Irwin Financial Corp. of Columbus, Ind., said its third-quarter loss tripled from a year earlier, to $54 million, or $1.85 a share.
The latest loss, reported Monday, was the company's seventh in as many quarters.
Irwin attributed the loss to a loan-loss provision that more than doubled, to $58 million. It increased its allowance for loan and lease losses 123%, to $232 million, because of an increase in nonperforming commercial loans. Irwin did not provide further details about its nonperformers.
Interest income fell 26%, to $45 million. Irwin attributed the fall to the sale of its small-ticket leasing portfolio, the securitization of $268 million of home equity loans, and a reduced level of loans. It also said it has received an additional $6 million of standby commitments for its $50 million rights offering, bringing the standby total to $37 million.
