Printer Friendly

JHM MORTGAGE SECURITIES L.P. ANNOUNCES 1992 EARNINGS AND FIRST QUARTER 1993 DISTRIBUTIONS

 MCLEAN, Va., March 16 /PRNewswire/ -- JHM Mortgage Securities L.P. (NYSE: JHM) announced today its earnings for the year and quarter ended Dec. 31, 1992, and the distribution to unitholders for the quarter ended March 31, 1993.
 The board of directors of JHM declared a distribution of 21 cents per unit for the quarter ended March 31, 1993. Estimated taxable income to unitholders for the quarter ended March 31, 1993, is 21 cents per unit. The first quarter distribution will be paid on April 8, 1993, to unitholders of record on March 31, 1993.
 JHM also announced that its Mortgage Program produced $100 million in originated mortgage loans during the past two quarters. JHM expects to acquire an additional $100-$150 million in newly originated mortgage loans per quarter, for a total of $400-$600 million in originated mortgage loans for 1993.
 JHM pools the mortgage loans into GNMA, FNMA and FHLMC securities, sells the mortgage securities in the capital markets, and retains the "low cost" Mortgage Servicing Rights (MSRs) as an addition to its exiting mortgage servicing portfolio or for future sale.
 During the period MSRs are held as an investment, JHM receives ongoing servicing revenues. The servicing portfolio, as an investment asset, has significant unrealized market value for book purposes, and Net Asset Value will be enhanced by its market value. As market opportunities arise, the partnership has the flexibility to sell portions of its originated MSR portfolio, thereby "realizing" the market value on a current income basis.
 "The success of our mortgage purchase program represents another significant step toward JHM's ultimate goal of diversifying into a fully integrated mortgage banking enterprise within the next 18 to 24 months," said Stephen P. Gavula, JHM's chairman.
 Book income for the year ended Dec. 31, 1992, was $3,567,000, or 62 cents per unit, compared to $6,773,000, or $1.32 per unit, for the year ended Dec. 31, 1991. Taxable income to unitholders, upon which distributions are based, was $4,746,000, or 83 cents per unit, compared to $7,528,000, or $1.45 per unit, for the years ended Dec. 31, 1992, and Dec. 31, 1991, respectively.
 Book income for the quarter ended Dec. 31, 1992, was $739,000, or 13 cents per unit, compared to $1,736,000, or 32 cents per unit for the quarter ended Dec. 31, 1991. Taxable income to unitholders for the fourth quarter of 1992 was $1,141,000, or 20 cents per unit.
 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- 3/16/93
 /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 DIV

TW-DC -- DC027 -- 6705 03/16/93 16:09 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:500
Previous Article:RAILROADS CONCERNED OVER FUEL EXCISE TAX
Next Article:HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES DIVIDEND
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. REPORTS THIRD QUARTER EARNINGS
FANNIE MAE REPORTS FIRST QUARTER EARNINGS OF $433.6 MILLION, OR $1.61 PER SHARE; NET INCOME UP 16 PERCENT OVER FIRST QUARTER 1992
JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER EARNINGS
FANNIE MAE REPORTS SECOND QUARTER EARNINGS OF $458.8 MILLION, OR $1.67 PER SHARE; NET INCOME UP 14 PERCENT OVER SECOND QUARTER 1992
CAPSTEAD MORTGAGE CORPORATION ANNOUNCES INCREASED EARNINGS
FIRST FINANCIAL CARIBBEAN CORPORATION REPORTS RECORD SECOND QUARTER AND SIX MONTH EARNINGS
JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER 1994 RESULTS
JHM MORTGAGE SECURITIES L.P. REPORTS SECOND QUARTER 1994 RESULTS AND CLASS ACTION SUITS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters