Imperial Credit Reports Hefty Increases in Revenue, Profit

NEWPORT BEACH — Low interest rates and heavy home refinancing contributed to a 52% increase in revenue and a 35% increase in profit for the year, Imperial Credit Industries Inc. reported Thursday.

The company, which is the parent of Southern Pacific Thrift & Loan Assn., reported annual revenue of $72.3 million, up from $47.5 million for 1992. Earnings were $18.4 million, or $1.79 a share, compared to a profit of $13.6 million, or $1.49 a share, for the previous 12 months.

Wayne Snavely, chairman and chief executive officer of Imperial, said the profit increase resulted from a huge growth in volume. The company reported mortgage originations of $6 billion for the year, up from $3.4 billion for 1992.

Contributing factors, Snavely said, were the opening of five wholesale loan production offices on the East Coast and in Colorado; the creation of a direct access program that licensed 16 brokers to approve mortgages outside of California; and the introduction of a new secondary loan program, called Smart loans.

“The total volume of business was up dramatically in all units,” Snavely said Thursday.

The company also reported fourth-quarter revenue of $21.4 million, compared to $14.2 million for the same period a year earlier. Three-month earnings were $5.1 million, or 50 cents a share, up from $3.9 million, or 38 cents a share, for the same period a ear earlier.

Mortgage funding for the fourth quarter was $2.4 billion, Imperial said, an increase of 159% over that for the fourth quarter of 1992.