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AMCORE Outsources Servicing in Bid to Limit Risk.
ROCKFORD, IL -- AMCORE Financial's earnings per share fell to $0.35 for the first quarter of this year, down 16% from the same period last year, as the company transitioned out of loan servicing operations.
The company reported net income of $8.2 million, down 21% from the prior-year period.
The company's CEO, Kenneth Edge, said AMCORE took a number of steps to improve performance and reduce risk during the first quarter, but that these reforms actually increased expenses during the period.
Nonrecurring first-quarter charges included a $2.3 million debt extinguishment expense on the redemption of $40 million in trust-preferred securities. Additionally, AMCORE posted a $1.3 million employment-related expense that included separation costs for mortgage servicing employees.
In January, AMCORE entered into an arrangement with another company to provide private-label mortgage loan processing and servicing on its portfolio. This arrangement, which included the sale of originated mortgage servicing rights, is designed to position the company for future mortgage origination growth and provide more stability for its mortgage ...
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