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BB&T announces quarterly earnings


BB&T Corporation reported this past week earnings for the fourth quarter and the full year 2005. For the fourth quarter, net income totaled $429.6 million, or $.78 per diluted share, compared with $416.9 million, or $.75 per diluted share, earned during the fourth quarter of 2004. These results reflect increases of 3 percent and 4 percent, respectively, compared to the fourth quarter last year.

For the full year 2005, BB&T’s net income was $1.65 billion, an increase of 6.1 percent compared to $1.56 billion earned in 2004. Diluted earnings per share for 2005 totaled $3.00, an increase of 7.1 percent compared to $2.80 in 2004. Excluding $19.8 million in net after-tax merger-related and nonrecurring charges from 2005 and $3.5 million in net after-tax merger-related charges from 2004, operating earnings for 2005 totaled $1.67 billion, an increase of 7.2 percent compared to operating earnings of $1.56 billion in 2004.

Diluted operating earnings per share totaled $3.04 in 2005, an increase of 8.2 percent compared to $2.81 earned in 2004.

Cash basis operating results exclude the unamortized balances of intangibles from assets and shareholders’ equity and exclude the amortization of intangibles.

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accounting mark-to-market adjustments, merger-related items and nonrecurring items from earnings.





Cash basis operating earnings totaled $448.9 million for the fourth quarter of 2005, an increase of 2.4% compared to the fourth quarter of 2004.

Cash basis operating diluted earnings per share were $.82 for the fourth quarter of 2005, an increase of 3.8% compared to $.79 earned during the same period in 2004. Cash basis operating earnings for the fourth quarter of 2005 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.73% and 27.88%, respectively, compared to prior year returns of 1.86% and 27.77%, respectively. ????“Although bottom-line results for the fourth quarter of 2005 were less than we had hoped, I am pleased that we produced solid earnings for the full year and accomplished many of our strategic objectives,” said Chairman and Chief Executive Officer John A. Allison. “Our results for 2005 mark the 24th consecutive year that BB&T has achieved record operating earnings. In addition, we also saw year over year improvement in many of the key areas that contribute to our profitability. We experienced healthy revenue growth in our noninterest income generating businesses, improved our already excellent asset quality, and enjoyed one of our strongest years in terms of combined loan and deposit growth. Our fourth quarter results were negatively affected by a difficult interest rate environment, which compressed our margins, and unusually high growth in noninterest expenses, which largely resulted from the hiring of revenue producers, revenue-based incentives, and a significant new commitment to advertising.”

 

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