Sheffield Financial experienced “strong loan growth” in the second quarter, with a 33% increase in loan originations from the previous quarter, according to the company’s earnings released yesterday. Loan originations grew 15% year over year in 2Q, from the same time a year prior.
BB&T Corp. — Sheffield’s parent company — expects a “very strong seasonal performance” in its consumer-related businesses, which includes powersports, said Kelly King, the bank’s president and chief executive, during a second-quarter earnings call yesterday.
BB&T’s specialized lending, which includes powersports, equipment, and real estate financing platforms, “are our very good diversifying businesses, and they are performing very well,” with “very good profitability,” Daryl Bible, the bank’s chief financial officer and senior executive vice president, said during the call. Looking forward, BB&T expects “about the same kind of loan growth in the third quarter as we had in the second quarter,” Bible added, “unless there is some dramatic change in the economy.”
Sheffield Financial, based in Clemmons, N.C., currently services 14,000 powersports dealers with 750,000 end users. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.