+
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|
|
For the quarterly period ended: June 30, 2002 |
OR
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|
|
Commission File Number: 1-13485 |
AMERICAN RESIDENTIAL INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter)
|
|
Maryland |
|
33-0741174 |
|
|
|
(State or
other jurisdiction of |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
|
|
|
|
10421 Wateridge Circle, Suite 250 |
|
92121 |
|
|
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
||
|
(858) 909-1200 |
||||
|
(Registrant’s telephone number, including area code) |
||||
|
|
|
|
||
|
(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.
ý YES o NO
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
Common Stock ($0.01) |
7,880,090 as of July 16, 2002 |
2
Item 1. Consolidated Financial Statements
American Residential Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets, Unaudited
(in thousands, except share and per share data)
|
|
|
June 30, 2002 |
|
December 31, 2001 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
12,348 |
|
$ |
10,945 |
|
|
Mortgage loans held for sale, net, pledged, (lower of cost or market) |
|
210,031 |
|
38,095 |
|
||
|
Bond collateral, mortgage loans, net |
|
337,153 |
|
452,152 |
|
||
|
Bond collateral, real estate owned |
|
11,022 |
|
9,226 |
|
||
|
Retained interests in securitization |
|
1,079 |
|
1,582 |
|
||
|
Derivative financial instruments |
|
3,701 |
|
926 |
|
||
|
Accrued interest receivable |
|
2,641 |
|
3,048 |
|
||
|
Due from affiliate |
|
— |
|
159 |
|
||
|
Investment in American Residential Holdings, Inc. |
|
1,991 |
|
1,789 |
|
||
|
Other assets |
|
2,342 |
|
1,802 |
|
||
|
|
|
$ |
582,308 |
|
$ |
519,724 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
||
|
Short-term debt |
|
$ |
205,554 |
|
$ |
35,265 |
|
|
Long-term debt, net |
|
312,925 |
|
422,349 |
|
||
|
Accrued interest payable |
|
150 |
|
85 |
|
||
|
Due to affiliate |
|
1,964 |
|
1,786 |
|
||
|
Accrued expenses and other liabilities |
|
3,274 |
|
1,612 |
|
||
|
Total liabilities |
|
523,867 |
|
461,097 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ Equity: |
|
|
|
|
|
||
|
Preferred stock, par value $.01 per share; 1,000 shares authorized; no shares issued and outstanding |
|
— |
|
— |
|
||
|
Common stock, par value $.01 per share; 25,000,000 shares authorized; 7,880,090 shares issued and outstanding at June 30, 2002 and 7,959,900 shares issued and outstanding at December 31, 2001 |
|
79 |
|
80 |
|
||
|
Additional paid-in-capital |
|
108,797 |
|
108,995 |
|
||
|
Accumulated other comprehensive income |
|
31 |
|
448 |
|
||
|
Accumulated deficit |
|
(50,466 |
) |
(50,896 |
) |
||
|
Total stockholders’ equity |
|
58,441 |
|
58,627 |
|
||
|
|
|
$ |
582,308 |
|
$ |
519,724 |
|
See accompanying notes to consolidated financial statements.
3
American Residential Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations, unaudited
(in thousands, except per share data)
|
|
|
For the |
|
For the |
|
For the |
|
For the |
|
||||
|
Interest income: |
|
|
|
|
|
|
|
|
|
||||
|
Mortgage assets |
|
$ |
10,021 |
|
$ |
13,983 |
|
$ |
20,042 |
|
$ |
32,059 |
|
|
Cash and investments |
|
37 |
|
168 |
|
66 |
|
356 |
|
||||
|
Interest rate cap and floor agreement expense |
|
|
|
— |
|
|
|
(9 |
) |
||||
|
Total interest income |
|
10,058 |
|
14,151 |
|
20,108 |
|
32,406 |
|
||||
|
Interest expense |
|
4,072 |
|
8,990 |
|
7,899 |
|
23,239 |
|
||||
|
Net interest spread |
|
5,986 |
|
5,161 |
|
12,209 |
|
9,167 |
|
||||
|
Premium amortization |
|
2,526 |
|
2,960 |
|
5,628 |
|
5,436 |
|
||||
|
Net interest income |
|
3,460 |
|
2,201 |
|
6,581 |
|
3,731 |
|
||||
|
Provision for loan losses |
|
1,024 |
|
779 |
|
3,127 |
|
2,420 |
|
||||
|
Net interest income after provision for loan losses |
|
2,436 |
|
1,422 |
|
3,454 |
|
1,311 |
|
||||
|
Other operating income: |
|
|
|
|
|
|
|
|
|
||||
|
Gain on sale of mortgage loans |
|
4,952 |
|
— |
|
6,504 |
|
— |
|
||||
|
Management fee income |
|
31 |
|
45 |
|
59 |
|
96 |
|
||||
|
Equity in income of American Residential Holdings, Inc. |
|
128 |
|
46 |
|
202 |
|
157 |
|
||||
|
Prepayment penalty income |
|
170 |
|
853 |
|
510 |
|
1,674 |
|
||||
|
Total other operating income |
|
5,281 | |||||||||||