BB&T Corp. (NYSE: BBT) reported Q1 EPS of $1.05, $0.02 better than the analyst estimate of $1.03.

First Quarter 2019 Performance Highlights

• Earnings per diluted common share were $0.97, unchanged compared to fourth quarter of 2018
  • Diluted earnings per share were $1.05, excluding merger-related and restructuring charges
  • Return on average assets was 1.43 percent
  • Return on average common shareholders' equity was 11.08 percent
  • Return on average tangible common shareholders' equity was 18.36 percent
• Taxable-equivalent revenues were $2.9 billion, down $42 million from the fourth quarter of 2018
  • Net interest margin was 3.51 percent, up two basis points
  • Noninterest income was down $33 million
  • Insurance income was a record $510 million, up $23 million
  • Fee income ratio was 41.5 percent, compared to 42.0 percent for the prior quarter
• Noninterest expense was $1.8 billion, down $16 million compared to the fourth quarter of 2018
  • Noninterest expense includes $80 million of merger-related and restructuring charges, primarily related to the merger of equals with SunTrust
  • Excluding merger-related and restructuring charges, noninterest expense was down $20 million, or an annualized 4.7 percent
  • GAAP efficiency ratio was 61.0 percent, compared to 60.7 percent for the prior quarter
  • Adjusted efficiency ratio was 56.6 percent, compared to 56.5 percent for the prior quarter
• Average loans and leases held for investment were $148.1 billion, up $522 million, or 1.4 percent annualized compared to the fourth quarter of 2018
  • Average commercial and industrial loans increased $817 million, or 5.5 percent annualized
  • Average CRE loans decreased $396 million, or 7.5 percent annualized
  • Average residential mortgage loans increased $267 million, or 3.5 percent annualized
  • Average indirect loans decreased $99 million, or 2.3 percent annualized
• Average deposits were $160.0 billion compared to $157.8 billion for the fourth quarter of 2018
  • Average noninterest-bearing deposits decreased $1.4 billion, or 10.9 percent annualized
  • Average noninterest-bearing deposits represent 32.7 percent of total deposits, compared to 34.0 percent in the prior quarter
  • Cost of average interest-bearing deposits was 0.95 percent annualized, up 17 basis points
  • Cost of average total deposits was 0.64 percent annualized, up 12 basis points
• Asset quality remains excellent
  • Nonperforming assets were 0.26 percent of total assets; lower than levels in 2006
  • Loans 90 days or more past due and still accruing were 0.29 percent of loans held for investment, compared to 0.31 percent in the prior quarter
  • Net charge-offs were 0.40 percent of average loans and leases, up two basis points compared to the prior quarter
  • The allowance for loan loss coverage ratio was 2.97 times nonperforming loans held for investment, versus 2.99 times in the prior quarter
  • The allowance for loan and lease losses was 1.05 percent of loans held for investment, unchanged compared to the prior quarter
• Capital levels remained strong across the board
  • Common equity tier 1 to risk-weighted assets was 10.3 percent
  • Tier 1 risk-based capital was 11.9 percent
  • Total capital was 14.2 percent
  • Leverage capital was 10.1 percent

"We are pleased to report strong earnings of $749 million, or $0.97 per diluted common share, for the first quarter," said Chairman and Chief Executive Officer Kelly S. King. "Excluding merger-related and restructuring charges, we achieved record quarterly earnings of $813 million, or $1.05 per diluted common share.

"Our businesses continue to perform well, with record quarterly insurance revenues, increased net interest margin, solid loan growth, strong expense control, excellent asset quality, and strong capital and liquidity," King said.

"We continue to prepare for the integration of our company with SunTrust and are excited as our colleagues work together to create the premier financial institution. We know that after merging with SunTrust, we will be best positioned to help our clients achieve financial success while continuing to invest in our communities and associates and delivering enhanced value to our shareholders," King said.

For earnings history and earnings-related data on BB&T Corp. (BBT) click here.