PR Newswire
WINSTON-SALEM, N.C., Jan. 19, 2017
WINSTON-SALEM, N.C., Jan. 19, 2017 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported earnings for the fourth quarter of 2016. Net income available to common shareholders was $592 million, up 17.9% from the fourth quarter of 2015. Earnings per diluted common share were $0.72 for the fourth quarter of 2016. Excluding pre-tax merger-related and restructuring charges of $13 million ($8 million after tax), net income available to common shareholders was $600 million, or $0.73 per diluted share.
Net income available to common shareholders was $599 million ($0.73 per diluted share) for the third quarter of 2016 and $502 million ($0.64 per diluted share) for the fourth quarter of 2015.
For the full year, net income available to common shareholders was a record $2.3 billion, up 16.7% from 2015. Earnings per diluted share totaled $2.77 compared to $2.56 for 2015.
"We are pleased to report strong earnings for the fourth quarter," said Chairman and Chief Executive Officer Kelly S. King. "While higher interest rates created $34 million in pre-tax charges, revenue growth was strong, expense control was solid and we are well-positioned for future interest rate increases.
"Taxable-equivalent revenues were $2.8 billion, up 8.3% compared to the fourth quarter of 2015," King said. "Noninterest expense increased only 4.4% over the same period, reflecting strong leverage from acquisitions and excellent control of operating costs. Full year revenues were a record $11.0 billion, up 12.3% from 2015, and net income available to common shareholders of $2.3 billion was also a record.
"During the quarter, we repurchased 7.5 million shares through both open-market purchases and an accelerated share repurchase program. These transactions were approved by our board as part of our commitment to ensuring an optimal return for our shareholders.
"Earlier this month, we terminated $2.9 billion of higher-cost FHLB advances, resulting in a loss on early extinguishment of $392 million. This strategic action will lower our future borrowing costs and provide a boost to future margins and earnings."
Fourth Quarter 2016 Performance Highlights
EARNINGS HIGHLIGHTS | | | | | | | | | |||||||||||||
(dollars in millions, except per share data) | | | | | | | | Change 4Q16 vs. | |||||||||||||
| | 4Q16 | | 3Q16 | | 4Q15 | | 3Q16 | | 4Q15 | |||||||||||
Net income available to common shareholders | | $ | 592 | | $ | 599 | | $ | 502 | | $ | (7) | | $ | 90 | ||||||
Diluted earnings per common share | | 0.72 | | 0.73 | | 0.64 | | (0.01) | | 0.08 | |||||||||||
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Net interest income - taxable equivalent | | $ | 1,606 | | $ | 1,650 | | $ | 1,542 | | $ | (44) | | $ | 64 | ||||||
Noninterest income | | 1,162 | | 1,164 | | 1,015 | | (2) | | 147 | |||||||||||
Total taxable-equivalent revenue | | $ | 2,768 | | $ | 2,814 | | $ | 2,557 | | $ | (46) | | $ | 211 | ||||||
Less taxable-equivalent adjustment | | 41 | | 40 | | 38 | | | | | |||||||||||
Total revenue | | $ | 2,727 | | $ | 2,774 | | $ | 2,519 | | | | | ||||||||
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Return on average assets | | | 1.16% | | | 1.15% | | | 1.03% | | 0.01% | | 0.13% | ||||||||
Return on average risk-weighted assets | | | 1.45 | | | 1.45 | | | 1.29 | | - | | 0.16 | ||||||||
Return on average common shareholders' equity | | | 8.75 | | | 8.87 | | | 8.06 | | (0.12) | | 0.69 | ||||||||
Return on average tangible common shareholders' equity (1) | | | 14.91 | | | 15.20 | | | 13.37 | | (0.29) | | 1.54 Werbung Mehr Nachrichten zur Truist Financial Aktie kostenlos abonnieren
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