Integra Exits Servicing Side of Business
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 from a year earlier to 3.48%.
And Integra said it continues to improve its earning asset mix, posting a 42% increase in average commercial loan balances from one year earlier.
In a news release, president and CEO Mike Vea said that the sale of the company's mortgage servicing portfolio, as well as the introduction of a new mortgage strategy "will increase new customer relationships, while offering our customers better products and high-quality service." (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com