IMC Mortgage Co. earned a record 43 cents per share in the fourth quarter, up from 28 cents a year earlier, it said last week.
Fourth-quarter net income totaled $14.8 million, up 124%.
Full-year net was $47.9 million, up 166%, and full-year earnings per share were $1.54, up from a pro forma 92 cents. IMC acquired eight companies during the year.
The company originated $1.75 billion of loans in the quarter, up from $624 million, and $5.85 billion in the year, up from $1.77 billion.
Mostly because of acquisitions, the contribution of broker and direct origination sources-7% and 4% of total loan volume in 1996-rose to 12% and 14% for the year and 20% and 13% for the quarter.
The companies acquired last year were Mortgage America in Michigan; CoreWest Banc in California; Equity Mortgage Co., American Mortgage Reduction, and Central Money Mortgage Co. in Maryland; National Lending Center in Florida; Residential Mortgage Corp. in Rhode Island; and Alternative Capital Group in Texas.