Irwin Financial Corporation Announces First Quarter Earnings(1) *
Net Income of $0.67 per Diluted Share, Year-Over-Year Increase of
63 Percent; * ROAE of 18.4 Percent and ROAA of 1.7 Percent; *
Credit Quality Improving-Non-performing Assets Decline 15 Percent;
* Total Risk-based Capital of 15.3 Percent COLUMBUS, Ind., May 3
/PRNewswire-FirstCall/ -- Irwin Financial Corporation , a bank
holding company focusing on mortgage banking, small business and
home equity lending, today announced net income for the first
quarter of 2004 of $20.3 million or $0.67 per diluted share. This
compares with net income of $11.8 million or $0.41 per diluted
share during the same period in 2003. The increase largely reflects
the improvement in credit quality in the home equity segment, which
swung from a loss of $9.5 million a year earlier to a profit in the
first quarter of $6.6 million. Declines in production in the first
mortgage unit were partially offset by an increase in the net of
mortgage servicing valuation changes and gains on derivatives used
to hedge this exposure. Consolidated annualized returns on average
equity and average assets were 18.4 percent and 1.7 percent,
respectively. "As we anticipated in our outlook for 2004, we have
begun to benefit from both lower credit costs as the economy
continues to recover and from the investment we made during 2001
through 2003 in our mortgage servicing portfolio," said Will
Miller, Chairman and CEO. "Our strategy is to balance the impact of
changes in interest rates and economic conditions on our mortgage
banking production with investments in our credit portfolio lines
of business and in mortgage servicing. Although we caution that our
balanced revenue model is best judged over longer periods such as a
year or more, it once again created good results in spite of a
turbulent interest rate environment in the first quarter. And,
while the interest rate environment has made it difficult to
determine the appropriate level of staffing in our mortgage
business, we think we have made progress in adjusting from the
refinance boom of 2001-2003. We believe that mortgage originations
over the next 180 days are unlikely to reach the unprecedented
levels achieved in the same period in 2003. However, as happened in
the first quarter, we also believe our credit portfolios and the
significant investment we made in the servicing asset over the past
few years have us well-positioned to counterbalance the
year-over-year decline in anticipated mortgage production. We
continue to expect 2004 earnings to exceed those of 2003."
Financial highlights for the period include: Consolidated Results $
in millions, except EPS 1Q 1Q Percent 4Q Percent 2004 2003 Change
2003 Change Net Interest Income After Provision for Losses $51 $55
-7% $50 2% Non-Interest Income 82 63 31 75 9 Total Consolidated Net
Revenues 134 118 13 125 7 Non-Interest Expense 100 99 2 99 2 Net
Income 20.3 11.8 73 16.7 22 Earning per Share (diluted) 0.67 0.41
63 0.56 20 Loans and Leases 3,222 2,987 8 3,161 2 Mortgage Loans
Held for Sale 996 1,632 -39 884 13 Deposits 3,309 3,026 9 2,900 14
Shareholders' Equity 453 371 22 432 5 Total Risk-Based Capital
Ratio 15.3% 13.4% 15.1% Return on Average Equity 18.4 13.2 14.7 As
noted in the table above, net revenues increased 7 percent on a
sequential quarter basis. Net revenues increased in each of our
credit portfolio lines of business, successfully offsetting a
decline in net revenue in our mortgage bank. Mortgage banking
revenues declined on a sequential quarter basis principally due to
reduced recovery, net of derivative gains, in the impairment
valuation reserve of our servicing asset and lower net interest
income while loans were in warehouse. Our loan and lease portfolio
totaled $3.2 billion as of March 31, 2004, up 2 percent from the
end of the year and 8 percent from a year earlier. Our mortgage
loans held for sale totaled $1.0 billion at quarter end, up
modestly from $0.9 billion at year-end. Deposits totaled $3.3
billion at March 31, a $0.4 billion or 14 percent increase since
year-end, principally reflecting increases in mortgage escrow
deposits. Average core deposits rose at an annualized rate of 11
percent during the first quarter. We had $453 million or $16.04 per
share in common shareholders' equity as of March 31, 2004. At
quarter end, our Tier 1 Leverage Ratio and Total Risk- based
Capital Ratio were 11.8 percent and 15.3 percent, respectively,
compared to 11.2 percent and 15.1 percent as of December 31, 2003.
Our consolidated loan and lease loss provision totaled $8 million,
a $2 million or 18 percent decrease compared with the fourth
quarter of 2003, principally reflecting declines in required
provision for our on-balance sheet home equity loan and commercial
lending portfolios. Nonperforming assets (including other real
estate owned of $6 million) were $45 million or 0.87 percent of
total assets as of March 31, 2004, down from $52 million or 1.05
percent of total assets at the end of the year. Our on-balance
sheet allowance for loan and lease losses totaled $64 million as of
March 31, unchanged from year-end. The ratio of on-balance sheet
allowance for loan and lease losses to nonperforming loans and
leases totaled 176 percent at March 31, compared to 145 percent at
December 31. Net charge-offs totaled $8 million, down $2 million
from the fourth quarter. The amount of 30-day and greater
delinquencies, the ratio of charge- offs to average loans and
leases, and the allowance for loans and lease losses to total loans
and leases for our principal credit-related portfolios are shown
below: Home Equity Home Equity Commercial Lending On- Lending Off-
Commercial Banking Balance Sheet Balance Sheet(2) Finance 30-Day
and Greater Delinquencies * March 31, 2004 0.29% 2.46% 8.65% 0.86%
* December 31, 2003 0.36 2.91 10.18 0.87 * September 30, 2003 0.72
3.29 9.55 1.10 * June 30, 2003 0.38 2.70 8.66 0.91 * March 31, 2003
0.66 2.66 8.05 0.98 Annualized Charge-offs * 1Q04 0.24% 2.61% 6.28%
1.12% * 4Q03 0.30 3.03 7.13 1.19 * 3Q03 0.20 2.45 6.23 1.97 * 2Q03
0.25 2.58 6.05 2.72 * 1Q03 0.21 1.74 4.87 2.06 Allowance to Loans
and Leases * March 31, 2004 1.10% 4.08% 10.25% 2.29 * December 31,
2003 1.11 4.22 10.47 2.47 * September 30, 2003 1.12 4.17 11.16 2.51
* June 30, 2003 1.13 3.45 11.94 2.59 * March 31, 2003 1.15 3.14
8.16 2.33 Segment Results Net income by line of business is shown
below, with additional detail available in the segment summary
tables at the end this release and in the Form 10-Q. Net Income ($
in millions) 1Q 1Q Percent 4Q Percent 2004 2003 Change 2003 Change
Mortgage Banking $9.7 $19.6 -50% $10.2 -4% Commercial Banking 5.4
5.2 4 5.4 0 Home Equity 6.6 -9.5 NM 1.4 367 Commercial Finance -0.3
-0.3 -13 2.0 NM Venture Capital 0.0 -1.3 NM -0.3 NM Other Segments,
Including Parent -1.1 -1.9 41 -2.0 42 Consolidated Net Income 20.3
11.8 73 16.7 22 * Mortgage banking net income declined modestly
compared with the fourth quarter. Loan originations totaled $2.9
billion, unchanged from the previous quarter. During the quarter,
we recorded $10 million of revenues on gains on servicing
asset-related derivatives, net of impairment of the servicing
asset. In addition, we also recorded $6 million of gain on sale of
servicing. Our mortgage servicing asset in this line of business
had a carrying value of $298 million at March 31 or 101 basis
points of underlying loan balance, compared with 117 basis points
at year-end. * Commercial banking net revenues increased 3 percent
sequentially from the fourth quarter, reflecting modest loan and
revenue growth and a $0.3 million decline in provision for loan and
lease loss, reflecting an improving credit picture. As noted in the
table above, thirty-day and greater delinquencies in our commercial
banking line of business portfolio totaled 0.29 percent at March
31, compared with 0.36 percent at December 31 and nonperforming
assets declined to $21.7 million at quarter-end, compared to $26.6
million at year-end. * Our home equity line of business continues
to see improving credit quality. Thirty-day and greater
delinquencies in our on-balance sheet portfolio totaled 2.46
percent at March 31, compared with 2.91 percent at December 31, and
the thirty-day delinquency ratio on the off- balance sheet
portfolio declined to 8.65 percent as compared to 10.18 percent at
December 31. This improvement in credit quality led to a reversal
of $4.6 million of impairment for our $69 million residual interest
portfolio. * Our commercial finance line of business had strong
operating results with pre-tax income of $1.9 million (compared to
a pre-tax loss of $0.6 million a year earlier), loan and lease
fundings of $72 million, and a thirty-day and greater delinquency
ratio of 0.86 percent. Net income was negatively affected, however,
by a one-time tax provision to reflect tax liabilities acquired,
but not recorded on the books of the company at the time of our
purchase of our Canadian operations from a now bankrupt seller. We
believe the line of business tax provision will approximate 45
percent for the remainder of the year. As noted above, more
complete details on operations of each of our lines of business can
be found in our Form 10-Q, which was filed today with the SEC.
About Irwin Financial Irwin(R) Financial Corporation
(http://www.irwinfinancial.com/) is an interrelated group of
specialized financial services companies organized as a bank
holding company, with a history tracing to 1871. The Corporation,
through its major subsidiaries -- Irwin Mortgage Corporation, Irwin
Union Bank, Irwin Home Equity Corporation, Irwin Commercial
Finance, and Irwin Ventures -- provides a broad range of financial
services to consumers and small businesses in selected markets in
the United States and Canada. About Forward-Looking Statements This
press release contains forward-looking statements and estimates
that are based on management's expectations, estimates,
projections, and assumptions. These statements and estimates
include but are not limited to earnings estimates and projections
of financial performance and profitability, and projections of
business strategies and future activities. These statements involve
inherent risks and uncertainties that are difficult to predict and
are not guarantees of future performance. Words that convey our
beliefs, views, expectations, assumptions, estimates, forecasts,
outlook and projections or similar language, or that indicate
events we believe could, would, should, may or will occur (or might
not occur) or are likely (or unlikely) to occur, and similar
expressions, are intended to identify forward- looking statements,
which may include, among other things: * statements and assumptions
relating to projected growth in our earnings, projected loan
originations, and the relative performance of our lines of
business; * statements and assumptions relating to projected trends
or potential changes in our asset quality, loan delinquencies,
charge-offs, reserves and asset valuations; and * any other
statements that are not historical facts. We undertake no
obligation to update publicly any of these statements in light of
future events, except as required in subsequent periodic reports we
file with the Securities and Exchange Commission. Actual future
results may differ materially from what is projected due to a
variety of factors including: potential changes in and volatility
of interest rates, which may affect consumer demand for our
products and the success of our interest rate risk management
strategies; staffing fluctuations in response to product demand;
the relative profitability of our lending operations; the valuation
and management of our servicing and derivatives portfolios,
including short-term swings in valuation of such portfolios due to
quarter-end movements in secondary market interest rates which are
inherently volatile; refinancing opportunities, which may affect
the prepayment assumptions used in our valuation estimates and
which may affect loan demand; unanticipated deterioration in the
credit quality of our loan assets; unanticipated deterioration in
or changes in estimates of the carrying value of our other assets;
difficulties in delivering loans to the secondary market as
planned; difficulties in expanding our business or raising capital
and other funding sources as needed; competition from other
financial service providers for experienced managers as well as for
customers; changes in the value of companies in which we invest;
changes in variable compensation plans related to the performance
and valuation of lines of business where we have compensation
systems tied to line of business performance; estimates of future
tax liabilities; legislative or regulatory changes, including
changes in the interpretation of regulatory capital rules, changes
in consumer or commercial lending rules or rules affecting
corporate governance, and the availability of resources to address
these rules; changes in applicable accounting policies or
principles or their application to our businesses; or governmental
changes in monetary or fiscal policies. Conference call, 1:00 EDT
May 3, 2004 866.868.1109 Replay (passcode: 8930213) 877.213.9653
IRWIN FINANCIAL CORPORATION Selected Consolidated Financial
Highlights ($'s in thousands, except per share data) Q1-2004
Q1-2003 $ Change % Change Q4-2003 Net Interest Income $59,203
$64,391 ($5,188) (8.1) $59,900 Provision for Loan and Lease Losses
($8,146) ($9,243) 1,097 11.9 ($9,928) Noninterest Income 82,481
62,811 19,670 31.3 75,351 Total Net Revenues 133,538 117,959 15,579
13.2 125,323 Noninterest Expense 100,463 98,812 1,651 1.7 98,547
Income before Income Taxes 33,075 19,147 13,928 72.7 26,776 Income
Taxes 12,734 7,371 5,363 72.8 10,080 Net Income $20,341 $11,776
$8,565 72.7 $16,696 Dividends on Common Stock $2,260 $1,948 $312
16.0 $1,969 Diluted Earnings Per Share (31,290 Weighted Average
Shares Outstanding) $0.67 $0.41 0.26 63.4 $0.56 Basic Earnings Per
Share (28,190 Weighted Average Shares Outstanding) 0.72 0.42 0.30
71.4 0.60 Dividends Per Common Share 0.08 0.07 0.01 14.3 0.07
Common Stock Market Price: High $36.17 $20.12 $16.05 79.8 $32.15
Low 26.63 15.95 10.68 67.0 25.30 Closing 26.98 19.49 7.49 38.4
31.40 Net Charge-Offs $8,158 $6,127 $2,031 33.1 $9,554 Performance
Ratios - Quarter to Date: Return on Average Assets 1.7% 1.0% 1.3%
Return on Average Equity 18.4% 13.2% 14.7% March 31, March 31, 2004
2003 $ Change Loans Held for Sale $996,219 $1,631,829 ($635,610)
Loans and Leases in Portfolio 3,222,296 2,987,030 235,266 Allowance
for Loan and Lease Losses (63,681) (54,184) (9,497) Total Assets
5,146,170 5,365,932 (219,762) Total Deposits 3,309,007 3,025,604
283,403 Shareholders' Equity 453,185 371,480 81,705 Shareholders'
Equity available to Common Shareholders (per share) 16.04 13.35
2.69 Average Equity/Average Assets (YTD) 9.1% 7.6% Tier I Capital
$585,287 $475,308 $109,925 Tier I Leverage Ratio 11.8% 9.8% Total
Risk-based Capital Ratio 15.3% 13.4% Nonperforming Assets to Total
Assets 0.87% 0.81% % December 31, Change 2003 Loans Held for Sale
(39.0) $883,895 Loans and Leases in Portfolio 7.9 3,161,054
Allowance for Loan and Lease Losses (17.5) (64,285) Total Assets
(4.1) 4,988,359 Total Deposits 9.4 2,899,662 Shareholders' Equity
22.0 432,260 Shareholders' Equity available to Common Shareholders
(per share) 20.1 15.36 Average Equity/Average Assets (YTD) 7.7%
Tier I Capital 23.1 $556,793 Tier I Leverage Ratio 11.2% Total
Risk-based Capital Ratio 15.1% Nonperforming Assets to Total Assets
1.05% MORTGAGE BANKING Q1-2004 Q1-2003 $ Change Net Interest Income
$8,662 $16,065 ($7,403) Recovery of (Provision for) Loan Losses 107
53 54 Gain on Sales of Loans 42,782 91,228 (48,446) Gain on Sale of
Servicing 6,489 4 6,485 Loan Servicing Fees, Net of Amortization
Expense (1,411) (10,480) 9,069 Recovery (Impairment) of Servicing
Assets, Net of Hedging 10,168 (1,633) 11,801 Other Revenues 1,839
1,864 (25) Total Net Revenues 68,636 97,101 (28,465) Salaries,
Pension, and Other Employee Expense 29,528 41,013 (11,485) Other
Expenses 22,941 24,200 (1,259) Income Before Income Taxes 16,167
31,888 (15,721) Income Taxes 6,435 12,249 (5,814) Net Income $9,732
$19,639 ($9,907) Total Mortgage Loan Originations: $2,930,716
$5,477,292 ($2,546,576) Percent retail 23% 27% Percent wholesale
43% 50% Percent brokered 9% 3% Percent correspondent 25% 21%
Refinancings as a Percentage of Total Originations 61% 70% % Change
Q4-2003 Net Interest Income (46.1) $11,017 Recovery of (Provision
for) Loan Losses 101.9 (443) Gain on Sales of Loans (53.1) 44,349
Gain on Sale of Servicing NM (312) Loan Servicing Fees, Net of
Amortization Expense 86.5 (3,957) Recovery (Impairment) of
Servicing Assets, Net of Hedging 722.7 23,293 Other Revenues (1.3)
2,061 Total Net Revenues (29.3) 76,008 Salaries, Pension, and Other
Employee Expense (28.0) 30,488 Other Expenses (5.2) 26,096 Income
Before Income Taxes (49.3) 19,424 Income Taxes (47.5) 9,240 Net
Income (50.4) $10,184 Total Mortgage Loan Originations: (46.5)
$2,904,921 Percent retail 27% Percent wholesale 40% Percent
brokered 8% Percent correspondent 25% Refinancings as a Percentage
of Total Originations 51% March 31, March 31, 2004 2003 $ Change
Owned Servicing Portfolio Balance $29,563,330 $20,402,080
$9,161,250 Weighted average interest rate 5.73% 6.37% Delinquency
ratio (30+ days): 2.74% 4.22% Conventional 1.57% 1.69% Government
5.41% 7.77% Loans held for sale $781,224 $1,517,671 (736,447)
Servicing Asset 298,486 184,789 113,697 % Change December 31, 2003
Owned Servicing Portfolio Balance 44.9 $29,640,122 Weighted average
interest rate 5.83% Delinquency ratio (30+ days): 4.58%
Conventional 2.23% Government 9.17% Loans held for sale (48.5)
$679,360 Servicing Asset 61.5 348,174 COMMERCIAL BANKING % Q1-2004
Q1-2003 $ Change Change Q4-2003 Net Interest Income $20,546 $19,027
$1,519 8.0 $20,434 Provision for Loan and Lease Losses (1,200)
(1,580) 380 24.1 (1,500) Other Revenues 4,776 5,129 (353) (6.9)
4,553 Total Net Revenues 24,122 22,576 1,546 6.8 23,487 Salaries,
Pension, and Other Employee Expense 9,322 8,925 397 4.4 8,714 Other
Expenses 5,761 4,980 781 15.7 5,798 Income Before Income Taxes
9,039 8,671 368 4.2 8,975 Income Taxes 3,622 3,460 162 4.7 3,562
Net Income $5,417 $5,211 $205 3.9 $5,413 Net Charge-offs $1,170
$946 $224 23.7 $1,476 Net Interest Margin 3.79% 4.04% 3.74% March
31, March 31, December 2004 2003 $ Change % Change 31, 2003
Securities and Short- Term Investments $210,647 $136,360 $74,287
54.5 $107,668 Loans and Leases 2,007,917 1,849,778 158,139 8.5
1,988,633 Allowance for Loan and Lease Losses (22,086) (21,359)
(727) (3.4) (22,055) Interest-Bearing Deposits 1,800,571 1,633,787
166,784 10.2 1,680,480 Noninterest-Bearing Deposits 281,986 233,386
48,600 20.8 283,794 Commercial Loan Delinquency Ratio (30+days):
0.23% 0.66% 0.34% HOME EQUITY LENDING $ % Q1-2004 Q1-2003 Change
Change Q4-2003 Residual Asset Interest Income $3,258 $6,963
($3,705) (53.2) $3,551 Net Interest Income - Unsold Loans and Other
21,438 19,449 1,989 10.2 21,705 Provision for Loan Losses (5,899)
(4,880) (1,019) (20.9) (5,998) Trading Gains (Losses) 4,641
(17,789) 22,430 126.1 87 Gain on Sales of Loans, Including Points
and Fees 8,683 1,971 6,712 340.5 7,711 Servicing Income, net 3,064
772 2,292 296.9 2,019 Other Revenues 1,267 65 1,202 1849.2 43 Total
Net Revenues 36,452 6,551 29,901 456.5 29,118 Salaries, Pension,
and Other Employee Expense 16,126 13,062 3,064 23.5 13,756 Other
Expense 9,260 9,319 (59) (0.6) 12,936 Income Before Income Taxes
11,066 (15,830) 26,896 169.9 2,426 Income Taxes 4,433 (6,332)
10,765 170.0 1,005 Net Income $6,633 ($9,498) $16,131 169.8 $1,421
Loan Volume $306,877 $278,550 $28,327 10.2 $288,197 Loans Sold
202,432 86,068 116,364 135.2 137,803 Net Charge-offs (Loans Held
for Investment) 5,694 3,367 2,327 69.1 6,688 March 31, March 31, $
% December 2004 2003 Change Change 31, 2003 Home Equity Loans Held
for Sale $213,864 $112,429 $101,435 90.2 $202,627 Home Equity Loans
Held for Investment 721,685 739,399 (17,714) (2.4) 692,637
Allowance for Loan and Lease Losses (29,456) (23,203) (6,253)
(26.9) (29,251) Residual Asset 68,692 132,020 (63,328) (48.0)
70,519 Servicing Asset 30,870 24,410 6,460 26.5 28,425 Managed
Portfolio 1,473,356 1,843,266 (369,910) (20.1) 1,513,289
Delinquency Ratio (30+days) 4.72% 5.55% 5.87% Managed Portfolio,
including credit risk sold $2,610,459 $2,548,166 $42,103 1.6
$2,568,356 Delinquency Ratio (30+days) 3.76% 4.74% 4.65% COMMERCIAL
FINANCE % Q1-2004 Q1-2003 $ Change Change Q4-2003 Net Interest
Income $6,754 $4,807 $1,947 40.5 $6,876 Provision for Loan and
Lease Losses (1,153) (2,864) 1,711 59.7 (1,987) Other Revenues 475
835 560 67.1 1,266 Total Net Revenues 6,076 2,778 4,218 151.8 6,155
Salaries, Pension, and Other Employee Expense 3,362 2,606 756 29.0
3,340 Other Expenses 863 722 1,061 147.1 598 Taxes 1,851 (550)
2,401 436.5 2,217 Income Taxes 2,144 (290) 2,434 839.3 211 Net
Income (Loss) (293) (260) (33) (12.7) 2,006 Net Charge-Offs $1,294
$1,812 ($518) (28.6) $1,363 Loans sold $7,694 $0 $7,694 na $12,240
Net Interest Margin 5.74% 5.47% 5.95% Total Fundings of Loans and
Leases $71,652 $57,609 $14,043 24.4 $87,097 March 31, March 31, $ %
December 2004 2003 Change Change 31, 2003 Investment in Loans and
Leases $479,364 $379,985 $99,379 26.2 $463,423 Allowance for Loan
and Lease Losses (10,962) (8,840) (2,122) (24.0) (11,445) Weighted
Average Yield 9.24% 10.00% 9.41% Delinquency ratio (30+days) 0.86%
0.98% 0.87% VENTURE CAPITAL $ % Q1-2004 Q1-2003 Change Change
Q4-2003 Net Interest Income after Provision for Loan Losses ($1) $7
($8) (114.3) ($1) Mark to Market Adjustment on Investments 9
(2,259) 2,268 100.4 (534) Other Revenues 149 147 2 1.4 148 Total
Net Revenues 157 (2,105) 2,262 107.5 (387) Operating Expenses 128
108 20 18.5 108 Income Taxes 29 (2,213) 2,242 101.3 (495) Income
Tax Expense (Benefit) 11 (885) 896 101.2 (185) Net Income (Loss)
$18 ($1,328) 1,346 101.4 ($310) March 31, March 31, $ % December
2004 2003 Change Change 31, 2003 Investment in Portfolio Companies
(cost) $14,592 $13,964 628 4.5 $14,601 Mark to Market Adjustment
(11,068) (10,381) (687) (6.6) (11,077) Carrying Value - Portfolio
Companies $3,524 $3,583 ($59) (1.6) $3,524 (1) In light of
accelerated filing deadlines for Quarterly Reports on Form 10-Q
required by the Sarbanes-Oxley Act beginning this year, the
contents of this earnings press release will be condensed as
compared to those previously issued by the Corporation. The
Corporation's Form 10-Q will be filed on a concurrent basis with
the release of this earnings announcement. Readers are encouraged
to consult the Form 10-Q for additional information on first
quarter performance as it will contain detailed operating and
financial performance information for the reporting period. (2)
Off-balance sheet loans underlie our residual interests. These
loans have been treated as sold under SFAS 140 and have a reserve
methodology that reflects life-of-account loss expectations,
whereas our policy for on-balance sheet loans requires that we hold
loss reserve coverage sufficient for potential losses inherent in
the portfolio at the balance sheet date. The figures for reserves
in the column labeled "Home Equity Lending Off-Balance Sheet,"
therefore, are not balance sheet accounts of "allowance for loan
and lease losses," but instead represent the percentage of
undiscounted losses assumed in our residual valuation relative to
the underlying loan balances supporting the residual interests.
DATASOURCE: Irwin Financial Corporation CONTACT: Suzie Singer,
Corporate Communications, +1-812-376-1917 or Greg Ehlinger, Chief
Financial Officer, +1-812-376-1935, both of Irwin Financial
Corporation Web site: http://www.irwinfinancial.com/
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