MuniMae Announces Second Quarter 2013 Results, New Share Buyback Plan and Investor Conference Call

BALTIMORE, Aug. 15, 2013 /PRNewswire/ -- Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae" or "the Company,") filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (the "Second Quarter 2013 Report") with the SEC on August 14, 2013. 

The Company reported common shareholders' equity of $64.6 million at June 30, 2013 ($1.53 per common share), representing an increase of a $19.7 million from reported common shareholders' equity of $44.9 million at December 31, 2012 ($1.06 per common share).  Comprehensive income allocable to common shareholders, which includes both net income and total other comprehensive income, was a comprehensive loss of $31.2 million for the quarter ended June 30, 2013 resulting in comprehensive income of $19.0 million for the six months ended June 30, 2013.

The Company's reported comprehensive loss to common shareholders for the quarter ended June 30, 2013 included unrealized net losses on bonds of $22.4 million and accelerated interest expense recognition of $7.8 million.  The majority of the $22.4 million in unrealized net losses on bonds related to the Company's fixed rate multifamily bond portfolio.  On July 3, 2013 that portfolio was transferred as part of the Company's sale of its common shares in MuniMae TE Bond Subsidiary, LLC ("TEB") to Merrill Lynch Portfolio Management, Inc ("Purchaser").  Furthermore, for the quarter ended June 30, 2013, the Company recognized $7.8 million of additional interest expense related to unamortized debt issuance costs and issuance discounts associated with the debt that was transferred to the Purchaser.

The comprehensive loss reported for the second quarter of 2013 was more than offset by $50.3 million of comprehensive income reported for the first quarter of 2013, much of which was driven by $36.3 million of gains recognized on debt buybacks as well as $10.8 million of unrealized net gains recorded on the Company's bond portfolio.

Additional Financial Information

Additional financial information is reflected on Exhibits A and B and will be used during the Company's upcoming conference call.  Exhibit A is a non-GAAP presentation that provides an Adjusted Balance Sheet that is view of the Company's assets and liabilities on a deconsolidated basis that underlie the Company's reported common shareholders' equity at June 30, 2013 and December 31, 2012.   Exhibit A also provides a Proforma Balance Sheet that gives effect to the July 3, 2013 sale of the Company's common shares in TEB as if it occurred on June 30, 2013.  Exhibit B is a non-GAAP presentation that provides an Adjusted Income Statement that is direct attribution of the Company's operating activities that are reported through the collection of the following line items within the Company's GAAP financial statements including: Revenue from consolidated funds and ventures ("CFVs"); Expenses from CFVs; Net gains related to CFVs; Equity in losses from Lower Tier Property Partnerships ("LTPPs") of CFVs; Net losses (income) allocable to noncontrolling interests in CFVs and IHS; and Income from discontinued operations, net of tax. 

These non-GAAP measures are used by management and are disclosed supplementally to provide investors a tool to more easily understand the Company's operating results and financial position.  Exhibit C reconciles the non-GAAP historical presentation contained in Exhibit A to the Company's GAAP Consolidated Balance Sheets contained in the Company's Second Quarter 2013 Report.  Exhibit D reconciles the Proforma Adjusted Balance Sheet contained in Exhibit A to the Company's GAAP Proforma Balance Sheet and Consolidated Balance Sheets contained in the Company's Second Quarter 2013 Report.  Exhibit E reconciles the non-GAAP presentation contained in Exhibit B to the Company's Consolidated Statements of Operations contained in the Company's Second Quarter 2013 Report.

New Share Buyback Plan

On August 8, 2013, our Board of Directors authorized management to enter into an amended and restated stock repurchase program effective subsequent to the Company's filing of this quarterly report on Form 10-Q, and in any event not earlier than August 15, 2013.  The authorization permits the plan to be amended and restated to provide for the Company to purchase up to four million shares total, and up to 800,000 shares in any one calendar month at a price up to 100% of  its common shareholders' equity per share as shown on its most recently filed periodic report. The Company's maximum price on the effective date of the amended and restated plan will be $1.53 based on the common shareholders' equity as reported in this quarterly report for the period ended June 30, 2013.  No shares will be purchased pursuant to the amended and restated plan before August 26, 2013.

Conference Call Information

The Company plans to host a conference call on Wednesday, August 21, 2013 at 4:30 p.m. ET to provide a business update and review financial results for the quarter. The conference call will be webcast.  All interested parties are welcome to join the live webcast, which can be accessed through the Company's web site at www.munimae.com, under Investor Relations. Participants may also join the conference call by dialing toll free 1-800-860-2442 or 1-412-858-4600 for international participants and 1-866-605-3852 for Canadian participants.

An archived replay of the event will be available one hour after the event through 9:00 a.m. on August 29, 2013, toll free at 1-877-344-7529, or 1-412-317-0088 for international participants (Passcode: 10032898).

The Form 10-Q is posted to MuniMae's web site at www.munimae.com, under Investor Relations, and is available at the Securities and Exchange Commission's web site at www.sec.gov.

Cautionary Statement Regarding Forward-Looking Statements

This Release contains forward-looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or are made in connection with discussions of future operating or financial performance.

Forward-looking statements reflect our management's expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. These factors include changes in market conditions that affect the willingness of potential investors or lenders to provide us with debt or equity, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash that we may need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we have made, changes in interest rates that affect our cost of funds, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we own, and changes in tax laws or other things beyond our control that affect the tax benefits available to us and our investors. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this Release.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
www.MuniMae.com


EXHIBIT A

Municipal Mortgage & Equity, LLC
Proforma and Adjusted Balance Sheets

(unaudited)











(in thousands, except per share data)


Proforma

Adjusted 

Balance Sheet(1)



Adjusted

Balance Sheet

June 30, 2013



Adjusted

 Balance Sheet

December 31, 2012



ASSETS










1

MuniMae cash and cash equivalents without TEB

$

70,989


$

8,833

 (2)

$

9,223

 (2)

2

TEB cash and cash equivalents




43,171

 (2)


41,634

 (2)

3

Adjusted restricted cash(3)


35,567



20,878



1,356


4

Adjusted bonds available–for-sale(3)


281,037



1,032,874



1,083,200


5

Adjusted investment in SA Fund(3)


3,408



3,408



3,389


6

Adjusted real estate held-for-use, net(3)


17,997



17,997



17,756


7

Investment in preferred stock


31,371



31,371



31,371


8

Adjusted other assets(3)


24,959



30,752



42,418


9

Total assets

$

465,328


$

1,189,284


$

1,230,347



LIABILITIES AND EQUITY










10

Adjusted debt(3)      

$

367,560


$

968,804


$

987,526


11

Derivative liabilities


2,698



2,698



3,544


12

Accounts payable and accrued expenses


10,953



13,369



12,498


13

Adjusted deferred revenue(3)


16,446



14,109



14,771


14

Adjusted other liabilities(3)


7,345



8,979



13,108


15

Total liabilities

$

405,002


$

1,007,959


$

1,031,447



Equity:










16

Perpetual preferred shareholders' equity in a subsidiary

    company

$


$

117,978


$

155,033


17

Adjusted noncontrolling interests in CFVs and IHS(2)   


(1,268)



(1,268)



(1,034)



Common shareholders' equity:










18

    Common shares, no par value


18,378



(54,291)



(93,786)


19

    Accumulated other comprehensive income


43,216



118,906



138,687


20

        Total common shareholders' equity


61,594



64,615



44,901


21

            Total equity


60,326



181,325



198,900


22

            Total liabilities and equity

$

465,328


$

1,189,284


$

1,230,347



Common shareholders' equity per share










23

Total common shareholders' equity




$

64,615


$

44,901


24

Common shares outstanding(4)





42,347



42,512


25

Common shareholders' equity per common share




$

1.53


$

1.06



Fully diluted common shareholders' equity per

    share










26

Diluted common shareholders' equity(5)




$

66,660


$

45,270


27

Diluted common shares outstanding(6)





43,839



42,921


28

Fully diluted common shareholders' equity per

    common share




$

1.52


$

1.05














(1)       The Proforma Adjusted Balance Sheet reflects the  Balance Sheet as of June 30, 2013 adjusted to give effect to the Company's sale of its common interest in MuniMae TE Bond Subsidiary, LLC on July 3, 2013.  See Exhibit D which outlines the adjustments resulting from the Company's sale of its common shares in TEB.

(2)       These amounts equal cash and cash equivalents reported on the Company's Second Quarter 2013 Report of $52.0 million and $50.9 million for June 30, 2013 and December 31, 2012, respectively.

(3)       Indicates a non-GAAP financial measure. See Exhibit C for a reconciliation between the Adjusted Balance Sheet at June 30, 2013 and December 31, 2012, as presented above, and the Consolidated Balance Sheets included with the Company's Second Quarter 2013 Report.  Rows not indicated by the footnote reflect amounts as presented on the Company's Consolidated Balance Sheets included with the Company's Second Quarter 2013 Report. 

(4)       Includes shares issued and outstanding as well as non-employee directors' and employee vested deferred shares.

(5)       Excludes the Company's liability for options held by employees ($1.9 million and $0.4 million at June 30, 2013 and December 31, 2012, respectively).

(6)       Includes the common stock equivalents associated with the vested and unvested share awards as well as in-the-money option awards unless they are contingent upon a certain share price that has not yet been achieved.  The common stock equivalents (and gross share awards outstanding) were 1.5 million (1.9 million) and 0.4 million (1.7 million) at June 30, 2013 and December 31, 2012, respectively.

EXHIBIT B


Municipal Mortgage & Equity, LLC
Adjusted Income Statement







For the three months ended

June 30,



For the six months ended

June 30,



(in thousands, unaudited)


2013



2012



2013



2012


1

Adjusted bond interest income(1)

$

15,985


$

17,771


$

33,080


$

35,675


2

Income on preferred stock investment


1,312



1,544



2,609



3,089


3

Adjusted asset management fees (1)


1,084



1,342



2,132



3,046


4

Adjusted other income(1)


508



700



1,001



1,204


5

Adjusted interest expense(1)


(19,297)



(14,684)



(32,003)



(29,846)


6

Adjusted operating expenses(1)


(8,138)



(6,430)



(16,941)



(12,845)


7

Impairment on bonds


(480)



(849)



(833)



(1,087)


8

Net loan loss recovery




872





4,284


9

Net gains on early extinguishment of liabilities






36,263



485


10

Net gains due to real estate consolidation and foreclosure


8,484



2,550



8,484



2,550


11

Adjusted other net gains (losses) (1)


186



(379)



3,601



(258)


12

Income tax (expense) benefit


(95)



(23)



1,432



(41)


13

Net (loss) income to common shareholders

$

(451)


$

2,414


$

38,825


$

6,256
















14

Total other comprehensive (loss) income to common

    shareholders


(30,768)



6,995



(19,781)



14,291


15

Comprehensive (loss) income to common shareholders

$

(31,219)


$

9,409


$

$    19,044


$

20,547
















(1)       Indicates a non-GAAP financial measure.  See Exhibit E for a reconciliation between the adjusted measures presented above and the Consolidated Statements of Operations included with the Company's Second Quarter 2013 Report.



EXHIBIT C

Municipal Mortgage & Equity, LLC
Reconciliation of Adjusted Balance Sheet



December 31, 2012



June 30, 2013


(in thousands, unaudited)


GAAP

Balance Sheet



Consolidation

Adjustments




Adjusted

Balance Sheet



GAAP

Balance Sheet



Consolidation

Adjustments




Adjusted

Balance Sheet



ASSETS





















1

MuniMae cash and cash equivalents without

    TEB

$

9,223


$



$

9,223


$

8,833


$



$

8,833


2

TEB cash and cash equivalents


41,634






41,634



43,171






43,171


3

Adjusted restricted cash


55,313



(53,957)


(1)


1,356



76,976



(56,098)


(1)


20,878


4

Adjusted bonds available-for-sale


969,394



113,806


(2)


1,083,200



896,322



136,552


(2)


1,032,874


5

Adjusted investments in Lower Tier Property

Partnerships related to CFVs


333,335



(333,335)


(1)




312,725



(312,725)


(1)



6

Adjusted SA Fund investments


161,433



(161,433)


(1)




156,723



(156,723)


(1)



7

Adjusted investment in SA Fund




3,389


(3)


3,389





3,408


(3)


3,408


8

Adjusted real estate held-for-use, net


129,687



(111,931)


(1)


17,756



171,424



(153,427)


(1)


17,997


9

Adjusted real estate held-for-sale related to

CFVs


15,338



(15,338)


(1)










10

Investment in preferred stock


31,371






31,371



31,371






31,371


11

Adjusted other assets


55,024



(12,606)


(4)


42,418



48,268



(17,516)


(4)


30,752


12

Total assets

$

1,801,752


$

(571,405)



$

1,230,347


$

1,745,813


$

(556,529)



$

1,189,284



LIABILITIES AND EQUITY





















13

Adjusted debt         

$

1,042,959


$

(55,433)


(1)

$

987,526


$

1,018,707


$

(49,903)


(1)

$

968,804


14

Derivative liabilities


3,544






3,544



2,698






2,698


15

Accounts payable and accrued expenses


12,498






12,498



13,369






13,369


16

 

Adjusted unfunded equity commitments to

Lower Tier Property Partnerships related to

CFVs  


15,881



(15,881)


(1)




15,157



(15,157)


(1)



17

Adjusted deferred revenue




14,771


(5)


14,771





14,109


(5)


14,109


18

Adjusted other liabilities


15,145



(2,037)


(6)


13,108



16,179



(7,200)


(6)


8,979


19

Total liabilities

$

1,090,027


$

(58,580)



$

1,031,447


$

1,066,110


$

(58,151)



$

1,007,959



Equity:





















20

Perpetual preferred shareholders' equity in a subsidiary company

$

155,033


$



$

155,033


$

117,978


$



$

117,978


21

Adjusted noncontrolling interests in CFVs and

IHS


511,791



(512,825)


(7)


(1,034)



497,110



(498,378)


(7)


(1,268)



Common shareholders' equity:





















22

    Common shares, no par value


(93,786)






(93,786)



(54,291)






(54,291)


23

    Accumulated other comprehensive income


138,687






138,687



118,906






118,906


24

        Total common shareholders' equity


44,901






44,901



64,615






64,615


25

            Total equity


711,725



(512,825)




198,900



679,703



(498,378)




181,325


26

            Total liabilities and equity

$

1,801,752


$

(571,405)



$

1,230,347


$

1,745,813


$

(556,529)



$

1,189,284



























(1)       Each of these adjustments are reflected on the Company's Consolidated Balance Sheets included with the Second Quarter 2013 Report and denoted as balances related to CFVs.

(2)       Represents the carrying basis of the bonds eliminated in consolidation.  This amount excludes $10.7 million (as of December 31, 2012) and $15.3 million (as of June 30, 2013) of net unrealized gains occurring since consolidation that have not been reflected in the Company's common shareholders' equity given that the Company is required to consolidate and account for the real estate, which prohibits an increase in value from its original cost basis until the real estate is sold.

(3)       Represents the Company's equity investment in the SA Fund that it manages that is eliminated in consolidation.

(4)       Represents the removal of other assets related to CFVs as denoted on the Company's Consolidated Balance Sheets ($17.6 million at December 31, 2012 and $22.8 million at June 30, 2013).  This amount was offset by the addition of other assets attributable to the Company that were eliminated in consolidation ($5.0 million at December 31, 2012 and $5.3 million at June 30, 2013).

(5)       Represents unamortized guarantee fees that the Company received in connection with its LIHTC Funds that were eliminated in consolidation.

(6)       Represents the removal of other liabilities related to CFVs as denoted on the Company's Consolidated Balance Sheets ($6.2 million at December 31, 2012 and $7.9 million at June 30, 2013).  This amount was offset by the addition of other liabilities attributable to the Company that were eliminated in consolidation ($4.1 million at December 31, 2012 and $0.7 million at June 30, 2013).

(7)       Represents the amount of noncontrolling interest attributable to the Company's consolidated LIHTC Funds, SA Fund and Lower Tier Property Partnerships.  It does not include the noncontrolling interest attributable to IHS.

EXHIBIT D

Municipal Mortgage & Equity, LLC

Reconciliation of Proforma Adjusted  Balance Sheets

(unaudited)

(in thousands, unaudited)


GAAP

Balance Sheet

June 30, 2013



TEB Sale

Adjustments




Proforma

Balance Sheet



Consolidation

Adjustments




Proforma

Adjusted

Balance Sheet



ASSETS


















1

MuniMae cash and cash equivalents without TEB

$

8,833


$

62,156


(1)

$

70,989


$



$

70,989


2

TEB cash and cash equivalents


43,171



(43,171)


(2)








3

Adjusted restricted cash


76,976



14,689


(3)


91,665



(56,098)


(12)


35,567


4

Adjusted bonds available-for-sale


896,322



(678,983)


(4)


217,339



63,698


(13)


281,037


5

Adjusted investments in Lower Tier Property

Partnerships related to CFVs 


312,725






312,725



(312,725)


(12)



6

Adjusted SA Fund investments  


156,723






156,723



(156,723)


(12)



7

Adjusted investment in SA Fund  









3,408


(14)


3,408


8

Adjusted real estate held-for-use, net  


171,424






171,424



(153,427)


(12)


17,997


9

Investment in preferred stock


31,371






31,371






31,371


10

Adjusted other assets  


48,268



(4,378)


(5)


43,890



(18,931)


(15)


24,959


11

Total assets

$

1,745,813


$

(649,687)



$

1,096,126


$

(630,798)



$

465,328



LIABILITIES AND EQUITY


















12

Adjusted debt         

$

1,018,707


$

(526,052)


(6)

$

492,655


$

(125,095)


(16)

$

367,560


13

Derivative liabilities


2,698






2,698






2,698


14

Accounts payable and accrued expenses


13,369



(2,416)


(7)


10,953






10,953


15

Adjusted unfunded equity commitments to Lower

Tier Property Partnerships related to CFVs  


15,157






15,157



(15,157)


(12)



16

Adjusted deferred revenue 









16,446


(17)


16,446


17

Adjusted other liabilities 


16,179



(220)


(8)


15,959



(8,614)


(18)


7,345


18

Total liabilities

$

1,066,110


$

(528,688)



$

537,422


$

(132,420)



$

405,002



Equity:


















19

Perpetual preferred shareholders' equity in a

subsidiary company

$

117,978


$

(117,978)


(9)

$


$



$


20

Adjusted noncontrolling interests in CFVs and IHS


497,110






497,110



(498,378)


(19)


(1,268)



Common shareholders' equity:


















21

    Common shares, no par value


(54,291)



72,669


(10)


18,378






18,378


22

    Accumulated other comprehensive income


118,906



(75,690)


(11)


43,216






43,216


23

        Total common shareholders' equity


64,615



(3,021)


(9)


61,594






61,594


24

            Total equity


679,703



(120,999)




558,704



(498,378)




60,326


25

            Total liabilities and equity

$

1,745,813


$

(649,687)



$

1,096,126


$

(630,798)



$

465,328


TEB Sale Adjustments

(1)          Cash proceeds received of $78.5 million from the sale of TEB less $16.3 million of cash that was pledged as collateral for the Company's new and existing borrowings with the Purchaser.

(2)          TEB's cash that was transferred to the Purchaser.

(3)          Increase in the Company's restricted cash balance of $16.3 million less the amount of TEB's restricted cash ($1.6 million) that was transferred to the Purchaser.

(4)          Represents the amount of bonds transferred to the Purchaser of $848.6 million less those that failed to received sale accounting treatment of $94.4 million, less another $75.2 million related to certain bonds that are not on the Company's GAAP Consolidated Balance Sheet because it controls the underlying real estate.

(5)          Represents the amount of interest receivable that was transferred to the Purchaser

(6)          Represents the amount of debt transferred to the Purchaser including $574.7 million in senior interests in and debt owed to securitization trusts as well as $121.0 million of mandatorily redeemable preferred shares offset by an increase in debt on the Company's balance sheet of $94.4 million related to bonds transferred to the Purchaser that failed to receive sale accounting and an increase in debt due from CFVs of $75.2 million.

(7)          Represents $3.0 million of interest payable on mandatorily redeemable preferred shares and senior interests in and debt owed to securitization trusts transferred to the Purchaser offset by an increase in interest payable on the Company's balance sheet of $0.6 million related to bonds transferred to the Purchaser that failed to receive sale accounting.

(8)          Represents $1.6 million of TEB's distributions payable on perpetual preferred shares that was transferred to the Purchaser offset by an increase in interest payable from CFVs of $1.4 million.

(9)          The Company carried TEB's perpetual preferred shares at $118.0 million at June 30, 2013.  These shares were transferred to the Purchaser at $121.0 million on July 3, 2013, resulting in a $3.0 million decrease to common shareholders' equity.

(10)         Represents $75.7 million of bond gains recognized at the time of transfer (as a result of the reclassification of unrealized gains out of accumulated other comprehensive income) less the reduction of $3.0 million in common equity due to the perpetual preferred shares discussed in note 9 recognized upon the sale of TEB.

(11)         Represents the $75.7 million reduction of accumulated other comprehensive income as a result of unrealized bond gains associated with the bonds transferred to the Purchaser that were recognized into income upon the transfer.

Consolidation Adjustments

(12)        Each of these adjustments were reflected on the Company's Consolidated Balance Sheets included with the Second Quarter 2013 Report and denoted as balances related to CFVs.

(13)        Represents the carrying basis of the bonds eliminated in consolidation at June 30, 2013 of $136.6 million of which $72.9 million related to certain bonds transferred to the Purchaser and was removed accordingly.  This amount excludes $15.3 million (including $2.3 million related to certain bonds transferred to the Purchaser) of net unrealized gains occurring since consolidation that have not been reflected in the Company's common shareholders' equity given that the Company is required to consolidate and account for the real estate, which prohibits an increase in value from its original cost basis until the real estate is sold.

(14)        Cash that the Company has invested in the SA Fund that it manages that is eliminated in consolidation.

(15)        Represents the removal of other assets related to CFVs as denoted on the Company's Consolidated Balance Sheet of $22.8 million.  This amount was offset by the addition of other assets attributable to the Company that were eliminated in consolidation after the TEB sale of $3.9 million.

(16)        Represents the amount of debt related to the CFVs as reflected on the Company's Consolidated Balance Sheet at June 30, 2013 of $49.9 million and an additional $75.2 million of debt related to CFVs added as a result of the TEB sale.

(17)        Represents $14.1 million of unamortized guarantee fees that the Company received in connection with its LIHTC Funds that were eliminated in consolidation, and an additional $2.3 million of deferred gain resulting from the transfer of certain bonds to the Purchaser that were not on the Company's GAAP Consolidated Balance Sheets and will be recognized into income over time.

(18)        Represents the removal of other liabilities related to CFVs as denoted on the Company's Consolidated Balance Sheet of $7.9 million at June 30, 2013 plus the amount of interest payable ($1.4 million) that was added to CFVs upon the sale of TEB.  This amount was offset by the addition of other liabilities attributable to the Company that were eliminated in consolidation of $0.7 million at June 30, 2013.

(19)        Represents the amount of noncontrolling interest attributable to the Company's consolidated LIHTC Funds, SA Fund and Lower Tier Property Partnerships.  It does not include the noncontrolling interest attributable to IHS.

EXHIBIT E

Municipal Mortgage & Equity, LLC
Reconciliation of Adjusted Income Statement



(in thousands, unaudited)


For the three months ended

June 30,




For the six months ended
June 30,




Adjusted Bond Interest Income


2013




2012




2013




2012



1

Interest on bonds on the Consolidated Statements of Operations ("Income

Statement" or "I/S")

$

14,667



$

16,600



$

30,462



$

33,469



2

Note 15 - Discontinued Operations - Interest income


-


(b)


264


(b)


101


(b)


528


(b)

3

Note 16 - CFVs - Interest income


1,318


(a)


907


(a)


2,517


(a)


1,678


(a)

4

Total

$

15,985



$

17,771



$

33,080



$

35,675




Adjusted Asset Management Fees

















5

Note 16 - CFVs - Asset management fees

$

884


(a)

$

1,140


(a)

$

1,741


(a)

$

2,584


(a)

6

Reported through Other income on the Income Statement


200




202




391




462



7

Total

$

1,084



$

1,342



$

2,132



$

3,046




Adjusted Other Income

















8

Interest on loans and short-term investments on the I/S

$

191



$

279



$

334



$

493



9

Reported through Other income on the Income Statement


317




421




667




711



10

Total

$

508



$

700



$

1,001



$

1,204




Adjusted Interest Expense

















11

Total interest expense on the Income Statement

$

13,726



$

6,675



$

20,015



$

13,532



12

Interest expense on the Income Statement (reported through operating and

other expenses)


3,616




4,703




7,745




9,551



13

Income allocable to perpetual preferred shareholders on the Income Statement


1,673




2,284




3,678




4,568



14

Reported through Net gains (losses ) on assets and derivatives on the Income

Statement


282




1,022




565




2,195



15

Total

$

19,297



$

14,684



$

32,003



$

29,846




Adjusted Operating Expenses

















16

Salaries and benefits on the Income Statement

$

3,262



$

2,509



$

7,150



$

5,300



17

General and administrative on the Income Statement


1,133




1,172




2,426




2,528



18

Professional fees on the Income Statement


3,057




1,384




5,402




3,638



19

Reported through Other expenses on the Income Statement


686




1,365




1,963




1,379



20

Total

$

8,138



$

6,430



$

16,941



$

12,845



 



(in thousands, unaudited)


For the three months ended

June 30,




For the six months ended
June 30,




Adjusted Other Net Gains (Losses)


















21

Reported through Other expense on the Income Statement

$

(1,170)



$

(245)



$

(1,826)



$

(616)




22

Reported through Net gains (losses) on assets and derivatives on the Income

Statement


1,203




124




2,670




1,045




23

Note 15 - Discontinued Operations - Other income


188


(b)


58


(b)


852


(b)


170


(b)


24

Note 15 - Discontinued Operations - Net gains on redemption of bonds


230


(b)


-


(b)


2,992


(b)


-


(b)


25

Note 16 - CFVs - Guarantee fees


331


(a)


381


(a)


662


(a)


730


(a)


26

Note 16 - CFVs -  Equity in losses from LTPPs


(939)


(a)


(904)


(a)


(2,437)


(a)


(1,940)


(a)


27

Note 16 - CFVs -  Equity in income from SA Fund


208


(a)


128


(a)


491


(a)


265


(a)


28

Note 16 - CFVs -  Other expenses


(65)


(a)


(64)


(a)


(152)


(a)


(130)


(a)


29

Equity in income from IHS reported through an allocation of income


200


(a)


144


(a)


349


(a)


218


(a)


30

Total

$

186



$

(378)



$

3,601



$

(258)





Activity Related to CFVs


















31

Revenue from CFVs on the Income Statement

$

10,150



$

6,568



$

16,397



$

11,138




32

Expense from CFVs on the Income Statement


(16,550)




(8,694)




(31,096)




(18,148)




33

Net gains related to CFVs on the Income Statement


8,933




5,290




23,920




10,015




34

Equity in losses from LTPPs of CFVs on the Income Statement


(7,368)




(6,895)




(13,786)




(19,431)




35

Net losses allocable to noncontrolling interest in CFVs and IHS - continuing

operations on the Income Statement           


6,772




5,463




7,736




19,831




36

Total

$

1,937



$

1,732



$

3,171



$

3,405




37

Sum of (a)s

$

1,937



$

1,732



$

3,171



$

3,405





Discontinued operations


















38

Income (loss) from discontinued operations, net of tax on the Income

Statement

$

418



$

(331)



$

5,135



$

(591)




39

Net (income) losses allocable to noncontrolling interest in CFVs and IHS -

discontinued operations on the Income Statement         





653




(1,190)




1,289




40

Total

$

418



$

322



$

3,945



$

698




41

Sum of (b)s

$

418



$

322



$

3,945



$

698
















































 

SOURCE Municipal Mortgage & Equity, LLC



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