Banking

BB&T posts lower profit in third quarter

Winston-Salem’s BB&T Corp. said Thursday its purchase of a Pennsylvania bank helped lower its profit in the third quarter from a year ago.
Winston-Salem’s BB&T Corp. said Thursday its purchase of a Pennsylvania bank helped lower its profit in the third quarter from a year ago. BLOOMBERG NEWS

Winston-Salem’s BB&T Corp. on Thursday reported lower profit in the third quarter from a year ago, as the lender absorbed costs associated with its purchase of a Pennsylvania bank.

The third-largest lender by deposits in the Charlotte area posted earnings of $492 million, down from $512 million in the third quarter of last year. Earnings per share were 64 cents for the recent third quarter, compared with 70 cents a year ago.

Excluding merger and restructuring costs from its purchase of Susquehanna Bancshares, BB&T said its profit rose to $539 million, compared with $516 million in profit in the third quarter of last year. BB&T announced the completion of the Susquehanna purchase in August.

BB&T said the Susquehanna acquisition, as well as BB&T’s July completion of its Bank of Kentucky purchase, helped grow loans and deposits from a year ago. But the regional lender also noted that its loans and deposits grew outside of those deals.

The streak of acquisitions has helped BB&T boost its assets, which totaled about $208 billion at the end of the third quarter, up from $187 billion at the end of the third quarter last year.

BB&T has branches in 15 states and Washington, D.C.

Deon Roberts: 704-358-5248, @DeonERoberts

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