Net interest income of $1.383B fell from $1.459B one year ago, with NIM of 3.52% falling 24 basis points. The average yield on the loan portfolio of 4.58% is off 45 bps amid the runoff of higher-yielding covered loans and the sale of a consumer lending subsidiary in Q4.
Noninterest income of $911M fell from $1.001B a year ago as mortgage banking income fell $106M. Provision for credit losses fell $180M, or 72.9%. Net charge-offs fell $119M, or 43.3%. The reserve release of $80M compared to $54M one year ago.
Noninterest expense of $1.4B fell 0.8% from a year ago, mostly driven by $35M lower personnel expense; it fell by an annualized 15% from Q4 "driven by substantially lower personnel costs and professional services expenses ... We continue to expect improvement in the efficiency ratio as revenue growth is expected to outpace expense growth."
Basel III common equity Tier 1 capital ratio of 9.5% up from 9.3% at the end of 2013.
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