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Wisconsin Bank Sells Servicing Rights on $2.8B Portfolio.
GREEN BAY, WI -- Associated Banc-Corp here sold mortgage servicing rights on $2.8 billion of home loans in March, the company said in its quarterly earnings report.
That portfolio accounted for 28% of the banking company's MSR portfolio.
The sale resulted in a gain of $7.8 million, which was reduced by $1.2 million due to a valuation reserve expense. Thus the sale added $6.6 million to Associated Banc-Corp's $9.6 million in first-quarter net mortgage banking income.
At the end of the first quarter, Associated valued its remaining MSR portfolio at $48.3 million.
In the first quarter of last year, Associated reported $4.4 million of mortgage banking income, which included $1.4 million of valuation reserve recovery from the MSR portfolio.
Associated said it periodically considers sales of portions of its mortgage servicing portfolio to effectively manage earnings ...
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...Jan. 22, 2004 Associated Banc-Corp (Nasdaq...president and CEO of Associated Banc-Corp. Associated...in 2003. Mortgage banking income for the year was...markets. Mortgage banking income was down $13.1...
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...WIRE)--Oct. 19, 2000 Associated Banc-Corp (NASDAQ: ASBC) reported...balance sheet continue," Associated Banc-Corp President and CEO Robert...million decrease in mortgage banking income, compared to the first three...
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GREEN BAY, Wis. -- Associated Banc-Corp (NASDAQ: ASBC...buyback executed in fourth quarter Associated Banc-Corp (NASDAQ: ASBC) earned...improved pricing. Net mortgage banking income was $14.8 million for 2006...
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- Press release article from: Business Wire May 19, 2004 700+ words
...commentary and recommendations on Associated Banc-Corp (NASDAQ:ASBC) and...he is, thinks stocks like Associated Banc-Corp (NASDAQ:ASBC) will...is expecting lower mortgage banking income. In order to diversify non...
Source: HighBeam Research, Wisconsin Bank Sells Servicing Rights on $2.8B Portfolio.