COLUMBIA, S.C. - Resource Bancshares Mortgage Group Inc. reported that its net income in the first quarter fell to $1 million, or 8 cents a share, compared with $5.3 million, or 42 cents a share, in the same 1994 quarter.

The decline came primarily as a result of a 66% reduction in sales of purchased mortgage servicing rights. Net income per share was retroactively adjusted for a 5% stock dividend declared this March 24.

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