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Regions Takes MSR Charge.
BIRMINGHAM, AL -- In what has generally been a quiet earnings season for mortgage servicing rights, Regions Financial recorded impairment to the value of its MSRs during the fourth quarter.
During the fourth quarter of last year, Regions took a $16.8 million after-tax impairment charge, equal to $0.03 per share, against the value of its MSR portfolio. Regions fourth-quarter net income totaled $361.6 million, or $0.56 per diluted share. That also reflected $49.3 million of merger-related expenses related to its AmSouth acquisition. Regions said that its mortgage business continued to experience a challenging environment in the fourth quarter.
Mortgage originations of $4.9 billion in the fourth quarter were actually up, helped by the addition of AmSouth's ...
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Source: HighBeam Research, Regions Takes MSR Charge.