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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 54.24 | 0 | 01:00:00 |
WINSTON-SALEM, North Carolina, July 16, 2015 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported quarterly earnings for the second quarter of 2015. Net income available to common shareholders was $454 million, compared to $424 million earned in the second quarter of 2014, an increase of 7.1%. Earnings per diluted common share totaled $0.62 for the quarter, compared to $0.58 for the second quarter of last year, an increase of 6.9%. Net income available to common shareholders was affected by $25 million in pre-tax merger-related charges ($16 million after-tax), or $0.02 per diluted share, and a $34 million after-tax loss on the sale of American Coastal, or $0.05 per diluted share.
"We are pleased to report solid results for the quarter, led by improved loan growth and strong credit quality," said Chairman and Chief Executive Officer Kelly S. King. "We completed several strategic transactions during the second quarter and reached an important milestone with the recent approval of the Susquehanna merger.
"Revenues were $2.4 billion, up $31 million, or 1.3% compared with the second quarter of 2014. These results were driven by continued strength in our fee-based businesses.
"We successfully completed our acquisition of The Bank of Kentucky," said King. "This strategic transaction added $1.6 billion in deposits and boosted us to the No. 2 marketplace ranking in Kentucky, and we look forward to expanding on this solid base with our diverse product offerings and strong customer focus.
"We were very pleased to receive regulatory approval to acquire Susquehanna Bancshares, which we expect to close on August 1. This transaction is very important strategically and will drive improved growth and efficiency in coming quarters.
"We reported an income tax benefit of $107 million as a result of a decision by the U.S. Court of Appeals related to previously disallowed deductions in connection with a financing transaction. We also extinguished nearly $1 billion of higher cost FHLB borrowings resulting in a $172 million pre-tax loss, or $107 million after-tax. The debt extinguishment will modestly benefit our net interest margin going forward.
"We also completed the sale of American Coastal and the related purchase of additional ownership in AmRisc," said King. "The sale resulted in an after-tax loss of $34 million due to the allocation of goodwill upon disposal. These transactions eliminate our exposure to future underwriting losses and significantly increase our share of a historically strong fee-based business."
Second Quarter 2015 Performance Highlights
Earnings presentation and Quarterly Performance Summary
To listen to BB&T's live second quarter 2015 earnings conference call at 8 a.m. (ET) today, please call 1-888-632-5009 and enter the participant code 5184622. A presentation will be used during the earnings conference call and is available on our website at www.bbt.com. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 4313363).
The presentation, including an appendix reconciling non-GAAP disclosures, is available at www.bbt.com.
BB&T's second quarter 2015 Quarterly Performance Summary, which contains detailed financial schedules, is available on BB&T's website at www.bbt.com.
About BB&T
As of June 30, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $191 billion in assets and market capitalization of $29.6 billion. Based in Winston-Salem, N.C., the company operates 1,903 financial centers in 13 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.bbt.com.
Capital ratios are preliminary. Credit quality data excludes government guaranteed GNMA loans where applicable.
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 that these non-GAAP measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges in the current period. The company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T's management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the company's underlying performance. 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 Second Quarter 2015 Quarterly Performance Summary, which is available on BB&T's website at www.bbt.com.
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 that are based on the beliefs and assumptions of the management of BB&T and the information available to management at the time that these disclosures were prepared. 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. Such factors include, but are not limited to, the following:
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.
Copyright 2015 PR Newswire
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