BB&T of Winston-Salem, N.C., reported third-quarter net income available to common shareholders of $469 million, or 66 cents a share, declining from $510 million, or 72 cents, in the second quarter, and $366 million, or 52 cents a share, during the third quarter of 2011. The company said that the third-quarter results were reduced by merger-related charges associated with the acquisition of BankAtlantic totaling $43 million pretax, or $0.04 per diluted common share." Following the trend for several of the large regional banks as the refinancing wave continues, BB&T's third-quarter mortgage revenue increased to $211 million, from $182 million the previous quarter, and $123 million a year earlier. However, the sequential increase in mortgage income was more than offset by a decline in insurance income, to $333 million, from $393 million in the second quarter. During the third quarter of 2011, insurance income totaled $241 million.
Interested in more on BB&T Corp.? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn