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Buffalo, N.Y.-Based Bank's Parent Company Posts Gains.
Byline: Lisa Haarlander
Aug. 7--Some of the more exotic aspects of banking and the sale of interest rate-sensitive securities helped the parent company of HSBC Bank USA post record-breaking earnings.
Cash profits for HSBC USA rose 28 percent to $229 million in the second quarter, compared with the same time last year.
About half the bank's revenue growth came from $59 million in gains from selling mortgage-backed securities, said Robert M. Butcher, chief financial officer of HSBC Bank USA. The bank sold the investments because falling interest rates made it a good time to sell the rate-sensitive securities.
"Mortgages go through refinancing …
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