Printer Friendly

LOAN AMERICA EARNS RECORD $1.4 MILLION IN SECOND QUARTER; MORTGAGE BANKER'S NET IS UP 172 PERCENT ABOVE SAME PERIOD A YEAR AGO

 LOAN AMERICA EARNS RECORD $1.4 MILLION IN SECOND QUARTER;
 MORTGAGE BANKER'S NET IS UP 172 PERCENT ABOVE SAME PERIOD A YEAR AGO
 MIAMI LAKES, Fla., July 20 /PRNewswire/ -- Loan America Financial Corporation (NASDAQ-NMS: LAFCB), a publicly owned residential mortgage banking firm, has reported record net earnings of $1,402,507 ($.51 per share) on total revenues of $11,199,968 for the three months ended June 30, 1992, a gain of 172 percent above its net earnings of $515,587 ($.21 per share) on total revenues of $7,206,587 for the same quarter of 1991.
 For the six months ended June 30, 1992, Loan America reported record net earnings of $2,758,153 ($1.03 per share) on total revenues of $21,838,739, compared to net earnings of $87,335 ($.00 per share) on total revenues of $12,444,508 for the first half of 1991.
 All per share earnings have been adjusted for the 10 percent common stock dividend paid by Loan America on May 26, 1992.
 Total loan production was $768 million for the second quarter and $1.583 billion for the first half of 1992. These compare with $536 million for the second quarter and $946 million for the first half of 1991.
 Loan America's residential mortgage servicing portfolio rose 16 percent to reach $3.6 billion as of June 30, 1992, compared to $3.1 billion a year ago.
 In announcing the results, John. S. Kuczwanski, president of Loan America, stated, "In the second quarter, for the third consecutive quarter, we set record earnings. This profitability is based on higher volumes and new efficiency levels, and we are optimistic that both factors will strongly influence our bottom line for the remainder of this year.
 "In recent weeks, mortgage interest rates again have fallen dramatically to reach their lowest levels in nearly two decades. Our loan volumes are again rising and should support high production levels in the coming months."
 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 JUNE 30, 1992
 Three Months Ended
 June 30,
 1992 1991
 Revenues:
 Loan Production and Sales $ 4,999,334 $ 1,809,768
 Loan Administration Fees 2,685,950 2,702,749
 Interest Earned 4,746,766 3,622,270
 Interest Charges (2,916,712) (2,307,927)
 Gain on Sale of Servicing 1,668,751 1,311,077
 Other 15,879 68,650
 Total Revenues 11,199,968 7,206,587
 Total Expenses 8,951,286 6,379,751
 Income Before Income Taxes 2,248,682 826,836
 Provision for Income Taxes 846,175 311,249
 Net Income $ 1,402,507 $ 515,587
 Earnings Per Common Share:
 Primary $ .51 $ .21 (A)
 Fully Diluted $ .50 $ .20 (A)
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 2,610,534 2,190,722 (A)
 Fully Diluted 2,754,335 2,330,340 (A)
 Total Loan Production $ 768,468,000 $ 535,795,000
 Six Months Ended
 June 30,
 1992 1991
 Revenues:
 Loan Production and Sales $ 9,635,191 $ 2,867,729
 Loan Administration Fees 5,331,895 5,224,234
 Interest Earned 10,026,920 6,629,017
 Interest Charges (6,064,164) (4,361,898)
 Gain on Sale of Servicing 2,877,086 1,997,658
 Other 31,811 87,768
 Total Revenues 21,838,739 12,444,508
 Total Expenses 17,416,503 12,304,301
 Income Before Income Taxes 4,422,236 140,207
 Provision for Income Taxes 1,664,083 52,872
 Net Income $ 2,758,153 $ 87,335
 Earnings Per Common Share:
 Primary $ 1.03 $ .00 (A)
 Fully Diluted $ .98 $ .02 (A)
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 2,545,431 2,190,722 (A)
 Fully Diluted 2,728,740 2,330,340 (A)
 Total Loan Production $1,582,900,000 $ 946,388,000
 At June 30:
 1992 1991
 Mortgage Servicing
 Portfolio (B) $3,601,000,000 $3,095,000,000
 Stockholders' Equity $ 22,923,885 $ 18,927,284
 (A) -- Adjusted for 10 percent common stock dividend paid on May 26,
 1992.
 (B) -- Includes loans under subservicing agreements pending transfer
 of $109,000,000 and $207,000,000 at June 30, 1992 and 1991,
 respectively.
 -0- 7/20/92
 /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


JB-AW -- FL009 -- 0735 07/20/92 12:29 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1992
Words:765
Previous Article:ROCKWELL REPORTS FY92 THIRD QUARTER FINANCIAL RESULTS
Next Article:CYTRX CORPORATION ANNOUNCES PHASE II TRIALS OF RHEOTHRX(R) INJECTION FOR SICKLE CELL
Topics:


Related Articles
NORTH AMERICAN MORTGAGE COMPANY REPORTS SECOND QUARTER NET EARNINGS UP 123 PERCENT
LOAN AMERICA TO EXPAND INTO CORRESPONDENT LENDING; COMPANY REPORTS INCREASING MORTGAGE LOAN VOLUMES
LOAN AMERICA'S THIRD QUARTER NET TRIPLES TO RECORD $1.7 MILLION; NINE-MONTH EARNINGS OF $4.5 MILLION ALSO REACH NEW HIGH MARK
NORTH AMERICAN MORTGAGE COMPANY REPORTS 1992 EARNINGS UP 107 PERCENT; FOURTH QUARTER EARNINGS PER SHARE UP 36 PERCENT TO $.68
PLAZA HOME MORTGAGE POSTS SECOND QUARTER AND FIRST HALF RESULTS; LOAN ORIGINATIONS AND SERVICING PORTFOLIO REACH RECORD LEVELS
FIRST FINANCIAL CARIBBEAN CORPORATION REPORTS RECORD SECOND QUARTER AND SIX MONTH EARNINGS
LOAN AMERICA REPORTS RECORD NET EARNINGS AND LOAN PRODUCTION FOR THIRD QUARTER; MORTGAGE SERVICING PORTFOLIO INCREASES TO $3.6 BILLION
FIRST FINANCIAL CARIBBEAN CORPORATION REPORTS RECORD THIRD QUARTER EARNINGS OF $5.6 MILLION
Freddie Mac Announces Record Earnings for Second Quarter 1999.
Countrywide Reports 2004 Second Quarter Results.

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