HomeBanc Reports 3Q Loss

HomeBanc Corp., Atlanta, has reported a net loss of $783,000 ($0.01 per share) for the third quarter under generally accepted accounting principles, an improvement over a GAAP loss of $19.8 million ($0.53 per share) a year earlier.Because HomeBanc is structured as a real estate investment trust, its management said REIT taxable income is also a meaningful measure of its performance. Using that measure, HomeBanc had income of $14.2 million ($0.25 per share) in the third quarter. "The third-quarter performance represents a trend of solid and consistent growth of our loan production, credit performance, and spread in our loan portfolio," said Patrick S. Flood, HomeBanc Corp.'s chairman and chief executive. Origination volume for the quarter was $1.8 billion, up 26% from $1.4 billion for the same period in 2004. Its pipeline of loans in progress grew 33% from Sept. 30, 2004, to the same date this year, when it stood at $1.5 billion. HomeBanc can be found on the Web at http://www.homebanc.com.