Printer Friendly

EARNINGS INCREASE 31 PERCENT AT BB&T

 EARNINGS INCREASE 31 PERCENT AT BB&T
 WILSON, N.C., April 13 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) today reported an increase of 31 percent in earnings for the first quarter ended March 31, 1992, as net income reached a new record of $18,131,000, $.71 per share, compared with $13,841,000, $.64 per share, in 1991. Fully diluted earnings per share was $.67 compared with $.61 in the same quarter last year. Primary net income per share rose 10.9 percent, while fully diluted earnings per share was up 9.8 percent. On an annualized basis, the return on assets was 1.16 percent compared with 1.08 percent last year, while the returns on shareholders' equity were 14.76 percent and 14.74 percent, respectively.,
 In releasing earnings, John A. Allison, Chairman and Chief Executive Officer of BB&T, said, "First quarter results were outstanding for BB&T, primarily as a consequence of improved margins, the benefits of our thrift acquisitions, and the success of our mortgage origination/servicing business. We believe the improvement in margins is a secular trend, reflecting more rational competition in the banking business.
 We are particularly pleased that nonperforming assets declined for the second consecutive quarter, while our loan loss reserve coverage continued to improve. We are seeing some evidence of improvement in the economy as reflected in a renewed demand for loans of all types and improved credit quality, although the recovery is, at best, weak at this time.
 Our already strong capital position got stronger. The equity to assets ratio at the end of March was 7.76 percent, up from 7.24 percent a year earlier, while the total risk-based capital ratio at BB&T was 14.69 percent on March 31, compared with 13.40 percent. BB&T is among the ten best capitalized of the 100 largest bank holding companies in the U.S."
 At the end of March, BB&T had total assets of $6.50 billion, total loans of $4.37 billion, and total deposits of $5.22 billion. BB&T operates 218 offices in 117 cities in the Carolinas. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol BBTF.
 BB&T FINANCIAL CORPORATION
 FINANCIAL HIGHLIGHTS (A)
 ($ in Thousands, Except Per Share)
 Three Months Ended March 31,
 Percent
 Increase
 EARNINGS SUMMARY 1992 1991 (Decrease)
 Interest income $ 126,415 121,995 3.6
 Interest expense 62,931 71,120 (11.5)
 Net interest income 63,484 50,875 24.8
 Provision for loan
 losses 8,500 7,500 13.3
 Noninterest income 23,335 17,087 36.6
 Noninterest expense 52,351 41,638 25.7
 Income tax expense 7,837 4,983 57.3
 Net income $ 18,131 13,841 31.0
 PER SHARE DATA
 Net income:
 Primary $ .71 .64 10.9
 Fully diluted .67 .61 9.8
 Cash dividends paid .22 .21 4.8
 Book value 19.71 17.87 10.3
 Closing market price 27.75 19.88 39.6
 AVERAGE SHARES OUTSTANDING
 Primary 25,699,187 21,580,042 19.1
 Fully Diluted 27,717,461 23,599,720 17.4
 RATIOS
 Return on average
 assets 1.16pct. 1.08
 Return on average
 equity 14.76 14.74
 Net interest margin,
 taxable equivalent 4.59 4.60
 BALANCE SHEET DATA
 (DAILY AVERAGES)
 Assets $6,293,381 5,193,277 21.2
 Investment securities 1,615,410 1,350,622 19.6
 Loans 4,297,438 3,452,773 24.5
 Earning assets 5,914,711 4,878,880 21.2
 Deposits 5,186,782 4,313,605 20.2
 Interest-bearing
 liabilities 5,157,821 4,305,090 19.8
 Shareholders'
 equity 494,180 380,791 29.8
 BALANCE SHEET DATA (PERIOD END)
 Assets $6,496,324 5,496,761 18.2
 Investment securities 1,692,920 1,425,527 18.8
 Loans 4,370,564 3,606,571 21.2
 Earning assets 6,063,583 5,060,900 19.8
 Deposits 5,221,054 4,533,427 15.2
 Interest-bearing
 liabilities 5,323,484 4,566,299 16.6
 Shareholders' equity 504,368 398,053 26.7
 CAPITAL RATIOS
 Risk-based capital ratios
 (fully phased-in guidelines):
 Tier 1 capital 11.52 pct. 10.05
 Total capital 14.69 13.40
 Equity to assets
 (period end) 7.76 7.24
 CREDIT QUALITY
 Net charge-offs of average
 loans outstanding .45 pct. .49
 Nonperforming assets to
 total assets 1.16 1.09
 Allowance for loan losses
 to loans outstanding 1.50 1.32
 Allowance for loan losses
 to nonperforming loans 1.25x 1.01
 (A) BB&T completed the acquisition of Home Savings and Loan Association, Inc., of Durham, North Carolina on March 15, 1991, and the acquisition of Gate City Federal Savings and Loan Association of Greensboro, North Carolina and Albemarle Savings and Loan Association of Elizabeth City, North Carolina on Aug. 8, 1991. The acquisitions were accounted for as purchases, and, accordingly, financial data includes the operations of the acquired companies subsequent to the dates acquired.
 -0- 4/13/92
 /CONTACT: B. Gloyden Stewart, Jr., Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President and Treasurer, 919-399-4418, both of BB&T Financial Corporation/
 (BBTF) CO: BB&T Financial Corporation ST: North Carolina IN: FIN SU: ERN


DF-JZ -- CH010 -- 7936 04/13/92 16:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:896
Previous Article:CHECK TECHNOLOGY CORPORATION ANNOUNCES INTENTION TO FILE REGISTRATION STATEMENT
Next Article:MICHIGAN NATIONAL'S BEVERLY HILLS BUSINESS BANK PURCHASES MORTGAGE WAREHOUSE LOANS FROM FIRST COLLATERAL SERVICES, INC.


Related Articles
RECORD EARNINGS IN 1991 REPORTED AT BB&T
OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES AND EARNINGS FOR FIRST QUARTER OF CURRENT FISCAL YEAR
BRUNSWICK REPORTS SALES INCREASES; TURNAROUND IN MARINE EARNINGS
JEAN PHILIPPE FRAGRANCES REPORTS RECORD RESULTS FOR FIRST QUARTER 1992; SALES UP 26 PERCENT, EARNINGS UP 82 PERCENT
U.S. HOMECARE ANNOUNCES RECORD 1992 FIRST QUARTER REVENUES; EARNINGS UP 65 PERCENT
SELECTIVE INSURANCE GROUP ANNOUNCES INCREASED QUARTERLY DIVIDEND, EARNINGS
INPUT/OUTPUT REPORTS RECORD YEAR
WATERHOUSE SECURITIES REPORTS EARNINGS
ANOTHER RECORD YEAR OF EARNINGS FOR BB&T

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters