ORIGEN FINANCIAL, INC. 
By The fourth quarter 2008 provision for loan losses was
Contributing factors to the 2008 net loss included a
Cash expenses for the initial period of the Plan,
As previously reported, we ceased originating loans for own account in
Mr. Klein added, "As we have previously stated, our portfolio is now an aging static pool which is approaching its peak default years. Accordingly, we expect to see increases in both delinquencies and defaults. In the current economic environment we expect our borrowers to face challenges especially if the unemployment rate continues to increase. Nevertheless, our portfolio continues to perform well due to our solid underwriting and the resulting cash flows have allowed us to pay down our secured related party debt more quickly than anticipated by our plan."
Earnings Call and Webcast
A conference call and webcast have been scheduled for
Forward-Looking Statements
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.
ORGN-E,ORGN-D,ORGN-G
About Origen Financial, Inc.
Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in
For more information about Origen, please visit http://www.origenfinancial.com.
Financial Tables Follow...
ORIGEN FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
(Unaudited)
December 31, December 31,
2008 2007
---- ----
Assets
Cash and Equivalents $14,118 $10,791
Restricted Cash 12,927 16,290
Investment Securities 9,739 32,393
Loans Receivable 911,947 1,193,916
Servicing Advances - 6,298
Servicing Rights - 2,146
Furniture, Fixtures and Equipment, Net 401 2,974
Repossessed Houses 4,543 4,981
Other Assets 11,858 14,412
------ ------
Total Assets $965,533 $1,284,201
======== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Warehouse Financing $- $173,072
Securitization Financing 775,120 884,650
Repurchase Agreements - 17,653
Note Payable-Related Party 29,351 14,593
Derivative Liabilities 57,887 20,443
Other Liabilities 24,980 25,405
------ ------
Total Liabilities 887,338 1,135,816
------- ---------
Equity 78,195 148,385
------ -------
Total Liabilities and Equity $965,533 $1,284,201
======== ==========
ORIGEN FINANCIAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands, except for share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Interest Income
Total Interest Income $22,931 $24,681 $90,827 $91,267
Total Interest Expense 13,993 17,122 60,732 59,740
------ ------ ------ ------
Net Interest Income Before
Loan Losses and Impairment 8,938 7,559 30,095 31,527
Provision for Loan Losses 6,724 2,954 17,745 8,739
Impairment of Purchased
Loan Pool 153 - 749 -
--- --- --- ---
Net Interest Income After
Loan Losses and Impairment 2,061 4,605 11,601 22,788
Non-interest Income (Loss)
Servicing Income 63 699 1,366 2,502
Losses on Loan Sales - - (22,377) -
Other 2,200 508 (1,719) 1,133
----- --- ------ -----
Total Non-interest Income
(Loss) 2,263 1,207 (22,730) 3,635
Non-interest Expenses
Total Personnel 2,240 3,842 18,936 16,888
Loan Origination &
Servicing 3,465 392 7,336 1,437
Goodwill Impairment - 32,277 - 32,277
Investment Impairment 32 9,179 32 9,179
State Taxes 97 (57) 475 270
Total Other Operating 1,017 2,029 6,487 6,721
----- ----- ----- -----
Total Non-interest Expenses 6,851 47,662 33,266 66,772
----- ------ ------ ------
Loss From Continuing
Operations Before Income
Taxes (2,527) (41,850) (44,395) (40,349)
Income Tax Expense (Benefit) (14) 64 61 47
--- --- --- ---
Loss From Continuing
Operations (2,513) (41,914) (44,456) (40,396)
Income (Loss) From
Discontinued Operations Net
of Income Taxes (1,912) 2,783 9,092 8,629
------ ----- ----- -----
Net Loss $(4,425) $(39,131) $(35,364) $(31,767)
======= ======== ======== ========
Weighted Average Common
Shares Outstanding,
Basic 25,689,639 25,395,205 25,689,639 25,316,278
========== ========== ========== ==========
Weighted Average Common
Shares Outstanding,
Diluted 25,689,639 25,395,205 25,689,639 25,316,278
========== ========== ========== ==========
Basic Earnings Per Common
Share:
Loss From Continuing
Operations $(0.10) $(1.65) $(1.73) $(1.60)
Income (Loss) From
Discontinued
Operations (0.07) 0.11 0.35 0.34
----- ---- ---- ----
Net Loss $(0.17) $(1.54) $(1.38) $(1.26)
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SOURCE Origen Financial, Inc.
