CWM Mortgage Holdings on Wednesday reported a 38% increase in first quarter earnings, to $21.3 million. Earnings per share were 42 cents, a 17% increase over the year-earlier quarter.

CWM's board declared a cash dividend of 42 cents a share for the first quarter, payable June 2 to holders of record of May 2. CWM paid a cash dividend of 36 cents a share for the comparable quarter a year earlier.

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