BB&T Corp. is being more cautious in autos, but the regional bank sees powersports lending as a growth area, the company said Thursday at the BancAnalysts Association of Boston conference.
“On the auto side, now for a year-plus … our maximum term is 72 months,” said Daryl Bible, chief financial officer. BB&T is based in Winston-Salem, N.C.
“Some of our peers in the marketplace go out to 84 months. From that perspective, we also make sure that our underwriting doesn’t have excessive LTV,” the CFO said. “We do focus on risk-return tradeoff segments. You look at Sheffield, and Grandbridge, and credit card as some of the areas that we’re focusing on trying to grow those a little bit faster.”
BB&T subsidiary Sheffield Financial is a powersports lender. Grandbridge Real Estate Capital LLC makes loans for commercial and multifamily real estate and development.
In the third quarter, BB&T Dealer Financial Services, which includes auto and powersports lending, reported net income of $43 million, down from $51 million a year ago.
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