<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 September 30, 1995_______________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 6,260,040 shares of common stock, par value $.025 per share,
outstanding as of the close of business on November 9, 1995.




              
<PAGE>   2

                                     PART I



                           MOBILE AMERICA CORPORATION

                                     INDEX



<TABLE>
<S>                                                                        <C>
Financial Statements:                                                      Page

     Part I
     ------

     Consolidated Balance Sheets                                             1

     Consolidated Statements of Operations                                   2

     Consolidated Statements of Cash Flows                                   3

     Consolidated Statements of Changes in
        Stockholders' Equity                                                 4

     Notes to Financial Statements                                          5-8

     Management's Discussion and Analysis
        of Results of Operations and Financial Condition                     9


     Part II
     -------

     Other Information, and Signatures                                      10

     Exhibit 11 - Computations of Earnings Per Share                        11
                                                                              
</TABLE>
<PAGE>   3


                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                    September 30, 1995 AND DECEMBER 31, 1994

<TABLE>
<CAPTION>

ASSETS                                      1995          1994     LIABILITIES AND STOCKHOLDERS' EQUITY      1995         1994
------                                      ----          ----     ------------------------------------      ----         ----
<S>                                     <C>          <C>           <C>                                   <C>          <C>
Investments:                                                                                                 
  Fixed maturities held to maturity     $ 72,226,037 $ 70,287,568  Insurance loss reserves, including        
    at amortized cost (fair value                                    future policy benefits              $ 41,638,656 $ 43,950,469
    $72,296,195 and $69,817,915)                                   Unearned premiums                       36,850,201   34,639,680 
  Equity Securities, at market             2,296,907    1,929,557  Reinsurance funds held and                                      
    (cost $2,470,997 and $2,087,656)                                 balances payable                      27,509,970   29,061,872 
  Notes receivable less unearned               3,139        5,012  Accrued expenses and other liabilities  12,179,913    9,351,078 
    discount of $173 and $379                                      Income taxes payable                     2,427,026         -    
  Short-term investments                  14,956,070   14,369,810  Unearned service fees                    1,954,465    1,197,905 
                                        ------------ ------------                                        ------------ ------------ 
                                                                                                                                   
              Total investments           89,482,153   86,591,947          Total liabilities             $122,560,231 $118,201,004 
                                        ------------ ------------                                        ------------ ------------ 
                                                                                                                                   
                                                                                                                                   
Cash                                       5,970,167    5,479,899                                                                  
Receivables:                                                       Stockholders' equity:                                           
  Insurance premiums                       4,389,622      712,658  Common stock, $.025 par value per share                         
  Accrued investment income and other      1,784,250    1,460,572    Authorized - 18,000,000 shares                                
  Reinsurance                             25,355,767   24,832,401      Issued                                                      
                                        ------------ ------------                                                                  
        Total receivables                 31,529,639   27,005,631      6,720,396 shares                       168,010      168,010 
                                        ------------ ------------                                                                  
                                                                                                                                   
Income taxes:                                                                                                                      
  Currently receivable                          -         178,413                                                                  
  Deferred                                   755,892      607,398  Preferred stock, $.10 par value per share                       
                                        ------------ ------------                                                                  
        Total income taxes                   755,892      785,811    Authorized - 500,000 shares                                   
                                        ------------ ------------    Issued and outstanding - none               -            -    
Prepaid reinsurance premiums              22,593,506   22,412,328                                                                  
                                                                                                                                   
Inventory of mobile homes                     39,545       39,545                                                                  
                                                                   Capital in excess of par value           2,686,060    2,686,060 
Deferred policy acquisition costs         (3,929,267)  (3,774,978)                                                                 
                                                                                                                                   
Property and Equipment:                                                                                                            
  Land, at cost                              356,970      356,970                                                                  
  Modular office equipment, at cost less                                                                                           
    accumulated depreciation of $308,090                                                                                           
    and $320,470                              11,602       12,883                                                                  
                                                                   Net unrealized losses on equity 
                                                                     securities                              (174,090)    (158,099)
  Equipment and leasehold improvements                                                                                             
    at cost less accumulated                                                                                                       
    depreciation and amortization of                               Treasury Stock at Cost, 460,356 and                             
    $1,821,280 and $1,725,426                783,963      727,104    456,356 shares                          (420,944)    (388,441)
                                        ------------ ------------                                                                  
                                                                                                                                   
     Total property and equipment:         1,107,679    1,096,957                                                                  
                                        ------------ ------------                                                                  
                                                                   Retained Earnings                       26,807,509   23,306,761 
                                                                                                         ------------ ------------ 
Prepaid expenses and other assets               -         100,693                                                                  
                                                                                                                                   
Equity in Pools and Associations           4,077,462    4,077,462  Total stockholders' equity              29,066,545   25,614,291 
                                        ------------ ------------                                        ------------ ------------ 
                                                                                                                                   
                                        $151,626,776 $143,815,295                                        $151,626,776 $143,815,295 
                                        ============ ============                                        ============ ============ 
                                                                                                                                   
                                                                                                                                   
</TABLE>

See notes to consolidated financial statements 
<PAGE>   4


                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                       UNAUDITED STATEMENTS OF OPERATIONS
  QUARTERS ENDED SEPTEMBER 30, 1995 AND 1994, NINE MONTHS ENDED SEPTEMBER 30,
                                 1995 AND 1994

<TABLE>
<CAPTION>
                                                                                  Nine Months Ended
                                           Quarters Ended September 30,              September 30 ,       
                                           -----------------------------        ----------------------
                                               1995           1994              1995              1994
                                               ----           ----              ----              ----
<S>                                        <C>              <C>              <C>              <C>
Revenues:
   Insurance premiums earned
     (net of premiums ceded of
     $13,188,504, $12,787,538
     $42,065,677 and $35,969,468)          $ 10,274,025     $ 7,562,217      $24,470,300      $26,559,807
   Service fees earned                        3,095,254         851,595        7,227,316        2,510,678
   Investment income                          1,381,763         773,674        3,946,719        2,939,563
   Equipment rentals                             20,965          19,462           60,503           61,393
   Other                                         40,886         140,021           67,703          150,078
   Sales of modular office equipment              2,650           8,334           11,250           38,143
   Net realized gains (losses)
       on investments                            93,803         (41,259)         198,356          781,837
                                            -----------     -----------      -----------      -----------
         Total revenues                      14,909,346       9,314,044      $35,982,147      $33,041,499
                                            -----------     -----------      -----------      -----------

Expenses:
   Losses and loss adjustment
     expenses (net of reinsurance
     recoveries of $11,286,936,
     $8,711,722, $31,196,110
     and $25,639,981)                         9,414,111       6,220,555       21,640,903       18,923,650
   Policy acquisition costs                   1,918,379       1,935,980        1,160,510        3,707,377
   Salaries and wages                         1,426,680       1,117,576        4,014,536        3,390,948
   General and administrative                   674,232         542,697        3,326,145        2,716,353
   Cost of sales of modular office
     equipment                                     -              6,000               44            7,596
                                            -----------     -----------        ---------        ---------

         Total expenses                      13,433,402       9,822,808       30,142,138       28,745,924
                                            -----------     -----------      -----------       ----------

Income (loss) before provision for
  income taxes                                1,475,944        (508,764)       5,840,009        4,295,575
Provision for income taxes:
   Current                                       61,429        (913,482)       1,541,532          829,518
   Deferred                                    (114,494)        300,000         (148,494)         137,000
                                            -----------     -----------      -----------      -----------
         Total provision for
           income taxes                         (53,065)       (613,482)       1,393,038          966,518
                                            -----------     -----------      -----------      -----------

Net income                                  $ 1,529,009     $   104,718      $ 4,446,971      $ 3,329,057
                                            ===========     ===========      ===========      ===========

Earnings per share:

         Net income                         $       .24     $       .02      $       .71      $       .53
                                            ===========     ===========      ===========      ===========

Weighted average number of
   common stock and common stock
     equivalents                              6,260,040       6,264,040        6,260,040        6,264,040
                                            ===========     ===========      ===========      ===========
</TABLE>

   See accompanying notes to financial statements.

                                     -2-
<PAGE>   5

                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                       UNAUDITED STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

<TABLE>
<CAPTION>
                                                                                         1995             1994
                                                                                         ----             ----
<S>                                                                                  <C>              <C>
Cash Flows from Operating Activities:
  Net Income                                                                         $ 4,446,971      $ 3,329,057
  Adjustments to reconcile net income to
   net cash provided by operating activities:
     Provisions for depreciation                                                         516,922          219,195
     (Gain) loss on sale of investments                                                 (198,356)        (781,837)
     (Increase) decrease in insurance premiums receivable                             (3,676,964)          36,036
     (Increase) decrease in accrued investment income
       and other receivables                                                            (323,678)         118,723
     (Increase) decrease in deferred policy acquisition costs                            154,289        1,075,422
     (Increase) decrease in prepaid expenses and other assets                            100,693              416
     Increase (decrease) in insurance loss reserves                                   (2,311,813)      (2,172,011)
     Increase (decrease) in unearned premiums                                          2,210,521         (863,863)
     Increase (decrease) in reinsurance funds held and
       balances payable                                                               (1,551,902)         787,369
     Increase (decrease) in accrued expenses
       and other liabilities                                                           2,828,835          123,935
     Increase (decrease) in current income taxes payable                               2,605,439          847,857
     Increase (decrease) in deferred income taxes payable                               (148,494)         137,000
     (Increase) decrease in prepaid reinsurance premiums                                (181,178)      (2,464,038)
     (Increase) decrease in reinsurance receivable                                      (523,366)         695,858
     Increase in unearned service fees                                                   756,560          708,413
                                                                                      ----------       ----------

                 Net cash provided by operating activities                             4,704,479        1,797,532
                                                                                      ----------       ----------

Cash Flows from Investing Activities:
   Net change in short term investments                                                 (586,260)      (1,626,512)
   Purchase of equity securities                                                      (2,073,775)      (1,704,982)
   Sale of equity securities                                                           1,852,021        2,898,997
   Purchase of modular offices, equipment
     and leasehold improvements                                                          158,326         (181,427)
   Purchase of fixed maturities                                                      (18,114,533)     (21,621,046)
   Sales and maturities of fixed maturities                                           15,526,863       20,669,394
   Notes receivable                                                                        1,873            4,286
                                                                                     -----------      -----------

                Net cash used in investing activities                                 (3,235,485)      (1,561,290)
                                                                                     -----------      ----------- 

Cash Flows from Financing Activities:
   Purchase of treasury stock                                                            (32,503)         (51,875)
   Dividends paid to shareholders                                                       (946,223)      (1,304,142)
                                                                                     -----------      ----------- 

                 Net cash used in financing activities                                  (978,726)      (1,356,017)
                                                                                     -----------      ----------- 

Net increase (decrease) in cash                                                          490,268       (1,119,775)

Cash, beginning year                                                                   5,479,899        4,662,848
                                                                                     -----------      -----------

Cash, end of period                                                                  $ 5,970,167      $ 3,543,073
                                                                                     ===========      ===========
</TABLE>

           See notes to consolidated financial statements.

                                      -3-
<PAGE>   6


                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
      UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                 NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994


<TABLE>
<CAPTION>
                                                      1995            1994    
                                                   -----------     -----------
<S>                                                <C>              <C>
Common Stock:

  No change during period                          $   168,010      $   168,010
                                                   -----------      -----------
Preferred Stock:

  No change during period                                -                -    
                                                   -----------      -----------
Capital in excess of par value:

  No change during period                            2,686,060        2,686,060
                                                   -----------      -----------

Net unrealized investment gains (losses)              (174,090)        (168,254)
                                                   -----------      ----------- 

Treasury Stock                                        (420,944)        (388,441)
                                                   -----------      ----------- 

Retained earnings:

  Balance at beginning of period                    23,306,761       20,562,457
  Net income                                         4,446,971        3,329,057
  Cash Dividends $.21 and $.435 per share             (946,223)      (1,304,142)
                                                   -----------      ----------- 
  Balance at end of period                          26,807,509       22,587,372
                                                   -----------      -----------

  Total stockholders' equity at end of period      $29,066,545      $24,884,747
                                                   ===========      ===========
</TABLE>



            See accompanying notes to financial statements.





                                      -4-
<PAGE>   7


                           MOBILE AMERICA CORPORATION
                         NOTES TO FINANCIAL STATEMENTS
                   QUARTERS ENDED SEPTEMBER 30, 1995 AND 1994

Note 1
         In the opinion of the Registrant, the accompanying unaudited,
consolidated, condensed financial statements contain all adjustments
(consisting of only normal occurring accruals) necessary to present fairly its
financial position as of September 30, 1995, and the results of its operations
and statement of cash flow for the nine months ended September 30, 1995.

Note 2

         The results of operations for the nine months ended September 30, 1995
are not necessarily indicative of the results to be expected for the full year.

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 (the Company) and its subsidiaries, all of which are
wholly-owned.  All significant intercompany transactions have been eliminated
in consolidation.

(c)      Basis of Inventory Valuation

         Inventories are valued at the lower of cost or market, with cost being
determined primarily under the specific identification method.




                                      -5-
<PAGE>   8

(d)      Investments

         The portfolio of marketable equity securities available for sale is
carried at fair value.  Fixed maturity investments are all classified as held
to maturity and are recorded at amortized cost.  The cost of securities sold is
based upon the specific identification method and any gains or losses are
reflected in earnings.

(e)      Deferred Policy Acquisition Costs

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

(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 betterments 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,




                                      -6-
<PAGE>   9

such as credit life insurance, 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.  Accident
and health insurance contracts may be short-duration or long-duration depending
on whether the contracts are expected to remain in force for an extended
period.  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 based on
historical assumptions and experience, and range from 3% to 4.5% at September
30, 1995.

         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 statement 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.




                                      -7-
<PAGE>   10

(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)      Commitments and Contingencies

         The IRS recently concluded its examination of the company's 1993 tax
return.  The result of this examination was an adjustment in the timing of
revenue recognition for that year.  Accordingly, while revenue was under
reported in 1992, this effect has reversed in subsequent periods.  The net
impact on the Company's financial statement was deemed to be immaterial.

Note 4

         Service fees earned of $3,095,254 in the third quarter of 1995 and
$7,227,316 in the first nine months of 1995 as well as $851,595 in the third
quarter of 1994 and $2,510,678 in the first nine months of 1994 reflect a
reclassification of fees earned by the company's managing general agency for
the servicing of insurance policies.  In prior periods those amounts were
reported as a reduction to policy acquisition costs.

         The amounts reclassified from policy acquisition costs to service fees
earned are as follows:

<TABLE>
<CAPTION>
                 Quarter Ended September 30,         Nine Months Ended September 30,
                     1994             1995               1994             1995   
                 -----------      -----------        -----------      -----------
                 <S>              <C>                <C>              <C>
                 $   521,237      $ 1,471,772        $ 1,817,337      $ 3,645,570
</TABLE>


                                      -8-
<PAGE>   11

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.

Operations

         Total consolidated revenues increased by 8.9% from $33,041,499 for
the first nine months of 1994 to $35,982,147 for the first nine months of 1995.
Correspondingly, total consolidated expenses decreased 4.9% from $28,745,924
for the first nine months of 1994 to $30,142,138 for the first nine months of
1995.

         While insurance premiums earned declined 7.9% from $26,559,807 in the
first nine months of 1994 to $24,470,300 for the first nine months of 1995,
principally due to the classification of certain premiums as fees, service fees
earned increased over 187.9% from $2,510,678 during the first nine months of
1994 to $7,227,316 during the first nine months of 1995. The service fee growth
is due to a strong volume of policies administered for the State of Florida's
joint underwriting associations as well as growth of the company's premium
finance business unit. Investment income increased from $2,939,563 for the
first nine months of 1994 to $3,946,719 during the first nine months of 1995,
an increase of 34.3%.  The increase in investment income was offset by a
decline in net realized capital gains from $781,837 in the first nine months of
1994 to $198,356 during the first nine months of 1995.


         Loss and loss adjustment expenses as a percentage of earned premium
increased from 71.2% for the first nine months of 1994 to 88.4% for the first
nine months of 1995.  This is the result of the company's continuing efforts to
strengthen reserves in the private passenger personal injury protection line of
business.  Salaries and wages and general and administrative expenses increased
from $6,107,301 during the first nine months of 1994 to $7,340,681 during the
first nine months of 1995.


Financial Condition

         Cash dividend and any capital expenditure requirements continue to be
provided by funds generated from operations.  Liquidity remains substantial as
emphasis continues to be placed on investment portfolio strength and
flexibility so as to take advantage of investment yield opportunities as well
as the timely payment of claims.

         The Company consummated a $12 million loan from SouthTrust Bank in
October 1995.  The proceeds are to be used primarily to provide additional
capital for growth.





                                      -9-
<PAGE>   12

                                    Part II

                               OTHER INFORMATION

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
                  September 30, 1995.





                                   SIGNATURES

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



                                                  MOBILE AMERICA CORPORATION
                                                  --------------------------
                                                         Registrant
                                              
                                              
November 11, 1995                                 By/s/ Joseph M. Bost      
-----------------                                 --------------------------
      Date                                        Joseph M. Bost
                                                  Chief Financial Officer
                                              
                                              
                                              
                                                  By/s/ Thomas L. Stinson
                                                  -----------------------
                                                  Thomas L. Stinson
                                                  Vice President





                                      -10-
<PAGE>   13
                              INDEX TO EXHIBITS


     (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
                  September 30, 1995.