Attached files
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| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d352907d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF MARCH 31, 2012
(UNAUDITED)
| MODIFIED GAAP BALANCE SHEET |
GAAP ADJUSTMENT |
GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
$ | 6,787,137.82 | $ | — | $ | 6,787,137.82 | ||||||
| INVESTMENTS |
$ | 6,049,694.28 | $ | — | $ | 6,049,694.28 | ||||||
| INVESTMENTS HELD IN TRUST |
$ | 327,163,236.67 | $ | — | $ | 327,163,236.67 | ||||||
| ACCRUED INTEREST |
$ | 2,384,402.03 | $ | — | $ | 2,384,402.03 | ||||||
| REINSURANCE PREMIUMS RECEIVABLE |
$ | 2,389,992.81 | $ | — | $ | 2,389,992.81 | ||||||
| OTHER RECEIVABLES |
$ | — | $ | — | $ | — | ||||||
| DEFERRED FEDERAL INCOME TAX |
$ | — | $ | — | $ | — | ||||||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
$ | (13,033,096.00 | ) | $ | — | $ | (13,033,096.00 | ) | ||||
| DEFERRED TAX ASSETS |
$ | 13,033,096.00 | $ | — | $ | 13,033,096.00 | ||||||
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| TOTAL ASSETS |
$ | 344,774,463.61 | $ | — | $ | 344,774,463.61 | ||||||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
$ | 61,700.38 | $ | — | $ | 61,700.38 | ||||||
| ACCRUED INVESTMENT EXPENSES |
$ | 21,918.48 | $ | — | $ | 21,918.48 | ||||||
| ACCRUED ADMINISTRATIVE FEES |
$ | 42,580.65 | $ | 42,580.65 | ||||||||
| ACCRUED CEDING FEES |
$ | 286,143.90 | $ | — | $ | 286,143.90 | ||||||
| PREMIUM TAX PAYABLE |
$ | — | $ | — | $ | — | ||||||
| FEDERAL INCOME TAX PAYABLE (RECEIVABLE) |
$ | — | $ | — | $ | — | ||||||
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
$ | — | $ | — | $ | — | ||||||
| CONTINGENT LIABILITY |
$ | 4,000,000.00 | $ | — | $ | 4,000,000.00 | ||||||
| INTEREST PAYABLE |
$ | — | $ | — | $ | — | ||||||
| UNEARNED PREMIUMS |
$ | 401,086.70 | $ | — | $ | 401,086.70 | ||||||
| LOSSES PAYABLE |
$ | 5,079,666.14 | $ | — | $ | 5,079,666.14 | ||||||
| LOSS RESERVES |
$ | 122,566,100.52 | $ | — | $ | 122,566,100.52 | ||||||
| IBNR |
$ | 6,220,708.14 | $ | — | $ | 6,220,708.14 | ||||||
| CONTINGENCY RESERVES |
$ | 47,972,874.20 | $ | (47,972,874.20 | ) | $ | — | |||||
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| TOTAL LIABILITIES |
$ | 186,652,779.11 | $ | (47,972,874.20 | ) | $ | 138,679,904.91 | |||||
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| STOCKHOLDER’S EQUITY: |
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| CAPITAL STOCK |
$ | 1,000.00 | $ | — | $ | 1,000.00 | ||||||
| PAID — IN CAPITAL |
$ | 16,659,348.80 | $ | — | $ | 16,659,348.80 | ||||||
| ADDITIONAL PAID — IN CAPITAL |
$ | 53,219,568.39 | $ | — | $ | 53,219,568.39 | ||||||
| UNREALIZED GAIN/LOSS ON INVESTMENTS |
$ | — | $ | — | $ | — | ||||||
| CONTINGENCY RESERVES |
$ | (47,972,874.20 | ) | $ | 47,972,874.20 | $ | — | |||||
| DIVIDENDS PAID |
$ | (250,000.00 | ) | $ | (250,000.00 | ) | ||||||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
$ | 130,885,963.67 | $ | — | $ | 130,885,963.67 | ||||||
| NET INCOME (LOSS) — YEAR TO DATE |
$ | 5,578,677.84 | $ | — | $ | 5,578,677.84 | ||||||
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| TOTAL STOCKHOLDER’S EQUITY |
$ | 158,121,684.50 | $ | 47,972,874.20 | $ | 206,094,558.70 | ||||||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
$ | 344,774,463.61 | $ | — | $ | 344,774,463.61 | ||||||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
COMBINING PROFIT & LOSS STATEMENT
FOR THE PERIOD ENDED MARCH 31, 2012
| MONTH TO DATE |
YEAR TO DATE |
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| UNDERWRITING INCOME: |
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| ASSUMED PREMIUMS WRITTEN |
$ | 2,330,582.46 | $ | 7,141,294.60 | ||||
| CHANGE IN UNEARNED PREMIUMS |
$ | 18,476.50 | $ | 54,850.01 | ||||
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| NET PREMIUMS EARNED |
$ | 2,349,058.96 | $ | 7,196,144.61 | ||||
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| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
$ | 5,120,233.15 | $ | 14,850,746.12 | ||||
| PROVISION FOR LOSS RESERVES |
$ | (2,406,710.41 | ) | $ | (9,906,252.13 | ) | ||
| PROVISION FOR IBNR |
$ | 192,321.07 | $ | (326,221.34 | ) | |||
| CEDING COMMISSION |
$ | 286,143.90 | $ | 885,169.55 | ||||
| PREMIUM TAX EXPENSE |
$ | — | $ | — | ||||
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| TOTAL UNDERWRITING EXPENSES |
$ | 3,191,987.71 | $ | 5,503,442.20 | ||||
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| UNDERWRITING INCOME (LOSS) |
$ | (842,928.75 | ) | $ | 1,692,702.41 | |||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
$ | 19,774.86 | $ | 46,340.30 | ||||
| ACTUARY CONSULTING FEES |
$ | 22,500.00 | $ | 67,500.00 | ||||
| AUDIT FEES |
$ | — | $ | — | ||||
| LEGAL FEES |
$ | 3,946.94 | $ | 16,744.27 | ||||
| ADMINISTRATIVE FEES |
$ | 42,580.65 | $ | 42,580.65 | ||||
| LICENSE AND FEES |
$ | — | $ | 300.00 | ||||
| TRAVEL AND ENTERTAINMENT |
$ | — | $ | — | ||||
| BANK SERVICE FEES |
$ | — | $ | — | ||||
| MISCELLANEOUS EXPENSES |
$ | — | $ | — | ||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
$ | 88,802.45 | $ | 173,465.22 | ||||
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| INTEREST EXPENSE |
$ | — | $ | — | ||||
| IINTEREST INCOME |
$ | 1,080.70 | $ | 3,902.35 | ||||
| AMORTIZATION — COMMERCIAL PAPER |
$ | — | $ | — | ||||
| INVESTMENT INCOME — MUNICIPAL BONDS |
$ | — | $ | — | ||||
| INVESTMENT INCOME — CORPORATE BONDS |
$ | 496,796.66 | $ | 1,466,495.61 | ||||
| INVESTMENT INCOME — MBS BONDS |
$ | 72,713.22 | $ | 222,838.59 | ||||
| INVESTMENT INCOME — US AGENCY |
$ | 290,490.61 | $ | 889,053.39 | ||||
| INVESTMENT INCOME — US TREASURY |
$ | 79.41 | $ | 233.10 | ||||
| INVESTMENT INCOME — FOREIGN ISSUE |
$ | 93,540.68 | $ | 295,334.15 | ||||
| BOND AMORTIZATION — MUNICIPAL BONDS |
$ | — | $ | — | ||||
| BOND AMORTIZATION — CORPORATE BONDS |
$ | (136,702.49 | ) | $ | (387,923.62 | ) | ||
| BOND AMORTIZATION — MBS BONDS |
$ | (537.49 | ) | $ | (1,160.72 | ) | ||
| BOND AMORTIZATION — US AGENCY |
$ | (46,604.12 | ) | $ | (127,486.18 | ) | ||
| BOND AMORTIZATION — US TREASURY |
$ | (11.65 | ) | $ | (34.65 | ) | ||
| BOND AMORTIZATION — FOREIGN ISSUE |
$ | (37,847.13 | ) | $ | (93,265.88 | ) | ||
| INVESTMENT EXPENSE |
$ | (21,918.48 | ) | $ | (21,918.48 | ) | ||
| GAIN/LOSS ON SALE OF INVESTMENT |
$ | (13,292.76 | ) | $ | 168,503.61 | |||
| FAS 159 GAIN ON TRADING SECURITIES |
$ | (735,991.47 | ) | $ | 1,644,869.38 | |||
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| NET INVESTMENT INCOME |
$ | (38,204.31 | ) | $ | 4,059,440.65 | |||
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| LEGAL SETTLEMENT |
$ | — | $ | — | ||||
| INCOME (LOSS) BEFORE TAX PROVISION |
$ | (969,935.51 | ) | $ | 5,578,677.84 | |||
| CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
$ | — | $ | — | ||||
| PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
$ | — | $ | — | ||||
| DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
$ | (340,356.00 | ) | $ | 1,952,481.00 | |||
| CHANGE IN VALUATION ALLOWANCE |
$ | 340,356.00 | $ | (1,952,481.00 | ) | |||
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| FEDERAL INCOME TAX EXPENSE |
$ | — | $ | — | ||||
| NET INCOME (LOSS) |
$ | (969,935.51 | ) | $ | 5,578,677.84 | |||
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