Impac Mortgage Holdings Inc. (NYSE: IMH) today announced net earnings of $4.2 million, or $0.51 per diluted share in the quarter ended June 30, up substantially from $0.04 per diluted common share or $361,000 in the same same quarter of 2011.
Citing mortgage growth in general, company executives also noted the launch of a reverse mortgage division in 2012 as a potential growth source in the coming months.
“Retail production is also expected to increase from the opening of the previously announced Reverse Mortgage division,” said Bill Ashmore, company president, on a conference call Wednesday.
The company reported growth in its mortgage division as a primary driver of profitability, responsible for net earnings of $3.8 million during the second quarter as compared to a net loss of $3.5 million in the second quarter of the previous year.
Impac made an entry into the reverse mortgage business in July 2012, citing the opportunity presented by recent lender exits in the market.
Written by Elizabeth Ecker