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NEWS RELEASE
For further information, contact:
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Jody Littrell |
(812) 376-1899 |
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Greg Ehlinger |
(812) 376-1935 |
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Conference call 4:30 p.m. EDT, October 19, 2000 |
(800) 837-9710 |
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October 19, 2000 |
For immediate release |
IRWIN FINANCIAL CORPORATION ANNOUNCES
THIRD QUARTER EARNINGS
(Columbus, IN) Irwin Financial Corporation (NASDAQ-NMS: IRWN) today announced net income for the third quarter of 2000 of $9.1 million or $0.43 per share compared with $8.7 million or $0.40 per share a year earlier, an increase in earnings per
share of 7.5%. Year-to-date, net income has totaled $26.1 million or $1.23 per share, an increase of 7.0%. Total net revenues in the quarter were $79.2 million, compared with $65.1 million in the third quarter of 1999, an increase of 21.6%.
Return on average equity in the third quarter was 21.0% and the return on average assets was 1.67%.
The quarter was marked by continued strong performance at the Corporation's home equity line of business.
Lines of Business
The Corporation's home equity lending business (www.ihe.com) earned $4.0 million, ($6.7 million pre-tax), in the third quarter, compared with $2.6 million pre-tax a year earlier, a 162.6% pre-tax improvement. Home equity loan and line of credit
originations totaled $193.0 million in the quarter, an increase of $95.4 million or 97.8% compared with a year earlier. The owned portfolio of home equity loans and lines of credit totaled $1.1 billion at quarter-end, compared with $0.7 billion a year
earlier, an increase of 42.7%. The improvement in net income was primarily the result of a $7.6 million or 187.1% increase in gain on sale revenues, reflecting a 179.1% increase in the principal balance of loans delivered to the secondary market.
Origination fees and points increased to $4.7 million, a $3.1 million or 203.1% year-over-year increase.
In addition, the home equity business completed three separate transactions significant to continued development of its growth strategy.
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* |
The company successfully completed its 11th asset-backed transaction with the sale of approximately $350 million of asset-backed AAA-rated bonds and a AAA-rated interest-only strip. The securities are to be collateralized by a pool of home equity
loans and lines of credit that include loans with 100% and 125% combined loan-to-value ratios. |
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* |
Separately, the company sold 38% of the residual interest in home equity loans (representing approximately $125 million of unpaid principal balance) previously securitized in December 1999. Consistent with two previous residual sales, the company sold
the residual interest for a price equal to its current carrying value, establishing a market value for this residual consistent with the company's valuation assumptions. |
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* |
Finally, early in the fourth quarter, the company acquired the residual interest, servicing rights and related whole loans of an approximately $400 million pool of previously securitized home equity lines of credit. The collateral supporting the pool is seasoned lines of credit predominantly up to 100% combined loan-to-value and similar in credit quality and yield to lines of credit originated by the company. Based on its interpretation of recently proposed federal banking regulations, the company believes the acquisition of the interest-only strip would qualify as a purchased residual interest for purposes of capital treatment. |
Net income at the Corporation's mortgage banking subsidiary (www.irwinmortgage.com) totaled $3.7 million, a decrease of $2.8 million or 42.9% compared with third quarter 1999 earnings of $6.5 million. The decline principally reflected decreased loan
origination fees, lower interest income due to reduced volume resulting from higher interest rates, and lower absorption of fixed costs.
Mortgage loan originations totaled $1.0 billion, down $0.3 billion or 24.5% from a year earlier. Refinanced loans accounted for 13.2% of originations in the third quarter, compared with 15.9% a year earlier. The company's owned mortgage servicing
portfolio totaled $10.0 billion as of September 30, 2000, a year-over-year decrease of 4.8%, reflecting the company's decision to sell selected portions of the portfolio to take advantage of increasing values as interest rates have risen. The capitalized
value of the company's servicing portfolio increased to $133.3 million as of September 30, 2000, compared with $127.9 million a year earlier, a 4.2% increase, primarily reflecting positive valuation adjustments resulting from slower prepayment speeds. The
total economic value of the servicing portfolio at quarter end was $203.0 million, which was $69.7 million greater than the capitalized value.
Net income for the commercial banking line of business (www.irwinunion.com) totaled $1.8 million in the third quarter, a decrease of $0.1 million or 4.3% from a year earlier, principally reflecting expenses related to the company's expansion
activities. During the third quarter, the Bank successfully opened new markets in Louisville and Salt Lake City and hired personnel to start up markets in Las Vegas and Phoenix, continuing the progress of its strategy of identifying metropolitan markets
which have undergone disruptive commercial bank merger and acquisition activity, while staffing the markets with experienced, senior lending officers. The amount of the increases in compensation, office support, and related capital expense charges were in
line with management's expectations.
The bank's loan portfolio of $974.5 million increased $324.2 million, or 49.8% year-over-year. The net interest margin for the Bank was 4.40%, compared with 4.89% a year earlier reflecting higher cost sources of funds. The Bank's net charge-offs totaled
$103 thousand during the third quarter, compared with $121 thousand a year earlier. The Bank's 30-day and greater commercial loan delinquency was 0.29% as of September 30, 2000, compared with 1.03% a year earlier.
The Corporation's leasing line of business, Irwin Business Finance (www.irwinBF.com), incurred a pre-tax loss of $0.6 million during the third quarter. This loss was in line with management's expectations reflecting the start-up phase of the company's
development. As previously reported, the company completed its acquisition of a 78% ownership position in Onset Capital Corporation, a Canadian small-ticket equipment leasing company. The leasing line of business originated $27.8 million in leases in the
quarter and had a portfolio at quarter-end of $128.2 million, including $60.8 million acquired as part of the Onset acquisition.
Irwin Ventures (www.irwinventures.com), the Corporation's venture capital subsidiary, lost $0.2 million in the second quarter, reflecting operating expenses. There were no valuation adjustments in the company's investment portfolio during the quarter.
The company's investment portfolio has a $12.9 million carrying value and a $4.1 million cost basis.
Balance Sheet
The Corporation's assets totaled $2.2 billion as of September 30, 2000, a $0.5 billion increase from a year earlier, principally reflecting a 67.0% increase in portfolio commercial loans and leases.
Nonperforming assets (including other real estate owned of $3.0 million) were $7.9 million or 0.37% of total assets as of September 30, 2000, down from $8.9 million or 0.53% of total assets a year earlier. The Corporation's allowance for loan losses
totaled $12.6 million as of September 30, 2000, compared with $8.8 million a year earlier. The ratio of allowance for loan losses to total loans was 1.13%, compared with 1.32% a year earlier reflective of the growth of the Corporation's loan and lease
portfolio. The ratio of allowance for loan losses to nonperforming loans totaled 257% at quarter-end.
The Corporation had $181.1 million in shareholders' equity as of September 30, 2000, an increase of 14.1%. Shareholders' equity as of September 30, 2000, was $8.55 per common share, a year-over-year increase of 15.2%. The Corporation's Tier 1 Leverage
Ratio and Total Risk-based Capital Ratio were 12.0% and 11.1%, respectively, compared with 12.6% and 14.3% a year earlier.
Irwin Financial Corporation (www.irwinfinancial.com) is an interrelated group of specialized financial services companies. The Corporation, through its five major subsidiaries -- Irwin Mortgage Corporation, Irwin Home Equity Corporation, Irwin Union Bank
and Trust Company, Irwin Business Finance, and Irwin Ventures Inc. -- provides a broad range of consumer and commercial financial services in selected markets in North America.
This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. These statements and estimates include but are not limited to projections of business strategies and future
activities, but are not guarantees of future performance and involve uncertainties that are difficult to predict. Words such as "believes" and similar expressions are intended to identify forward-looking statements, which include but are not limited to
projections of business strategies and future activities. Actual future results may differ materially from what is projected due to a variety of factors including potential changes in interest rates, which may affect consumer demand for loans and lines of
credit; refinancing opportunities, which may affect the prepayment assumptions used in the Corporation's valuation estimates; competition from other financial service providers for experienced managers as well as for customers; changes in the proposed
regulatory treatment of purchased residual interests, unanticipated difficulties in expanding the Corporation's businesses, availability of appropriate investment opportunities, legislative or regulatory changes, or governmental changes in monetary or
fiscal policies. For additional explanation of various factors that may affect our future results, refer to the Management Discussion and Analysis in the Corporation's 10-K which is on file with the SEC.
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Consolidated Financial Highlights | |||||
| (In thousands) | % | ||||
| 2000 | 1999 | Change | |||
| Third Quarter | |||||
| Net Interest Income | $22,049 | $18,546 | 18.9 | % | |
| Provision for Loan and Lease Losses | (1,356) | (364) | 272.5 | ||
| Noninterest Income | 58,474 | 46,933 | 24.6 | ||
| Total Net Revenues | 79,167 | 65,115 | 21.6 | ||
| Noninterest Expense | 62,748 | 49,497 | 26.8 | ||
| Preferred Securities Distribution | 1,174 | 1,174 | 0.0 | ||
| Income before Income Taxes | 15,245 | 14,444 | 5.5 | ||
| Income Taxes | 6,117 | 5,733 | 6.7 | ||
| Net Income | $9,128 | $8,711 | 4.8 | ||
| Dividends on Common Stock | $1,259 | $1,073 | 17.3 | ||
| Net Income Per Common Share - Diluted | $0.43 | $0.40 | 7.5 | ||
| Net Income Per Common Share - Basic | 0.43 | 0.41 | 4.9 | ||
| Dividends Per Common Share | 0.06 | 0.05 | 20.0 | ||
| Common Stock Market Price: | |||||
| High | $17.00 | $24.94 | -31.8 | ||
| Low | 13.44 | 19.31 | -30.4 | ||
| Net Charge-Offs | 647 | 227 | 185.0 | ||
| Performance Ratios - Quarter to Date: | |||||
| Return on Average Assets | 1.67% | 2.10% | |||
| Return on Average Common Equity | 21.04% | 22.31% | |||
| Year to Date | |||||
| Net Interest Income | $63,873 | $54,254 | 17.7 | % | |
| Provision for Loan and Lease Losses | (3,610) | (3,895) | -7.3 | ||
| Noninterest Income | 161,491 | 154,994 | 4.2 | ||
| Total Net Revenues | 221,754 | 205,353 | 8.0 | ||
| Noninterest Expense | 174,720 | 159,326 | 9.7 | ||
| Preferred Securities Distribution | 3,523 | 3,523 | 0.0 | ||
| Income before Income Taxes | 43,511 | 42,504 | 2.4 | ||
| Income Taxes | 17,397 | 17,208 | 1.1 | ||
| Net Income | $26,114 | $25,296 | 3.2 | ||
| Dividends on Common Stock | $3,776 | $3,235 | 16.7 | ||
| Net Income Per Common Share - Diluted | $1.23 | $1.15 | 7.0 | ||
| Net Income Per Common Share - Basic | 1.24 | 1.17 | 6.0 | ||
| Dividends Per Common Share | 0.18 | 0.15 | 20.0 | ||
| Common Stock Market Price: | |||||
| High | $18.50 | $28.88 | -35.9 | ||
| Low | 13.44 | 17.50 | -23.2 | ||
| Closing | 16.38 | 20.06 | -18.4 | ||
| Net Charge-Offs | 1,402 | 932 | 50.4 | ||
| Performance Ratios - Year to Date: | |||||
| Return on Average Assets | 1.82% | 2.04% | |||
| Return on Average Common Equity | 20.88% | 22.15% | |||
| At September 30: | |||||
| Loans Held for Sale | $490,690 | $511,007 | -4.0 | % | |
| Loans in Portfolio | 1,117,746 | 669,375 | 67.0 | ||
| Allowance for Loan and Lease Losses | 12,629 | 8,803 | 43.5 | ||
| Total Assets | 2,150,122 | 1,662,531 | 29.3 | ||
| Total Deposits | 1,320,164 | 875,933 | 50.7 | ||
| Shareholders' Equity | 181,065 | 158,755 | 14.1 | ||
| Shareholders' Equity available to Common Shareholders | $8.55 | $7.42 | 15.2 | ||
| Average Common Equity/Average Assets (YTD) | 8.71% | 9.23% | |||
| Tier I Capital | 230,102 | 208,462 | 10.4 | ||
| Tier I Leverage Ratio | 12.01% | 12.60% | |||
| Total Risk-based Capital Ratio | 11.15% | 14.35% | |||
| Nonperforming Assets to Total Assets | 0.37% | 0.53% | |||
| Common Shares Outstanding | 21,004 | 21,388 | -1.8 | ||
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Financial Highlights By Line of Business | |||||
| (In thousands) | |||||
| % | |||||
| Mortgage Banking | 2000 | 1999 | Change | ||
| Third Quarter | |||||
| Net Interest Income | $3,322 | $6,061 | -45.2 | % | |
| Provision for Loan Losses | 45 | 62 | n/m | ||
| Loan Origination Fees | 9,059 | 11,612 | -22.0 | ||
| Gain on Sale of Loans | 11,469 | 15,761 | -27.2 | ||
| Gain (Loss) on Sale of Servicing | 8,709 | 3,557 | 144.8 | ||
| Loan Servicing Fees | 12,602 | 12,921 | -2.5 | ||
| Amortization and Impairment of Servicing Assets, | |||||
| Net of Hedging | (9,726) | (5,963) | 63.1 | ||
| Other Revenues | 1,316 | 1,029 | 27.9 | ||
| Total Net Revenues | 36,796 | 45,040 | -18.3 | ||
| Salaries, Pension, and Other Employee Expense | 18,399 | 21,825 | -15.7 | ||
| Other Expenses | 12,304 | 12,330 | -0.2 | ||
| Income Before Income Taxes | 6,093 | 10,885 | -44.0 | ||
| Income Taxes | 2,398 | 4,410 | -45.6 | ||
| Net Income | $3,695 | $6,475 | -42.9 | ||
| Total Mortgage Loan Originations: | $1,043,456 | $1,382,946 | -24.5 | ||
| Percent retail | 36.70% | 39.40% | |||
| Percent wholesale | 54.81% | 53.87% | |||
| Percent brokered* | 8.49% | 6.73% | |||
| Refinancings as a Percent of Total Originations | 13.21% | 15.86% | |||
| Return on Average Equity | 21.11% | 25.21% | |||
| Year to Date | |||||
| Net Interest Income | $12,261 | $17,264 | -29.0 | % | |
| Provision for Loan Losses | 66 | (2,128) | n/m | ||
| Loan Origination Fees | 25,417 | 37,267 | -31.8 | ||
| Gain on Sale of Loans | 33,977 | 61,798 | -45.0 | ||
| Gain (Loss) on Sale of Servicing | 14,432 | 6,386 | 126.0 | ||
| Loan Servicing Fees | 38,939 | 41,215 | -5.5 | ||
| Amortization and Impairment of Servicing Assets, | |||||
| Net of Hedging | (21,606) | (21,820) | -1.0 | ||
| Other Revenues | 3,463 | 2,499 | 38.6 | ||
| Total Net Revenues | 106,949 | 142,481 | -24.9 | ||
| Salaries, Pension, and Other Employee Expense | 54,328 | 69,081 | -21.4 | ||
| Other Expenses | 36,052 | 42,987 | -16.1 | ||
| Income Before Income Taxes | 16,569 | 30,413 | -45.5 | ||
| Income Taxes | 6,625 | 12,368 | -46.4 | ||
| Net Income | $9,944 | $18,045 | -44.9 | ||
| Total Mortgage Loan Originations: | $2,986,445 | $4,769,740 | -37.4 | ||
| Percent retail | 36.23% | 37.41% | |||
| Percent wholesale | 55.25% | 57.21% | |||
| Percent brokered* | 8.51% | 5.38% | |||
| Refinancings as a Percent of Total Originations | 13.71% | 31.61% | |||
| Return on Average Equity | 18.94% | 23.42% | |||
| At September 30: | |||||
| Owned Servicing Portfolio Balance | $9,963,018 | $10,462,423 | -4.8 | % | |
| Weighted average interest rate | 7.72% | 7.49% | |||
| Delinquency ratio (30+ days): | 7.01% | 6.39% | |||
| FNMA/FHLMC | 2.42% | 2.28% | |||
| GNMA | 7.99% | 7.41% | |||
| Servicing Asset | $133,288 | $127,869 | 4.2 | ||
| * Loans on which the Corporation receives loan origination fees, but which are funded, closed, and owned | |||||
| by unrelated third parties. | |||||
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Financial Highlights By Line of Business (continued) | |||||
| (In thousands) | |||||
| % | |||||
| Home Equity Lending | 2000 | 1999 | Change | ||
| Third Quarter | |||||
| Net Interest Income - Unsold Loans and Other | $3,866 | $2,807 | 37.7 | % | |
| I/O Strip Interest Income | 3,574 | 1,727 | 106.9 | ||
| Trading Gains | 1,832 | (708) | 358.8 | ||
| Loan Origination Fees | 4,683 | 1,545 | 203.1 | ||
| Gain on Sales of Loans | 11,585 | 4,035 | 187.1 | ||
| Servicing Income, net | 1,574 | 883 | 78.3 | ||
| Other Income | 507 | 509 | -0.4 | ||
| Total Net Revenues | 27,621 | 10,798 | 155.8 | ||
| Salaries, Pension, and Other Employee Expense | 10,812 | 5,293 | 104.3 | ||
| Other Expense | 10,103 | 2,951 | 242.4 | ||
| Income before Income Taxes | 6,706 | 2,554 | 162.6 | ||
| Income Taxes | 2,745 | 0 | |||
| Net Income | $3,961 | $2,554 | |||
| Loan Volume | $192,965 | $97,545 | 97.8 | ||
| Secondary Market Delivery | 208,991 | 74,869 | 179.1 | ||
| Gain on Sale as Percentage of Loans Securitized | 5.54% | 5.39% | |||
| Return on Average Equity (Taxable Equivalent for 1999) | 30.56% | 13.16% | |||
| Year to Date | |||||
| Net Interest Income - Unsold Loans and Other | $12,269 | $9,175 | 33.7 | % | |
| I/O Strip Interest Income | 8,916 | 4,693 | 90.0 | ||
| Trading Gains | 10,123 | (322) | 3243.8 | ||
| Loan Origination Fees | 11,513 | 3,861 | 198.2 | ||
| Gain on Sales of Loans | 23,865 | 12,630 | 89.0 | ||
| Servicing Income, net | 3,977 | 2,426 | 63.9 | ||
| Other Income | 860 | 1,213 | -29.1 | ||
| Total Net Revenues | 71,523 | 33,676 | 112.4 | ||
| Salaries, Pension, and Other Employee Expense | 26,807 | 14,694 | 82.4 | ||
| Other Expense | 27,190 | 10,096 | 169.3 | ||
| Income before Income Taxes | 17,526 | 8,886 | 97.2 | ||
| Income Taxes | 7,011 | 0 | |||
| Net Income | $10,515 | $8,886 | |||
| Loan Volume | $601,038 | $291,785 | 106.0 | ||
| Secondary Market Delivery | 565,219 | 320,838 | 76.2 | ||
| Gain on Sale as Percentage of Loans Securitized | 4.22% | 3.94% | |||
| Return on Average Equity (Taxable Equivalent for 1999) | 25.55% | 16.35% | |||
| At September 30: | |||||
| Home Equity Loans (Portfolio and Held for Sale) | $237,060 | $216,638 | 9.4 | % | |
| Owned Managed Portfolio | $1,068,676 | $749,149 | 42.7 | ||
| Total Managed Portfolio | $1,283,517 | $749,149 | 71.3 | ||
| Delinquency Ratio (30+ days) | 3.25% | 2.61% | |||
| Net Capitalized Servicing (Servicing Asset and I/O Strip) | $110,331 | $50,308 | 119.3 | ||
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Financial Highlights By Line of Business (continued) | |||||
| (In thousands) | |||||
| % | |||||
| Commercial Banking | 2000 | 1999 | Change | ||
| Third Quarter | |||||
| Net Interest Income | $10,340 | $8,028 | 28.8 | % | |
| Provision for Loan and Lease Losses | (634) | (402) | 57.7 | ||
| Other Revenues | 2,962 | 2,775 | 6.7 | ||
| Total Net Revenues | 12,668 | 10,401 | 21.8 | ||
| Salaries, Pension, and Other Employee Expense | 5,461 | 4,164 | 31.1 | ||
| Other Expenses | 4,243 | 3,172 | 33.8 | ||
| Income Before Income Taxes | 2,964 | 3,065 | -3.3 | ||
| Income Taxes | 1,167 | 1,188 | -1.8 | ||
| Net Income | $1,797 | $1,877 | -4.3 | ||
| Return on Average Equity | 14.19% | 13.73% | |||
| Return on Average Assets | 0.73% | 1.08% | |||
| Net Charge-offs | $103 | $121 | -14.9 | ||
| Net Interest Margin | 4.40% | 4.89% | |||
| Year to Date | |||||
| Net Interest Income | $28,906 | $22,708 | 27.3 | % | |
| Provision for Loan and Lease Losses | (1,802) | (1,404) | 28.3 | ||
| Other Revenues | 8,838 | 8,907 | -0.8 | ||
| Total Net Revenues | 35,942 | 30,211 | 19.0 | ||
| Salaries, Pension, and Other Employee Expense | 15,834 | 12,348 | 28.2 | ||
| Other Expenses | 11,309 | 9,144 | 23.7 | ||
| Income Before Income Taxes | 8,799 | 8,719 | 0.9 | ||
| Income Taxes | 3,449 | 3,327 | 3.7 | ||
| Net Income | $5,350 | $5,392 | -0.8 | ||
| Return on Average Equity | 12.88% | 14.07% | |||
| Return on Average Assets | 0.79% | 1.11% | |||
| Net Charge-offs | $618 | $481 | 28.5 | ||
| Net Interest Margin | 4.50% | 4.96% | |||
| At September 30: | |||||
| Securities and Short-Term Investments | $21,980 | $47,086 | -53.3 | % | |
| Loans and Leases | 974,539 | 650,380 | 49.8 | ||
| Allowance for Loan and Lease Losses | (8,559) | (7,449) | 14.9 | ||
| Interest-Bearing Deposits | 828,223 | 598,249 | 38.4 | ||
| Noninterest-Bearing Deposits | 96,049 | 79,605 | 20.7 | ||
| Delinquency Ratio (30+ days): | |||||
| Commercial Loans | 0.29% | 1.03% | |||
| Consumer Loans | 1.16% | 0.88% | |||
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Financial Highlights By Line of Business (continued) | |||||
| (In thousands) | |||||
| Business Finance | 2000 | 1999 | |||
| Third Quarter | |||||
| Net Interest Income | $1,025 | n/a | |||
| Provision for Loan and Lease Losses | (400) | n/a | |||
| Other Revenues | 504 | n/a | |||
| Total Net Revenues | 1,129 | n/a | |||
| Salaries, Pension, and Other Employee Expense | 1,017 | n/a | |||
| Other Expenses | 664 | n/a | |||
| Income Before Income Taxes | ($552) | n/a | |||
| Net Charge-Offs | 211 | n/a | |||
| Net Interest Margin | 3.57% | n/a | |||
| Total Fundings of Loans and Leases (Includes Onset since 7/14/00) | 27,780 | n/a | |||
| Year to Date | |||||
| Net Interest Income | $1,523 | n/a | |||
| Provision for Loan and Lease Losses | (909) | n/a | |||
| Other Revenues | 514 | n/a | |||
| Total Net Revenues | 1,128 | n/a | |||
| Salaries, Pension, and Other Employee Expense | 2,141 | n/a | |||
| Other Expenses | 1,338 | n/a | |||
| Income Before Income Taxes | ($2,351) | n/a | |||
| Net Charge-Offs | 211 | n/a | |||
| Net Interest Margin | 4.15% | n/a | |||
| Total Fundings of Loans and Leases (Includes Onset since 7/14/00) | 76,178 | n/a | |||
| At September 30: | |||||
| Investment in Loans and Leases | $128,151 | n/a | |||
| Allowance for Loan and Lease Losses | 2,581 | n/a | |||
| Weighted Average Yield | 12.86% | n/a | |||
| Delinquency ratio (30+ days) | 2.19% | n/a | |||
| IRWIN FINANCIAL CORPORATION | |||||
| Selected Financial Highlights By Line of Business (continued) | |||||
| (In thousands) | |||||
| % | |||||
| Venture Capital | 2000 | 1999 | Change | ||
| Third Quarter | |||||
| Net Interest Income | ($244) | $3 | -8233.3 | % | |
| Mark to Market Adjustment on Investments | 0 | 1,306 | -100.0 | ||
| Other Revenues | 87 | (11) | 890.9 | ||
| Total Net Revenues | (157) | 1,298 | -112.1 | ||
| Operating Expenses | 121 | 20 | 505.0 | ||
| Income Before Income Taxes | (278) | 1,278 | -121.8 | ||
| Income Taxes | (112) | 491 | -122.8 | ||
| Net Income | ($166) | $787 | -121.1 | ||
| Year to Date | |||||
| Net Interest Income | ($604) | ($60) | -906.7 | ||
| Mark to Market Adjustment on Investments | 7,452 | 1,306 | 470.6 | ||
| Other Revenues | 255 | (17) | 1600.0 | ||
| Total Net Revenues | 7,103 | 1,229 | 477.9 | ||
| Operating Expenses | 310 | 25 | 1140.0 | ||
| Income Before Income Taxes | 6,793 | 1,204 | 464.2 | ||
| Income Taxes | 2,716 | 480 | 465.8 | ||
| Net Income | $4,077 | $724 | 463.1 | ||
| At September 30: | |||||
| Investment in Portfolio Companies (cost) | $4,114 | $1,774 | 131.9 | ||
| Mark to Market Adjustment | 8,758 | 1,306 | 570.6 | ||
| Carrying Value - Portfolio Companies | $12,872 | $3,080 | 317.9 | ||
Last Updated on 10/19/00
By IFC1740
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