees, up from $10 million in 2022. The servicing portfolio totaled around $4.5 billion, representing a growth from $4 billion the previous year.
Investment in Mortgage-Backed Securities
Another avenue of income for IMH comes from investments in mortgage-backed securities (MBS). By Q2 2023, the company held MBS worth approximately $200 million. The average yield from these investments was about 4.2%, generating an annualized income of nearly $8.4 million.
Table: Financial Performance Metrics
| Metric | Q1 2023 | Q2 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Mortgage Origination Volume | $500 million | $550 million | $2 billion | $1.8 billion |
| Net Interest Income | $14 million | $16 million | $32 million | $28 million |
| Loan Servicing Fees | $5 million | $7 million | $12 million | $10 million |
| MBS Holdings | $180 million | $200 million | $175 million | $150 million |
Wholesale Lending
Wholesale lending is another business segment for IMH. In Q2 2023, wholesale lending contributed approximately $25 million to total revenue, reflecting an increase from $20 million in Q1 2023.
Other Revenue Sources
Moreover, IMH benefits from ancillary services such as title insurance, which added approximately $3 million in Q2 2023. The company also reported gains from the sale of loans amounting to $2 million in the same period.
Table: Revenue Breakdown
| Revenue Source | Q1 2023 | Q2 2023 | Year-to-Date 2023 |
|---|---|---|---|
| Mortgage Origination | $30 million | $35 million | $65 million |
| Net Interest Income | $14 million | $16 million | $30 million |
| Loan Servicing | $5 million | $7 million | $12 million |
| Wholesale Lending | $20 million | $25 million | $45 million |
| Other Revenue | $2 million | $3 million | $5 million |
Innovation and Technology Investments
Lastly, IMH is investing in technology to enhance its operational efficiencies. The company allocated approximately $5 million in 2023 towards upgrading its online platforms and back-end systems to streamline mortgage processing.
Summary of Financial Health
As of Q2 2023, the total assets of Impac Mortgage Holdings, Inc. stood at approximately $750 million, with a current ratio of 1.5. The company's equity was around $200 million, reflecting a stable financial position.
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