Growth will slow slightly for a variety of factors. There's a challenging rate environment, a bit slower economic growth and there could be a return to a more normalized credit environment, with higher credit costs and building of provisions. |
Mortgage revenues were down for the quarter but at the same time (Wells) aggressively attacked the cost side of the business. We saw a 13 percent annualized drop in mortgage-related expenses in the quarter. That helps to preserve the bottom line. |
The bottom-line (earning-per-share) number was a little better than expected, but some of the underlying trends showed some softness, particularly the loan and deposit growth. |
The distraction from the integration of two companies is behind them. The focus has shifted to growing the bank in a competitive environment. |
The underlying trends look positive, and I'm encouraged by stability in the margin and strength in loan growth. |