BB&T reported record earnings for Q2/18. Net income in the quarter was $775 million. Excluding pre-tax merger-related and restructuring charges of $24 million ($17 million after-tax), net income was $792 million. In comparison, net income was $745 million for Q1/18 and $631 million for Q2/17.

“Strong revenues, improved loan growth and solid expense control resulted in record earnings for the quarter,” said Kelly S. King, BB&T, chairman and CEO. “We produced a strong 3.5% annualized growth in average loans held for investment compared to the prior quarter. Our earnings before income taxes exceeded $1.0 billion, which is also a record and was up 4.7% over the second quarter of last year.”

BB&T Financial Services and Commercial Finance, which includes BB&T’s equipment finance product, reported net income of $145 million for Q2/18, an increase of $11 million compared to the earlier quarter. In addition, average commercial and industrial loans increased $921 million, or 6.3% annualized, and BB&T’s net interest margin was 3.45% in the quarter, up one basis point from Q1/18.

“Asset quality remains excellent and improved further during the second quarter,” King said. “Nonperforming assets, net charge-offs and loans 90 days or more past due all declined from already very low levels.”