American Home Mortgage Reports First Quarter Results; Announces Record Results For a First Quarter and Reaffirms Guidance

Business Wire, April 25, 2002

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

                                               Three Months Ended
                                                   March 31,
                                            2002                2001
                                            ----                ----

Gain on sale of mortgage loans            $ 30,633          $  21,158
Interest income - net                        2,997                637
Other                                          312                266
                                          ------------    ------------
                                            33,942             22,061
                                          ------------    ------------
Salaries, commissions and benefits, net     15,002             10,651
Occupancy and equipment                      2,381              1,828
Marketing and promotion                      1,576              1,421
Data processing and communications           1,434                777
Other                                        3,126              2,857
                                          ------------    ------------
                                            23,519             17,534
                                          ------------    ------------
Net income before income taxes
 and cumulative effect of change in
 accounting principle                       10,423              4,527
Income taxes                                 3,719              1,994
                                          -------------    -----------
Net income before cumulative effect
 of change in accounting principle           6,704              2,533

Cumulative effect of change in accounting
 principle  net of income taxes                  -              2,143
                                          ------------     -----------
Net income                                $  6,704           $  4,676
                                          ============     ===========

Per share data:
  Basic before cumulative effect
   of change in accounting principle      $   0.56           $   0.28
  Basic after cumulative effect
   of change in accounting principle      $   0.56           $   0.52
  Diluted before cumulative effect
   of change in accounting principle      $   0.54           $   0.28
  Diluted after cumulative effect
   of change in accounting principle      $   0.54           $   0.51
  Weighted average number
   of shares - basic                    12,066,669          9,000,779
  Weighted average number
   of shares - diluted                  12,529,918          9,157,223


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

                                           March 31       December 31
                                             2002            2001
                                             ----            ----
Assets
  Cash and cash equivalents             $   11,915         $   26,393
  Mortgage loans held for sale - net       192,198            419,900
  Other assets                              61,966             54,832
                                       -------------       -----------

    Total assets                        $  266,080         $  501,125
                                       =============       ===========

Liabilities
  Warehouse lines of credit             $  154,562         $  351,454
  Other liabilities                         25,345             71,054

Stockholders' equity                        86,173             78,617
                                       -------------       -----------

    Total liabilities and
     stockholders' equity               $  266,080         $  501,125
                                       =============       ===========