EXHIBIT 99.1
IMPAC MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2002
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Earnings (loss) before cumulative effect of change in accounting principle | $ | 74,917 |
| |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||
Equity in net (earnings) loss of Impac Funding Corporation |
| (17,073 | ) | |
Provision for loan losses |
| 19,848 |
| |
Amortization of CMO premiums and deferred securitization costs |
| 37,945 |
| |
Net change in accrued interest receivable |
| (13,722 | ) | |
Write-down of investment securities available-for-sale |
| 1,039 |
| |
Gain (loss) on sale of other real estate owned |
| (154 | ) | |
Net change in other assets and liabilities |
| (1,267 | ) | |
Net cash provided by operating activities |
| 101,533 |
| |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net change in CMO collateral |
| (2,994,039 | ) | |
Net change in finance receivables |
| (673,599 | ) | |
Net change in mortgage loans held-for-investment |
| (44,235 | ) | |
Dividend Impac Funding Corporation |
| 12,870 |
| |
Principal reductions on investment securities available-for-sale |
| 8,704 |
| |
Proceeds from sale of other real estate owned |
| 12,455 |
| |
Net cash used in investing activities |
| (3,677,844 | ) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net change in reverse repurchase agreements and other borrowings |
| 692,675 |
| |
Proceeds from CMO borrowings |
| 2,890,351 |
| |
Dividends paid |
| (66,329 | ) | |
Proceeds from sale of common stock |
| 119,159 |
| |
Proceeds from exercise of stock options |
| 993 |
| |
Reduction (advances) on notes-receivable common stock |
| 920 |
| |
Net cash provided by financing activities |
| 3,637,769 |
| |
Net change in cash and cash equivalents |
| 61,458 |
| |
Cash and cash equivalents at beginning of year |
| 51,887 |
| |
Cash and cash equivalents at end of year | $ | 113,345 |
| |