Exhibit 99.1
N E W S R E L E A S E |
Contact: | Suzy W. Taylor | |
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| 866-652-1810 |
FirstCity Financial Reports Second Quarter 2007 Results
Waco, Texas August 10, 2007……….
Highlights:
Second Quarter 2007 Results
· FirstCity reports 2nd quarter 2007 earnings of $1,806,142 or $.16 per diluted share.
· FirstCity invested $25.2 million in portfolio acquisitions for the 2nd quarter 2007.
Components of the quarterly results are detailed below (dollars in thousands except per share data):
| Three Months Ended |
| Six Months Ended |
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| June 30, |
| June 30, |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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| (unaudited) |
| (unaudited) |
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Portfolio Asset Acquisition and Resolution |
| $ | 4,313 |
| $ | 2,549 |
| $ | 6,183 |
| $ | 5,877 |
|
Corporate overhead * |
| (2,507 | ) | (1,286 | ) | (5,292 | ) | (2,517 | ) | ||||
Earnings from continuing operations |
| 1,806 |
| 1,263 |
| 891 |
| 3,360 |
| ||||
Loss from discontinued operations, net of taxes |
| — |
| — |
| — |
| (75 | ) | ||||
Net earnings to common stockholders |
| $ | 1,806 |
| $ | 1,263 |
| $ | 891 |
| $ | 3,285 |
|
Diluted earnings per common share |
| $ | 0.16 |
| $ | 0.11 |
| $ | 0.08 |
| $ | 0.27 |
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* Corporate overhead includes expenses related to the independent audit committee investigation of $2.0 million year to date, comprised of $1.2 million in the first quarter and $.8 million in the second quarter. The total expenditures related to the investigation through August 6, 2007 were approximately $2.0 million.
Portfolio Asset Acquisition and Resolution
The Company invested $25.2 million in portfolio acquisitions during the quarter. FirstCity also invested $1.1 million in SBA loan originations and advances as well as $3.0 million in the form of advances on loans receivable under the new special situations platform, FirstCity Crestone, which was formed in April 2007. Earning assets totaled $293.5 million at quarter end. FirstCity is currently evaluating 25 different transactions representing over $1.5 billion in face value of assets.
(more)
Portfolio purchases are detailed below (in millions):
| 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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2007 |
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2nd Quarter |
| $ | 27.4 |
| $ | 2.4 |
| $ | 61.6 |
| $ | 91.4 |
| $ | 25.2 |
| $ | 4.2 |
| $ | 29.4 |
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1st Quarter |
| 71.6 |
| 3.8 |
| 3.4 |
| 78.8 |
| 69.5 |
| 7.8 |
| 77.3 |
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YTD 2007 |
| $ | 99.0 |
| $ | 6.2 |
| $ | 65.0 |
| $ | 170.2 |
| $ | 94.7 |
| $ | 12.0 |
| $ | 106.7 |
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2006 |
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4th Quarter |
| $ | 34.6 |
| $ | 101.2 |
| $ | 2.1 |
| $ | 137.9 |
| $ | 70.2 |
| $ | 16.8 |
| $ | 87.0 |
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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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Total Year 2006 |
| $ | 136.6 |
| $ | 102.2 |
| $ | 58.2 |
| $ | 297.0 |
| $ | 144.0 |
| $ | 28.2 |
| $ | 172.2 |
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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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For the second quarter 2007, operating contribution from the Portfolio Asset Acquisition business was $4.3 million. The earnings were comprised of $11.2 million in revenues, $4.3 million in equity in earnings of investments and $11.2 million of expenses. The business generated 60% of the revenues (including equity in earnings of investments) from domestic investments, 24% from investments in Latin America, 15% from investments in Europe and 1% from investments in Canada. The major components of revenue for the quarter include equity in earnings of investments of $4.3 million, servicing fees of $3.0 million, and income from Portfolio Assets of $5.7 million.
The revenues for the second quarter were positively impacted $1 million as a result of increases in expected cash flows in wholly-owned portfolios with a book value of $62.7 million and certain portfolios held in acquisition partnerships with a book value of $21.3 million. Management will increase income accrual rates on portfolios that experience increases in cash flows as the portfolios mature. The majority of the $84 million in book value of portfolios that contributed to this increase in interest income from portfolio assets ($.8 million) and Equity in earnings of investments ($.2 million) were purchased within the last 18 months. Management may make additional adjustments to income accrual rates in the future if facts and circumstances warrant it.
The second quarter earnings were also negatively impacted by provisions net of recoveries for loan losses of $518,000, of which $746,000 was on wholly-owned domestic portfolios. The difference of ($228,000) represents net recoveries from primarily domestic acquisition partnerships. The Company experiences fluctuations in estimated cash flows from time to time and does not believe that these provisions are indicative of any negative trend.
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2
The following tables detail the impact of net foreign currency gains (losses) on corporate earnings:
| Three Months Ended |
| Six Months Ended |
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| June 30, |
| June 30, |
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Illustration of the Effects of Currency |
| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Fluctuations (dollars in thousands) |
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| (unaudited) |
| (unaudited) |
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Net earnings to Common Stockholders as reported |
| $ | 1,806 |
| $ | 1,263 |
| $ | 891 |
| $ | 3,285 |
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Euro gains (losses) |
| (204 | ) | 324 |
| (446 | ) | 658 |
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Mexican Peso gains (losses) |
| 182 |
| (1,328 | ) | 159 |
| (1,154 | ) | ||||||
Argentine Peso gains (losses) |
| 9 |
| (54 | ) | (2 | ) | (45 | ) | ||||||
Canadian Dollar gains |
| 199 |
| — |
| 220 |
| — |
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Chilean Peso gains |
| 21 |
| — |
| 23 |
| — |
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Euro exchange rate at valuation date |
| 0.74 |
| 0.80 |
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Mexican Peso exchange rate at valuation date |
| 10.87 |
| 11.40 |
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Argentine Peso exchange rate at valuation date |
| 3.09 |
| 3.09 |
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Canadian Dollar exchange rate at valuation date |
| 1.06 |
| n/a |
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Chilean Peso exchange rate at valuation date |
| 527.80 |
| n/a |
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Other Corporate Matters
Share Repurchase Program
FirstCity has a repurchase program for shares of its common stock. Since the program was initiated, the company has purchased 530,300 shares at an average cost of $10.51 per share. 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. No repurchases have been made since September 2006, but the Company intends to continue the repurchase program.
Liquidity
FirstCity is negotiating a $50 million increase in its loan facility with Bank of Scotland under FirstCity’s Revolving Credit Agreement dated as of November 12, 2004, from $175 million to $225 million, a $50 million increase in the acquisition facility provided to FH Partners L.P., a wholly-owned affiliate of FirstCity, under the Revolving Credit Agreement dated as of August 26, 2005, from $50 million to $100 million, and a new $25 million loan facility with BoS (USA), Inc., an affiliate of Bank of Scotland, which would be subordinated to the Revolving Credit Agreement provided to FirstCity by Bank of Scotland. FirstCity believes that the increased funding with the Bank of Scotland and BoS (USA), Inc. will be completed on a timely basis to accommodate future acquisitions and continued growth. FirstCity management believes that the current negative market conditions related to sub prime/finance companies has not had an effect on the Company’s liquidity and ability to continue to grow the business. FirstCity Financial is not reliant on Wall Street for operating capital but rather has a strong relationship with Bank of Scotland and expects completion of the amendments contemplated without complications in the next few weeks. There can be no assurance that FirstCity can obtain the additional financing from the Bank of Scotland or any other lender.
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3
Conference Call
A conference call will be held on Friday, August 10, 2007 at 9 a.m. Central time to discuss second quarter 2007 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 Second Quarter 2007 Conference Call | |||||
| Date: | Friday, August 10, 2007 | ||||
| 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 | 866-831-6224 | ||
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| International | 617-213-8853 | ||
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| Pass code - | 77619158 | ||
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| Replay |
| Domestic | 888-286-8010 | ||
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| International | 617-801-6888 | ||
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| Pass code - | 63076523 | ||
The replay will be available until Friday, August 24, 2007
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 start up of new businesses and entry into new foreign markets, 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, ability to obtain additional financing from the Bank of Scotland or any other lender, 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, 2006, filed with the SEC on July 24, 2007, 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.
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4
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 Europe and Latin America. Its common stock is listed on the NASDAQ National Market System under the symbol “FCFC.”
5
FirstCity Financial Corporation
Summary of Operations
(In thousands, except per share data)
(Unaudited)
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| Three Months Ended |
| Six Months Ended |
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| June 30, |
| June 30, |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Revenues: |
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Servicing fees |
| $ | 2,977 |
| $ | 2,856 |
| $ | 5,582 |
| $ | 5,503 |
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Income from Portfolio Assets |
| 5,685 |
| 2,946 |
| 10,720 |
| 5,004 |
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Gain on sale of SBA loans held for sale, net |
| 343 |
| — |
| 624 |
| — |
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Interest income from SBA loans |
| 606 |
| — |
| 914 |
| — |
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Interest income from affiliates |
| 140 |
| 465 |
| 266 |
| 895 |
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Interest income from loans receivable - other |
| 982 |
| — |
| 1,889 |
| — |
| ||||
Other income |
| 538 |
| 612 |
| 997 |
| 1,192 |
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Total revenues |
| 11,271 |
| 6,879 |
| 20,992 |
| 12,594 |
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Expenses: |
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Interest and fees on notes payable - other |
| 4,668 |
| 1,938 |
| 8,919 |
| 3,636 |
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Interest and fees on notes payable to affiliates |
| — |
| 10 |
| — |
| 20 |
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Salaries and benefits |
| 3,864 |
| 3,278 |
| 7,857 |
| 7,016 |
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Provision (recovery) for loan and impairment losses |
| 746 |
| (58 | ) | 1,072 |
| 51 |
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Occupancy, data processing, communication and other |
| 4,388 |
| 1,913 |
| 8,231 |
| 3,477 |
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Total expenses |
| 13,666 |
| 7,081 |
| 26,079 |
| 14,200 |
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Equity in earnings of investments |
| 4,332 |
| 1,387 |
| 6,158 |
| 5,021 |
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Gain on sale of interest in equity investments |
| — |
| 27 |
| — |
| 27 |
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Earnings from continuing operations before income taxes and minority interest |
| 1,937 |
| 1,212 |
| 1,071 |
| 3,442 |
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Income taxes |
| (146 | ) | (22 | ) | (303 | ) | (144 | ) | ||||
Minority interest |
| 15 |
| 73 |
| 123 |
| 62 |
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Earnings from continuing operations |
| 1,806 |
| 1,263 |
| 891 |
| 3,360 |
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Discontinued operations |
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Loss from operations of discontinued components |
| — |
| — |
| — |
| (75 | ) | ||||
Income taxes |
| — |
| — |
| — |
| — |
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Loss from discontinued operations |
| — |
| — |
| — |
| (75 | ) | ||||
Net earnings |
| $ | 1,806 |
| $ | 1,263 |
| $ | 891 |
| $ | 3,285 |
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Basic earnings per common share are as follows: |
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Earnings from continuing operations |
| $ | 0.17 |
| $ | 0.11 |
| $ | 0.08 |
| $ | 0.30 |
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Discontinued operations |
| $ | — |
| $ | — |
| $ | — |
| $ | (0.01 | ) |
Net earnings per common share |
| $ | 0.17 |
| $ | 0.11 |
| $ | 0.08 |
| $ | 0.29 |
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Wtd. avg. common shares outstanding |
| 10,789 |
| 11,308 |
| 10,789 |
| 11,308 |
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Diluted earnings per common share are as follows: |
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Earnings from continuing operations |
| $ | 0.16 |
| $ | 0.11 |
| $ | 0.08 |
| $ | 0.28 |
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Discontinued operations |
| $ | — |
| $ | — |
| $ | — |
| $ | (0.01 | ) |
Net earnings per common share |
| $ | 0.16 |
| $ | 0.11 |
| $ | 0.08 |
| $ | 0.27 |
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Wtd. avg. common shares outstanding |
| 11,397 |
| 11,959 |
| 11,414 |
| 11,958 |
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Selected Unaudited Balance Sheet Data
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| June 30, |
| December 31, |
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| 2007 |
| 2006 |
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Cash |
| $ | 18,380 |
| $ | 18,472 |
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Earning Assets: |
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Portfolio Assets, net |
| 122,628 |
| 108,696 |
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Loans and interest receivable |
| 55,597 |
| 29,311 |
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Equity investments |
| 115,275 |
| 112,357 |
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Deferred tax asset, net |
| 20,101 |
| 20,101 |
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Service fees receivable and other assets |
| 9,632 |
| 8,726 |
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Total assets |
| $ | 341,613 |
| $ | 297,663 |
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Notes payable - other |
| $ | 228,365 |
| $ | 187,811 |
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Minority interest and other liabilities |
| 7,566 |
| 5,959 |
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Total liabilities |
| 235,931 |
| 193,770 |
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Total equity |
| 105,682 |
| 103,893 |
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Total liabilities and equity |
| $ | 341,613 |
| $ | 297,663 |
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6
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
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| Three Months Ended |
| Six Months Ended |
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| June 30, |
| June 30, |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Portfolio Asset Acquisition and Resolution: |
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Summary Operating Statement Data |
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Revenues |
| $ | 11,188 |
| $ | 6,688 |
| $ | 20,780 |
| $ | 12,234 |
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Equity in earnings of investments |
| 4,332 |
| 1,387 |
| 6,158 |
| 5,021 |
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Gain on sale of interest in equity investments |
| — |
| 27 |
| — |
| 27 |
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Expenses |
| (10,461 | ) | (5,611 | ) | (19,683 | ) | (11,354 | ) | ||||
Operating contribution before provision for loan and impairment losses |
| 5,059 |
| 2,491 |
| 7,255 |
| 5,928 |
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Provision for loan and impairment losses |
| 746 |
| (58 | ) | 1,072 |
| 51 |
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Operating contribution, net of direct taxes |
| $ | 4,313 |
| $ | 2,549 |
| $ | 6,183 |
| $ | 5,877 |
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Aggregate purchase price of portfolios acquired: |
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Acquisition partnerships |
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Domestic |
| $ | 27,464 |
| $ | 24,176 |
| $ | 99,032 |
| $ | 66,527 |
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Latin America |
| 61,558 |
| — |
| 64,959 |
| — |
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Europe |
| 2,409 |
| 1,026 |
| 6,211 |
| 1,026 |
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Total |
| $ | 91,431 |
| $ | 25,202 |
| $ | 170,202 |
| $ | 67,553 |
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| Purchase |
| FirstCity’s |
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Historical Acquisitions - Annual: |
| Price |
| Investment |
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Six months ended June 30, 2007 |
| $ | 170,202 |
| $ | 94,748 |
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2006 |
| 296,990 |
| 144,048 |
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2005 |
| 146,581 |
| 71,405 |
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2004 |
| 174,139 |
| 59,762 |
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2003 |
| 129,192 |
| 22,944 |
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| June 30, |
| December 31, |
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| 2007 |
| 2006 |
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Portfolio acquisition and resolution assets by region: |
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Domestic |
| $ | 203,582 |
| $ | 158,147 |
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Latin America |
| 35,017 |
| 28,883 |
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Europe |
| 54,560 |
| 61,062 |
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Canada |
| 341 |
| 2,272 |
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Total |
| $ | 293,500 |
| $ | 250,364 |
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| Three Months Ended |
| Six Months Ended |
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| June 30, |
| June 30, |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Revenues and equity in earnings of investments by region: |
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Domestic |
| $ | 9,382 |
| $ | 6,037 |
| $ | 16,349 |
| $ | 11,391 |
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Latin America |
| 3,693 |
| 488 |
| 6,225 |
| 3,141 |
| ||||
Europe |
| 2,375 |
| 1,550 |
| 4,205 |
| 2,723 |
| ||||
Canada |
| 70 |
| — |
| 159 |
| — |
| ||||
Total |
| $ | 15,520 |
| $ | 8,075 |
| $ | 26,938 |
| $ | 17,255 |
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Revenues and equity in earnings of investments by source: |
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Equity earnings |
| $ | 4,332 |
| $ | 1,387 |
| $ | 6,158 |
| $ | 5,021 |
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Income from Portfolio Assets |
| 5,685 |
| 2,946 |
| 10,720 |
| 5,004 |
| ||||
Servicing fees |
| 2,977 |
| 2,856 |
| 5,582 |
| 5,503 |
| ||||
Gain on sale of SBA loans held for sale, net |
| 343 |
| — |
| 624 |
| — |
| ||||
Interest income from SBA loans |
| 606 |
| — |
| 914 |
| — |
| ||||
Interest income from affiliates |
| 140 |
| 465 |
| 266 |
| 895 |
| ||||
Interest income from loans receivable - other |
| 982 |
| — |
| 1,889 |
| — |
| ||||
Other |
| 455 |
| 421 |
| 785 |
| 832 |
| ||||
Total |
| $ | 15,520 |
| $ | 8,075 |
| $ | 26,938 |
| $ | 17,255 |
|
7
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| June 30, |
| June 30, |
| ||||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2006 |
| ||||
Analysis of Equity Investments |
|
|
|
|
|
|
|
|
| ||||
FirstCity’s Average investment |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 34,200 |
| $ | 51,054 |
| $ | 35,084 |
| $ | 51,678 |
|
Latin America |
| 21,177 |
| 3,094 |
| 20,161 |
| 2,977 |
| ||||
Europe |
| 44,365 |
| 19,065 |
| 46,112 |
| 19,390 |
| ||||
Europe-Servicing subsidiaries |
| 5,630 |
| 5,455 |
| 5,827 |
| 5,512 |
| ||||
Latin America-Servicing subsidiaries |
| 4,500 |
| 190 |
| 2,785 |
| 227 |
| ||||
Total |
| $ | 109,872 |
| $ | 78,858 |
| $ | 109,969 |
| $ | 79,784 |
|
|
|
|
|
|
|
|
|
|
| ||||
FirstCity Share of Equity Earnings: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 1,113 |
| $ | 1,585 |
| $ | 1,364 |
| $ | 3,854 |
|
Latin America |
| 887 |
| (1,575 | ) | 877 |
| (1,131 | ) | ||||
Europe |
| 1,673 |
| 1,118 |
| 3,213 |
| 2,096 |
| ||||
Europe-Servicing subsidiaries |
| 487 |
| 292 |
| 563 |
| 366 |
| ||||
Latin America-Servicing subsidiaries |
| 172 |
| (33 | ) | 141 |
| (164 | ) | ||||
Total |
| $ | 4,332 |
| $ | 1,387 |
| $ | 6,158 |
| $ | 5,021 |
|
|
|
|
|
|
|
|
|
|
| ||||
Selected other data: |
|
|
|
|
|
|
|
|
| ||||
Average investment in wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 163,146 |
| $ | 54,439 |
| $ | 150,017 |
| $ | 52,112 |
|
Latin America |
| 8,267 |
| 18,803 |
| 8,831 |
| 17,617 |
| ||||
Europe |
| 4,014 |
| 1,969 |
| 3,800 |
| 1,864 |
| ||||
Canada |
| 1,837 |
| — |
| 2,023 |
| — |
| ||||
Total |
| $ | 177,264 |
| $ | 75,211 |
| $ | 164,671 |
| $ | 71,593 |
|
|
|
|
|
|
|
|
|
|
| ||||
Income from wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 7,076 |
| $ | 3,027 |
| $ | 13,043 |
| $ | 5,157 |
|
Latin America |
| 519 |
| 348 |
| 1,046 |
| 679 |
| ||||
Europe |
| 91 |
| 36 |
| 165 |
| 63 |
| ||||
Canada |
| 70 |
| — |
| 159 |
| — |
| ||||
Total |
| $ | 7,756 |
| $ | 3,411 |
| $ | 14,413 |
| $ | 5,899 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenues: |
|
|
|
|
|
|
|
|
| ||||
Domestic partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 1,050 |
| $ | 1,214 |
| $ | 1,679 |
| $ | 1,973 |
|
Average servicing fee % |
| 4.2 | % | 2.8 | % | 4.0 | % | 2.9 | % | ||||
Latin American partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 1,909 |
| $ | 1,534 |
| $ | 3,867 |
| $ | 3,360 |
|
Average servicing fee % |
| 12.7 | % | 9.0 | % | 14.2 | % | 11.5 | % | ||||
Incentive service fees |
| $ | — |
| $ | 108 |
| $ | — |
| $ | 170 |
|
Total Service Fees-Portfolio Assets: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 2,959 |
| $ | 2,856 |
| $ | 5,546 |
| $ | 5,503 |
|
Average servicing fee % |
| 7.3 | % | 4.7 | % | 8.0 | % | 5.7 | % | ||||
Service Fees-SBA loans: |
| $ | 18 |
| $ | — |
| $ | 36 |
| $ | — |
|
Total Service Fees |
| $ | 2,977 |
| $ | 2,856 |
| $ | 5,582 |
| $ | 5,503 |
|
|
|
|
|
|
|
|
|
|
| ||||
Collections: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 25,259 |
| $ | 43,840 |
| $ | 42,484 |
| $ | 67,109 |
|
Latin America |
| 15,081 |
| 17,059 |
| 27,259 |
| 29,204 |
| ||||
Europe |
| 14,328 |
| 12,418 |
| 47,839 |
| 29,115 |
| ||||
Subtotal |
| 54,668 |
| 73,317 |
| 117,582 |
| 125,428 |
| ||||
Wholly-owned |
| 21,393 |
| 15,416 |
| 41,084 |
| 22,147 |
| ||||
Total |
| $ | 76,061 |
| $ | 88,733 |
| $ | 158,666 |
| $ | 147,575 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing portfolio (face value) |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 616,079 |
| $ | 528,392 |
|
|
|
|
| ||
Latin America |
| 2,475,093 |
| 1,277,911 |
|
|
|
|
| ||||
Europe |
| 1,035,833 |
| 908,735 |
|
|
|
|
| ||||
Total |
| $ | 4,127,005 |
| $ | 2,715,038 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||||
Number of personnel at period end: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| 68 |
| 61 |
|
|
|
|
| ||||
Latin America |
| 117 |
| 118 |
|
|
|
|
| ||||
Corporate |
| 37 |
| 33 |
|
|
|
|
| ||||
Total personnel |
| 222 |
| 212 |
|
|
|
|
|
8