COLUMBUS, Ind. - Irwin Financial Corp. said it earned $4.5 million in the first quarter, a 9.9% increase from the same period last year.

The $693 million-asset company reported return on equity for the quarter of 22.35% and return on assets of 2.59%.

Total first-quarter revenues net of loan and lease loss provision, were $31.8 million, up 6.4% from 1994. A $5.2 million rise in revenues from the sale of mortgage servicing rights contributed to the increase. Without the sale, net revenues would have declined 12.6%, the company said.

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