Quarterly mortgage originations surged at BB&T Corp. In addition, the residential servicing and investment portfolios grew, quarterly earnings improved, and staff ranks swelled.
From April 1 to June 30, BB&T closed $5.605 billion in home loans.
Mortgage production at the financial institution climbed well ahead of the $3.602 billion in loans during the first three months of 2016.
This information, along with other operational and financial statistics, was unveiled in the Winston-Salem, North Carolina-based company’s second-quarter 2016 earnings report.
Home loan activity also was slightly up from the same period in 2015, when $5.498 billion was originated.
The first-quarter 2016 mortgage production total included correspondent purchases at $3.4 billion and retail originations at $2.2 billion.
During the entire first half of this year, BB&T originated $9.207 billion in new home loans from both origination channels.
For the period ended June 30, second-quarter refinance share thinned to 43 percent from 45 percent in the first quarter.
Residential loan servicing came to $122.617 billion as of June 30. Servicing grew from $121.503 billion as of March 31 and $121.162 billion as of the same date last year.
The latest servicing portfolio accounted for $89.970 billion in loans serviced for others and $32.647 billion in bank-owned loans serviced.
Altogether, BB&T’s total residential loan assets came to $30.650 billion. The mortgage investment portfolio ascended from $29.998 billion three months earlier and $30.054 billion one year earlier.
At 3.64 percent, delinquency of at least 30 days significantly worsened from 2.49 percent as of March 31 and 2.81 percent as of June 30, 2015.
Another $18.562 billion in commercial real estate loans also were on the bank’s balance sheet.
CRE assets widened from $17.144 billion at the end of the March and $14.006 billion at the end of June a year ago.
The most-recent balance consisted of $14.872 billion in loans secured by income-producing properties and $3.690 billion in construction-and-development loans.
Predictably, the mortgage business leap fared well for the financial entity’s quarter-over-quarter income.
Prior to income taxes, residential mortgage banking earnings jumped ahead $8 million from the first quarter to $71 million. Income was considerably lower, however, than $111 million in the year-earlier period.
Across the company, income before income taxes grew to $839 million — edging out the first quarter’s $816 million and the second-quarter 2015’s $581 million.
BB&T completed its acquisition of Cooper Gay Swett & Crawford North America Holdings Corp. and National Penn Bancshares Inc. on April 1, BB&T Chief Executive Officer Kelly S. King said in the report.
“The National Penn systems conversion was completed in mid-July, and both of these acquisitions contributed to our strong second quarter results,” King said.
BB&T counted 37,644 full-time employees at the end of the second quarter this year.
The financial services provider employed 1,896 more workers than at the end of March. The recent headcount claimed 5,046 more staff members than inventoried on June 30, 2015.
Along with increased staffing, BB&T’s physical footprint grew to 2,249 banking offices from 2,137 as of March 31.
