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  • bluecheese4u bluecheese4u Jan 17, 2013 8:54 AM Flag

    BB&T produces record annual earnings in 2012; 4th quarter earnings up 29% to $506 million; EPS totals $0.71, up 29%

    BB&T produces record annual earnings in 2012; 4th quarter earnings up 29% to $506 million; EPS totals $0.71, up 29%

    Jan 17, 2013

    WINSTON-SALEM, N.C., Jan. 17, 2013 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported fourth quarter net income available to common shareholders of $506 million, an increase of 29% compared to $391 million reported in the fourth quarter of 2011. Earnings per diluted common share totaled $0.71, an increase of 29% compared to $0.55 earned in the fourth quarter of last year. The return on average assets increased to 1.20% in the quarter compared with 0.93% in the fourth quarter last year. The return on average common shareholders' equity was 10.5%, up from 8.8% for the same quarter last year.

    For 2012, BB&T reported record net income available to common shareholders of $1.9 billion, an increase of 49% compared to $1.3 billion in 2011. For 2012, earnings per diluted common share totaled $2.70 compared with $1.83 per diluted common share earned in 2011. This reflects an increase of 48%.

    "2012 was an outstanding year for BB&T," said Chairman and Chief Executive Officer Kelly S. King. "We achieved record net income for the year and accomplished most of our strategic initiatives. Noninterest income grew 23% annually, led by record performances in mortgage banking, insurance and investment banking and brokerage. Our performance benefited from strong improvement in credit costs and more than 6% growth in net interest income. Net interest margin remained strong at 3.84% for the quarter. We are pleased noninterest expenses were essentially flat compared to a year ago even though we added Crump Insurance and BankAtlantic during the year. We were also successful in generating positive operating leverage.

    "Despite a challenging environment and seasonal headwinds, average loans held for investment continued to grow. The increase was led by C&I, direct retail and residential mortgage, which were each up more than 5% compared to last quarter on an annualized basis.

    "Average deposits increased nearly 10% and noninterest-bearing deposits are up 25% on an annualized basis. The deposit mix also improved, which resulted in interest-bearing deposit costs declining by 18 basis points from the fourth quarter of last year.

    "Importantly, we continue to produce broad-based improvement in credit," King said. "Nonperforming assets declined 11% compared to last quarter. This improvement includes a 23% reduction in foreclosed real estate to the lowest level in five years. Net charge-offs, excluding covered loans, were 1.04%, the lowest level in four years.

    "I am equally proud we have accomplished our mission in other ways. BB&T's associates won industry-leading recognition for serving our clients and positively influenced the lives of more than 1.6 million people in our communities through our annual Lighthouse Project. We also assumed a leadership role in advocating the importance of the financial services industry to produce a healthier economy."

    Fourth Quarter 2012 Performance Highlights
    ■Average total loans and leases held for investment increased 3.0% on an annualized basis compared to the third quarter of 2012
    ■Average C&I loans increased 5.4%
    ■Average CRE - other loans increased 7.7%
    ■Average direct retail loans increased 6.3%
    ■Average residential mortgage loans increased 5.7%
    ■Average revolving credit loans increased 8.2%
    ■Average residential ADC loans declined 35.3%

    ■Total revenues for the fourth quarter were $2.5 billion, up 8.0% annualized link quarter
    ■Net interest income totaled $1.5 billion, up 5.1% annualized compared to the third quarter of 2012 adjusted for a $26 million benefit for accelerated amortization of hedge gains
    ■Noninterest income was $1.0 billion, up 23.5% due to strong mortgage, insurance and investment banking and brokerage results
    ■Achieved positive operating leverage

    ■Average deposits increased $3.1 billion, or 9.5% on an annualized linked quarter basis
    ■Average noninterest-bearing deposits increased $1.9 billion, or 24.7%
    ■Interest-bearing deposits cost fell 4 basis points to 0.38% this quarter

    ■Asset quality measures improved significantly
    ■Nonperforming assets decreased $182 million, or 10.6% excluding covered assets
    ■As a percentage of total assets, nonperforming assets, excluding covered assets, decreased from 0.97% last quarter to 0.85%
    ■Net charge-offs, excluding covered loans, totaled 1.04% of average loans for the quarter.

    ■Capital levels remained strong
    ■Tangible common equity was 6.9%
    ■Tier 1 common equity was 9.7%
    ■Tier 1 risk-based capital was 11.4%
    ■Leverage capital was 8.2%
    ■Total capital was 14.3%

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