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Irwin Financial loses $107M in second quarter

August 7, 2008
Irwin Financial Corp.'s exit from the leasing and home equity businesses helped throw the Columbus bank for a $107 million loss in the second quarter.

Irwin also said this morning that it expects to lose that much more in the third quarter as the restructuring draws nearer to an end.

However, the bank added that it expects to return to black ink next year after the restructuring is complete and the bank again focuses on its roots of focusing on its branches and small-business lending.

The $107 million loss was a substantial increase from the $22 million loss it sustained in the first quarter.

Sale proceeds that will result from exiting the businesses will more than counter-balance the second-quarter loss, Irwin said.

Irwin stock has been rebounding from a sell-off that took the shares from $11.49 in January to $4.11 last month.

Irwin shares traded 13 cents higher today, at $4.47.
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