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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Originations Decline at BB&T

Q2 production down 2% from Q1; delinquency improves

July 19, 2012

By staff

While most of its competitors have reported an increase from the first quarter in home-loan production, BB&T Corp. actually originated less. Mortgage earnings were also worse. But the bank continued to make headway on residential delinquency and reported record earnings at the corporate level.

Second-quarter residential fundings were $8.045 billion based on earnings data released Thursday.

Business fell from $8.250 billion in the first quarter. The decline is in contrast to reported increases at Bank of America Corp., JPMorgan Chase & Co., The PNC Financial Services Group Inc., U.S. Bancorp and Wells Fargo & Co.

But the good news is that BB&T managed to more than double its production from $3.888 billion in the second-quarter 2011.

The mortgage servicing portfolio finished last month at $97.560 billion, expanding from $94.626 billion at the end of March and $86.828 billion at the same point last year. The June 30, 2012, number included $71.389 billion in loans serviced for others, up from $70.318 billion three months earlier.

BB&T was recognized as the mortgage servicer with the highest level of customer satisfaction in the J.D. Power and Associates 2012 U.S. Primary Mortgage Servicer Satisfaction Study released Thursday.

The Winston-Salem, N.C.-based firm owned $23.117 billion in residential mortgages, growing its holdings from $21.513 billion three months prior. The increase was more significant when compared to the $18.372 billion on the books as of the second quarter of last year.

Delinquency of at least 30 days on the held-for-investment portfolio was 3.30 percent, continuing to improve from 3.67 percent at the end of the prior quarter. The rate of late payments was 4.40 percent a year prior.

Commercial real estate loans on the balance sheet barely moved down to $10.457 billion from $10.543 billion at the end of March. CRE assets were trimmed from $11.134 billion as of June 30, 2011.

BB&T also owned $1.590 billion in residential acquisition-and-development-construction loans, off from $1.823 on the books as of the end of the first quarter and cut from $2.689 billion a year prior.

Residential mortgage banking net income before taxes declined to $111 million from $205 million but reversed a $103 million loss a year earlier.

During the three months ended June 30, company-wide income before taxes was $729 million, improving from $634 million in the prior period and $418 million in the same period during the prior year.

"We are excited to report the strongest net income for any quarter in our history," BB&T
Chairman and Chief Executive Officer Kelly S. King said in the report.

As of the end of the second quarter, 32,998 people were employed by BB&T, growing from 31,185 at the end of the first quarter. A year prior, headcount was 31.617.

BB&T operated 1,774 branches, one more than as of March 31, 2012.

BB&T profile

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