BBT Reports $0.55 vs. $0.30 in Q4-10
BBT Reports $0.55 vs. $0.30 in Q4-10 PRNewswire 1-19
Winston-Salem's BB&T Corporation reported Q4-11 net income available to common shareholders of $391 million [$0.55/share] compared with $208 million [$0.30/share] during Q4-10. GAAP net income based ROA was 0.93% and ROE was 8.76%. Book value was $25.0x compared with $25.07 last quarter. BB&T's leverage ratio was 9.0%. BB&T's Tier 1 risk-based capital ratio was 12.4%, while the total risk-based capital ratio was 15.7%.
FTE net interest income totaled $1.489 billion compared to $1.369 billion in Q4-10. The provision for credit losses was $272 million compared with $643 million in Q4-10, resulting in NII after provisions of $1.217 biliion compared with $726 million in Q4-10. [The provision to NII ratio was 18.27% compared to 17.65% in Q3-11.] The net interest margin was 4.02% compare with 4.09% last quarter and 4.04% in Q4-10. Total earning assets of $147.634 billion earned $1.807 billion at an average yield of 4.88%. BBT had $8.627 billion in 'loans from lending subsidiaries' that earned $247 million at an average yield of 11.36%; $5.109 billion in covered loans earning $244 million at average yields of 18.96% and covered securities of $1.241 billion that earned $43 million at an average yield of 13.89%. Total interest-bearing liabilities of $122.125 billion cost $0.318 billion at an average yield of 1.04%. BBT had $32.290 billion in CDs costing $108 million at an average yield of 1.30% and $21.689 billion in long term debt costing $179 million at an average yield of 3.28%, both leading to a higher cost than average on liabilities.
Noninterest income was $0.992 billion compared to $0.964 billion in Q4-10. BB&T earned $135 million in mortgage banking income compared with $138 million in Q4-10. BB&T earned $254 million in insurance-related revenue compared with $249 million in Q4-10. Service charges on deposit accounts totaled $142 million compared with $143 million in Q4-10. Q4-11 had $103 million in secuirity gains compared with a gain of $99 million in Q4-10. FDIC loss share income was - $46 million compared to Q3-11's - $104 million and Q4-10's - $0 million. BBT had a $90 million in 'other' income compared to $45 million in Q4-10. The Noninterest expenses were $1.618 billion compared with $1.421 billion in Q4-10. OREO ['foreclosed property'] expenses were $184 million compared with $168 million in Q2-11 and $11 million in Q4-10.
Total nonaccrual loans and leases were $1.872 billion [compared to $2.149 million in Q4-10]; OREO was $0.536 billion [$0.950 billion in Q3-11 and $1.259 billion in Q4-10], $0 million in NPAs held for sale [$521 million in Q4-10], and Other foreclosed property was $42 million [$42 million in Q4-10] resulting in Nonperforming assets of $2.450 billion [$2.969 billion in Q3-11 and $3.971 million in Q4-10]. [BBT had $1.109 billion in 'performing' TDRs and $202 million in loans 90 days or more past due and still accruing that were not included in NPAs.] Nonperforming assets, as a percentage of total assets of $171.496 billion, was a reported 1.45% [and a calculated 1.43%] at 12-30-11. Net charge-offs were $419 million compared with $419 million in Q3-11 and $xxx million in Q4-10. Annualized net charge-offs were 1.44% of average loans and leases compared with 2.02% in Q4-10.