BB&T reports lower third quarter results than prior year

WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) today reported $157 million in net income for the third quarter, or $.23 per diluted common share, compared with $362 million, or $.65 per diluted common share, earned during the third quarter of 2008. The third quarter results produced annualized returns on average assets and average common shareholders' equity of .40% and 3.90%, respectively.

For the first nine months of the year, BB&T's net income was $683 million, compared with $1.2 billion earned in the first nine months of 2008. Diluted earnings per common share for the first nine months of 2009 totaled $.88, compared with $2.20 earned during the same period in 2008. Results for the first nine months of 2009 produced annualized returns on average assets and average common shareholders' equity of .60% and 5.09%, respectively.

On Aug. 14, BB&T assumed all of the deposits and acquired certain assets and other liabilities of Colonial Bank (Colonial), headquartered in Montgomery, Ala., from the Federal Deposit Insurance Corporation (FDIC). Colonial operated 357 banking offices in Alabama, Florida, Georgia, Texas and Nevada. The acquisition significantly strengthened BB&T's banking franchise, moving BB&T to fifth in deposit market share in Florida and fourth in Alabama.

BB&T last week jointly announced an agreement with U.S. Bank to sell Colonial branches and related deposits in Nevada in the first quarter of 2010. The agreement excludes substantially all of the loans associated with these branches, which will remain with BB&T and remain covered by the FDIC loss-share agreement.

At Sept. 30, BB&T had $165.3 billion in assets and operated 1,859 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Texas, Nevada, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. For additional information about BB&T's financial performance, company news, products and services, please visit our Web site at www.BBT.com .

Ohio Valley Banc Corp. reports lower third quarter earnings

GALLIPOLIS, Ohio -- Ohio Valley Banc Corp. (NASDAQ:OVBC) today reported consolidated net income for the quarter ended September 30, 2009, of $1,700,000, a decrease of $185,000, or 9.8 percent, from the $1,885,000 earned for the third quarter of 2008. 

Earnings per share for the third quarter of 2009 were $.43, down 8.5 percent from the prior year's third quarter. For the nine months ended September 30, 2009, net income totaled $5,147,000, a 7.8 percent decrease from net income of $5,581,000 for the nine months ended September 30, 2008. 

Earnings per share were $1.29 for the first nine months of 2009 versus $1.38 for the first nine months of 2008, a decrease of 6.5 percent. Return on average assets and return on average equity decreased to .84 percent and 10.66 percent, respectively, for the nine months ended September 30, 2009, as compared to .95 percent and 12.20 percent, respectively, for the same period in the prior year.

According to a company statement, earnings declined primarily due to the increase in FDIC insurance premiums that are being assessed on all FDIC insured financial institutions. For the nine months ended September 30, 2009, premiums increased $1,148,000 over the same period last year. FDIC premiums for the third quarter of 2009 were up $201,000 from the third quarter of 2008. The higher insurance premiums had a dramatic impact on the financial results of the company. For the nine months ended September 30, 2009, the net of tax increase in premiums reduced earnings per share by $.19, return on average assets by 9 basis points (1 basis point equals .01%) and return on average equity by 117 basis points. Based on the FDIC's restoration plan, management expects the heightened assessment levels to continue for up to eight years.

Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. The holding company owns three subsidiaries: Ohio Valley Bank, with 16 offices in Ohio and West Virginia; Loan Central, with six consumer finance offices in Ohio, and Ohio Valley Financial Services, an insurance agency based in Jackson, Ohio. Learn more about Ohio Valley Banc Corp. at www.ovbc.com .