MMA Capital Management Announces Third Quarter 2014 Financial Results, Business Update and Investor Conference Call

BALTIMORE, Nov. 10, 2014 /PRNewswire/ -- MMA Capital Management, LLC (NASDAQ: MMAC) ("MMA Capital" or "the Company") today reported financial results for the quarter ended September 30, 2014, including common shareholders' equity of $81.4 million, or $11.08 per common share.  The Company anticipates filing its Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 (the "Third Quarter 2014 Report") with the Securities and Exchange Commission ("SEC") on November 12, 2014 and will hold an investor call on November 14, 2014 at 8:30 a.m. ET.

The Company reported an increase to common shareholders' equity of $8.0 million for the quarter to $81.4 million at September 30, 2014 from $73.4 million at June 30, 2014 and an increase in equity per share of $1.39 to $11.08 at September 30, 2014 from $9.69 at June 30, 2014.  The vast majority of the Company's growth in equity per share was due to comprehensive income for the third quarter of $10.0 million largely due to unrealized gains on the bond portfolio, income from operations and gains on real estate sales. 

During the third quarter, the Company generated positive cash flows from operating activities of $3.7 million bringing net cash generated by operating activities to $0.4 million for the nine months ended September 30, 2014.  During the third quarter cash flows provided by investing activities of $32.7 million, largely driven by real estate sales and a release of restricted cash, were more than offset by $33.5 million of cash used in financing activities, primarily debt repayments. 

Business Update

Michael Falcone MMA Capital's Chief Executive Officer stated, "We are generally pleased with our progress in the third quarter and so far in the fourth quarter.  Across our US Operations credit quality is stable or improving, while bond sales and restructurings have generated significant value.  We are excited about the recent transaction with Morrison Grove and believe it will create value for the Company over the coming years.  Internationally, we achieved the first closing of our second multi-investor fund in the third quarter and had an additional close in the fourth quarter.  At the corporate level we are happy to have achieved a listing on the NASDAQ exchange.  In the third quarter we bought back over 240,000 shares, and our Board has recently expanded and extended our buyback plan and approved a 10b5-1 share purchase plan.  We will be buying stock at prices up to our GAAP diluted common equity per share  of $11.01 at September 30, 2014.  The task ahead of us remains clear, we need to wisely reinvest the cash we have generated from asset sales in ways that allow us to take advantage of our net operating losses going forward.  We see both investment and business opportunities which we think will allow us to make prudent use of our cash and help us build and expand our existing business lines."

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 showing on a deconsolidated basis the assets and liabilities that underlie the Company's reported common shareholders' equity at September 30, 2014 and December 31, 2013.   Exhibit B is a non-GAAP presentation that provides an Adjusted Statement of Comprehensive Income that is a 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: 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 in addition to the Third Quarter 2014 Report 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 Third Quarter 2014 Report.  Exhibit D reconciles the non-GAAP presentation contained in Exhibit B to the Company's Consolidated Statements of Operations contained in the Company's Third Quarter 2014 Report.

Conference Call Information

The Company plans to host a conference call on Friday, November 14, 2014 at 8:30 a.m. ET to provide a business update and review financial results for the quarter ended September 30, 2014.  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.mmacapitalmanagement.com, under Investor Relations. Participants may also join the conference call by dialing toll free 1-888-346-6987 or 1-412-902-4268 for international participants and 1-866-605-3851 for Canadian participants.

An archived replay of the event will be available one hour after the event through 9:00 a.m. on November 22, 2014, toll free at 1-877-344-7529, or 1-412-317-0088 for international participants and 1-855-669-9658 for Canadian participants (Passcode: 10056048).

Upon filing, the Third Quarter 2014 Report will be posted to MMA Capital's web site at www.mmacapitalmanagement.com, under Investor Relations, and will be available at the SEC'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.

MMA CAPITAL: INTEGRITY. INNOVATION. SERVICE.

www.mmacapitalmanagement.com

 

 

EXHIBIT A  

MMA Capital Management, LLC

Adjusted Balance Sheets

(unaudited)

             

(in thousands, except per share data)

 

Adjusted

Balance Sheet

September 30, 2014

   

Adjusted

 Balance Sheet

December 31, 2013

 
 

ASSETS

           

1

Cash and cash equivalents

$

46,607

 

$

66,794

 

2

Adjusted restricted cash(1)

 

24,482

   

35,006

 

3

Adjusted bonds available-for-sale(1)

 

310,085

   

243,077

 

4

Adjusted investment in SA Fund and SA Partnership(1)

 

5,729

   

4,821

 

5

Adjusted real estate held-for-use, net(1)

 

24,360

   

24,532

 

6

Real estate held-for-sale, net

 

11,693

   

24,090

 

7

Investment in preferred stock

 

31,371

   

31,371

 

8

Adjusted other assets(1)

 

24,553

   

18,111

 

9

Total assets

$

478,880

 

$

447,802

 
 

LIABILITIES AND EQUITY

           

10

Adjusted debt(1)       

$

369,122

 

$

350,361

 

11

Accounts payable and accrued expenses

 

4,895

   

8,723

 

12

Adjusted deferred revenue(1)

 

16,066

   

18,846

 

13

Adjusted other liabilities(1)

 

7,784

   

6,174

 

14

Total liabilities

$

397,867

 

$

384,104

 
 

Equity:

           

15

Adjusted noncontrolling interests in CFVs and IHS(1)

$

(397)

 

$

(1,648)

 
 

Common shareholders' equity:

           

16

    Adjusted common shares, no par value(1)

 

42,057

   

28,687

 

17

    Adjusted accumulated other comprehensive income(1)

 

39,353

   

36,659

 

18

        Total common shareholders' equity

 

81,410

   

65,346

 

19

            Total equity

 

81,013

   

63,698

 

20

            Total liabilities and equity

$

478,880

 

$

447,802

 
 

Common shareholders' equity per share

           

21

Total common shareholders' equity

$

81,410

 

$

65,346

 

22

Common shares outstanding(2)

 

7,345

   

8,112

 

23

Common shareholders' equity per common share

$

11.08

 

$

8.06

 
 

Fully diluted common shareholders' equity per share

           

24

Diluted common shareholders' equity(3)

$

84,358

 

$

67,046

 

25

Diluted common shares outstanding(4)

 

7,663

   

8,412

 

26

Fully diluted common shareholders' equity per common share

$

11.01

 

$

7.97

 
   

(1)     

Indicates a non-GAAP financial measure. See Exhibit C for a reconciliation between the

 

Adjusted Balance Sheet at September 30, 2014 and December 31, 2013, as presented above, and

 

the Consolidated Balance Sheets included with the Company's Third Quarter 2014 Report.  Rows

 

not indicated by the footnote reflect amounts as presented on the Company's Consolidated Balance 

 

Sheets included with the Company's Third Quarter 2014 Report.

(2)      

Includes shares issued and outstanding as well as non-employee directors' and employee

 

vested deferred shares.

(3)      

Excludes the Company's liability for options and deferred shares held by employees unless

 

they are contingent upon a certain share price that has not yet been achieved ($2.8 million and $0.1

 

million at September 30, 2014 and $1.6 million and $0.1 million at December 31, 2013).

(4)    

Includes the common stock equivalents associated with 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 0.3

 

million (0.4 million) at September 30, 2014 and December 31, 2013.

 

EXHIBIT B  

MMA Capital Management, LLC
Adjusted Statements of Comprehensive Income

 
     

For the three months ended
September 30,

   

For the nine months ended
September 30,

 
 

(in thousands, unaudited)

 

2014

   

2013

   

2014

   

2013

 

1

Adjusted bond interest income(1)

$

7,196

 

$

4,484

 

$

16,921

 

$

37,565

 

2

Income on preferred stock investment

 

1,326

   

1,326

   

3,935

   

3,935

 

3

Adjusted asset management fees (1)

 

3,638

   

1,079

   

6,171

   

3,211

 

4

Adjusted other income(1)

 

900

   

784

   

2,155

   

1,784

 

5

Total income

 

13,060

   

7,673

   

29,182

   

46,495

 
                           

6

Adjusted interest expense(1)

 

(4,324)

   

(5,972)

   

(13,889)

   

(37,975)

 

7

Adjusted operating expenses(1)

 

(5,982)

   

(5,985)

   

(18,019)

   

(23,287)

 

8

Total expense

 

(10,306)

   

(11,957)

   

(31,908)

   

(61,262)

 
                           

9

Adjusted net gains on assets and derivatives(1)

 

7,414

   

76,513

   

7,700

   

79,183

 

10

Net gains (losses) on early extinguishment of liabilities

 

1,476

   

(84)

   

1,878

   

36,179

 

11

Adjusted net gains on sale of real estate(1)

 

2,377

   

120

   

17,688

   

4,081

 

12

Net gains due to real estate consolidation and foreclosure

 

   

2,411

   

2,003

   

10,895

 

13

Adjusted other net losses (1)

 

(1,757)

   

(1,237)

   

(3,420)

   

(4,738)

 

14

Adjusted income tax (expense) benefit(1)

 

(471)

   

(123)

   

(171)

   

1,309

 

15

Net income to common shareholders

$

11,793

 

$

73,316

 

$

22,952

 

$

112,142

 
                           

16

Adjusted total other comprehensive (loss) income to common shareholders(1)

 

(1,824)

   

(83,050)

   

2,694

   

(102,831)

 

17

Comprehensive income to common shareholders

$

9,969

 

$

(9,734)

 

$

25,646

 

$

9,311

 
                           
   

(1)      

Indicates a non-GAAP financial measure. See Exhibit D for a reconciliation between the adjusted measures presented above and the Consolidated Statements of Operations included with the Company's Third Quarter 2014 Report.


 

 

EXHIBIT C  

MMA Capital Management, LLC
Reconciliation of Adjusted Balance Sheet

September 30, 2014

                                 

(in thousands, unaudited)

 

GAAP

Balance Sheet

   

CFVs

     

TRS Derivatives
Reclassifications(7)

   

Line Item
Reclassifications(8)

   

Adjusted

Balance Sheet

 
 

ASSETS

                               

1

Cash and cash equivalents

$

46,607

 

$

   

$

 

$

 

$

46,607

 

2

Adjusted restricted cash

 

65,456

   

(40,974) (1)

     

   

   

24,482

 

3

Adjusted bonds available-for-sale

 

171,094

   

47,761 (2)

     

91,230

   

   

310,085

 

4

Adjusted investments in Lower Tier Property     

     Partnerships related to CFVs

 

248,811

   

(248,811) (1)

     

   

   

 

5

Adjusted SA Fund investments

 

165,760

   

(165,760) (1)

     

   

   

 

6

Adjusted investment in SA Fund and SA

   Partnership

 

   

3,750 (3)

     

   

1,979

   

5,729

 

7

Adjusted real estate held-for-use, net

 

96,928

   

(78,836) (1)

     

   

6,268

   

24,360

 

8

Real estate held-for-sale, net

 

11,693

   

     

   

   

11,693

 

9

Investment in preferred stock

 

31,371

   

     

   

   

31,371

 

10

Adjusted other assets

 

54,159

   

(20,333) (4)

     

(1,026)

   

(8,247)

   

24,553

 

11

Total assets

$

891,879

 

$

(503,203)

   

$

90,204

 

$

 

$

478,880

 
 

LIABILITIES AND EQUITY

                               

12

Adjusted debt         

$

348,305

 

$

(69,564) (1)

   

$

90,381

 

$

 

$

369,122

 

13

Accounts payable and accrued expenses

 

4,895

   

     

   

   

4,895

 

14

 

Adjusted unfunded equity commitments to Lower     

     Tier Property Partnerships related to CFVs

 

9,597

   

(9,597) (1)

     

   

   

 

15

Adjusted deferred revenue

 

   

14,004 (5)

     

   

2,062

   

16,066

 

16

Adjusted other liabilities

 

14,859

   

(4,836) (1)

     

(177)

   

(2,062)

   

7,784

 

17

Total liabilities

$

377,656

 

$

(69,993)

   

$

90,204

 

$

 

$

397,867

 
 

Equity:

                               

18

Adjusted noncontrolling interests in CFVs and

     IHS

$

432,813

 

$

(433,210) (6)

   

$

 

$

 

$

(397)

 
 

Common shareholders' equity:

                               

19

    Adjusted common shares, no par value

 

42,906

   

     

(849)

   

   

42,057

 

20

    Adjusted accumulated other comprehensive

       income

 

38,504

   

     

849

   

   

39,353

 

21

        Total common shareholders' equity

 

81,410

   

     

   

   

81,410

 

22

            Total equity

 

514,223

   

(433,210)

     

   

   

81,013

 

23

            Total liabilities and equity

$

891,879

 

$

(503,203)

   

$

90,204

 

$

 

$

478,880

 
   
   

(1)      

Each of these adjustments are reflected on the Company's Consolidated Balance Sheets included with the Third Quarter 2014 Report and denoted as balances related to CFVs.

(2)      

Represents the carrying basis of the bonds eliminated in consolidation.  This amount excludes $0.7 million of net unrealized losses 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.

(3)      

Represents the Company's equity investment in the SA Fund that it manages that was eliminated in consolidation.

(4)      

Represents the removal of $23.3 million of other assets related to CFVs as denoted on the Company's Consolidated Balance Sheets, partially offset by other assets attributable to the Company that were eliminated in consolidation of $3.0 million.

(5)      

Represents deferred revenue attributable to the Company that was eliminated in consolidation (primarily related to unamortized guarantee fees that the Company received in connection with its low income housing tax credit funds ("LIHTC Funds")).

(6)      

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.

(7)      

These adjustments reflect the removal of derivative assets and liabilities reported through Other assets and Other liabilities on the Company's Consolidated Balance Sheets associated with Total Return Swaps ("TRS") which finance specific bonds, as well as the addition of these bonds and their related debt.  Additionally, the net gains associated with these derivatives have been removed from common shareholders' equity and included within accumulated other comprehensive income.

(8)      

These adjustments represent the reclassification of certain assets and liabilities on the Company's Consolidated Balance Sheets to better align with the Company's Adjusted Balance Sheet.

 

 

EXHIBIT C, continued  

MMA Capital Management, LLC
Reconciliation of Adjusted Balance Sheet

December 31, 2013

                         

(in thousands, unaudited)

 

GAAP

Balance Sheet

   

CFVs

   

Line Item
Reclassifications(7)

   

Adjusted

Balance Sheet

 
 

ASSETS

                       

1

Cash and cash equivalents

$

66,794

 

$

   

 

$

66,794

 

2

Adjusted restricted cash

 

87,903

   

(52,897)(1)

   

   

35,006

 

3

Adjusted bonds available-for-sale

 

195,332

   

47,745(2)

   

   

243,077

 

4

Adjusted investments in Lower Tier Property Partnerships

     related to CFVs

 

286,007

   

(286,007)(1)

   

   

 

5

Adjusted SA Fund investments

 

158,325

   

(158,325)(1)

   

   

 

6

Adjusted investment in SA Fund and SA

   Partnership

 

   

3,627(3)

   

1,194

   

4,821

 

7

Adjusted real estate held-for-use, net

 

120,576

   

(102,314)(1)

   

6,270

   

24,532

 

8

Real estate held-for-sale, net

 

24,090

   

   

   

24,090

 

9

Investment in preferred stock

 

31,371

   

   

   

31,371

 

10

Adjusted other assets

 

44,960

   

(19,385)(4)

   

(7,464)

   

18,111

 

11

Total assets

$

1,015,358

 

$

(567,556)

   

 

$

447,802

 
 

LIABILITIES AND EQUITY

                       

12

Adjusted debt         

$

441,963

 

$

(91,602)(1)

   

 

$

350,361

 

13

Accounts payable and accrued expenses

 

8,723

   

   

   

8,723

 

14

 

Adjusted unfunded equity commitments to Lower Tier

     Property Partnerships related to CFVs

 

13,461

   

(13,461)(1)

   

   

 

15

Adjusted deferred revenue

 

   

16,711(5)

   

2,135

   

18,846

 

16

Adjusted other liabilities

 

12,352

   

(4,043)(1)

   

(2,135)

   

6,174

 

17

Total liabilities

$

476,499

 

$

(92,395)

   

 

$

384,104

 
 

Equity:

                       

18

Adjusted noncontrolling interests in CFVs and IHS

$

473,513

 

$

(475,161)(6)

   

 

$

(1,648)

 
 

Common shareholders' equity:

                       

19

    Adjusted common shares, no par value

 

28,687

   

   

   

28,687

 

20

    Adjusted accumulated other comprehensive income

 

36,659

   

   

   

36,659

 

21

        Total common shareholders' equity

 

65,346

   

   

   

65,346

 

22

            Total equity

 

538,859

   

(475,161)

   

   

63,698

 

23

            Total liabilities and equity

$

1,015,358

 

$

(567,556)

   

 

$

447,802

 
   

(1)      

Each of these adjustments are reflected on the Company's Consolidated Balance Sheets included with the Third Quarter 2014 Report and denoted as balances related to CFVs.

(2)      

Represents the carrying basis of the bonds eliminated in consolidation.  This amount excludes $2.5 million 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.

(3)      

Represents the Company's equity investment in the SA Fund that it manages that was eliminated in consolidation.

(4)      

Represents the removal of $23.7 million of other assets related to CFVs as denoted on the Company's Consolidated Balance Sheets, partially offset by other assets attributable to the Company that were eliminated in consolidation of $4.3 million.

(5)      

Represents deferred revenue attributable to the Company that was eliminated in consolidation (primarily related to unamortized guarantee fees that the Company received in connection with its LIHTC Funds).

(6)      

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.

(7)      

These adjustments represent the reclassification of certain assets and liabilities on the Company's Consolidated Balance Sheets to better align with the Company's Adjusted Balance Sheet.

 

 

 

EXHIBIT D  

MMA Capital Management, LLC
Reconciliation of Adjusted Statements of Comprehensive Income

 

(in thousands, unaudited)

 

For the three months ended
September 30,

     

For the nine months ended

 September 30, 2014

   
 

Adjusted Bond Interest Income

 

2014

     

2013

     

2014

   

2013

   

1

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

$

5,240

   

$

4,215

   

$

13,029

 

$

34,677

   

2

Reported through Net gains on assets and derivatives on the Income Statement

 

1,358

     

     

2,183

   

   

3

Note 14 - Discontinued Operations - Interest income

 

(b)

     

61(b)

     

185(b)

   

1,174(b)

   

4

Note 15 - CFVs - Interest income

 

598(a)

     

208(a)

     

1,524(a)

   

1,714(a)

   

5

Total

$

7,196

   

$

4,484

   

$

16,921

 

$

37,565

   
 

Adjusted Asset Management Fees

                             

6

Note 15 - CFVs - Asset management fees

$

1,844(a)

   

$

888(a)

   

$

3,514(a)

 

$

2,629(a)

   

7

Reported through Other income on the Income Statement

 

1,794

     

191

     

2,657

   

582

   

8

Total

$

3,638

   

$

1,079

   

$

6,171

 

$

3,211

   
 

Adjusted Other Income

                             

9

Interest on loans and short-term investments on the Income Statement

$

208

   

$

166

   

$

569

 

$

500

   

10

Reported through Other income on the Income Statement

 

692

     

618

     

1,586

   

1,284

   

11

Total

$

900

   

$

784

   

$

2,155

 

$

1,784

   
 

Adjusted Interest Expense

                             

12

Total interest expense on the Income Statement

$

526

   

$

2,199

   

$

2,674

 

$

22,213

   

13

Interest expense on the Income Statement (reported through Operating and other expenses)

 

3,400

     

3,628

     

10,462

   

11,374

   

14

Income allocable to perpetual preferred shareholders on the Income Statement

 

     

36

     

   

3,714

   

15

Reported through Net gains on assets and derivatives on the Income Statement

 

398

     

109

     

753

   

674

   

16

Total

$

4,324

   

$

5,972

   

$

13,889

 

$

37,975

   
 

Adjusted Operating Expenses

                             

17

Salaries and benefits on the Income Statement

$

2,973

   

$

2,895

   

$

9,398

 

$

10,045

   

18

General and administrative on the Income Statement

 

737

     

1,102

     

2,594

   

3,528

   

19

Professional fees on the Income Statement

 

1,507

     

1,375

     

3,872

   

6,777

   

20

Reported through Other expenses on the Income Statement

 

765

     

613

     

2,155

   

2,937

   

21

Total

$

5,982

   

$

5,985

   

$

18,019

 

$

23,287

   
 

Adjusted Net Gains on Assets and Derivatives

                             

22

Net gains on assets and derivatives on the Income Statement

$

9,193

   

$

76,404

   

$

9,979

 

$

78,509

   

23

Interest on derivatives reported through Adjusted Bond Interest Income above

 

(1,358)

     

     

(2,183)

   

   

24

Interest on derivatives reported through Adjusted Interest Expense above

 

398

     

109

     

753

   

674

   

25

Net gains on derivatives reported through Adjusted Total Other Comprehensive

   (Loss) Income to Common Shareholders below

 

(819)

     

     

(849)

   

   

26

Total

$

7,414

   

$

76,513

   

$

7,700

 

$

79,183

   
                                 
                                 
                                 
 

(in thousands, unaudited)

 

For the three months ended
September 30,

     

For the nine months ended

September 30,

   
 

Adjusted Net Gains on Sale of Real Estate

 

2014

     

2013

     

2014

   

2013

   

27

Note 14 - Discontinued Operations - Net gains on disposal of REO

$

2,368(b)

   

$

95(b)

   

$

17,671b)

 

$

176(b)

   

28

Note 14 - Discontinued Operations - Net gains on redemption of bonds

 

9(b)

     

25(b)

     

17(b)

   

3,905(b)

   

29

Total

$

2,377

   

$

120

   

$

17,688

 

$

4,081

   
 

Adjusted Other Net Losses

                             

30

Reported through Other expenses on the Income Statement

$

(493)

   

$

(565)

   

$

(1,012)

 

$

(2,028)

   

31

Impairment on bonds on the Income Statement

 

(113)

     

(939)

     

(113)

   

(1,772)

   

32

Net loan loss on the Income Statement

 

(751)

     

(5)

     

(751)

   

(5)

   

33

Note 14 - Discontinued Operations - Other income

 

83(b)

     

404(b)

     

1,398(b)

   

1,186(b)

   

34

Note 14 - Discontinued Operations - Other expense

 

(5)(b)

     

(246)(b)

     

(1,180)(b)

   

(1,161)(b)

   

35

Note 15 - CFVs - Guarantee fees

 

331(a)

     

331(a)

     

993(a)

   

993(a)

   

36

Note 15 - CFVs -  Equity in losses from LTPPs

 

(277)(a)

     

(384)(a)

     

(2,187)(a)

   

(2,821)(a)

   

37

Note 15 - CFVs -  Equity in income from SA Fund

 

246(a)

     

152(a)

     

388(a)

   

643(a)

   

38

Note 15 - CFVs -  Other expense

 

(778)(a)

     

(125)(a)

     

(1,033)(a)

   

(262)(a)

   

39

Equity in income from IHS reported through an allocation of income

 

(a)

     

140(a)

     

77(a)

   

489(a)

   

40

Total

$

(1,757)

   

$

(1,237)

   

$

(3,420)

 

$

(4,738)

   
 

Adjusted Income Tax (Expense) Benefit

                             

41

Income tax (expense) benefit on the Income Statement

$

(1,919)

   

$

(123)

   

$

(171)

 

$

1,309

   

42

Note 14 - Discontinued Operations - Income tax benefit

 

1,448(b)

     

     

   

   

43

Total

$

(471)

   

$

(123)

   

$

(171)

 

$

1,309

   
 

Adjusted Total Other Comprehensive (Loss) Income to Common Shareholders

                             

44

Other comprehensive (loss) income to allocable to common shareholders on the

   Consolidated Statements of Comprehensive Income

$

(2,643)

   

$

(83,050)

   

$

1,845

 

$

(102,831)

   

45

Reported through Net gains on assets and derivatives on the Income Statement

 

819

     

     

849

   

   

46

Total

$

(1,824)

   

$

(83,050)

   

$

2,694

 

$

(102,831)

   
 

Activity Related to CFVs

                             

47

Revenue from CFVs on the Income Statement

$

3,841

   

$

7,029

   

$

14,501

 

$

16,149

   

48

Expenses from CFVs on the Income Statement

 

(17,296)

     

(14,377)

     

(41,604)

   

(39,214)

   

49

Net gains related to CFVs on the Income Statement

 

12,627

     

3,812

     

16,779

   

27,732

   

50

Equity in losses from LTPPs of CFVs on the Income Statement

 

(4,346)

     

(6,343)

     

(18,812)

   

(20,129)

   

51

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

     on the Income Statement           

 

7,138

     

11,089

     

32,412

   

18,847

   

52

Total

$

1,964

   

$

1,210

   

$

3,276

 

$

3,385

   

53

Sum of note (a) line items

$

1,964

   

$

1,210

   

$

3,276

 

$

3,385

   
 

Discontinued operations

                             

54

Income from discontinued operations, net of tax on the Income Statement

$

3,903

   

$

371

   

$

17,941

 

$

6,524

   

55

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

     discontinued operations on the Income Statement       

 

     

(32)

     

150

   

(1,244)

   

56

Total

$

3,903

   

$

339

   

$

18,091

 

$

5,280

   

57

Sum of note (b) line items

$

3,903

   

$

339

   

$

18,091

 

$

5,280

   

 

SOURCE MMA Capital Management, LLC

For further information: Brooks Martin, Investor Relations, (855) 650-6932

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