NEW YORK (TheStreet) -- BB&T  (BBT - Get Report) reported an 18% revenue growth for the 2016 second quarter, CNBC's Sara Eisen reported on "Squawk on the Street" Thursday.

The growth was driven by the company's acquisition of Pennsylvania-based National Pen Bank and wholesale insurance company Sweat and Crawford, BB&T Chairman and CEO Kelly King told CNBC.

The company's net interest margin rose year over year, but was down from the last quarter due to lower for longer interest rates, Eisen reported.

"I think we're all trying to settle in to the reality that we may well be in, lower for longer, we're planning for that. We're operating our business that way," King said.

Those interest rates, King says, probably won't be low for as long as people think.

Despite global issues, the U.S. economy's strength is still operating at a 2.5% real GDP growth, good job growth, housing market, auto market and strong consumer sentiment, he added.

"We can operate okay if we stay at the bottom. We're planning for that but expecting and thinking that it probably will get a bit better," he said.

Mortgage rates are currently at historic lows this year and King expects BB&T's housing mortgage business to be very strong.

The 10-year yield being at an all-time low drives a large amount of refinancing along with a strong purchase market makes for a strong mortgage market, King said.

Investors believe that there is profit to be made with smaller banks due to the low for longer interest rates, lack of profitability, and it's need to consolidate, CNBC's Simon Hobbs reported.

"I do believe an awful lot will choose to consolidate, to try to gain the scale advantage necessary to deal with huge increases in regulatory costs, technological cost and a slow economy. So I suspect that long term investment in small institutions could be very good," King explained.

Shares of BB&T are up by 0.34% to $36.56 this afternoon. 

Separately, TheStreet Ratings team has this stock as a "buy" with a ratings score of B+. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations and expanding profit margins. TheStreet Ratings team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: BBT