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BB&T posts lower Q3 net income YOY, incurs over $52M merger-related costs

BB&T Corp. reported third-quarter net income available to common shareholders of $735 million, or 95 cents per share, down from $789 million, or $1.01 per share, a year ago.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the quarter was $1.00.

Adjusted net income available to common shareholders was $832 million, or $1.07 per share. This excludes merger-related and restructuring charges of $34 million, or $26 million after-tax; incremental operating expenses related to the merger with SunTrust Banks Inc. of $52 million, or $40 million after-tax; and an after-tax charge of $46 million related to the redemption of preferred stock, partially offset by the after-tax impact from the sale of residential mortgage loans of $15 million.

The Winston-Salem, N.C.-based bank reported total revenue of $3.00 billion for the third quarter, slightly down from $3.04 billion in the second quarter, but up from $2.93 billion in the third quarter last year.

Total deposits reached $161.99 billion at the end of the third quarter, up by $2.10 billion from $159.89 billion as of June 30.

Total loans and leases held for investment were $148.66 billion at the end of the third quarter, down by $1.80 billion from $150.47 billion as of June 30.

Net interest margin was 3.37% in the third quarter, down from 3.42% in the second quarter and 3.47% in the year-ago quarter.

Provision for credit losses was $117 million for the most recent quarter, compared to $135 million in the year-ago quarter. Net charge-offs were $153 million for the third quarter, compared to $127 million a year ago.