Business was better at Branch Banking and Trust, which reported more mortgage originations than during any other quarter in its history. Earnings also improved, while its servicing portfolio climbed past $100 billion. But home-loan delinquency moved up from the third quarter.
BB&T Corp. reported in its earnings report that it originated $8.570 billion in residential loans during the fourth-quarter 2012. It was the best quarter ever for the 138-year-old bank.
Retail originations accounted for $3.5 billion of the activity, while correspondent production was $5.1 billion. Refinance share was 63 percent.
Business was stronger than the third quarter, when overall production totaled $8.234 billion. During the same three months in 2011, BB&T originated $8.424 billion.
Full-year 2012 fundings totaled $33.099 billion, better than the $23.7 billion originated in 2011.
The Winston-Salem, N.C.-based company serviced $101.270 billion in residential loans, increasing its servicing portfolio from $99.537 billion as of Sept. 30 and $91.640 billion as of Dec. 31, 2011. The most recent figure reflected $73.769 billion in loans serviced for others.
The bank owned $24.272 billion in residential loans as of year-end 2012, not much different than $24.293 billion owned as of Sept. 30. Residential holdings, however, have climbed from $20.581 billion at the end of 2011.
Residential delinquency of at least 30 days was 3.54 percent as of the end of last year, worsening from the third quarter’s 3.48 percent. But late payments fell from a year prior, when the rate was 4.33 percent.
Commercial real estate assets increased to $11.461 billion from $10.913 billion as of Sept. 30 and $10.689 billion as of Dec. 31, 2011.
In addition, $1.261 billion in residential acquisition-and-development loans were on the books, down from $1.454 billion three months earlier and $2.061 billion a year earlier.
Mortgage banking income before taxes climbed to $138 million from $133 million three months earlier and $59 million a year earlier.
BB&T earned $756 million company-wide before taxes, more than the $673 million earned in the previous quarter and the $484 million earned in the fourth-quarter 2011.
At the end last year, 33,981 full-time employees were on board, fewer than 34,006 at the end of September but more than 31,774 at the end of 2011.
BB&T reported that it finished 2012 with 1,832 banking offices, down from 1,851 the prior quarter.
