Irwin Financial Corp. of Columbus, Ind., announced Tuesday that its fourth-quarter earnings fell 13.8%, to $14.4 million.
Diluted earning per share fell 14.3%, to 48 cents.
Earnings for the year fell 4%, to $69.9 million. Diluted earnings per share for the year were down 5.3%, to $2.32, and per-share earnings missed the analysts' consensus of 52 cents for the quarter and $2.37 for the year. The $5.2 billion-asset company blamed the declines primarily on reduced revenues from secondary-market sales and servicing-rights impairment in its consumer mortgage business. Mortgage banking net income fell 91% for the quarter, to $1 million, and 74% for the year, to $20.3 million
Noninterest income for the quarter was down 19.3% from the fourth quarter of 2003, to $60.7 million. For the year noninterest income fell 6.2%, to $287.1 million.
