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

Mixed Results for BB&T

$6.9 billion Q3 fundings

Oct. 20, 2009

By staff

The residential servicing portfolio and headcount grew at BB&T Corp., but quarterly originations, earnings and mortgage holdings fell.

Residential loan production was $6.9 billion during the third quarter, the Winston-Salem, N.C.-based firm reported yesterday. Volume fell from the prior quarter's $8.5 billion but jumped from $3.7 billion the prior year.

From Jan. 1 to Sept. 30, production totaled $22.9 billion.

The residential servicing portfolio finished the latest quarter at $71.0 billion, higher than $66.5 billion at the end of the second quarter and $57.7 billion at the end of the third-quarter 2008. Included in the most recent total were $52.2 billion in loans serviced for others.

BB&T held $15.5 billion in mortgage loans as of Sept. 30, lower than $15.6 billion three months earlier and $17.3 billion a year earlier. The latest figure included $2.8 billion in Alt-A mortgages, $0.9 billion in construction-permanent loans and $0.6 billion in subprime loans. Home-equity loans outstanding ended the third quarter at $6.1 billion, and home-equity lines-of-credit were $5.6 billion.

Nearly one-quarter of the bank's home loans were in North Carolina, while one-fifth were in Virginia and 15 percent were in Florida.

Residential acquisition, development and construction loans held by the 137-year-old institution ended September at $6.3 billion.

Commercial mortgage holdings finished last month at $12.5 billion.

Mortgage-banking income was $144 million, falling from the second quarter's $184 million but much higher than $83 million in the second-quarter 2009.

Third-quarter net income for all of BB&T was $157 million, . Earnings were $362 million in the third-quarter 2008.

Headcount was 32,821 as of Sept. 30, higher than 28,763 as of June 30 and reflecting the Aug. 14 acquisition of failed Colonial Bank on Aug. 14 from the Federal Deposit Insurance Corporation. The number of full-time employees was 29,818 a year earlier.

BB&T CEO Kelly S. King noted that the acquisition has been viewed positively.

During the first-quarter 2010, BB&T will execute an agreement to sell Nevada branches and deposits to U.S. Bank. All associated loans, however, will remain with BB&T with the FDIC covering most of the losses on those assets.

BB&T Corp. profile

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