NU Online News Service, April 13, 2004, 6:03 p.m. EDT – BB&T Corp. benefited from a big increase in insurance commission revenue during the first quarter.[@@]
The Winston-Salem, N.C., bank is reporting a total of $328.5 million in net income for the quarter on $94.3 billion in assets, up from $327.7 million in net income on $79.6 billion in assets for the first quarter of 2002.
Rapid increases and decreases in mortgage rates hurt BB&T mortgage banking operations during the latest quarter, but insurance commission revenue increased to $123.7 million, up 39% from the total for the first quarter of 2003.
BB&T completed the acquisition of McGriff, Seibels & Williams Inc., Birmingham, Ala., Feb. 1 and the acquisition of Iler Wall & Shonter, St. Petersburg, Fla., April 1.
Excluding the effects of acquisitions, first-quarter insurance commission revenue was up 10%, BB&T says.