Sheffield Financial grew its overall portfolio during the third quarter despite a seasonal decline in originations, the powersports lender’s parent company BB&T Corp. reported in earnings Thursday.
Loan outstandings rose 6.3% in the third quarter compared with the same period the year prior. Compared with the second quarter, the portfolio also experienced a 20% jump.
However, that portfolio growth was muted by a slowdown in originations. Sheffield’s originations fell 28% quarter over quarter. A year-over-year comparison was not reported.
BB&T Bank didn’t have anything to say about the powersports operation during the earnings call amid Sheffield’s increasing string of loan growth. The company has increased its loan outstandings every quarter since the start of 2016.
Sheffield Financial, based in Clemmons, N.C., currently services 14,000 powersports dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.
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