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IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1993 SECOND QUARTER RESULTS

 NEWPORT BEACH, Calif., July 22 /PRNewswire/ -- Imperial Credit Industries Inc. (NASDAQ: ICII) reports results for the quarter ended June 30, 1993. ICII is the parent company of Southern Pacific Thrift & Loan Association, the second-largest thrift and loan association in California.
 The company announced record mortgage fundings for the month of June and the quarter ended June 30, 1993, of $509.7 million and $1.3 billion, respectively. Mortgage originations for the quarter increased 47 percent over that of the second quarter of 1992. The company's mortgage pipeline, loans in process at June 30, 1993, stood at an historical high of $735.1 million.
 Net income for the second quarter of 1993 was $4.2 million, a decline of 2 percent from the second quarter of 1992. Earnings per share declined to $0.46 from the $0.56(a) reported for the same period 1992. This decline in profitability was due in part to the large financial commitment that the company has made to the formation, expansion and marketing of the company's secondary marketing conduit responsible for the company's newly established "SMART" loan programs, as well as to the geographical expansion of the East Coast and in the State of Colorado wherein the company established five new loan production offices earlier this year.
 The secondary marketing conduit in its second full month of operation funded $25 million for June 1993. At June 30, 1993, the "SMART" loan program's pipeline totaled approximately $100.0 million, an increase of 354.5 percent over the $22.0 million at May 31, 1993.
 The new offices funded $224.2 million of new mortgage loans in the second quarter, an increase of 953.8 percent over the $21.3 million of loans funded in the first quarter. Management is confident that the expected future growth in these new offices, as well as the "SMART" loan program, will add to the company's profitability for the balance of 1993 and further diversify the company's lending activities outside the State of California.
 Total revenues for the second quarter increased 13 percent to $15.4 million from $13.6 million reported for the second quarter of 1992. Included in the quarter's revenue figures were revenues from the sale of bulk servicing rights of $6.8 million and $3.7 million for 1993 and 1992, respectively.
 The company's servicing portfolio at June 30, 1993, was $2.5 billion, an increase of 33 percent over the $1.8 billion at June 30, 1992, and an increase of approximately $200 million over the $2.3 billion serviced at March 31, 1993.
 Loan servicing income, exclusive of income from loans serviced for Imperial Bank, for the quarter and six months ended June 30, 1993, was $1.8 million and $3.2 million increases of 104.5 percent and 72.6 percent, respectively over prior periods.
 The delinquency rates in the servicing portfolio at June 30, 1993, and 1992 were 1.26 percent and 1.69 percent, respectively.
 Net interest income for the quarter increased to $5.1 million from the $3.8 million reported in 1992.
 During the quarter ended June 30, 1993, the company completed a secondary offering of stock of the company owned by its then parent, Imperial Bank (NASDAQ: IBAN), reducing the ownership of the company held by Imperial Bank from 72.4 percent to 40.3 percent.
 IMPERIAL CREDIT INDUSTRIES
 Financial Summary
 Three months ended
 June 30,
 1993 1992(a)
 Net income $4,226,563 $4,308,926
 Primary shares outstanding 9,275,590 7,665,196
 Primary earnings per share $0.46 $0.56
 Fully diluted shares outstanding 9,278,979 7,665,196
 Fully diluted earnings per share $0.46 $0.56
 Six months ended
 June 30,
 1993 1992(a)
 Net income $6,046,734 $6,108,476
 Primary shares outstanding 9,334,447 7,133,568
 Primary earnings per share $0.65 $0.86
 Fully diluted shares outstanding 9,334,447 7,133,568
 Fully diluted earnings per share $0.65 $0.86
 (a) After adjustment for 1-for-19 stock dividend
 -0- 7/22/93
 /CONTACT: Richard Johnson, CFO, 714-438-2023, Paul Lasiter, controller, 714-438-2070, or Karen Montandon, investor relations, 714-438-2195, all of Imperial Credit Industries/
 (ICII)


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

JL-LM -- LA037 -- 4886 07/22/93 19:38 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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