NovaStar Financial earned $44.4 million in the first quarter thanks to an $84.2 million one-time tax gain tied to the subprime lender ending its REIT status next year.Without the one-time gain the Kansas City-based lender lost $39.8 million in the quarter. In the same period last year it earned $22.4 million. NovaStar funded $1.4 billion in the first quarter, a 21% decline from the same period last year. In a statement company chief financial officer Greg Metz explained the tax gain relates to "tax deductible temporary differences at the REIT that will reverse in 2008 and future years when the company will be a taxable entity." The market greeted NovaStar's earnings news positively, sending its shares up 7% to just under $7 a share in early afternoon trading on May 11.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
11h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18