Printer Friendly

JHM MORTGAGE SECURITIES L.P. REPORTS THIRD QUARTER EARNINGS

 JHM MORTGAGE SECURITIES L.P. REPORTS THIRD QUARTER EARNINGS
 MCLEAN, Va., Nov. 6 /PRNewswire/ -- JHM Mortgage Securities L.P. (NYSE: JHM) announced today its taxable and GAAP income figures for the period ended Sept. 30, 1992. The partnership's third quarter taxable income to unitholders was $1,139,000, or 20 cents per unit. The partnership's GAAP net income for the quarter ended Sept. 30, 1992, was $906,000, or 16 cents per unit, compared to $1,874,000, or 37 cents per unit, for the quarter ended Sept. 30, 1991.
 According to Stephen P. Gavula, chairman of JHM: "We are pleased that we were able to maintain the partnership's third quarter taxable and GAAP income at approximately the same level as the company's second quarter performance despite continued record prepayments. Unlike many companies in the mortgage arena, the partnership has been able to protect its income and dividends to investors during 1992 through the use of prepayment hedges and the rotation of the portfolio into assets with lower prepayment sensitivities. We will continue to maintain these hedging and investment strategies throughout the remainder of 1992 as refinances that have occurred over the past two months flow through the mortgage markets.
 "In the longer run, the partnership's current portfolio is positioned to benefit in 1993 from any slowdown in prepayments from the historical levels experienced over the last six months. During the past month, 30-year mortgage rates have risen 1/2 percent to 1 percent. To the extent that long-term rates remain at this level, or increase further, the partnership's current portfolio of mortgage- backed securities and mortgage servicing rights should outperform 1992's results. In addition, the partnership's mortgage origination program, which was initiated in mid-1992, should begin to benefit the partnership in the fourth quarter. We expect that the growth of the mortgage origination program, and the creation of new mortgage servicing rights, will provide an additional enhancement to the company's core assets and performance throughout 1993."
 Summarizing JHM's investment strategy, Gavula stated: "During 1992 we maintained a defensive posture in anticipation of falling interest rates and the resulting increase in mortgage prepayment levels. At the same time, we deliberately rebalanced the portfolio's assets over the course of the year in favor of mortgage servicing rights and other assets that would benefit from an eventual rise in rates. The governing influence on both strategies was to continue to fulfill our goal of providing consistent quarterly dividends to our investors, despite fluctuating interest rates, at a level of 2 percent to 3 percent over the prevailing 10-year U.S. Treasury yield. We were able to accomplish this goal during a very difficult period and are optimistic about the company's prospects for continued growth."
 JHM Mortgage Securities L.P. is a publicly-traded partnership whose objective is to provide high quarterly income through the management of mortgage-related assets. The partnership is managed by JHM Mortgage Capital Corporation and is affiliated with The JHM Group of McLean.
 -0- 11/6/92
 /CONTACT: Stephen P. Gavula or C. Thomas Williamson III of JHM Mortgage Securities L.P., 703-883-2900/
 (JHM) CO: JHM Mortgage Securities L.P. ST: Virginia IN: FIN SU: ERN


IH -- DC022 -- 8287 11/06/92 15:53 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1992
Words:535
Previous Article:ACORN ANNOUNCES ITS REGISTRATION STATEMENT HAS BEEN DECLARED EFFECTIVE
Next Article:SYSTEMIX MOVES TO STATE-OF-THE-ART FACILITY
Topics:


Related Articles
JHM MORTGAGE SECURITIES L.P. REPORTS THIRD QUARTER EARNINGS
JHM MORTGAGE SECURITIES L.P. REPORTS SECOND QUARTER EARNINGS
JHM MORTGAGE SECURITIES L.P. ANNOUNCES 1992 EARNINGS AND FIRST QUARTER 1993 DISTRIBUTIONS
JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER EARNINGS
JHM MORTGAGE SECURITIES L.P PLANS TO CONVERT TO CORPORATION AND ANNOUNCES QUARTERLY DISTRIBUTION
JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER 1994 RESULTS
JHM MORTGAGE SECURITIES L.P. REPORTS SECOND QUARTER 1994 RESULTS AND CLASS ACTION SUITS
FREDDIE MAC POSTS THIRD QUARTER NET INCOME OF $249 MILLION; EARNINGS PER SHARE UP 25 PERCENT OVER THIRD QUARTER 1993
HARBOURTON FINANCIAL SERVICES L.P. ANNOUNCES FOURTH QUARTER AND 1995 ANNUAL RESULTS
CRIIMI MAE Reports Third Quarter 1999 Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters