Impac Mortgage Holdings, Inc.(IMPM) and its subsidiaries have released their consolidated financial statements for the year ended December 31, 2022. The report reveals that the company experienced a net loss of $39.4 million during the year. Additionally, Impac Mortgage Holdings generated $8.6 million in revenue for the same period.
Financial Performance
Impac Mortgage Holdings faced challenges in 2022 as indicated by its net loss of $39.4 million. This represents a significant decline compared to the previous year when the company reported a net loss of $3.9 million. The increase in the net loss can be attributed to various factors affecting the mortgage industry.
Revenue Analysis
Impac Mortgage Holdings generated $8.6 million in revenue for the year ended December 31, 2022. This figure reflects a substantial decrease compared to the previous year's revenue of $66.3 million. The decline in revenue can be attributed to several factors such as a decrease in gain on sale of loans, reduced real estate service fees, and lower broker fee income.
Financial Position
Impac Mortgage Holdings' consolidated balance sheet highlights the company's financial position as of December 31, 2022. The company's total assets amounted to $60.3 million, showing a significant decline compared to the previous year's total assets of $2.02 billion. The decrease in total assets can be attributed to a decrease in mortgage loans held-for-sale and securitized mortgage trust assets.
On the liability side, Impac Mortgage Holdings' total liabilities stood at $71.9 million, while its stockholders' equity reflected a deficit of $11.6 million. These figures indicate the company's challenging financial position, which is a result of the net loss incurred during the year.
Impac Mortgage Holdings faced a difficult year in 2022, reporting a net loss of $39.4 million. The company's revenue of $8.6 million also experienced a significant decline. These financial results reflect the challenges and market conditions faced by Impac Mortgage Holdings and the mortgage industry as a whole. The company will need to carefully assess and implement strategies to improve its financial performance and address the factors affecting its revenue and net income.