<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, 1996_________________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 September 30, 1996.





<PAGE>   2

                                     PART I



                           MOBILE AMERICA CORPORATION

                                     INDEX



Financial Statements:                                               Page        
                                                                                
     Part I                                                                     
     ------                                                                     
                                                                                
<TABLE>                                                                         
     <S>                                                               <C>      
     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 the Consolidated Statements of Operations                   9        
                                                                                
     Exhibit 11 - Computations of Earnings Per Share                   10       
                                                                                
                                                                                
     Part II                                                                    
     -------                                                                    
                                                                                
     Other Information, and Signatures                                 11       
</TABLE>







<PAGE>   3




                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                    September 30, 1996 and December 31, 1995

<TABLE>
<CAPTION>


                ASSETS                                   1996               1995            
                ------                                   ----               ----            
<S>                                                 <C>                 <C> 
Investments:                                                             
 Securities held to maturity                                             
  at amortized cost (fair value                                          
  $60,485,078 and $52,785,561)                      $ 60,719,641        $ 52,460,555        
 Securities available for sale                                           
  (amortized cost $32,021,346                                            
   and $34,644,650                                    32,341,106          35,690,835               
 Notes receivable less unearned                                          
  discount                                                   404               2,650              
 Short-term investments                               14,219,393          22,470,314        
                                                    ------------        ------------        
                                                                         
      Total investments                              107,280,544         110,624,354        
                                                    ------------        ------------        
                                                                         
                                                                         
Cash                                                  (2,434,907)          6,510,457        
Receivables:                                                             
 Insurance premiums                                    3,418,795           2,563,715                  
 Accrued investment income and other                   1,699,524           1,971,356               
 Reinsurance                                          26,179,905          33,822,126        
                                                    ------------        ------------        
                                                                         
   Total receivables                                  31,298,224          38,357,197        
                                                    ------------        ------------        
                                                                         
Income taxes:                                                            
 Currently receivable                                       -                   -           
 Deferred                                              1,994,439             760,025        
                                                    ------------        ------------        
                                                                         
   Total income taxes                                  1,994,439             760,025        
                                                    ------------        ------------        
                                                                         
Prepaid reinsurance premiums                          18,621,491          24,260,694        
                                                                         
Inventory of mobile homes                                 39,545              39,545        
                                                                         
Deferred policy acquisition costs                     (1,205,980)         (4,209,840)       
                                                                         
Property and Equipment:                                                  
 Land, at cost                                           356,970             356,970        
 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                                       
  $2,099,532 and $1,953,916                              752,517             630,458        
                                                    ------------        ------------        
                                                                         
  Total property and equipment:                        1,112,487             990,428        
                                                    ------------        ------------        
                                                                         
Equity in Pools and Associations                       1,248,223           4,912,334        
Other Assets                                             384,447             525,968        
                                                    ------------        ------------        
                                                    $158,338,513        $182,771,162        
                                                    ============        ============        
<CAPTION>


  LIABILITIES AND STOCKHOLDERS' EQUITY                  1996               1995
  ------------------------------------                  ----               ---- 
  <S>                                               <C>                <C>                  

  Insurance loss reserves, including
    future policy benefits                          $ 44,392,021       $ 54,645,686
  Unearned premiums                                   35,296,581         39,535,149
  Reinsurance funds withheld and                     
    balances payable                                  17,578,024         26,120,505
  Accrued expenses and other liabilities              12,410,046         15,639,062
  Deferred income tax on net unrealized gains on
    securities available for sale                         98,100            355,000
  Unearned service fees                                1,327,526          2,610,902

  Note payable                                        12,000,000         12,000,000
  Current income taxes payable                         1,089,509            551,868
                                                    ------------       ------------        


         Total liabilities                          $124,191,807       $151,458,172
                                                    ------------       ------------        

  Stockholders' equity:
  Common stock, $.025 par value per share
    Authorized - 18,000,000 shares

    Issued - 6,720,396 shares                            168,010            168,010




  Capital in excess of par value                       2,686,060          2,686,060



  Net unrealized appreciation on securities
    available for sale net of deferred income taxes      221,660            691,185



  Treasury Stock at cost, 460,356 and
    460,356 shares                                      (420,944)          (420,944)


  Retained Earnings                                   31,491,920         28,188,679
                                                    ------------       ------------                            

  Total stockholders' equity                          34,146,706         31,312,990
                                                    ------------       ------------                            

                                                    $158,338,513       $182,771,162
                                                    ============       ============
</TABLE>

See notes to consolidated financial statements

<PAGE>   4


                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTERS ENDED SEPTEMBER 30, 1996 AND 1995, NINE MONTHS ENDED SEPTEMBER 30, 
                                1996 AND 1995

<TABLE>
<CAPTION>
                                                                                            Nine Months Ended
                                             Quarters Ended September 30,                       September 30,
                                             ----------------------------               --------------------------
                                             1996                    1995               1996                  1995
                                             ----                    ----               ----                  ----
<S>                                          <C>             <C>                        <C>            <C>
Revenues:
  Insurance premiums earned
    (net of premiums ceded of
    $12,736,744, $13,188,504,
    $39,800,882 and $42,065,677)             $ 9,849,945     $ 10,274,025               $ 28,952,310   $ 24,470,300
  Insurance premium earned pools
     and associations                         (7,279,659)            -                    (7,279,659)          -
  Investment income                            1,031,776        1,381,763                  4,341,461      3,946,719
  Equipment rentals                                1,520           20,965                      1,520         60,503
  Service fees earned                          2,610,521        3,095,254                  8,678,633      7,227,316
  Other                                              300           40,886                      7,892         67,703
  Sales of modular office equipment                 -               2,650                       -            11,250
  Net realized gains on investments              187,007           93,803                    409,501        198,356
                                             -----------     ------------               ------------   ------------

        Total revenues                         6,401,410       14,909,346                 35,111,658     35,982,147
                                             -----------     ------------               ------------   ------------

Expenses:
  Losses and loss adjustment
    expenses (net of reinsurance   
    recoveries of $11,921,648,
    $11,286,936, $36,750,810
    and $31,196,110)                           8,114,324        9,414,111                 22,189,219     21,640,903
  Policy acquisition costs                       279,110        1,918,379                  2,717,720      1,160,510
  Salaries and wages                           1,813,974        1,426,680                  5,087,819      4,014,536
  General and administrative                     297,279          674,232                  3,773,516      3,326,145
  Losses and expenses incurred
     pools and associations                   (7,305,450)            -                    (7,305,450)          -
  Cost of sales of modular office  
    equipment                                       -                -                          -                44
  Interest on note                               251,286             -                       758,552           -
                                             -----------     ------------               ------------   ------------

        Total expenses                         3,450,523       13,433,402                 27,221,376     30,142,138
                                             -----------     ------------               ------------   ------------

Income before provision for
 income taxes                                  2,950,887        1,475,944                  7,890,282      5,840,009
Provision for income taxes:
  Current                                      1,143,141           61,429                  3,166,845      1,541,532
  Deferred                                      (195,995)        (114,494)                  (751,041)      (148,494)
                                             -----------     ------------               ------------   ------------

        Total provision for
          income taxes                           947,146          (53,065)                 2,415,804      1,393,038
                                             -----------     ------------               ------------   ------------

Net income                                   $ 2,003,741     $  1,529,009               $  5,474,478   $  4,446,971
                                             ===========     ============               ============   ============

Earnings per share:

        Net income                           $       .32     $        .24               $        .87   $        .71
                                             ===========     ============               ============   ============
Weighted average number of
common stock and common stock
equivalents                                    6,260,040        6,260,040                  6,260,040      6,260,040
                                             ===========     ============               ============   ============
</TABLE>


     See accompanying notes to financial statements.

                                      2

<PAGE>   5

                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                                                                   
<TABLE>
<CAPTION>
                                                                    1996          1995
                                                                    ----          ----
<S>                                                            <C>            <C> 
Cash Flows from Operating Activities:
 Net Income                                                    $ 5,474,478    $ 4,446,971
 Adjustments to reconcile net income to
  net cash provided (used) by operating activities:
    Provisions for depreciation                                    145,615        516,922
    Gain on sale of investments                                   (409,501)      (198,356)
    Decrease (increase) in insurance premiums receivable         2,809,031     (3,676,964)
    (Increase) decrease in accrued investment income
      and other                                                    271,832       (323,678)
    (Increase) decrease in deferred policy acquisition costs    (3,003,860)       154,289
    Decrease in prepaid expenses and other assets                  141,521        100,693
    Decrease in insurance loss reserves                        (10,253,665)    (2,311,813)
    (Decrease) increase in unearned premiums                    (4,238,568)     2,210,521
    Decrease in reinsurance funds held
      and balances payable                                      (8,542,481)    (1,551,902)
    Increase (decrease) in accrued expenses
      and other liabilities                                     (3,229,016)     2,828,835
    Increase in current income taxes                               537,643      2,605,439
    Increase in deferred income taxes receivable                (1,234,414)      (148,494)
    Decrease (increase)in reinsurance premiums receivable        7,642,221       (523,366)
    Decrease (increase)in prepaid reinsurance premiums           5,639,200       (181,178)
    Increase(decrease) in unearned service fees                 (1,283,376)       756,560
                                                               -----------    -----------

               Net cash (used) provided by
                  operating activities                          (9,533,340)     4,704,479
                                                               -----------    -----------

Cash Flows from Investing Activities:
  Net change in short term investments                           8,250,921       (586,260)
  Purchase of equity securities                                 (2,023,800)    (2,073,775)
  Sale of equity securities                                      2,309,652      1,852,021
  Purchase of modular offices, equipment
    and leasehold improvements                                        -           158,326
  Purchase of fixed maturities                                 (28,439,260)   (18,114,533)
  Sales of fixed maturities                                     22,661,699     15,526,863
  Notes receivable                                                    -             1,873
                                                               -----------    -----------

              Net cash provided (used)in investing
                   activities                                    2,759,212     (3,235,485)
                                                               -----------    -----------

Cash Flows from Financing Activities:
  Purchase treasury stock                                             -           (32,503)
  Dividends paid to shareholders                                (2,171,236)      (946,223)
                                                               -----------    -----------

               Net cash used in financing activities            (2,171,236)      (978,726)
                                                               -----------    -----------

Net (decrease) increase in cash                                 (8,945,364)       490,268

Cash, beginning of year                                          6,510,457      5,479,899
                                                               -----------    -----------

Cash, end of period                                            $(2,434,907)   $ 5,970,167
                                                               ===========    ===========
</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, 1996 AND 1995



<TABLE>

                                                                 1996         1995
                                                             ------------  ------------  
<S>                                                          <C>           <C>           
Common Stock:
        No change during period                              $    168,010  $    168,010
                                                             ------------  ------------  


Capital in excess of par value:
        No change during period                                 2,686,060     2,686,060
                                                             ------------  ------------  

Net unrealized appreciation on securities
  available for sale:
        Balance at beginning of period                            691,185      (158,099)
        Increase                                                 (726,425)      (15,991)
Deferred taxes on unrealized gains                                256,900          -
                                                             ------------  ------------  
        Balance at end of period                                  221,660      (174,090)
                                                             ------------  ------------  


Treasury Stock:

        No change during period                                  (420,944)     (420,944)
                                                             ------------  ------------  

Retained earnings:
        Balance at beginning of period                         28,188,679    23,306,761
        Net income                                              5,474,478     4,446,971
        Cash dividends $.35 and $.18
          per share                                            (2,171,236)     (946,223)
                                                             ------------  ------------    
        Balance at end of period                               31,491,920    26,807,509
                                                             ------------  ------------    


Total stockholders' equity at end of period                  $ 34,146,706  $ 29,066,545
                                                             ============  ============
</TABLE>


See notes to consolidated financial statements.



                                      4
<PAGE>   7

                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES
                         NOTES TO FINANCIAL STATEMENTS
                   QUARTERS ENDED SEPTEMBER 30, 1996 AND 1995
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, 1996, and the results of its operations
and statement of cash flow for the nine months ended September 30, 1996.

Note 2

     The results of operations for the nine months ended September 30, 1996 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.

(d)  Method for Valuing Investments

     The Company implemented Statement of Financial Accounting Standards (SFAS)
No. 115, "Accounting for Certain Investments in Debt and Equity Securities" as
of January 1, 1994.  The Company classified its entire fixed maturity 
investment portfolio as "held to maturity".  Accordingly, these investments are
reported at amortized cost, adjusted for amortization of premiums or discounts
and other than temporary declines in fair value.  At December 29, 1995, the 
Company reassessed the appropriateness of the classifications of all securities
held at that time and 

                                      5
<PAGE>   8

reclassified from the held to maturity category a portion of the Company's
fixed maturity portfolio to the available for sale category.  Classifying these
securities as available for sale did not impact net income.  Common Stock,
redeemable preferred stock, bonds and notes not classified  as held to maturity
are reported at fair value, with unrealized gains and losses reported as a
separate component of stockholders' equity.  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.

(e)  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.

(f)  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.

(g)  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.

(h)  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, such as credit
life insurance, are short-duration contracts.

                                      6
<PAGE>   9

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. 

(i)  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, 1996.

     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 fequency 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.

(j)  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


                                      7
<PAGE>   10

protection provided.

(k)  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.

Note 4

     In the third quarter of 1996 the Florida Joint Underwriting Association
issued reports reflecting the Company's participation in the pool. This
included adjustments to the Company's participation for years prior to 1996.  A
financial summary is presented below:

<TABLE>
               <S>                               <C>
               Direct earned premium             $   (16,040,389)
               Ceded earned premium                    8,760,730
                                                 ---------------
                     Net earned premium               (7,279,659)
                                                 ===============

               Direct losses and loss
                     adjustment expenses             (15,037,452)
               Ceded losses and loss adjustment
                     expenses                          7,882,219
               Direct policy acquisition costs        (2,715,364)
               Ceded policy acquisition costs          2,565,147
                                                 ---------------
                     Net losses and expenses     $    (7,305,450)
                                                 ===============
</TABLE>



     These adjustments are reported in the Unaudited Statements of Operations
for the quarter ended and nine months ended September 30, 1996.









                                      8



<PAGE>   11
                  MOBILE AMERICA CORPORATION AND SUBSIDIARIES

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS


     Total consolidated revenue decreased 2% from $35,982,147 for the first
nine months of 1995 to $35,111,658 for the first nine months of 1996. As
discussed below, this change as well as a decease in consolidated expenses is a
result of adjustments to the Company's participation in the Florida Joint
Underwriting Association pool.

     Insurance premiums earned decreased 11% from $24,247,300 reported at
September 30, 1995 to $21,672,651 for the nine months ended September 30, 1996
due to a net $7,279,659 decrease in the Company's insurance affiliate's
participation in the Florida Joint Underwriting Association. Adjusting for this
change, earned premiums for the nine months ended September 30, 1996 total
$28,952,310 an 18% increase over 1995. This increase is due to a 14% decrease
in the reinsurance cession rate effective January 1, 1996 and a premium rate
increase on personal injury protection and property damage liability business.
Investment income increased from $3,946,719 for the first nine months of 1995
to $4,341,461 during the first nine months of 1996, a 10% increase. This
increase is attributable to a shift from lower yielding short-term investments
to higher yielding investments with  average maturity of three to four years,
and an overall increase in investment yields. Service fees earned increased 20%
from $7,227,316 reported in 1995 to $8,678,633 in 1996 as policies administered
on a fee-for-service basis mature. The Company continues to seek opportunities
in this area. Net realized investment gains for the nine months ended September
30, 1996 were $409,501 compared to $198,356 reported during the same period in
1995.

     Consolidated expenses decreased 10% from $30,142,138 during the first nine
months of 1995 to $27,221,378 during the comparable period of 1996. This
includes $7,305,450 in loss and expense credits resulting from participation in
the Florida Joint Underwriting Association. Adjusting for these credits,
consolidated expenses would total $34,526,826, a 15% increase over 1995. This
increase is due to the reduction in the reinsurance cession rate and a
reduction in the reinsurance ceding commission rate. These changes result in
the Company retaining higher exposure to losses and loss adjustment expenses,
which is offset by higher earned premiums as noted previously, and receiving
lower ceding commission margins which off set acquisition costs. The increase
in salary and wages and general  administrative expenses results from
additional costs associated with administering the growth in the
fee-for-service business and the increase in business within the Company's core
insurance business. Interest on Note relates to a $12,000,000 loan consummated
during the fourth quarter of 1995. The note accrues interest at the 90
day LIBOR rate plus 275 basis points and is paid monthly.

     The Registrant maintains sufficient liquidity to meet operational needs.
Cash dividends and capital expenditure requirements are provided by funds
generated from operations and 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 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, 1996.







                                   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 14, 1996                                                             
-----------------                                                           
     Date


                                        By /s/ Thomas L. Stinson
                                           ----------------------------------
                                               Thomas L. Stinson
                                               Vice President Financial 
                                               Reporting










                                      11