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BB&T Corp.$54.18($.23)(.42%)

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 BB&T reports record earnings of $842 million, or $1.09 per diluted share
   Thursday, July 18, 2019 5:45:00 AM ET

, July 18, 2019

  • Earnings per diluted common share were $1.09, an increase of $0.12 per diluted common share from the first quarter of this year
    • Diluted earnings per share were $1.12, excluding merger-related and restructuring charges and incremental operating expenses related to the merger
    • Return on average assets was 1.55 percent
    • Return on average common shareholders' equity was 11.98 percent
    • Return on average tangible common shareholders' equity was 19.45 percent

  • Taxable-equivalent revenues were $3.1 billion, up $144 million from the first quarter of 2019
    • Net interest margin was 3.42 percent, down nine basis points
    • Noninterest income was up $150 million
    • Insurance income was a record $566 million, up $56 million
    • Fee income ratio was 44.4 percent, compared to 41.5 percent for the prior quarter

  • Noninterest expense was $1.8 billion, down $17 million compared to the first quarter of 2019
    • Noninterest expense includes $23 million of merger-related and restructuring charges and $9 million of incremental operating expenses related to the merger
    • GAAP efficiency ratio was 57.6 percent, compared to 61.0 percent for the prior quarter
    • Adjusted efficiency ratio was 55.1 percent, compared to 56.6 percent for the prior quarter

  • Average loans and leases held for investment were $150.5 billion, up $2.4 billion, or 6.5 percent annualized compared to the first quarter of 2019
    • Average commercial and industrial loans increased $1.2 billion, or 7.8 percent annualized
    • Average CRE loans decreased $157 million, or 3.0 percent annualized
    • Average residential mortgage loans increased $696 million, or 8.9 percent annualized
    • Average indirect loans increased $542 million, or 12.5 percent annualized

  • Average deposits were relatively flat compared to the first quarter of 2019
    • Average noninterest-bearing deposits increased $397 million, or 3.0 percent annualized
    • Average noninterest-bearing deposits represent 32.9 percent of total deposits, compared to 32.7 percent in the prior quarter
    • Cost of average interest-bearing deposits was 1.02 percent annualized, up seven basis points
    • Cost of average total deposits was 0.68 percent annualized, up four basis points

  • Asset quality remains excellent
    • Nonperforming assets were 0.23 percent of total assets; lower than levels in 2006
    • Loans 90 days or more past due and still accruing were 0.27 percent of loans held for investment, compared to 0.29 percent in the prior quarter
    • Net charge-offs were 0.38 percent of average loans and leases, down two basis points compared to the prior quarter
    • The allowance for loan loss coverage ratio was 3.46 times nonperforming loans and leases held for investment, versus 2.97 times in the prior quarter
    • The allowance for loan and lease losses was 1.05 percent of loans and leases held for investment, unchanged compared to the prior quarter

  • Capital levels remained strong across the board
    • Common equity tier 1 to risk-weighted assets was 10.3 percent
    • Tier 1 risk-based capital was 12.0 percent
    • Total capital was 14.2 percent
    • Leverage capital was 10.2 percent

 















































































































































































































































































































Cision View original content:http://www.prnewswire.com/news-releases/bbt-reports-record-earnings-of-842-million-or-1-09-per-diluted-share-300887074.html

SOURCE BB&T Corporation



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