Printer Friendly

IMPERIAL CREDIT INDUSTRIES INC. ANNOUNCES RECENT DEVELOPMENTS

 NEWPORT BEACH, Calif., March 29 /PRNewswire/ -- Imperial Credit Industries Inc. (NASDAQ: ICII) (the "company") disclosed the following recent developments in connection with its filing of a registration statement with the Securities and Exchange Commission (SEC).
 During the first quarter of 1993, the company undertook a significant geographic and product-line expansion. The company opened seven new mortgage origination offices: Woodland Hills and Sacramento, Calif.; Denver; Clark, Parsippany, and Toms River, N.J.; and Boca Raton, Fla. In addition, the company entered into an agreement with DLJ to establish a conduit mortgage loan origination program ("the Conduit Program"). Under the Conduit Program, DLJ has agreed to arrange for the purchase of up to $2.0 billion of mortgage loans from the company which meet certain underwriting guidelines approved by the company and DLJ. The underwriting guidelines are generally more flexible than the company's underwriting guidelines for conventional loans which follow the underwriting criteria employed by FNMA and FHLMC.
 During the first quarter of 1993, the company began incurring expenses in connection with the opening of the new mortgage loan origination offices. Such expenses primarily consisted of personnel costs which are estimated to be $1.0 million for the first quarter of 1993. While these offices have begun to originate mortgage loans in the first quarter of 1993, the company will not recognize revenues from such loans until they are sold, estimated to be in the second quarter of 1993.
 During the fourth quarter of 1992 and the first two months of 1993, refinancing demand was reduced significantly as interest rates stabilized or increased. As a result, mortgage loan applications were reduced and mortgage loan originations declined. However, while remaining below March 1992 levels, mortgage loan applications substantially increased in March 1993 over January and February 1993 application volumes.
 As a result of the opening of the new offices and an overall decrease in mortgage loan originations, the company expects net income for the first quarter of 1993 to be substantially equivalent to the first quarter of 1992, but below the fourth quarter of 1992. Net income for the first quarter of 1993 will include a gain on sale of servicing rights of $3.8 million. As a result of the decrease in mortgage loan originations and the sales of servicing rights, the company expects its servicing portfolio at March 31, 1993, to be substantially equivalent to the level at Dec. 31, 1992.
 Imperial Credit Industries Inc. a majority-owned subsidiary of Imperial Bank, a subsidiary of Imperial Bancorp (NASDAQ-NMS: IBAN) is engaged principally in the mortgage banking business which consists of the origination and sale of mortgage loans and the servicing of such loans.
 -0- 3/29/93
 /CONTACT: Karen Montandon of Imperial Credit Industries, 714-252-2843/
 (ICII IBAN)


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

EH -- LA013 -- 0459 03/29/93 11:17 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 29, 1993
Words:476
Previous Article:TWO OEM SUPPLIERS FORM JET ACOUSTICAL COMPONENTS PARTNERSHIP
Next Article:/C O R R E C T I O N -- CARNAUDMETALBOX/
Topics:


Related Articles
IMPERIAL CREDIT INDUSTRIES INC. ANNOUNCES MAJOR EAST COAST EXPANSION
IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1992 FOURTH-QUARTER AND FULL-YEAR RESULTS
IMPERIAL CREDIT INDUSTRIES INC. FILES REGISTRATION STATEMENT FOR $75,000,000 OF SENIOR NOTES
IMPERIAL CREDIT INDUSTRIES INC. ANNOUNCES THREE FOR TWO STOCK SPLIT
IMPERIAL CREDIT INDUSTRIES, INC. ANNOUNCES THE SUCCESSFUL INITIAL PUBLIC OFFERING OF IMPERIAL CREDIT MORTGAGE HOLDINGS, INC.
IMPERIAL CREDIT INDUSTRIES, INC. FILES REGISTRATION STATEMENT RELATED TO PUBLIC OFFERING
IMPERIAL CREDIT INDUSTRIES, INC. ANNOUNCES SUBSIDIARY FILING FOR SHARE OFFERING
Imperial Credit Industries Commences Cash Tender Offer
Imperial Credit Commercial Mortgage Investment Corp. Completes Acquisition of Assets
Imperial Credit Industries, Inc. Revises REIT Acquisition Proposal.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters