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IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1992 THIRD QUARTER RESULTS

IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1992 THIRD QUARTER RESULTS
 NEWPORT BEACH, Calif., Oct. 14 /PRNewswire/ -- H. Wayne Snavely, chairman and chief executive officer of Imperial Credit Industries Inc. (NASDAQ: ICII), reported results for the quarter ended Sept. 30, 1992.
 Net income increased 42 percent to $3.7 million in the quarter from $2.6 million in 1991. Net income for the first nine months of 1992 increased 139 percent to $9.8 million from $4.1 million for 1991. Earnings per share were unchanged from the third quarter of 1991 at $.42. Included in the profits for the third quarter of 1991 were before tax gains from the sale of bulk servicing amounting to $3.0 million. There were no bulk servicing sales during the third quarter of 1992. Earnings per share for the first nine months of 1992 were $1.31 per share as compared to $.66 for the same period of 1991, an increase of 98 percent.
 Imperial Credit Industries' (ICI) revenues year-to-date and for the quarter ended Sept. 30, 1992 were $33.3 million and $12.9 million as compared to $14.9 million and $7.7 million in the same periods of 1991, increases of 123 percent and 68 percent, respectively.
 ICI's total volume of mortgage loans originated in the third quarter of 1992 was $845.2 million, a 164 percent increase from the $320.4 million originated in the third quarter of 1991. The total volume of mortgage loans originated in the nine months ended Sept. 30, 1992 was $2.5 billion, an increase of 178 percent over the $.9 billion for the same period in 1991. Contributing to this increase were lower interest rates in 1992 which resulted in greater refinance activity, as well as an increase in market share for the company's Correspondent Lending Division and the continued expansion of the Portfolio Lending Department.
 ICI was servicing $2.3 billion in mortgage loans at Sept. 30, 1992, a 109 percent increase over the $1.1 million serviced at Sept. 30, 1991. Loan servicing income increased by 83 percent from $.6 million in the third quarter of 1991 to $1.1 million in the third quarter of 1992. Loan servicing income for the nine months of 1992 increased by 187 percent to $4.3 million over the $1.5 million earned in the same period in 1991. Delinquency rates in the servicing portfolio decreased to 1.43 percent at Sept. 30, 1992 from 3.2 percent at Dec. 31, 1991.
 Other details of results for the quarter ended Sept. 30, 1992 include: Gain on origination and sale of loans increased 329 percent to $7.3 million for the third quarter of 1992 as compared to $1.7 million for the same period in 1991.
 Net interest income increased 86 percent to $4.1 million for the third quarter of 1992 from $2.2 million for 1991, primarily due to the increased size of the portfolio of mortgage loans held for sale.
 The company recently went public, selling 2.3 million new shares at $8 per share with 72 percent of the stock still owned by Imperial Bank, a subsidiary of Imperial Bancorp (NASDAQ: IBAN).
 IMPERIAL CREDIT INDUSTRIES INC.
 Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991
 Net income $9,771,747 $4,109,412
 Earnings per share $1.31 $.66(a)
 Weighted average of
 common stock and
 equivalents outstanding 7,444,166 6,272,250
 (a) Based on the weighted average of 6,000,000 shares of common stock and 272,250 common stock equivalents for 1991.
 -0- 10/14/92
 /CONTACT: Richard Johnson, CFO, 714-556-0122, or Karen Montandon, investor relations, 714-252-2843, both of Imperial Bank/
 (ICII IBAN) CO: Imperial Credit Industries Inc. ST: California IN: FIN SU: ERN


LS-KJ -- LA039 -- 0136 10/14/92 18:56 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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