<PAGE>   1

                                  FORM 10-Q

                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D. C. 20549

                 Quarterly Report Under Section 13 or 15(d)

                   of the Securities Exchange Act of 1934

     For Quarter Ended June 30, 1997_________Commission File No. 0-6764
                                   


                         MOBILE AMERICA CORPORATION
--------------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


          Florida                                                     59-1218935
--------------------------------------------------------------------------------
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)


    100 Fortune Parkway, Jacksonville, Florida                             32256
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code         (904) 363-6339
                                                  ------------------------------


                                     N/A
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report


     Indicate by check mark whether the registrant (1) has filed all reports
 required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
    1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
                   filing requirements for the past 90 days.

                             Yes   X      No      .
                                 -----       ----- 

                   (APPLICABLE ONLY TO CORPORATE ISSUERS)

         There were 7,147,334 shares of common stock, par value $.025 per share,
outstanding as of the close of business on August 8, 1997.


<PAGE>   2



 
                                   PART I



                         MOBILE AMERICA CORPORATION

                                     INDEX


<TABLE>
<CAPTION>
Financial Statements:                                                                                   Page
         <S>                                                                                              <C>
         Part I

         Unaudited Consolidated Balance Sheets                                                              1
 
         Unaudited Consolidated Statements of Operations                                                    2
 
         Unaudited Consolidated Statements of Cash Flows                                                    3

         Unaudited Consolidated Statements of Changes in
           Stockholders' Equity                                                                             4

         Notes to Financial Statements                                                                    5-7

         Management's Discussion and Analysis
           of the Unaudited Consolidated Statements of Operations                                         8-9

         Exhibit 11 - Computations of Earnings Per Share                                                   10

         Part II
 
         Other Information, and Signatures                                                                 11

</TABLE>






<PAGE>   3





                 MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                    UNAUDITED CONSOLIDATED BALANCE SHEETS
                     June 30, 1997 and December 31, 1996



<TABLE>
<CAPTION>

            ASSETS                                  1997          1996                                                        
--------------------------------------------------------------------------                                                
                                                                                                                                   
<S>                                            <C>            <C>             
Investments:                                                                                                                       
  Securities held to maturity                                                                                                      
   at amortized cost (fair value                                                                                                   
   $48,432,008 and $48,991,063)                $ 48,690,505   $ 49,094,824                                                   
  Securities available for sale at fair value                                                                                      
   (amortized cost $36,584,444                                                                                                     
   and $38,651,393)                              37,018,586     38,955,502                                                         
  Notes receivable less unearned                                                                                                   
   discount                                             157            157                                                         
  Short-term investments                         12,550,217     22,231,475                                                         
                                               ---------------------------                                                     
     Total investments                           98,259,465    110,281,958           
                                               ---------------------------                                                     
                                                                                                                                   
                                                                                                                                   
Cash                                              5,455,070      1,802,644                                                         
  Receivables:                                                                                                                     
   Insurance premiums                             4,228,453      3,916,439                                                         
   Accrued investment income                      1,456,748      1,601,798                                                         
   Reinsurance on paid losses                        35,793         31,935                                                         
   Reinsurance Recoverable                       21,273,030     27,638,632                                                         
                                               ---------------------------                                                      
     Total receivables                           26,994,024     33,188,804                                                         
                                               ---------------------------                                                      
Deferred income tax                               2,125,440      2,043,257                                                         
                                                                                                                                   
                                                                                                                                   
 Prepaid reinsurance premiums                    19,795,008     20,347,436                                                         
                                                                                                                                   
 Inventory of mobile homes                           27,878         27,878                                                         
                                                                                                                                   
                                                                                                                                   
 Deferred policy acquisition costs               (2,331,248)    (2,734,995)                                                        
                                                                                                                                   
                                                                                                                                   
 Property and Equipment:                                                                                                           
   Land, at cost                                    524,043        524,043                                                         
   Modular office equipment, at cost less                                                                                          
    accumulated depreciation of $7,982                                                                                             
    and $7,982                                        3,000          3,000                                                         
                                                                                                                                   
   Equipment and leasehold improvements                                                                                            
    at cost less accumulated                                                                                                       
    depreciation and amortization of                                                                                        
    $2,160,634 and $2,070,009                       623,302        544,663                                                         
                                               ---------------------------                                                      
      Total property and equipment:               1,150,345      1,071,706                                                         
                                               ---------------------------                                                     
 Equity in pools and associations                 1,185,842      1,185,843                                                         
 other assets                                       725,624        872,370                                                         
                                               ---------------------------                                                   
                                               $153,387,448   $168,086,901                                                         
                                               ===========================                                   

<CAPTION>
 LIABILITIES AND STOCKHOLDERS' EQUITY               1997          1996     
--------------------------------------------------------------------------
                                                                
<S>                                             <C>           <C>        
Insurance loss reserves, including                             
  future policy benefits                        $ 38,871,121  $ 47,695,655            
Unearned premium                                  38,390,183    38,118,629            
Reinsurance funds withheld and                                                     
  balances payable                                10,786,794    17,353,367            
Accrued expenses and other liabilities            15,380,723    15,636,751            
Deferred income tax on net unrealized gains on                           
  securities available for sale                      147,608       103,397           
Unearned service fee                                 953,250     1,329,632           
Note payable                                      12,000,000    12,000,000           
Current income taxes payable                        (197,620)     (327,551)                                                        
                                                --------------------------                                                   
          Total liabilities                      116,332,059   131,909,880           
                                                --------------------------                                                       
                                                                                                                 
Stockholders' equity:                                          
Common stock, $.025 par value per share                        
   Authorized-18,000,000 shares                                 
   Issued - 7,644,414 and 6,720,396 shares           191,110       168,010       
                                                                                 
 Capital in excess of par value                    3,699,807     2,729,588       
                                                                
 Net unrealized appreciation on securities                      
  available for sale net of deferred                            
  income taxes                                       286,534       200,712   
                                                                             
 Treasury stock at cost, 497,080 and                                         
  465,356 shares                                    (894,907)     (510,122   
                                                                
 Retained earnings                                33,772,845    33,588,833         
                                                --------------------------                                                     
 Total stockholders' equity                       37,055,389    36,177,021         
                                                --------------------------
                                                $153,387,448  $168,086,901         
                                                ==========================                                   
</TABLE>                                                                   


See notes to consolidated financial statements.


<PAGE>   4


                 MOBILE AMERICA CORPORATION AND SUBSIDIARIES
               UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTERS ENDED JUNE 30, 1997 AND 1996, SIX MONTHS ENDED JUNE 30, 1997 AND 1996


<TABLE>
<CAPTION>
                                                    Quarters Ended June 30      Six Months Ended June 30
                                                       1997          1996           1997         1996
                                                   -------------------------    ------------------------

<S>                                                <C>            <C>           <C>          <C>        
Revenues:
 Insurance premiums earned net of
  premiums ceded of $12,306,563, $13,372,205,
  $24,758,735 and $27,064,138                      $11,125,519    $9,491,528    $22,552,522  $19,102,365
 Service fees earned                                 2,638,161     3,553,546      4,921,222    6,068,112
 Investment income                                   1,442,349     1,672,300      2,961,869    3,309,685
 Other                                                   9,254        (3,907)        13,794        7,592
 Net realized gains on investments                       7,013        81,255         22,509      222,494
                                                   -------------------------    ------------------------
     Total revenues                                 15,222,296    14,794,722     30,471,916   28,710,248
                                                   -------------------------    ------------------------

Expenses:
 Losses and loss adjustment expenses,  net of    
  reinsurance recoveries of $10,449,037,      
  $14,963,801,  $19,829,411 and $24,829,162.         8,184,631     7,357,383     16,806,019   14,074,895
 Policy acquisition costs                               82,031       750,116      1,172,521    2,438,610
 Salaries and wages                                  1,709,520     1,498,768      3,792,541    3,273,845
 General and administrative                          1,921,162     1,915,684      2,903,024    3,476,237
 Interest expense                                      258,448       251,766        508,542      507,266
                                                   -------------------------    ------------------------
     Total expenses                                 12,155,792    11,773,717     25,182,647   23,770,853
                                                   -------------------------    ------------------------

 Income before provision for income taxes            3,066,504     3,021,005      5,289,269    4,939,395
                                                   -------------------------    ------------------------

 Provision and (benefit) for income taxes:
  Current                                            1,034,729     1,513,704      1,719,071    2,023,704
  Deferred                                             (53,914)     (530,046)       (82,183)    (555,046)
                                                   -------------------------    ------------------------

     Total provision for income taxes                  980,815       983,658      1,636,888    1,468,658
                                                   -------------------------    ------------------------

Net income                                         $ 2,085,689   $ 2,037,347    $ 3,652,381  $ 3,470,737
                                                   =========================    ========================

Earnings per share:
 Net income                                              $0.33         $0.32          $0.58        $0.55
                                                   =========================    ========================

Weighted average number of common stock and
 common stock equivalents                            6,271,888     6,296,379      6,271,888    6,296,379
                                                   =========================    ========================

</TABLE>



See notes to consolidated financial statements.



                                     -2-


<PAGE>   5

                 MOBILE AMERICA CORPORATION AND SUBSIDIARIES
               UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   SIX MONTHS ENDED JUNE 30, 1997 AND 1996



<TABLE>
<CAPTION>
                                                          1997          1996
                                                       ------------------------ 

<S>                                                   <C>           <C>        
Cash Flows from Operating Activities:
 Net Income                                           $ 3,652,381   $ 3,470,737
 Adjustments to reconcile net income to
  net cash provided by operating activities:
  Provision for depreciation                               72,699        95,267
  Gain on sale of investments                             (22,509)     (222,494)
  Increase in insurance premiums receivable              (312,014)     (708,529)
  Decrease in accrued investment
   income                                                 145,050       156,597
  Decrease in prepaid reinsurance premiums                552,427     3,298,929
  Decrease in reinsurance recoverable                   6,361,744     4,184,209
  Increase in deferred policy acquisition costs          (403,747)   (2,210,945)
  Decrease in prepaid expenses and other assets           146,746        63,077
  Decrease in insurance loss reserves                  (8,824,534)   (5,457,748)
  Increase (decrease) in unearned premium                 271,554    (1,733,771)
  Decrease in reinsurance funds held and
   balances payable                                    (6,566,573)   (4,939,460)
  Decrease in accrued expenses and 
   other liabilities                                     (256,028)   (4,445,969)
  Increase in current income taxes                        129,931       203,879
  Increase in deferred income taxes                       (82,183)   (1,059,121)
  Decrease in unearned service fees                      (376,382)     (687,127)
                                                      ------------------------- 
         Net cash used by
           operating activities                       ($5,511,438)  ($9,992,469)
                                                      ------------------------- 

Cash Flows from Investing Activities:
 Net change in short term investments                   9,681,258    10,870,863
 Purchase of investments                               (6,601,407)  (23,709,328)
 Proceeds from sale and maturity of investments         9,113,141    16,022,260
 Purchase of property and equipment                      (169,264)     (227,846)
 Sale of modular offices and equipment                          0         4,600
 Notes receivable                                               0         1,476
                                                      ------------------------- 
         Net cash provided by investing
           activities                                  12,023,728     2,962,025
                                                      ------------------------- 

Cash Flows from Financing Activities:
 Stock Dividend, fractional shares                           (663)            0
 Purchase of Treasury Stock                              (384,785)            0
 Dividends paid to stockholders                        (2,474,416)   (2,171,236)
                                                      ------------------------- 
         Net cash used by
           financing activities                        (2,859,864)   (2,171,236)
                                                      ------------------------- 

Net increase (decrease) in cash                         3,652,426    (9,201,680)

Cash, beginning of period                               1,802,644     6,510,457
                                                      ------------------------- 

Cash, end of period                                   $ 5,455,070   ($2,691,223)
                                                      =========================
</TABLE>

See notes to consolidated financial statements.



                                     -3-
<PAGE>   6

                 MOBILE AMERICA CORPORATION AND SUBSIDIARIES
     UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                   SIX MONTHS ENDED JUNE 30, 1997 AND 1996


<TABLE>
<CAPTION>
                                                       1997             1996
                                                  ----------------------------

<S>                                               <C>              <C>        
Common Stock:
      Balance at beginning of period              $   168,010      $   168,010
      Stock dividend                                   23,100                0
                                                  ----------------------------

      Balance at end of period                        191,110          168,010
                                                  ----------------------------

Preferred Stock:
      No Change during period                               0                0
                                                  ----------------------------

Capital in excess of par value:
      Balance at beginning of period                2,729,588        2,686,060
      Stock dividend                                  970,219                0
                                                  ----------------------------
      Balance at end of period                      3,699,807        2,686,060
                                                  ----------------------------
Net unrealized appreciation on securities
available for sale:
      Balance at beginning of period                  200,712          691,185
      Increase (decrease)                             130,033         (717,782)
      Deferred taxes on unrealized gains              (44,211)         243,000
                                                  ----------------------------

      Balance at end of period                        286,534          216,403
                                                  ----------------------------

Treasury Stock:
      Balance at beginning of period                 (510,122)        (420,944)
      Purchases of 31,724 
      and 0 shares                                   (384,785)               0
                                                  ----------------------------

      Balance at end of period                       (894,907)        (420,944)
                                                  ----------------------------

Retained earnings:
      Balance at beginning of period               33,588,833       28,188,679
      Net income                                    3,652,380        3,470,737
      Stock Dividend                                 (993,952)               0
      Cash dividends $.40 and $.35 
        per share                                  (2,474,416)      (2,171,236)
                                                  ----------------------------

      Balance at end of period                     33,772,845       29,488,180
                                                  ----------------------------

Total stockholders' equity at end of period       $37,055,389      $32,137,709
                                                  ============================ 


</TABLE>


See notes to consolidated financial statements.




                                     -4-
<PAGE>   7

                          MOBILE AMERICA CORPORATION
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1

         In the opinion of Mobile America Corporation (the Company), the
accompanying unaudited, consolidated, condensed financial statements contain all
adjustments (consisting of only normal occurring accruals) necessary to present
fairly its financial position and operating results for the interim periods.

Note 2

         The results of operations for the six months ended June 30, 1997 are
not necessarily indicative of the results to be expected for the full year or
any future interim period.

Note 3 - Summary of Significant Accounting Policies

(a)      Basis of Financial Statement Presentation

         The consolidated financial statements have been prepared on the basis
of generally accepted accounting principles which vary from statutory reporting
practices prescribed or permitted for insurance companies by regulatory
authorities. 

(b)      Principles of Consolidation 

         The accompanying consolidated financial statements include Mobile
America Corporation and its subsidiaries, all of which are wholly-owned. All
significant intercompany transactions have been eliminated in consolidation. 

(c)      Method for Valuing Investments 

         Investments in debt and equity securities are accounted for in
accordance with Statement of Financial Accounting Standards No. 115, "Accounting
for Certain Investments in Debt and Equity Securities". Management determines
the appropriated classification of its investments at time of purchase. Debt
securities are classified as held to maturity when the Company has the positive
intent and ability to hold the securities to maturity. Held to maturity
securities are stated at amortized cost. Debt securities for which the Company
does not have the intent or ability to hold to maturity are classified as
available for sale, along with investments in equity securities. Securities
available for sale are carried at fair value, with unrealized gains and losses,
net of income taxes, reported as a separate component of Shareholders' Equity.
The Company has no investments which qualify as trading. Fair values are based
on quoted market prices or dealer quotes, if available. If a quoted market price
is not available, fair value is estimated using quoted market prices for similar
securities. 




                                     -5-

<PAGE>   8


(d)      Realized Investment Gains and Losses

         The cost of securities sold is based upon the specific identification
method and any gains or losses are reflected in the accompanying statements of
operations.

(e)      Deferred Policy Acquisition Costs

         The costs, primarily commissions, associated with acquiring new
insurance contracts have been deferred. Such costs are being amortized in
proportion to premiums earned on the underlying contracts or over the contracts
premium paying period. 

(f)      Depreciation and Amortization 

         Depreciation and amortization of properties, equipment and leasehold
improvements are calculated principally under the straight-line method based on
the estimated useful life of the asset for financial reporting purposes.
Maintenance and repairs are charged to expenses as incurred; additions and major
betterment's are capitalized and depreciated. At the time of retirement or other
disposition of property, equipment or leasehold improvements, the accounts are
relieved of the cost and the related accumulated depreciation and any gains or
losses are reflected in income. 

(g)      Insurance Contracts 

         The insurance contracts accounted for in these financial statements
include both short-duration contracts and long-duration contracts.
Short-duration contracts provide insurance protection for a fixed period of
short duration and enable the insurer to cancel the contract or to adjust the
provisions at the end of any contract period. Most property-liability insurance
contracts and certain term life insurance contracts are short-duration
contracts. Long-duration contracts generally are not subject to unilateral
changes in their provisions and require the performance of various functions and
services, including insurance protection, for an extended period. Long-duration
contracts include whole-life contracts and guaranteed renewable term life
contracts The Company has not issued any participating policies. 

(h)      Insurance Loss Reserves 

         The liability for future policy benefits of long-duration contracts has
been provided for on a net level premium method based on estimated investment
yields, withdrawals, mortality, terminations, morbidity, and other assumptions
which were appropriate at the time the contracts were issued. Such estimates
were based on past experience as adjusted to provide for possible adverse
deviation from the estimates. Interest assumptions are 



                                     -6-
<PAGE>   9



based on historical assumptions and experience, and range from 3% to 4.5%. 


         The liabilities for unpaid claims of short-duration contracts and
related adjustment expenses are determined using case basis evaluations and
statistical analysis and represent estimates of the ultimate net cost of all
reported and unreported claims relating to insured events which are unpaid at
the balance sheet date. The liabilities include estimates of future trends in
claims severity and frequency and other factors which could vary as the claims
are ultimately settled. Although such estimates may vary, management believes
that the liabilities for unpaid claims and related adjustment expenses are
adequate. The estimates are continually reviewed, and as adjustments to these
liabilities become necessary, they are reflected in current operations. 

(i)      Recognition of Premium Revenues and Costs 

         Premiums for long-duration contracts are recognized as revenues when
due from the policyholders. A liability for the expected costs relating to such
long-duration contracts is accrued over the current and expected renewal
periods. Premiums for short-duration contracts are recognized as revenues over
the period of the contract in proportion to the amount and duration of insurance
protection provided. 

(j)      Recognition of Service Fees 

         Service fees represent proceeds from servicing insurance policies for
third parties on a fee-for-service basis. Fees are recognized as revenue over
the expected service life of the underlying insurance policies. 

(k)      Estimates

         The preparation of the consolidated financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates. 

Note 4:  Stock Dividend 

         On June 10,1997 the Company announced a 15% stock dividend on it's
$.025 par value common stock effective for shareholders of record on June
23,1997. Under this plan 924,018 shares are to be issued at a market value of
$10.75. 

         Weighted average shares outstanding used in the earnings per share
calculations have been adjusted to reflect this stock dividend.



                                     -7-
<PAGE>   10


       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                     RESULTS OF OPERATIONS JUNE 30, 1997.

Six Months Ended June 30, 1997 Compared to Six Months Ended June 30, 1996

Net income increased 5.2% to $3,652,381 for the first six months of 1997,
compared to $3,470,737 in 1996. Consolidated revenues were $30,471,916 for the
six month period, a 6.1% increase over the $28,710,248 reported during the
comparable period in 1996. Earnings per share improved 5.5% to $.058 per share
in the current year, from $.55 per share reported in 1996. The improved earnings
performance resulted primarily from increased revenue in the automobile lines of
business, the result of rate increases instituted in late 1995 and 1996, higher
earnings in the Company's property surplus lines-business segment and lower
acquisition costs.

Insurance premiums earned increased 18.1% to $22,552,522 in 1997 from
$19,102,365 reported in 1996. This increase is due to premium rate increases on
personal injury protection and property damage liability business instituted in
late 1995 and 1996 as well as a 1005.8% increase in earned premium from the
property business produced through the Company's surplus-lines subsidiary. The
Company plans to continue expansion in the surplus-lines market.

Investment income decreased 10.5% to $2,961,869 from $3,309,685 reported during
the same period in 1996 primarily due to a reduction of invested assets to meet
claim payment requirements. Service fees earned decreased 18.9% to $4,921,222 in
1997 compared to $6,068,112 reported in 1996. The reduction in earned service
fees results from the renewal of certain Florida Residential Property and
Casualty Joint Underwriting Association (FRPCJUA) agreements at a less favorable
price, a delay in receiving policies to service under these agreements, a
reduction in the FRPCJUA policy base due to the State of Florida Take Out
Program and a change, mandated by statute, in the term of the policies issued
resulting in a significant reduction in policy renewals during the period
December 1996 to June 1997. The Company has reached an agreement to process an
additional 6,000 policies and is currently negotiating for an additional 25,000
policies. If successful, fees from the FRPCJUA business will increase over the
next twelve months, albeit at a lower price per policy. The Company is currently
in the process of making a bid to continue as a servicing carrier for the
Florida Automobile Joint Underwriting Association.

Consolidated expenses increased 5.9% to $25,182,647 during the first six months
of 1997 from $23,770,853 reported during the comparable period of 1996.

Loss and loss adjustment expenses increased 19.4% due to continued
strengthening of loss and loss adjustment expense reserves relating to minimum
limits automobile personal injury protection business. The Company believes
that it's current reserves are adequate and proper; however, additional reserve
increases may be required in the future. In it's efforts to reduce loss
and loss adjustment expenses, as it relates to earned premium, the Company
initiated a significant rate increase in the minimum limits personal injury
protection line of business during the fourth quarter of 1996. This increase
follows closely behind a similar sized rate increase in the fourth quarter of
1995. These rate increases have not adversely affected premium production or
market position. Due to the inherent uncertainty in estimating reserves for
losses and loss adjustment expenses there can be no assurance that the ultimate
liability will not exceed the amounts reserved, resulting in an adverse effect
on the Company.

Policy acquisition costs decreased 51.9% in the first six months of 1997, the
result of lower commission rates and adjustments to certain reinsurance
contracts.

Salary and wages increased 15.8% due to additional salary positions associated
with the growth in the Company's premium finance, fee for service and
surplus-lines businesses, an increase in the number of key management personnel
to manage the Company into the next century and an increase in the number of
participants in the Company's Variable Compensation Plan based on the Company's
year end income after federal income taxes. General expenses declined 16.4%, the
result of reclassifying certain overhead expenses to loss expense.

Second Quarter Ended June 30, 1997 Compared to Second Quarter Ended June 30,
1996

Net income rose 2.4% to $2,085,689 on revenues of $15,222,296 during the second
quarter of 1997, compared to $2,037,347 on revenues of $14,794,722 in 1996.
Earnings per share increased to $.33 per share, from the $.32 reported in 1996.
The same factors discussed in the year-to-date comparison were responsible for
the quarter-to-quarter earnings improvement.



                                     -8-


<PAGE>   11

Insurance premiums earned increased 17.2% to $11,125,519 in 1997 from $9,491,528
reported in 1996, due to premium rate increases on personal injury protection
and property damage liability business and an increase in earned premium from
the property business produced in the surplus-lines market. Investment income
decreased 13.8% to $1,442,349 from $1,672,300 reported during the same period in
1996 primarily due to a reduction of invested assets to meet claim payment
requirements. Service fees earned decreased 25.7% to $2,638,161 in 1997 compared
to $3,553,546 reported in 1996. The same factors discussed in the year-to-date
comparison were responsible for the quarter-to-date earnings improvement.

Consolidated expenses increased 3.3% to $12,155,793 during the second quarter of
1997, from $11,773,717 reported during the comparable period of 1996.

Loss and loss adjustment expenses increased 11.2% due to continued strengthening
of loss and loss expense reserves relating to minimum limits automobile personal
injury protection business. Policy acquisition costs decreased 89.0% in the
second quarter of 1997, the result of lower commission rates and adjustments to
certain reinsurance contracts. Salary and wages increased 14.0% due to
additional salary positions associated with the growth in the Company's premium
finance, fee for service and surplus-lines businesses, an increase in the number
of key management personnel to manage the Company into the next century and an
increase in the number of participants in the Company's Variable Compensation
Plan.

Financial Position & Liquidity and Capital Resources

Cash flow from operations was negative during the first six months of 1997 as
loss and loss adjustment expense payments and consolidated operating expense
payments exceeded premium and investment revenues. Such negative cash flow
resulted in part from continued poor loss development in the minimum limit
automobile personal injury protection line of business. The Company's practice
of maintaining a highly liquid investment portfolio allowed the Company to meet
cash demands with no adverse impact on operating performance. The net cash used
by operating activities of $5,511,438 is a significant improvement over the
$9,992,469 used during the first six months of 1996 and Management is optimistic
that cash flow will improve during 1997 as rate increases take affect and the
settlement of losses returns to a more normal pattern.

The Company maintains sufficient liquidity to meet operational needs. Cash
dividends and capital expenditure requirements are provided by investing
activities. The investment policy continues to empathize higher quality
securities matched closely with the short liability duration.
 


                                     -9-
<PAGE>   12

                                   Part II

                              OTHER INFORMATION

Item 4- Submission of Matters to a Vote of Security Holders
At the Company's annual meeting of stockholders held on May 23,1997, the
following members were elected to the Board of Directors:

                  Allan J. McCorkle                  Thomas J. McCorkle
                  R. Lee Smith                       Robert Thomas III
                  Jack Horne Chambers                John Michael Garrity
                  Thomas Edwin Perry

Approval was granted to increase the number of shares authorized for issuance
under the Mobile America Corporation Incentive Plan by 100,000 to a total of
300,000 shares and to change the 25,000 per person option limit to an annual
limit.

Item 6 - Exhibits and Reports on Form 8-K

     (a)          Exhibits:

                  11.  Unaudited computations of earnings per share.
                  27.  Financial Data Schedule (for SEC use only).

     (b)          Reports on Form 8K

                  No reports on Form 8K were filed for the quarter ended
                  June 30, 1997.


                                  SIGNATURES

   Pursuant to the requirements of the Securities Act of 1934, the Registrant 
has duly caused this report to be signed on it's behalf by the undersigned
thereunto duly authorized.



                                                  MOBILE AMERICA CORPORATION
                                                          Registrant


August 13, 1997                                   By /s/ Thomas L. Stinson
---------------                                      ----------------------
    Date                                                 Thomas L. Stinson
                                                  Senior Vice President and
                                                   Chief Financial Officer



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