Irwin Financial Corp. of Columbus, Ind., reported a first-quarter loss Monday of $10.1 million, or 36 cents per diluted share, compared with a loss of $1.9 million, or 6 cents a share, a year earlier.
Its loss from continuing operations was $6.1 million, or 22 cents per diluted share, compared with net income of $8.7 million, or 30 cents a share, a year earlier. Irwin substantially completed the sale of its Irwin Mortgage Corp. in January.
The average of analysts' expectations called for Irwin to post a loss of 32 cents a share for the quarter, according to Thomson Financial.
The $6 billion-asset company said the loss was caused by a slowdown in home equity lending, an impaired commercial loan that resulted in a $4.1 million chargeoff, and slow commercial loan and deposit growth.
Irwin's shares rose 1.74% Monday.
