SunTrust Banks (STI - Get Report) reported a drop in third-quarter earnings Thursday that matched Wall Street's expectations and better-than-expected revenue as the financial services company prepares for its merger with BB&T Corp. (BBT - Get Report) .
Shares were off nearly 1% to $67.74.
The Atlanta-based company reported net income of $597 million, or $1.34 a share, which includes 6 cents a share for costs related to the merger, compared with $726 million, or $1.56 a share, a year ago. The earnings matched analysts' expectations. Revenue totaled $2.35 billion, up from $2.29 billion and exceeded Wall Street's forecast of $2.33 billion.
Net interest income was $1.51 billion for the quarter compared with $1.512 billion a year ago.
In February, SunTrust and BB&T announced they would combine in $66 billion all-stock merger, creating the sixth largest bank in the U.S. with around $442 billion in assets, $301 billion in loans and $324 billion in deposits.
"I am confident that when SunTrust and BB&T come together to create Truist, we can deliver industry leading profitability, better capabilities for our clients, and enhanced benefits for both our teammates and our communities," William H. Rogers, Jr., chairman and CEO, said in a statement.