<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
---------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR
THE TRANSITION PERIOD FROM __________ TO __________
Commission file number 0-20897
PACIFICAMERICA MONEY CENTER, INC.
(Exact name of Registrant as specified in its charter)
California 95-4465729
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
21031 Ventura Boulevard
Woodland Hills, California 91364
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (818) 992-8999
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ].
<PAGE> 2
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
(UNAUDITED)
MARCH 31, DECEMBER 31,
1998 1997
------------ ------------
<S> <C> <C>
Assets
Cash & cash equivalents $ 55,007,000 $ 66,090,000
Accounts receivable, net 1,615,000 1,532,000
Note receivable 0 1,015,000
Interest receivable 1,353,000 1,274,000
Loans receivable, net (Note 5) 18,807,000 20,629,000
Loans held for sale 30,537,000 35,280,000
Interest-only strips receivable 117,431,000 94,424,000
Real estate acquired in settlement of loans 1,632,000 2,028,000
Property and equipment, net 4,232,000 3,596,000
Refundable income taxes 222,000 222,000
Other assets 3,571,000 1,776,000
------------ ------------
$234,407,000 $227,866,000
============ ============
Liabilities and Stockholders' Equity
Thrift certificates payable
Full-paid certificates $105,679,000 $113,731,000
Installment certificates 18,605,000 18,793,000
------------ ------------
Total thrift certificates payable 124,284,000 132,524,000
Accounts payable and accrued expenses 4,813,000 6,121,000
Accrued interest payable 1,534,000 370,000
Note payable 37,575,000 28,318,000
Deferred income taxes 14,693,000 12,147,000
------------ ------------
182,899,000 179,480,000
------------ ------------
Stockholders' Equity 51,508,000 48,386,000
------------ ------------
$234,407,000 $227,866,000
============ ============
</TABLE>
See accompanying Notes to Consolidated Financial Statements
and Management's Discussion and Analysis of
Financial Condition and Results of Operations
2
<PAGE> 3
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-----------------------------
MARCH 31, MARCH 31,
1998 1997
------------ ------------
<S> <C> <C>
Interest Income:
Interest and fees on loans receivable $ 2,952,000 $ 2,650,000
Interest on investments 270,000 92,000
------------ ------------
Total interest income 3,222,000 2,742,000
Interest Expense:
Interest on thrift certificates greater than $100,000 51,000 --
Interest on other thrift certificates 1,796,000 1,063,000
Interest on notes payable 269,000 10,000
------------ ------------
Total interest expense 2,116,000 1,073,000
Net interest income 1,106,000 1,669,000
Provision for loan losses 1,413,000 309,000
------------ ------------
Net interest income after provision for loan losses (307,000) 1,360,000
------------ ------------
Noninterest income:
Other income/(loss) 308,000 55,000
Gain on sale of loans 22,497,000 13,370,000
------------ ------------
Total noninterest income 22,805,000 13,425,000
Noninterest expense:
General and administrative 8,063,000 3,977,000
Salaries, employee benefits and personnel services 8,817,000 5,268,000
Amortization of organization costs -- 46,000
Depreciation and amortization 200,000 114,000
Expenses on real estate acquired in settlement of loans 47,000 202,000
Net (gain) loss on sales of real estate acquired
in settlement of loans 13,000 (46,000)
------------ ------------
Total noninterest expense 17,140,000 9,561,000
------------ ------------
Income before tax provision 5,358,000 5,224,000
Tax provision 2,250,000 2,195,000
------------ ------------
Net income $ 3,108,000 $ 3,029,000
============ ============
Basic earnings per share $ 0.62 $ 0.80
Diluted earnings per share $ 0.58 $ 0.64
Actual shares of common stock outstanding 5,051,654 3,777,084
Weighted average shares outstanding - basic 5,018,445 3,762,856
Weighted average shares outstanding - diluted 5,324,624 4,704,769
</TABLE>
See accompanying Notes to Consolidated Financial Statements
and Management's Discussion and Analysis of
Financial Condition and Results of Operations.
3
<PAGE> 4
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------------
MARCH 31, MARCH 31,
(Increase) Decrease in Cash and Cash Equivalents 1998 1997
- ------------------------------------------------ -------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 3,108,000 $ 3,029,000
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization 200,000 160,000
Provision for loan losses 1,413,000 309,000
Provision for OREO losses 14,000 --
Net (gain) loss on sales of real estate
acquired in settlement of loans (1,000) (46,000)
Proceeds from loans originated for sale 210,144,000 125,321,000
Origination of loans held for sale (205,573,000) (143,165,000)
Net change in assets and liabilities
Accounts receivable 932,000 867,000
Receivable for mortgage loans shipped -- 13,646,000
Interest receivable (79,000) 294,000
Premium receivable for loans sold -- 1,195,000
Interest-only strips receivable (24,650,000) (13,166,000)
Amortization of Interest-only strips
receivable 1,204,000 --
Other assets 751,000 63,000
Accounts payable and accrued expenses
and interest payable (144,000) 2,197,000
-------------- --------------
Net cash used in operating activities (12,681,000) (9,296,000)
-------------- --------------
Cash flows from investing activities:
Proceeds from sale of loans receivable 11,523,000 9,787,000
Proceeds from sale of other real estate 406,000 81,000
Net change in loans receivable (10,965,000) 2,645,000
Purchases of property and equipment (836,000) (178,000)
Decrease in other real estate -- 226,000
-------------- --------------
Net cash provided by investing activities 128,000 12,561,000
-------------- --------------
Cash flow from financing activities:
Net decrease from in thrift certificates (8,240,000) (7,358,000)
Proceeds from stock issuance 14,000 202,000
Paydown on line of credit -- (745,000)
Proceeds from notes payable 9,696,000 --
-------------- --------------
Net cash provided by (used in) financing
activities 1,470,000 (7,901,000)
-------------- --------------
Net decrease in cash and cash equivalents (11,083,000) (4,636,000)
Cash and cash equivalents at beginning of period 66,090,000 8,640,000
-------------- --------------
Cash and cash equivalents at end of period $ 55,007,000 $ 4,004,000
============== ==============
</TABLE>
See accompanying Notes to Consolidated Financial Statements
and Management's Discussion and Analysis of
Financial Condition and Results of Operations.
4
<PAGE> 5
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1) GENERAL
The unaudited financial information furnished herein, in the opinion of
management, reflects all adjustments (all of which are of a normal recurring
nature) which are necessary to fairly state the Company's financial position,
its cash flows and the results of its operations. The Company presumes that
users of the interim financial information herein have read or have access to
the audited financial statements and Management's Discussion and Analysis of
Financial Condition and Results of Operations for the preceding fiscal year and
that the adequacy of additional disclosure needed for a fair presentation,
except in regard to material contingencies, may be determined in that context.
Accordingly, footnote and other disclosures which would substantially duplicate
the disclosure contained in the Company's most recent annual report have been
omitted. The interim financial information herein is not necessarily
representative of operations for a full year for various reasons including
changes in interest rates, volume of loans originated and loans paid off.
2) EARNINGS PER SHARE
Basic earnings per share is computed by dividing net earnings by the
weighted average number of common stock outstanding during the year. Diluted
earning per share is computed by dividing net earnings by the weighted average
number of common stock and potential common stock outstanding during the year.
The following table presents the earnings per share data.
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1998 1997
---------- ----------
<S> <C> <C>
Income (numerator):
Income before income taxes $5,358,000 $5,224,000
Income taxes 2,250,000 2,195,000
---------- ----------
Net income $3,108,000 $3,029,000
---------- ----------
Shares (denominator):
Weighted average common share outstanding
for basic earnings per share 5,018,445 3,762,856
Effect of dilutive common shares
Subscriber warrants 33,852 76,284
General partner warrants -- 575,017
Options 272,327 290,612
---------- ----------
Diluted common shares 5,324,624 4,704,769
---------- ----------
Basic earnings per common share $ .62 $ .80
---------- ----------
Diluted earnings per common share $ .58 $ .64
---------- ----------
</TABLE>
5
<PAGE> 6
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
3) REVENUE RECOGNITION
Gain on sale of loans represents the difference between the proceeds
(including premiums) from the sale, net of related transaction costs, and the
allocated carrying amount of the loans sold. The allocated carrying amount is
determined by allocating the original amount of loan between the portion sold
and any retained interests (interest-only strips receivable), based on their
relative fair values at the date of transfer. In addition, gain on sale includes
non-refundable fees on loans sold and gains or losses on certain transactions
structured as an economic hedge.
Gain on sale of loans includes the recognition of an unrealized gain
that represents the initial difference between the allocated carrying amount and
the fair market value of the interest-only strips receivable at the date of
sale.
In March, 1998, the Company obtained an independent valuation and
report on the interest-only strips receivable as of December 31, 1997. The
independent valuation used a more conservative methodology (including the cash
out method versus the cash in method) for modeling future cash flows on
interest-only strips receivables. The Company then adjusted its internal
modeling to the same methodology used by the independent valuators.
The following table compares the Company's current cash flow model
assumed constant prepayment rates ("CPR") on each of the following
securitization pools with life-to-date prepayment rates on each of those pools:
<TABLE>
<CAPTION>
CURRENT ANNUALIZED
POOL MODEL CPR (1) LIFE-TO-DATE CPR(2)
- ---- ------------- -------------------
<S> <C> <C>
Aames 1996-4 36% 24.51%
Advanta 1997-1 27% 19.05%
Advanta 1997-2 27% 15.75%
Advanta 1997-3 27% 14.39%
Advanta 1997-4 27% 10.51%
PacificAmerica 1997-1(3) 27% 8.65%
PacificAmerica 1998-1 28% (4)
Advanta 1998-1 28% (4)
</TABLE>
(1) Reflects the peak CPR rates after the Company's ramp up period of 12
months.
(2) Annualized life-to-date data for all pools is as of March 31, 1998 except
for the Aames 1996-4 pool, which is as of February 1998.
(3) This pool was formed in December 1997. All other pools were formed in the
quarter of the year in the order in which they are numbered.
(4) Not available due to recent age of loans.
The Company's current cash flow model further assumes a 50 basis point
annual loss rate on each of its pools (after the first six months). As of March
31, 1998 the Aames 1996-4 pool has experienced an 11 basis point loss
life-to-date, and no other pool has experienced a loan loss. In addition, the
Company's cash flow model assumes an 11% discount rate on estimated cash flows
on each of its pools.
The Company also records an amortization reserve at the end of each
quarter, equal to a minimum of 1% but not more than 2% of the outstanding
interest-only strips receivable for each pool. To the extent that the
amortization reserve is not required to adjust the book balance of the
receivable to the current fair value of the receivable as of the end of each
quarter, the amortization reserve accumulates to a maximum of 5% of the balance
of the receivable.
On a quarterly basis, Management determines if any adjustments are
necessary to the recorded fair market value of the interest-only strips
receivable based on current market conditions, including changes in interest
rates, real property values, market conditions and other factors. Increases or
decreases in the fair value of each interest-only strip receivable will
be made quarterly if the recorded value of this receivable, less any
amortization reserve, exceeds the determined fair value of the receivable.
For the quarter ended March 31, 1998, the performance of the Company's
securitization pools was consistent with the Company's internal valuation of
the interest-only strip receivable, net of an amortization reserve of
approximately $1.2 million. Based on the above described valuation methodology,
no adjustment was made in the recorded value of the Company's aggregate
interest-only strip receivable at March 31, 1998.
The Company intends to obtain an annual independent third party
valuation of its interest-only strips receivable (as it did in 1997) to provide
additional assurance regarding the Company's recorded fair value of its
interest-only strips receivable.
4) RECLASSIFICATIONS
Certain reclassifications of balances from prior years have been made to
conform to the current year's reporting format.
5) LOANS RECEIVABLE
The following is a summary of Loans Receivable as of the date indicated
below:
<TABLE>
<CAPTION>
3-31-98
------------
<S> <C>
Interest bearing loans $ 21,707,000
Deferred loan fees, net (403,000)
Allowance for loan losses (2,497,000)
------------
Total $ 18,807,000
============
</TABLE>
6
<PAGE> 7
PACIFICAMERICA MONEY CENTER, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
5) LOANS RECEIVABLE (CONTINUED)
The following is a summary of Allowance for Loan Losses:
<TABLE>
<S> <C>
Balance at 12-31-97 $ 1,438,000
Additions to reserve 1,413,000
Charge off/recoveries (354,000)
-----------
Balance at 3-31-98 $ 2,497,000
===========
</TABLE>
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The unaudited interim consolidated financial statements should be read
in conjunction with the historical consolidated financial statements and the
related notes thereto of the Company filed with its Annual Report on Form 10-K
for the year ended December 31, 1997.
FINANCIAL CONDITION
Total consolidated assets of the Company increased $6.5 million, or
2.9%, to $234.4 million at March 31, 1998 from $227.9 million at December 31,
1997. The increase resulted primarily from an increase in interest-only strips
receivable, partially offset by decreases in cash and cash equivalents, loans
receivable and loans held for sale. Interest-only strips receivable increased
$23.0 million, or 24.4%, to $117.4 million at March 31, 1998 from $94.4 million
at December 31, 1997, reflecting the Company's retained interest in excess
spread on loans sold for securitization. Cash and cash equivalents decreased
$11.1 million, or 16.8%, to $55.0 million at March 31, 1998 from $66.1 million
at December 31, 1997. Loans receivable decreased $1.8 million, or 8.7%, to $18.8
million at March 31, 1998 from $20.6 million at December 31, 1997. Loans held
for sale decreased $4.8 million, or 13.6%, to $30.5 million at March 31, 1998
from $35.3 million at December 31, 1997.
Total liabilities increased $3.4 million, or 1.9%, to $182.9 million at
March 31, 1998 from $179.5 million at December 31, 1997, due to increases in
notes payable and accrued interest payable partially offset by decreases in
thrift certificates outstanding and accounts payable and accrued expenses. Notes
payable increased $9.3 million, or 32.9%, to $37.6 million at March 31, 1998
from $28.3 million at December 31, 1997, reflecting the increase in residual
financing received from the interest-only strips receivable. Accrued interest
payable increased $1.1 million, or 275.0%, to $1.5 million at March 31, 1998
from $.4 million at December 31, 1997. Thrift certificates decreased $8.2
million, or 6.2%, to $124.3 million at March 31, 1998 from $132.5 million at
December 31, 1997. Management of Pacific Thrift and Loan Company ("Pacific
Thrift"), the Company's primary operating subsidiary, adjusts rates on thrift
certificates on a regular basis in order to control the increase or decrease in
the total outstanding certificates, as management deems necessary to support
Pacific Thrift's cash flow requirements. Accounts payable and accrued expenses
decreased $1.3 million, or 21.3%, to $4.8 million at March 31, 1998 from $6.1
million at December 31, 1997.
Total stockholders' equity increased by $3.1 million, or 6.4%, to $51.5
million at March 31, 1998 from $48.4 million at December 31, 1997, reflecting
primarily the net income from operations of $3.1 million in the first three
months of 1998.
RESULTS OF OPERATIONS
GENERAL
The Company reported net income of $3.1 million, $0.62 basic earnings
per share and $0.58 diluted earnings per share, for the quarter ended March 31,
1998. These results are not necessarily indicative of results for any other
interim period or for the full year. For the comparable period of 1997, the
Company reported net income of $3.0 million, $0.80 basic earnings per share and
$0.64 diluted earnings per share. The increase in net income was primarily due
to the increase in gain on sale of loans in the quarter ended March 31, 1998.
Loans originated for sale increased $62.4 million, or 43.6%, to $205.6 million
for the quarter ended March 31, 1998, from $143.2 million for the quarter ended
March 31, 1997. Gain on sale of loans increased by $9.1 million, or 67.9%, to
$22.5 million for the quarter ended March 31, 1998, from $13.4 million for the
quarter ended March 31, 1997. The decrease in earnings per share reflects the
issuance of additional shares, primarily from the exercise of general partner
warrants and subscriber warrants.
8
<PAGE> 9
INTEREST INCOME
Total interest income increased $.5 million, or 18.5%, to $3.2 million
for the quarter ended March 31, 1998 from $2.7 million for the quarter ended
March 31, 1997. Total interest expense increased $1.0 million, or 90.9%, to $2.1
million for the quarter ended of March 31, 1998 from $1.1 million for the
quarter ended March 31, 1997, reflecting an increase in financing on the
Company's interest-only strips receivable. Net interest income before provision
for loan losses decreased $.6 million, or (35.3%), to $1.1 million for the
quarter ended March 31, 1998 from $1.7 million for the quarter ended March 31,
1997.
PROVISION FOR LOAN LOSSES
The provision for loan losses increased $1.1 million, or 366.7%, to $1.4
million for the quarter ended March 31, 1998, from $.3 million for the quarter
ended March 31, 1997. The total allowance for loan losses was $2.5 million at
March 31, 1998, compared to $1.4 million at December 31, 1997. The adequacy of
the allowance for loan losses is based on a variety of factors, including the
size of the Company's loan portfolio, which does not include loans held for
sale, loan classifications and underlying loan collateral values, and is not
directly proportional to the level of nonperforming portfolio loans. The ratio
of nonaccrual portfolio loans past due 90 days or more ($1.2 million) to total
portfolio loans ($21.7 million) was 5.5% at March 31, 1998, compared to a ratio
of 8.5% of nonaccrual loans past due 90 days or more ($1.9 million) to total
portfolio loans ($22.3 million) at December 31, 1997. The decrease in the ratio
was caused by a decrease in the amount of loans on nonaccrual and by a decrease
in loan portfolio primarily due to the Company's focus on originating loans for
sale.
NONINTEREST INCOME
Total noninterest income increased $9.4 million, or 70.1%, to $22.8
million for the quarter ended March 31, 1998 from $13.4 million for the quarter
ended March 31, 1997. The primary source of noninterest income is gain on sale
of loans originated for sale, which increased $9.1 million, or 67.9%, to $22.5
million for the quarter ended March 31, 1998 from $13.4 million for the quarter
ended March 31, 1997, due to the increase in volume of loans sold.
NONINTEREST EXPENSE
Noninterest expense increased by $7.5 million, or 78.1%, to $17.1
million for the quarter ended March 31, 1998 from $9.6 million for the quarter
ended March 31, 1997, due primarily to increases in salaries, employee benefits
and personnel services and general and administrative expenses. Salaries,
employee benefits and personnel services increased $3.5 million, or 66.0%, to
$8.8 million for the quarter ended March 31, 1998 from $5.3 million for the
quarter ended March 31, 1997, representing increases in loan representative
commissions and the hiring of additional support personnel related to increased
loan volume. General and administrative expenses, which includes rent, appraisal
fees, and telemarketing costs, increased $4.1 million, or 102.5%, to $8.1
million for the quarter ended March 31, 1998, from $4.0 million for the quarter
ended March 31, 1997, also related to increased loan volume.
PROVISION FOR INCOME TAXES
Income tax provision increased $.1 million, or 4.5%, to $2.3 million for
the quarter ended March 31, 1998 from $2.2 million for the quarter ended March
31, 1997 and is directly related to the $3.1 million increase in net income.
LIQUIDITY AND CAPITAL RESOURCES
The primary sources of the Company's liquidity are cash and cash
equivalents maintained by Pacific Thrift in connection with its deposit-taking
activities and proceeds from sale of loans. At March 31, 1998, cash and cash
equivalents totaled $55.0 million compared to $66.1 million at December 31,
1997. Under the terms of the Company's agreements with Advanta and Merrill
Lynch, the Company receives an advance on its interest-only strips receivable
for each securitization pool. Advances received from Advanta totaled $23.6
million at March 31, 1998, bear interest at rates between LIBOR plus 1% and
LIBOR plus 2.0% (for an effective rate of 7.3% at March 31, 1998) and are repaid
from all future payments on the interest-only strips receivable due from Advanta
to the Company. Advances received from Merrill Lynch totaled $12.2 million at
March 31, 1998, bear interest at LIBOR plus 2.5% (for an effective rate of 8.2%
and a combined effective rate of 7.6% at March 31, 1998) and are due one year
from the date of each advance or may be extended at the option of Merrill Lynch.
9
<PAGE> 10
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
Management of Pacific Thrift is able to regulate the inflow of funds
from thrift certificates by adjusting interest rates to amounts slightly above
or below prevailing rates. In the first quarter of 1998, Pacific Thrift
increased the outflow of funds from thrift certificates, thereby resulting in a
$8.2 million decrease in outstanding thrift certificates to $124.3 million at
March 31, 1998 from $132.5 million at December 31, 1997.
Pacific Thrift is subject to certain leverage and risk-based capital
adequacy standards applicable to FDIC-insured institutions. At March 31, 1998,
Pacific Thrift met the FDIC regulatory definition of "adequately capitalized."
See the Company's Annual Report on Form 10-K for the year ended December 31,
1997, Item 1. "Business - Supervision and Regulation -- Regulatory Actions."
As indicated in the Statements of Cash Flows, the Company used $12.7
million in cash from operating activities, primarily for the origination of
loans held for sale, from January 1, 1998 through March 31, 1998. The Company
realized $.1 million from investing activities, primarily from the proceeds of
sale of loans receivable, and realized $1.5 million from financing activities,
primarily from the increase in notes payable, from January 1, 1998 through March
31, 1998.
10
<PAGE> 11
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
For the quarter ended March 31, 1998, there were no material
developments in litigation.
ITEM 2. CHANGES IN SECURITIES.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. None.
11
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized, on May 15, 1998.
PACIFICAMERICA MONEY CENTER, INC.
(Registrant)
May 15, 1998 JOEL R. SCHULTZ
-----------------------------------------
Joel R. Schultz,
President
May 15, 1998 CHARLES J. SIEGEL
-----------------------------------------
Charles J. Siegel,
Chief Financial and Administrative Officer
12
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 54,771
<INT-BEARING-DEPOSITS> 236
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 51,841
<ALLOWANCE> 2,497
<TOTAL-ASSETS> 234,407
<DEPOSITS> 124,284
<SHORT-TERM> 0
<LIABILITIES-OTHER> 21,040
<LONG-TERM> 37,575
0
0
<COMMON> 51
<OTHER-SE> 51,457
<TOTAL-LIABILITIES-AND-EQUITY> 234,407
<INTEREST-LOAN> 2,952
<INTEREST-INVEST> 270
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 3,222
<INTEREST-DEPOSIT> 1,847
<INTEREST-EXPENSE> 2,116
<INTEREST-INCOME-NET> 1,106
<LOAN-LOSSES> 1,413
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 17,140
<INCOME-PRETAX> 5,358
<INCOME-PRE-EXTRAORDINARY> 5,358
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,108
<EPS-PRIMARY> 0.62
<EPS-DILUTED> 0.58
<YIELD-ACTUAL> 5.97
<LOANS-NON> 1,247
<LOANS-PAST> 1,227
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,438
<CHARGE-OFFS> 354
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 2,497
<ALLOWANCE-DOMESTIC> 2,497
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
