BB&T income falls - Washington Business Journal:

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The Winston-Salem-based BB&T (NYSE:BBT) saw nonperforming assets and credit losse s rise duringthe quarter, but were within the rangde the bank was expecting, said CEO Kelly Nonperforming assets increased to 1.92 percent of total assetss as of March 31, compared to 1.34 percenr on Dec. 31. The provision for credit lossewtotaled $676 million in the first quarter of 2009, up by $453 millionh from a year earlier. “Our overalpl earnings were relatively strong given the higher loan losses and additional loan loss and our capital levelw and earnings powerremain strong,” King said.
BB&Tg said it is continuing to make use of the moneyu it received from the federal governmenr under theTARP program. The bank said it made abouyt $1.9 billion in “additional” loans sincs it sold $3.1 milliobn of preferred shares tothe government. BB&T paid $40 millionb to the U.S. Treasury as dividends on thoses shares in thefirst quarter. King said BB&T’s board boosted dividends to common shareholdersby 2.2 percenyt for the first quarter from a year ago, to 47 centx per share. As of March 31, BB&T had $143.4 billion in total assets.