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Article: NetBank Inc. posts wider loss in first quarter on mortgage pressures.

Article from:
Atlanta Journal-Constitution
Article date:
May 11, 2006
Copyright

Byline: Peralte C. Paul

May 11--Alpharetta-based NetBank Inc. posted a wider loss in the first quarter, citing continued pressures in its mortgage business, as well as a dip in earning assets at the bank.

NetBank, one of the nation's largest Internet-only financial institutions, said it posted a loss of $11 million, or 24 cents per share, in the quarter ended March 31, compared with a loss of $2 million, or 2 cents per share, in the year-ago quarter.

Wall Street expected a loss of 12 cents per share.

NetBank's shares fell more than 4 percent Wednesday to close at $6.47 per share, down 28 cents.

"We are very disappointed with ...

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