The second-quarter earnings of Haven Bancorp Inc., Woodhaven, N.Y., will be affected by a one-time revenue reduction tied to its subsidiary CFS Bank's acquisition of the assets of InterCounty Mortgage Inc., Haven has reported.Under the terms of the purchase agreement, Haven was initially unable to recognize certain servicing release premiums from InterCounty's loan pipeline, but it will begin realizing the SRPs starting July 1, the company said. Haven said it does not expect the transaction to be dilutive to earnings per share in the first 12 months of operation, and believes it will be accretive thereafter.
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