Impac’s delinquent loans double, but stock up 13%

Impac Mortgage Holdings Inc. said Wednesday that the percentage of delinquent loans in its long-term mortgage portfolio doubled to 6.12% last year, but its stock rose 13%.

Impac President William Ashmore said he was comfortable with the Newport Beach-based company’s liquidity position. Impac has limited exposure to sub-prime mortgages. Nevertheless, some of the same problems in that risky mortgage sector could hurt its business.

“This may result in a reduction of our mortgage originations and acquisitions and reduce or eliminate the liquidity currently available to us to fund our operations,” Impac said in its annual filing with the Securities and Exchange Commission.

Ashmore said the language in the filing shouldn’t be read as a warning of a cash crunch. Impac’s main business is extending loans to borrowers who don’t qualify for loans backed by government agencies but who have better credit than sub-prime customers.

Impac’s shares rose 58 cents to $5.03.