Staff Report
Published Oct. 18, 2012
BB&T Corp. today reported third quarter net income of $469 million, an increase of 28% compared to $366 million reported in the third quarter of 2011.
Earnings per share totaled 66 cents, an increase of 27% compared to 52 cents per share earned in the third quarter of last year. Third-quarter earnings were reduced by merger-related charges associated with the acquisition of BankAtlantic totaling $43 million pretax, or 4 cents per share.
For the first nine months of the year, BB&T reported net income available to common shareholders of $1.4 billion, a 57% increase over the first nine months of 2011. Earnings per share totaled $1.99 for the first nine months of 2012.
"We are pleased to report very strong results for the third quarter," said Chairman and CEO Kelly S. King. "BB&T's performance benefited from a 5.3% annualized increase in net interest income compared to the last quarter, a 63% increase in mortgage banking income and continued improvement in credit costs. The net interest margin remained strong at 3.94%.
"Loan growth improved during the quarter as average loans held for investment increased 12.6% on an annualized basis compared to the second quarter including the impact of the BankAtlantic acquisition,” King said. “Organic loan growth was also strong as average loans increased 8.4% compared to last quarter on an annualized basis. This growth was led by our other lending subsidiaries, residential mortgage loans, C&I (commercial and industrial) loans and sales finance loans.”
The company’s overall deposits grew and is now ranked No. 9 nationally according to recently released FDIC data, King said.
"BB&T gained market share in North Carolina; Georgia, where our rank improved to 4th from 5th; West Virginia; Kentucky; Tennessee and Texas. We maintained our rank in the other states in our footprint. Including BankAtlantic, average deposits increased 11% and noninterest-bearing deposits increased 34% on an annualized basis.”
Previous coverage
