SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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[x] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
or
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from _____________ to _____________ |
Commission File Number: 1-12109
DELTA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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11-3336165 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
1000 Woodbury Road, Suite 200, Woodbury, New York 11797
(Address of registrant’s principal executive offices including ZIP Code)
(516) 364 - 8500
(Registrant’s telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
As of November 2, 2004, 20,251,699 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding.
INDEX TO FORM 10-Q
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Page No. |
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PART I - FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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1 |
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September 30, 2004 and 2003 (unaudited) |
2 |
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ended September 30, 2004 (unaudited) |
3 |
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September 30, 2004 and 2003 (unaudited) |
4 |
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5 |
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Item 2. |
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16 |
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Item 3. |
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45 |
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Item 4. |
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49 |
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PART II - OTHER INFORMATION |
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Item 1. |
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49 |
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Item 2. |
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51 |
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Item 3. |
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51 |
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Item 4. |
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51 |
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Item 5. |
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51 |
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Item 6. |
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51 |
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52 |
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PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements.
DELTA FINANCIAL CORPORATION AND SUBSIDIARIES
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September 30, 2004 |
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December 31, 2003 |
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(Dollars in thousands, except for share data) |
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(Unaudited) |
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(Audited) |
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Assets: |
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Cash and cash equivalents |
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$ |
5,349 |
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$ |
4,576 |
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Mortgage loans held for sale, net |
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130,372 |
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190,524 |
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Mortgage loans held for investment, net of discounts and deferred
origination fees |
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1,636,180 |
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-- |
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Less: Allowance for loan losses |
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(5,788 |
) |
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-- |
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Mortgage loans held for investment, net |
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1,630,392 |
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-- |
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Trustee receivable |
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17,163 |
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-- |
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Accrued interest receivable |
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8,701 |
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197 |
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Excess cashflow certificates |
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16,709 |
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19,853 |
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Equipment, net |
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3,983 |
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3,147 |
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Accounts receivable |
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5,826 |
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2,893 |
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Prepaid and other assets |
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28,244 |
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4,617 |
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Deferred tax asset |
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39,833 |
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31,184 |
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Total assets |
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$ |
1,886,572 |
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$ |
256,991 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Bank payable |
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$ |
1,298 |
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$ |
2,292 |
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Warehouse financing |
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57,901 |
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144,826 |
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Financing on mortgage loans held for investment, net |
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1,712,675 |
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-- |
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Other borrowings |
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2,934 |
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2,362 |
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Accrued interest payable |
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2,629 |
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62 |
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Accounts payable and other liabilities |
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20,789 |
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11,496 |
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Total liabilities |
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1,798,226 |
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161,038 |
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Stockholders’ Equity: |
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Preferred stock, Series A, $100 preference value. Authorized 150,000
shares, 139,156 shares outstanding at December 31, 2003 |
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-- |
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13,916 |
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Common stock, $.01 par value. Authorized 49,000,000 shares;
20,358,599 and 17,032,052 shares issued and 20,241,799 and 16,915,252 shares
outstanding at September 30, 2004 and December 31,2003, respectively |
|
|
204 |
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170 |
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Additional paid-in capital |
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119,220 |
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99,913 |
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Accumulated deficit |
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(28,152 |
) |
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(16,728 |
) |
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Accumulated other comprehensive loss, net of taxes |
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(1,608 |
) |
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-- |
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Treasury stock, at cost (116,800 shares) |
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(1,318 |
) |
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(1,318 |
) |
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Total stockholders’ equity |
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88,346 |
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95,953 |
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Total liabilities and stockholders’ equity |
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$ |
1,886,572 |
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$ |
256,991 |
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See accompanying notes to consolidated financial statements.
DELTA FINANCIAL CORPORATION AND SUBSIDIARIES
(Unaudited)
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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(Dollars in thousands, except share and per share data) |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest income |
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$ |
30,809 |
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$ |
3,253 |
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$ |
56,853 |
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$ |
9,223 |
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Interest expense |
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12,317 |
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1,373 |
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19,740 |
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3,848 |
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Net interest income |
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18,492 |
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1,880 |
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37,113 |
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5,375 |
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Provision for loan losses |
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3,113 |
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-- |
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5,813 |
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-- |
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Net interest income after provision for loan losses |
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15,379 |
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1,880 |
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31,300 |
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5,375 |
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Non-interest income: |
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Net gain on sale of mortgage loans |
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2,630 |
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25,783 |
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11,883 |
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69,878 |
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Other income |
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|
393 |
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|
298 |
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|
597 |
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|
897 |
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Total non-interest income |
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3,023 |
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26,081 |
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12,480 |
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70,775 |
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Non-interest expense: |
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Payroll and related costs |
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13,435 |
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10,816 |
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37,589 |
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28,307 |
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General and administrative |
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7,928 |
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6,005 |
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21,616 |
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18,002 |
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Loss on derivative instruments |
