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To: Bucky Katt who wrote (6772)	1/17/2002 4:03:10 PM
From: BW	Read Replies (1) \| Respond to of 48461

INVN - what's left of my core just kicked back over 1000% <ggg> Boyd

To: Bucky Katt who wrote (6772)	1/17/2002 7:31:18 PM
From: BW	Respond to of 48461

in probably the best time for banks in the last 20 years Here's a nice bank. Doral Financial Corporation Reports Record Earnings for the Fourth Quarter and Year Ended December 31, 2001 SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Jan. 16, 2002--Doral Financial Corporation (NASDAQ: DORL - news), a diversified financial holding company with banking operations in the United States and Puerto Rico and the largest residential mortgage lender in Puerto Rico, reported record results for the fourth quarter and year ended December 31, 2001. Net income for the fourth quarter of 2001 amounted to a record $42.5 million, compared to $22.7 million for the fourth quarter of 2000, an increase of 87%. For the year ended December 31, 2001, Doral Financial's income before the cumulative gain-effect of a change in accounting principle was a record $137.9 million, compared to $84.7 million for the same period of 2000, an increase of 63%. For the fourth quarter of 2001 consolidated earnings per diluted share were $0.83, compared to $0.48 per diluted share for the fourth quarter of 2000, which represents an increase of 73%. For the year ended December 31, 2001, consolidated earnings per diluted share before the cumulative gain-effect of a change in accounting principle were $2.82, compared to $1.85 per diluted share for the same period of 2000, an increase of 52%. Net interest income for the fourth quarter and year ended December 31, 2001 was $29.4 million and $84.4 million, respectively, compared to $10.3 million and $42.3 million for the same periods of 2000. The increase in net interest income reflects the positive effects of recent reductions in short-term interest rates on the Company's borrowing costs as well as the increase in interest earning assets. For the fourth quarter of 2001, Doral Financial's total non-interest income increased by 39% compared to the fourth quarter of 2000. Net gain on mortgage loan sales and fees, the main component of noninterest income, increased to $51.1 million for the fourth quarter of 2001 from $38.3 million for the comparable 2000 period, an increase of 33%. For the year ended December 31, 2001, Doral Financial's total non-interest income increased by 34%, compared to the corresponding period of 2000. Net gain on mortgage loan sales and fees was $187.2 million for the year ended December 31, 2001 compared to $134.3 million for the corresponding period of 2000, an increase of 39%. The increase in net gain on mortgage loan sales and fees for both the quarter and the year ended December 31, 2001 was due to increased volume of mortgage loan originations and sales of mortgages. The volume of mortgage loan production for the fourth quarter of 2001 was $1.2 billion, compared to $792.0 million for the comparable 2000 period, an increase of 52%. This is the highest mortgage production for any given three-month period in the Company's history. The volume of mortgage loan production for the year ended December 31, 2001 was $4.2 billion, an increase of 31% over the all-time high of $3.2 billion set in 2000. As a result of such strong production the servicing portfolio increased by 14% over last year. Doral Bank, Puerto Rico (PR), which is Puerto Rico's fastest growing commercial bank, finished the year with $3.5 billion in assets and deposits of $1.5 billion. Doral Bank, New York (NY) continued its steady growth. As of December 31, 2001, Doral Bank NY had assets of $233.0 million and deposits of $169.6 million.