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Integra Exits Servicing Side of Business.
EVANSVILLE, IN -- Integra Bank sold mortgage servicing rights for a $600,000 gain in the first quarter, helping the bank to post a 12.2% increase in earnings from the year-earlier period.
The company also posted a $200,000 gain on securities sales. These gains were offset by severance expenses and legal and professional expenses.
The company also said its first-quarter results include an expected $900,000 tax refund from the IRS.
Integra Bank earned net income of $7.4 million in the first quarter, an increase of $800,000 compared with the first quarter of 2006.
The company said its net interest margin improved 14 basis points ...
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