CF Bankshares in Columbus, Ohio,
is no longer selling its mortgage originations to investors.
The $1.6 billion-asset
company said in a press release Wednesday that it exited the business in the
second quarter in favor of portfolio lending with servicing retained.
The notional amount of
mortgages sold fell to $9.4 million in the second quarter from $972 million a
year earlier. The company recognized $121,000 in revenue from mortgage
activities during the second quarter.
CF Bankshares also
disclosed that it will incur $500,000 in expenses over the rest of this year
tied to the conversion of its core processing platform. Most of the expenses
will take place during the third quarter.
The company also said it
opened a retail branch and began commercial banking operations in Indianapolis
during the second quarter.
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