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LOAN AMERICA REPORTS RECORD NET EARNINGS AND LOAN PRODUCTION FOR THIRD QUARTER; MORTGAGE SERVICING PORTFOLIO INCREASES TO $3.6 BILLION

 MIAMI LAKES, Fla., Oct. 21 /PRNewswire/ -- Loan America Financial Corporation (NASDAQ-NMS: LAFCB), a residential mortgage banking firm, achieved record net earnings and loan production for its third quarter. Total loan production increased to nearly $900 million, a 29 percent gain over the same period last year and 15 percent above the previous quarter this year. During the quarter, it also increased its mortgage servicing portfolio from $3.3 billion to $3.6 billion.
 Loan America reported net earnings of $1,753,194 ($.40 per share) on total revenues of $10,762,682 for the three months ended Sept. 30, 1993, compared to net earnings of $1,719,791 ($.55 per share on fewer shares) on total revenues of $10,603,525 for the same quarter of 1992.
 For the nine months ended Sept. 30, 1993, Loan America reported net earnings of $4,606,750 ($1.23 per share) on total revenues of $28,692,627, compared to net earnings of $4,477,946 ($1.44 per share on fewer shares) on total revenues of $32,442,265 for the same period of 1992.
 In June and July of this year, Loan America issued 1,278,300 shares of common stock in a secondary offering, which accounted for the decline in per share earnings. Prior year per share earnings also were adjusted for the 15 percent common stock dividend paid in December.
 John S. Kuczwanski, president of Loan America, stated, "Our excellent performance in the third quarter benefited substantially from the $12 million in new capital we raised through a secondary common stock offering in June. Loan production soared to a record high of $900 million for the quarter, and we have very positive expectations for our funding volume during the fourth period.
 "Of equal importance, the new capital allowed Loan America to retain more of our loan servicing during the just-completed period. This enabled us to grow the servicing portfolio from $3.3 billion on June 30th to $3.6 billion on Sept. 30th. In both dollars and percentage, that was a very healthy jump."
 As of Sept. 30, 1993, Loan America's stockholders' equity totaled $41.9 million, compared to $24.6 million a year ago.
 Loan America is a publicly owned company traded on the NASDAQ National Market System under the symbol LAFCB.
 LOAN AMERICA FINANCIAL CORPORATION
 FOR THE QUARTER ENDED SEPT. 30, 1993
 THREE MONTHS ENDED
 Sept. 30,
 1993 1992
 Revenues:
 Loan Production and Sales $ 5,586,223 $ 5,610,659
 Loan Administration Fees 2,108,428 2,801,935
 Interest Earned 4,009,460 3,477,076
 Interest Charges (2,283,565) (2,008,355)
 Gain on Sale of Servicing 1,306,233 689,121
 Other 35,903 33,089
 Total Revenues 10,762,682 10,603,525
 Total Expenses 7,951,725 7,840,379
 Income Before Income Taxes 2,810,957 2,763,146
 Provision For Income Taxes 1,057,763 1,043,355
 Net Income $ 1,753,194 $ 1,719,791
 Earnings Per Common Share:
 Primary $ .40 $ .55
 Fully Diluted $ .38 $ .52
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 4,277,635 3,034,264
 Fully Diluted 4,523,761 3,237,342
 Total Loan Production $899,791,000 $694,886,000
 NINE MONTHS ENDED
 SEPT. 30,
 1993 1992
 Revenues:
 Loan Production and Sales $12,950,797 $15,245,851
 Loan Administration Fees 6,649,539 8,133,829
 Interest Earned 9,308,162 13,503,995
 Interest Charges (5,592,755) (8,072,518)
 Gain on Sale of Servicing 5,256,943 3,566,208
 Other 119,941 64,900
 Total Revenues 28,692,627 32,442,265
 Total Expenses 21,503,976 25,256,881
 Income Before Income Taxes 7,188,651 7,185,384
 Provision For Income Taxes 2,581,901 2,707,438
 Net Income $ 4,606,750 $ 4,477,946
 Earnings Per Common Share:
 Primary $ 1.23 $ 1.44
 Fully Diluted $ 1.17 $ 1.36
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 3,599,048 2,980,941
 Fully Diluted 3,832,911 3,195,518
 Total Loan Production $2,073,187,000 $2,277,786,000
 AT SEPT. 30:
 1993 1992
 Mortgage Servicing
 Portfolio (A) $3,600,000,000 $3,550,000,000
 Stockholders' Equity $ 41,857,715 $ 24,640,709
 (A) -- Includes loans under subservicing agreements pending transfer of $184 million at Sept. 30, 1993.
 -0- 10/21/93
 /CONTACT: John S. Kuczwanski, president of Loan America Financial, 305-557-9282; or John K. Schulte of Schulte, Ross & Aguilar, 305-856-1442, for Loan America Financial/
 (LAFCB)


CO: Loan America Financial Corporation ST: Florida IN: FIN SU: ERN

AW-JV -- FL012 -- 5187 10/21/93 12:01 EDT
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Date:Oct 21, 1993
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