Magazine article American Banker

Cityscape Posts Profits of $2.4M for 2d Quarter

Magazine article American Banker

Cityscape Posts Profits of $2.4M for 2d Quarter

Article excerpt

Cityscape Financial Corp., a mortgage bank specializing in nonconforming mortgage loans, reported second-quarter net income of $2.4 million for the period ended June 30, compared with $176,114 in the second quarter of 1994.

Cityscape originated 1,250 mortgage loans totaling $87.7 million in the second quarter, representing an increase of 187.4% in number and 174.1% in dollars over second quarter 1994 loan originations.

Earnings before income taxes increased by $3.7 million, to $3.9 million, in the three months ended June 30.

Earnings for the six months ended June 30 were $3.4 million, compared with a net loss of $306,764 for the same period of 1994. The net earnings for the first six months of 1994 reflect a one-time charge of $680,000 related to the change in tax status.

The company said the growth in loan origination volume for the second quarter was due to both geographic expansion into new states and increased efforts in existing states. …

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