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

Quarterly Performance Improves at BB&T

$5.0 billion in Q2 production

July 22, 2010

By staff

Mortgage production moved higher and earnings improved from the first quarter at Branch Banking and Trust Co. -- though performance was not as impressive when compared to last year. The company's chief said the secondary market for problem assets improved.

BB&T originated $5.0 billion in residential loans during the second quarter, edging up from $4.8 billion in the prior quarter, earnings data released today indicated. Second-quarter 2009 originations were $8.5 billion.

The residential servicing portfolio stood at $77.9 billion at the end of the second quarter, higher than $75.9 billion at the end of the prior period and $66.5 billion a year ago. The June 30 figure included $18.6 billion in bank-owned mortgages and $59.3 billion in third-party servicing.

The Winston-Salem, N.C.-based firm reported mortgage assets of $15.5 billion as of June 30, about the same as March 31 holdings and less than $15.6 billion owned on June 30, 2009. The most recent number included $12.2 billion in prime mortgages, $2.3 billion in Alt-A loans and $0.5 billion in subprime holdings.

In addition, the company owned $5.8 billion in home-equity loans, edging down from $5.9 billion on March 31, and $5.6 billion in home-equity lines-of-credit, unchanged from March's end.

Excluding loans guaranteed by Ginnie Mae and including non-mortgage loans, delinquency of at least 30 days rose to 3.69 percent from 3.53 percent three months earlier and 2.03 percent one year earlier.

Residential acquisition, development and construction loans on the company's balance sheet finished last month at $4.8 billion, falling from $5.3 billion at the end of March.

Other commercial real estate loans owned were $12.5 billion, unchanged from the first quarter.

Chief Executive Officer Kelly S. King noted in the report that BB&T unloaded $682 million in problem assets during the quarter.

"We successfully implemented a strategy to accelerate our disposition of problem assets," King said. "Early in the second quarter, we reached an inflection point and have seen more bidders and more acceptable valuations for problem assets."

Mortgage-related revenues soared 95 percent from the first quarter to $110 million -- though revenues were 40 percent less than the second-quarter 2009. The linked-quarter improvement was the result of lower rates and higher refinance volume.

BB&T said company-wide income before taxes edged up to $249 million from the first quarter's $242 million and was unchanged from 12 months earlier.

Headcount at the company was 31,603 at the end of last month, lower than 31,929 three months earlier. Headcount was higher, however, than 28,763 on June 30, 2009.

BB&T profile

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