BB&T Corp announced third quarter earnings of $599 million, an increase of 21.7 percent from a year prior and higher than Wall Street expectations.

The company’s per share earnings grew 14 percent to 73 cents per share over the same time period, topping analyst expectations by 2 cents, according to data from Yahoo Finance.

BB&T Chief Executive Officer Kelly S. King attributed the company’s strong growth and smart spending to a smart acquisition strategy. The Winston-Salem-based company acquired National Penn Bancshares in April for $1.8 billion and two financial services companies in 2015.

The company also saw third quarter revenue increases. Its revenue after tax totaled $2.8 billion, a 13.1 percent growth from the same time a year earlier. Its return on average assets reached 1.15 percent, up from 1.04 percent in 2015.

This quarter, BB&T terminated several long-term obligations. In mid-September, the company terminated its loss-share agreement with the Federal Deposit Insurance Corp. The obligation was part of BB&T’s 2009 acquisition of Colonial Bank.

Later that month, the company settled allegations that it violated federal law just before, during and after the national housing crisis by approving unqualified home loans for federal insurance.

In reference to those decisions, King said in the statement, “While these actions did not have a significant net impact on our quarterly results, they will reduce ongoing costs and complexity and position us to provide greater returns for our shareholders.”

BB&T’s stock closed Wednesday at $38.77, up 88 cents, or 2.3 percent.