Exhibit 99.1
N E W S R E L E A S E
Contact: Suzy W. Taylor
866-652-1810
FirstCity Financial (NASDAQ FCFC) Reports Third Quarter 2006 Earnings
Waco, Texas November 8, 2006
Highlights:
· FirstCity reports 3rd quarter 2006 earnings of $4,967,535 or $.42 per diluted share.
· FirstCity invested $35.2 million for the quarter.
· FirstCity increased line of credit to $175 million.
Components of the quarterly results are detailed below (dollars in thousands except per share data):
| Three Months Ended |
| Nine Months Ended |
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| September 30, |
| September 30, |
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| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
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| (unaudited) |
| (unaudited) |
| ||||||||
Portfolio Asset Acquisition and Resolution |
| $ | 6,218 |
| $ | 2,020 |
| $ | 12,095 |
| $ | 10,263 |
|
Corporate overhead |
| (1,251 | ) | (1,328 | ) | (3,768 | ) | (4,202 | ) | ||||
Earnings from continuing operations |
| 4,967 |
| 692 |
| 8,327 |
| 6,061 |
| ||||
Earnings (loss) from discontinued operations, net of taxes |
| — |
| 319 |
| (75 | ) | 222 |
| ||||
Net earnings to common stockholders |
| $ | 4,967 |
| $ | 1,011 |
| $ | 8,252 |
| $ | 6,283 |
|
Diluted earnings per common share |
| $ | 0.42 |
| $ | 0.08 |
| $ | 0.69 |
| $ | 0.52 |
|
James T. Sartain, President and CEO said, “We were pleased with the strong earnings and acquisitions and equity investments in the third quarter. Our pipeline is strong and we are currently evaluating 33 different transactions representing over $3 billion in face value of assets. In addition we have increased our line of credit to $175 million with our lenders giving us additional liquidity to continue to grow the business.”
Portfolio Asset Acquisition and Resolution
FirstCity purchased $91.5 million in portfolio assets during the third quarter of 2006 and invested equity in these portfolios of $31.5 million. These purchases consisted of eight portfolios — six in the United States and two in Latin America. Additionally, the Company made investments of $1.4 million into current partnerships in Europe and invested $2.3 million in the form of a loan to a Canadian real estate development company.
(more)
Investments are detailed below (in millions):
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| Portfolio Purchases |
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| FirstCity |
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| Latin |
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| FirstCity |
| Investment |
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| Domestic |
| Europe |
| America |
| Total |
| Investment |
| in Other |
| Total |
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2006 |
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3rd Quarter |
| $ | 35.4 |
| $ | — |
| $ | 56.1 |
| $ | 91.5 |
| $ | 31.5 |
| $ | 3.7 |
| $ | 35.2 |
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2nd Quarter |
| 24.2 |
| 1.0 |
| — |
| 25.2 |
| 19.0 |
| 7.0 |
| 26.0 |
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1st Quarter |
| 42.4 |
| — |
| — |
| 42.4 |
| 23.3 |
| 0.7 |
| 24.0 |
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YTD 2006 |
| $ | 102.0 |
| $ | 1.0 |
| $ | 56.1 |
| $ | 159.1 |
| $ | 73.8 |
| $ | 11.4 | * | $ | 85.2 |
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2005 |
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4th Quarter |
| $ | 32.9 |
| $ | 37.2 |
| $ | 12.6 |
| $ | 82.7 |
| $ | 35.0 |
| $ | 1.2 |
| $ | 36.2 |
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3rd Quarter |
| 32.3 |
| — |
| 0.6 |
| 32.9 |
| 18.1 |
| — |
| 18.1 |
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2nd Quarter |
| 16.1 |
| — |
| — |
| 16.1 |
| 16.1 |
| — |
| 16.1 |
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1st Quarter |
| 12.1 |
| — |
| 2.8 |
| 14.9 |
| 2.2 |
| 2.0 |
| 4.2 |
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Total Year 2005 |
| $ | 93.4 |
| $ | 37.2 |
| $ | 16.0 |
| $ | 146.6 |
| $ | 71.4 |
| $ | 3.2 | * | $ | 74.6 |
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Total Year 2004 |
| $ | 91.2 |
| $ | 9.8 |
| $ | 73.1 |
| $ | 174.1 |
| $ | 59.8 |
| $ | — |
| $ | 59.8 |
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Total Year 2003 |
| $ | 92.6 |
| $ | 31.2 |
| $ | 5.4 |
| $ | 129.2 |
| $ | 22.9 |
| $ | 3.4 | * | $ | 22.9 |
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* FirstCity’s Investment in Other for the quarter included $1.4 million in existing partnerships and $2.3 million the form of a loan to a Canadian real estate development company.
Operating contribution from the Portfolio Asset Acquisition business for the third quarter was $6.2 million. The earnings were comprised of $7.8 million in revenues, $3.0 million in equity in earnings of investments, gain on sale of investments of $2.4 million and $7.0 million of expenses, including provisions, net of recoveries, for loan losses of $50,000. The business generated 47% of the revenues from domestic investments, 45% from investments in Latin America and 8% from investments in Europe (including equity in earnings of investments and gain on the sale of interest in equity investments). The major components of revenue for the quarter include equity earnings in Acquisition Partnerships and servicing entities of $3.0 million, servicing fees of $4.7 million, income on Portfolio Assets of $2.5 million, and gain on sale of equity investments of $2.4 million. This gain consisted of: 1) one domestic portfolio resulting in a gain of $1.3 million and; 2) an aggregate sale of Latin American portfolios resulting in a gain of $1.1 million.
Operating contribution from the Portfolio Asset Acquisition business for the third quarter includes net foreign currency gains of $945,000, which is comprised of $123,000 of Euro gains, $843,000 in Mexican peso gains, $15,000 in Argentine peso losses and $6,000 in Canadian dollar losses. The Company continued to borrow in Euros to hedge the risk associated with foreign currency exposure.
The following table details the impact of these items on corporate earnings:
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| Three Months Ended |
| Nine Months Ended |
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Illustration of the Effects of Currency |
| September 30, |
| September 30, |
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Fluctuations (dollars in thousands) |
| 2006 |
| 2005 |
| 2006 |
| 2005 |
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| (unaudited) |
| (unaudited) |
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Net earnings to Common Stockholders as reported |
| $ | 4,967 |
| $ | 1,011 |
| $ | 8,252 |
| $ | 6,283 |
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Euro gains |
| 123 |
| 197 |
| 781 |
| 691 |
| ||||
Mexican Peso gains (losses) |
| 843 |
| 37 |
| (311 | ) | 781 |
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Argentine Peso losses |
| (15 | ) | — |
| (59 | ) | — |
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Canadian Dollar losses |
| (6 | ) | — |
| (6 | ) | — |
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Euro exchange rate at valuation date |
| 0.79 |
| 0.83 |
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Mexican Peso exchange rate at valuation date |
| 11.02 |
| 10.85 |
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Argentine Peso exchange rate at valuation date |
| 3.11 |
| n/a |
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Canadian Dollar exchange rate at valuation date |
| 1.11 |
| n/a |
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2
Restructure of Mexican Investment Platform
During the third quarter FirstCity completed a total restructure of its investments in Mexico in a transaction which aligned FirstCity with American International Group, Inc. FirstCity received a payment of approximately $2 million of consulting fees and recorded a gain on sale of $1.1 million in the third quarter from the sale of certain assets by Cargill Financial Services International, Inc. and FirstCity affiliates as a result of this restructure. The net impact for the quarter from this transaction was $2.2 million net of expenses and intercompany eliminations.
Other Corporate Matters
· FirstCity announced a repurchase program for shares of its common stock in August 2006. Since the program was initiated, the company has purchased 530,300 shares at an average cost of $10.51 per share. The stock repurchase program remains in effect until August 2007. Share repurchases may be made from time to time when and if management feels the repurchase of such shares represent the optimum use of FirstCity’s resources.
· FirstCity enhanced its liquidity position with the restructure of its corporate line of credit subsequent to the third quarter. The lending facility was increased to $175 million and the term extended by two years. The rate was reduced by 50 basis points.
· The commencement of FirstCity’s previously announced SBA lending initiative remains subject to approval by the SBA. It is anticipated that this approval will be granted during the fourth quarter of 2006.
· The Company’s litigation regarding the claim of ownership of approximately $18 million representing the proceeds of the sale of Prudential stock remains unresolved. In March, FirstCity was granted a motion for summary judgment in favor of FirstCity’s claim to the demutualization proceeds. Currently, the matter is under appeal by other interested parties. While no assurances can be given as to the ultimate resolution of the matter, FirstCity management remains optimistic that the lower courts ruling in favor of FirstCity’s claim to the proceeds will ultimately be upheld.
· FirstCity’s application for an industrial bank charter and deposit insurance continues in process in the State of Utah and the FDIC. The FDIC has issued a moratorium on applications through January 31, 2007 for deposit insurance by Industrial Loan Companies (“ILCs”), as well as on notices of change in control for existing ILCs. The FDIC will not make any final decisions or accept any future applications for deposit insurance or notices of change in control for ILCs during this moratorium. FirstCity and Cargill plan to pursue this application through to completion.
Conference Call
A conference call will be held today at 9:00 a.m. Central time to discuss third quarter 2006 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 2006 Conference Call | |||
Date: |
| Wednesday, November 8, 2006 | |||
Time: |
| 9:00 a.m. Central Time | |||
Host: |
| James T. Sartain, FirstCity’s President and Chief Executive Officer | |||
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Web 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.fulldisclosure.com | ||
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Dial In Access: |
| Domestic | 866-510-0711 | ||
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| International | 617-597-5379 | ||
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| Pass code - | 79884512 | ||
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Replay |
| Domestic | 888-286-8010 | ||
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| International | 617-801-6888 | ||
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| Pass code - | 54157445 | ||
The replay will be available until Wednesday November 22, 2006
3
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, 2005, filed with the SEC on March 16,2006, 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.”
4
FirstCity Financial Corporation
Summary of Operations
(In thousands, except per share data)
(Unaudited)
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| Three Months Ended |
| Nine Months Ended |
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| September 30, |
| September 30, |
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| 2006 |
| 2005 |
| 2006 |
| 2005 |
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Revenues: |
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Servicing fees from affiliates |
| $ | 4,679 |
| $ | 2,891 |
| $ | 10,182 |
| $ | 8,972 |
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Income from Portfolio Assets |
| 2,547 |
| 2,124 |
| 7,551 |
| 6,269 |
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Interest income from affiliates |
| 294 |
| 420 |
| 1,189 |
| 1,293 |
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Interest income from loans receivable - other |
| 17 |
| — |
| 17 |
| — |
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Other income |
| 654 |
| 269 |
| 1,846 |
| 1,079 |
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Total revenues |
| 8,191 |
| 5,704 |
| 20,785 |
| 17,613 |
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Expenses: |
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Interest and fees on notes payable - other |
| 1,797 |
| 909 |
| 5,433 |
| 2,619 |
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Interest and fees on notes payable to affiliates |
| 2 |
| 9 |
| 22 |
| 27 |
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Salaries and benefits |
| 4,094 |
| 3,571 |
| 11,110 |
| 11,413 |
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Provision for loan and impairment losses |
| 50 |
| 322 |
| 101 |
| 436 |
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Occupancy, data processing, communication and other |
| 2,688 |
| 1,908 |
| 6,165 |
| 5,574 |
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Total expenses |
| 8,631 |
| 6,719 |
| 22,831 |
| 20,069 |
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Equity in earnings of investments |
| 3,023 |
| 1,783 |
| 8,044 |
| 8,874 |
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Gain on sale of interest in equity investments |
| 2,378 |
| — |
| 2,405 |
| — |
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Earnings from continuing operations before income taxes and minority interest |
| 4,961 |
| 768 |
| 8,403 |
| 6,418 |
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Income taxes |
| 4 |
| (79 | ) | (140 | ) | (321 | ) | ||||
Minority interest |
| 2 |
| 3 |
| 64 |
| (36 | ) | ||||
Earnings from continuing operations |
| 4,967 |
| 692 |
| 8,327 |
| 6,061 |
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Discontinued operations |
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Loss from operations of discontinued components |
| — |
| (281 | ) | (75 | ) | (378 | ) | ||||
Income taxes |
| — |
| 600 |
| — |
| 600 |
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Loss from discontinued operations |
| — |
| 319 |
| (75 | ) | 222 |
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Net earnings |
| $ | 4,967 |
| $ | 1,011 |
| $ | 8,252 |
| $ | 6,283 |
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Basic earnings per common share are as follows: |
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Earnings from continuing operations |
| $ | 0.45 |
| $ | 0.06 |
| $ | 0.74 |
| $ | 0.54 |
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Discontinued operations |
| $ | — |
| $ | 0.03 |
| $ | (0.01 | ) | $ | 0.02 |
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Net earnings per common share |
| $ | 0.45 |
| $ | 0.09 |
| $ | 0.73 |
| $ | 0.56 |
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Wtd. avg. common shares outstanding |
| 11,104 |
| 11,298 |
| 11,239 |
| 11,278 |
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Diluted earnings per common share are as follows: |
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Earnings from continuing operations |
| $ | 0.42 |
| $ | 0.05 |
| $ | 0.70 |
| $ | 0.50 |
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Discontinued operations |
| $ | — |
| $ | 0.03 |
| $ | (0.01 | ) | $ | 0.02 |
|
Net earnings per common share |
| $ | 0.42 |
| $ | 0.08 |
| $ | 0.69 |
| $ | 0.52 |
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Wtd. avg. common shares outstanding |
| 11,711 |
| 12,008 |
| 11,875 |
| 12,012 |
|
Selected Unaudited Balance Sheet Data |
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| September 30, |
| December 31, |
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| 2006 |
| 2005 |
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Cash |
| $ | 13,036 |
| $ | 12,901 |
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Portfolio Assets, net |
| 78,908 |
| 49,346 |
| ||
Loans receivable |
| 9,436 |
| 19,606 |
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Equity investments |
| 84,853 |
| 83,785 |
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Deferred tax asset, net |
| 20,101 |
| 20,101 |
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Service fees receivable and other assets |
| 7,021 |
| 8,973 |
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Discontinued mortgage assets held for sale |
| 103 |
| 157 |
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Total assets |
| $ | 213,458 |
| $ | 194,869 |
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Notes payable - other |
| $ | 105,963 |
| $ | 89,653 |
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Notes payable to affiliates |
| — |
| 606 |
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Minority interest and other liabilities |
| 5,774 |
| 5,578 |
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Liabilities from discontinued consumer operations |
| 72 |
| 121 |
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Total liabilities |
| 111,809 |
| 95,958 |
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Total equity |
| 101,649 |
| 98,911 |
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Total liabilities and equity |
| $ | 213,458 |
| $ | 194,869 |
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5
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
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| Three Months Ended |
| Nine Months Ended |
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| September 30, |
| September 30, |
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| 2006 |
| 2005 |
| 2006 |
| 2005 |
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Portfolio Asset Acquisition and Resolution: |
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Summary Operating Statement Data |
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Revenues |
| $ | 7,818 |
| $ | 5,576 |
| $ | 20,052 |
| $ | 17,252 |
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Equity in earnings of investments |
| 3,023 |
| 1,783 |
| 8,044 |
| 8,874 |
| ||||
Gain on sale of interest in equity investments |
| 2,378 |
| — |
| 2,405 |
| — |
| ||||
Expenses |
| (6,951 | ) | (5,017 | ) | (18,305 | ) | (15,427 | ) | ||||
Operating contribution before provision for loan and impairment losses |
| 6,268 |
| 2,342 |
| 12,196 |
| 10,699 |
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Provision for loan and impairment losses |
| 50 |
| 322 |
| 101 |
| 436 |
| ||||
Operating contribution, net of direct taxes |
| $ | 6,218 |
| $ | 2,020 |
| $ | 12,095 |
| $ | 10,263 |
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Aggregate purchase price of portfolios acquired: |
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Acquisition partnerships |
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Domestic |
| $ | 35,416 |
| $ | 32,299 |
| $ | 101,943 |
| $ | 60,481 |
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Latin America |
| 56,104 |
| 625 |
| 56,104 |
| 3,388 |
| ||||
Europe |
| — |
| — |
| 1,026 |
| — |
| ||||
Total |
| $ | 91,520 |
| $ | 32,924 |
| $ | 159,073 |
| $ | 63,869 |
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| Purchase |
| FirstCity’s |
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| Price |
| Investment |
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Historical Acquisitions — Annual: |
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2006 |
| $ | 159,073 |
| $ | 73,781 |
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2005 |
| 146,581 |
| 71,405 |
| ||
2004 |
| 174,139 |
| 59,762 |
| ||
2003 |
| 129,192 |
| 22,944 |
| ||
2002 |
| 171,769 |
| 16,717 |
| ||
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| September 30, |
| December 31, |
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| 2006 |
| 2005 |
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Portfolio acquisition and resolution assets by region: |
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Domestic |
| $ | 115,349 |
| $ | 105,938 |
|
Canada |
| 2,292 |
| — |
| ||
Latin America |
| 28,220 |
| 19,764 |
| ||
Europe |
| 27,463 |
| 27,699 |
| ||
Total |
| $ | 173,324 |
| $ | 153,401 |
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| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
|
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
Revenues and equity in earnings of investments by region: |
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| ||||
Domestic |
| $ | 4,953 |
| $ | 4,692 |
| $ | 16,344 |
| $ | 15,418 |
|
Canada |
| 17 |
| — |
| 17 |
| — |
| ||||
Latin America |
| 4,761 |
| 2,088 |
| 7,902 |
| 7,458 |
| ||||
Europe |
| 1,110 |
| 579 |
| 3,833 |
| 3,250 |
| ||||
Total |
| $ | 10,841 |
| $ | 7,359 |
| $ | 28,096 |
| $ | 26,126 |
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Revenues and equity in earnings of investments by source: |
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Equity earnings |
| $ | 3,023 |
| $ | 1,783 |
| $ | 8,044 |
| $ | 8,874 |
|
Servicing fees |
| 4,679 |
| 2,891 |
| 10,182 |
| 8,972 |
| ||||
Interest income from affiliates |
| 294 |
| 420 |
| 1,189 |
| 1,293 |
| ||||
Income from Portfolio Assets |
| 2,547 |
| 2,124 |
| 7,551 |
| 6,269 |
| ||||
Interest income from loans receivable - other |
| 17 |
| — |
| 17 |
| — |
| ||||
Other |
| 281 |
| 141 |
| 1,113 |
| 718 |
| ||||
Total |
| $ | 10,841 |
| $ | 7,359 |
| $ | 28,096 |
| $ | 26,126 |
|
6
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended |
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| September 30, |
| September 30, |
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Analysis of Equity Investments |
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
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FirstCity’s Average investment |
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Domestic |
| $ | 38,993 |
| $ | 37,384 |
| $ | 47,792 |
| $ | 36,716 |
|
Latin America |
| 16,901 |
| 1,893 |
| 8,636 |
| 1,725 |
| ||||
Europe |
| 24,205 |
| 16,822 |
| 24,661 |
| 18,016 |
| ||||
Total |
| $ | 80,099 |
| $ | 56,099 |
| $ | 81,089 |
| $ | 56,457 |
|
|
|
|
|
|
|
|
|
|
| ||||
FirstCity Share of Equity Earnings: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 1,282 |
| $ | 1,784 |
| $ | 5,136 |
| $ | 6,008 |
|
Latin America |
| 779 |
| (478 | ) | (516 | ) | (8 | ) | ||||
Europe |
| 962 |
| 477 |
| 3,424 |
| 2,874 |
| ||||
Total |
| $ | 3,023 |
| $ | 1,783 |
| $ | 8,044 |
| $ | 8,874 |
|
|
|
|
|
|
|
|
|
|
| ||||
Selected other data: |
|
|
|
|
|
|
|
|
| ||||
Average investment in wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 64,192 |
| $ | 44,568 |
| $ | 56,172 |
| $ | 40,305 |
|
Canada |
| 573 |
| — |
| 229 |
| — |
| ||||
Latin America |
| 6,519 |
| 17,766 |
| 12,774 |
| 18,548 |
| ||||
Europe |
| 2,645 |
| 509 |
| 2,158 |
| 517 |
| ||||
Total |
| $ | 73,929 |
| $ | 62,843 |
| $ | 71,333 |
| $ | 59,370 |
|
|
|
|
|
|
|
|
|
|
| ||||
Income from wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 2,640 |
| $ | 2,189 |
| $ | 7,797 |
| $ | 6,445 |
|
Canada |
| 17 |
| — |
| 17 |
| — |
| ||||
Latin America |
| 155 |
| 349 |
| 834 |
| 1,096 |
| ||||
Europe |
| 46 |
| 7 |
| 109 |
| 22 |
| ||||
Total |
| $ | 2,858 |
| $ | 2,545 |
| $ | 8,757 |
| $ | 7,563 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenues: |
|
|
|
|
|
|
|
|
| ||||
Domestic partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 825 |
| $ | 751 |
| $ | 2,798 |
| $ | 2,725 |
|
Average servicing fee % |
| 3.0 | % | 3.8 | % | 2.9 | % | 3.8 | % | ||||
Latin American partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 1,883 |
| $ | 2,039 |
| $ | 5,243 |
| $ | 5,935 |
|
Average servicing fee % |
| 6.6 | % | 13.8 | % | 9.1 | % | 12.1 | % | ||||
Incentive service fees |
| $ | 1,971 |
| $ | 101 |
| $ | 2,141 |
| $ | 312 |
|
Total Service Fees: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 4,679 |
| $ | 2,891 |
| $ | 10,182 |
| $ | 8,972 |
|
Average servicing fee % |
| 8.3 | % | 8.4 | % | 6.7 | % | 7.4 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Collections: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 27,898 |
| $ | 19,781 |
| $ | 95,007 |
| $ | 72,008 |
|
Latin America |
| 28,325 |
| 14,749 |
| 57,529 |
| 48,924 |
| ||||
Europe |
| 11,049 |
| 12,477 |
| 40,164 |
| 41,463 |
| ||||
Subtotal |
| 67,272 |
| 47,007 |
| 192,700 |
| 162,395 |
| ||||
Wholly-owned |
| 8,823 |
| 5,804 |
| 30,970 |
| 19,735 |
| ||||
Total |
| $ | 76,095 |
| $ | 52,811 |
| $ | 223,670 |
| $ | 182,130 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing portfolio (face value) |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 541,116 |
| $ | 508,891 |
|
|
|
|
| ||
Latin America |
| 1,634,816 |
| 1,421,124 |
|
|
|
|
| ||||
Europe |
| 824,031 |
| 808,568 |
|
|
|
|
| ||||
Total |
| $ | 2,999,963 |
| $ | 2,738,583 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||||
Number of personnel at period end: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| 58 |
| 65 |
|
|
|
|
| ||||
Latin America |
| 118 |
| 137 |
|
|
|
|
| ||||
Corporate |
| 32 |
| 33 |
|
|
|
|
| ||||
Total personnel |
| 208 |
| 235 |
|
|
|
|
|
7