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Hibernia Takes an MSR Hit; But Doesn't Stumble on Earnings.(mortgage servicing rights)
Hibernia Corp. announced recently that its third-quarter earnings will be affected by a $13.5 million "provision for the temporary impairment of mortgage servicing rights" and an additional $1.4 million loss of securities.
On the plus side, those expenses were partially offset by a $3.9 million prepayment fee. And Hibernia could have offset the impairment altogether by taking advantage of securities gains.
Hibernia elected not to do that, in part, because its third quarter is still looking fairly strong. The company still expects to report third-quarter earnings that are higher than last year's, and it says that it has "unrealized gains" on securities that are available for sale that could have been used to offset the MSR impairment.
Nonetheless, the news took a toll on Hibernia's stock, which dropped 4.5% in value on the morning when the news was announced.
Hibernia said it expects to report third-quarter earnings per share of $0.40, up five cents from the same quarter a year ago. Without the ...
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