Imperial Credit Industries said its income rose 168% in the fourth quarter and 89% for all of 1995.

In the fourth quarter, income reached $6.1 million, or 35 cents a share. For the year, profits reached $14.2 million, or 81 cents a share.

The company also announced it plans to offer up to two million common shares in an underwritten public offering.

That offering should be completed early in the second quarter, the company said.

Separately, Imperial said it had entered into a letter of intent to sell rights pertaining to about $3 billion to $3.3 billion in residential mortgage servicing. The move would further the company's diversification strategy and deemphasize its reliance on mortgage banking. The company said the sale would likely be completed in mid- or late March.

Imperial also said its president, Joseph Tomkinson, had become chief executive of its Imperial Credit Mortgage Holdings Inc.

His duties at the parent company are to be assumed by H. Wayne Snavely, chairman and chief executive.

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