BB&T Corp. (NYSE: BBT) reported Q2 EPS of $0.97, $0.05 better than the analyst estimate of $0.92. Revenue for the quarter came in at $2.84 billion versus the consensus estimate of $2.83 billion.

First Quarter 2018 Performance Highlights

• Earnings per diluted common share were $0.94, up $0.17 compared to fourth quarter of 2017
  • Earnings per diluted common share were $0.97, excluding merger-related and restructuring charges
  • Return on average assets was 1.45 percent
  • Return on average common shareholders' equity was 11.43 percent
  • Return on average tangible common shareholders' equity was 19.36 percent
• Taxable-equivalent revenues were $2.84 billion, down $71 million from the fourth quarter of 2017
  • Net interest margin was 3.44 percent, up one basis point from the prior quarter
  • Taxable-equivalent adjustment declined $15 million, primarily due to lower tax rates
  • Noninterest income was down $45 million primarily due to decreases in services charges on deposits and other income
  • Fee income ratio was 41.9 percent, compared to 42.7 percent for the prior quarter
• Noninterest expense was $1.69 billion, down $169 million compared to the fourth quarter of 2017
  • GAAP efficiency ratio was 60.0 percent, compared to 64.7 percent for the prior quarter
  • Adjusted efficiency ratio was 57.3 percent, compared to 57.2 percent for the prior quarter
• Average loans and leases held for investment were $142.9 billion, up $194 million, or 0.6 percent annualized compared to the fourth quarter of 2017
  • Average commercial and industrial loans increased $149 million, or 1.0 percent annualized
  • Average CRE loans increased $400 million, or 7.7 percent annualized
  • Average residential mortgage loans increased $265 million, or 3.8 percent annualized
  • Average indirect loans decreased $512 million, or 11.9 percent annualized
• Average deposits were $157.1 billion compared to $158.0 billion for the fourth quarter of 2017
  • Average noninterest-bearing deposits decreased $892 million, or 6.7 percent annualized
  • Average noninterest-bearing deposits represent 34.0 percent of total deposits, compared to 34.4 percent in the prior quarter
  • Average interest-bearing deposits increased $71 million and costs were 0.46 percent, up six basis points compared to the prior quarter
• Asset quality remains strong
  • Nonperforming loans were 0.42 percent of loans held for investment, up two basis points
  • Loans 90 days or more past due and still accruing were 0.34 percent of loans held for investment, compared to 0.38 percent in the prior quarter
  • The allowance for loan loss coverage ratio was 2.49 times nonperforming loans held for investment, versus 2.62 times in the prior quarter
  • The allowance for loan and lease losses was 1.05 percent of loans held for investment, up one basis point compared to the prior quarter
• Capital levels remained strong across the board
  • Common equity tier 1 to risk-weighted assets was 10.2 percent
  • Tier 1 risk-based capital was 12.0 percent
  • Total capital was 14.0 percent
  • Leverage capital was 9.9 percent

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