First Alliance Reports 55% Increase in Year-to-Date Net Income.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Aug. 29, 1996--First Alliance Corporation (Nasdaq: FACO FACO Final Assembly and Check Out FACO Fellow, American Chiropractic Orthopedists FACO Fabrication, Assembly & Check Out ) today reported that net income increased 55% to $16.9 million for the six months ended June June: see month. 30, 1996, compared to $10.9 million for the six months ended June 30, 1995. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, adjusting for full corporate taxation and new common shares issued in the Company's initial public offering completed on July July: see month. 31, 1996, net income for the recent six month period was $10.1 million, or $0.68 per share, compared with $6.5 million, or $0.44 per share, for the six months ended June 30, 1995. As part of the public offering, the Company's tax status changed from that of an S Corporation to a C Corporation. For the second quarter ended June 30, 1996, net income totaled $9.2 million, compared to net income of $11.2 million for the second quarter of 1995. On a pro forma basis, net income was $5.5 million, or $0.37 per share, for the 1996 second quarter, versus $6.7 million, or $0.45 per share, for the second quarter of 1995. The difference in net income in the recent second quarter compared with the prior year was principally due to the timing of securitizations and other sales of the Company's loan production during the first and second quarters of 1995. "Our six month and second quarter results reflect the benefits of our continued national retail branch expansion," commented Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Chisick, Chief Executive Officer. "This year we began our retail branch expansion into the northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. where some excellent markets for our borrowers are located. New retail branch offices opened at the end of the first quarter and during the second quarter have already made a contribution to our retail origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume. We are also pleased with our increasing profitability. For the second quarter, our pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta margin was 55% of revenue compared with 53% in the first quarter and for 1995." For the second quarter of 1996, loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and purchases totaled $80.2 million, an increase of 51% over the prior year quarter's total volume of $53.1 million. Loan originations of $72.9 million in the second quarter of 1996 increased 47% over originations of $49.4 million in the 1995 second quarter and 17% over the first quarter of 1996 originations of $62.3 million. Increased loan volume is primarily from new retail branch offices opened in 1995 and 1996. In the first and second quarters of 1996, three new retail branch offices were opened in Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. , Pa.; Beachwood, Ohio Beachwood is a city in Cuyahoga County, Ohio, United States. It is a suburb of Cleveland. The population was 12,186 at the 2000 census. Geography Beachwood is located at (41.482226, -81.504001)GR1. and Little Falls Little Falls is the name of some places in the United States of America:
Loan sales for the second quarter of 1996 totaled $95.7 million, up 13% over loan sales of $84.6 million for the prior year period. Securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. volume rose 11% to $75.3 million for the quarter ended June 30, 1996 as compared to the same period in 1995. In the second quarter of 1995, the Company completed a $67.8 million securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of loans originated or purchased during the first and second quarters of 1995. No securitizations were completed in the first quarter of 1995. Loans delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. 30 days or more were 6.1% of the loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. portfolio at June 30, 1996 as compared to 6.3% at March 31, 1996 and 4.8% at June 30, 1995. Loan losses were 0.13% and 0.05% of the average loan servicing portfolio for the six months and quarter ended June 30, 1996, respectively, as compared to 0.01% for both periods in 1995. The Company recently completed its initial public offering, issuing 3,500,000 shares of Class A common stock in July, 1996. The underwriter's over-allotment option for 525,000 shares was exercised on August 6, 1996. The Company now has 14,775,000 shares of Class A and Class B common stock outstanding. First Alliance is a consumer finance company with headquarters in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). . The Company originates, purchases, sells and services non-conventional mortgages through 19 retail branch offices in 12 states in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and one retail branch office in the United Kingdom. -0-
First Alliance Corporation and Subsidiaries
Financial Highlights
At or for the At or for the
Quarter ended Six Months ended
June 30, June 30,
1996 1995 1996 1995
(Unaudited)
Loans Originated or Purchased: Retail branch originations $66,841,000 $43,643,000 $123,534,000 $ 75,941,000 Portfolio refinancing originations 6,027,000 5,777,000 11,613,000 14,822,000 Wholesale purchases 7,336,000 3,674,000 20,791,000 14,276,000 Total $80,204,000 $53,094,000 $155,938,000 $105,039,000
Weighted average
interest rate 9.8% 11.1% 9.5% 10.9%
Weighted average
initial combined
loan-to-value
ratio
Retail branch and
portfolio
refinancing
originations 62.8% 57.3% 61.7% 58.4%
Wholesale purchase 61.8% 67.9% 67.4% 65.0%
Average retail branch
origination loan
size $ 84 $ 67 $ 82 $ 61
Weighted average
loan origination
and processing
fees as a percentage
of gross loans
originated:
Retail branch
originations 14.9% 15.7% 14.9% 15.9%
Portfolio refinancing
originations 4.4% 14.4% 5.0% 13.7%
Combined weighted
average 14.1% 15.5% 14.0% 15.5%
Loans Sold: Securitizations $75,255,000 $67,831,000 $127,676,000 $67,831,000 Wholesale 19,995,000 11,357,000 41,531,000 14,885,000 Private 431,000 5,450,000 869,000 9,482,000 Total $95,681,000 $84,638,000 $170,075,000 $92,198,000
Servicing Portfolio:
Balance at end of
period $603,851,000 $584,972,000
Delinquencies as a
percentage of the servicing portfolio
at the end of the period
30 to 59 days delinquent 1.6% 1.2%
60 to 89 days delinquent 1.2% 0.8%
90 days or more delinquent 3.3% 2.8%
Total delinquencies 6.1% 4.8%
Real estate owned (REO) as a percentage of servicing portfolio at the end of the period 1.1% 0.8% REO losses as a percentage of average servicing portfolio during the period 0.05% 0.01% 0.13% 0.01% Pre-tax income as a percentage of total revenue 55% 62% 54% 46%
First Alliance Corporation and Subsidiaries
Consolidated Statements of Financial Condition
June 30, Dec. 31,
1996 1995
Assets Cash and cash equivalents $ 8,858,000 $ 4,019,000 Receivable from trusts 6,983,000 4,664,000 Loans held for sale 12,718,000 24,744,000 Loans receivable held for investment 1,714,000 2,261,000 Residual interests in securities 22,354,000 19,705,000 Mortgage servicing rights 4,930,000 4,021,000 Real estate owned, net 1,417,000 1,474,000 Property, net 2,229,000 2,141,000 Prepaid expenses and other assets 2,977,000 3,882,000 Total assets $ 64,180,000 $ 66,911,000 Liabilities and Stockholders' Equity Liabilities: Warehouse financing facility $10,493,000 $18,233,000 Accounts payable and accrued liabilities 5,117,000 5,234,000 Dividends payable 3,669,000 -- Notes payable 772,000 1,123,000 S distribution notes 44,020,000 -- Total liabilities 64,071,000 24,590,000 Commitments and contingencies Stockholders' Equity Preferred Stock: No shares outstanding -- -- Class A common stock: No shares outstanding -- -- Class B common stock: 10,750,000 and 10,642,500 shares outstanding at June 30, 1996 and December 31, 1995, respectively 108,000 42,000 Paid in capital 1,534,000 -- Retained earnings 67,000 42,279,000 Deferred stock compensation (1,600,000) -- Total stockholders' equity 109,000 42,321,000 Total liabilities and stockholders' equity $64,180,000 $66,911,000
First Alliance Corporation and Subsidiaries
Consolidated Statements of Income
Quarter ended June 30 Six Months ended June 30
1996 1995 1996 1995
Unaudited
Revenue:
Loan origination
and sale:
Gain on sale
of loans $1,852,000 $3,616,000 $3,256,000 $3,616,000
Net loan origination
and other fees 10,028,000 9,225,000 17,995,000 10,311,000
Loan servicing and
other fees 2,244,000 2,126,000 4,487,000 4,103,000
Interest 2,877,000 3,160,000 6,035,000 6,031,000
Other 23,000 47,000 61,000 76,000
---------- --------- --------- ---------
Total revenue 17,024,000 18,174,000 31,834,000 24,137,000
Expense:
Compensation and
benefits 3,531,000 2,448,000 6,727,000 5,228,000
Professional
services 282,000 201,000 551,000 465,000
Advertising 818,000 1,051,000 1,758,000 2,122,000
Subservicing and
other fees 184,000 321,000 376,000 587,000
Rent 372,000 330,000 742,000 615,000
Supplies 306,000 261,000 641,000 507,000
Depreciation and
amortization of
property 178,000 154,000 317,000 298,000
Interest 1,024,000 1,087,000 1,787,000 1,700,000
Legal 306,000 357,000 452,000 563,000
Other 717,000 618,000 1,317,000 1,006,000
--------- --------- --------- ---------
Total expense 7,718,000 6,828,000 14,668,000 13,091,000
Income Before Income Tax Provision 9,306,000 11,346,000 17,166,000 11,046,000 Income Tax Provision 139,000 171,000 257,000 166,000 Net Income $9,167,000 $11,175,000 $16,909,000 $10,880,000 Net Income Per Share $0.86 $1.05 $1.59 $1.02 Weighted average number of shares outstanding 10,650,407 10,650,407 10,650,407 10,650,407 Pro Forma: Historical income before income tax provision $9,306,000 $11,346,000 $17,166,000 $11,046,000 Pro forma income tax provision 3,820,000 4,658,000 7,047,000 4,534,000 Pro forma net income $5,486,000 $6,688,000 $10,119,000 $6,512,000 Pro forma net income per share $0.37 $0.45 $0.68 $0.44 Pro forma weighted average number of shares outstanding 14,775,000 14,775,000 14,775,000 14,775,000 CONTACT: First Alliance Mark Mason A mason is a worker who builds in brick or stone, otherwise known as masonry. Mason may also refer to:
or Morgen-Walke Associates, Inc. Doug DOUG Dumb Old Utility Guy Sherk Sherk is a family name that may refer to:
JON Jesus of Nazareth JON Job Order Number JON Johnston Island, US, Outlying Islands (Airport Code) Squire, 415/296-7383 Elissa Elissa could refer to:
EMILY Electronic Membrane-Information Library EMILY Every Moment I Love You Dupree, 212/850-5600 |
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