bb&t corp (BBT) Key Developments
BB&T Corporation Declares Quarterly Dividend and Preferred Stock Dividends, Payable on March 2, 2015
Jan 27 15
BB&T Corporation declared quarterly dividend of $0.24 per share. The company also declared dividend of $365.625 per share (equivalent to $0.365625 per depositary share or 1/1,000th interest per share) on series D, $351.5625 on series E and $325.000 on F and G non- cumulative perpetual preferred stocks. The regular quarterly dividends payable March 2, 2015, to shareholders of record at the close of business February 13, 2015.
BB&T Corp. Confirms Cut of 1,440 Full-Time Positions
Jan 23 15
BB&T Corp. confirmed it has eliminated 1,440 full-time job positions since March 31, 2014 including 602 during the fourth quarter, as part of a restructuring initiative aimed in part at lowering personnel costs. The cuts since March 31, 2014 account for 4.3% of its overall workforce, lowering it to 32,264 as of December 31, 2014. The cuts were disclosed in its fourth-quarter earnings report.
BB&T Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014; Provides Effective Tax Rate Guidance for the First Quarter of 2015
Jan 22 15
BB&T Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, net income available to common shareholders was $557 million, compared to $537 million earned in the fourth quarter of 2013, an increase of 3.7%. Earnings per diluted common share totaled $0.76 compared to $0.75 last year. Net interest income was $1,335 million against $1,362 million a year ago. Total revenue was $2,375 million against $2,382 million a year ago, essentially flat compared to the earlier quarter as a decrease in taxable-equivalent net interest income of $26 million was largely offset by a $19 million increase in noninterest income. Return on average assets was 1.30% against 1.30% a year ago. Return on average common shareholders' equity was 10.08% against 10.85% a year ago. Income before income taxes was $845 million against $831 million a year ago. Interest income was $1,554 million against $1,601 million a year ago.
For the full year, net income available to common shareholders totaled $2.0 billion, resulting in earnings per diluted share of $2.75, up more than 25% compared to a year ago. These results were driven by very good expense control and strong performances from its mortgage banking, insurance and investment banking and brokerage businesses, which drove noninterest income to exceed $1 billion for the quarter. Net interest income was $5,374 million against $5,616 million a year ago. Return on average assets was 1.20% against 0.95% a year ago. Return on average common shareholders' equity was 9.40% against 8.06% a year ago. Income before income taxes was $2,986 against $3,124 million a year ago. Interest income was $6,286 million against $6,654 million a year ago.
The company announced net charge-offs during the fourth quarter of 2014 totaled $116 million, a decline of $26 million compared to the prior quarter. This decline is primarily due to the current and prior quarter loan sales, which resulted in net recoveries of $4 million and net charge-offs of $15 million, respectively.
For the first quarter of 2015, the company expects effective tax rate to be about 30%.
BB&T Announces Executive Changes
Jan 14 15
BB&T has tapped Josh Petty as its new market president for greater Birmingham. Petty replaces Burton McDonald, who was recently promoted to lead the state's Alabama region after DontÃ¡ Wilson was promoted to regional president for northern Georgia. Since 2013, Petty has led BB&T's corporate banking team. Petty, 36, joined BB&T in 2002. He previously worked for the bank in Virginia before moving to Birmingham in 2009 after BB&T gained a substantial presence in Alabama with its acquisition of Colonial Bank.
Bank of Kentucky Financial, BB&T Corp. to Settle Merger-Related Class-Action Lawsuit
Jan 12 15
Bank of Kentucky Financial Corp. and BB&T Corp. on Jan. 8, 2015 entered into an agreement in principle to settle a putative class-action lawsuit related to the two companies' merger agreement dated Sept. 5, 2014. Under the agreement in principle, which is subject to the approval of the Kenton Circuit Court of the Commonwealth of Kentucky, Bank of Kentucky Financial and BB&T will make available additional information to shareholders of Bank of Kentucky Financial. Both Bank of Kentucky Financial and BB&T, and other defendants, deny all of the plaintiff's allegations and believe that the disclosure in the proxy statement are adequate under the law. The defendants agreed to settle the lawsuit to avoid the costs, disruption and distraction of further litigation.