American Home Mortgage Reports Record Second Quarter Results; EPS Exceeds First Call Analyst Consensus

Business Wire, July 25, 2001

                 AMERICAN HOME MORTGAGE HOLDINGS, INC
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                 (In thousands except per share data)
                              (Unaudited)

                            Three Months Ended      Six Months Ended
                               June 30,                 June 30,
                              ---------                --------
                          2001        2000          2001         2000
                          ----        ----          ----         ----

Gain on sale
   of mortgage loans     $ 29,480     $ 9,838     $ 50,637    $ 17,870
Interest income - net       2,864         981        3,502       1,920
Other                           6         648          272       1,144
                         ---------    --------    ---------   --------
                           32,350      11,467       54,411      20,934
                         ---------    --------    ---------   --------

Salaries, commissions
   and benefits, net       14,944       5,224       25,596       9,597
Occupancy and equipment     2,295       1,303        4,123       2,379
Marketing and promotion     1,522         490        2,943         935
Provision for loss             54          49           84          49
Other                       3,867       2,287        7,470       4,274
                           -------      ------       ------     ------

                           22,682       9,353       40,216      17,234
                           --------     ------      -------    -------

Net income
  before income taxes       9,668       2,114       14,195       3,700
Income taxes                4,110         930        6,104       1,628
                           ------       -----       ------       -----

Net income before
 income taxes and
  cumulative effect
   of change in
    accounting principle    5,558       1,184        8,091       2,072

Cumulative effect of
  change in
   accounting principle
     net of income taxes        -           -        2,143           -
                          -------    --------     --------     -------
Net income                $ 5,558     $ 1,184     $ 10,234     $ 2,072
                          =======    ========     ========     =======

Per share data:
  Basic before cumulative
   effect of change in
    accounting principle   $ 0.62      $ 0.14       $ 0.90      $ 0.25

  Basic after cumulative
   effect of change in
    accounting principle   $ 0.62      $ 0.14       $ 1.14      $ 0.25

  Diluted before
   cumulative effect of
    change in accounting
     principle             $ 0.59      $ 0.14       $ 0.86      $ 0.25

  Diluted after
    cumulative effect of
     change in accounting
      principle            $ 0.59      $ 0.14       $ 1.09      $ 0.25
  Weighted average
   number of
    shares - basic      9,002,261   8,292,129    9,001,524   8,289,438

  Weighted average
   number of
    shares - diluted    9,491,296   8,292,129    9,379,156   8,289,438



                 AMERICAN HOME MORTGAGE HOLDINGS, INC
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                            (In thousands)

                                     June 30,           December 31,
                                      2001                 2000
                                      ----                 ----
                                   (unaudited)
Assets
 Cash and cash equivalents           $  6,609            $     6,005
 Mortgage loans
  held for sale - net                 248,208                143,967
 Other assets                          40,519                 33,560
                                 --------------      -----------------

    Total assets                   $  295,336           $    183,532
                                 ==============      =================

Liabilities
  Warehouse lines of credit       $   208,591          $     130,484
  Other liabilities                    49,847                 26,437

Stockholders' equity                   36,898                 26,611
                                 --------------      -----------------

  Total liabilities and
     stockholders' equity          $  295,336          $     183,532
                                 ==============      =================