did they release earnings early? this was in the charleston paper....
looks like 47 cent/share
BB&T Corp., the national bank with the third-largest market share in South Carolina, today reported that net income for its fiscal second quarter rose 46% to $327 million, from $224 million in the second quarter last year.
“The increase was driven by significantly improved credit quality and solid performances across all of our lines of business. Net revenues totaled $2.2 billion this quarter, up approximately 28% annualized compared to the first quarter this year. This increase was generated by lower funding costs, stronger insurance commissions and lower losses from problem loan sales,” said Chairman and CEO Kelly S. King.
Net interest margin improved to 4.15% in the second quarter compared to 4.01% in the first quarter. The bank’s acquired loan portfolios continue to outperform and have enhanced its outlook for the margin compared to last quarter.
“We currently project that the margin will remain in the 4.05% to 4.10% range throughout the remainder of 2011. In addition, the margin is also benefitting from a more favorable funding mix, lower cost of funds and wider credit spreads,” King said.
“The pace of improvement in our credit quality accelerated this quarter,” King said. “In particular, the 25% decrease in inflows of new nonperforming assets and $675 million in sales of problem assets resulted in a 13% decrease in nonperforming assets. In the last year, we have reduced nonperforming assets by approximately $1 billion to the lowest level in two years.
In spite of continued soft demand, BB&T reported broad-based loan growth. BB&T’s loans held for investment, excluding the bank’s covered and residential ADC portfolios, grew 3.4% on an annualized basis.
“In addition, we have good momentum heading into the third quarter, with end of period balances $810 million higher than at the beginning of the quarter,” King said.