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BB&T Bank Weathers Servicing Impairment Charge.(Brief Article)
BB&T Corp. reported net income totaling $327.7 million, or $0.69 per share, in the first quarter despite a $37 million writedown to the value of its mortgage servicing portfolio. The company's net income increased 5.8%, compared from the first quarter of 2002.
Chairman and CEO John Allison said he was pleased to announce "solid first-quarter earnings, particularly given the continued weakness in overall economic conditions."
The company reported non-interest income of $444.9 million for the quarter, an increase of 24.4% from the year- earlier period. BB&T said that the increase was primarily driven by mortgage ...
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Source: HighBeam Research, BB&T Bank Weathers Servicing Impairment Charge.(Brief Article)