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Union Acceptance Corporation Announces Results for the Quarter Ended March 31, 2002.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 22, 2002

Union Acceptance Corporation (Nasdaq:UACA) ("UAC") today announced financial and operational results for the quarter ended March 31, 2002. Results include ongoing strategic initiatives which consist of a comprehensive expense reduction plan, extensive technology upgrades focused on improving efficiencies in the collections area, and a significant fee income program.

Results for the quarter ended March 31, 2002 include an $18.8 million pre-tax ($12.0 million or $0.39 per diluted share after-tax) charge for the revaluation of retained interest. The Company reported a net loss for the quarter of $6.9 million or $0.22 per diluted share compared with net earnings of $6.5 million or $0.49 per diluted share for the quarter ended March 31, 2001. Excluding the charge for the revaluation of retained interest this quarter, net earnings would have totaled $5.1 million or $0.16 per diluted share.

Over the past year, the Company has put forth extensive effort to improve the accuracy of cash flow projections related to components of retained interest and to fully leverage its risk-based relational database. In 2001, the Company applied its risk-based pricing methodology to the development and refinement of the loss curves utilized in the valuation of retained interest. As a result of these predictive loss curves, UAC made significant progress in the estimation of future credit losses. The curves are based on an analysis of the Company's historical database which goes back to 1992 and incorporates over 670,000 consumers representing over $10.0 billion in acquired receivables.

Management was aware, however, that the historical database upon which the loss curves are based does not include substantial data from recessionary periods as the ten year period it represents had little in the way of recessionary information embedded in it. Therefore, during the quarter ended March 31, 2002, management continued to assess the risk from recessionary trends and determined that, despite the recent significant improvement in delinquency trends, expected losses had moved beyond what had been explained (and reserved for in 2001) by risk management's loss curves. Accordingly, management increased loss rate estimates for recessionary impact on 12 pools, representing a majority of the $18.8 million revaluation. All of these pools were originated prior to the Company's use of its risk-based pricing model that was finalized in June 2001 at which time the most predictive components of credit loss were incorporated into the model. Pools originated subsequent to June 2001 are performing in line with management's original expectations.

"We believe that the bulk of the problems with credit loss estimates are behind us, particularly given the aging of the pools," stated Lee Ervin, President and Chief Operating Officer. "Based on the substantial improvement in our collection efforts, as evidenced by the $35 million or 24% decrease in dollars delinquent this quarter, we expect annualized net credit losses to decline during the remainder of 2002. We are disappointed that the impact of the recession has resulted in a significant revaluation this quarter; however, we are determined to be thorough in our review of retained interest to ensure its fair valuation."

Delinquency and Collections

Management's commitment to operational excellence and the numerous technological and operational enhancements implemented over the past six months are proving effective as delinquency as a percentage of the total servicing portfolio decreased each month throughout the quarter ended March 31, 2002.

---------------------------------------------------------------------
 Monthly Delinquency Experience

 March 31, February 28, January 31, December 31,
 2002 2002 2002 2001
 ----------- ------------ ---------- ------------
 (Dollars in thousands)

Total Delinquencies
 30 days or more $ 111,015 $ 120,681 $ 132,254 $ 145,969

Servicing Portfolio $2,838,139 $2,872,345 $2,905,414 $2,961,737

Delinquency as
 a Percentage of
 Servicing Portfolio 3.91% 4.20% 4.55% 4.93%
---------------------------------------------------------------------


Delinquency was 3.91% at March 31, 2002 compared with 4.93% at December 31, 2001, an improvement of 102 basis points in one quarter. Delinquency totaled 3.10% at March 31, 2001. The Company attributes the improvement this quarter primarily to the addition of new senior collections and servicing management and to UAC's technology initiative including the recent implementation of software designed to increase the frequency of collectors being connected to the appropriate party, Internet and voice response payment programs, and a behavioral scoring model.

Annualized credit losses totaled 4.73% for the quarter ended March 31, 2002, due to high levels of delinquency in the fourth quarter of 2001 resulting from economic turmoil. This compares with 4.38% for the quarter ended December 31, 2001 and 2.61% for the quarter ended March 31, 2001. Management began to see the results of improved collection activities in credit loss statistics for the month of February 2002. Due to the natural lag between delinquency and credit losses, management expects that the improvement in delinquency trends will be reflected in lower credit losses beginning in the second quarter of 2002.

The Company's allowance for estimated credit losses on securitized receivables was 5.67% at March 31, 2002. This compares with 5.49% at December 31, 2001 and 4.44% at March 31, 2001.

Recovery rates were 37.17% for the quarter ended March 31, 2002, a significant increase from 30.56% for the quarter ended December 31, 2001. Recovery rates were 42.24% for the quarter ended March 31, 2001. Management attributes the recent increase in recovery rates to an improvement in the used car market which began early in the quarter.

"In the month of February, we began to see signs of decreasing credit losses," stated Mr. Ervin. "Coupled with the major improvements we have made in our collection efforts, the expected exit of our larger pools from their peak loss rate months this year, the strong rebound in the used car resale market and the initial signs of an economic recovery, the outlook going forward is very positive. The significant reduction in delinquency will translate into a reduction in credit losses. However, the improvement in credit losses is gradual. We expect the impact of our efforts in collections will be evidenced by lower credit losses beginning in the second quarter of 2002 with a continual decline on a quarterly basis throughout the remainder of 2002."

Receivable Acquisitions and Credit Quality

For the quarter ended March 31, 2002, receivable acquisitions were $209.4 million. Acquisitions for the quarter ended March 31, 2001 totaled $336.6 million. The Company saw a positive trend in monthly volume as total acquisitions grew from $36.1 million in December 2001 to $55.1 million, $73.9 million, and $80.4 million in the months of January 2002, February 2002, and March 2002, respectively. The Company's total servicing portfolio was $2.8 billion at March 31, 2002, compared with $3.4 billion at March 31, 2001.

The Company continues to achieve pricing on new receivable acquisitions in excess of its risk-based pricing guidelines which include an after-tax return on asset target of 1.5% or more. For the quarter ended March 31, 2002, the average net pricing spread over the hedge rate was 5.69%, a decrease from 6.66% for the quarter ended December 31, 2001. However, more importantly, risk-adjusted pricing remains ahead of budgeted levels.

The weighted average credit bureau score on receivable acquisitions was 706 for the quarter ended March 31, 2002, compared with 699, 692, and 693 for the past three consecutive quarters. Credit bureau scores for receivables acquired at the time of the 1999-A through 2000-D securitizations (the old portfolio) averaged 661 for the 1999 pools and 672 for the 2000 pools. For receivables acquired in the quarter ended March 31, 2002, the weighted average loan to value ratio and the weighted average term were comparable to the past several quarters and in line with management's expectations.

2002-A Securitization and Gain on Sale

During the quarter, the Company securitized $300.0 million of receivables, compared with $573.0 million securitized and $430.0 million delivered in the quarter ended March 31, 2001.

In connection with the securitization, the Company had a gain on sale of $6.3 million (net of a cost of $1.0 million for interest rate derivatives used to hedge securitized receivables) for the quarter ended March 31, 2002. The Company reported a net loss on sale of receivables of $11.6 million (net of a $18.8 million pre-tax charge for revaluation of retained interest). This compares with a net gain on sale of receivables of $2.4 million (net of a $2.8 million pre-tax charge for revaluation of retained interest) in the quarter ended March 31, 2001.

For this quarter's securitization, the net spread (gross spread less servicing fees, upfront costs, ongoing credit enhancement fees, trustee fees, and hedging costs) was 5.29%. This compares with 5.12% for the securitization in the quarter ended March 31, 2001.

Fee Income

Fees for the quarter ended March 31, 2002 totaled $1.3 million and represented the highest level of fees in the Company's history. The increase in fees is consistent with management's recent initiative to enhance revenues and reduce the volatility of earnings through predictable and stable fee income.

The newly implemented fee program for payments made over the phone generated $0.6 million in fee income during the quarter ended March 31, 2002. Origination and funding fees received on receivable acquisitions for the quarter ended March 31, 2002 totaled $0.7 million compared with $0.8 million for the quarter ended March 31, 2001. The decrease is due to a 38% reduction in receivables acquired compared with the March 2001 quarter. Origination and funding fees are deferred until the related receivables are sold in a securitization and will be recognized as a component of gain on sale when sold. Management expects amounts from origination and funding fees to increase as receivable acquisitions gradually increase over the next several quarters.

It is the Company's intention to further augment fee income through a third party servicing operation and the establishment of an insurance agency as previously announced. Management expects revenues generated through these ventures will have a positive impact beginning in the third quarter of 2002.

Operating Expenses

In line with its objective of reducing operating expenses, management continued to analyze operations for potential cost-saving improvements during the quarter. Specific expense reductions implemented during the past six months had a positive effect on total operating expenses which totaled $13.4 million or 1.86% of the $2.9 billion average servicing portfolio for the quarter ended March 31, 2002. This compares with $14.7 million or 1.94% (with an average servicing portfolio of $3.0 billion) for the quarter ended December 31, 2001, and $14.8 million or 1.76% (with an average servicing portfolio of $3.4 billion) for the quarter ended March 31, 2001.

The reduction in total operating expenses of $1.4 million compared to the quarter ended March 31, 2001 was due to the expense reduction initiative undertaken by management in the fourth quarter of 2001. Management expects further reduction in operating expenses throughout 2002.

Capital Resources

In April 2002, UAC took an additional step in its recapitalization strategy by finalizing a $55 million residual funding facility. This facility is a significant component of the Company's plan to meet its objective of making UAC highly profitable and one of the most soundly capitalized companies in the independent auto finance industry. UAC is targeting an equity to managed assets ratio of 8.0%. At March 31, 2002, UAC's equity to managed assets ratio was 5.46%.

During March 2002, the Company made a $22 million principal payment on its senior debt. At March 31, 2002, $42.1 million of warehouse capacity was utilized, and an additional $41.4 million was available to borrow based on the outstanding principal balance of eligible receivables. The Company maintained cash on hand of $19.5 million at March 31, 2002 for total available cash of $60.9 million. Including net cash available through the residual funding facility, the Company maintained pro forma total available cash of $110.9 million at March 31, 2002. Total available cash was $18.4 million at March 31, 2001.

Credit facilities for short-term financing of receivable acquisitions provide a total of $750 million in available funding.

Delinquency and Credit Loss Data

The following tables set forth delinquency and credit loss experience related to the Company's servicing portfolio:

--------------------------------------------------------------------
 Delinquency Experience
 ----------------------

 At March 31, 2002 At December 31, 2001
 ------------------------ -----------------------

 (Dollars in thousands)

 Number of Number of
 Receivables Amount Receivables Amount
 ----------- ---------- ----------- ----------
Servicing portfolio 231,676 $2,838,139 241,178 $2,961,737
Delinquencies
 30-59 days 5,665 66,393 7,329 84,748
 60-89 days 2,641 33,105 3,605 44,100
 90 days or more 1,000 11,517 1,504 17,121
 ---------- ---------- ---------- ----------
Total delinquencies 9,306 $ 111,015 12,438 $ 145,969
 ========== ========== ========== ==========
Delinquency as a
 percentage of
 servicing portfolio 4.02% 3.91% 5.16% 4.93%


 At March 31, 2001
 ------------------------

 (Dollars in thousands)

 Number of
 Receivables Amount
 ----------- -----------

Servicing portfolio 267,436 $3,350,427
Delinquencies
 30-59 days 4,868 56,187
 60-89 days 2,639 33,254
 90 days or more 1,223 14,493
 ---------- ----------
Total delinquencies 8,730 $ 103,934
 ========== ==========
Delinquency as a
 percentage of
 servicing portfolio 3.26% 3.10%
---------------------------------------------------------------------

---------------------------------------------------------------------
 Credit Loss Experience
 ----------------------

 Three Months Ended
 -----------------------------------------

 (Dollars in thousands)

 March 31, December 31, March 31,
 2002 2001 2001
 ---------- ---------- ----------
Average servicing
 portfolio $2,871,966 $3,027,302 $3,378,983

Gross charge-offs 54,075 47,776 38,204
Recoveries 20,101 14,600 16,137
 ---------- ---------- ----------
 Net charge-offs $ 33,974 $ 33,176 $ 22,067
 ========== ========== ==========

Gross charge-offs
 as a percentage
 of average servicing
 portfolio(1) 7.53% 6.31% 4.52%
Recoveries as a
 percentage of
 gross charge-offs 37.17% 30.56% 42.24%
Net charge-offs
 as a percentage
 of average servicing
 portfolio(1) 4.73% 4.38% 2.61%
---------------------------------------------------------------------
(1) Annualized


Earnings Before the Impact of Derivative Instruments

In accordance with generally accepted accounting principles, ("GAAP"), the Company marks to market derivative instruments. These instruments are only used to hedge receivable acquisitions prior to securitization. The Company is required to record adjustments to earnings every accounting period favorably or unfavorably, depending on changes in market interest rates, regardless of the offsetting effect that would normally only be recognized at the time the Company securitizes. Therefore, each quarter, in addition to GAAP earnings, the Company presents results of operations before giving effect to the earnings impact of the derivative instruments used to hedge held for sale receivables. Before giving effect to the earnings impact of derivative instruments on held for sale receivables, the Company reported a net loss for the quarter ended March 31, 2002 of $6.7 million or $0.22 per diluted share, compared with net earnings of $4.6 million or $0.34 per diluted share for the quarter ended March 31, 2001. Excluding the revaluation for retained interest, earnings before the impact of derivative instruments totaled $5.3 million or $0.17 per diluted share based on 30.9 million weighted average shares outstanding for the quarter ended March 31, 2002. This compares with $6.3 million or $0.48 per diluted share based on 13.3 million weighted average shares outstanding for the quarter ended March 31, 2001.

Pro Forma Portfolio-Based Financial Statements

In addition, the Company has elected to present, below, pro forma portfolio-based statements of operations which account for securitization transactions as secured financings rather than sales of receivables. In its consolidated financial statements prepared in accordance with GAAP, the Company records a gain on the sale of receivables in securitization transactions primarily representing the discounted estimated future servicing cash flows to be received by the Company related to the receivables sold. Future servicing cash flows are the projected cash flows resulting from the difference between the weighted average coupon rate of the receivables sold and the weighted average note rate paid to investors in the securitized trusts, less an allowance for estimated credit losses, the Company's contractual servicing fee of 1.00% and ongoing trust and credit enhancement fees.

The pro forma portfolio-based statements of earnings set forth below (following the presentation of the Company's historical selected financial data), present the Company's operating results under the assumption that securitization transactions are secured financings and no gain on sale, retained interest income, or servicing fee income is recognized. Instead, interest income, fee income, interest expense and other costs related to the asset-backed securities are recognized over the life of the securitized receivables. There is no provision or allowance for credit losses. Credit losses are recorded as incurred. The pro forma portfolio-based statements of operations and related data do not present the Company's operating results in accordance with GAAP. The pro forma portfolio-based data is presented solely for illustrative purposes to assist readers in their understanding of the Company's business and its financial performance. Such data is not intended to be an indication of any future results of operations of the Company and such data does not provide all information that would be provided with financial statements prepared in accordance with GAAP if the Company had accounted for its securitizations as secured financings.

Conference Call

Union Acceptance Corporation will host a conference call on April 23, 2002 at 12:00 p.m. Indianapolis time (1:00 p.m. EDST). The dial-in number for participation in this conference call is 800-273-2385. For a replay of the conference call, please go the Company's web site, www.unionacceptance.com.

Corporate Description

UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is purchasing and servicing prime automobile retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign manufacturers, nationally recognized rental car outlets, and used car superstores. UAC focuses on acquiring receivables related to late model used and, to a lesser extent, new automobiles purchased by customers who exhibit favorable credit profiles. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 5,800 manufacturer-franchised dealerships in 40 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry.

Forward Looking Information

This news release contains forward-looking statements regarding matters such as profitability, delinquency and credit loss trends and estimates, recoveries of repossessed vehicles, receivable acquisitions, the impact of recent initiatives described on revenues and profits, and other issues. Readers are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, the difficulty inherent in predicting changes in delinquency and credit loss rates, changes in acquisition volume, the ability of the Company to collect newly implemented fees, limited availability of financing and other capital resources, general economic conditions that affect consumer loan performance and consumer borrowing practices and other important factors detailed in the Company's annual report on Form 10-K for the six months ended December 31, 2001 which was filed with the Securities and Exchange Commission.

 Union Acceptance Corporation
 Selected Financial Data
 (Unaudited)
 (Dollars in thousands, except per share data)

Balance Sheet Data at: March 31, 2002 December 30, 2001
----------------------------------------------------------------------
Assets

Cash and cash equivalents $ 19,468 $ 14,244
Restricted cash 3,950 4,650
Receivables held for sale, net 90,196 176,511
Retained interest in securitized assets 199,481 198,251
Accrued interest receivable 612 1,323
Property, equipment, and
 leasehold improvements, net 8,183 8,516
Other assets 33,642 33,661
 -------- --------
 Total Assets $355,532 $437,156
 ======== ========

Liabilities and Shareholders' Equity

Liabilities

Notes payable $ 47,011 $100,300
Term debt 111,333 133,000
Accrued interest payable 1,860 2,393
Amounts due to trusts 19,481 18,610
Other payables and accrued expenses 6,454 8,153
 -------- --------
 Total Liabilities 186,139 262,456
 -------- --------

Shareholders' Equity

Common stock $145,374 $145,374
Accumulated other comprehensive
 earnings, net of taxes 2,070 450
Retained earnings 21,949 28,876
 -------- --------
 Total Shareholders' Equity 169,393 174,700
 -------- --------
 Total Liabilities and
 Shareholders' Equity $355,532 $437,156
 ======== ========
---------------------------------------------------------------------
30+ Delinquency at: March 31, December 31, March 31,
 2002 2001 2001
 ---------- ---------- ----------
 3.91% 4.93% 3.10%
---------------------------------------------------------------------
Allowance Data at:

Allowance for estimated
 credit losses on
 securitized receivables $ 155,773 $ 152,985 $ 143,270
Securitized receivables
 serviced $2,748,399 $2,788,006 $3,228,640

Allowance as a percentage
 of securitized receivables
 serviced 5.67% 5.49% 4.44%

---------------------------------------------------------------------
Managed Receivable Data at:

Receivables held for sale $ 89,740 $ 173,731 $ 121,787
Other 77 79 81
Securitized 2,748,399 2,788,006 3,228,640
Receivables serviced
 for others 224 259 389
 ---------- ---------- ----------
 Total Servicing Portfolio $2,838,440 $2,962,075 $3,350,897
 ========== ========== ==========
---------------------------------------------------------------------


 Union Acceptance Corporation
 Selected Financial Data
 (Unaudited)
 (Dollars in thousands, except per share data)

 Three Months Ended
 March 31,
 ------------------------
Income Statement Data for the Period: 2002 2001
---------------------------------------------------------------------

Interest on receivables held for sale $ 5,771 $ 10,727
Retained interest and other 5,856 8,379
 ----------- ------------
 Total interest income 11,627 19,106
Interest expense 4,301 8,903
 ----------- ------------
 Net interest margin 7,326 10,203
Provision for estimated credit losses 962 300
 ----------- ------------
 Net interest margin after provision for
 estimated credit losses 6,364 9,903

Gain (loss) on sales of receivables, net (11,553) 12,880
Gain (loss) on interest rate derivatives
 on securitized receivables (976) (10,475)
Gain (loss) on interest rate derivatives
 on held for sale receivables (404) 3,122
Servicing fee income 6,802 7,805
Late charges and other fees 2,262 1,924
 ----------- ------------
 Other revenues (3,869) 15,256
 ----------- ------------
Salaries and benefits 7,407 8,814
Other expenses 5,972 6,017
 ----------- ------------
 Total operating expenses 13,379 14,831
 ----------- ------------
 Earnings (loss) before provision
 for income taxes (10,884) 10,328
Provision (benefit) for income taxes (3,957) 3,794
 ----------- ------------
 Net earnings (loss) $ (6,927) $ 6,534
 ============ ============

---------------------------------------------------------------------
Per Common Share Data:

 Net earnings (loss) (basic and diluted) $ (0.22) $ 0.49

Book value $ 5.48 $ 9.29
Weighted average shares outstanding 30,926,606 13,298,482

---------------------------------------------------------------------

Receivable Acquisitions: $ 209,398 $ 336,630

Receivables Sold: $ 300,000 $ 430,003
---------------------------------------------------------------------
Ratios:

Return on average managed assets -0.88% 0.71%
Return on average shareholders' equity -16.09% 22.40%
Operating expenses as a percentage of
 average servicing portfolio 1.86% 1.76%
---------------------------------------------------------------------
Portfolio Performance:

Net credit loss (annualized for
 the period ended) 4.73% 2.61%
---------------------------------------------------------------------
Pro forma information for the earnings
 impact of derivative instruments on
 held for sale receivables related
 to FAS 133:

Total revenues $ 7,758 $ 34,362
Pro forma adjustment 404 (3,122)
 ----------- ------------
Pro forma total revenues $ 8,162 $ 31,240
 =========== ============

Pro forma net earnings (loss) $ (6,670) $ 4,552
Pro forma earnings (loss) per common
 share (diluted and basic) $ (0.22) $ 0.34
Pro forma return on average managed assets -0.85% 0.49%
Pro forma return on average
 shareholders' equity -15.54% 15.47%
---------------------------------------------------------------------


 Union Acceptance Corporation
 Pro Forma Portfolio-Based Financial Data(1)
 (Dollars in thousands)
 (Unaudited)

---------------------------------------------------------------------
The pro forma portfolio-based statements of earnings were as follows:

 Three Months Ended
 March 31
 ----------------------
 2002 2001
 --------- ---------

Interest income, fee and other income $ 89,482 $ 110,576
Funding costs (49,837) (65,670)
 --------- ---------
Net margin 39,645 44,906
Operating expenses (13,381) (14,831)
Credit losses (33,974) (22,067)
 --------- ---------
Pre-tax portfolio-based earnings (7,710) 8,008
Income taxes(2) 2,846 (2,955)
 --------- ---------
Net portfolio-based earnings $ (4,864) $ 5,053
 ========= =========

 Portfolio-based earnings per share $ (0.16) $ 0.38
 ========= =========

---------------------------------------------------------------------
The pro forma return on average managed receivables was as follows:

 Three Months Ended
 March 31
 --------------------------
 2002 2001
 ----------- -----------

Interest income, fee and other income 12.46% 13.09%
Funding costs -6.94% -7.77%
 ----------- -----------
Net margin 5.52% 5.32%
Operating expenses -1.86% -1.76%
Credit losses -4.73% -2.61%
 ----------- -----------
Pre-tax portfolio-based earnings -1.07% 0.95%
Income taxes 0.40% -0.35%
 ----------- -----------
Net portfolio-based earnings -0.67% 0.60%
 =========== ===========

Average Managed Receivables $ 2,872,029 $ 3,379,047

---------------------------------------------------------------------
The following is a reconciliation of the pro forma portfolio-based net
earnings to GAAP net earnings:

 Three Months Ended
 March 31
 ---------------------
 2002 2001
 --------- ---------
GAAP Net income $ (6,927) $ 6,534

Gain on sales of receivables, net 11,656 (12,880)
Retained interest and other (5,109) (6,206)
Servicing fee (6,802) (7,805)
Net margin 35,064 38,985
Credit losses (33,974) (22,067)
Provision for estimated credit losses 962 300
Gain (loss) on interest rate derivatives 1,379 7,353
 --------- ---------
Net adjustments 3,176 (2,320)
Tax effect of adjustments (1,113) 839
 --------- ---------
Net portfolio-based earnings $ (4,864) $ 5,053
 ========= =========

(1) These portfolio-based financial statements do not present the
Company's results of operations in accordance with GAAP and are
provided for illustrative purposes only.
(2) Tax effect is based upon the Company's effective tax rate for the
respective period.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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