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Share Name | Share Symbol | Market | Type |
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BB and T Corporation | NYSE:BBT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 54.24 | 0 | 01:00:00 |
WINSTON-SALEM, N.C., April 19, 2018 /CNW/ -- BB&T Corporation (NYSE: BBT) today reported record earnings for the first quarter of 2018. Net income available to common shareholders was $745 million. Earnings per diluted common share were $0.94 for the first quarter of 2018, up from $0.77 last quarter. Results for the first quarter produced an annualized return on average assets of 1.45 percent and an annualized return on common shareholders' equity of 11.43 percent.
Excluding pre-tax merger-related and restructuring charges of $28 million ($22 million after-tax), net income available to common shareholders was $767 million, or $0.97 per diluted share.
Net income available to common shareholders was $614 million ($0.77 per diluted share) for the fourth quarter of 2017 and $378 million ($0.46 per diluted share) for the first quarter of 2017.
"We had a record quarter with strong expense control and lower tax expense," said Chairman and Chief Executive Officer Kelly S. King. "Our returns on average assets and average common shareholders' equity were the highest they have been since before the credit crisis.
"Total noninterest expenses for the quarter were $1.69 billion, down $169 million from the prior quarter. Excluding merger-related and restructuring charges and one-time expenses in the prior quarter related to the passage of tax reform, noninterest expense was down $39 million reflecting strong expense control and continued progress from our optimization efforts," King said.
"During the first quarter we were pleased to announce a 13.6 percent increase in our common stock dividend to share tax reform benefits with our shareholders. This follows actions taken in December of last year when we made additional investments in our associates and communities. We also increased our minimum hourly pay rate from $12 to $15 per hour.
"Earlier this month, we announced plans to acquire Regions Insurance. The acquisition will be a great strategic fit and increase our retail insurance network in core BB&T markets across the Southeast and newer markets in Texas, Louisiana and Indiana," said King.
First Quarter 2018 Performance Highlights
Earnings Presentation and Quarterly Performance Summary
To listen to BB&T's live first quarter 2018 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 876127. A presentation will be used during the earnings conference call and is available on our website at https://bbt.investorroom.com/webcasts-and-presentations. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 6326592).
The presentation, including an appendix reconciling non-GAAP disclosures, is available at https://bbt.investorroom.com/webcasts-and-presentations. BB&T's First Quarter 2018 Quarterly Performance Summary, which contains detailed financial schedules, is available on BB&T's website at https://bbt.investorroom.com/quarterly-earnings.
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion as of March 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
Capital ratios are preliminary.
This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). BB&T's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:
A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in BB&T's First Quarter 2018 Quarterly Performance Summary, which is available at https://bbt.investorroom.com/quarterly-earnings.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of BB&T. Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding BB&T's business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances difficult to predict. BB&T's actual results may differ materially from those contemplated by the forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "could" and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. While there is no assurance any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2017 and in any of BB&T's subsequent filings with the Securities and Exchange Commission:
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed in or implied by any forward-looking statement. Except to the extent required by applicable law or regulation, BB&T undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE BB&T Corporation
Copyright 2018 Canada NewsWire
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