Summary
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported a significant increase in net income available to common shareholders for the third quarter of 2012, reaching $469 million, a 28.1% rise from $366 million in the same period of 2011. This translated to diluted earnings per share of $0.66, up from $0.52 in the prior year. The company saw total revenues increase to $2.5 billion, driven by a $66 million rise in taxable-equivalent net interest income, largely due to a substantial decrease in funding costs. This was complemented by a strong performance in noninterest income, which grew by $273 million, primarily fueled by higher insurance income (including contributions from the Crump Group acquisition) and increased mortgage banking income. Asset quality continued to improve, with nonperforming assets decreasing for the tenth consecutive quarter. The acquisition of BankAtlantic in July 2012 expanded BB&T's presence in Florida, adding $1.8 billion in loans and $3.5 billion in deposits. The company's capital ratios remained robust, well above regulatory standards, supported by recent preferred stock issuances.
Financial Highlights
39 data points| Interest Expense | $237.00M |
| Net Income | $496.00M |
| EPS (Basic) | $0.67 |
| EPS (Diluted) | $0.66 |
| Shares Outstanding (Basic) | 699.09M |
| Shares Outstanding (Diluted) | 709.88M |
Key Highlights
- 1Net income available to common shareholders increased 28.1% year-over-year to $469 million in Q3 2012.
- 2Diluted earnings per share rose to $0.66 from $0.52 in the prior year's third quarter.
- 3Total revenues grew to $2.5 billion, driven by higher net interest income and a significant increase in noninterest income ($273 million increase).
- 4Noninterest income was bolstered by a $92 million increase in insurance income (including acquisitions) and an $88 million increase in mortgage banking income.
- 5Provision for credit losses remained stable year-over-year, while net charge-offs (excluding covered loans) decreased, reflecting improved credit quality.
- 6Nonperforming assets continued their decline for the tenth consecutive quarter, reaching their lowest level since Q3 2008.
- 7BB&T completed the acquisition of BankAtlantic on July 31, 2012, expanding its Florida market presence.