Regional bank BB&T Corp. (BBT) Thursday reported a sharp fall in first-quarter profit, reflecting an earlier announced negative adjustment to provision for income taxes. Revenues grew 5 percent from last year. Adjusted earnings beat analysts' expectations, while revenues came in line with view.
In the first quarter, net income available to common shareholders more than halved to $210 million or $0.29 per share from $431 million or $0.61 per share in the previous year.
The latest-quarter result included impact of a previously announced $281 million adjustment related to an unresolved disputed tax liability. Excluding the tax adjustment, earnings per share were $0.69 per share in the first quarter of 2013.
On average, 29 analysts polled by Thomson Reuters expected the company to earn $0.63 per share for the quarter. Analysts' estimates typically exclude special items.
Kelly King, chairman and chief executive officer of the company said, "Earnings reflect a strong performance from our insurance group and a record production quarter from our mortgage group."
Revenues for the quarter grew 5 percent to $2.46 billion, which came in line with analysts' consensus estimate.
The company attributed the revenue growth to stronger insurance revenues resulted from its Crump acquisition and 5 percent organic growth with improved pricing in commercial property and casualty premiums.
Net interest income - taxable equivalent was $1.46 billion, compared to $1.47 billion a year earlier. The decrease in taxable-equivalent net interest income reflects an $84 million decrease in interest income, primarily driven by lower yields on new loans and securities, the company said.
Non-interest income grew to $1.00 billion from $871 million in the preceding year, which included a $94 million increase in insurance income. Insurance Services net income was $30 million, an increase of $7 million from the prior year.
Net interest margin - taxable equivalent declined to 3.76 percent from 3.93 percent reported last year.
The company said its Mortgage banking income declined $51 million as margins moved toward more normal levels. Provision for credit losses, excluding covered loans, declined 13.3 percent from last year.
Tier 1 risk-based capital was 10.8 percent, compared to 12.0 percent in the previous year.
BBT closed Wednesday's regular trading at $30.02 on the NYSE.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.