Irwin Reports $22.2M Loss

Irwin Financial Corp., a bank holding company and mortgage lender based in Columbus, Ind., has reported a net loss of $22.2 million ($0.77 per share) for the first quarter, compared with a net loss of $10 million ($0.22 per share) in the first quarter of 2007. The loss includes a noncash mark-to-market of $8 million in the company's securities portfolio. "Through asset sales and a solution to our exposure to home equity credit losses, management and the board are refocusing the corporation on our core banking services to small-business customers," said Will Miller, chairman and chief executive officer of Irwin Financial. "Towards this end, we suspended originations in our home equity segment of loans for our own portfolio, including second mortgages. The home equity segment is now focused on government-insured and conforming, conventional first-mortgage loans that can be sold into the secondary markets." Mr. Miller said Irwin has engaged Stifel, Nicolaus & Co. and Milestone Advisors LLC to explore strategic options, including the sale of loans, a spinoff of assets, or a recapitalization. Irwin can be found online at http://www.irwinfinancial.com.