production for the year and three months that ended June 30.

Net earnings fell to $6.3 million for the year, from $7.2 million, and to $972,000 for the quarter, from $2.2 million in the year-earlier period. The company blamed secondary market conditions that reduced cash gains on sales of mortgage loans.

Originations rose, to $1.3 billion from $788.5 million for the year and to and $454.5 million from $252.3 million for the quarter.

Subprime loan production totaled $257.6 million in the quarter, up 12% from a year earlier, the company said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.