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New Century Agrees to Acquire Irwin's Platform.(New Century Financial Corp.)(Irwin Financial Corp.)
COLUMBUS, IN -- Irwin Financial Corp., a bank holding company with a focus on small business and consumer mortgage lending, saw its third-quarter earnings drop from the year-earlier period as it exited the conforming mortgage business.
Irwin's net income totaled $9.2 million in the second quarter, or $0.31 per diluted share, compared with $0.46 per share in the third quarter of 2005.
During the third quarter, Irwin completed the sale of its conforming, conventional mortgage business and related mortgage servicing rights. MSN previously reported that Citigroup purchased most of the servicing portfolio.
In its third quarter earnings release, Irwin said it has also reached an agreement to sell its mortgage servicing operations to New Century Financial Corp. Irwin said New Century will offer to retain "a significant portion" of the employees associated with the mortgage servicing operation.
Irwin said it plans to deepen its emphasis on the small business and nonconforming consumer mortgage businesses.
The sale of the mortgage business resulted in a loss of $13.4 million in the third quarter. The company also recorded a $6.1 million net loss from its now discontinued mortgage operations in the second quarter.
Will Miller, chairman and CEO of Irwin Financial, said the company's commercial finance and banking segments recorded "solid earnings" in the most recent quarter.
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