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Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF OCTOBER 31, 2012

(in thousands)

 

     MODIFIED GAAP
BALANCE SHEET
 

ASSETS

  

CASH & CASH EQUIVALENTS

     31,643   

INVESTMENTS

     9,356   

INVESTMENTS HELD IN TRUST

     222,021   

ACCRUED INTEREST

     1,337   

REINSURANCE PREMIUMS RECEIVABLE

     1,402   

VALUATION ALLOWANCE FOR DEFERRED TAX

     (14,437

DEFERRED TAX ASSETS

     14,437   
  

 

 

 

TOTAL ASSETS

     265,759   
  

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

  

LIABILITIES:

  

ACCRUED EXPENSES

     123   

ACCRUED INVESTMENT EXPENSES

     44   

ACCRUED ADMINISTRATIVE FEES

     110   

ACCRUED CEDING FEES

     138   

UNEARNED PREMIUMS

     274   

LOSSES PAYABLE

     2,609   

LOSS RESERVES

     68,756   

IBNR

     1,622   

CONTINGENCY RESERVES

     41,575   
  

 

 

 

TOTAL LIABILITIES

     115,251   
  

 

 

 

STOCKHOLDER’S EQUITY:

  

CAPITAL STOCK

     1   

PAID-IN CAPITAL

     16,659   

ADDITIONAL PAID-IN CAPITAL

     53,220   

CONTINGENCY RESERVES

     (41,575

DIVIDENDS PAID

     (10,250

RETAINED EARNINGS (ACCUMULATED DEFICIT)

     130,886   

NET INCOME (LOSS) - YEAR TO DATE

     1,567   
  

 

 

 

TOTAL STOCKHOLDER’S EQUITY

     150,508   
  

 

 

 

TOTAL LIABILITIES & STOCKHOLDER’S EQUITY

     265,759   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY INC.

UNAUDITED FINANCIAL STATEMENTS

CONDENSED STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2012

(in thousands)

 

     MONTH TO
DATE
    YEAR TO
DATE
 

UNDERWRITING INCOME:

    

ASSUMED PREMIUMS WRITTEN

     1,345        17,860   

CHANGE IN UNEARNED PREMIUMS

     12        155   
  

 

 

   

 

 

 

NET PREMIUMS EARNED

     1,357        18,015   

UNDERWRITING EXPENSES:

    

LOSSES PAID

     2,609        41,607   

PROVISION FOR LOSS RESERVES

     (1,158     (25,321

PROVISION FOR IBNR

     (544     (498

CEDING COMMISSION

     138        2,042   
  

 

 

   

 

 

 

TOTAL UNDERWRITING EXPENSES

     1,045        17,830   
  

 

 

   

 

 

 

UNDERWRITING INCOME (LOSS)

     312        185   
  

 

 

   

 

 

 

GENERAL & ADMINISTRATIVE EXPENSES:

    

MANAGEMENT FEES

     19        183   

ACTUARY CONSULTING FEES

     19        227   

AUDIT FEES

     6        269   

LEGAL FEES

     2        78   

ADMINISTRATIVE FEES

     110        813   

BANK SERVICE FEES

       21   
  

 

 

   

 

 

 

TOTAL GENERAL & ADMINISTRATIVE EXPENSES

     156        1,591   
  

 

 

   

 

 

 

INTEREST EXPENSE

    

IINTEREST INCOME

     1        17   

INVESTMENT INCOME - CORPORATE BONDS

     297        4,332   

INVESTMENT INCOME - MBS BONDS

     44        652   

INVESTMENT INCOME - US AGENCY

     181        2,451   

INVESTMENT INCOME - US TREASURY

     0        1   

INVESTMENT INCOME - FOREIGN ISSUE

     46        823   

BOND AMORTIZATION - CORPORATE BONDS

     (77     (1,149

BOND AMORTIZATION - MBS BONDS

     (0     (5

BOND AMORTIZATION - US AGENCY

     (13     (309

BOND AMORTIZATION - US TREASURY

     (0     (0

BOND AMORTIZATION - FOREIGN ISSUE

     (12     (290

INVESTMENT EXPENSE

     (44     (391

GAIN/LOSS ON SALE OF INVESTMENT

     (16     2,776   

FAS 159 GAIN ON TRADING SECURITIES

     (239     216   
  

 

 

   

 

 

 

NET INVESTMENT INCOME

     168        9,124   
  

 

 

   

 

 

 

GAIN (LOSS) ON COMMUTATION

     (6,151     (6,151

INCOME (LOSS) BEFORE TAX PROVISION

     (5,827     1,567   

CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE

    

PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE

    

DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE

     (2,039     548   

CHANGE IN VALUATION ALLOWANCE

     2,039        (548
  

 

 

   

 

 

 

FEDERAL INCOME TAX EXPENSE

    

NET INCOME (LOSS)

     (5,827     1,567