Printer Friendly

EARNINGS INCREASE 15 PERCENT AT BB&T

 WILSON, N.C., April 16 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) today reported an increase of 15.3 percent in earnings for the first quarter ended March 31, 1993, as net income reached a new record of $21,851,000, $.76 per share, compared with $18,953,000, $.70 per share, in 1992. Fully diluted earnings per share was $.73 compared with $.67 in the same quarter last year. Primary net income per share rose 8.6 percent, while fully diluted earnings per share was up 9.0 percent. On an annualized basis, the return on assets was 1.27 percent compared with 1.15 percent last year, while the returns on shareholders' equity were 14.58 percent and 14.57 percent, respectively.
 John A. Allison, Chairman and Chief Executive Officer of BB&T, attributed the growth in net income to an increase of $6.9 million in net interest income due to improved interest margins and a reduction of $3.4 million in the provision for loan losses made possible by steady improvements in loan credit quality. Nonperforming assets declined 38.2 percent at BB&T over the last 12 months and were .66 percent of assets at the end of March, compared with 1.12 percent a year earlier. On an annualized basis, net charge-offs were .16 percent of average loans for the first quarter of this year, compared with .44 percent in the same quarter last year.
 Allison said, "We are extremely pleased with the first quarter financial results, particularly considering the investments BB&T continues to make for the future. These investments include a major repositioning of our retail product lines, expanded investment product offerings, loan system enhancements, extensive employee training and the integration of our acquisitions into BB&T. Our thrift and insurance acquisitions have been a significant contributor to our success."
 BB&T completed its acquisitions of First Fincorp, Inc. of Kinston, N.C. and Security Financial Holding Company of Durham, N.C. in the first quarter. These two acquisitions added approximately $654 million in assets. Also in the first quarter, BB&T announced agreements to acquire Citizens Savings Bank, Inc., Newton, N.C. and Mutual Savings Bank of Rockingham County, SSB, Reidsville, N.C. with total combined assets of approximately $350 million, and, in April, BB&T agreed to acquire the Winston-Salem and Raleigh operations of 1st Home Federal Savings and Association of the Carolinas, FA, Greensboro, N.C. in a transaction which will add nine branches and approximately $185 million in deposits. BB&T currently has pending six transactions which will add approximately $1.3 billion in assets.
 At the end of March, BB&T had total assets of $7.22 billion, total loans of $4.96 billion, and total deposits of $5.83 billion. BB&T operates 229 offices in 122 cities in the Carolinas. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol BBTF.
 BB&T FINANCIAL CORPORATION
 FINANCIAL HIGHLIGHTS(A)
 ($ in Thousands, except Per Share)
 Three Months Ended March 31,
 1993 1992 Percent
 Increase
 (Decrease)
 EARNINGS SUMMARY
 Interest income $125,302 133,305 (6.0)
 Interest expense 52,255 67,136 (22.2)
 Net interest income 73,047 66,169 10.4
 Provision for loan losses 5,250 8,676 (39.5)
 Noninterest income 25,302 23,517 7.6
 Noninterest expense 60,994 53,749 13.5
 Income tax expense 10,254 8,308 23.4
 Net income $21,851 18,953 15.3
 Securities gains included
 in noninterest income $ 1,112 2,331 (52.3)
 Taxable equivalent
 adjustment 3,421 4,061 (15.8)
 PER SHARE DATA
 Net income:
 Primary $ .76 .70 8.6
 Fully diluted .73 .67 9.0
 Cash dividends paid .25 .22 13.6
 Book value 21.97 19.84 10.7
 Closing market price 33.88 27.75 22.1
 AVERAGE SHARES OUTSTANDING
 Primary 28,736,033 27,075,949 6.1
 Fully diluted 30,663,398 29,094,223 5.4
 RATIOS (PCT.)
 Return on average assets 1.27 1.15
 Return on average equity 14.58 14.57
 Net interest margin, taxable
 equivalent 4.73 4.53
 BALANCE SHEET DATA (DAILY AVERAGES)
 Assets $7,001,307 6,626,082 5.7
 Investment securities 1,723,304 1,714,800 .5
 Loans 4,831,838 4,512,626 7.1
 Earning assets 6,562,210 6,229,412 5.3
 Deposits 5,636,782 5,458,101 3.3
 Interest-bearing
 liabilities 5,683,014 5,447,612 4.3
 Shareholders' equity 607,625 523,322 16.1
 BALANCE SHEET DATA (PERIOD END)
 Assets $7,215,987 6,836,524 5.6
 Investment securities 1,719,463 1,791,680 (4.0)
 Loans 4,958,197 4,591,048 8.0
 Earning assets 6,683,698 6,383,195 4.7
 Deposits 5,825,139 5,495,425 6.0
 Interest-bearing
 liabilities 5,817,902 5,616,622 3.6
 Shareholders' equity 626,748 534,078 17.4
 CAPITAL RATIOS (PCT.)
 Risk-based capital ratios
 (fully phased-in guidelines):
 Tier 1 capital 12.75 11.58
 Total capital 15.53 14.68
 Equity to assets (period end) 8.69 7.81
 CREDIT QUALITY
 Net charge-offs to average
 loans outstanding .16pct. .44pct.
 Nonperforming assets to total
 assets .66pct. 1.12pct.
 Allowance for loan losses to
 loans outstanding 1.60pct. 1.46pct.
 Allowance for loan losses to
 nonperforming loans 2.68x 1.27x
 (A) BB&T completed the acquisitions of Peoples Federal Savings Bank of Thomasville, Thomasville, N.C., and First Fincorp, Inc., Kinston, N.C., on June 26, 1992, and Feb. 24, 1993, respectively, in transactions accounted for as purchases. BB&T acquired Security Financial Holding Company, Durham, N.C., on Feb. 25, 1993, in a pooling-of-interests transaction.
 -0- 4/16/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President, 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

SB-CM -- CH006 -- 6769 04/16/93 12:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1993
Words:1018
Previous Article:ENTERGY SUBSIDIARY ACQUIRES ENERGY EFFICIENCY FIRM
Next Article:COLUMBUS SOUTHERN POWER TO REDEEM BONDS
Topics:


Related Articles
EARNINGS INCREASE 31.7 PERCENT AT BB&T
EARNINGS INCREASE 30 PERCENT AT BB&T
ANOTHER RECORD YEAR OF EARNINGS FOR BB&T
THE TRUSTCOMPANY BANCORPORATION REPORTS 1992 EARNINGS
DUFF & PHELPS: DUFF & PHELPS UPGRADES SHAWMUT NATIONAL CORPORATION
EARNINGS INCREASE 18.2 PERCENT AT BB&T
EARNINGS INCREASE 19.2% AT BB&T
SOUTHERN NATIONAL BB&T DISCLOSE COMBINED PERFORMANCE SUMMARY
BB&T Reports Record Earnings; Earnings Per Share Increase 15.2% For The 1st Six Months
BB&T Reports 20% Increase In 1st Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters