Commercial Federal Corp. of Omaha said Tuesday that its third-quarter earnings fell 7% from the same quarter last year, to $20.2 million.
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Earnings per share were flat at 50 cents.
The $11.4 billion-asset company attributed the declines to low interest rates, which led to a tight net interest margin, and to reduced loan servicing fees and mortgage servicing rights.
Net interest income for the quarter rose 12%, to $61.5 million. Noninterest income slid 32%, to $29.6 million. The loan-loss provision declined 48%, to $2.9 million, and interest expenses fell 16%, to $77.6 million.
