flat, at $3.2 million.
On a per-share basis, Chicago-based Prism earned 22 cents, off 29% but matching the Wall Street consensus estimate. By midday its stock was trading at $10.8125, up 1.17% on the day but off 63% from its high. The company went public in May.
During the quarter, Prism shut down its small subprime operation, Infiniti Financial, and took a $462,027 loss on it. Excluding Infiniti's drain on profits, income from continuing operations was $3.6 million, up 20% from a year earlier.
Despite the rising interest rates that have clipped most lenders' volumes this year, Prism originated $1.9 billion in the quarter, up 73% from a year earlier.
Half of these loans were funded through Prism's mortgage banking operation; the other half were brokered out to other lenders.
In a statement, chief financial officer David Fisher said Prism was able to gain market share through strategic acquisitions and internal growth.
With origination volumes down, Prism has pounced on the opportunity to buy production offices cheaply. In the third quarter alone, it bought two small regional originators -- one in California, one in Florida.
To minimize its downside, it pays very little for these companies up-front and lets them keep some profits over time as additional payments.