Imperial Credit Mortgage Holdings Inc.: The Santa...

Imperial Credit Mortgage Holdings Inc.: The Santa Ana Heights real estate investment trust reported a surge in net income for the first quarter and said it plans a public offering of up to 2.5 million shares of common stock.

Net income for the first quarter rose to $1.7 million, or 39 cents a share, from $364,271 for the same period in 1995. Revenue increased to $13.7 million from $520,000.

The company plans to make the stock offering within the next 30 to 60 days. Imperial Credit said it plans to use proceeds for long-term investment operations, warehouse lending operations and for general corporate purposes.