Joe Morford
Joe Morford
attacked bottom cost drop expenses helps mortgage percent preserve quarter saw side time
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.
loan number trends underlying
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.
bit building costs credit economic growth higher rate return slightly slow slower variety
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.
bank behind companies focus growing shifted
The distraction from the integration of two companies is behind them. The focus has shifted to growing the bank in a competitive environment.
encouraged loan margin stability strength trends underlying
The underlying trends look positive, and I'm encouraged by stability in the margin and strength in loan growth.