Origen Financial Announces Second Quarter 2013 Results

SOUTHFIELD, Mich., Aug. 29, 2013

On August 29, 2013, Origen's Board of Directors declared a dividend on common stock of $0.14 per share to be paid to holders of Origen's common stock of record on September 9, 2013.  The dividend will be paid on September 16, 2013 and will approximate $3.6 million.

Net interest income, before loan losses and impairment, decreased by approximately 15 percent for the second quarter 2013 to $4.0 million from $4.7 million for the second quarter 2012 and decreased approximately 15 percent to $8.0 million for 2013 year to date versus $9.4 million for 2012.  Such decrease is the result of the continued runoff of the Company's static loan portfolio. The second quarter 2013 provision for loan losses was $2.3 million versus $4.9 million for the prior year quarter, a decrease of approximately 53 percent. The provision for loan losses for 2013 year to date was $5.6 million as compared to $10.1 million for the prior year to date, a decrease of approximately 45 percent.

Non-interest expenses, including $1.7 million of loan servicing expense, were $2.5 million for the second quarter 2013, as compared to $3.0 million, including $2.0 million of loan servicing expense, for the year ago quarter, a decrease of approximately 17 percent.  Year to date 2013 non-interest expenses, including $3.5 million of loan servicing expense, were $5.1 million as compared to $5.9 million, including $4.1 million of loan servicing expense, for the prior year to date, a decrease of approximately 14 percent.

Earnings Call and Webcast

A conference call has been scheduled for Friday, August 30, at 11:00 a.m. Eastern Time to discuss second quarter results and current operations.  The call may be accessed by dialing 888-438-5524 or 719-325-2458.  A replay will be available through September 6, 2013 by dialing 877-870-5176 or 858-384-5517 pass code 3181831. 

Forward-Looking Statements