Banking company

BB&T

(BBT) - Get Report

said second-quarter net income fell from a year ago after factoring in a charge, but operating profits matched Wall Street's estimates.

The Winston-Salem, N.C., company said second-quarter earnings totaled $386.8 million, or 70 cents a share, compared with $400.1 million, or 72 cents a share, a year ago. The latest quarter includes a noncash adjustment related to property and equipment leases of $26.6 million, or 5 cents a share.

Operating earnings for the second quarter were $413.2 million, or 75 cents a share, excluding after-tax merger-related credits and the adjustment for leases. On that basis, the company met the consensus estimate of 75 cents carried by Thomson First Call.

Net interest income rose 4.4% to $877 million, and noninterest income was up 3.9% to $584.9 million.

"While it is unfortunate that we needed to record a one-time adjustment related to leases this quarter, it does not detract from the performance of our core operations, where most of the trends are very positive," the company said in a press release. "We are fully on track to accomplish our financial objectives for 2005."

As of June 30, BB&T had $105.8 billion in assets and operated more than 1,400 banking offices, mainly in the Southeast, Indiana and Washington, D.C.