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BB&T, a $179 billion-asset company in Winston-Salem, N.C., said Tuesday it plans to add roughly 1,700 jobs in back-office, administrative and support functions in Greensboro.
October 17 -
BB&T (BBT) will close 21 branches as it works to ingrate the recently acquired BankAtlantic into its operations.
August 27 -
BB&T is eyeing other deals and planning to open more branches in Florida after buying BankAtlantic this week, regional executive Michael Oster says.
August 2
BB&T's third-quarter earnings dipped from midyear after it incurred costs from buying BankAtlantic and issued preferred stock.
The Winston-Salem, N.C., company's net income available to shareholders fell 8% from the second quarter but rose 28% from a year earlier, to $469 million. BB&T said that costs associated with its purchase of BankAtlantic in Fort Lauderdale, Fla., totaled $43 million during the third quarter.
Profits were also weighed down by $25 million in preferred stock dividends that BB&T paid The company issued $1.2 billion of noncumulative perpetual preferred stock during the quarter, which increased its total risk-based capital ratio to 14% from 13.5% a quarter earlier.
Other trends were encouraging. Revenue edged up 1% from the second quarter and rose 16% from a year earlier, to $2.5 billion.
Net interest income rose 4% from the second quarter and 6% from a year earlier, to $1.2 billion. Noninterest income was flat from the second quarter but rose 40% from a year earlier, to $963 million.
Total loans increased 3% from the second quarter and 9% from a year earlier, to $117.6 billion. The loan growth "was led by our lending subsidiaries, residential mortgage loans, C&I loans and sales finance loans," Kelly King, BB&T's chairman and chief executive, said in a press release.
The loan growth helped offset ongoing contraction in the company's net interest margin; its NIM shrank 1 basis point from the second quarter and 15 basis points from a year earlier.
Noninterest expenses rose 7% from the second quarter and 8% from a year earlier, to $1.5 billion. The company said the increase was largely a result of its acquisitions of BankAtlantic and an insurance agency.
Credit quality continued to improve. The $182 billion-asset company's provision fell 11% from the second quarter and 2% from a year earlier, to $244 million. Nonperforming assets fell 9% from the second quarter and 42% from a year earlier, to $1.7 billion. Also, net chargeoffs declined by 14% from the second quarter and 28% from a year earlier, to $336 million.
