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Many community banks reported lower earnings or lost money outright in the third quarter. Behind the bad numbers was a spike in long-term rates that dumped ice on refinancing activity. Following is a look at notable instances of banks that suffered from the mortgage shift.
The Baltimore company had finally returned to profitability before refi activity imploded. First Mariner lost $7.4 million in the third quarter after its mortgage revenue fell 96% from a year earlier, to just $548,000.