Exhibit 99.1
Contact: | Suzy W. Taylor |
| 866-652-1810 |
FirstCity Financial (NASDAQ FCFC) Reports Third Quarter 2005 Earnings
Waco, Texas November 10, 2005…
Highlights of the Quarter:
• FirstCity reports 3rd quarter 2005 earnings of $1,011,419 or $.08 per diluted share
• FirstCity invested $18.1 million in portfolio assets for the quarter.
• FirstCity reports continued earning asset growth of $11 million for the quarter.
Components of the quarterly results are detailed below (dollars in thousands except per share data):
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
|
| (unaudited) |
| (unaudited) |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Portfolio Asset Acquisition and Resolution |
| $ | 2,020 |
| $ | 3,638 |
| $ | 10,263 |
| $ | 10,127 |
|
Corporate interest |
| — |
| (978 | ) | — |
| (3,004 | ) | ||||
Corporate overhead |
| (1,328 | ) | (1,708 | ) | (4,202 | ) | (4,051 | ) | ||||
Earnings from continuing operations |
| 692 |
| 952 |
| 6,061 |
| 3,072 |
| ||||
Earnings from discontinued operations net of taxes |
| 319 |
| 1,956 |
| 222 |
| 7,984 |
| ||||
Net earnings to common stockholders |
| $ | 1,011 |
| $ | 2,908 |
| $ | 6,283 |
| $ | 11,056 |
|
Diluted earnings per common share |
| $ | 0.08 |
| $ | 0.25 |
| $ | 0.52 |
| $ | 0.94 |
|
Earnings from continuing operations of $692,000 for the quarter were down from $2.8 million in the second quarter primarily due to lower revenues from equity investments, which were impacted by lower collection levels of $47 million down from $63.8 million in the second quarter, as well as provisions of $322,000 recorded on wholly-owned portfolios.
James T. Sartain, President and CEO said, “We remain very positive on the outlook for FirstCity. It is typical for the timing of the cash collections to vary quarter to quarter. Lower collections during the third quarter are due to timing and do not indicate a decline in value of the portfolio investments. Acquisitions remain strong and we continue to grow the earning asset base of the Company. The market for potential equity investments remains robust and we are currently evaluating 22 different transactions representing over $2 billion in face value of assets.”
Discontinued operations impacted the quarter by $319,000. The positive impact of a $600,000 tax benefit, which was the result of the reversal of a state income tax accrual previously recorded upon the Company’s sale of its interest in Drive Financial Services LLP in 2004, was offset by a downward revaluation of the residual interest held in Discontinued Operations of $252,000.
Portfolio Asset Acquisition and Resolution
FirstCity purchased $32.9 million in portfolio assets during the third quarter of 2005. Purchases consisted of eight portfolios — seven in the United States and one in South America. Invested equity of $18.1 million for the quarter advanced total year investments to $36.4 million.
(more)
Portfolio purchases are detailed below (in millions):
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| Latin |
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| Invested |
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| Domestic |
| Europe |
| America |
| Total |
| Equity |
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2005 |
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3rd Quarter |
| $ | 32.3 |
| $ | — |
| $ | 0.6 |
| $ | 32.9 |
| $ | 18.1 |
| |
2nd Quarter |
| 16.1 |
| — |
| — |
| 16.1 |
| 16.1 |
| ||||||
1st Quarter |
| 12.1 |
| — |
| 2.8 |
| 14.9 |
| 2.2 |
| ||||||
YTD 2005 |
| $ | 60.5 |
| $ | — |
| $ | 3.4 |
| $ | 63.9 |
| $ | 36.4 | * | |
2004 |
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4th Quarter |
| $ | 23.2 |
| $ | — |
| $ | 22.7 |
| $ | 45.9 |
| $ | 11.1 |
| |
3rd Quarter |
| 26.6 |
| — |
| 9.5 |
| 36.1 |
| 27.1 |
| ||||||
2nd Quarter |
| 34.9 |
| 9.8 |
| 40.7 |
| 85.4 |
| 18.5 |
| ||||||
1st Quarter |
| 6.5 |
| — |
| 0.2 |
| 6.7 |
| 3.1 |
| ||||||
Total Year 2004 |
| $ | 91.2 |
| $ | 9.8 |
| $ | 73.1 |
| $ | 174.1 |
| $ | 59.8 |
| |
Total Year 2003 |
| $ | 92.6 |
| $ | 31.2 |
| $ | 5.4 |
| $ | 129.2 |
| $ | 22.9 | * | |
Total Year 2002 |
| $ | 61.4 |
| $ | 98.7 |
| $ | 11.7 |
| $ | 171.8 |
| $ | 16.7 |
| |
* In addition to the portfolio acquisitions above, FirstCity invested $2.0 million in partnerships during the first nine months of 2005 and $3.4 million in partnerships during 2003.
Operating contribution from the Portfolio Asset Acquisition business for the third quarter was $2.0 million. The earnings are comprised of $5.6 million in revenues, $1.8 million in equity in earnings of investments and $5.4 million of expenses, including a provision for loan losses of $322,000. The business generated 64% of the revenues (including equity in earnings of investments) from domestic investments, 28% from investments in Latin America and 8% from investments in Europe. The major components of revenue for the quarter include equity earnings in Acquisition Partnerships and servicing entities of $1.8 million, servicing fees of $2.9 million, gain on resolution of Portfolio Assets of $1.3 million and interest income of $1.2 million.
Operating contribution from the Portfolio Asset Acquisition business for the third quarter includes net foreign currency gains of $234,000, which is comprised of $37,000 in Mexican peso gains and $197,000 of Euro gains. Quarterly results were less impacted by foreign currency fluctuations, as the Company borrowed in Euros to hedge the risk associated with foreign currency exposure.
The following table details the impact of these items on corporate earnings:
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
Illustration of the Effects of Currency |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Fluctuations (dollars in thousands) |
| (unaudited) |
| (unaudited) |
| ||||||||
Net earnings to Common Stockholders as reported |
| $ | 1,011 |
| $ | 2,908 |
| $ | 6,283 |
| $ | 11,056 |
|
Mexican Peso gains (losses) |
| 37 |
| 174 |
| 781 |
| (42 | ) | ||||
Euro gains |
| 197 |
| 295 |
| 691 |
| 853 |
| ||||
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|
| ||||
Peso exchange rate at valuation date |
| 10.85 |
| 11.58 |
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|
| ||||
Euro exchange rate at valuation date |
| 0.83 |
| 0.82 |
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2
Conference Call
A conference call will be held today at 9:00 a.m. Central time to discuss third quarter 2005 results. A question and answer session will follow the prepared remarks. Details to access the call and webcast are as follows:
Event: | FirstCity Financial Corporation Third Quarter 2005 Conference Call | |||
Date: | Thursday, November 10, 2005 | |||
Time: | 9:00 a.m. Central Time | |||
Host: | James T. Sartain, FirstCity’s President and Chief Executive Officer | |||
Web |
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Access: |
| FirstCity’s web page- | www.fcfc.com/invest.htm or, | |
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| CCBN’s Investor websites- | www.streetevents.com and, | |
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| www.earnings.com | |
Dial In |
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Access: |
| Domestic | 800-599-9829 |
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| International | 617-847-8703 |
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| Pass code - | 67978255 |
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Replay |
| Domestic | 888-286-8010 |
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| International | 617-801-6888 |
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| Pass code - | 60074987 |
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The replay will be available until Friday, November 18, 2005.
Forward Looking Statements
Certain statements in this press release, which are not historical in fact, including, but not limited to, statements relating to future performance, may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, performance or achievements, and may contain the words “expect”, “intend”, “plan”, “estimate”, “believe”, “will be”, “will continue”, “will likely result”, and similar expressions. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. There are many important factors that could cause the Company’s actual results to differ materially.
These factors include, but are not limited to, the performance of the Company’s subsidiaries and affiliates, availability of portfolio assets, assumptions underlying portfolio asset performance, risks associated with foreign operations, currency exchange rate fluctuations, interest rate risk, risks of declining value of loans, collateral or assets, the degree to which the Company is leveraged, the Company’s continued need for financing, availability of the Company’s credit facilities, the impact of certain covenants in loan agreements of the Company and its subsidiaries, the ability of the Company to utilize net operating loss carry forwards, general economic conditions, foreign social and economic conditions, changes (legislative and otherwise) in the asset securitization industry, fluctuation in residential and commercial real estate values, capital markets conditions, including the markets for asset-backed securities, uncertainties of any litigation arising from discontinued operations, factors more fully discussed and identified under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and risk factors and other risks identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, filed with the SEC on March 22, 2005, as well as in the Company’s other filings with the SEC.
Many of these factors are beyond the Company’s control. In addition, it should be noted that past financial and operational performance of the Company is not necessarily indicative of future financial and operational performance. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements.
The forward-looking statements in this release speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
The Company is a diversified financial services company with operations dedicated to portfolio asset acquisition and resolution with offices in the U.S. and with affiliate organizations in France and Mexico. Its common stock is listed on the NASDAQ National Market System under the symbol “FCFC.”
3
FirstCity Financial Corporation
Summary of Operations
(In thousands, except per share data)
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||||
|
| September 30, |
| September 30, |
| |||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| |||||||
Revenues: |
|
|
|
|
|
|
|
|
| |||||||
Servicing fees from affiliates |
| $ | 2,891 |
| $ | 3,328 |
| $ | 8,972 |
| $ | 10,076 |
| |||
Gain on resolution of Portfolio Assets |
| 1,299 |
| 601 |
| 4,366 |
| 838 |
| |||||||
Interest income from affiliates |
| 420 |
| 653 |
| 1,293 |
| 1,694 |
| |||||||
Loan interest income |
| 825 |
| 215 |
| 1,903 |
| 339 |
| |||||||
Other income |
| 269 |
| 489 |
| 1,079 |
| 2,303 |
| |||||||
Total revenues |
| 5,704 |
| 5,286 |
| 17,613 |
| 15,250 |
| |||||||
Expenses: |
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|
|
|
|
|
|
|
| |||||||
Interest and fees on notes payable to affiliates |
| 9 |
| 12 |
| 27 |
| 57 |
| |||||||
Interest and fees on notes payable - other |
| 909 |
| 2,074 |
| 2,619 |
| 5,580 |
| |||||||
Interest on shares subject to mandatory redemption |
| — |
| 66 |
| — |
| 199 |
| |||||||
Salaries and benefits |
| 3,571 |
| 3,673 |
| 11,413 |
| 11,227 |
| |||||||
Provision for loan and impairment losses |
| 322 |
| 1 |
| 436 |
| 23 |
| |||||||
Occupancy, data processing, communication and other |
| 1,908 |
| 2,141 |
| 5,574 |
| 5,374 |
| |||||||
Total expenses |
| 6,719 |
| 7,967 |
| 20,069 |
| 22,460 |
| |||||||
Earnings from continuing operations before income taxes, minority interest and equity in earnings of investments |
| (1,015 | ) | (2,681 | ) | (2,456 | ) | (7,210 | ) | |||||||
Income taxes |
| (79 | ) | 11 |
| (321 | ) | (145 | ) | |||||||
Minority interest |
| 3 |
| (34 | ) | (36 | ) | (43 | ) | |||||||
Equity in earnings of investments |
| 1,783 |
| 3,656 |
| 8,874 |
| 10,470 |
| |||||||
Earnings from continuing operations |
| 692 |
| 952 |
| 6,061 |
| 3,072 |
| |||||||
Discontinued operations |
|
|
|
|
|
|
|
|
| |||||||
Earnings (loss) from operations of discontinued components |
| (281 | ) | 2,211 |
| (378 | ) | 8,666 |
| |||||||
Income taxes |
| 600 |
| (255 | ) | 600 |
| (682 | ) | |||||||
Earnings (loss) from discontinued operations |
| 319 |
| 1,956 |
| 222 |
| 7,984 |
| |||||||
Net earnings |
| $ | 1,011 |
| $ | 2,908 |
| $ | 6,283 |
| $ | 11,056 |
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Basic earnings per common share are as follows: |
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|
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| |||||||
Earnings from continuing operations |
| $ | 0.06 |
| $ | 0.09 |
| $ | 0.54 |
| $ | 0.28 |
| |||
Discontinued operations |
| $ | 0.03 |
| $ | 0.17 |
| $ | 0.02 |
| $ | 0.71 |
| |||
Net earnings per common share |
| $ | 0.09 |
| $ | 0.26 |
| $ | 0.56 |
| $ | 0.99 |
| |||
Wtd. avg. common shares outstanding |
| 11,298 |
| 11,236 |
| 11,278 |
| 11,223 |
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Diluted earnings per common share are as follows: |
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Earnings from continuing operations |
| $ | 0.05 |
| $ | 0.08 |
| $ | 0.50 |
| $ | 0.26 |
| |||
Discontinued operations |
| $ | 0.03 |
| $ | 0.17 |
| $ | 0.02 |
| $ | 0.68 |
| |||
Net earnings per common share |
| $ | 0.08 |
| $ | 0.25 |
| $ | 0.52 |
| $ | 0.94 |
| |||
Wtd. avg. common shares outstanding |
| 12,008 |
| 11,837 |
| 12,012 |
| 11,816 |
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Selected Unaudited Balance Sheet Data |
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|
| September 30, |
| December 31, |
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| 2005 |
| 2004 |
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Cash |
| $ | 7,522 |
| $ | 9,724 |
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Portfolio Assets, net |
| 43,197 |
| 37,952 |
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Loans receivable |
| 19,394 |
| 21,255 |
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Equity investments |
| 65,652 |
| 57,815 |
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Deferred tax asset, net |
| 20,101 |
| 20,101 |
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Service fees receivable and other assets |
| 9,120 |
| 10,193 |
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Discontinued mortgage assets held for sale |
| 167 |
| 1,817 |
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Total assets |
| $ | 165,153 |
| $ | 158,857 |
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Notes payable to affiliates |
| $ | 671 |
| $ | 491 |
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Notes payable - other |
| 61,538 |
| 50,812 |
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Minority interest and other liabilities |
| 5,367 |
| 6,048 |
|
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|
|
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Liabilities from discontinued consumer operations |
| 311 |
| 9,033 |
|
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| |||||||
Liabilities from discontinued mortgage operations |
| — |
| 50 |
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|
|
| |||||||
Total liabilities |
| 67,887 |
| 66,434 |
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|
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Total equity |
| 97,266 |
| 92,423 |
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Total liabilities and quity |
| $ | 165,153 |
| $ | 158,857 |
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4
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Portfolio Asset Acquisition and Resolution: |
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Summary Operating Statement Data |
|
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Revenues |
| $ | 7,359 |
| $ | 8,815 |
| $ | 26,126 |
| $ | 25,249 |
|
Expenses |
| 5,017 |
| 5,176 |
| 15,427 |
| 15,099 |
| ||||
Operating contribution before provision for loan and impairment losses |
| 2,342 |
| 3,639 |
| 10,699 |
| 10,150 |
| ||||
Provision for loan and impairment losses |
| 322 |
| 1 |
| 436 |
| 23 |
| ||||
Operating contribution, net of direct taxes |
| $ | 2,020 |
| $ | 3,638 |
| $ | 10,263 |
| $ | 10,127 |
|
Aggregate purchase price of portfolios acquired: |
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Acquisition partnerships |
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Domestic |
| $ | 32,299 |
| $ | 26,586 |
| $ | 60,481 |
| $ | 68,072 |
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Latin America |
| 625 |
| 9,467 |
| 3,388 |
| 50,267 |
| ||||
Europe |
| — |
| — |
| — |
| 9,837 |
| ||||
Total |
| $ | 32,924 |
| $ | 36,053 |
| $ | 63,869 |
| $ | 128,176 |
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| Purchase |
| FirstCity's |
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| Price |
| Investment |
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Historical Acquisitions - Annual: |
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2005 year to date |
| $ | 63,869 |
| $ | 36,395 |
|
|
|
|
| ||
2004 |
| 174,139 |
| 59,762 |
|
|
|
|
| ||||
2003 |
| 129,192 |
| 22,944 |
|
|
|
|
| ||||
2002 |
| 171,769 |
| 16,717 |
|
|
|
|
| ||||
2001 |
| 224,927 |
| 24,319 |
|
|
|
|
| ||||
2000 |
| 394,927 |
| 22,140 |
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| ||||
|
| September 30, |
| December 31, |
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| 2005 |
| 2004 |
|
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Portfolio acquisition and resolution assets by region: |
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|
|
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Domestic |
| $ | 92,317 |
| $ | 77,280 |
|
|
|
|
| ||
Latin America |
| 19,002 |
| 20,876 |
|
|
|
|
| ||||
Europe |
| 17,063 |
| 19,859 |
|
|
|
|
| ||||
Total |
| $ | 128,382 |
| $ | 118,015 |
|
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|
| ||
|
|
|
|
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| ||||
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Revenues by region: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 4,692 |
| $ | 4,686 |
| $ | 15,418 |
| $ | 13,035 |
|
Latin America |
| 2,088 |
| 2,751 |
| 7,458 |
| 7,613 |
| ||||
Europe |
| 579 |
| 1,378 |
| 3,250 |
| 4,601 |
| ||||
Total |
| $ | 7,359 |
| $ | 8,815 |
| $ | 26,126 |
| $ | 25,249 |
|
|
|
|
|
|
|
|
|
|
| ||||
Revenues by source: |
|
|
|
|
|
|
|
|
| ||||
Equity earnings |
| $ | 1,783 |
| $ | 3,656 |
| $ | 8,874 |
| $ | 10,470 |
|
Servicing fees |
| 2,891 |
| 3,328 |
| 8,972 |
| 10,076 |
| ||||
Interest income - loans |
| 1,246 |
| 868 |
| 3,197 |
| 2,033 |
| ||||
Gain on resolution of Portfolio Assets |
| 1,299 |
| 601 |
| 4,366 |
| 838 |
| ||||
Other |
| 140 |
| 362 |
| 717 |
| 1,832 |
| ||||
Total |
| $ | 7,359 |
| $ | 8,815 |
| $ | 26,126 |
| $ | 25,249 |
|
5
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Analysis of Equity Investments in Acquisition Partnerships: |
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FirstCity's Average investment in Acquisition Partnerships |
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Domestic |
| $ | 37,384 |
| $ | 37,920 |
| $ | 36,716 |
| $ | 36,969 |
|
Latin America |
| 1,893 |
| 1,159 |
| 1,725 |
| 1,102 |
| ||||
Europe |
| 16,822 |
| 17,779 |
| 18,016 |
| 17,708 |
| ||||
Total |
| $ | 56,099 |
| $ | 56,858 |
| $ | 56,457 |
| $ | 55,779 |
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FirstCity Share of Equity Earnings: |
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Domestic |
| $ | 1,784 |
| $ | 2,420 |
| $ | 6,008 |
| $ | 6,963 |
|
Latin America |
| (478 | ) | (71 | ) | (8 | ) | (849 | ) | ||||
Europe |
| 477 |
| 1,307 |
| 2,874 |
| 4,356 |
| ||||
Total |
| $ | 1,783 |
| $ | 3,656 |
| $ | 8,874 |
| $ | 10,470 |
|
|
|
|
|
|
|
|
|
|
| ||||
Selected other data: |
|
|
|
|
|
|
|
|
| ||||
Average investment in wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 44,568 |
| $ | 22,160 |
| $ | 40,305 |
| $ | 13,552 |
|
Latin America |
| 17,766 |
| 18,090 |
| 18,548 |
| 16,163 |
| ||||
Europe |
| 509 |
| 609 |
| 517 |
| 1,391 |
| ||||
Total |
| $ | 62,843 |
| $ | 40,859 |
| $ | 59,370 |
| $ | 31,106 |
|
|
|
|
|
|
|
|
|
|
| ||||
Income from wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 2,189 |
| $ | 863 |
| $ | 6,445 |
| $ | 1,309 |
|
Latin America |
| 349 |
| 600 |
| 1,096 |
| 1,513 |
| ||||
Europe |
| 7 |
| 6 |
| 22 |
| 49 |
| ||||
Total |
| $ | 2,545 |
| $ | 1,469 |
| $ | 7,563 |
| $ | 2,871 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenues: |
|
|
|
|
|
|
|
|
| ||||
Domestic partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 751 |
| $ | 1,192 |
| $ | 2,725 |
| $ | 3,453 |
|
Average servicing fee % |
| 3.8 | % | 3.7 | % | 3.8 | % | 3.8 | % | ||||
Latin American partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 2,039 |
| $ | 2,017 |
| $ | 5,935 |
| $ | 6,373 |
|
Average servicing fee % |
| 13.8 | % | 7.7 | % | 12.1 | % | 10.4 | % | ||||
Incentive service fees |
| $ | 101 |
| $ | 119 |
| $ | 312 |
| $ | 250 |
|
Total Service Fees: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 2,891 |
| $ | 3,328 |
| $ | 8,972 |
| $ | 10,076 |
|
Average servicing fee % |
| 8.4 | % | 5.7 | % | 7.4 | % | 6.7 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Collections: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 19,781 |
| $ | 32,282 |
| $ | 72,008 |
| $ | 89,720 |
|
Latin America |
| 14,749 |
| 26,352 |
| 48,924 |
| 61,447 |
| ||||
Europe |
| 12,477 |
| 20,867 |
| 41,463 |
| 70,574 |
| ||||
Subtotal |
| 47,007 |
| 79,501 |
| 162,395 |
| 221,741 |
| ||||
Wholly-owned |
| 5,804 |
| 3,157 |
| 19,735 |
| 4,311 |
| ||||
Total |
| $ | 52,811 |
| $ | 82,658 |
| $ | 182,130 |
| $ | 226,052 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing portfolio (face value) |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 508,891 |
| $ | 470,002 |
|
|
|
|
| ||
Latin America |
| 1,421,124 |
| 1,156,011 |
|
|
|
|
| ||||
Europe |
| 808,568 |
| 851,080 |
|
|
|
|
| ||||
Total |
| $ | 2,738,583 |
| $ | 2,477,093 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||||
Number of personnel at period end: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| 65 |
| 62 |
|
|
|
|
| ||||
Latin America |
| 139 |
| 137 |
|
|
|
|
| ||||
Corporate |
| 33 |
| 33 |
|
|
|
|
| ||||
Total personnel |
| 237 |
| 232 |
|
|
|
|
|
6