First-quarter profits at Caterpillar Financial Services came in at $133 million, up a tick from a year ago, as both lower interest rates and a slowdown in its Latin America, Asia and mining businesses cut into growth. The West End-based financing arm of Caterpillar also saw its past-due loans rise to 3.08 percent of its portoflio, up from 2.17 percent at the end of 2014 and 2.56 percent a year ago.
First Acceptance posted an operating profit of nearly $3.1 million in the fourth quarter, down slightly from the last three months of 2013. (Net income was helped big time by a $20 million tax benefit thanks to 10 consecutive quarters in the black.) Total premiums rose nicely to $56.3 million from $48.7 million but losses also rose substantially, with the loss ratio climbing to 74.5 percent from 70 percent. The company made that up on the expense side, though, and CEO Joe Borbely says his team early this year began writing policies in Virginia, First Acceptance's 13th state.
POSTDATA: WARRANTY DEEDS