First Mortgage Corp. reported that revenues and earnings in the Sept. 30 quarter were off from the year-earlier level.
Revenues in the quarter, the second in the company's fiscal year, were off 9.6%, to $4.9 million.
Net income fell 56.9%, to $397,000 or 7 cents per share.
The company attributed the decline in income to a drop in originations. Originations fell because of price competition among mortgage banking firms and commercial banks, implementation of the company's production plan, and higher foreclosure expenses, First Mortgage said.
Revenues were up 23%, though, from the quarter that ended June 30. Net income was also up; the company earned 2 cents a share in the June quarter.
"First Mortgage increased its second-quarter profits over the first quarter of the current fiscal year despite incurring significant expenses to support our successful expansion activities," said Clement Ziroli, chairman and chief executive officer. The company has opened four new facilities in the past eight months, he said.