Accredited Home Lenders Holding Co., the San Diego-based lender of non-prime mortgages, reported net income of $130.8 million for 2004, up nearly 31 percent from 2003, on revenues of $660.7 million, up nearly 52 percent from 2003.
For the fourth quarter, profits rose 27 percent to $38.1 million, on revenues of $199.8 million.
Accredited originated $3.5 billion in new home loans during the fourth quarter that ended Dec. 31, surpassing the prior record of $3.4 billion, set in the second quarter of last year. For the full year, loan originations surged 56 percent to $12.4 billion.
Speaking of the record results, Chief Executive Officer James Konrath said the final quarter’s results put an exclamation point on an excellent year. Accredited estimates that it will exceed $150 million in net earnings this year, or $6.90 per share.
Traded as LEND on Nasdaq, Accredited closed Feb. 11 at $41.48 and ranged between $24.71 and $50.75 in the last 52 weeks.