BB&T, a financial holding company, has reported reported today a net income for the first quarter of 2009 totaling $318m and net income available to common shareholders totaling $271m, or $0.48 per diluted common share, compared with $428m, or $0.78 per diluted common share, earned during the first quarter of 2008.
BB&T’s fully taxable equivalent net interest income totaled $1.15 billion for the first quarter of 2009, an increase of 12.7% from $1.02 billion for the same quarter of 2008. Net interest margin was 3.57% for the first quarter of 2009, up three basis points from 3.54% in the comparable quarter of 2008.
Kelly King, president and CEO of BB&T, said: Despite the numerous challenges facing the financial services industry, BB&T is intensely focused on effectively managing through the credit cycle and working co-operatively with our clients during this difficult period. Our overall earnings were relatively strong given the higher loan losses and additional loan loss reserves, and our capital levels and earnings power remain strong.
We continue to benefit from a flight to quality in our markets, as evidenced by record production from our mortgage banking operations and very strong growth in commercial loans and low-cost client deposits.
