On April 5, 2013 we completed the previously announced sale of the assets of our transfer agent and corporate trust services business, including corporate trust foreign exchange services, to an affiliate of the TMX Group Inc. for cash consideration of $64,000 received at closing, subject to post closing adjustments (the "Transaction"). Our wholly-owned subsidiary Equity Financial Trust Company ("EFT") will use the majority of the net proceeds from the Transaction to significantly increase our regulatory capital base to a level that is expected to provide support for the expansion of our mortgage loan portfolio over the coming years.
As a result of the Transaction and the parallel wind-down of our foreign exchange operations the Corporation is now focused solely on our mortgage lending and deposit taking business segment. Our previously reported transfer agent and corporate trust segment and our foreign exchange segment are now classified as discontinued operations (see note 16 of our interim consolidated financial statements).
We originated $39,531 of new mortgage loans during the first quarter of 2013 (an increase of 75% from 2012) and as at March 31, 2013 we had estimated commitments to make future advances on mortgage loans of $22,500. We ended the first quarter with mortgage loans outstanding of $226,876, representing an increase of 14% compared to December 31, 2012 and an increase of 115% compared to March 31, 2012. We remain confident in our expectation that compared to the balance at the end of 2012 our mortgage portfolio will be approximately double in size by the end of 2013. We maintained a net interest margin of 3.21% compared to 3.22% for the comparable period last year, which is above our long run expectation of approximately 3.0%.
As a result of the increase in our mortgage portfolio, the total of net interest income and other revenue contributed by our mortgage unit increased by 117% year over year.
Although revenue increased compared to the prior year we have reported a net loss from our continuing mortgage operations of $388 for the three months ended March 31, 2013, compared to a net loss of $664 for the comparable period in 2012. This represents a change in presentation as we had previously reported net earnings of $118 from our mortgage segment for the first quarter of 2012. The change in net earnings presented reflects approximately $1,000 of corporate overhead costs previously assigned to the transfer agent and corporate trust segment and the foreign exchange segment that have now been reallocated to our continuing mortgage operation. These overhead costs include executive management, administration and risk and control functions which provide the foundational infrastructure to support our strategy to grow our mortgage operation.
Our discontinued transfer agent and corporate trust and foreign exchange operations contributed a net loss of $638 for the three months ended March 31, 2013 compared to net earnings of $710 for the comparable period in 2012. The results of our discontinued operations include before tax costs of $1,149 incurred in connection with the Transaction during the first quarter of 2013. These non-recurring costs were primarily for investment banking, legal and other advisory services. Also during the first quarter of 2013 we incurred before tax costs of $500 in connection with the wind-down of our foreign exchange business.
In total we experienced a net loss of $1,026 for the three months ended March 31, 2013 compared to net earnings of $46 for the comparable period in 2012. We had a net loss per share of $0.11 for the three months ended March 31, 2013 compared to net earnings per share of $0.01 for the comparable period in 2012. Despite the fact it is now absorbing overhead costs previously allocated between three operating segments we anticipate our continuing mortgage business segment to be modestly profitable in 2013. As well, a gain on sale from the Transaction will be recognized in the second quarter.
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