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Donnerstag,
19.04.2018 11:45
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PR Newswire
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BB&T reports record quarterly earnings of $0.94 per diluted share; Up $0.17, or 22%, compared to fourth quarter 2017
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PR Newswire
WINSTON-SALEM, N.C., April 19, 2018
WINSTON-SALEM, N.C., April 19, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported record earnings for the first quarter of 2018. Net income available to common shareholders was $745 million. Earnings per diluted common share were $0.94 for the first quarter of 2018, up from $0.77 last quarter. Results for the first quarter produced an annualized return on average assets of 1.45 percent and an annualized return on common shareholders' equity of 11.43 percent.
Excluding pre-tax merger-related and restructuring charges of $28 million ($22 million after-tax), net income available to common shareholders was $767 million, or $0.97 per diluted share.
Net income available to common shareholders was $614 million ($0.77 per diluted share) for the fourth quarter of 2017 and $378 million ($0.46 per diluted share) for the first quarter of 2017.
"We had a record quarter with strong expense control and lower tax expense," said Chairman and Chief Executive Officer Kelly S. King. "Our returns on average assets and average common shareholders' equity were the highest they have been since before the credit crisis.
"Total noninterest expenses for the quarter were $1.69 billion, down $169 million from the prior quarter. Excluding merger-related and restructuring charges and one-time expenses in the prior quarter related to the passage of tax reform, noninterest expense was down $39 million reflecting strong expense control and continued progress from our optimization efforts," King said.
"During the first quarter we were pleased to announce a 13.6 percent increase in our common stock dividend to share tax reform benefits with our shareholders. This follows actions taken in December of last year when we made additional investments in our associates and communities. We also increased our minimum hourly pay rate from $12 to $15 per hour.
"Earlier this month, we announced plans to acquire Regions Insurance. The acquisition will be a great strategic fit and increase our retail insurance network in core BB&T markets across the Southeast and newer markets in Texas, Louisiana and Indiana," said King.
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First Quarter 2018 Performance Highlights
- Earnings per diluted common share were $0.94, up $0.17 compared to fourth quarter of 2017
- Earnings per diluted common share were $0.97, excluding merger-related and restructuring charges
- Return on average assets was 1.45 percent
- Return on average common shareholders' equity was 11.43 percent
- Return on average tangible common shareholders' equity was 19.36 percent
- Taxable-equivalent revenues were $2.84 billion, down $71 million from the fourth quarter of 2017
- Net interest margin was 3.44 percent, up one basis point from the prior quarter
- Taxable-equivalent adjustment declined $15 million, primarily due to lower tax rates
- Noninterest income was down $45 million primarily due to decreases in services charges on deposits and other income
- Fee income ratio was 41.9 percent, compared to 42.7 percent for the prior quarter
- Noninterest expense was $1.69 billion, down $169 million compared to the fourth quarter of 2017
- GAAP efficiency ratio was 60.0 percent, compared to 64.7 percent for the prior quarter
- Adjusted efficiency ratio was 57.3 percent, compared to 57.2 percent for the prior quarter
- Average loans and leases held for investment were $142.9 billion, up $194 million, or 0.6 percent annualized compared to the fourth quarter of 2017
- Average commercial and industrial loans increased $149 million, or 1.0 percent annualized
- Average CRE loans increased $400 million, or 7.7 percent annualized
- Average residential mortgage loans increased $265 million, or 3.8 percent annualized
- Average indirect loans decreased $512 million, or 11.9 percent annualized
- Average deposits were $157.1 billion compared to $158.0 billion for the fourth quarter of 2017
- Average noninterest-bearing deposits decreased $892 million, or 6.7 percent annualized
- Average noninterest-bearing deposits represent 34.0 percent of total deposits, compared to 34.4 percent in the prior quarter
- Average interest-bearing deposits increased $71 million and costs were 0.46 percent, up six basis points compared to the prior quarter
- Asset quality remains strong
- Nonperforming loans were 0.42 percent of loans held for investment, up two basis points
- Loans 90 days or more past due and still accruing were 0.34 percent of loans held for investment, compared to 0.38 percent in the prior quarter
- The allowance for loan loss coverage ratio was 2.49 times nonperforming loans held for investment, versus 2.62 times in the prior quarter
- The allowance for loan and lease losses was 1.05 percent of loans held for investment, up one basis point compared to the prior quarter
- Capital levels remained strong across the board
- Common equity tier 1 to risk-weighted assets was 10.2 percent
- Tier 1 risk-based capital was 12.0 percent
- Total capital was 14.0 percent
- Leverage capital was 9.9 percent
| EARNINGS HIGHLIGHTS | | | | | | | | | | | |||||
| (dollars in millions, except per share data) | | | | | | | | Change 1Q18 vs. | |||||||
| | | 1Q18 | | 4Q17 | | 1Q17 | | 4Q17 | | 1Q17 | |||||
| Net income available to common shareholders | | $ | 745 | | $ | 614 | | $ | 378 | | $ | 131 | | $ | 367 |
| Diluted earnings per common share | | | 0.94 | | | 0.77 | | | 0.46 | | | 0.17 | | | 0.48 |
| | | | | | | | | | | | | | | | |
| Net interest income - taxable equivalent | | $ | 1,656 | | $ | 1,682 | | $ | 1,649 | | $ | (26) | | $ | 7 |
| Noninterest income | | | 1,180 | | | 1,225 | | | 1,171 | | | (45) | | | 9 |
| Total taxable-equivalent revenue | | $ | 2,836 | | $ | 2,907 | | $ | 2,820 | | $ | (71) | | $ | 16 |
| Less taxable-equivalent adjustment | | | 23 | | | 38 | | | 40 | | |||||
| Total revenue | | $ | 2,813 | | $ | 2,869 | | $ | 2,780 | | |||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Return on average assets | | | 1.45% | | | 1.19% | | | 0.79% | | | 0.26% | | | 0.66% |
| Return on average risk-weighted assets | | | 1.81 | | | 1.50 | | | 0.98 | | | 0.31 | | | 0.83 |
| Return on average common shareholders' equity | | | 11.43 | | | 9.10 | | | 5.72 | | | 2.33 | | | 5.71 |
| Return on average tangible common shareholders' equity (1) | | | 19.36 | | | 15.35 | | | 9.98 | | | 4.01 | | | 9.38 |
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