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Nebraska Bank Takes Large Servicing Hit.(Brief Article)
So, what happens when a modest-sized banking company has to take an impairment charge larger than its quarterly earnings?
In the case of Commercial Federal Bancorp., not much. The company still beat a Wall Street consensus for first-quarter earnings. The company reported net income of $17.9 million during the first quarter, despite registering an impairment charge that exceeded that amount.
CFB reported first-quarter earnings per share of $0.43, compared to a Street consensus of $0.41.
But the bank did have some gray clouds hanging over its balance sheet. In addition to taking an $18.9 million charge related to impairment of the MSR asset, the company also reported MSR amortization expense of $12.4 million.
However, these hits were partially offset by $18.4 million in hedging gains.
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