<PAGE>   1
================================================================================


                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

  [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended:  June 30, 2000

                                       OR

  [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

                         Commission File Number: 0-13091

                         Impac Commercial Holdings, Inc.
             (Exact name of registrant as specified in its charter)

                    Maryland                            33-0745075
        (State or other jurisdiction of              (I.R.S. Employer
          incorporation or organization)            Identification No.)

    1301 Avenue of the Americas, 42nd Floor
            New York, New York 10019                      92660
    (Address of Principal Executive Offices)            (Zip Code)


       Registrant's telephone number, including area code: (212) 798-6100


Indicate by check mark whether the Registrant (1) has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date:

Common Stock ($0.01 par value)                  6,317,177 as of August 10, 2000


================================================================================




<PAGE>   2






                        IMPAC COMMERCIAL HOLDINGS, INC.
                                   FORM 10-Q
                      FOR THE QUARTER ENDED JUNE 30, 2000



                               TABLE OF CONTENTS



<TABLE>
<CAPTION>
                                                PART I. FINANCIAL INFORMATION

  ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS.                                                                       Page
                                                                                                                    ----
<S>        <C>                                                                                                     <C>
           Consolidated Balance Sheets -- June 30, 2000 and December 31, 1999.....................................    3

           Consolidated Statements of Operations and Comprehensive Earnings--
              Quarter and Six Months Ended June 30, 2000 and 1999.................................................    4

           Consolidated Statements of Cash Flows -- Six Months Ended June 30, 2000 and 1999.......................    5

           Notes to Consolidated Financial Statements.............................................................    6

  ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              RESULTS OF OPERATIONS...............................................................................   10

  ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.............................................   14

  ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS....................................................   15

                                                  PART II. OTHER INFORMATION

  ITEM 1.  LEGAL PROCEEDINGS......................................................................................   15

  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.......................................................................   15

  SIGNATURES......................................................................................................   16
</TABLE>





                                       2

<PAGE>   3



                          PART I. FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

                IMPAC COMMERCIAL HOLDINGS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>


                                                                                            JUNE 30, 2000         DECEMBER 31, 1999
                                                                                            --------------        -----------------
ASSETS                                                                                       (UNAUDITED)
<S>                                                                                         <C>                    <C>
   Cash and cash equivalents                                                                $        9,333         $       25,418
   Commercial mortgage-backed securities                                                           132,480                 35,589
   Loan receivables:
     Collateralized mortgage obligation ("CMO") collateral                                         307,012                312,152
     Commercial mortgages held for investment                                                        4,355                  4,362
     Allowance for loan losses                                                                      (1,648)                (1,427)
                                                                                            --------------         --------------

         Net loan receivables                                                                      309,719                315,087
   Accrued interest receivable                                                                       2,490                  2,355
   Other assets                                                                                        759                    708
                                                                                            --------------         --------------
                                                                                            $      454,781         $      379,157
                                                                                            ==============         ==============

LIABILITIES
   CMO borrowings                                                                           $      270,510         $      274,529
   Borrowings under repurchase arrangements                                                         95,401                  3,936
   Other liabilities                                                                                 2,113                  3,898
                                                                                            --------------         --------------
                                                                                                   368,024                282,363
                                                                                            --------------         --------------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
   Preferred Stock; $0.01 par value; 5,520 shares authorized; no shares
     outstanding                                                                                        --                     --
   Class A Convertible Preferred Stock; $0.01 par value; 3,000
     shares authorized; no shares outstanding                                                           --                     --
   Series A Junior Participating Preferred Stock; $0.01 par value; 1,000 shares
     authorized; no shares outstanding                                                                  --                     --
   Series B 8.5% Cumulative Convertible Preferred Stock; $0.01 par value; 480 shares
     authorized, issued and outstanding ($12,000 aggregate liquidation preference)                       5                      5
   Class A Common Stock; $0.01 par value; 4,000 shares authorized;
     no shares outstanding                                                                              --                     --
   Common Stock; $0.01 par value; 46,000 shares authorized; 6,317 and 8,418 shares
     issued and outstanding at June 30, 2000 and December 31, 1999, respectively                        63                     84
   Additional paid-in-capital                                                                      125,330                137,522
   Accumulated other comprehensive loss                                                             (7,027)                (7,497)
   Accumulated deficit                                                                             (31,614)               (33,320)
                                                                                            --------------         --------------
                                                                                                    86,757                 96,794
                                                                                            --------------         --------------
                                                                                            $      454,781         $      379,157
                                                                                            ==============         ==============
</TABLE>







See accompanying notes to consolidated financial statements.

                                        3

<PAGE>   4









                IMPAC COMMERCIAL HOLDINGS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                           AND COMPREHENSIVE EARNINGS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

<TABLE>
<CAPTION>


                                                                     QUARTER ENDED                  SIX MONTHS ENDED
                                                                        JUNE 30                         JUNE 30
                                                               --------------------------      --------------------------
                                                                  2000            1999            2000           1999
                                                               ----------      ----------      ----------      ----------
<S>                                                            <C>             <C>             <C>             <C>
INTEREST INCOME:
    Commercial mortgage assets                                 $    9,631      $    7,974      $   16,945      $   16,601
    Cash equivalents and due from affiliates                          213             169             531             409
                                                               ----------      ----------      ----------      ----------

        Total interest income                                       9,844           8,143          17,476          17,010
                                                               ----------      ----------      ----------      ----------

INTEREST EXPENSE:
    CMO borrowings                                                  4,966           5,125          10,169          10,540
    Reverse repurchase and warehouse line agreements                1,628             332           2,033           1,159
    Other borrowings                                                   --             238              --             286
                                                               ----------      ----------      ----------      ----------

        Total interest expense                                      6,594           5,695          12,202          11,985
                                                               ----------      ----------      ----------      ----------


    Net interest income                                             3,250           2,448           5,274           5,025
        Provision for loan losses                                     337              --             337              --
                                                               ----------      ----------      ----------      ----------
    NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES             2,913           2,448           4,937           5,025
                                                               ----------      ----------      ----------      ----------

OTHER REVENUE (EXPENSE):
    Loss on sale of loans and real estate                              --              --             (70)             --
    Writedown of securities held for trading                           --            (500)             --            (500)
    Settlement of litigation                                         (490)             --            (490)             --
    Rental and other income                                            41             714              44             175
    General and administrative and other operating expense           (589)         (1,804)         (1,154)         (4,062)
    Management advisory fees                                           --              --              --              --
                                                               ----------      ----------      ----------      ----------

        TOTAL OTHER REVENUE (EXPENSE)                              (1,038)         (1,590)         (1,670)         (4,387)
                                                               ----------      ----------      ----------      ----------


NET EARNINGS                                                   $    1,875      $      858      $    3,267      $      638
                                                               ==========      ==========      ==========      ==========
NET EARNINGS AVAILABLE TO COMMON STOCKHOLDERS:
    Net earnings                                               $    1,875      $      858      $    3,267      $      638
    Less cash dividends on preferred stock                           (255)           (159)           (510)           (159)
                                                               ----------      ----------      ----------      ----------
    Net earnings available to common stockholders              $    1,620      $      699      $    2,757      $      479
                                                               ==========      ==========      ==========      ==========

NET EARNINGS PER COMMON SHARE:
    Basic                                                      $     0.21      $     0.08      $     0.35      $     0.06
    Diluted                                                          0.20            0.08            0.34            0.06
OTHER COMPREHENSIVE EARNINGS:
    Net earnings                                               $    1,875      $      858      $    3,267      $      638
    Unrealized gains (losses)                                         (32)            930             470             658
                                                               ----------      ----------      ----------      ----------

    Comprehensive earnings                                     $    1,843      $    1,788      $    3,737      $    1,296
                                                               ==========      ==========      ==========      ==========
</TABLE>





          See accompanying notes to consolidated financial statements.

                                       4

<PAGE>   5



                IMPAC COMMERCIAL HOLDINGS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>


                                                                                           SIX MONTHS ENDED JUNE 30
                                                                                        -------------------------------
                                                                                           2000               1999
                                                                                        ------------       ------------
<S>                                                                                      <C>               <C>
OPERATING ACTIVITIES:
   Net earnings (loss)                                                                     $      3,267      $        638
   Adjustments to reconcile net earnings to net cash provided by operating activities:
     Decrease in minority interest in ICCC                                                           --               788
     Depreciation and amortization                                                                  602               450
     Provision for loan losses                                                                      337                --
     Loss on sale of REO                                                                             70                --
     Net change in accrued interest on receivables                                                  470               312
     Net change in other assets and liabilities                                                  (2,450)            7,921
     Net change in commercial mortgages held-for-sale                                                --            15,057
                                                                                           ------------      ------------

        Net cash provided by operating activities                                                 2,296            25,166
                                                                                           ------------      ------------


INVESTING ACTIVITIES:
   Net change in commercial mortgages held-for-investment                                            --            14,593
   Net change in CMO collateral                                                                   3,614             1,024
   Purchases of CMBS                                                                            (99,916)               --
   Proceeds from sale of REO                                                                        426             1,288
   Principal reductions on CMBS, net of amortization                                              3,359                --
   Purchase of premises and equipment                                                                --            (2,014)
   Net cash acquired through the consolidation of ICCC                                               --               692
                                                                                           ------------      ------------
                                                                                                                       15
     Net cash provided by (used in) investing activities                                        (92,517)           15,583
                                                                                           ------------      ------------


FINANCING ACTIVITIES:
   Net change in reverse repurchase agreements and other borrowings                              91,465           (36,428)
   Net change in CMO borrowings                                                                  (3,555)           (7,188)
   Issuance of preferred shares                                                                      --            11,592
   Repurchase of common shares                                                                  (12,213)           (1,072)
   Dividends paid                                                                                (1,561)               --
                                                                                           ------------      ------------

     Net cash provided by (used in) financing activities                                         74,136           (33,096)
                                                                                           ------------      ------------


Net change in cash and cash equivalents                                                         (16,085)            7,653
Cash and cash equivalents at beginning of period                                                 25,418            14,161
                                                                                           ------------      ------------

Cash and cash equivalents at end of period                                                 $      9,333      $     21,814
                                                                                           ============      ============


SUPPLEMENTARY INFORMATION:
   Interest paid                                                                           $     10,797      $     12,157
NON-CASH TRANSACTIONS:
   Transfer of loans to other real estate owned                                                      --             1,342
   Dividends declared and unpaid                                                                    255               159
</TABLE>









See accompanying notes to consolidated financial statements.

                                       5

<PAGE>   6




                IMPAC COMMERCIAL HOLDINGS, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2000
                                   (UNAUDITED)


NOTE 1 - BUSINESS

Impac Commercial Holdings, Inc. and subsidiaries ("Impac" or the "Company"), a
specialty commercial property finance company, earns income from investing in
commercial mortgage assets on a leveraged basis and other activities in the
commercial mortgage market. By mid-April 2000, Impac had substantially completed
modifying its business plan to focus primarily on CMBS investments.
Substantially all non-strategic assets have been sold and in August 1999 the
Company's mortgage conduit operations were curtailed.

NOTE 2 - BASIS OF FINANCIAL STATEMENT PRESENTATION

Basis of Presentation. The accompanying unaudited consolidated financial
statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the quarter and six
months ended June 30, 2000 are not necessarily indicative of the results that
may be expected for the calendar year ending December 31, 2000. For further
information refer to the consolidated financial statements and footnotes thereto
included in the Company's annual report on Form 10-K for the year ended December
31, 1999.

Reclassifications. Certain amounts in the consolidated financial statements as
of and for the quarter and six months ended June 30, 1999 have been reclassified
to conform to the 2000 presentation.

NOTE 3 - NET EARNINGS PER COMMON SHARE

The following tables represent the computation of basic and diluted earnings per
common share for the periods presented (in thousands, except per share data):

<TABLE>
<CAPTION>

                                                                QUARTER ENDED            SIX MONTHS ENDED
                                                                   JUNE 30                   JUNE 30
                                                           ----------------------      ----------------------
                                                              2000         1999          2000          1999
                                                           --------      --------      --------      --------
<S>                                                        <C>           <C>           <C>           <C>
NUMERATOR:
   Numerator for diluted computation--net earnings         $  1,875      $    858      $  3,267      $    638

   Less preferred share dividends paid or accrued              (255)         (159)         (510)         (159)
                                                           --------      --------      --------      --------
   Net earnings available to common stockholders and
     numerator for basic computation                       $  1,620      $    699      $  2,757      $    479
                                                           ========      ========      ========      ========
DENOMINATOR:
   Denominator for basic computation--weighted average
       number of common shares outstanding                    7,564         8,418         7,991         8,503
   Net effect of dilutive convertible preferred shares        1,684            --         1,684            --
                                                           --------      --------      --------      --------

   Denominator for diluted computation                        9,248         8,418         9,675         8,503
                                                           ========      ========      ========      ========


       NET EARNINGS PER COMMON SHARE:
         Basic                                             $   0.21      $   0.08      $   0.35      $   0.06
         Diluted                                               0.20          0.08          0.34          0.06
</TABLE>


NOTE 4 - SHARE REPURCHASES AND DECLARATION OF COMMON STOCK DIVIDEND

On May 24, 2000 the Company repurchased 2,101,023 common shares at a price of
$5.81 per share (including transaction costs) pursuant to a tender offer that
closed May 19, 2000.

On July 6, 2000 the Board of Directors declared a second quarter dividend of
$0.125 per common share payable July 28 to stockholders of record as of July 14,
2000.

                                       6

<PAGE>   7



NOTE 5 - CMBS

Investments in CMBS are secured by commercial real property. The yield to
maturity on each security depends, among other things, on the rate and timing of
principal payments (including prepayments, repurchases, defaults and
liquidations), the pass-through rate, and interest rate fluctuations. Average
effective interest rates (calculated for the quarter ended June 30, 2000 and the
year ended December 31, 1999, excluding unrealized gains and losses) along with
amortized cost and estimated fair value information for investment securities
held available-for-sale is summarized as follows (dollars in thousands):

<TABLE>
<CAPTION>

                                                                                                       AVERAGE
                                           AMORTIZED    UNREALIZED     UNREALIZED      ESTIMATED      EFFECTIVE
                                              COST         GAIN           LOSS         FAIR VALUE       RATE
                                           ---------     ---------      ---------      ----------     ---------
<S>                                        <C>           <C>            <C>            <C>                <C>
AT JUNE 30, 2000:
   Fixed-rate securities                   $   6,693     $      --      $  (4,065)     $   2,628          11.43%
   Adjustable-rate securities                122,547           573           (388)       122,732           9.56
   Interest-only securities                    6,421            --         (3,394)         3,027           9.86
   Residual interest in securitization         3,846           247             --          4,093          20.09
                                           ---------     ---------      ---------      ---------      ---------
                                           $ 139,507     $     820      $  (7,847)     $ 132,480           9.65%
                                           =========     =========      =========      =========      =========
AT DECEMBER 31, 1999:
   Fixed-rate securities                   $   6,635     $      --      $  (3,915)     $   2,720          11.88%
   Adjustable-rate securities                 24,396            22             (4)        24,414           8.24
   Interest-only securities                    7,955            16         (3,616)         4,355          12.44
   Residual interest in securitization         4,100            --             --          4,100          20.00
                                           ---------     ---------      ---------      ---------      ---------
                                           $  43,086     $      38      $  (7,535)     $  35,589          10.70%
                                           =========     =========      =========      =========      =========
</TABLE>

As of June 30, 2000 and December 31, 1999, the amortized cost of fixed-rate and
adjustable-rate securities included unamortized purchase discounts of $4.0
million and $1.7 million, respectively. Interest-only securities are entitled to
receive only coupon interest stripped from pools of commercial mortgage loans,
consequently, the amortized cost of these securities represents unamortized
purchase premium. The residual interest in Southern Pacific Secured Assets Corp.
Mortgage Pass-Through Certificate 1995-2 (the "Residual") was previously
classified as held-for-trading and marked to market to income each balance sheet
date. Effective January 1, 2000 the Residual has been reclassified as
available-for-sale. Under the terms of the securitization, the Residual is
required to build over-collateralization to specified levels using excess cash
flows after payments required to senior securities until set percentages of the
securitized portfolio are attained. This over-collateralization is held by the
real estate mortgage investment conduit ("REMIC") trust to provide credit
enhancement for senior security holders and is recorded as part of the Residual.

NOTE 6 - LOAN RECEIVABLES

CMO COLLATERAL

CMO collateral includes various types of mortgages secured by commercial real
property and loans to developers secured by first liens on condominium
complexes. All CMO collateral is pledged to secure CMO borrowings. The
components of CMO collateral are summarized in the following table (in
thousands):

<TABLE>
<CAPTION>

                                                                                    JUNE 30, 2000     DECEMBER 31, 1999
                                                                                    --------------    -----------------
<S>                                                                                 <C>                <C>
Commercial mortgages held as CMO collateral                                         $      297,584     $      301,198
Unamortized net premiums                                                                     2,739              3,338
Prepaid securitization costs                                                                 6,689              7,616
                                                                                    --------------     --------------
                                                                                    $      307,012     $      312,152
                                                                                    ==============     ==============
</TABLE>

The weighted average yield on CMO collateral was 8.00% during the quarter ended
June 30, 2000.


                                       7

<PAGE>   8




ALLOWANCE FOR LOAN LOSSES

Activity in the allowance for loan losses was as follows (in thousands):
<TABLE>
<CAPTION>

                                          QUARTER ENDED                   SIX MONTHS ENDED
                                              JUNE 30                          JUNE 30
                                     ------------------------          ------------------------
                                       2000             1999             2000             1999
                                     -------          -------          -------          -------
<S>                                  <C>              <C>              <C>              <C>
Balance, beginning of period         $ 1,427          $ 2,110          $ 1,427          $ 2,110
Provision for loan losses                337               --              337               --
Charge-offs                             (116)            (683)            (116)            (683)
                                     -------          -------          -------          -------
Balance, end of period               $ 1,648          $ 1,427          $ 1,648          $ 1,427
                                     =======          =======          =======          =======
</TABLE>

NOTE 7 - CMO BORROWINGS

Each issue of CMOs is fully payable from the principal and interest payments on
the underlying mortgage loans collateralizing such debt and any investment
income on such collateral. The maturity of each class of CMO is directly
affected by the rate of principal prepayments on the related CMO collateral.
Each CMO series is also subject to redemption according to specific terms of the
respective indentures. As a result, the actual maturity of any class of a CMO
series is likely to occur earlier than the stated maturities of the underlying
mortgage loans. The components of CMOs, along with related other information,
are summarized as follows (dollars in thousands):

<TABLE>
<CAPTION>

                                 JUNE 30, 2000        DECEMBER 31, 1999
                                 -------------        -----------------
<S>                              <C>                    <C>
CMO borrowings:
   Fixed-rate                    $     250,440          $     253,230
   Adjustable-rate                      24,105                 24,857
Accrued interest payable                 1,517                  1,530
                                 -------------          -------------
   Total obligation                    276,062                279,617

Unamortized discount                    (5,552)                (5,088)
                                 -------------          -------------
                                 $     270,510          $     274,529
                                 =============          =============
Range of fixed interest rates    6.06% to 7.58%         6.06% to 7.58%
Range of adjustable-rate
  margins over 1-month LIBOR              0.29%                  0.28%
Number of series                             1                      2
</TABLE>

The weighted average effective rate on CMO borrowings was 7.34% during the
quarter ended June 30, 2000.

NOTE 8 - REVERSE REPURCHASE AGREEMENTS

The Company enters into reverse repurchase agreements whereby specific CMBS are
pledged as collateral to secure these loans. Interest is payable upon the
maturity of the loans. The interest rates on the loans are based on 1-month
LIBOR plus a margin depending on the type of collateral provided by the Company.
The following table sets forth information regarding reverse repurchase
agreements (dollars in thousands):


<TABLE>
<CAPTION>
                                                 AT JUNE 30, 2000                               AT DECEMBER 31, 1999
                                   --------------------------------------------    -----------------------------------------------
                                     REVERSE                        WEIGHTED           REVERSE                          WEIGHTED
   TYPE OF COLLATERAL AND          REPURCHASE      UNDERLYING        AVERAGE         REPURCHASE       UNDERLYING        AVERAGE
MATURITY OF RELATED LIABILITY      LIABILITY       COLLATERAL         RATE            LIABILITY       COLLATERAL          RATE
-----------------------------     -------------   -------------    -------------    -------------   -------------    -------------
<S>                               <C>             <C>              <C>              <C>             <C>             <C>
CMBS (less than 31 days)          $          --   $          --              --%    $       3,936   $       5,408             7.28%
CMBS (31 to 90 days)                      3,341          10,759             7.63               --              --               --
CMBS (91 to 180 days)                    43,954          52,253             7.22               --              --               --
CMBS (over 181 days, to 270 days)        23,823          29,754             6.90               --              --               --
CMBS (271 days to 1 year)                13,846          27,641             7.08               --              --               --
CMBS (1 year)                            10,435          12,897             7.22               --              --               --
                                  -------------   -------------    -------------    -------------   -------------    -------------
                                  $      95,401   $     133,306             7.14%   $       3,936   $       5,408             7.28%
                                  =============   =============    =============    =============   =============    =============
</TABLE>

The weighted average effective interest rate on borrowings under reverse
repurchase arrangements was 6.83% during the quarter ended June 30, 2000.




                                       8
<PAGE>   9




NOTE 9 - ESTIMATED FAIR VALUE INFORMATION

The estimated fair value of the Company's assets and liabilities have been
determined using available market information and appropriate valuation
methodologies; however, considerable judgment is necessarily required to
interpret market data to develop the estimates of fair value. In addition, fair
values fluctuate on a daily basis. Accordingly, the estimates presented herein
are not necessarily indicative of the amounts that could be realized in a
current market exchange. The use of different market assumptions and/or
estimation methodologies may have a material effect on the estimated fair value
amounts.

The carrying amounts of cash and cash equivalents, receivables/payables,
borrowings under reverse repurchase agreements and nonfinancial instruments
approximate fair value. The fair value of mortgage assets were estimated using
either (i) quoted market prices when available, including quotes made by lenders
in connection with designating collateral for borrowings, or (ii) offer prices
for similar assets or market positions. The fair value of fixed-rate CMO
borrowings was estimated based on the use of a bond model, which incorporates
certain assumptions such as yield, prepayments and losses. The fair value of
adjustable-rate CMO borrowings approximate carrying amount because of the
variable interest rate nature of these borrowings. The following table
summarizes fair value disclosures for financial instruments (in thousands):

<TABLE>
<CAPTION>

                                            AT JUNE 30, 2000              AT DECEMBER 31, 1999
                                     -----------------------------     -----------------------------
                                                        ESTIMATED                         ESTIMATED
                                        CARRYING          FAIR           CARRYING            FAIR
                                          AMOUNT          VALUE           AMOUNT             VALUE
                                     ------------     ------------     ------------     ------------
<S>                                  <C>              <C>              <C>              <C>
ASSETS
   Cash and cash equivalents         $      9,333     $      9,333     $     25,418     $     25,418
   CMBS                                   132,480          132,480           35,589           35,589
   Loan receivables                       309,719          270,520          315,087          272,646
   Accrued interest receivables             2,490            2,490            2,355            2,355
   Other assets                               759              759              708              708
                                     ------------     ------------     ------------     ------------
                                     $    454,781     $    415,582     $    379,157     $    336,716
                                     ============     ============     ============     ============
LIABILITIES
   CMO borrowings                    $    270,510     $    251,887     $    274,529     $    251,698
   Reverse repurchase agreements           95,401           95,401            3,936            3,936
   Other liabilities                        2,113            2,113            3,898            3,898
                                     ------------     ------------     ------------     ------------
                                          368,024          349,401          282,363          259,532
STOCKHOLDERS' EQUITY                       86,757           66,181           96,794           77,184
                                     ------------     ------------     ------------     ------------
                                     $    454,781     $    415,582     $    379,157     $    336,716
                                     ============     ============     ============     ============
BOOK VALUE/NET ASSET VALUE PER
   DILUTED COMMON SHARE              $      10.84     $       8.27     $       9.58     $       7.64
</TABLE>

NOTE 10 - COMMITMENTS AND CONTINGENCIES

Commercial Mortgage Loan Sales Commitments. The Company has exposure to
liability under representations and warranties made to purchasers and insurers
of mortgage loans and the purchasers of servicing rights in the ordinary course
of the curtailed mortgage conduit operations. Under certain circumstances, Impac
may be required to repurchase mortgage loans if there had been a breach of
representations or warranties.

Litigation. During the current quarter, the Company settled a lawsuit
characterized as the Bresta Futura Action pertaining to an alleged breach of an
office lease agreement. As a result, the Company recorded a $490,000 charge in
the current quarter, which together with previous accruals, represents all costs
expected to be incurred in connection with this matter. The Company is currently
not subject to any other material litigation.


                                       9


<PAGE>   10




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS


                               FINANCIAL CONDITION

OVERVIEW

Impac Commercial Holdings, Inc. ("Impac" or the "Company") was incorporated in
the Commonwealth of Maryland on February 3, 1997 to seek and capitalize on
opportunities in the commercial mortgage market. Impac is a specialty commercial
property finance company that elects to be taxed at the corporate level as a
real estate investment trust ("REIT") for federal income tax purposes, which
generally allows Impac to pass through income to stockholders without payment of
federal income tax at the corporate level provided that Impac distributes at
least 95% of its taxable income to its stockholders (90% after January 1, 2001).
Impac earns income from investing in credit-sensitive commercial mortgage assets
on a leveraged basis and other activities in the commercial mortgage market.

In May 1999, Fortress Partners, L.P. ("Fortress Partners") made a significant
preferred stock investment in Impac and, concurrently with that investment, FIC
Management Inc. (the "Manager") an affiliate of Fortress Partners, assumed
responsibility for the external management of Impac. Assuming conversion of the
preferred shares, and including subsequent open market purchases of 832,400
common shares by an affiliate, Fortress Partners' equity interest represents
approximately 31% of the voting power of the Company.

During 1999 Impac's current management formulated a new business plan for Impac
designed to produce high current returns, enhance liquidity and reduce reliance
on short-term financing. Under the new business plan, the Company is focusing
its investments in credit-sensitive commercial mortgage-backed securities
("CMBS"). To this end, since year-end the Company has acquired additional
adjustable-rate CMBS to increase mortgage investments by nearly $92 million to
approximately $442 million at June 30, 2000. By mid-April 2000, the Company had
substantially completed repositioning its investment portfolio.

SHARE REPURCHASES

On May 24, 2000 the Company repurchased 2,101,023 common shares at a price of
$5.81 per share (including transaction costs) pursuant to a tender offer that
closed May 19, 2000.

SECOND QUARTER COMMON DIVIDEND

On July 6, 2000 the Board of Directors declared a second quarter dividend of
$0.125 per common share payable July 28 to stockholders of record as of July 14,
2000.

BOOK VALUE AND NET ASSET VALUE

At December 31, 1999 the Company's book value was $9.58 per diluted common share
while management estimated net asset value at $7.64, the difference primarily
related to reflecting at fair value the Company's CMO residuals (defined as CMO
collateral, net of CMO borrowings). For financial reporting purposes, CMO
collateral and borrowings are reflected in the Company's balance sheet at
amortized cost. At June 30, 2000 book value increased to $10.84 per diluted
common share and net asset value increased to $8.27, primarily as a result of
the share repurchases mentioned above. See NOTE 9 to the consolidated financial
statements for more detailed fair value information and a discussion regarding
the difficulties of estimating fair values.

COMMERCIAL MORTGAGE INVESTMENTS

Impac invests primarily in credit-sensitive CMBS and commercial mortgage loans.
Acquisitions of mortgage assets are financed with capital, borrowings under
reverse repurchase agreements and long-term financing through collateralized
mortgage obligations ("CMOs"). Under its modified business plan the Company
anticipates future investments will be made primarily in CMBS. To this end, by
mid-April 2000 the Company acquired $99.4 million of adjustable-rate CMBS,
bringing the CMBS portfolio to $132.5 million.

Until August 1999, Impac originated commercial mortgage loans through its
conduit operations. Initially, these commercial mortgage loans were held as
long-term investments and were financed through short-term warehouse line
agreements and capital or used as collateral for the issuance of CMOs. From the
time CMOs were issued, the commercial

                                       10

<PAGE>   11



mortgage loans pledged as collateral have been reflected on Impac's balance
sheet as CMO collateral with a corresponding liability referred to as CMO
borrowings. As of June 30, 2000, the Company's CMO residuals totaled $36.5
million, compared to $37.6 million at December 31, 1999.

Although through August 1999 Impac originated commercial mortgage loans, future
loans may be purchased from third parties for long-term investment or for
resale. Impac also may acquire CMBS created through its own securitization
efforts in addition to the CMBS created by third parties. In connection with the
issuance of CMBS by Impac, Impac may retain the senior or subordinated
securities as regular interests in these securitizations on a short-term or
long-term basis. CMBS investments including any retained CMBS may include
"principal-only," "interest-only" or residual interest securities or other
credit, interest rate or prepayment sensitive securities. No such
securitizations were issued by the Company during the first half of the year.

Investments in CMBS, commercial mortgage loans or any retained securities from
Impac-issued securitizations may subject Impac to credit, interest rate and/or
prepayment risks (see "Effects of Interest Rate Changes" and "Risks Associated
with Credit Sensitive Investments").

The executive officers of the Manager are empowered to make day-to-day
investment decisions, including the issuance of commitments on behalf of Impac
to purchase commercial mortgage loans and CMBS meeting the investment criteria
set from time to time by Impac's Board of Directors. Other than the observance
of statutory limitations which allow Impac to retain its classification as a
REIT, there are no current limitations set by the Board of Directors on the
percentage of assets which Impac may invest in any one type of investment or the
percentage of CMBS of any one issue which Impac may acquire. It is Impac's
policy to acquire assets primarily for income financed by reverse repurchase
agreements, the issuance of CMOs and CMBS, and proceeds from the issuance of
capital stock.

                              RESULTS OF OPERATIONS

Comparative net operating results by source (interest income, net of related
interest expense and provision for loan losses) were as follows (in thousands,
except per share amounts):

<TABLE>
<CAPTION>

                                                                QUARTER ENDED               SIX MONTHS ENDED
                                                                    JUNE 30                     JUNE 30
                                                           ------------------------      ------------------------
                                                              2000           1999           2000           1999
                                                           ---------      ---------      ---------      ---------
<S>                                                        <C>            <C>            <C>            <C>
CMBS                                                       $   1,691      $     869      $   2,855      $   1,748
Loan receivables (principally CMO collateral)                  1,346          1,648          1,886          3,154
Other (principally short-term investments)                       213            (69)           531            123
Provision for loan losses and repurchases                       (337)            --           (337)            --
                                                           ---------      ---------      ---------      ---------
   Net interest income after provision for loan losses         2,913          2,448          4,937          5,025
Other revenue (expense):
    Loss on asset sales or write downs                            --           (500)           (70)          (500)
    Settlement of litigation                                    (490)            --           (490)            --
    Rental and other income                                       41            714             44            175
    General and administrative and other                        (589)        (1,804)        (1,154)        (4,062)
                                                           ---------      ---------      ---------      ---------
Net earnings                                               $   1,875      $     858      $   3,267      $     638
                                                           =========      =========      =========      =========
Net earnings per share:
   Basic                                                   $    0.21      $    0.08      $    0.35      $    0.06
   Diluted                                                      0.20           0.08           0.34           0.06
</TABLE>


Overview. Operating results for the quarter and six months ended June 30, 2000
were substantially improved over the corresponding periods of the previous year.
Earnings were higher as a result of decisions made in 1999 to modify the
Company's business plan to focus primarily on investments in CMBS, to curtail
the mortgage conduit operations and to sell non-strategic assets. Earnings per
share also benefited from the repurchase of approximately 25% of the Company's
common shares pursuant to a tender offer that closed May 19, 2000.


                                       11

<PAGE>   12


Net Interest Income After Provision for Loan Losses. Investments in CMBS
contributed more to net interest income for the quarter and six months ended
June 30, 2000 than in the same periods in 1999 primarily because of the growth
of this portfolio in keeping with the Company's new business plan. Average
holdings of CMBS totaled $135.9 million and $98.1 million during the quarter and
six months ended June 30, 2000 compared $25.2 million and $25.4 million during
same periods in 1999. Yields were lower at 9.65% and 9.88% during the quarter
and six months ended June 30, 2000 compared to 14.90% and 14.85% during the same
periods in 1999 primarily due to changes in portfolio mix with a greater
emphasis on lower-yielding adjustable-rate CMBS (adjustable-rate securities
represented $122.7 million or 93% of the CMBS portfolio at June 30, 2000
compared to none at June 30, 1999). Borrowing costs were higher in 2000 due to
greater use of borrowings to support the larger portfolio and higher prevailing
short-term interest rates. The Company's borrowing rates on reverse repurchase
agreements were 6.83% and 6.63% during the quarter and six months ended June 30,
2000 compared to 6.23% and 6.18% during the same periods in 1999.

Loan receivables contributed less to net interest income for the quarter and six
months ended June 30, 2000 than in the same periods in 1999 primarily because of
lower holdings of these assets with efforts made in 1999 to sell unsecuritized
loans and to completely curtail the mortgage conduit operations by August of
1999. During 2000 loan receivables consisted primarily of CMO collateral,
secured by CMO borrowings. Average holdings of CMO collateral totaled $308.8
million and $310.0 million during the quarter and six months ended June 30, 2000
compared $319.7 million and $323.0 million during same periods in 1999. Yields
on CMO collateral were 8.00% and 7.70% during the quarter and six months ended
June 30, 2000 compared to 7.72% and 7.76% during the same periods in 1999. The
Company's CMO borrowing rates were 7.34% and 7.51% during the quarter and six
months ended June 30, 2000 compared to 7.33% and 7.48% during the same periods
in 1999. Average holdings of unsecuritized mortgage loans were less than $5
million in 2000 compared to $42.6 million and $53.6 million during the quarter
and six months ended June 30, 1999.

During the current quarter the Company recorded a $337,000 provision for loan
losses bringing the allowance for loan losses to $1.6 million at quarter-end.

Other Operating Revenue (Expense). Rental and other income and general and
administrative expenses have been significantly reduced by decisions made in
1999 to curtail the conduit operation, sell non-strategic assets including the
Company's office building and to eliminate certain office lease obligations.

                         LIQUIDITY AND CAPITAL RESOURCES

Impac's business operations, including the acquisition of mortgage assets, are
primarily funded from monthly interest and principal payments from its
commercial mortgage and CMBS portfolios, reverse repurchase agreements secured
by commercial mortgages and CMBS, CMOs, proceeds from the sale of commercial
mortgages, and proceeds from stock issuances. Impac's ability to meet its
long-term liquidity requirements is subject to the renewal of its credit and
repurchase facilities and/or obtaining other sources of financing, including
additional debt or equity from time to time. Any decision by Impac's lenders
and/or investors to make additional funds available to Impac in the future will
depend upon a number of factors, such as Impac's compliance with the terms of
its existing credit arrangements, Impac's financial performance, industry and
market trends, the general availability of and rates applicable to financing and
investments, such lenders' and/or investors' own resources and policies
concerning loans and investments, and the relative attractiveness of alternative
investment or lending opportunities (see "Effects of Interest Rate Changes" and
"Risks Associated with Credit-sensitive Investments").

The Company has uncommitted repurchase facilities with investment banking firms
to finance mortgage assets, subject to certain conditions. Interest rates on
borrowings under these facilities are generally based on overnight to 30-day
London Interbank Offered Rate ("LIBOR") rates. The terms and conditions of these
agreements, including interest rates, are negotiated on a
transaction-by-transaction basis. Amounts available for borrowing under these
agreements are dependent upon the fair value of the securities pledged as
collateral, which may fluctuate with changes in interest rates and the credit
quality of these securities (see "Effects of Interest Rate Changes" and "Risks
Associated with Credit-Sensitive Investments").

As of June 30, 2000, all but $3.3 million of the Company's $95.4 million of
borrowings under repurchase agreements had maturities of greater than 90 days.
Borrowings under reverse repurchase agreements secured by more recent purchases
of adjustable-rate CMBS more closely match the interest rate adjustment features
and expected life of these investments such that the Company anticipates it can
earn more consistent net interest spreads on these investments (see "NOTE 8" to
the accompanying consolidated financial statements).



                                       12

<PAGE>   13



                        EFFECTS OF INTEREST RATE CHANGES

INTEREST RATE SENSITIVITY ON OPERATING RESULTS

The Company performs earnings sensitivity analysis using an income simulation
model to estimate the effects that specific interest rate changes will have on
future earnings. All mortgage assets and derivative financial instruments
("derivatives") held, if any, are included in this analysis. The model
incorporates management assumptions regarding the level of prepayments on
mortgage assets for a given level of market rate changes using industry
estimates of prepayment speeds for various coupon segments. These assumptions
are developed through a combination of historical analysis and future expected
pricing behavior. As of June 30, 2000 and December 31, 1999, the Company had the
following interest sensitivity profiles:

<TABLE>
<CAPTION>

                                                                          IMMEDIATE CHANGE IN:
                                                              (RATES IN BASIS POINTS, DOLLARS IN THOUSANDS)
                                                               --------------------------------------------
<S>                                                                      <C>           <C>
         30-day LIBOR rate                                                Down 100        Up 100
         10-year U.S. Treasury rate                                       Down 100        Up 100

         Projected 12-month earnings change:*
            June 30, 2000                                                  $(413)          $413
            December 31, 1999                                               (403)           404
</TABLE>

          *    Note that the impact of actual or planned acquisitions of
               mortgage assets subsequent to quarter-end (beyond acquisitions
               necessary to replace runoff) and any new business activities were
               not factored into the simulation model for purposes of this
               disclosure.

Income simulation modeling is a primary tool used to assess the direction and
magnitude of changes in net margins on mortgage assets resulting from changes in
interest rates. Key assumptions in the model include prepayment rates on
mortgage assets, changes in market conditions, and management's capital plans.
These assumptions are inherently uncertain and, as a result, the model cannot
precisely estimate net margins or precisely predict the impact of higher or
lower interest rates on net margins. Actual results will differ from simulated
results due to timing, magnitude and frequency of interest rate changes and
other changes in market conditions, management strategies and other factors.

GENERAL DISCUSSION OF EFFECTS OF INTEREST RATE CHANGES

Changes in interest rates may impact the Company's earnings in various ways. The
Company's earnings currently depend, in part, on the difference between the
interest received on mortgage assets, and the interest paid on related
short-term borrowings. The resulting spread may be reduced or even turn negative
in a rising short-term interest rate environment. For the Company's mortgage
assets that are adjustable-rate CMBS, the risk of rising short-term interest
rates is generally offset to some extent by increases in the rates of interest
earned on the underlying adjustable-rate CMBS. The Company may invest in
derivatives from time to time as a hedge against rising interest rates on a
portion of its short-term borrowings. At June 30, 2000 the Company did not own
any derivatives as a hedge against rising interest rates.

Another effect of changes in interest rates is that as long-term interest rates
decrease the rate of principal prepayments on loans underlying CMBS may
increase. To the extent the proceeds of prepayments on mortgage assets cannot be
reinvested at a rate of interest at least equal to the rate previously earned on
such investments, earnings may be adversely affected. In addition, the rates of
interest earned on adjustable-rate CMBS generally will decline during periods of
falling short-term interest rates.

Changes in interest rates also impact earnings recognized from interest-only
mortgage securities. The amount of income that may be generated from
interest-only mortgage securities is dependent upon the rate of principal
prepayments on the underlying mortgage collateral. If mortgage interest rates
fall significantly below interest rates on the collateral, principal prepayments
may increase, reducing or even turning negative the overall return on these
investments. Conversely, if mortgage interest rates rise, interest-only mortgage
securities tend to perform favorably because underlying mortgage loans will
generally prepay at slower rates, thereby increasing overall returns.

CMO residuals behave similarly to interest-only mortgage securities. If mortgage
interest rates fall, prepayments on the underlying mortgage loans generally will
be higher, thereby reducing or even turning negative the overall returns on
these investments. This is due primarily to the acceleration of the amortization
of bond discounts as bond classes are repaid more rapidly than originally
anticipated. Conversely, if mortgage interest rates rise significantly above
interest rates on the collateral, principal prepayments will typically diminish,
improving the overall return on an investment in a fixed-rate CMO residual
because of an increase in time over which the Company receives the larger
positive interest spread.



                                       13
<PAGE>   14



The Company may periodically sell mortgage assets, which may increase income
volatility because of the recognition of transactional gains or losses. Such
sales may become attractive as values of mortgage assets fluctuate with changes
in interest rates. At other times, it may become prudent to reposition the
mortgage asset portfolios to mitigate exposure to declines in mortgage interest
rates.

               RISKS ASSOCIATED WITH CREDIT-SENSITIVE INVESTMENTS

CMBS are generally viewed as exposing an investor to greater risk of loss than
residential mortgage-backed securities since such securities are typically
secured by larger loans to fewer obligors than residential mortgage-backed
securities. Commercial property values and net operating income are subject to
volatility, and net operating income may be sufficient or insufficient to cover
debt service on the related mortgage loan at any given time. The repayment of
loans secured by income-producing properties is typically dependent upon the
successful operation of the related real estate project and the ability of the
applicable property to produce net operating income rather than upon the
liquidation value of the underlying real estate. Even when the current net
operating income is sufficient to cover debt service, there can be no assurance
that this will continue to be the case in the future.

Additionally, commercial properties may not readily be convertible to
alternative uses if such properties were to become unprofitable due to
competition, age of improvements, decreased demand, regulatory changes or other
factors. The conversion of commercial properties to alternate uses generally
requires substantial capital expenditures, which may or may not be available.

The availability of credit for commercial mortgage loans will be significantly
dependent upon economic conditions in the markets where such properties are
located, as well as the willingness and ability of lenders to make such loans.
The availability of funds in the credit markets fluctuates and there can be no
assurance that the availability of such funds will increase above, or will not
contract below current levels. In addition, the availability of similar
commercial properties, and the competition for available credit, may affect the
ability of potential purchasers to obtain financing for the acquisition of
properties. This could effect the repayment of commercial mortgages pledged to
secure CMBS.

Through the process of securitizing commercial mortgages, credit risk can be
heightened or minimized. Senior classes in multi-class securitizations generally
have first priority over cash flows from a pool of mortgages and, as a result,
carry the least risk, highest investment ratings and the lowest yields.
Typically a securitization will also have mezzanine classes and subordinated
classes. Mezzanine classes will generally have somewhat lower credit ratings and
may have average lives that are longer than the senior classes. Subordinate
classes are junior in the right to receive cash flow from the underlying
mortgages, thus providing credit enhancement to the senior and mezzanine
classes. As a result, subordinated securities will have lower credit ratings
because of the elevated risk of credit loss inherent in these securities.

The availability of capital from external sources to finance investments in
credit-sensitive CMBS that are not financed to maturity at acquisition may be
diminished during periods of mortgage finance market illiquidity, such as was
experienced in 1998. Additionally, if market conditions deteriorate resulting in
substantial declines in value of these securities, sufficient capital may not be
available to support the continued ownership of such investments, requiring
these securities to be sold at a loss.

                                      OTHER

FORWARD LOOKING STATEMENTS

This document contains "forward-looking statements" (within the meaning of the
Private Securities Litigation Reform Act of 1995) that inherently involve risks
and uncertainties. The Company's actual results and liquidity can differ
materially from those anticipated in these forward-looking statements because of
changes in the level and composition of the Company's investments and unforeseen
factors. These factors may include, but are not limited to, changes in general
economic conditions, the availability of suitable investments, fluctuations in
and market expectations for fluctuations in interest rates and levels of
mortgage prepayments, deterioration in credit quality and ratings, the
effectiveness of risk management strategies, the impact of leverage, liquidity
of secondary markets and credit markets, increases in costs and other general
competitive factors.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information required by this item is included above in "Item 2 -
Management's Discussion and Analysis of Financial Condition and Results of
Operations."



                                       14
<PAGE>   15




ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

(a)  The Annual Meeting of Stockholders was held on May 24, 2000.

(b)  The following Directors were elected to Board of Directors (constituting
     the entire Board of Directors):

                Wesley R. Edens                      Joseph R. Tomkinson
                Robert I. Kauffman                   Frank P. Filipps
                Christopher W. Mahowald

(c)  The following items were voted on at the Annual Meeting:

<TABLE>
<CAPTION>

                                                                         VOTES
                                                       ------------------------------------------
                                                                        WITHHELD/         BROKER
                                                          FOR          ABSTENTIONS      NON-VOTES
                                                       ---------       -----------      ---------
<S>                                                    <C>              <C>           <C>
          Election of Board Members:
            Wesley R. Edens.......................     4,814,176           71,252            -
            Robert I. Kauffman....................     4,816,998           68,430            -
            Christopher W. Mahowald...............     4,814,376           71,052            -
            Joseph R. Tomkinson...................     4,815,398           70,030            -
            Frank P. Filipps......................     4,817,976           67,452            -

          Other matters (no other matters).
</TABLE>

                           PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

During the current quarter, the Company settled a lawsuit characterized as the
Bresta Futura Action pertaining to an alleged breach of an office lease
agreement. As a result, the Company recorded a $490,000 charge in the current
quarter, which together with previous accruals, represents all costs expected to
be incurred in connection with this matter. The Company is currently not subject
to any other material litigation.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K.

(a)  Exhibits: Exhibit 27 - Financial Data Schedule (electronic filing only).

(b)  Reports on Form 8-K: None.



                                       15
<PAGE>   16




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


Date:  August 10, 2000                   IMPAC COMMERCIAL HOLDINGS, INC.


                                         By: /s/ Randal A. Nardone
                                            -----------------------------------
                                            Randal A. Nardone
                                            Chief Operating Officer
                                              and Secretary

Date:  August 10, 2000                   IMPAC COMMERCIAL HOLDINGS, INC.


                                         By: /s/ Gregory F. Hughes
                                            -----------------------------------
                                            Gregory F. Hughes
                                            Chief Financial Officer (Principal
                                              Financial and Accounting Officer)









                                       16

<PAGE>   17


                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>




EXHIBIT
NUMBER                 DESCRIPTION
--------               -----------

<S>                    <C>
  27                   Financial Data Schedule
</TABLE>