UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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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: June 30, 2003 |
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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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Commission File Number: 1-13485 |
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AMERICAN RESIDENTIAL INVESTMENT TRUST, INC. |
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(Exact name of registrant as specified in its charter) |
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Maryland |
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33-0741174 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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10421
Wateridge Circle, Suite 250 |
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92121 |
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(Address of principal executive offices) |
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(Zip Code) |
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(858) 909-1200 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Common Stock ($0.01) |
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7,864,749 as of July 16, 2003 |
Item 1. Consolidated Financial Statements
American Residential Investment Trust, Inc. and Subsidiaries
(in thousands, except share and per share data)
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(unaudited) |
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June 30, 2003 |
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December 31, 2002 |
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ASSETS |
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Cash and cash equivalents |
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$ |
27,240 |
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$ |
13,640 |
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Cash and cash equivalents – restricted |
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2,100 |
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1,132 |
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Mortgage loans held for sale, net, pledged, (lower of cost or market) |
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576,297 |
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390,125 |
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Bond collateral, mortgage loans, net |
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203,656 |
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259,851 |
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Bond collateral, real estate owned |
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5,328 |
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9,527 |
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Accounts receivable – mortgage loans sold/funded |
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11,139 |
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6,205 |
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Derivative financial instruments |
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(927 |
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(2,307 |
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Accrued interest receivable |
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1,496 |
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1,852 |
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Deferred tax asset |
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9,141 |
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— |
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Other assets |
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4,794 |
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2,975 |
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$ |
840,264 |
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$ |
683,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Liabilities: |
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Short-term debt |
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$ |
560,352 |
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$ |
378,553 |
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Long-term debt, net |
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176,977 |
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237,456 |
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Accrued interest payable |
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595 |
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582 |
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Accrued expenses and other liabilities |
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21,074 |
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6,811 |
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Total liabilities |
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758,998 |
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623,402 |
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Commitments and contingencies (Note 15) |
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— |
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— |
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Minority interest |
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117 |
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113 |
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Stockholders’ Equity: |
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Preferred stock, par value $.01 per share; 1,000 shares authorized; no shares issued and outstanding |
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— |
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— |
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Common stock, par value $.01 per share; 25,000,000 shares authorized; 7,863,437 shares issued and outstanding at June 30, 2003 and 7,862,490 shares issued and outstanding at December 31, 2002 |
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79 |
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79 |
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Additional paid-in-capital |
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108,762 |
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108,760 |
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Accumulated deficit |
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(27,692 |
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(49,354 |
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Total stockholders’ equity |
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81,149 |
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59,485 |
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$ |
840,264 |
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$ |
683,000 |
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See accompanying notes to consolidated financial statements.
3
American Residential Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income, unaudited
(in thousands, except per share data)
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For the |
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For the |
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For the |
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For the |
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Revenues |
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Gain on sales of loans |
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$ |
32,971 |
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$ |
4,503 |
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$ |
53,180 |
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$ |
6,446 |
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Derivative financial instruments and market adjustments |
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(9,284 |
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(8,315 |
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(11,495 |
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(8,402 |
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Interest on mortgage assets, net of premium amortization |
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10,393 |
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7,494 |
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19,639 |
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14,415 |
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Litigation settlement |
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— |
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10,281 |
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— |
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10,281 |
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Other income |
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247 |
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366 |
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462 |
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836 |
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Total revenue, net of derivative financial instruments and adjustments |
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34,327 |
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14,329 |
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61,786 |
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23,576 |
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Expenses |
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Employee compensation and benefits |
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12,586 |
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3,752 |
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22,070 |
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6,698 |
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Interest expense |
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4,598 |
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4,072 |
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8,811 |
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7,899 |
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Office and occupancy expense |
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621 |
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326 |
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1,188 |
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689 |
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Provision for loan losses |
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794 |
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1,024 |
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1,713 |
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3,127 |
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(Gain) loss on sale of real estate owned, net |
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(330 |
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347 |
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(515 |
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432 |
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Professional fees |
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1,338 |
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1,097 |
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2,742 |
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1,861 |
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Other operating expenses |
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4,025 |
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1,372 |
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7,779 |
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2,433 |
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