Origen Financial Announces First Quarter 2014 Results

SOUTHFIELD, Mich., May 29, 2014

Net interest income before loan losses and impairment decreased by approximately 7.5 percent for the first quarter 2014 to $3.7 million as compared to $4.0 million for the first quarter 2013.  Such decrease is the result of the continued runoff of the Company's securitized loan portfolio and the corresponding reduction in bonds payable. The first quarter 2014 provision for loan losses was $1.7 million versus $3.3 million for the prior year quarter, a decrease of approximately 48 percent. The decrease is the result of declining loan balances, as well as improvements in delinquency levels and increased recovery percentages on the dispositions of foreclosures and repossessions. 

Non-interest expenses, including $1.5 million of loan servicing expense, were $2.4 million for the first quarter 2014, as compared to $2.6 million, including $1.8 million of loan servicing expense, for the year ago quarter, a decrease of approximately 8 percent.

Earnings Call and Webcast

A conference call has been scheduled for Thursday, June 19, 2014 at 11:00 a.m. Eastern Time to discuss first quarter results, current operations and an update on the execution of the shareholder-approved Asset Disposition and Management Plan.  The call may be accessed by dialing 888-438-5491 or 719-457-2627.  A replay will be available through June 26, 2014 by dialing 877-870-5176 or 858-384-5517 pass code 8801583. 

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.