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IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1992 FOURTH-QUARTER AND FULL-YEAR RESULTS

 NEWPORT BEACH, Calif., Jan. 20 /PRNewswire/ -- H. Wayne Snavely, chairman and chief executive officer, Imperial Credit Industries Inc. (NASDAQ: ICII), reported results for the quarter and year ended Dec. 31, 1992.
 Net income increased 161 percent to $3.9 million in the quarter from $1.5 million in 1991. Net income for the year increased 144 percent to $13.6 million from $5.6 million for 1991. Earnings per share increased 91 percent to $0.42 for the quarter from $0.22 in 1991. Earnings per share for the year were $1.66 per share, as compared to $0.85 for the same period of 1991, an increase of 95 percent. All earnings per share calculations have been adjusted for the 1-for-19 stock dividend paid in December 1992.
 Imperial Credit Industries' ("ICI") revenues for the year and for the quarter ended Dec. 31, 1992, were $47.5 million and $14.2 million, as compared to $20.7 million and $5.8 million in the same periods of 1991, increases of 129 percent and 144 percent, respectively.
 ICI's total volume of mortgage loans originated in the fourth quarter of 1992 was $908.6 million, an increase of 82 percent, from the $500.2 million originated in the fourth quarter of 1991. The total volume of mortgage loans originated for 1992 was $3.4 billion, an increase of 140 percent over the $1.4 billion for 1991. Contributing to this increase was a record national mortgage market fueled by greater refinance activity and the company's continuing strategy to increase market share through geographical expansion and expanded loan programs offered through their wholesale, correspondent and portfolio lending divisions.
 ICI was serving $3.0 billion in mortgage loans at Dec. 31, 1992, an increase of 166 percent over the $1.1 billion serviced at Dec. 31, 1991. Loan servicing income increased by 189 percent from $0.5 million in the fourth quarter of 1991, to $1.3 million in the fourth quarter of 1992. Loan servicing income for the year increased by 195 percent to $5.6 million over the $1.9 million earned in the same period in 1991. Delinquency rates in the servicing portfolio at year-end decreased to 1.6 percent from 3.2 percent at Dec. 31, 1991.
 Other details of results for the year ended Dec. 31, 1992, include: Gain on origination and sale of loans increased 289 percent to $20.4 million for 1992 as compared to $5.2 million for the same period in 1991. Gain on sale of loan-servicing rights increased 48 percent to $6.7 million for 1992 from $4.5 million for 1991.
 Net interest income increased 62 percent to $13.9 million for 1992, from $8.6 million for 1991.
 Imperial Credit Industries Inc. is a majority-owned subsidiary of Imperial Bank, a subsidiary of Imperial Bancorp. (NASDAQ: IBAN), and conducts its mortgage banking business through 10 regional offices in California, Oregon, Washington, Colorado, New Jersey, Virginia and Florida.
 IMPERIAL CREDIT INDUSTRIES INC.
 Financial Highlights
 Three Months Ended
 Dec. 31,
 1992 1991
 Net income $3,868,818 $1,481,706
 Earnings per share $0.42 $0.22
 Weighted average of common
 stock & equivalents
 outstanding 9,223,120 6,602,368(a)
 12 Months Ended
 Dec. 31,
 1992 1991
 Net income $13,640,565 $5,591,118
 Earnings per share $1.66 $0.85
 Weighted average of common
 stock & equivalents
 outstanding 8,200,595 6,602,368(a)
 (a) Based on the weighted average of 6,000,000 shares of common stock and 272,250 common stock equivalents for 1991. Adjusted for the 1-for-19 stock dividend in December 1992.
 -0- 1/20/93
 /CONTACT: Richard Johnson, CFO, 714-556-0122, or Karen Montandon, investor relations, 714-252-2843, both of Imperial Credit Industries/
 (ICII IBAN)


CO: Imperial Credit Industries Inc. ST: California IN: FIN SU: ERN

EH-BP -- LA034 -- 7125 01/20/93 17:12 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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