RESTATEMENT SUPPLEMENT Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 1 of 4 Investor Relations FAX(336) 733-3132
For the Quarter Ended
(Dollars in thousands, except per share data) 6/30/99 3/31/99
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
Interest income - taxable equivalent $ 952,769 $ 905,010
Interest expense 447,527 425,521
Net interest income - taxable equivalent 505,242 479,489
Less: Taxable equivalent adjustment 24,817 21,496
Net interest income 480,425 457,993
Provision for loan & lease losses 26,078 23,971
Net interest income after provision for loan & lease losses 454,347 434,022
Noninterest income 225,727 203,437
Noninterest expense 401,785 360,946
Income before income taxes 278,289 276,513
Provision for income taxes 89,759 89,653
Income excluding nonrecurring items 188,530 186,860
Nonrecurring items, net of tax - 10,386
Net income $ 188,530 $ 176,474
PER SHARE DATA EXCLUDING NONRECURRING ITEMS
Basic earnings $ .48 $ .47
Diluted earnings .47 .46
Weighted average shares - Basic 394,797,390 395,644,210
Diluted 402,151,782 403,071,792
Dividends paid on common shares $ .175 $ .175
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS
Return on average assets 1.49 % 1.56 %
Return on average equity 18.64 18.71
Net yield on earning assets (taxable equivalent) 4.27 4.27
Efficiency (taxable equivalent) (1) 54.6 52.8
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2)
Net Income $ 201,534 $ 198,207
Diluted earnings per share .50 .49
Return on average tangible assets 1.61 % 1.68 %
Return on average tangible equity 23.33 22.70
Efficiency ratio (taxable equivalent) (1) 52.8 51.0
For the Quarter Ended
(Dollars in thousands, except per share data) 6/30/99 3/31/99
INCOME STATEMENT
Interest income - taxable equivalent $ 952,769 $ 905,010
Interest expense 447,527 425,521
Net interest income - taxable equivalent 505,242 479,489
Less: Taxable equivalent adjustment 24,817 21,496
Net interest income 480,425 457,993
Provision for loan & lease losses 26,078 23,971
Net interest income after provision for loan & lease losses 454,347 434,022
Noninterest income 225,727 203,437
Noninterest expense 401,785 376,787
Income before income taxes 278,289 260,672
Provision for income taxes 89,759 84,198
Net income $ 188,530 $ 176,474
PER SHARE DATA
Basic earnings $ .48 $ .45
Diluted earnings .47 .44
Weighted average shares - Basic 394,797,390 395,644,210
Diluted 402,151,782 403,071,792
Dividends paid on common shares $ .175 $ .175
PERFORMANCE RATIOS
Return on average assets 1.49 % 1.48 %
Return on average equity 18.64 17.67
Net yield on earning assets (taxable equivalent) 4.27 4.27
Efficiency (taxable equivalent) (1) 54.6 52.8
NOTES: Applicable ratios are annualized.
(1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods.
(2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash
basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles
from assets and equity.
RESTATEMENT SUPPLEMENT Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 2 of 4 Investor Relations FAX(336) 733-3132
As of / For the Quarter Ended
(Dollars in thousands, except per share data) 6/30/99 3/31/99
INCOME STATEMENTS EXCLUDING
NONRECURRING ITEMS
Interest income - taxable equivalent
Interest & fees on loans & leases $ 727,000 $ 702,393
Interest & dividends on securities 220,009 198,338
Interest on short-term investments 5,760 4,279
Total interest income - taxable equivalent 952,769 905,010
Interest expense
Interest on deposits 292,420 291,599
Interest on short-term borrowed funds 73,929 59,423
Interest on long-term debt 81,178 74,499
Total interest expense 447,527 425,521
Net interest income - taxable equivalent 505,242 479,489
Less: Taxable equivalent adjustment 24,817 21,496
Net interest income 480,425 457,993
Provision for loan & lease losses 26,078 23,971
Net interest income after provision for
loan & lease losses 454,347 434,022
Noninterest income
Service charges on deposits 59,158 58,363
Mortgage banking income 47,109 49,261
Investment banking & brokerage fees & commissions 38,830 14,562
Trust revenue 17,462 16,525
Agency insurance commissions 16,952 17,000
Other insurance commissions 3,443 3,417
Other nondeposit fees & commissions 31,579 27,553
Securities gains (losses), net (2,895) 597
Other income 14,089 16,159
Total noninterest income 225,727 203,437
Noninterest expense
Personnel expense 209,453 185,450
Occupancy & equipment expense 60,220 56,578
Foreclosed property expense 877 678
Amortization of intangibles & mortgage servicing rights 20,335 19,361
Other noninterest expense 110,900 98,879
Total noninterest expense 401,785 360,946
Income before income taxes 278,289 276,513
Provision for income taxes 89,759 89,653
Net income $ 188,530 $ 186,860
PER SHARE DATA EXCLUDING
NONRECURRING ITEMS
Basic earnings $ .48 $ .47
Diluted earnings .47 .46
Dividends paid on common shares .175 .175
Book value per common share $ 9.89 $ 10.23
RATIOS EXCLUDING
NONRECURRING ITEMS
Return on average assets 1.49 % 1.56 %
Return on average equity 18.64 18.71
Net yield on earning assets (taxable equivalent) 4.27 4.27
Efficiency (taxable equivalent) (1) 54.6 52.8
Noninterest income as a percentage of
total income (taxable equivalent) (1) 31.2 29.7
Equity as a percentage of total assets
end of period 7.6 8.1
Average earning assets as a percentage of
average total assets 93.5 93.3
Average loans & leases as a percentage of
average deposits 99.7 98.8
CASH BASIS PERFORMANCE (2)
Cash basis earnings excluding nonrecurring items $ 201,534 $ 198,207
Diluted cash basis earnings per share .50 .49
Return on average tangible assets 1.61 % 1.68 %
Return on average tangible equity 23.33 22.70
Efficiency ratio (taxable equivalent) (1) 52.8 51.0
NOTES: Applicable ratios are annualized.
(1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods.
(2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash
basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles
from assets and equity.
RESTATEMENT SUPPLEMENT Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 3 of 4 Investor Relations FAX(336) 733-3132
As of / For the Quarter Ended
(Dollars in thousands) 6/30/99 3/31/99
SELECTED BALANCE SHEET DATA
End of period balances
Securities, at carrying value $13,602,855 $ 13,063,853
Commercial loans & leases 16,941,615 15,985,175
Consumer loans 8,354,168 8,193,935
Revolving credit loans 633,677 609,408
Mortgage loans 7,733,934 8,256,788
Total loans & leases 33,663,394 33,045,306
Allowance for loan & lease losses 458,689 451,565
Other earning assets 638,898 354,692
Total earning assets 48,128,386 46,413,311
Total assets 51,463,991 49,748,966
Noninterest-bearing deposits 4,740,553 4,598,826
Savings & interest checking 3,167,921 3,245,250
Money rate savings 8,794,712 8,777,106
Time deposits 15,937,658 16,018,428
Other deposits 737,575 880,405
Total deposits 33,378,419 33,520,015
Short-term borrowed funds 7,563,087 5,785,648
Long-term debt 5,973,518 5,729,401
Total interest-bearing liabilities 42,174,471 40,436,238
Total shareholders' equity 3,898,715 4,051,409
Goodwill 563,201 550,825
Core deposit & other intangibles 18,153 17,567
Total intangibles 581,354 568,392
Mortgage servicing rights 164,148 144,122
Negative goodwill $ 23,628 $ 25,189
Average balances
Securities, at amortized cost $13,450,238 $ 12,137,366
Commercial loans & leases 16,658,787 15,813,125
Consumer loans 8,438,028 7,965,657
Revolving credit loans 598,853 584,244
Mortgage loans 7,719,186 8,327,200
Total loans & leases 33,414,854 32,690,226
Other earning assets 477,795 373,114
Total earning assets 47,342,887 45,200,706
Total assets 50,659,620 48,438,057
Noninterest-bearing deposits 4,644,752 4,500,558
Savings & interest checking 3,302,327 3,323,282
Money rate savings 8,625,484 8,480,303
Time deposits 15,996,493 16,007,736
Other deposits 954,169 788,147
Total deposits 33,523,225 33,100,026
Short-term borrowed funds 6,337,899 5,104,085
Long-term debt 6,048,556 5,505,189
Total interest-bearing liabilities 41,264,928 39,208,742
Total shareholders' equity $ 4,057,292 $ 4,049,638
RISK-BASED CAPITAL
Risk-based capital:
Tier 1 $ 3,531,208 $ 3,543,288
Total 4,735,007 4,789,094
Risk-based capital ratios:
Tier 1 10.2 % 10.6 %
Total 13.6 14.3
Leverage capital ratio 7.0 7.4
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
RESTATEMENT SUPPLEMENT Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 4 of 4 Investor Relations FAX(336) 733-3132
As of / For the Quarter Ended
(Dollars in thousands) 6/30/99 3/31/99
ASSET QUALITY ANALYSIS
Allowance For Loan & Lease Losses
Beginning balance $ 451,565 $ 442,341
Allowance for acquired loans 169 1,935
Provision for loan & lease losses 26,078 23,971
Charge-offs (27,372) (24,246)
Recoveries 8,249 7,564
Net charge-offs (19,123) (16,682)
Ending balance $ 458,689 $ 451,565
Nonperforming Assets
Nonaccrual loans & leases $ 107,172 $ 118,211
Foreclosed real estate 21,089 26,514
Other foreclosed property 9,539 12,271
Restructured loans 2,070 3,625
Nonperforming assets $ 139,870 $ 160,621
Loans 90 days or more past due
& still accruing $ 52,094 $ 47,316
Loans 90 days or more past due & still accruing
as a percentage of total loans and leases .15 % .14 %
Asset Quality Ratios
Nonaccrual and restructured loans & leases
as a percentage of total loans & leases .32 % .37 %
Nonperforming assets as a percentage of:
Total assets .27 .32
Loans & leases plus
foreclosed property .42 .49
Net charge-offs as a percentage of
average loans & leases .23 .21
Allowance for loan & lease losses as
a percentage of loans & leases 1.36 1.37
Ratio of allowance for loan & lease losses to:
Net charge-offs 5.98 x 6.67 x
Nonaccrual and restructured loans & leases 4.20 3.71
For the Quarter Ended
6/30/99 3/31/99
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities & other 6.49 % 6.49 %
Loans & leases 8.72 8.69
Total earning assets 8.06 8.08
Interest expense:
Interest-bearing deposits 4.06 4.14
Short-term borrowed funds 4.68 4.72
Long-term debt 5.38 5.45
Total interest-bearing liabilities 4.35 4.40
Net yield on earning assets 4.27 % 4.27 %
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
(1) Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BB&T CORPORATION
(Registrant)
By: /S/ SHERRY A. KELLETT
Sherry A. Kellett
Senior Executive Vice President and Controller
(Principal Accounting Officer)
Date: October 30, 2000
