MANSFIELD, Mass. -- Farragut Mortgage Co. reported a net loss of $4.7 million, 90 cents a share, for the quarter ended Sept. 30, compared with net income of $161,000, or 3 cents a share, for the quarter a year earlier.
The company, which is planning to merge with J.I. Kislak Inc., Miami, by the end of this year, also reported that loan originations for the third quarter decreased to $174 million, from $223 million.
Very high loan prepayments continued to adversely affect operations in the third quarter, the company said. It added about $600,000 to its reserve for real estate losses.