Delta Financial Corp., Woodbury, N.Y., has reported net income of $8.0 million ($0.33 per share) for the fourth quarter, up from $5.7 million ($0.27 per share) for the same period a year earlier.For the year, Delta reported net income of $29.8 million ($1.28 per share), compared with $18.0 million ($0.84 per share) in 2005. Delta originated a record $1.1 billion of mortgage loans in the fourth quarter of 2006, a 13% increase from the volume in the third quarter of 2006 and a 3% increase from that of the fourth quarter of 2005. Meanwhile, Delta's fourth-quarter total cost to originate, as a percentage of total loan production, decreased to 1.6%. Hugh Miller, president and chief executive of Delta, said much of the reason for the strong results is due to the experience of the company's management. "Coupled with management's depth and breadth of experience are the key distinguishing elements of our business model, which include originating predominantly fixed-rate loans, retaining the majority of the loans we originate, and maintaining a diversified origination platform in which approximately 50% of our loan production emanates from our retail franchise," he said.

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