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MSR Recovery Helps 1st Source Bank Boost Dividend.
South Bend, IN -- 1st Source Corp. here, parent of 1st Source Bank, earned $24.6 million for the first nine months of this year, up 44% over the same period in 2004, as stronger mortgage banking results helped strengthen the company's results.
1st Source noted that the year-earlier results were hampered by the larger provision for loan and lease losses and by impairment charges on mortgage servicing rights and preferred stock from the government-sponsored enterprises.
Christopher Murphy, chairman and CEO, also noted in the company's release that 1st Source's board of directors has approved an increase in the cash dividend to $0.13 per share, up 18% from the dividend paid a year ago. The dividend is payable Nov. 15.
Mr. Murphy said the third quarter was clearly an improvement over the previous year.
"We benefited from recoveries in our loan portfolio and in our provision for loan ...
- Mortgage Servicing Rights Sale Completed By 1st Source Corporation.
- Press release article from: Business Wire April 5, 2001 700+ words
...0 billion sale of mortgage servicing rights held by its...strong demand for mortgage servicing. This presented...banking services, 1st Source Bank has distinguished...nationwide for the 1st Source Bank Specialty Finance...
- $1.0 Billion in Mortgage Servicing Rights Sold By 1st Source Corporation.
- Press release article from: Business Wire January 17, 2001 700+ words
...sell $1.0 billion in mortgage servicing rights currently held by...created a strong demand for mortgage servicing. This has presented 1st...commercial banking services, 1st Source Bank has distinguished itself...locations nationwide for the 1st Source Bank Specialty ...
- Accounting for mortgage servicing rights.
- Magazine article from: The National Public Accountant Reynolds, Brian M. September 1, 1995 700+ words
...s SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65...reconsider the accounting treatment of mortgage servicing rights. The MBAA wanted the FASB...the accounting distinction between mortgage servicing rights chat are acquired through...
- CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING...
- Press release article from: PR Newswire December 17, 1991 700+ words
...CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING ACTIVITIES, AND THE PLANNED SALE OF MORTGAGE SERVICING UNIT ANNOUNCED CHARLOTTE, N...Consolidation of NationsBank residential mortgage servicing and processing activities, and...
- PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF COWGER & MILLER MORTGAGE...
- Press release article from: PR Newswire June 8, 1992 700+ words
...ACQUISITION OF COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, June 8 /PRNewswire...has closed its acquisition of the mortgage servicing portfolio of Cowger & Miller...by Citizens Fidelity Bank's PNC Mortgage Servicing Company. The acquired portfolio...
- PNC'S CITIZENS FIDELITY BANK SIGNS AGREEMENT TO ACQUIRE COWGER & MILLER...
- Press release article from: PR Newswire March 24, 1992 700+ words
...TO ACQUIRE COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, March 24...definitive agreement to purchase the mortgage servicing portfolio of Cowger & Miller...will purchase a $1.5-billion mortgage servicing portfolio, consisting of approximately...
- Servicing profits and performance. (mortgage servicing)(Cover Story)
- Magazine article from: Mortgage Banking Oliver, Geoffrey McDonald, Laura June 1, 1997 700+ words
...1994. If you are trying to evaluate mortgage servicing performance, especially in terms...Standard No. 122, "Accounting for Mortgage Servicing Rights," companies evaluating their...on assets (after amortization of mortgage servicing rights) of 8.4 percent decreased...
- Mortgage servicing, appraisal reform bill clears House committee.(Briefing Book)
- Magazine article from: Mortgage Banking December 1, 2007 700+ words
...approved a bill designed to improve mortgage servicing standards and enhance real estate...filed, the Escrow, Appraisal and Mortgage Servicing Improvements Act (H.R. 3837...borrower protections by improving mortgage servicing practices and requiring escrows for...
- Accounting for originated mortgage servicing rights.
- Magazine article from: The Tax Adviser O'Connell, Frank J., Jr. September 1, 2001 700+ words
...purposes, the bank records originated mortgage servicing rights in accordance with Statement...by amortization of the originated mortgage servicing asset that had been created when...which the amounts received under a mortgage-servicing contract should be reported for tax...
- Hibernia to Sell Mortgage Servicing Portfolio, Will Continue to Originate...
- Press release article from: Business Wire August 19, 2004 700+ words
...billion third-party residential mortgage servicing portfolio to CitiMortgage, Inc...years have impacted the value of mortgage servicing rights and resulted in volatility in the mortgage servicing income stream for Hibernia and...
Source: HighBeam Research, MSR Recovery Helps 1st Source Bank Boost Dividend.