Resource Bancshares Mortgage Group reported first- quarter net income of $4.5 million, unchanged from last year. But earnings per share fell 18% to 23 cents.

Loan production fell 29% to $2.2 billion. The company's pipeline of approved loans was $1 billion on March 31, up 89% from Dec. 31. The servicing portfolio at the end of the quarter was $7.4 billion, 28% more than a year earlier.

Resource originated $46.8 million in subprime loans during the quarter. It started a subprime division last summer, and last week it announced that it was merging with subprime lender Walsh Holding Co.

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