BB&T Corp. underwent a “segment realignment” in the fourth quarter which restructured the categorization of several of the company’s divisions, including powersports and equipment finance arm Sheffield Financial.
BB&T realigned its segments into four categories, according to the bank’s fourth-quarter earnings report Friday. Previously, the bank reported for six segment categories including dealer financial services and specialized lending, which housed the bank’s retail auto finance arm Regional Acceptance Corp. and Sheffield, respectively.
Now, those auto and powersports segments will be categorized under “community banking – retail and consumer finance.” The other three categories include “community banking — commercial,” “insurance holdings and premium finance,” and “financial services and commercial finance.”
“We changed our segments, effective this quarter, to align with the reporting management changes with emphasis on faster growth while continuing to address the needs of our clients,” BB&T’s Chief Financial Officer Daryl Bible said on the earnings call, without divulging additional details. “Over the next year, we will continue to refine those allocations.”
Sheffield Financial and Commercial Equipment Capital Corp. (CEC) — which provides financing and leasing of commercial equipment and software for businesses — reported a 1.6% year-over-year drop in loan outstandings to $11.8 billion in the fourth quarter. The bank did not break out originations numbers or separate numbers for Sheffield Financial.
Separately, Sheffield implemented paperless billing late last year, according to its website. Last November, the powersports lender issued a notice that borrowers can sign up for the new feature from their online account.
Sheffield Financial, based in Clemmons, N.C., services about 14,000 powersports dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.