Delta Reports 2Q Loss

Delta Financial Corp., Woodbury, N.Y., has reported a loss of $1.8 million ($0.11 per share) for the second quarter, compared with net income of $11.7 million ($0.58 per share) a year earlier.The company said the loss was due to a shift from gain-on-sale to portfolio accounting in the treatment of its securitizations. Hugh Miller, Delta's president and chief executive officer, noted that the company's loss narrowed from $0.35 per share in the first quarter to $0.11 per share in the second quarter. "We expect our quarterly loss to continue to narrow throughout the remainder of 2004, as we continue to build our loan portfolio, and ultimately report a profit by the first quarter of 2005." Loan production volume for the second quarter totaled $671.9 million, up 93% from that of the previous year.