EXHIBIT 99.1
NOTE REGARDING PROFORMA FINANCIAL STATEMENTS
The accompanying balance sheet and income statement as of and for the year ended April 30, 2005 have been prepared on a proforma basis as if the acquisition of AmPro Mortgage had been completed as of May 1, 2004 and included in the operations of United Financial Mortgage Corp. for the year ended April 30, 2005.
UNITED FINANCIAL MORTGAGE CORP.
PROFORMA BALANCE SHEET
As of April 30,
(Dollars in thousands, except share data)
(Unaudited)
ASSETS | 2005 | |||
| Cash and cash equivalents | $ | 15,634 | ||
| Restricted cash | 1,855 | |||
| Loans held for sale | 698,775 | |||
| Mortgage servicing rights, net | 21,349 | |||
| Leasehold improvements and equipment, net | 5,935 | |||
| Goodwill | 2,584 | |||
| Prepaid expenses and other assets | 4,870 | |||
| Total assets | $ | 751,002 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Liabilities | ||||
| Warehouse lines of credit | $ | 691,418 | ||
| Accrued expenses and other liabilities | 28,801 | |||
| Total liabilities | 720,219 | |||
| Shareholders' equity | ||||
| Preferred stock, 5,000,000 authorized, no par value, Series A shares, 63 issued and outstanding (aggregate liquidation preference of $31) | 315 | |||
| Common stock, no par value, 20,000,000 shares authorized, 6,164,543 shares issued at April 30, 2005 and 6,140,843 at April 30, 2004 | 18,760 | |||
| Retained earnings | 12,067 | |||
| Unearned stock compensation | (37 | ) | ||
| Treasury stock, 176,700 shares, at cost | (322 | ) | ||
| Total shareholders’ equity | 30,783 | |||
| Total liabilities and shareholders’ equity | $ | 751,002 | ||
UNITED FINANCIAL MORTGAGE CORP.
PROFORMA STATEMENTS OF INCOME
(Dollars in thousands)
(Unaudited)
| 2005 | ||||
Revenue | ||||
| Gain on sale of loans, net | $ | 77,283 | ||
| Loan servicing income, net | 9,533 | |||
| Mortgage servicing rights valuation adjustment | (1,796 | ) | ||
| Amortization of mortgage servicing rights | (3,651 | ) | ||
| Interest income | 23,036 | |||
| Other income | 715 | |||
| Total revenues | 105,120 | |||
Expenses | ||||
| Salaries and commissions | 64,985 | |||
| Selling and administrative | 22,427 | |||
| Interest expense | 14,859 | |||
| Depreciation | 972 | |||
| Total expenses | 103,243 | |||
Income before income taxes | 1,877 | |||
| Income taxes | 751 | |||
Net income | $ | 1,126 | ||
| Basic earnings per common share | $ | 0.19 | ||
| Diluted earnings per common share | $ | 0.18 | ||
| Basic shares outstanding | 5,970 | |||
| Diluted shares outstanding | 6,097 | |||