Irwin Mortgage Ops Take Loss in 2Q

Irwin Financial Corp., Columbus, Ind., has reported net income of $2.9 million ($0.09 per share) for the second quarter, but the results include an after-tax loss of $5.2 million from Irwin Mortgage, which is for sale and now listed under discontinued operations.A year earlier, Irwin reported a net loss of $3.4 million ($0.12 per share). The company said its core mortgage production and servicing operations were profitable in the second quarter, but that the after-tax loss reflected "certain costs related to the planned sale of the segment" and hedge losses related to mortgage servicing rights. "While our origination volumes and overall profitability in our home equity segment are still below our desired levels, we believe we are on the path to improved profitability," said Irwin chairman Will Miller. ".... We are making clear progress on the sale of our conventional first-mortgage segment, and I hope we will be in a position to announce definitive plans shortly." The company can be found online at http://www.irwinfinancial.com.