American Business Financial Services, Inc. Reports Fiscal Third Quarter 2003 Earnings; Cash Dividend of $0.08 Declared.Business Editors BALA CYNWYD Cynwyd is a small village in Denbighshire, Wales, about two miles south-west of the town of Corwen. It is home to a large factory, run by Ifor Williams Trailers. See also
American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABFI), today announced results for the Company's third quarter of fiscal 2003, ended March 31, 2003. The Company reported record originations of $403.7 million during the third quarter, an increase of 22.8% over originations of $328.8 million for the prior year period. Revenues for the three months ended March 31, 2003 were $71.8 million versus $65.4 million for the comparable period in fiscal 2002. Net income for the quarter was $0.2 million ($0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), compared to $1.8 million ($0.55 per diluted share) in the comparable period a year ago. The decrease in earnings per share was primarily due to more challenging capital markets in executing this past quarter's $450 million securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . Commenting on the third quarter, ABFI Executive Vice President and Chief Financial Officer, Albert Albert, German churchman Albert, 1490–1545, German churchman, cardinal of the Roman Catholic Church. A member of the house of Brandenburg, he became (1514) Archbishop of Mainz. W. Mandia, said, "ABFI's securitization revenue this quarter, as compared to the prior year third quarter, was negatively impacted by the higher pricing spreads required in the securitization market over benchmark interest rates Benchmark interest rate Also called base interest rate, it is the minimum interest rate investors will demand for investing in a non-Treasury security. It is also tied to the yield to maturity offered on the comparable-maturity treasury security that was most recently issued (on-the-run). , and by the lower interest rates charged on loans originated by the Company. Although the benchmark interest rates used to price securitizations declined from the prior year third quarter, and from our second quarter, geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. risks and market uncertainties maintained spreads over benchmark interest rates at high levels." "Compared to the second quarter of fiscal 2003, this quarter's securitization revenue was negatively impacted by the lower interest rates charged on loans originated by the Company," Mandia continued. "The benefit of the declines in benchmark interest rates as compared to both prior quarterly periods was also offset by hedge losses." Anthony J. Santilli, Chairman and Chief Executive Officer of American Business Financial Services, said, "The prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. downward pressure on interest rates has had an adverse effect on our business, resulting in non-cash adjustments to our securitization assets. Despite the interest rate environment, our core business remains strong. Originations were at historical highs for the quarter, and our delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate was down. This underscores our commitment to providing value to an underserved market, while maintaining strict adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence to our underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards." During the fiscal third quarter, ABFI's securitization related assets were written down by a total of $16.9 million, $1.9 million against servicing assets, and $15.0 million against interest-only strips Interest-only strip (IO) A security based solely on the interest payments from a pool of mortgages, Treasury bonds, or other bonds. Once the principal on the mortgages or bonds has been repaid, interest payments stop, and the value of the IO falls to zero. . The pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income statement impact during the quarter was a non-cash write down of $10.7 million, while the remaining $6.2 million was written down through other comprehensive income, a component of stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . The write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. resulted primarily from the continuing impact of increased loan prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. , as market interest rates were at historically low levels during the past quarter. Originations for the first nine months of fiscal 2003 increased $170.7 million or 17.0% from $1,006.6 million for the first nine months of fiscal 2002 to $1,177.3 million. Revenues for the nine months ended March 31, 2003 were $220.9 million, a 25.4% increase over revenues of $176.1 million for the prior year period. Net income was $4.2 million ($1.36 per diluted share), compared to $5.6 million ($1.74 per diluted share) in the prior year period. ABFI's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $0.08 per share on the Company's common stock, payable on May 19, 2003 to all shareholders of record as of May 12, 2003.
Three Months Ended Nine Months Ended
March 31 March 31
(in millions,
except EPS) FY03 FY02 FY03 FY02
----------------------------------------------------------------------
Total Revenues $ 71.8 $ 65.4 $ 220.9 $ 176.1
Originations $ 403.7 $ 328.8 $ 1,177.3 $ 1,006.6
Net Income $ 0.2 $ 1.8 $ 4.2 $ 5.6
EPS (diluted) $ 0.06 $ 0.55 $ 1.36 $ 1.74
03/31/03 12/31/02 9/30/02 06/30/02
----------------------------------------------------------------------
Managed Portfolio
(in billions)(1) $ 3.5 $ 3.3 $ 3.2 $ 3.1
Delinquencies
(loans delinquent
31+ days)(1) 6.33% 6.62% 6.56% 5.57%
REO(1) 1.01% 1.03% 1.01% 1.11%
(1) See Attachment A for reconciliation of non-GAAP financial measures
Third Quarter 2003 Highlights -- Record quarterly loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. of $403.7 million, 22.8% higher than the $328.8 million reported during the prior year period. -- Total managed portfolio (which the Company services for others, and from which the Company realizes cash flows and revenue) grew to $3.5 billion, compared to $3.3 billion at December December: see month. 31, 2002, and $3.2 billion at September September: see month. 30, 2002. -- Company closed a $450.0 million mortgage loan securitization, its largest ever, and its 21st consecutive quarterly securitization. In aggregate, over eight years, ABFI has securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. more than $5.7 billion in mortgage loans since 1995, making it one of the largest mortgage-backed Mortgage-backed may refer to:
securitizers in the country. -- Real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) in the managed portfolio totaled $35.2 million at March 31, 2003, or 1.01% of the total managed portfolio, compared to $34.4 million, or 1.03% at December 31, 2002, and $32.4 million, or 1.01% at September 30, 2002. -- Delinquency rate for the managed portfolio of 6.33% at March 31, 2003 (includes loans delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. 31 days or more, and excludes REO), compared to 6.62% at December 31, 2002, and 6.56% at September 30, 2002; continued to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the subprime industry, which had an average 19.03% delinquency rate at December 31, 2002. Santilli noted, "To have a delinquency rate that decreased 29 basis points from the last fiscal quarter, while the portfolio we manage grew by $142.3 million during the same time period, and while conducting business in uncertain economic times, demonstrates our belief that our collections function is ultimately crucial to our ongoing success. We are extremely proud of the way we manage the portfolio we service for others." Other Highlights Progress towards Positive Cash Flow from Operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses Negative cash flow from operations was $0.2 million for the quarter ended March 31, 2003, compared to negative cash flow from operations of $32.8 million last quarter, and positive cash flow from operations of $15.1 million in the prior year third quarter. For the nine months ended March 31, 2003, negative cash flow from operations was $41.5 million, an increase from negative cash flow of $21.0 million for the prior year nine-month period. "I am particularly proud of the fact that this quarter we experienced only a $200 thousand negative cash flow. As stated in the past, we anticipate negative cash flow from operations may increase this year, and due to the nature of our operations, cash flow from operations may fluctuate," Santilli noted. "However, we remain steadfast in our goal of not only reaching, but also maintaining positive cash flow from operations." Expenses Total Company expenses increased by $9.3 million for the third fiscal quarter of 2003 compared to the same period last year. Expenses included a $10.7 million non-cash securitization valuation adjustment for the third quarter related to the Company's securitization assets. For the same period last year, an $8.7 million valuation adjustment was recorded. General and administrative expenses rose by $7.3 million for the third fiscal quarter of 2003, mostly due to increases of $3.6 million in the costs associated with servicing and collecting the larger portfolio managed by the Company, $2.9 million for costs associated with customer retention incentives to help mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. loan prepayments, and $1.3 million
in losses on interest rate swaps Interest Rate SwapA deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. . Interest expense decreased slightly compared to the same period last year, from $17.2 million for the three months ended March 31, 2002 to $16.8 million for the current fiscal year. Consistent with the general interest rate environment, the overall rate of interest on the Company's subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , 8.91% at March 31, 2003, has declined 40 basis points from December 31, 2002, and 140 basis points from March 31, 2002. American Business Financial Services, Inc. is a financial services company operating predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. in the eastern and central portions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company originates business purpose loans and first and second mortgage loans through a combination of channels, including a national processing center located at its centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operating office in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. , a regional processing center in Roseland, New Jersey, and several retail branch offices. For further information, contact Albert W. Mandia, Executive Vice President and Chief Financial Officer, 610-617-4939, or Keith Keith may refer to: People with the given name Keith:
Bratz is a 2001 childrens and teens doll franchise produced by MGA Entertainment. , VP--Corporate Communications, 610-617-7475. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency and default rates, changes in factors influencing the loan securitization market and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings.
AMERICAN BUSINESS FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollar amounts in thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
-------------------- ---------------------
2003 2002 2003 2002
----------- -------- ----------- ---------
(Unaudited) (Unaudited)
REVENUES
Gain on sale of
loans $54,504 $49,220 $170,394 $129,139
Interest and
fees 4,661 5,292 13,422 16,759
Interest
accretion on
interest-only
strips 12,114 9,538 34,361 25,920
Servicing
income 486 1,282 2,667 4,216
Other income 1 103 7 107
----------- -------- ----------- ---------
Total
Revenues 71,766 65,435 220,851 176,141
----------- -------- ----------- ---------
EXPENSES
Interest 16,824 17,191 51,057 51,467
Provision for
credit losses 1,718 1,728 4,692 4,434
Employee
related costs 9,418 9,467 29,965 25,953
Sales and
marketing 6,963 6,498 20,136 18,937
General and
administrative 26,157 18,824 74,890 52,589
Securitization
assets
valuation
adjustments 10,657 8,691 33,303 13,153
----------- -------- ----------- ---------
Total
Expenses 71,737 62,399 214,043 166,533
----------- -------- ----------- ---------
INCOME BEFORE PROVISION
FOR INCOME
TAXES 29 3,036 6,808 9,608
PROVISION (BENEFIT) FOR
INCOME TAXES (192) 1,275 2,655 4,035
----------- -------- ----------- ---------
NET INCOME $221 $1,761 $4,153 $5,573
=========== ======== =========== =========
EARNINGS PER COMMON SHARE
Basic $0.07 $0.58 $1.43 $1.88
=========== ======== =========== =========
Diluted $0.06 $0.55 $1.36 $1.74
=========== ======== =========== =========
Average Common
Shares (in
thousands):
Basic 2,941 2,844 2,909 2,963
Diluted 3,103 3,034 3,043 3,202
American Business Financial Services, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
March 31, June 30,
2003 2002
------------ ------------
(Unaudited) (Note)
Assets
Cash and cash equivalents $ 87,232 $ 108,599
Loan and lease receivables, net
Available for sale 52,651 52,622
Interest and fees 14,154 12,292
Other 21,254 9,028
Interest-only strips (includes the fair
value of over-
collateralization related cash flows
of $290,650
at March 31, 2003 and $236,629 at June
30, 2002) 609,891 512,611
Servicing rights 132,925 125,288
Prepaid expenses 3,584 3,640
Receivable for sold loans - 5,055
Property and equipment, net 18,092 18,446
Other assets 33,156 28,794
---------- ----------
Total assets $ 972,939 $ 876,375
========== ==========
Liabilities and Stockholders' Equity
Liabilities
Subordinated debt $ 710,218 $ 655,720
Warehouse lines and other notes payable 6,782 8,486
Accrued interest payable 45,513 43,069
Accounts payable and accrued expenses 21,268 13,690
Deferred income taxes 38,898 35,124
Other liabilities 73,033 50,908
---------- ----------
Total liabilities 895,712 806,997
---------- ----------
Stockholders' Equity
Preferred stock, par value $.001,
authorized, 3,000,000
shares at March 31, 2003 and 1,000,000
shares at June 30,
2002, issued and outstanding, none - -
Common stock, par value $.001,
authorized, 9,000,000 shares
issued: 3,653,037 shares at March 31,
2003 and
3,645,192 shares at June 30, 2002
(including Treasury shares
of 710,273 at March 31, 2003 and
801,823 at
June 30, 2002) 4 4
Additional paid-in capital 23,985 23,985
Accumulated other comprehensive income 15,442 11,479
Retained earnings 47,411 47,968
Treasury stock, at cost (9,015) (13,458)
---------- ----------
77,827 69,978
Note receivable (600) (600)
---------- ----------
Total stockholders' equity 77,227 69,378
---------- ----------
Total liabilities and stockholders'
equity $ 972,939 $ 876,375
========== ==========
Note: The balance sheet at June 30, 2002 has been derived from the
audited financial statements at that date.
AMERICAN BUSINESS FINANCIAL SERVICES, INC.
AND SUBSIDIARIES
LOAN ORIGINATIONS
(in thousands)
Three Months Ended Nine Months Ended
March 31, March 31,
--------------------- -------------------------
2003 2002 2003 2002
--------- --------- ----------- -----------
American Business
Credit $32,119 $37,143 $93,170 $99,035
Upland Mortgage /
ABMS 371,554 291,631 1,084,170 907,594
--------- --------- ----------- -----------
Total Company $403,673 $328,774 $1,177,340 $1,006,629
========= ========= =========== ===========
AMERICAN BUSINESS FINANCIAL SERVICES, INC.
Managed Portfolio Quality
The following table provides data concerning delinquency
experience, real estate owned and loss experience for the managed loan
and lease portfolio (dollars in thousands):
March 31, 2003 December 31, 2002
-------------------- -------------------
Delinquency by Type Amount % Amount %
------------------- ------------- ------ ------------ ------
Business Purpose Loans
Total managed portfolio $ 392,228 $ 385,139
============ ===========
Period of delinquency:
31-60 days $ 5,526 1.41 % $ 3,966 1.03 %
61-90 days 2,718 0.69 4,040 1.05
Over 90 days 35,286 9.00 35,708 9.27
------------ ------- ----------- -------
Total delinquencies $ 43,530 11.10 % $ 43,714 11.35 %
============ ======= =========== =======
REO $ 4,506 $ 6,021
============ ===========
Home Equity Loans
Total managed portfolio $3,073,392 $2,933,492
============ ===========
Period of delinquency:
31-60 days $ 47,809 1.56 % $ 46,746 1.59 %
61-90 days 23,261 0.76 29,610 1.01
Over 90 days 104,939 3.41 100,044 3.41
------------ ------- ----------- -------
Total delinquencies $ 176,009 5.73 % $ 176,400 6.01 %
============ ======= =========== =======
REO $ 30,704 $ 28,403
============ ===========
Equipment Leases
Total managed portfolio $ 12,185 $ 16,907
============ ===========
Period of delinquency:
31-60 days $ 379 3.11 % $ 359 2.12 %
61-90 days 89 0.72 46 0.27
Over 90 days 85 0.70 358 2.12
------------ ------- ----------- -------
Total delinquencies $ 553 4.53 % $ 763 4.51 %
============ ======= =========== =======
Combined
--------
Total managed portfolio $3,477,805 $3,335,538
============ ===========
Period of delinquency:
31-60 days $ 53,714 1.55 % $ 51,071 1.53 %
61-90 days 26,068 0.75 33,696 1.01
Over 90 days 140,310 4.03 136,110 4.08
------------ ------- ----------- -------
Total delinquencies $ 220,092 6.33 % $ 220,877 6.62 %
============ ======= =========== =======
REO $ 35,210 1.01 % $ 34,424 1.03 %
============ ======= =========== =======
Losses experienced during the
three month period(a)(b) :
Loans $ 8,405 0.99 % $ 5,849 0.72 %
======= =======
Leases 176 4.82 % 65 1.33 %
------------ ======= ----------- =======
Total managed portfolio $ 8,581 1.01 % $ 5,914 0.72 %
============ ======= =========== =======
September 30, 2002
-----------------------------------------
Amount
Delinquency by Type %
-------------------- -------------------------------- ------
Business Purpose Loans
Total managed portfolio $ 369,148
===========
Period of delinquency:
31-60 days $ 3,852 1.04 %
61-90 days 4,025 1.09
Over 90 days 34,467 9.34
----------- -------
Total delinquencies $ 42,344 11.47 %
=========== =======
REO $ 8,267
===========
Home Equity Loans
Total managed portfolio $2,806,490
===========
Period of delinquency:
31-60 days $ 50,578 1.80 %
61-90 days 26,065 0.93
Over 90 days 89,971 3.21
----------- -------
Total delinquencies $ 166,614 5.94 %
=========== =======
REO $ 24,167
===========
Equipment Leases
Total managed portfolio $ 22,523
===========
Period of delinquency:
31-60 days $ 338 1.50 %
61-90 days 181 0.80
Over 90 days 389 1.73
------------ -------
Total delinquencies $ 908 4.03 %
=========== =======
Combined
---------
Total managed portfolio $3,198,161
===========
Period of delinquency:
31-60 days $ 54,768 1.71 %
61-90 days 30,271 0.95
Over 90 days 124,827 3.90
----------- -------
Total delinquencies $ 209,866 6.56 %
=========== =======
REO $ 32,434 1.01 %
=========== =======
Losses experienced during the
three month period(a)(b) :
Loans $ 7,863 1.01 %
=======
Leases 201 3.13 %
----------- =======
Total managed portfolio $ 8,064 1.03 %
=========== =======
(a) Percentage based on annualized losses and average managed
portfolio.
(b) Losses recorded on our books were $6.1 million ($3.1 million
from charge-offs through the provision for loan losses and
$3.0 million for write downs of real estate owned) and losses
absorbed by loan securitization trusts were $2.5 million for
the three months ended March 31, 2003. Losses recorded on our
books were $2.4 million ($0.9 million from charge-offs through
the provision for loan losses and $1.5 million for write downs
of real estate owned) and losses absorbed by loan
securitization trusts were $3.5 million for the three months
ended December 31, 2002. Losses recorded on our books were
$4.2 million ($1.9 million from charge-offs through the
provision for loan losses and $2.3 million for write downs of
real estate owned) and losses absorbed by loan securitization
trusts were $3.9 million for the three months ended September
30, 2002. Losses recorded on our books include losses for
loans we hold as available for sale or real estate owned and
loans repurchased from securitization trusts.
Note: See Attachment A for reconciliation of non-GAAP financial
measures
Attachment A
American Business Financial Services, Inc
Reconciliation of Non-GAAP Financial Measures
The earnings release contains non-GAAP financial measures. For
purposes of the Securities and Exchange Commission Regulation G, a
non-GAAP financial measure is a numerical measure of a registrant's
historical or future financial performance, financial position or cash
flow that excludes amounts, or is subject to adjustments that have the
effect of excluding amounts, that were included in the most directly
comparable measure calculated and presented in accordance with GAAP in
the statement of income, balance sheet or statement of cash flows (or
equivalent statement) of the Companyt; or includes amounts, or is
subject to adjustments that have the effect of including amounts, that
are excluded from the most directly comparable measure so calculated
and presented. In this regard, GAAP refers to generally accepted
accounting principals in the United States of America. Pursuant to the
requirements of Regulation G, we have provided in this addendum a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measure.
Reconciliation of managed portfolio measures (Dollars in thousands):
----------------------------------------------------------------------
March 31, 2003:
Delinquencies
----------------------------------------------------------------------
Amount %
-----------------
On-balance sheet loan and lease
receivables $ 51,347 $ 5,992 11.67%
Securitized loan and lease receivables 3,426,458 214,100 6.25%
----------- ----------------
Managed portfolio $ 3,477,805 $ 220,092 6.33%
On-balance sheet REO $ 6,348
Securitized REO 28,862
-----------
Managed REO $ 35,210
----------------------------------------------------------------------
December 31, 2002:
Delinquencies
----------------------------------------------------------------------
Amount %
-----------------
On-balance sheet loan and lease
receivables $ 58,582 $ 9,494 16.21%
Securitized loan and lease receivables 3,276,956 211,383 6.45%
----------- ----------------
Managed portfolio $ 3,335,538 $ 220,877 6.62%
On-balance sheet REO $ 7,215
Securitized REO 27,209
-----------
Managed REO $ 34,424
----------------------------------------------------------------------
September 30, 2002:
Delinquencies
----------------------------------------------------------------------
Amount %
-----------------
On-balance sheet loan and lease
receivables $ 57,884 $ 6,658 11.50%
Securitized loan and lease receivables 3,140,277 203,208 6.47%
----------- ----------------
Managed portfolio $ 3,198,161 $ 209,866 6.56%
On-balance sheet REO $ 4,508
Securitized REO 27,926
-----------
Managed REO $ 32,434
----------------------------------------------------------------------
June 30, 2002:
Delinquencies
----------------------------------------------------------------------
Amount %
-----------------
On-balance sheet loan and lease
receivables $ 56,625 $ 5,918 10.45%
Securitized loan and lease receivables 3,009,564 164,855 5.48%
----------- ----------------
Managed portfolio $ 3,066,189 $ 170,773 5.57%
On-balance sheet REO $ 3,784
Securitized REO 30,261
-----------
Managed REO $ 34,045
----------------------------------------------------------------------
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