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LOAN AMERICA REPORTS RECORD NET EARNINGS FOR SECOND QUARTER AND FIRST HALF OF 1993

 MIAMI LAKES, Fla., July 29 /PRNewswire/ -- Loan America Financial Corporation (NASDAQ-NMS: LAFCB), a residential mortgage banking firm, attained record net earnings for both its second quarter and the first half of 1993.
 Loan America reported net earnings of $1,422,761, or $.40 per share, on total revenues of $9,370,174 for the three months ended June 30, 1993, compared to net earnings of $1,402,507, or $.44 per share, on total revenues of $11,199,968 for the same quarter of 1992.
 For the six months ended June 30, 1993, Loan America reported net earnings of $2,853,556, or $.85 per share, on total revenues of $17,929,945, compared to net earnings of $2,758,153, or $.89 per share, on total revenues of $21,838,739 for the first half of 1992.
 In June 1993, Loan America issued 1,200,000 shares of common stock in a secondary offering, which accounted for the decline in per share earnings. Per share earnings also were adjusted for the 15 percent common stock dividend paid in December, 1992.
 Total loan production increased to $786 million for the second quarter of 1993, compared to $768 million for the same period a year ago.
 Loan America's residential mortgage servicing portfolio totaled $3.3 billion on June 30, 1993, compared to $3.2 billion on March 31st and $3.6 billion a year ago.
 John S. Kuczwanski, president of Loan America, stated, "We anticipate continued strong production supported by our recent improvements in capital, liquidity and loan funding capacity. In June, Loan America raised $12 million from a secondary common stock offering which will support expanded production facilities. In March, we syndicated our warehouse credit line to enable us to fund higher loan volumes originated by our nationwide network of independent mortgage brokers.
 "Earlier this month we opened a new full service regional office in White Plains, N.Y., to serve the northeastern mortgage market. We also opened the first of a series of satellite offices in Fort Lauderdale to enhance our Florida market penetration."
 As of June 30, 1993, Loan America's stockholders' equity totaled $40 million, compared to $23 million a year ago.
 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, 1993
 Three Months Ended
 June 30,
 1993 1992
 Revenues:
 Loan Production and Sales $ 4,772,201 $ 4,999,334
 Loan Administration Fees 2,155,683 2,685,950
 Interest Earned 3,119,383 4,746,766
 Interest Charges (1,907,547) (2,916,712)
 Gain on Sale of Servicing 1,179,085 1,668,751
 Other 51,369 15,879
 Total Revenues 9,370,174 11,199,968
 Total Expenses 7,089,499 8,951,286
 Income Before Income Taxes 2,280,675 2,248,682
 Provision For Income Taxes 857,914 846,175
 Net Income $ 1,422,761 $ 1,402,507
 Earnings Per Common Share:
 Primary $ .40 $ .44
 Fully Diluted $ .39 $ .42
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 3,372,189 3,026,655

 Fully Diluted 3,602,959 3,229,732
 Total Loan Production $785,960,000 $768,468,000
 Six Months Ended
 June 30,
 1993 1992
 Revenues:
 Loan Production and Sales $ 7,364,574 $ 9,635,191
 Loan Administration Fees 4,541,111 5,331,895
 Interest Earned 5,298,702 10,026,920
 Interest Charges (3,309,190) (6,064,164)
 Gain on Sale of Servicing 3,950,710 2,877,086
 Other 84,038 31,811
 Total Revenues 17,929,945 21,838,739
 Total Expenses 13,552,251 17,416,503
 Income Before Income Taxes 4,377,694 4,422,236
 Provision For Income Taxes 1,524,138 1,664,083
 Net Income $ 2,853,556 $ 2,758,153
 Earnings Per Common Share:
 Primary $ .85 $ .89
 Fully Diluted $ .81 $ .85
 Weighted Average Shares of
 Common and Common Equivalent
 Shares Outstanding:
 Primary 3,200,617 2,955,945
 Fully Diluted 3,431,387 3,168,894
 Total Loan Production $1,173,400,000 $1,582,900,000
 At June 30,
 1993 1992
 Mortgage Servicing
 Portfolio (A) $3,308,000,000 $3,601,000,000
 Stockholders' Equity $ 40,163,617 $ 22,923,885
 (A) -- Includes loans under subservicing agreements pending transfer of $157 million and $109 million at June 30, 1993 and 1992, respectively.
 -0- 7/29/93
 /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 Corporation/
 (LAFCB)


CO: Loan America Financial Corporation ST: Florida IN: FIN SU: ERN

JB-XX -- FL003 -- 7474 07/29/93 11:41 EDT
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Date:Jul 29, 1993
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