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Interest rates suppress earnings at Thornburg
Thornburg Mortgage reported large gains in loan originations and total assets for the period ended June 30, 2006, but only a small increase in earnings as the interest rate environment compressed the company's margins.
The Santa Fe-based lender that specializes in making jumbo, adjustable-rate mortgages, reported that its second quarter originations were up 31 percent year-over-year, to $1.4 billion, while total assets increased 45 percent from the prior year, to $49.9 billion.
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Crescent Financial Corporation Announces 54% Increase in ...
CARY, N.C., July 17 /PRNewswire-FirstCall/ -- Crescent Financial Corporation (Nasdaq: CRFN - News), parent company of Crescent State Bank today announced unaudited net income for the quarter ended June 30, 2006 of $1,003,000 reflecting a 54% increase over net income of $653,000 for the prior year quarter. Diluted earnings per share for the current three-month period was $.17 compared to diluted earnings per share of $.13 for the prior year period reflecting a 28% increase. The percentage increase in earnings per share and the increase in net income were not comparable due to the issuance of 848,000 shares during the fourth quarter of 2005.
The increase in earnings resulted primarily from strong earning asset growth and was aided to a lesser degree by an improved net interest margin.
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