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LOAN AMERICA EARNS RECORD $1.36 MILLION IN FIRST QUARTER; NET EXCEEDS ENTIRE 1991 EARNINGS AS LOAN PRODUCTION REACHES NEW HIGH

 LOAN AMERICA EARNS RECORD $1.36 MILLION IN FIRST QUARTER;


NET EXCEEDS ENTIRE 1991 EARNINGS AS LOAN PRODUCTION REACHES NEW HIGH
 MIAMI LAKES, Fla., April 20 /PRNewswire/ -- Loan America Financial Corporation (NASDAQ-NMS: LAFCB), a publicly owned residential mortgage banking firm, has reported record net earnings of $1,355,646 for the first quarter of 1992, more than the $1,324,695 it earned during all of 1991.
 Loan America reported net earnings of $1,355,646 ($.58 per share) on total revenues of $10,638,771 for the three months ended March 31, 1992, compared to a net loss of $428,252 ($.23 per share) on total revenues of $5,237,921 for the same quarter of 1991.
 The company's record high loan production of $814 million during the first quarter of 1992 is 98 percent greater than the $411 million recorded for the same three months a year ago and 33 percent higher than the $612 million recorded for the last quarter of 1991. March was the fourth consecutive month in which Loan America established new funding records.
 John S. Kuczwanski, president of Loan America, stated, "This is by far our best quarter ever, from revenues all the way down to the bottom line. Our strong gains were achieved from mortgages funded for both home purchasing and refinancing. With a significant backlog of loans in process, we look forward to an exceedingly good year for Loan America."
 As of March 31, 1992, Loan America's pipeline (loans in process) totaled $791 million, a gain of 45 percent over its $547 million pipeline on Dec. 31, 1991.
 Loan America's mortgage servicing portfolio currently exceeds $3.4 billion, and its delinquencies remain low at only 1.26 percent.
 Loan America is a publicly owned company traded on the NASDAQ National Market System under the symbol LAFCB.
 -0- 4/20/92
 /CONTACT: John S. Kuczwanski, president of Loan America Financial Corporation, 305-557-9282; or John K. Schulte of Schulte, Ross & Aguilar, 305-856-1442, for Loan America Financial Corp./
 (LAFCB) CO: Loan America Financial Corporation ST: Florida IN: FIN SU: ERN


AW-SS -- FL015 -- 9962 04/20/92 10:41 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
Words:354
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