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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, North Carolina, Oct. 19, 2017 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported earnings for the third quarter of 2017. Net income available to common shareholders was $597 million. Earnings per diluted common share were $0.74 for the third quarter of 2017, up 1.4 percent from $0.73 last year. Excluding pre-tax merger-related and restructuring charges of $47 million ($29 million after-tax), net income available to common shareholders was $626 million, or $0.78 per diluted share, up 2.6 percent from $0.76 last year.
Net income available to common shareholders was $631 million ($0.77 per diluted share) for the second quarter of 2017 and $599 million ($0.73 per diluted share) for the third quarter of 2016.
"We had a solid quarter with growth in revenues and good expense control," said Chairman and Chief Executive Officer Kelly S. King. "Taxable-equivalent revenues were $2.9 billion, up 1.4 percent compared to the third quarter of 2016 and net interest income was up $38 million driven by higher interest rates.
"Total expenses for the quarter were $1.7 billion and our GAAP efficiency was 62.0 percent, primarily due to restructuring charges as we continue to optimize our structure," said King. "Our year-to-date adjusted efficiency ratio of 58.3 percent is the lowest level in four years.
"While average total loans declined 1.1 percent annualized compared with last quarter, core loans increased 3.2 percent, which excludes prime auto, residential mortgage and PCI loans that are decreasing as planned," said King. "Our credit quality is very strong, as nonperforming assets and loans 90 days or more past due were relatively stable and net charge-offs improved from already low levels."
"We are also pleased to have completed $920 million in share repurchases in the third quarter," King said. "This is nearly half of the amount included in our capital plan approved late last quarter and demonstrates our continued capital strength and commitment to serving our clients and communities as we generate long-term benefits for our shareholders."
Third Quarter 2017 Performance Highlights
Earnings Presentation and Quarterly Performance Summary
To listen to BB&T's live third quarter 2017 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 885781. 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 4313363).
The presentation, including an appendix reconciling non-GAAP disclosures, is available at https://bbt.investorroom.com/webcasts-and-presentations. BB&T's Third Quarter 2017 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 $220.3 billion in assets and market capitalization of $37.0 billion as of September 30, 2017. 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 over 2,100 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 company 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 Third Quarter 2017 Quarterly Performance Summary, which is available at 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. 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, 2016 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.
Copyright 2017 PR Newswire
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