|Branch Banking and Trust Co. maintained healthy earnings and originations during the latest quarter.
Residential originations were $16.4 billion during 2008, BB&T Corp. reported today. Fourth-quarter fundings were $3.6 billion, slipping from $3.7 billion the prior quarter but higher than $3.2 billion during the fourth-quarter 2007.
The Winston Salem, N.C.-based company reported a mortgage servicing portfolio of $59.7 billion as of the end of last year, higher than $57.7 billion at the end of September and $51.0 billion at the end of 2007.
Mortgage loans on BB&T's balance sheet were $17.1 billion as of Dec. 31, off from $17.3 billion as of Sept. 30 and $17.5 billion one year earlier. Home-equity outstandings of $14.3 billion included $8.9 billion in home-equity loans and $5.5 billion in home-equity lines-of-credit.
In addition, residential acquisition, development and construction loans ended the latest period at $8.0 billion. Commercial mortgage outstandings were $11.5 billion.
Mortgage banking income was $275 million last year. During just the fourth quarter, mortgage banking earnings were $76 million, down from $83 million in the third-quarter 2008 but better than $27 million in the final quarter of 2007.
Last year's net income across all of BB&T was $1.5 billion, off just slightly from $1.7 billion during 2007. Fourth-quarter net earnings were a $305 million profit, lower than earnings of $411 a year prior.
BB&T ended last year with 29,633 full-time employees, slightly lower than 29,818 at the end of the third quarter.
The bank noted that the U.S. Treasury purchased $3.1 billion in senior preferred shares from BB&T under the Troubled Asset Relief Program's capital purchase program.