Sheffield Grows Originations 4% in 2Q

Sheffield Financial grew originations 4% in the second quarter compared with the same time a year prior, parent company BB&T Corp. reported in earnings Thursday.

That origination growth was reflected in total outstandings which saw a gain of 6.6% year over year.

“We had strong performance seasonally adjusted,” Kelly King, BB&T chairman and chief executive, said of Sheffield’s performance.

Gains from quarter to quarter were far more dramatic as summer sales kicked in. Originations grew 97% in the second quarter compared to the first propelling growth in outstandings of 20.2% during the same period.

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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