BB&T Corporation reported quarterly earnings for the first quarter of 2016. Net income available to common shareholders was $527 million, up 8.0% from the first quarter of 2015. Earnings per diluted common share were $0.67 for the first quarter of 2016. Excluding merger-related and restructuring charges, net income available to common shareholders was $542 million, or $0.69 per diluted share.

Net income available to common shareholders was $502 million ($0.64 per diluted share) and $488 million ($0.67 per diluted share) for the fourth quarter of 2015 and first quarter of 2015, respectively.

"We are pleased to report record net interest income and solid overall performance for the first quarter," said Chairman and Chief Executive Officer Kelly S. King. "Our strategic acquisitions and organic growth have helped us grow our market share while maintaining low funding costs, and we achieved positive operating leverage from the fourth quarter.

"Total revenues were $2.6 billion, up $240 million compared to the first quarter of 2015," said King. "Strong revenues and excellent expense control enabled us to achieve solid results for the first quarter.

"We also successfully completed the acquisitions of National Penn and Swett & Crawford on April 1st," continued King. "National Penn had 126 financial centers in Pennsylvania, New Jersey and Maryland, with approximately $9.6 billion in assets and $6.6 billion in deposits. Swett & Crawford enhances our wholesale property and casualty insurance business and adds more than $200 million in annual revenues. These acquisitions will drive improved efficiencies and stronger earnings in the future.

"We are also pleased to announce U by BB&T now has more than 1.4 million active users. Since its introduction last October, we've experienced a rapid adoption rate, particularly from our younger client base. We are pleased to see clients of all ages engaging with our free, customizable digital banking platform."