KEENE, N.H. -- One year after starting up a secondary market portfolio, CFX Corp. has announced it is eliminating the program because its retail loan volume has picked up again.
The company, which had as much as $90 million in mortgage-backed securities in March, has only $2 million left and is trying to sell that, said chief financial officer Mark A. Gavin.
The bank increased its loan pool by $56 million in the first nine months of 1994, compared with a decline in loans of $2.4 million for the same period of 1993.
CFX also reported third-quarter earnings of $1.3 million, or 35 cents per share, up 13% from the third quarter of 1993, when pre-tax-adjusted earnings were $1.1 million.
The $759 million-asset company earned $3.7 million, or $1 per share, for the first nine months of the year, up 23% from pre-tax-adjusted earnings last year of $2.9 million.