Long Beach Financial Corp., Orange, Calif., has reported record second quarter earnings of $7.4 million ($0.29 per share), up 52% from $4.9 million a year ago.In addition, loan production hit a record level of $651.7 million, up 69.2% from a year ago, the company said. "Our operating model continues to generate cash revenue, without any residuals from securitization, making our earnings among the highest quality earnings in the subprime mortgage lending industry," said M. Jack Mayesh, Long Beach Financial's chairman and chief executive officer. The company also reported gains from the sale of loans totaling $31.6 million for the second quarter, up 58.6% from $19.9 million a year ago.
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