BB&T reports record annual earnings of $3.1 billion; $3.91 per diluted share; Quarterly earnings totaled $0.97 per diluted share, up 26.0 percent compared to 2017

BB&T reports record annual earnings of $3.1 billion; $3.91 per diluted share; Quarterly earnings totaled $0.97 per diluted share, up 26.0 percent compared to 2017

PR Newswire

WINSTON-SALEM, North Carolina, Jan. 17, 2019

WINSTON-SALEM, North Carolina, Jan. 17, 2019 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported earnings for the fourth quarter of 2018. Net income available to common shareholders was $754 million. Earnings per diluted common share were $0.97 for the fourth quarter of 2018, down from $1.01 last quarter. Results for the fourth quarter produced an annualized return on average assets of 1.43 percent and an annualized return on average common shareholders' equity of 11.14 percent.

Excluding merger-related and restructuring charges of $76 million ($59 million after-tax), net income available to common shareholders was $813 million, or $1.05 per diluted share, up from $1.03 last quarter.

Net income available to common shareholders was $789 million ($1.01 per diluted share) for the third quarter of 2018 and $614 million ($0.77 per diluted share) for the fourth quarter of 2017.

For the full year, net income available to common shareholders was a record $3.1 billion, or $3.91 per diluted share. For 2017, net income available to common shareholders was $2.2 billion, or $2.74 per diluted share. Excluding merger-related and restructuring charges and selected items, adjusted diluted earnings per share was $4.05 for 2018, up 29.0 percent compared to $3.14 for 2017.

"We are pleased to report record taxable-equivalent revenues of $3.0 billion and strong fourth-quarter and record full-year earnings, while we continue to make significant investments in our digital platform to enhance our clients' experiences," said Chairman and Chief Executive Officer Kelly S. King.

"Our diversified businesses continue to perform well, as evidenced by quarterly record revenues of $487 million from insurance income and $139 million from investment banking income. Our GAAP efficiency ratio increased to 60.7 percent due to higher merger-related and restructuring charges. Our adjusted efficiency ratio was 56.5 percent, which is at the lowest level since 2014. We also delivered solid loan growth for the quarter," King said.

"Asset quality remains excellent and nonperforming assets improved further during the fourth quarter," King said.

Fourth Quarter 2018 Performance Highlights

Earnings Presentation and Quarterly Performance Summary

To listen to BB&T's live fourth quarter 2018 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 876127. A presentation will be used during the earnings conference call and is available on our website at https://bbt.investorroom.com/webcasts-and-presentations. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 6326592).

The presentation, including an appendix reconciling non-GAAP disclosures, is available at https://bbt.investorroom.com/webcasts-and-presentations. BB&T's Fourth Quarter 2018 Quarterly Performance Summary, which contains detailed financial schedules, is available on BB&T's website at https://bbt.investorroom.com/quarterly-earnings.

About BB&T

BB&T is one of the largest financial services holding companies in the U.S. with $225.7 billion in assets and market capitalization of approximately $33.1 billion as of December 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 1,800 financial centers in 15 states and Washington, D.C. and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.

Capital ratios are preliminary.

This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). BB&T's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in BB&T's Fourth Quarter 2018 Quarterly Performance Summary, which is available at https://bbt.investorroom.com/quarterly-earnings.

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of BB&T. Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding BB&T's business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances difficult to predict. BB&T's actual results may differ materially from those contemplated by the forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "could" and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. While there is no assurance any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2017 and in any of BB&T's subsequent filings with the Securities and Exchange Commission:

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Actual results may differ materially from those expressed in or implied by any forward-looking statement. Except to the extent required by applicable law or regulation, BB&T undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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