United PanAm Financial Announces Second Quarter 2002 Results.

Business Editors

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--July 24, 2002

United PanAm Financial Corp. (Nasdaq:UPFC) today announced results for its second quarter ended June 30, 2002.

For the quarter ended June 30, 2002 the company reported net income of $3.02 million, equal to $0.17 per diluted share, compared with net income of $1.86 million, or $0.11 per diluted share for the same period a year ago. This represents a 62% increase in net income between the two periods.

Net interest income for the 2002-second quarter rose 37% to $12.77 million from $9.29 million in the second quarter of 2001.

For the six months ended June 30, 2002, the company reported net income of $5.69 million or $0.33 per diluted share, versus net income of $3.41 million or $0.21 per diluted share for the comparable period a year ago. This represents a 67% increase in net income between the two periods.

Net interest income for the first six months of 2002 increased 38% to $24.47 million from $17.68 million a year earlier.

The company purchased $77 million of auto loans during the second quarter of 2002. Auto loans outstanding totaled $254.2 million at June 30, 2002, a 35% increase over June 30, 2001 outstandings. The growth in auto loans is the result of planned expansion of the branch network throughout the country. UPFC opened four new branches during the second quarter for a total of 46 branches in 24 states. The company plans to continue its philosophy of controlled expansion of the auto finance branch network with the anticipated opening of a total of 14 new branches during 2002.

Delinquency over 30 days amounted to 0.57% of auto loans at June 30, 2002 and 2001. Delinquency and total repossessions over 30 days amounted to 1% of auto…