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Southwest Bancorp's Servicing Hit Rattles Investors in its Stock.
Southwest Bancorporation of Texas announced that its third-quarter earnings will be affected by a $1.9 million "non-cash writedown" of its mortgage servicing asset, reflecting the decline in interest rates since June 30.
The company also said it faced "continued pressure on its net interest margin."
The after-tax writedown on the value of the mortgage servicing rights will reduce third-quarter earnings by five cents per share, the firm said.
The third-quarter results will also reflect a $1.2 million after-tax gain from the sale of investment securities and the sale of some mortgage servicing rights on multifamily loans, the company said.
For the quarter, Southwest Bancorp estimated in early October that its earnings would be $14.5 million, or 42 cents per share. That would be a 4.5% increase over the third quarter of last year.
Paul Murphy, president and CEO of the firm, said the company "will have a solid year" for several reasons. He said the company's asset quality reflects a conservative credit culture. In addition, fee income, deposit and loan growth are expected to be positive for the year.
"The Houston economy is performing at a satisfactory level against a backdrop of national uncertainty," he said.
- 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
...Products, said the company will consolidate mortgage servicing operations from Atlanta...said. The Louisville mortgage servicing center was purchased...in 1990. All of the company's mortgage servicing operations subsequently...
- PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF COWGER & MILLER MORTGAGE...
- Press release article from: PR Newswire June 8, 1992 700+ words
...Fidelity Bank's PNC Mortgage Servicing Company. The acquired portfolio...will relocate to the PNC Mortgage Servicing Company office at Citizens Fidelity...transitional employees of PNC Mortgage Servicing Company. Citizens Fidelity hopes...
- PNC'S CITIZENS FIDELITY BANK SIGNS AGREEMENT TO ACQUIRE COWGER & MILLER...
- Press release article from: PR Newswire March 24, 1992 700+ words
...000 loans, for PNC Mortgage Servicing Company, one of PNC's fastest...information from PNC Mortgage Servicing Company in June. As of June 30, 1991, PNC Mortgage Servicing Company ranked among the top...
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- Magazine article from: Mortgage Banking Oliver, Geoffrey McDonald, Laura June 1, 1997 700+ words
...Accounting for Mortgage Servicing Rights," companies evaluating...concluded that companies with higher...a mortgage company identifies...not consider companies that perform...survivors in mortgage servicing today and...
- 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
...options related to mortgage servicing rights," said...quarter 2005. The company will continue...Hibernia's mortgage-servicing operation, located...Hibernia, the company will work to...000 largest companies and Fortune magazine...
- The art of specialist mortgage servicing. (News).(mortgage processing services...
- Magazine article from: Australian Banking & Finance Tuttle, Patrick April 30, 2002 700+ words
...servicers in the mortgage servicing industry...assessment of a company's ability...Australian companies included on...outsourced mortgage servicing is more appropriate...dedicated mortgage servicing companies. Experience...
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- Press release article from: PR Newswire October 16, 2007 700+ words
...sell all of its mortgage servicing rights and servicing...The sale of mortgage servicing rights to Saxon...communication from the companies explaining the...information. Mortgage servicing rights are an...specialty finance company that focuses...
Source: HighBeam Research, Southwest Bancorp's Servicing Hit Rattles Investors in its Stock.