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IMPERIAL CREDIT INDUSTRIES INC. REPORTS 1993 FIRST QUARTER RESULTS

 NEWPORT BEACH, Calif., April 13 /PRNewswire/ -- Imperial Credit Industries Inc. (NASDAQ: ICII) ("ICI") reported results for the quarter ended March 31, 1993.
 Net income for the first quarter of 1993 was $1.8 million unchanged from the $1.8 million reported for the first quarter of 1992. Earnings per share declined to $0.19 for the quarter, from the $0.27(a) reported for the first quarter of 1992.
 Per share computations are based upon 9,375,336 and 6,602,368 shares outstanding as of March 31, 1993 and 1992, respectively.
 Total revenues for the first quarter increased 61.4 percent, to $11.0 million, from $6.8 million reported in the first quarter of 1992. Included in the gross revenues of 1993 were revenues from the sale of bulk servicing rights that totaled $3.8 million. There were no bulk servicing sales in the first quarter of 1992. The decline in profitability as a percentage of revenues was expected as expenses were incurred as a result of a significant geographic and product line expansion during the first quarter. During this period, the company began incurring expenses in connection with the opening of five regional wholesale mortgage production offices located within the states of Colorado, New Jersey and Florida. The new East Coast offices were opened in January 1993, as a result of hiring approximately 90 former employees of Carteret Savings Bank of New Jersey, which was seized by the RTC in December 1992. This mortgage banking unit funded $1.2 billion of new loans in 1992 for Carteret Savings Bank. In addition, expenses were incurred to create and market the company's new national secondary mortgage conduit which was officially launched in March 1993. The conduit will be marketed jointly by the company and Donaldson, Lufkin and Jenrette securities firm with which the company has contracted to sell a minimum of $2.0 billion of conduit loan product. While these offices and expanded loan programs have begun to originate mortgage loans, the company will not recognize significant revenues from such loans until they are sold, estimated to be in the second quarter of 1993.
 ICI's total volume of mortgage loans originated in the first quarter of 1993 was $623.2 million, a decline of 19.9 percent from the $778.4 million originated in the first quarter of 1992.
 As expected, the first two months of 1993 loan fundings and new applications declined as a result of increased interest rates and market seasonality. However, in March, loan applications and fundings were up $204.9 million and $108.4 million, respectively over February levels. For the month of March 1993, new loan applications totaled $647.9 million. Included in the March applications were $84 million of loan applications for the first full month of operations for the new East Coast offices.
 ICI was servicing $2.2 billion in mortgage loans at March 31, 1993, an increase of 34.5 percent over the $1.6 billion serviced at March 31, 1992. Loan servicing income for the first quarter of 1993, exclusive of loans serviced for Imperial Bank, in 1992, increased 40 percent to $1.4 million from $1.0 million in 1992.
 Delinquency rates in the servicing portfolio at March 31, 1993 and 1992, were 1.6 percent and 1.3 percent, respectively.
 Other details of results for the quarter ended March 31, 1993, include: gain on origination and sale of loans was $2.3 million, unchanged from the $2.3 million reported for the same period in 1992; net interest income increased 38.0 percent to $3.2 million from $2.3 million in 1992.
 Imperial Credit Industries Inc. is a majority-owned subsidiary of Imperial Bank, a subsidiary of Imperial Bancorp (NASDAQ: IBAN), and conducts its mortgage banking business through 10 regional offices in California, Oregon, Washington, Colorado, New Jersey, Virginia and Florida.
 IMPERIAL CREDIT INDUSTRIES INC.
 Three Months Ended
 March 31, 1993 March 31, 1992
 Net income $1,820,171 $1,799,550
 Earnings per share $0.19 $0.27(a)
 Weighted average of common
 stock and equivalents
 outstanding 9,375,336 6,602,368
 (a) Based on the weighted average of 6,315,790 shares of common stock and 286,578 common stock equivalents for 1992. Adjusted for a 1-for-19 stock dividend in December 1992.
 -0- 4/13/93
 /CONTACT: Richard Johnson, CFO, 714-556-0122, or Karen Montandon, investor relations, 714-252-2843, both of Imperial Credit/
 (ICII IBAN)


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

BP-JB -- LA027 -- 5420 04/13/93 17:20 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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