BB&T Corp. (NYSE: BBT) reported Q2 EPS of $0.70, ex-items, $0.04 worse than the analyst estimate of $0.74.

"While BB&T's results for the second quarter were negatively affected by mortgage and tax-related charges, our core results were strong, including 7% annualized growth in average loans and 12% annualized growth in average deposits during the quarter. In addition, revenue grew 3% annualized compared to last quarter, and credit quality continued to improve," said Chairman and Chief Executive Officer Kelly S. King.

Second Quarter 2014 Performance Highlights

• Average total loans and leases held for investment increased 7.2% on an annualized basis compared to the first quarter of 2014
• Taxable equivalent revenues were $2.3 billion for the second quarter, an annualized increase of 3.0% compared to the first quarter
• Average deposits increased $3.9 billion, or 12.4% annualized, compared to the prior quarter
• Asset quality continued to improve
  • Nonperforming assets, excluding covered assets, decreased $70 million, or 7.1%
  • Net charge-offs, excluding covered, were 0.40% of average loans for the quarter, the lowest level since 2007
  • The allowance for loan loss coverage ratio, excluding covered loans, increased to 1.78 times nonperforming loans held for investment in the second quarter compared to 1.70 times in the first quarter
• Capital levels remained strong across the board
  • Tier 1 common equity to risk-weighted assets was 10.2%
  • Tier 1 risk-based capital was 12.0%
  • Total capital was 14.3%
  • Basel III common equity tier 1 was 10.0%
  • Leverage capital remained strong at 9.5%
  • Tangible common equity to tangible assets was 7.7%

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