Miller .4 million, or $3. The live
conference call can be accessed by dialing (877) 407-9210 (domestic)
or (201) 689-8049 (international). Loans are originated through a network of
approximately 2,300 independent brokers and the Company's retail
offices.

vermillion mortgage

-- Decreased our year-over-year total cost to originate , as a
percentage of loan production, to 2.6% in
2003."

Loan Characteristics and Distribution Channels

For the fourth quarter of 2004, wholesale loan origination volume
represented 52 percent of the entire fourth quarter loan origination
volume and totaled $388 million, a 21 percent increase over the
comparable period in 2003.

Secondary Marketing (Securitization and Loan Sales)

During the fourth quarter of 2004, the Company closed its fourth
securitization structured as a financing under its Renaissance
mortgage shelf, collateralized by $600 million of mortgage loans .

jm mortgage

It also has joint ventures with numerous
real estate offices and builders through affiliated business arrangements
(ABAs).4 million, or $0.3% in the fourth quarter of 2003.5 million, or $1.

- - Paid our first quarterly cash dividend of $0.

-- Changed from gain-on-sale accounting to portfolio accounting
in the first quarter of 2004.4 billion,
from $1. For
the full year 2004, the Company originated $2.
For the full year 2004, wholesale loan origination volume
represented 57 percent of the entire loan origination volume for 2004
and totaled $1.deltafinancial.05
=========== =========== =========== ===========
Diluted earnings per
share - net income
(loss)(1) $0.
The Company sold 3,137,597 shares from authorized but unissued
shares, and existing shareholders sold 1,237,403 shares.

scottsdale nm

6 billion in mortgage loans.5% year-over-year in the fourth quarter of 2004
from 3. The Company increased its allowance for loan losses
to $10.
Commenting on the solid growth in the retail channel Mr. The
Company used a senior-subordinate securitization structure and issued
a NIM note (a net interest margin note collateralized by the excess
cashflow certificate of the underlying securitization). Delta's loans are
primarily secured by first mortgages on one- to four-family
residential properties.

fannie loan

51 per diluted share, compared to net
income of $67.1 billion, a 57 percent increase over the full year
2003. A live listen-only webcast of the
conference call will be available on Delta Financial's website at
http://www.

About the Company

Founded in 1982, Delta Financial Corporation is a Woodbury, New
York-based specialty consumer finance company that originates,
securitizes and sells non-conforming mortgage loans.

underwriters vermillion

The significant difference in the Company's 2004
earnings over 2003 was not the result of any change in the Company's
business fundamentals, but rather a direct result of the change to
"portfolio accounting", in the first quarter of 2004, from
"gain-on-sale accounting".5 million in the third quarter of
2004.

Loan Originations

For the fourth quarter of 2004, the Company originated $754
million of mortgage loans, a 46 percent increase over the $516 million
of mortgage loans originated in the comparable period last year.
Miller stated , "Throughout 2004, we continued to capture market
opportunities by expanding several existing retail centers, and
opening two new wholesale regional hubs - in Jacksonville, Florida and
in Boston , Massachusetts.4 percent.

processors classroom

Business Editors

WOODBURY, N. Under portfolio accounting, the Company
records income over time as net interest income instead of upfront as
gain-on-sale income . In addition, as
previously reported, the Company's 2003 earnings were favorably
impacted by an income tax benefit of $30. As such,
the Company has provided comparisons for the fourth quarter of 2004 to
the third quarter of 2004 for net interest income, loans held for
investment and loan loss allowance. Miller continued, "In 2005, we plan to continue to expand
existing offices and our sales force in an effort to support growth.5 billion, a 49 percent increase over the comparable
period in 2003. In anticipation of continued growth in this channel, we
have expanded our existing retail offices to support a more than 40
percent growth in our retail sales force," concluded Mr. Since 1991, Delta has completed 42 asset-backed
securitizations, collateralized by approximately $11. There
are many important factors that could cause our actual results to
differ materially from those indicated in the forward-looking
statements. Such factors include, but are not limited to, the
availability of funding at favorable terms and conditions, including
without limitation, warehouse, residual and other credit facilities;
our ability or inability to continue to access the securitization and
whole loan markets at favorable terms and conditions; competition;
loan losses, loan prepayment rates, delinquency and default rates;
costs and potential liabilities associated with litigation, our
regulatory settlements with state and federal agencies and other
regulatory compliance matters and changes (legislative or otherwise)
affecting mortgage lending activities and the real estate market;
general economic conditions, including interest rate risk, future
residential real estate values, demand for our products and services;
and other risks identified in our filings with the Securities and
Exchange Commission, including those discussed in our Form 10-Q under
the caption "Management 's Discussion and Analysis of Financial
Condition and Results of Operations-Forward-Looking Statements and
Risk Factors.51) $4.

classroom designations

37 per diluted share, for the same
period last year.

Paid a quarterly cash dividend of $0.64 per
diluted share, due to the reversal of a valuation allowance during the
third quarter of 2003.2 million from $18.272 --
Less: allowance for loan losses (10,278) --
------- ----- ------------
Mortgage loans held for investment, net 2,340,994 --
Excess cashflow certificates 14,933 19,853
Equipment, net 4,298 3,147
Accrued interest receivable, net 12,280 197
Due from trustee 30,197 --
Accounts receivable 6,453 2,893
Other assets 26,125 4,617
Deferred tax asset 50,326 31,184
------------ ------------
Total assets $2,490,793 $256,991
============ ============

Liabilities:
Bank payable $1,110 $2,292
Warehouse financing 135,653 144,826
Financing on mortgage loans held for
investment, net 2,236,215 --
Other borrowings 3,330 2,362
Accrued interest payable 4,282 62
Accounts payable and other liabilities 23,023 11,496
------------ ------------
Total liabilities 2,403,613 161,038
-------- ---- ------------

Stockholders' Equity
Preferred stock (1) -- 13,916
Common stock (2) 204 170
Additional paid-in capital (2) 119,451 99,913
Accumulated deficit (28,950) (16,728)
Accumulated other comprehensive loss, net of
tax (2,207) --
Treasury stock, at cost (116,800 shares) (1,318) (1,318)
------------ ---------- --
Total stockholders' equity 87,180 95,953
------------ ------------

Total liabilities and stockholders' equity $2,490,793 $256,991
============ ============

(1) On June 14, 2004 the Company redeemed all outstanding Series A 10%
Preferred Stock at par for approximately $13.

scottsdale marysville

Based, in part, on our 2004 loan
origination volume exceeding our expectations and the resulting
increase in loans held for investment, we achieved profitability this
quarter , sooner than we anticipated, when we switched to portfolio
accounting from gain-on-sale accounting in the beginning of 2004.

In November 2004, completed an asset-backed securitization
collateralized by $600 million of mortgage loans.

Conference Call and Webcast

The Company will host a conference call to discuss its financial
results at 10AM ET today, Thursday, February 17, 2005.59
=========== =========== =========== ===========

(1) Because the Company posted a loss for the year ended December 31,
2004, in-the-money employee stock options are considered
anti-dilutive, and therefore are not included in the diluted share
count .

vermillion lifetime

(2) On July 26, 2004, the Company closed the public offering of
4,375,000 shares of its common stock, priced at $6.

fannie loan

PRESS RELEASE RBC Mortgage Opens Homeland Lending to Serve Sacramento County Area

Through RBC Mortgage's affiliated business arrangement program, Homeland
Lending will provide homebuyers with online applications, quick approvals,
24/7 loan status reports and a smooth mortgage process from start to
finish.
Hugh Miller, president and chief executive officer said, "We
reached our highest ever quarterly mortgage loan origination volume of
$754 million in the fourth quarter, and also ended 2004 with a record
$2.

For the full year ended December 31, 2004, the Company reported a
net loss of $9.

Full Year 2004 Highlights

-- Originated a record $2.
Further commenting on the Company's performance in 2004, Mr.

scottsdale underwriting

Homebuyers who choose to obtain
their financing through Homeland Lending also may be eligible to receive a
discount on closing costs.

About RBC Mortgage

RBC Mortgage, headquartered in Houston, includes a nationwide network of
loan officers and branches in 30 states.Y.05 per common share on
January 6, 2005 to shareholders of record on December 21,
2004.3 million, or $0.8 million at September
30, 2004 to account for a larger and more seasoned portfolio of loans
held for investment . We continued to enhance our proprietary
technology, Click and Close(R), which helped us to further reduce our
cost to originate, decrease loan origination turnaround times, and
enhance service for our network of brokers. The
loans securitized and sold during the full year of 2004 totaled $2. Forward-looking statements relate to,
among other things, our projections as to our future earnings ,
profitability, loan production, cost to originate, enhancing our
technology, improving our turnaround time, expanding our offices and
sales force, and our plans to introduce our new broker website.

processors onsite

01 per diluted share, compared to net
income of $7. As such, the Company does not believe prior
period year-over-year comparisons are particularly meaningful at this
time.

-- Completed an $18 .

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Certain statements contained in this press
release, which are not historical fact, may be deemed to be
"forward-looking" statements under the federal securities laws, and
involve risk and uncertainties .01 $0. The
Company's net proceeds from the offering, after underwriters'
discount and estimated costs and expenses, were approximately
$18.

nm fannie

05 per common
share in July of 2004 .

-- Redeemed, at par, all outstanding shares of Series A 10%
Preferred Stock in June of 2004 . Some of the more notable
features of the site include the ability to generate electronic
disclosures and electronic closing documents, which will ultimately
allow for a nearly paperless loan origination process and an even
faster and more efficient origination time frame.

scottsdale nm

The company has operations in
both retail (originations direct to consumers) and wholesale (originations
through third-party brokers). RBC Mortgage is an indirect
wholly owned subsidiary of Royal Bank of Canada (NYSE: RY ) (TSX: RY). The increase in net interest income was attributable to the
Company's increase in its loans held for investment to $2.6 billion of mortgage
loans, a 52 percent increase from the full year 2003 loan
originations. The Company's retail loan origination volume
represented 43 percent of the entire loan origination volume in 2004
and totaled $1. A replay of the conference call and the question/answer
session will be available on the Company's website two hours after the
live call is completed, and will be available through February 24,
2005.50 per share.

loan jackie

For the three months ended December 31, 2004, the Company reported
net income of $215,000, or $0. The telephone replay can be accessed by dialing (877) 660-6853
(domestic) or (201) 612-7415 (international), and using the account
number:1628 and conference ID number:139428.

DELTA FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share and per share data )

Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- ---- -------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------

Interest income $43 ,252 $5,163 $100,105 $14,386
Interest expense 20,042 1,661 39,782 5,509
----------- ----------- ----------- -----------
Net interest income 23,210 3,502 60,323 8,877
Provision for loan
losses 4,654 -- 10,443 --
----------- ----------- ----------- -----------
Net interest income
after provision
for loan losses 18,556 3,502 49,880 8,877

Non-interest income:
Net gain on sale of
mortgage loans 4,174 24,904 16,057 94,782
Other income 1,125 103 1,722 1,000
----------- ----------- ------- ---- -----------
Total non-
interest income 5,299 25,007 17,779 95,782
----------- ----------- ----------- -----------

Non-interest expense:
Payroll and related
costs 14,416 10,840 52,005 39,147
General and
administrative 8,512 5,458 30,152 23,460
(Gain)/loss on
derivative
instruments (46) -- 100 --
----------- ----------- ----------- -----------
Total non-
interest expense 22,882 16,298 82,257 62,607
---- ------- ----------- ----------- -----------

Income (loss) before
income tax expense
(benefit ) 973 12,211 (14,598) 42,052
Provision for
income tax expense
(benefit) 758 4,798 (5,249) (25,354)
----------- ----------- ----------- -----------
Net income (loss) $215 $7,413 $(9,349) $67,406
=========== =========== =========== ===========

Other Comprehensive
(Loss) Income:
Net unrealized
holding losses on
derivatives arising
during the period (599) -- (2,207) --
----------- ----------- ----------- -----------
Other comprehensive
(loss) income $(384) $7,413 $(11,556) $67,406
=========== =========== =========== ===========

Per Share Data:
Basic - weighted
average number of
shares outstanding 20,256,614 16,740,238 18,375,864 16,308,561
=========== =========== =========== ===========
Diluted - weighted
average number of
shares outstanding 21,237,041 18 ,157,318 18,375,864 18,407,249
=========== =========== =========== ===========

Net income (loss)
applicable to
common shares $215 $6,718 $(9,349) $66,015
=========== =========== =========== ===========

Basic earnings per
share - net income
(loss) $0.

loan tucker

8 billion of loans held for investment and sale in the third
quarter of 2004.
Additionally, we expect to continue to differentiate ourselves through
our advanced technology and our superior level of service." We hereby disclaim any obligation to update or revise
any of the forward-looking information contained in this press release
at any future date, except as required under applicable securities
laws.

mortgage scottsdale

rbcmortgage.51 ) $3.9 million.

loan mae

For more information about RBC Mortgage, please visit the
company's website at www. We expect to
increase loan production by at least 15 percent in 2005, and to
continue to grow our earnings and further decrease our cost to
originate," said Mr.
For the fourth quarter of 2004, the Company's net interest income
increased to $23.3 million at December 31, 2004 from $5. Miller
said, "Our retail business has continued to increase through our
expansion efforts and represents over 40 percent of our total loan
origination volume, making Delta's loan production one of the most
diversified in the industry. The Company sold approximately $169 million in loans
on a whole-loan basis at an average net premium of 4.com in the Investor Relations section of the
website .

onsite lifetime

Miller.3 billion in
mortgage loans.37 $(0.

DELTA FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)

At At
December 31, December 31,
2004 2003
------------ ------------
Assets:
Cash and cash equivalents $5,187 $4,576
Mortgage loans held for sale, net -- 190,524
Mortgage loans held for investment, net of
discount and deferred fees 2,351.

origination capstone

RBC Mortgage announced the opening of the new
Homeland Lending branch in Galt, California, serving the Sacramento County
area.

Tania Bohn and Terrie Nevis are co-managers of the branch, overseeing loan
origination and operations."
"Building off our success and solid performance in 2004, we are
excited at the prospects we believe 2005 has to offer.7 million equity offering in July of 2004.
For the full year ended December 31, 2004, the Company completed
four securitizations collateralized by approximately $2. Delta originates non-conforming loans
primarily in 29 states.7 million.

scottsdale correspondence

As noted above, the Company's 2004 results were
impacted by its change to portfolio accounting. During
2005, we plan to introduce our new broker website with enhanced
interactive capabilities and features, which we believe will increase
the number of brokers who use our site .

lifetime origination

The company also offers low and no down payment programs and mortgages for
borrowers with less -than-perfect credit.----Delta Financial
Corporation (Amex: DFC) today reported its financial results for the
three months and full year ended December 31, 2004.59 per diluted share, for the same
period one year ago."
Mr. The Company
also sold approximately $79 million in loans on a whole-loan basis
during the fourth quarter of 2004 at an average net premium of 4. The loans securitized and sold during the fourth quarter of
2004 totaled approximately $679 million, of which approximately 88
percent were securitized and approximately 12 percent were sold on a
whole-loan basis.40 $(0.

processors fannie

Homeland Lending offers a variety of products to meet qualified homebuyers'
needs, including fixed, adjustable , conventional, jumbo, VA and FHA loans.

Delta Financial Reports Fourth Quarter and Full Year Results; Company Achieves 2004 Record Loan Origination Volume of $2.6 Billion

Total cost to originate as a percentage of loan production
decreased to 2.6 billion in loans in 2004 , a
year-over-year increase of 52%.8% in 2004 from 3.

The Company's change to portfolio accounting in 2004 from
gain-on-sale accounting in 2003 effectively renders the Company's
prior period results ineffectual for comparative purposes."
"The continued growth of this channel is an important component of
our business strategy as we believe it delivers more franchise value
to us through increased profitability in a less competitive
environment.1
percent.5
billion, of which approximately 93 percent were securitized and
approximately seven percent were sold on a whole-loan basis.6 billion in
mortgage loans.

underwriting lending

com.

Fourth Quarter Highlights

Originated a record $754 million in loans in the fourth
quarter of 2004, a 46% increase over the fourth quarter of
2003, and an 11% increase over the third quarter of 2004.

Increased our warehouse financing capacity by $200 million, in
the fourth quarter of 2004, bringing our total funding
capacity to $900 million through three separate financing
providers. The Company's retail loan origination
volume represented 48 percent of the entire further quarter loan
origination volume, and totaled $365 million, an 87 percent increase
over the fourth quarter of 2003.01 $0.

jm calyx

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)