Exhibit 99.2
BB&T Corporation
Quarterly Performance Summary
First Quarter 2009
BB&T Corporation | |
Quarterly Performance Summary | |
Table of Contents | |
BB&T Corporation | |
Financial Highlights | |
(Dollars in millions, except per share data, shares in thousands) | |
Year-to-Date | |||||||||
March 31 | % | ||||||||
2009 | 2008 | Change | |||||||
Summary Income Statement | |||||||||
Interest income | $ | 1,709 | $ | 1,918 | (10.9 | ) % | |||
Interest expense | 535 | 884 | (39.5 | ) | |||||
Net interest income - taxable equivalent | 1,174 | 1,034 | 13.5 | ||||||
Less: Taxable-equivalent adjustment | 28 | 17 | 64.7 | ||||||
Net interest income | 1,146 | 1,017 | 12.7 | ||||||
Provision for credit losses | 676 | 223 | 203.1 | ||||||
Net interest income after provision for credit losses | 470 | 794 | (40.8 | ) | |||||
Noninterest income | 1,031 | 771 | 33.7 | ||||||
Noninterest expense | 1,069 | 935 | 14.3 | ||||||
Income before income taxes | 432 | 630 | (31.4 | ) | |||||
Provision for income taxes | 114 | 201 | (43.3 | ) | |||||
Net income | 318 | 429 | (25.9 | ) | |||||
Minority interest | 6 | 1 | NM | ||||||
Dividends and accretion on preferred stock | 41 | - | NM | ||||||
Net income available to common shareholders | 271 | 428 | (36.7 | ) | |||||
Per Common Share Data | |||||||||
Earnings | |||||||||
Basic | $ | .48 | $ | .78 | (38.5 | ) % | |||
Diluted | .48 | .78 | (38.5 | ) | |||||
Cash dividends paid | .47 | .46 | 2.2 | ||||||
Book value | 23.29 | 23.49 | (.9 | ) | |||||
Tangible book value (1) | 14.00 | 13.47 | 3.9 | ||||||
End of period shares outstanding (in thousands) | 560,563 | 546,799 | 2.5 | ||||||
Weighted average shares (in thousands) | |||||||||
Basic | 559,801 | 546,214 | 2.5 | ||||||
Diluted | 563,566 | 548,946 | 2.7 | ||||||
Performance Ratios | |||||||||
Return on average assets | .86 | % | 1.29 | % | |||||
Return on average common shareholders' equity | 8.29 | 13.30 | |||||||
Net interest margin - taxable equivalent | 3.57 | 3.54 | |||||||
Noninterest income as a percentage of total income (2) | 42.1 | 41.4 | |||||||
Efficiency ratio (2) | 50.9 | 52.3 | |||||||
Cash Basis Performance Ratios (3) | |||||||||
Diluted earnings per common share | $ | .51 | $ | .81 | (37.0 | ) % | |||
Return on average tangible assets | .93 | % | 1.40 | % | |||||
Return on average tangible common shareholders' equity | 15.62 | 24.27 | |||||||
Efficiency ratio (2) | 49.8 | 50.8 | |||||||
Credit Quality | |||||||||
Nonperforming assets | $ | 2,750 | $ | 989 | |||||
Nonperforming assets as a percentage of: | |||||||||
Total assets | 1.92 | % | .73 | % | |||||
Loans and leases plus foreclosed property | 2.72 | 1.05 | |||||||
Net charge-offs as a percentage of average | |||||||||
loans and leases | 1.58 | .54 | |||||||
Allowance for loan and lease losses as a percentage | |||||||||
of loans and leases held for investment | 1.94 | 1.19 | |||||||
Ratio of allowance for loan and lease losses to | |||||||||
nonperforming loans and leases | 1.08 | X | 1.44 | X | |||||
Average Balances | |||||||||
Total assets | $ | 149,876 | $ | 133,425 | 12.3 | % | |||
Investment securities | 31,427 | 23,414 | 34.2 | ||||||
Loans and leases | 99,724 | 92,718 | 7.6 | ||||||
Deposits | 93,934 | 86,583 | 8.5 | ||||||
Client deposits | 84,133 | 76,889 | 9.4 | ||||||
Shareholders' equity | 16,406 | 12,961 | 26.6 | ||||||
Period-End Balances | |||||||||
Total assets | $ | 143,425 | $ | 136,417 | 5.1 | % | |||
Investment securities | 19,489 | 24,096 | (19.1 | ) | |||||
Loans and leases | 100,239 | 93,951 | 6.7 | ||||||
Deposits | 90,617 | 87,481 | 3.6 | ||||||
Client deposits | 84,292 | 76,542 | 10.1 | ||||||
Shareholders' equity | 16,182 | 12,875 | 25.7 | ||||||
Capital Ratios (4) | |||||||||
Risk-based | |||||||||
Tier 1 | 12.1 | % | 9.0 | % | |||||
Total | 17.1 | 14.1 | |||||||
Leverage | 9.4 | 7.3 | |||||||
Tangible common equity (1) | 5.7 | 5.7 | |||||||
Tangible common equity to risk-weighted assets (1) | 7.1 | 7.1 | |||||||
Note: Applicable ratios are annualized. |
(1 | ) | Tangible common equity and assets are based on regulatory Tier 1 capital definition. |
(2 | ) | Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. |
(3 | ) | Cash basis performance information excludes the amortization of intangible assets and purchase accounting mark-to-market adjustments. In addition, cash basis performance excludes the unamortized balances of intangibles from assets and equity, net of deferred taxes. |
(4 | ) | Current quarter regulatory capital information is preliminary. |
NM - not meaningful. |
3
BB&T Corporation | |
Financial Highlights - Five Quarter Trend | |
(Dollars in millions, except per share data, shares in thousands) | |
Quarter Ended | |||||||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||
Summary Income Statement | |||||||||||||||
Interest income | $ | 1,709 | $ | 1,757 | $ | 1,821 | $ | 1,817 | $ | 1,918 | |||||
Interest expense | 535 | 669 | 712 | 727 | 884 | ||||||||||
Net interest income - taxable equivalent | 1,174 | 1,088 | 1,109 | 1,090 | 1,034 | ||||||||||
Less: Taxable-equivalent adjustment | 28 | 23 | 21 | 22 | 17 | ||||||||||
Net interest income | 1,146 | 1,065 | 1,088 | 1,068 | 1,017 | ||||||||||
Provision for credit losses | 676 | 528 | 364 | 330 | 223 | ||||||||||
Net interest income after provision for credit losses | 470 | 537 | 724 | 738 | 794 | ||||||||||
Noninterest income | 1,031 | 807 | 792 | 827 | 771 | ||||||||||
Noninterest expense | 1,069 | 1,012 | 1,005 | 959 | 935 | ||||||||||
Income before income taxes | 432 | 332 | 511 | 606 | 630 | ||||||||||
Provision for income taxes | 114 | 25 | 149 | 175 | 201 | ||||||||||
Net income | 318 | 307 | 362 | 431 | 429 | ||||||||||
Minority interest | 6 | 2 | 4 | 3 | 1 | ||||||||||
Dividends and accretion on preferred stock | 41 | 21 | - | - | - | ||||||||||
Net income available to common shareholders | 271 | 284 | 358 | 428 | 428 | ||||||||||
Per Common Share Data | |||||||||||||||
Earnings | |||||||||||||||
Basic | $ | .48 | $ | .51 | $ | .65 | $ | .78 | $ | .78 | |||||
Diluted | .48 | .51 | .65 | .78 | .78 | ||||||||||
Cash dividends paid | .47 | .47 | .47 | .46 | .46 | ||||||||||
Book value | 23.29 | 23.16 | 23.42 | 23.40 | 23.49 | ||||||||||
Tangible book value (1) | 14.00 | 13.93 | 13.91 | 13.60 | 13.47 | ||||||||||
End of period shares outstanding (in thousands) | 560,563 | 559,248 | 552,259 | 546,928 | 546,799 | ||||||||||
Weighted average shares (in thousands) | |||||||||||||||
Basic | 559,801 | 552,732 | 549,761 | 546,628 | 546,214 | ||||||||||
Diluted | 563,566 | 556,746 | 553,544 | 549,758 | 548,946 | ||||||||||
Performance Ratios | |||||||||||||||
Return on average assets | .86 | % | .86 | % | 1.05 | % | 1.28 | % | 1.29 | % | |||||
Return on average common shareholders' equity | 8.29 | 8.47 | 10.86 | 13.27 | 13.30 | ||||||||||
Net interest margin - taxable equivalent (2) | 3.57 | 3.47 | 3.66 | 3.65 | 3.54 | ||||||||||
Noninterest income as a percentage of total income (3) | 42.1 | 40.5 | 40.5 | 43.0 | 41.4 | ||||||||||
Efficiency ratio (3) | 50.9 | 53.9 | 52.7 | 49.2 | 52.3 | ||||||||||
Cash Basis Performance Ratios (4) | |||||||||||||||
Diluted earnings per share | $ | .51 | $ | .54 | $ | .68 | $ | .81 | $ | .81 | |||||
Return on average tangible assets | .93 | % | .94 | % | 1.15 | % | 1.38 | % | 1.40 | % | |||||
Return on average tangible common shareholders' equity | 15.62 | 15.57 | 19.97 | 24.22 | 24.27 | ||||||||||
Efficiency ratio (3) | 49.8 | 52.6 | 51.3 | 47.9 | 50.8 | ||||||||||
Credit Quality | |||||||||||||||
Nonperforming assets | $ | 2,750 | $ | 2,030 | $ | 1,638 | $ | 1,301 | $ | 989 | |||||
Nonperforming assets as a percentage of: | |||||||||||||||
Total assets | 1.92 | % | 1.34 | % | 1.20 | % | .95 | % | .73 | % | |||||
Loans and leases plus foreclosed property | 2.72 | 2.04 | 1.69 | 1.36 | 1.05 | ||||||||||
Net charge-offs as a percentage of average | |||||||||||||||
loans and leases | 1.58 | 1.29 | 1.00 | .72 | .54 | ||||||||||
Allowance for loan and lease losses as a percentage | |||||||||||||||
of loans and leases held for investment | 1.94 | 1.62 | 1.45 | 1.33 | 1.19 | ||||||||||
Ratio of allowance for loan and lease losses to | |||||||||||||||
nonperforming loans and leases | 1.08 | X | 1.11 | X | 1.15 | X | 1.24 | X | 1.44 | X | |||||
Average Balances | |||||||||||||||
Total assets | $ | 149,876 | $ | 141,555 | $ | 136,933 | $ | 135,557 | $ | 133,425 | |||||
Investment securities | 31,427 | 26,573 | 24,083 | 23,898 | 23,414 | ||||||||||
Loans and leases | 99,724 | 97,224 | 95,943 | 94,866 | 92,718 | ||||||||||
Deposits | 93,934 | 91,986 | 90,021 | 86,685 | 86,583 | ||||||||||
Client deposits | 84,133 | 81,868 | 80,236 | 77,044 | 76,889 | ||||||||||
Shareholders' equity | 16,406 | 14,967 | 13,176 | 13,017 | 12,961 | ||||||||||
Period-End Balances | |||||||||||||||
Total assets | $ | 143,425 | $ | 152,015 | $ | 137,041 | $ | 136,465 | $ | 136,417 | |||||
Investment securities | 19,489 | 33,219 | 21,082 | 23,171 | 24,096 | ||||||||||
Loans and leases | 100,239 | 98,669 | 96,682 | 95,715 | 93,951 | ||||||||||
Deposits | 90,617 | 98,613 | 88,387 | 88,214 | 87,481 | ||||||||||
Client deposits | 84,292 | 83,575 | 80,028 | 79,781 | 76,542 | ||||||||||
Shareholders' equity | 16,182 | 16,081 | 12,980 | 12,838 | 12,875 | ||||||||||
Capital Ratios (5) | |||||||||||||||
Risk-based | |||||||||||||||
Tier 1 | 12.1 | % | 12.3 | % | 9.4 | % | 8.9 | % | 9.0 | % | |||||
Total | 17.1 | 17.4 | 14.4 | 14.0 | 14.1 | ||||||||||
Leverage | 9.4 | 9.9 | 7.6 | 7.2 | 7.3 | ||||||||||
Tangible common equity (1) | 5.7 | 5.3 | 5.9 | 5.7 | 5.7 | ||||||||||
Tangible common equity to risk-weighted assets (1) | 7.1 | 7.1 | 7.3 | 7.2 | 7.1 | ||||||||||
Note: Applicable ratios are annualized. |
(1) | Tangible common equity and assets are based on regulatory Tier 1 capital definition. |
(2) | The net interest margin for the fourth quarter of 2008 was 3.68% excluding the $67 million charge related to the leveraged lease settlement. |
(3) | Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. |
(4) | Cash basis performance information excludes the amortization of intangible assets and purchase accounting mark-to-market adjustments. In addition, cash basis performance excludes the unamortized balances of intangibles from assets and equity, net of deferred taxes. |
(5) | Current quarter regulatory capital information is preliminary. |
4
BB&T Corporation | |
Consolidated Statements of Income | |
(Dollars in millions, except per share data, shares in thousands) | |
Year-to-Date | |||||||||
March 31 | Change | ||||||||
2009 | 2008 | $ | % | ||||||
Interest Income | |||||||||
Interest and fees on loans and leases | $ | 1,322 | $ | 1,595 | $ | (273 | ) | (17.1 | ) % |
Interest and dividends on securities | 355 | 289 | 66 | 22.8 | |||||
Interest on short-term investments | 2 | 11 | (9 | ) | (81.8 | ) | |||
Total interest income | 1,679 | 1,895 | (216 | ) | (11.4 | ) | |||
Interest Expense | |||||||||
Interest on deposits | 346 | 564 | (218 | ) | (38.7 | ) | |||
Interest on federal funds purchased, securities sold under | |||||||||
repurchase agreements and short-term borrowed funds | 23 | 88 | (65 | ) | (73.9 | ) | |||
Interest on long-term debt | 164 | 226 | (62 | ) | (27.4 | ) | |||
Total interest expense | 533 | 878 | (345 | ) | (39.3 | ) | |||
Net interest income | 1,146 | 1,017 | 129 | 12.7 | |||||
Provision for credit losses | 676 | 223 | 453 | 203.1 | |||||
Net interest income after provision for credit losses | 470 | 794 | (324 | ) | (40.8 | ) | |||
Noninterest income | |||||||||
Insurance income | 252 | 212 | 40 | 18.9 | |||||
Service charges on deposits | 156 | 154 | 2 | 1.3 | |||||
Investment banking brokerage fees and commissions | 82 | 86 | (4 | ) | (4.7 | ) | |||
Mortgage banking income | 188 | 59 | 129 | 218.6 | |||||
Checkcard fees | 49 | 46 | 3 | 6.5 | |||||
Other nondeposit fees and commissions | 53 | 46 | 7 | 15.2 | |||||
Trust and investment advisory revenues | 32 | 40 | (8 | ) | (20.0 | ) | |||
Bankcard fees and merchant discounts | 35 | 36 | (1 | ) | (2.8 | ) | |||
Income from bank-owned life insurance | 23 | 13 | 10 | 76.9 | |||||
Securities gains, net | 150 | 43 | 107 | NM | |||||
Other income | 11 | 36 | (25 | ) | (69.4 | ) | |||
Total noninterest income | 1,031 | 771 | 260 | 33.7 | |||||
Noninterest Expense | |||||||||
Personnel expense | 600 | 547 | 53 | 9.7 | |||||
Occupancy and equipment expense | 129 | 123 | 6 | 4.9 | |||||
Professional services | 53 | 37 | 16 | 43.2 | |||||
Foreclosed property expense | 36 | 13 | 23 | 176.9 | |||||
Regulatory charges | 33 | 5 | 28 | NM | |||||
Loan processing expense | 29 | 31 | (2 | ) | (6.5 | ) | |||
Amortization of intangibles | 25 | 27 | (2 | ) | (7.4 | ) | |||
Merger-related and restructuring charges, net | 12 | 5 | 7 | 140.0 | |||||
Other expenses | 152 | 147 | 5 | 3.4 | |||||
Total noninterest expense | 1,069 | 935 | 134 | 14.3 | |||||
Earnings | |||||||||
Income before income taxes | 432 | 630 | (198 | ) | (31.4 | ) | |||
Provision for income taxes | 114 | 201 | (87 | ) | (43.3 | ) | |||
Net Income | 318 | 429 | (111 | ) | (25.9 | ) | |||
Minority interest | 6 | 1 | 5 | NM | |||||
Dividends and accretion on preferred stock | 41 | - | 41 | NM | |||||
Net income available to common shareholders | $ | 271 | $ | 428 | $ | (157 | ) | (36.7 | ) % |
Earnings Per Common Share | |||||||||
Basic | $ | .48 | $ | .78 | $ | (.30 | ) | (38.5 | ) % |
Diluted | .48 | .78 | (.30 | ) | (38.5 | ) | |||
Weighted Average Shares Outstanding | |||||||||
Basic | 559,801 | 546,214 | 13,587 | 2.5 | |||||
Diluted | 563,566 | 548,946 | 14,620 | 2.7 | |||||
NM - not meaningful. |
5
BB&T Corporation | |
Consolidated Statements of Income - Five Quarter Trend | |
(Dollars in millions, except per share data, shares in thousands) | |
Quarter Ended | |||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||
2009 | 2008 | 2008 | 2008 | 2008 | |||||||
Interest Income | |||||||||||
Interest and fees on loans and leases | $ | 1,322 | $ | 1,408 | $ | 1,499 | $ | 1,501 | $ | 1,595 | |
Interest and dividends on securities | 355 | 317 | 287 | 283 | 289 | ||||||
Interest on short-term investments | 2 | 4 | 7 | 6 | 11 | ||||||
Total interest income | 1,679 | 1,729 | 1,793 | 1,790 | 1,895 | ||||||
Interest Expense | |||||||||||
Interest on deposits | 346 | 423 | 449 | 455 | 564 | ||||||
Interest on federal funds purchased, securities sold under | |||||||||||
repurchase agreements and short-term borrowed funds | 23 | 40 | 48 | 59 | 88 | ||||||
Interest on long-term debt | 164 | 201 | 208 | 208 | 226 | ||||||
Total interest expense | 533 | 664 | 705 | 722 | 878 | ||||||
Net interest income | 1,146 | 1,065 | 1,088 | 1,068 | 1,017 | ||||||
Provision for credit losses | 676 | 528 | 364 | 330 | 223 | ||||||
Net interest income after provision for credit losses | 470 | 537 | 724 | 738 | 794 | ||||||
Noninterest income | |||||||||||
Insurance income | 252 | 247 | 232 | 237 | 212 | ||||||
Service charges on deposits | 156 | 171 | 176 | 172 | 154 | ||||||
Investment banking brokerage fees and commissions | 82 | 96 | 84 | 88 | 86 | ||||||
Mortgage banking income | 188 | 76 | 83 | 57 | 59 | ||||||
Checkcard fees | 49 | 50 | 52 | 53 | 46 | ||||||
Other nondeposit fees and commissions | 53 | 49 | 47 | 47 | 46 | ||||||
Trust and investment advisory revenues | 32 | 32 | 37 | 38 | 40 | ||||||
Bankcard fees and merchant discounts | 35 | 38 | 38 | 39 | 36 | ||||||
Income from bank-owned life insurance | 23 | 22 | 24 | 25 | 13 | ||||||
Securities gains net | 150 | 41 | 13 | 10 | 43 | ||||||
Other income (loss) | 11 | (15 | ) | 6 | 61 | 36 | |||||
Total noninterest income | 1,031 | 807 | 792 | 827 | 771 | ||||||
Noninterest Expense | |||||||||||
Personnel expense | 600 | 537 | 552 | 565 | 547 | ||||||
Occupancy and equipment expense | 129 | 135 | 127 | 124 | 123 | ||||||
Professional services | 53 | 64 | 55 | 48 | 37 | ||||||
Foreclosed property expense | 36 | 27 | 22 | 17 | 13 | ||||||
Regulatory charges | 33 | 13 | 8 | 4 | 5 | ||||||
Loan processing expense | 29 | 29 | 32 | 33 | 31 | ||||||
Amortization of intangibles | 25 | 23 | 25 | 25 | 27 | ||||||
Merger-related and restructuring charges, net | 12 | 4 | 5 | 1 | 5 | ||||||
Other expenses | 152 | 180 | 179 | 142 | 147 | ||||||
Total noninterest expense | 1,069 | 1,012 | 1,005 | 959 | 935 | ||||||
Earnings | |||||||||||
Income before income taxes | 432 | 332 | 511 | 606 | 630 | ||||||
Provision for income taxes | 114 | 25 | 149 | 175 | 201 | ||||||
Net Income | 318 | 307 | 362 | 431 | 429 | ||||||
Minority interest | 6 | 2 | 4 | 3 | 1 | ||||||
Dividends and accretion on preferred stock | 41 | 21 | - | - | - | ||||||
Net income available to common shareholders | $ | 271 | $ | 284 | $ | 358 | $ | 428 | $ | 428 | |
Earnings Per Common Share | |||||||||||
Basic | $ | .48 | $ | .51 | $ | .65 | $ | .78 | $ | .78 | |
Diluted | .48 | .51 | .65 | .78 | .78 | ||||||
Weighted Average Shares Outstanding | |||||||||||
Basic | 559,801 | 552,732 | 549,761 | 546,628 | 546,214 | ||||||
Diluted | 563,566 | 556,746 | 553,544 | 549,758 | 548,946 |
6
BB&T Corporation | |
Consolidated Balance Sheets | |
(Dollars in millions) | |
As of March 31, | Change | ||||||||||
2009 | 2008 | $ | % | ||||||||
Assets | |||||||||||
Cash and due from banks | $ | 1,188 | $ | 1,844 | $ | (656 | ) | (35.6 | )% | ||
Interest-bearing deposits with banks | 511 | 395 | 116 | 29.4 | |||||||
Federal funds sold and securities purchased under | |||||||||||
resale agreements or similar arrangements | 301 | 342 | (41 | ) | (12.0 | ) | |||||
Segregated cash due from banks | 283 | 325 | (42 | ) | (12.9 | ) | |||||
Trading securities at fair value | 481 | 609 | (128 | ) | (21.0 | ) | |||||
Securities available for sale at fair value | 19,008 | 23,487 | (4,479 | ) | (19.1 | ) | |||||
Loans and leases: | |||||||||||
Commercial loans and leases | 50,392 | 46,277 | 4,115 | 8.9 | |||||||
Direct retail loans | 15,000 | 15,570 | (570 | ) | (3.7 | ) | |||||
Sales finance loans | 6,275 | 6,052 | 223 | 3.7 | |||||||
Revolving credit loans | 1,760 | 1,598 | 162 | 10.1 | |||||||
Mortgage loans | 16,336 | 17,446 | (1,110 | ) | (6.4 | ) | |||||
Specialized lending | 6,678 | 5,186 | 1,492 | 28.8 | |||||||
Total loans and leases held for investment | 96,441 | 92,129 | 4,312 | 4.7 | |||||||
Loans held for sale | 3,798 | 1,822 | 1,976 | 108.5 | |||||||
Total loans and leases | 100,239 | 93,951 | 6,288 | 6.7 | |||||||
Allowance for loan and lease losses | (1,869 | ) | (1,097 | ) | (772 | ) | 70.4 | ||||
Premises and equipment | 1,583 | 1,544 | 39 | 2.5 | |||||||
Goodwill | 5,492 | 5,226 | 266 | 5.1 | |||||||
Core deposit and other intangible assets | 521 | 474 | 47 | 9.9 | |||||||
Residential mortgage servicing rights at fair value | 365 | 406 | (41 | ) | (10.1 | ) | |||||
Other assets | 15,322 | 8,911 | 6,411 | 71.9 | |||||||
Total assets | $ | 143,425 | $ | 136,417 | $ | 7,008 | 5.1 | % | |||
Liabilities and Shareholders' Equity | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing deposits | $ | 14,766 | $ | 13,377 | $ | 1,389 | 10.4 | % | |||
Interest checking | 2,401 | 1,150 | 1,251 | 108.8 | |||||||
Other client deposits | 40,604 | 35,196 | 5,408 | 15.4 | |||||||
Client certificates of deposit | 26,521 | 26,819 | (298 | ) | (1.1 | ) | |||||
Total client deposits | 84,292 | 76,542 | 7,750 | 10.1 | |||||||
Other interest-bearing deposits | 6,325 | 10,939 | (4,614 | ) | (42.2 | ) | |||||
Total deposits | 90,617 | 87,481 | 3,136 | 3.6 | |||||||
Fed funds purchased, repos and other borrowings | 13,721 | 9,610 | 4,111 | 42.8 | |||||||
Long-term debt | 17,955 | 21,544 | (3,589 | ) | (16.7 | ) | |||||
Other liabilities | 4,950 | 4,907 | 43 | 0.9 | |||||||
Total liabilities | 127,243 | 123,542 | 3,701 | 3.0 | |||||||
Shareholders' equity: | |||||||||||
Preferred stock | 3,085 | - | 3,085 | NM | |||||||
Common stock | 2,803 | 2,734 | 69 | 2.5 | |||||||
Additional paid-in capital | 3,547 | 3,124 | 423 | 13.5 | |||||||
Retained earnings | 7,385 | 7,087 | 298 | 4.2 | |||||||
Minority interest | 45 | 33 | 12 | 36.4 | |||||||
Accumulated other comprehensive loss | (683 | ) | (103 | ) | (580 | ) | 563.1 | ||||
Total shareholders' equity | 16,182 | 12,875 | 3,307 | 25.7 | |||||||
Total liabilities and shareholders' equity | $ | 143,425 | $ | 136,417 | $ | 7,008 | 5.1 | ||||
NM - not meaningful. |
7
BB&T Corporation | |
Consolidated Balance Sheets - Five Quarter Trend | |
(Dollars in millions) | |
As of | |||||||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 1,188 | $ | 1,639 | $ | 1,675 | $ | 1,888 | $ | 1,844 | |||||
Interest-bearing deposits with banks | 511 | 751 | 420 | 577 | 395 | ||||||||||
Federal funds sold and securities purchased under | |||||||||||||||
resale agreements or similar arrangements | 301 | 350 | 297 | 178 | 342 | ||||||||||
Segregated cash due from banks | 283 | 379 | 307 | 196 | 325 | ||||||||||
Trading securities at fair value | 481 | 376 | 548 | 514 | 609 | ||||||||||
Securities available for sale at fair value | 19,008 | 32,843 | 20,534 | 22,657 | 23,487 | ||||||||||
Loans and leases: | |||||||||||||||
Commercial loans and leases | 50,392 | 50,480 | 48,694 | 47,790 | 46,277 | ||||||||||
Direct retail loans | 15,000 | 15,454 | 15,569 | 15,623 | 15,570 | ||||||||||
Sales finance loans | 6,275 | 6,354 | 6,314 | 6,266 | 6,052 | ||||||||||
Revolving credit loans | 1,760 | 1,777 | 1,718 | 1,667 | 1,598 | ||||||||||
Mortgage loans | 16,336 | 17,091 | 17,259 | 17,304 | 17,446 | ||||||||||
Specialized lending | 6,678 | 6,089 | 5,709 | 5,550 | 5,186 | ||||||||||
Total loans and leases held for investment | 96,441 | 97,245 | 95,263 | 94,200 | 92,129 | ||||||||||
Loans held for sale | 3,798 | 1,424 | 1,419 | 1,515 | 1,822 | ||||||||||
Total loans and leases | 100,239 | 98,669 | 96,682 | 95,715 | 93,951 | ||||||||||
Allowance for loan and lease losses | (1,869 | ) | (1,574 | ) | (1,377 | ) | (1,257 | ) | (1,097 | ) | |||||
Premises and equipment | 1,583 | 1,580 | 1,557 | 1,557 | 1,544 | ||||||||||
Goodwill | 5,492 | 5,483 | 5,340 | 5,306 | 5,226 | ||||||||||
Core deposit and other intangible assets | 521 | 542 | 507 | 505 | 474 | ||||||||||
Residential mortgage servicing rights at fair value | 365 | 370 | 601 | 611 | 406 | ||||||||||
Other assets | 15,322 | 10,607 | 9,950 | 8,018 | 8,911 | ||||||||||
Total assets | $ | 143,425 | $ | 152,015 | $ | 137,041 | $ | 136,465 | $ | 136,417 | |||||
Liabilities and Shareholders' Equity | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing deposits | $ | 14,766 | $ | 13,649 | $ | 13,534 | $ | 13,567 | $ | 13,377 | |||||
Interest checking | 2,401 | 2,576 | 2,189 | 2,542 | 1,150 | ||||||||||
Other client deposits | 40,604 | 39,413 | 37,786 | 36,871 | 35,196 | ||||||||||
Client certificates of deposit | 26,521 | 27,937 | 26,519 | 26,801 | 26,819 | ||||||||||
Total client deposits | 84,292 | 83,575 | 80,028 | 79,781 | 76,542 | ||||||||||
Other interest-bearing deposits | 6,325 | 15,038 | 8,359 | 8,433 | 10,939 | ||||||||||
Total deposits | 90,617 | 98,613 | 88,387 | 88,214 | 87,481 | ||||||||||
Fed funds purchased, repos and other borrowings | 13,721 | 10,788 | 10,075 | 10,804 | 9,610 | ||||||||||
Long-term debt | 17,955 | 18,032 | 21,337 | 20,556 | 21,544 | ||||||||||
Other liabilities | 4,950 | 8,501 | 4,262 | 4,053 | 4,907 | ||||||||||
Total liabilities | 127,243 | 135,934 | 124,061 | 123,627 | 123,542 | ||||||||||
Shareholders' equity: | |||||||||||||||
Preferred stock | 3,085 | 3,082 | - | - | - | ||||||||||
Common stock | 2,803 | 2,796 | 2,761 | 2,735 | 2,734 | ||||||||||
Additional paid-in capital | 3,547 | 3,510 | 3,278 | 3,146 | 3,124 | ||||||||||
Retained earnings | 7,385 | 7,381 | 7,357 | 7,258 | 7,087 | ||||||||||
Minority interest | 45 | 44 | 45 | 38 | 33 | ||||||||||
Accumulated other comprehensive loss | (683 | ) | (732 | ) | (461 | ) | (339 | ) | (103 | ) | |||||
Total shareholders' equity | 16,182 | 16,081 | 12,980 | 12,838 | 12,875 | ||||||||||
Total liabilities and shareholders' equity | $ | 143,425 | $ | 152,015 | $ | 137,041 | $ | 136,465 | $ | 136,417 |
8
BB&T Corporation | |
Average Balance Sheets | |
(Dollars in millions) | |
Year-to-Date | |||||||||
March 31 | Change | ||||||||
2009 | 2008 | $ | % | ||||||
Assets | |||||||||
Securities, at amortized cost | |||||||||
U.S. government-sponsored entities (GSE) | $ | 1,080 | $ | 8,354 | $ | (7,274 | ) | (87.1 | ) % |
Mortgage-backed securities issued by GSE | 25,137 | 9,777 | 15,360 | 157.1 | |||||
States and political subdivisions | 2,282 | 1,413 | 869 | 61.5 | |||||
Non-agency mortgage-backed securities | 1,543 | 1,711 | (168 | ) | (9.8 | ) | |||
Other securities | 937 | 1,275 | (338 | ) | (26.5 | ) | |||
Trading securities | 448 | 884 | (436 | ) | (49.3 | ) | |||
Total securities | 31,427 | 23,414 | 8,013 | 34.2 | |||||
Other earning assets | 1,180 | 1,282 | (102 | ) | (8.0 | ) | |||
Loans and leases | |||||||||
Commercial loans and leases | 50,630 | 45,549 | 5,081 | 11.2 | |||||
Direct retail loans | 15,263 | 15,639 | (376 | ) | (2.4 | ) | |||
Sales finance loans | 6,342 | 6,031 | 311 | 5.2 | |||||
Revolving credit loans | 1,767 | 1,602 | 165 | 10.3 | |||||
Mortgage loans | 16,759 | 17,462 | (703 | ) | (4.0 | ) | |||
Specialized lending | 6,490 | 5,212 | 1,278 | 24.5 | |||||
Total loans and leases held for investment | 97,251 | 91,495 | 5,756 | 6.3 | |||||
Loans held for sale | 2,473 | 1,223 | 1,250 | 102.2 | |||||
Total loans and leases | 99,724 | 92,718 | 7,006 | 7.6 | |||||
Total earning assets | 132,331 | 117,414 | 14,917 | 12.7 | |||||
Non-earning assets | 17,545 | 16,011 | 1,534 | 9.6 | |||||
Total assets | $ | 149,876 | $ | 133,425 | $ | 16,451 | 12.3 | % | |
Liabilities and Shareholders' Equity | |||||||||
Deposits | |||||||||
Noninterest-bearing deposits | $ | 13,828 | $ | 12,676 | $ | 1,152 | 9.1 | % | |
Interest checking | 2,461 | 2,301 | 160 | 7.0 | |||||
Other client deposits | 40,701 | 34,851 | 5,850 | 16.8 | |||||
Client certificates of deposit | 27,143 | 27,061 | 82 | 0.3 | |||||
Total client deposits | 84,133 | 76,889 | 7,244 | 9.4 | |||||
Other interest-bearing deposits | 9,801 | 9,694 | 107 | 1.1 | |||||
Total deposits | 93,934 | 86,583 | 7,351 | 8.5 | |||||
Fed funds purchased, repos and other borrowings | 16,804 | 10,760 | 6,044 | 56.2 | |||||
Long-term debt | 17,436 | 19,201 | (1,765 | ) | (9.2 | ) | |||
Other liabilities | 5,296 | 3,920 | 1,376 | 35.1 | |||||
Total liabilities | 133,470 | 120,464 | 13,006 | 10.8 | |||||
Shareholders' equity | 16,406 | 12,961 | 3,445 | 26.6 | |||||
Total liabilities and shareholders' equity | $ | 149,876 | $ | 133,425 | $ | 16,451 | 12.3 | % |
9
BB&T Corporation | |
Average Balance Sheets - Five Quarter Trend | |
(Dollars in millions) | |
Quarter Ended | ||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||
Assets | ||||||||||
Securities, at amortized cost | ||||||||||
U.S. government-sponsored entities (GSE) | $ | 1,080 | $ | 1,497 | $ | 3,619 | $ | 4,730 | $ | 8,354 |
Mortgage-backed securities issued by GSE | 25,137 | 19,826 | 15,186 | 13,982 | 9,777 | |||||
States and political subdivisions | 2,282 | 2,146 | 2,070 | 1,729 | 1,413 | |||||
Non-agency mortgage-backed securities | 1,543 | 1,583 | 1,615 | 1,658 | 1,711 | |||||
Other securities | 937 | 982 | 1,068 | 1,228 | 1,275 | |||||
Trading securities | 448 | 539 | 525 | 571 | 884 | |||||
Total securities | 31,427 | 26,573 | 24,083 | 23,898 | 23,414 | |||||
Other earning assets | 1,180 | 1,347 | 975 | 1,035 | 1,282 | |||||
Loans and leases | ||||||||||
Commercial loans and leases | 50,630 | 49,428 | 48,125 | 47,097 | 45,549 | |||||
Direct retail loans | 15,263 | 15,501 | 15,595 | 15,584 | 15,639 | |||||
Sales finance loans | 6,342 | 6,352 | 6,292 | 6,188 | 6,031 | |||||
Revolving credit loans | 1,767 | 1,737 | 1,688 | 1,628 | 1,602 | |||||
Mortgage loans | 16,759 | 17,198 | 17,279 | 17,373 | 17,462 | |||||
Specialized lending | 6,490 | 5,781 | 5,648 | 5,389 | 5,212 | |||||
Total loans and leases held for investment | 97,251 | 95,997 | 94,627 | 93,259 | 91,495 | |||||
Loans held for sale | 2,473 | 1,227 | 1,316 | 1,607 | 1,223 | |||||
Total loans and leases | 99,724 | 97,224 | 95,943 | 94,866 | 92,718 | |||||
Total earning assets | 132,331 | 125,144 | 121,001 | 119,799 | 117,414 | |||||
Non-earning assets | 17,545 | 16,411 | 15,932 | 15,758 | 16,011 | |||||
Total assets | $ | 149,876 | $ | 141,555 | $ | 136,933 | $ | 135,557 | $ | 133,425 |
Liabilities and Shareholders' Equity | ||||||||||
Deposits | ||||||||||
Noninterest-bearing deposits | $ | 13,828 | $ | 13,298 | $ | 13,181 | $ | 13,086 | $ | 12,676 |
Interest checking | 2,461 | 2,270 | 2,369 | 2,566 | 2,301 | |||||
Other client deposits | 40,701 | 38,791 | 38,369 | 34,650 | 34,851 | |||||
Client certificates of deposit | 27,143 | 27,509 | 26,317 | 26,742 | 27,061 | |||||
Total client deposits | 84,133 | 81,868 | 80,236 | 77,044 | 76,889 | |||||
Other interest-bearing deposits | 9,801 | 10,118 | 9,785 | 9,641 | 9,694 | |||||
Total deposits | 93,934 | 91,986 | 90,021 | 86,685 | 86,583 | |||||
Fed funds purchased, repos and other borrowings | 16,804 | 12,296 | 8,915 | 10,350 | 10,760 | |||||
Long-term debt | 17,436 | 17,700 | 20,770 | 21,697 | 19,201 | |||||
Other liabilities | 5,296 | 4,606 | 4,051 | 3,808 | 3,920 | |||||
Total liabilities | 133,470 | 126,588 | 123,757 | 122,540 | 120,464 | |||||
Shareholders' equity | 16,406 | 14,967 | 13,176 | 13,017 | 12,961 | |||||
Total liabilities and shareholders' equity | $ | 149,876 | $ | 141,555 | $ | 136,933 | $ | 135,557 | $ | 133,425 |
10
BB&T Corporation | |
Average Balances and Rates - Quarters | |
(Dollars in millions) | |
Quarter Ended | ||||||||||||
March 31, 2009 | December 31, 2008 | |||||||||||
Interest | Interest | |||||||||||
Average | Income/ | Yields/ | Average | Income/ | Yields/ | |||||||
Balances (1) | Expense | Rates (2) | Balances (1) | Expense | Rates (2) | |||||||
Assets | ||||||||||||
Securities, at amortized cost | ||||||||||||
U.S. government-sponsored entities (GSE) | $ | 1,080 | $ | 12 | 4.31 | % | $ | 1,497 | $ | 17 | 4.34 | % |
Mortgage-backed securities issued by GSE | 25,137 | 295 | 4.69 | 19,826 | 248 | 5.01 | ||||||
States and political subdivisions | 2,282 | 34 | 5.94 | 2,146 | 34 | 6.48 | ||||||
Non-agency mortgage-backed securities | 1,543 | 22 | 5.83 | 1,583 | 23 | 5.81 | ||||||
Other securities | 937 | 5 | 2.30 | 982 | 7 | 2.94 | ||||||
Trading securities | 448 | 3 | 2.51 | 539 | 3 | 2.19 | ||||||
Total securities | 31,427 | 371 | 4.73 | 26,573 | 332 | 5.00 | ||||||
Other earning assets | 1,180 | 2 | .74 | 1,347 | 4 | 1.33 | ||||||
Loans and leases | ||||||||||||
Commercial loans and leases | 50,630 | 511 | 4.09 | 49,428 | 574 | 4.61 | ||||||
Direct retail loans | 15,263 | 212 | 5.62 | 15,501 | 239 | 6.11 | ||||||
Sales finance loans | 6,342 | 101 | 6.48 | 6,352 | 106 | 6.61 | ||||||
Revolving credit loans | 1,767 | 43 | 9.89 | 1,737 | 46 | 10.49 | ||||||
Mortgage loans | 16,759 | 246 | 5.88 | 17,198 | 255 | 5.95 | ||||||
Specialized lending | 6,490 | 193 | 12.01 | 5,781 | 182 | 12.53 | ||||||
Total loans and leases held for investment | 97,251 | 1,306 | 5.43 | 95,997 | 1,402 | 5.81 | ||||||
Loans held for sale | 2,473 | 30 | 4.77 | 1,227 | 19 | 6.16 | ||||||
Total loans and leases | 99,724 | 1,336 | 5.42 | 97,224 | 1,421 | 5.82 | ||||||
Total earning assets | 132,331 | 1,709 | 5.21 | 125,144 | 1,757 | 5.59 | ||||||
Non-earning assets | 17,545 | 16,411 | ||||||||||
Total assets | $ | 149,876 | $ | 141,555 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities | ||||||||||||
Interest checking | $ | 2,461 | 2 | .35 | $ | 2,270 | 4 | .74 | ||||
Other client deposits | 40,701 | 97 | .97 | 38,791 | 137 | 1.41 | ||||||
Client certificates of deposit | 27,143 | 209 | 3.13 | 27,509 | 227 | 3.28 | ||||||
Other interest-bearing deposits | 9,801 | 38 | 1.55 | 10,118 | 55 | 2.13 | ||||||
Total interest-bearing deposits | 80,106 | 346 | 1.75 | 78,688 | 423 | 2.14 | ||||||
Fed funds purchased, repos and other borrowings | 16,804 | 24 | .59 | 12,296 | 45 | 1.47 | ||||||
Long-term debt | 17,436 | 165 | 3.81 | 17,700 | 201 | 4.52 | ||||||
Total interest-bearing liabilities | 114,346 | 535 | 1.90 | 108,684 | 669 | 2.45 | ||||||
Noninterest-bearing deposits | 13,828 | 13,298 | ||||||||||
Other liabilities | 5,296 | 4,606 | ||||||||||
Shareholders' equity | 16,406 | 14,967 | ||||||||||
Total liabilities and shareholders' equity | $ | 149,876 | $ | 141,555 | ||||||||
Average interest-rate spread | 3.31 | 3.14 | ||||||||||
Net interest income/ net interest margin (3) | $ | 1,174 | 3.57 | % | $ | 1,088 | 3.47 | % | ||||
Taxable-equivalent adjustment | $ | 28 | $ | 23 |
(1 | ) | Excludes basis adjustments for fair value hedges. |
(2 | ) | Yields are on a fully taxable-equivalent basis. |
(3 | ) | The net interest margin for the fourth quarter of 2008 was 3.68% excluding the $67 million charge related to the leveraged lease settlement. |
11
BB&T Corporation | |
Average Balances and Rates - Quarters | |
(Dollars in millions) | |
Quarter Ended | ||||||||||||||||||
September 30, 2008 | June 30, 2008 | March 31, 2008 | ||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||
Average | Income/ | Yields/ | Average | Income/ | Yields/ | Average | Income/ | Yields/ | ||||||||||
Balances (1) | Expense | Rates (2) | Balances (1) | Expense | Rates (2) | Balances (1) | Expense | Rates (2) | ||||||||||
Assets | ||||||||||||||||||
Securities, at amortized cost | ||||||||||||||||||
U.S. government-sponsored entities (GSE) | $ | 3,619 | $ | 46 | 5.08 | % | $ | 4,730 | $ | 60 | 5.12 | % | $ | 8,354 | $ | 98 | 4.69 | % |
Mortgage-backed securities issued by GSE | 15,186 | 186 | 4.89 | 13,982 | 167 | 4.79 | 9,777 | 126 | 5.14 | |||||||||
States and political subdivisions | 2,070 | 33 | 6.40 | 1,729 | 27 | 6.07 | 1,413 | 22 | 6.32 | |||||||||
Non-agency mortgage-backed securities | 1,615 | 23 | 5.82 | 1,658 | 24 | 5.81 | 1,711 | 25 | 5.81 | |||||||||
Other securities | 1,068 | 11 | 3.88 | 1,228 | 17 | 5.44 | 1,275 | 19 | 6.12 | |||||||||
Trading securities | 525 | 4 | 2.99 | 571 | 4 | 2.81 | 884 | 13 | 5.89 | |||||||||
Total securities | 24,083 | 303 | 5.03 | 23,898 | 299 | 5.01 | 23,414 | 303 | 5.18 | |||||||||
Other earning assets | 975 | 7 | 2.61 | 1,035 | 6 | 2.48 | 1,282 | 11 | 3.41 | |||||||||
Loans and leases | ||||||||||||||||||
Commercial loans and leases | 48,125 | 656 | 5.42 | 47,097 | 655 | 5.59 | 45,549 | 732 | 6.47 | |||||||||
Direct retail loans | 15,595 | 248 | 6.35 | 15,584 | 251 | 6.47 | 15,639 | 270 | 6.94 | |||||||||
Sales finance loans | 6,292 | 104 | 6.57 | 6,188 | 102 | 6.60 | 6,031 | 100 | 6.72 | |||||||||
Revolving credit loans | 1,688 | 45 | 10.72 | 1,628 | 44 | 10.86 | 1,602 | 47 | 11.78 | |||||||||
Mortgage loans | 17,279 | 259 | 6.00 | 17,373 | 261 | 6.01 | 17,462 | 264 | 6.04 | |||||||||
Specialized lending | 5,648 | 179 | 12.61 | 5,389 | 176 | 13.07 | 5,212 | 173 | 13.37 | |||||||||
Total loans and leases held for investment | 94,627 | 1,491 | 6.28 | 93,259 | 1,489 | 6.41 | 91,495 | 1,586 | 6.97 | |||||||||
Loans held for sale | 1,316 | 20 | 6.18 | 1,607 | 23 | 5.83 | 1,223 | 18 | 5.81 | |||||||||
Total loans and leases | 95,943 | 1,511 | 6.28 | 94,866 | 1,512 | 6.40 | 92,718 | 1,604 | 6.95 | |||||||||
Total earning assets | 121,001 | 1,821 | 6.00 | 119,799 | 1,817 | 6.09 | 117,414 | 1,918 | 6.56 | |||||||||
Non-earning assets | 15,932 | 15,758 | 16,011 | |||||||||||||||
Total assets | $ | 136,933 | $ | 135,557 | $ | 133,425 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest checking | $ | 2,369 | 8 | 1.32 | $ | 2,566 | 6 | .97 | $ | 2,301 | 10 | 1.76 | ||||||
Other client deposits | 38,369 | 157 | 1.62 | 34,650 | 135 | 1.57 | 34,851 | 183 | 2.11 | |||||||||
Client certificates of deposit | 26,317 | 220 | 3.33 | 26,742 | 248 | 3.73 | 27,061 | 289 | 4.30 | |||||||||
Other interest-bearing deposits | 9,785 | 64 | 2.61 | 9,641 | 66 | 2.74 | 9,694 | 82 | 3.38 | |||||||||
Total interest-bearing deposits | 76,840 | 449 | 2.32 | 73,599 | 455 | 2.49 | 73,907 | 564 | 3.07 | |||||||||
Fed funds purchased, repos and other borrowings | 8,915 | 55 | 2.44 | 10,350 | 64 | 2.51 | 10,760 | 94 | 3.50 | |||||||||
Long-term debt | 20,770 | 208 | 4.00 | 21,697 | 208 | 3.83 | 19,201 | 226 | 4.73 | |||||||||
Total interest-bearing liabilities | 106,525 | 712 | 2.66 | 105,646 | 727 | 2.77 | 103,868 | 884 | 3.42 | |||||||||
Noninterest-bearing deposits | 13,181 | 13,086 | 12,676 | |||||||||||||||
Other liabilities | 4,051 | 3,808 | 3,920 | |||||||||||||||
Shareholders' equity | 13,176 | 13,017 | 12,961 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 136,933 | $ | 135,557 | $ | 133,425 | ||||||||||||
Average interest-rate spread | 3.34 | 3.32 | 3.14 | |||||||||||||||
Net interest income/ net interest margin | $ | 1,109 | 3.66 | % | $ | 1,090 | 3.65 | % | $ | 1,034 | 3.54 | % | ||||||
Taxable-equivalent adjustment | $ | 21 | $ | 22 | $ | 17 |
(1) | Excludes basis adjustments for fair value hedges. |
(2) | Yields are on a fully taxable-equivalent basis. |
12
BB&T Corporation | |
Credit Quality | |
(Dollars in millions) | |
As of/For the Quarter Ended | |||||||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||
Nonperforming assets | |||||||||||||||
Nonaccrual loans and leases | |||||||||||||||
Commercial loans and leases | $ | 1,028 | $ | 845 | $ | 722 | $ | 621 | $ | 443 | |||||
Direct retail loans | 119 | 89 | 76 | 65 | 60 | ||||||||||
Sales finance loans | 7 | 7 | 6 | 4 | 5 | ||||||||||
Mortgage loans | 479 | 375 | 298 | 250 | 185 | ||||||||||
Specialized lending | 91 | 97 | 94 | 76 | 67 | ||||||||||
Total nonaccrual loans and leases | 1,724 | 1,413 | 1,196 | 1,016 | 760 | ||||||||||
Foreclosed real estate | 958 | 538 | 382 | 232 | 178 | ||||||||||
Other foreclosed property | 65 | 79 | 60 | 53 | 51 | ||||||||||
Nonperforming restructured loans | 3 | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 2,750 | $ | 2,030 | $ | 1,638 | $ | 1,301 | $ | 989 | |||||
Loans 90 days or more past due and still accruing (1) | |||||||||||||||
Commercial loans and leases | $ | 7 | $ | 86 | $ | 39 | $ | 42 | $ | 52 | |||||
Direct retail loans | 127 | 117 | 88 | 72 | 59 | ||||||||||
Sales finance loans | 28 | 26 | 19 | 17 | 15 | ||||||||||
Revolving credit loans | 25 | 23 | 17 | 15 | 16 | ||||||||||
Mortgage loans | 180 | 165 | 123 | 126 | 106 | ||||||||||
Specialized lending | 14 | 14 | 11 | 10 | 10 | ||||||||||
Total loans 90 days past due and still accruing | $ | 381 | $ | 431 | $ | 297 | $ | 282 | $ | 258 | |||||
Loans 30-89 days past due (1) | |||||||||||||||
Commercial loans and leases | $ | 507 | $ | 594 | $ | 355 | $ | 492 | $ | 364 | |||||
Direct retail loans | 256 | 270 | 200 | 175 | 185 | ||||||||||
Sales finance loans | 111 | 146 | 119 | 93 | 86 | ||||||||||
Revolving credit loans | 32 | 34 | 29 | 25 | 24 | ||||||||||
Mortgage loans | 706 | 690 | 582 | 519 | 510 | ||||||||||
Specialized lending | 221 | 313 | 294 | 258 | 216 | ||||||||||
Total loans 30 - 89 days past due | $ | 1,833 | $ | 2,047 | $ | 1,579 | $ | 1,562 | $ | 1,385 | |||||
Allowance for credit losses | |||||||||||||||
Beginning balance | $ | 1,607 | $ | 1,393 | $ | 1,273 | $ | 1,113 | $ | 1,015 | |||||
Allowance for acquired (sold) loans, net | - | - | (2 | ) | - | - | |||||||||
Provision for credit losses | 676 | 528 | 364 | 330 | 223 | ||||||||||
Charge-offs | |||||||||||||||
Commercial loans and leases | (144 | ) | (123 | ) | (87 | ) | (48 | ) | (18 | ) | |||||
Direct retail loans | (68 | ) | (49 | ) | (41 | ) | (38 | ) | (28 | ) | |||||
Sales finance loans | (22 | ) | (18 | ) | (15 | ) | (13 | ) | (13 | ) | |||||
Revolving credit loans | (30 | ) | (23 | ) | (20 | ) | (18 | ) | (18 | ) | |||||
Mortgage loans | (49 | ) | (45 | ) | (33 | ) | (13 | ) | (5 | ) | |||||
Specialized lending | (92 | ) | (76 | ) | (61 | ) | (55 | ) | (59 | ) | |||||
Total charge-offs | (405 | ) | (334 | ) | (257 | ) | (185 | ) | (141 | ) | |||||
Recoveries | |||||||||||||||
Commercial loans and leases | 3 | 7 | 3 | 2 | 4 | ||||||||||
Direct retail loans | 4 | 3 | 3 | 3 | 3 | ||||||||||
Sales finance loans | 2 | 1 | 2 | 2 | 2 | ||||||||||
Revolving credit loans | 3 | 3 | 2 | 3 | 3 | ||||||||||
Mortgage loans | - | 1 | - | - | - | ||||||||||
Specialized lending | 5 | 5 | 5 | 5 | 4 | ||||||||||
Total recoveries | 17 | 20 | 15 | 15 | 16 | ||||||||||
Net charge-offs | (388 | ) | (314 | ) | (242 | ) | (170 | ) | (125 | ) | |||||
Ending balance | $ | 1,895 | $ | 1,607 | $ | 1,393 | $ | 1,273 | $ | 1,113 | |||||
Allowance for credit losses | |||||||||||||||
Allowance for loan and lease losses | 1,869 | 1,574 | 1,377 | 1,257 | 1,097 | ||||||||||
Reserve for unfunded lending commitments | 26 | 33 | 16 | 16 | 16 | ||||||||||
Total | $ | 1,895 | $ | 1,607 | $ | 1,393 | $ | 1,273 | $ | 1,113 |
(1) | Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase. |
13
BB&T Corporation | |
Credit Quality | |
As of/For the Quarter Ended | ||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||
Asset Quality Ratios | ||||||||||
Loans 30-89 days past due and still accruing as a | ||||||||||
percentage of total loans and leases (1) | 1.83 | % | 2.07 | % | 1.63 | % | 1.63 | % | 1.47 | % |
Loans 90 days or more past due and still accruing | ||||||||||
as a percentage of total loans and leases (1) | .38 | .44 | .31 | .29 | .27 | |||||
Nonaccrual and restructured loans and leases as a | ||||||||||
percentage of total loans and leases | 1.72 | 1.43 | 1.24 | 1.06 | .81 | |||||
Nonperforming assets as a percentage of: | ||||||||||
Total assets | 1.92 | 1.34 | 1.20 | .95 | .73 | |||||
Loans and leases plus foreclosed property | 2.72 | 2.04 | 1.69 | 1.36 | 1.05 | |||||
Net charge-offs as a percentage of average loans and leases | 1.58 | 1.29 | 1.00 | .72 | .54 | |||||
Net charge-offs excluding specialized lending as a | ||||||||||
percentage of average loans and leases (2) | 1.31 | 1.06 | .82 | .53 | .32 | |||||
Allowance for loan and lease losses as a percentage of | ||||||||||
loans and leases held for investment | 1.94 | 1.62 | 1.45 | 1.33 | 1.19 | |||||
Ratio of allowance for loan and lease losses to: | ||||||||||
Net charge-offs | 1.19 | X | 1.26 | X | 1.43 | X | 1.84 | X | 2.18 | X |
Nonperforming loans and leases | 1.08 | 1.11 | 1.15 | 1.24 | 1.44 |
(1) | Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase. |
(2) | Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries. |
14
BB&T Corporation | |
Credit Quality - Supplemental Schedules | |
(Dollars in millions, except average loan and average client size) | |
SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1) | ||||||||||||||
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND CONSTRUCTION LOANS (ADC) | ||||||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||||
Builder / | Land / Land | Condos / | ||||||||||||
Construction | Development | Townhomes | Total ADC | |||||||||||
Total loans outstanding | $ | 2,618 | $ | 4,341 | $ | 515 | $ | 7,474 | ||||||
Average loan size (in thousands) | 287 | 591 | 1,308 | 444 | ||||||||||
Average client size (in thousands) | 818 | 1,313 | 3,267 | 1,118 | ||||||||||
Percentage of total loans | 2.6 | % | 4.3 | % | .5 | % | 7.5 | % | ||||||
Nonaccrual loans and leases as a percentage of category | 8.56 | 6.68 | 5.96 | 7.29 | ||||||||||
Gross charge-offs as a percentage of category | 3.43 | 6.60 | 3.80 | 5.30 | ||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||||
Gross Charge- | ||||||||||||||
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND | Nonaccrual | Nonaccrual as | Offs as a | |||||||||||
CONSTRUCTION LOANS (ADC) BY STATE OF | Total | Percentage of | Loans and | a Percentage of | Percentage of | |||||||||
ORIGINATION | Outstandings | Total | Leases | Outstandings | Outstandings | |||||||||
North Carolina | $ | 2,789 | 37.3 | % | $ | 84 | 3.03 | % | 2.93 | % | ||||
Georgia | 1,190 | 15.9 | 168 | 14.16 | 11.27 | |||||||||
Virginia | 1,125 | 15.1 | 41 | 3.60 | 7.18 | |||||||||
Florida | 755 | 10.1 | 132 | 17.44 | 9.86 | |||||||||
South Carolina | 667 | 8.9 | 32 | 4.80 | 1.63 | |||||||||
Tennessee | 242 | 3.2 | 19 | 7.67 | 1.96 | |||||||||
Washington, D.C. | 229 | 3.1 | 7 | 3.06 | - | |||||||||
Kentucky | 218 | 2.9 | 36 | 16.74 | 2.46 | |||||||||
West Virginia | 136 | 1.8 | 14 | 9.93 | 2.84 | |||||||||
Maryland | 123 | 1.7 | 12 | 9.87 | - | |||||||||
Total | $ | 7,474 | 100.0 | % | $ | 545 | 7.29 | % | 5.30 | % | ||||
OTHER COMMERCIAL REAL ESTATE LOANS (2) | ||||||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||||
Permanent | ||||||||||||||
Commercial | Income | Total Other | ||||||||||||
Commercial | Land/ | Producing | Commercial | |||||||||||
Construction | Development | Properties | Real Estate | |||||||||||
Total loans outstanding | $ | 2,943 | $ | 2,501 | $ | 6,444 | $ | 11,888 | ||||||
Average loan size (in thousands) | 1,441 | 784 | 369 | 523 | ||||||||||
Average client size (in thousands) | 1,913 | 955 | 555 | 752 | ||||||||||
Percentage of total loans | 2.9 | % | 2.5 | % | 6.4 | % | 11.9 | % | ||||||
Nonaccrual loans and leases as a percentage of category | .54 | 2.72 | .93 | 1.21 | ||||||||||
Gross charge-offs as a percentage of category | .15 | .66 | .26 | .32 | ||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||||
Gross Charge- | ||||||||||||||
Nonaccrual | Nonaccrual as | Offs as a | ||||||||||||
OTHER COMMERCIAL REAL ESTATE LOANS BY STATE OF | Total | Percentage of | Loans and | a Percentage of | Percentage of | |||||||||
ORIGINATION | Outstandings | Total | Leases | Outstandings | Outstandings | |||||||||
North Carolina | $ | 3,608 | 30.3 | % | $ | 14 | .38 | % | .13 | % | ||||
Georgia | 2,119 | 17.8 | 39 | 1.85 | 1.18 | |||||||||
Virginia | 1,856 | 15.6 | 11 | .62 | - | |||||||||
South Carolina | 952 | 8.0 | 11 | 1.16 | .06 | |||||||||
Florida | 830 | 7.0 | 40 | 4.79 | .74 | |||||||||
Washington, D.C. | 706 | 5.9 | 1 | .10 | - | |||||||||
Maryland | 494 | 4.2 | 5 | 1.05 | - | |||||||||
West Virginia | 446 | 3.8 | 2 | .39 | .09 | |||||||||
Kentucky | 441 | 3.7 | 14 | 3.14 | - | |||||||||
Tennessee | 347 | 2.9 | 7 | 1.97 | .14 | |||||||||
Other | 89 | .8 | - | - | - | |||||||||
Total | $ | 11,888 | 100.0 | % | $ | 144 | 1.21 | % | .32 | % |
NOTES: | (1) | Commercial real estate loans (CRE) are defined as loans to finance non-owner occupied real property where the primary repayment source is the sale or rental/lease of the real property. Definition is based on internal classification. |
(2) | C&I loans secured by real property are excluded. |
15
BB&T Corporation | |
Credit Quality - Supplemental Schedules | |
(Dollars in millions, except average loan size) | |
SUPPLEMENTAL RESIDENTIAL MORTGAGE PORTFOLIO INFORMATION | ||||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||
Construction/ | ||||||||||||
MORTGAGE LOANS | Prime | ALT-A | Permanent | Subprime (1) | ||||||||
Total loans outstanding | $ | 11,665 | $ | 3,060 | $ | 1,363 | $ | 626 | ||||
Average loan size (in thousands) | 194 | 330 | 348 | 69 | ||||||||
Average credit score | 720 | 734 | 736 | 588 | ||||||||
Percentage of total loans | 11.6 | % | 3.1 | % | 1.4 | % | .6 | % | ||||
Percentage that are first mortgages | 99.7 | 99.7 | 99.0 | 83.3 | ||||||||
Average loan to value | 75.0 | 68.1 | 79.1 | 75.5 | ||||||||
Nonaccrual loans and leases as a percentage of category | 2.00 | 4.53 | 5.78 | 6.88 | ||||||||
Gross charge-offs as a percentage of category | .79 | 1.79 | 2.41 | 3.32 | ||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||
Gross Charge- | ||||||||||||
Nonaccrual as | Offs as a | |||||||||||
Total Mortgages | Percentage of | a Percentage of | Percentage of | |||||||||
RESIDENTIAL MORTGAGE LOANS BY STATE | Outstanding (1) | Total | Outstandings | Outstandings | ||||||||
North Carolina | $ | 4,066 | 24.3 | % | 1.52 | % | .32 | % | ||||
Virginia | 3,368 | 20.1 | 2.33 | .97 | ||||||||
Florida | 2,534 | 15.2 | 7.36 | 3.70 | ||||||||
Maryland | 1,741 | 10.4 | 1.69 | .37 | ||||||||
Georgia | 1,539 | 9.2 | 3.55 | 1.92 | ||||||||
South Carolina | 1,530 | 9.2 | 2.54 | .63 | ||||||||
West Virginia | 365 | 2.2 | 1.02 | .58 | ||||||||
Kentucky | 349 | 2.1 | .84 | .15 | ||||||||
Tennessee | 254 | 1.5 | 2.23 | .41 | ||||||||
Washington, D.C. | 184 | 1.1 | 1.89 | .13 | ||||||||
Other | 784 | 4.7 | 3.61 | 1.69 | ||||||||
Total | $ | 16,714 | 100.0 | % | 2.96 | % | 1.20 | % | ||||
SUPPLEMENTAL HOME EQUITY PORTFOLIO INFORMATION (2) | ||||||||||||
As of / For the Period Ended | ||||||||||||
March 31, 2009 | ||||||||||||
Home Equity | Home Equity | |||||||||||
HOME EQUITY LOANS & LINES | Loans | Lines | ||||||||||
Total loans outstanding | $ | 8,391 | $ | 5,574 | ||||||||
Average loan size (in thousands) (3) | 48 | 36 | ||||||||||
Average credit score | 722 | 759 | ||||||||||
Percentage of total loans | 8.4 | % | 5.6 | % | ||||||||
Percentage that are first mortgages | 77.8 | 25.3 | ||||||||||
Average loan to value | 67.5 | 66.1 | ||||||||||
Nonaccrual loans and leases as a percentage of category | 1.19 | .29 | ||||||||||
Gross charge-offs as a percentage of category | 1.09 | 1.29 | ||||||||||
As of / For the Period Ended March 31, 2009 | ||||||||||||
Total Home | Gross Charge- | |||||||||||
Equity Loans and | Nonaccrual as | Offs as a | ||||||||||
Lines | Percentage of | a Percentage of | Percentage of | |||||||||
HOME EQUITY LOANS AND LINES BY STATE | Outstanding | Total | Outstandings | Outstandings | ||||||||
North Carolina | $ | 4,843 | 34.7 | % | .88 | % | .53 | % | ||||
Virginia | 3,132 | 22.4 | .33 | 1.19 | ||||||||
South Carolina | 1,367 | 9.8 | 1.35 | .85 | ||||||||
Georgia | 1,135 | 8.1 | 1.01 | 2.69 | ||||||||
Maryland | 843 | 6.0 | .32 | 1.29 | ||||||||
West Virginia | 830 | 6.0 | .42 | .63 | ||||||||
Florida | 710 | 5.1 | 1.92 | 4.96 | ||||||||
Kentucky | 586 | 4.2 | .74 | .33 | ||||||||
Tennessee | 410 | 2.9 | 1.71 | .66 | ||||||||
Washington, D.C. | 89 | .6 | 1.42 | 3.15 | ||||||||
Other | 20 | .2 | .17 | - | ||||||||
Total | $ | 13,965 | 100.0 | % | .83 | % | 1.17 | % |
NOTES: | (1) | Includes $378 million in loans originated by Lendmark Financial Services, which are disclosed as a part of the specialized lending category, and excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase. |
(2) | Home equity portfolio is a component of direct retail loans and originated through the BB&T branching network. | |
(3) | Home equity lines without an outstanding balance are excluded from this calculation. |
16
BB&T Corporation | |
Additional Information - Five Quarter Trend | |
(Dollars in millions, except per share data) | |
As of / Quarter Ended | |||||||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||
Selected Capital Information (1) | |||||||||||||||
Risk-based capital | |||||||||||||||
Tier 1 | $ | 13,494 | $ | 13,446 | $ | 10,008 | $ | 9,317 | $ | 9,287 | |||||
Total | 19,045 | 19,109 | 15,318 | 14,673 | 14,644 | ||||||||||
Risk-weighted assets | 111,386 | 109,757 | 106,097 | 104,455 | 103,546 | ||||||||||
Average quarterly tangible assets | 144,280 | 136,325 | 131,469 | 129,915 | 127,653 | ||||||||||
Risk-based capital ratios | |||||||||||||||
Tier 1 | 12.1 | % | 12.3 | % | 9.4 | % | 8.9 | % | 9.0 | % | |||||
Total | 17.1 | 17.4 | 14.4 | 14.0 | 14.1 | ||||||||||
Leverage capital ratio | 9.4 | 9.9 | 7.6 | 7.2 | 7.3 | ||||||||||
Equity as a percentage of total assets | 11.3 | 10.6 | 9.5 | 9.4 | 9.4 | ||||||||||
Tangible equity as a percentage of tangible assets (2) | 7.9 | 7.4 | 5.9 | 5.7 | 5.7 | ||||||||||
Tangible common equity as a percentage of tangible assets (2) | 5.7 | 5.3 | 5.9 | 5.7 | 5.7 | ||||||||||
Tangible common equity as a percentage of risk-weighted assets (2) | 7.1 | 7.1 | 7.3 | 7.2 | 7.1 | ||||||||||
Book value per common share | $ | 23.29 | $ | 23.16 | $ | 23.42 | $ | 23.40 | $ | 23.49 | |||||
Tangible book value per common share (2) | 14.00 | 13.93 | 13.91 | 13.60 | 13.47 | ||||||||||
Selected Mortgage Banking Information | |||||||||||||||
Income statement impact of mortgage servicing rights valuation | |||||||||||||||
MSRs fair value (decrease) increase | $ | (46 | ) | $ | (247 | ) | $ | (41 | ) | $ | 152 | $ | (84 | ) | |
MSRs hedge gains (losses) | 74 | 273 | 65 | (158 | ) | 82 | |||||||||
Net | $ | 28 | $ | 26 | $ | 24 | $ | (6 | ) | $ | (2 | ) | |||
Residential mortgage loan originations | $ | 7,414 | $ | 3,581 | $ | 3,743 | $ | 4,721 | $ | 4,393 | |||||
Residential mortgage servicing portfolio | |||||||||||||||
Loans serviced for others | 42,923 | 41,250 | 39,292 | 36,810 | 33,977 | ||||||||||
Bank-owned loans serviced | 19,990 | 18,434 | 18,411 | 18,755 | 19,155 | ||||||||||
Total servicing portfolio | 62,913 | 59,684 | 57,703 | 55,565 | 53,132 | ||||||||||
Weighted-average coupon rate | 5.92 | % | 6.03 | % | 6.01 | % | 5.98 | % | 6.00 | % | |||||
Weighted-average servicing fee | .376 | .370 | .366 | .365 | .363 | ||||||||||
Selected Miscellaneous Information | |||||||||||||||
Derivatives notional amount | $ | 75,581 | $ | 74,177 | $ | 67,287 | $ | 59,795 | $ | 57,925 | |||||
Fair value of derivatives | 486 | 626 | 219 | 156 | 380 | ||||||||||
Unrealized depreciation on securities | |||||||||||||||
available for sale, net of tax | (289 | ) | (324 | ) | (398 | ) | (274 | ) | (18 | ) | |||||
Common stock prices | |||||||||||||||
High | 27.72 | 40.00 | 45.31 | 37.85 | 36.96 | ||||||||||
Low | 12.90 | 21.47 | 18.71 | 21.40 | 25.92 | ||||||||||
End of period | 16.92 | 27.46 | 37.80 | 22.77 | 32.06 | ||||||||||
Banking offices | 1,504 | 1,511 | 1,501 | 1,489 | 1,494 | ||||||||||
ATMs | 2,193 | 2,195 | 2,178 | 2,173 | 2,165 | ||||||||||
FTEs | 29,496 | 29,633 | 29,818 | 30,089 | 29,726 |
(1 | ) | Current quarter regulatory capital information is preliminary. |
(2 | ) | Tangible common equity and assets are based on regulatory Tier 1 capital definition. |
17
BB&T Corporation | |
Selected Growth Rates Adjusted for Purchase Acquisitions and Selected Items | |
Percentage Increase (Decrease) | ||||||
QTD | Link QTD | |||||
PERCENTAGE CHANGES IN SELECTED BALANCE SHEET ITEMS (1) | 1Q09 vs. 1Q08 | 1Q09 vs. 4Q08 | ||||
Average Balances | ||||||
Commercial loans and leases (2) | 12.3 | % | 10.6 | % | ||
Direct retail loans | (2.4 | ) | (6.2 | ) | ||
Sales finance loans | 5.2 | (0.6 | ) | |||
Revolving credit loans | 10.3 | 7.0 | ||||
Mortgage loans | (4.0 | ) | (10.4 | ) | ||
Specialized lending | 6.7 | 2.1 | ||||
Total loans and leases held for investment (2) | 5.8 | 2.8 | ||||
Loans held for sale | 102.2 | NM | ||||
Total loans and leases (2) | 7.1 | 7.9 | ||||
Noninterest-bearing deposits | 8.9 | 15.7 | ||||
Interest checking | 6.8 | 33.7 | ||||
Other client deposits | 16.7 | 19.6 | ||||
Client certificates of deposit | (0.4 | ) | (7.0 | ) | ||
Total client deposits | 9.1 | 10.4 | ||||
Other interest-bearing deposits | 1.1 | (12.7 | ) | |||
Total deposits | 8.2 | 7.9 | ||||
Percentage Increase (Decrease) | ||||||
QTD | Link QTD | |||||
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS (1)(3) | 1Q09 vs. 1Q08 | 1Q09 vs. 4Q08 | ||||
Net interest income - taxable equivalent | 11.9 | % | 1.7 | % | ||
Noninterest income | ||||||
Insurance income | (2.7 | ) | (18.4 | ) | ||
Service charges on deposits | 1.3 | (35.6 | ) | |||
Investment banking and brokerage fees | (4.7 | ) | (59.1 | ) | ||
Mortgage banking income | NM | NM | ||||
Checkcard fees | 4.3 | (15.9 | ) | |||
Other nondeposit fees and commissions | 17.8 | 33.1 | ||||
Trust and investment advisory revenues | (20.0 | ) | - | |||
Bankcard fees and merchant discounts | (2.8 | ) | (32.0 | ) | ||
Other income | 3.0 | NM | ||||
Total noninterest income | 15.1 | 49.6 | ||||
Noninterest expense | ||||||
Personnel expense | 4.7 | 35.1 | ||||
Occupancy and equipment expense | 3.2 | (20.9 | ) | |||
Other noninterest expense | 14.0 | (17.4 | ) | |||
Total noninterest expense | 7.3 | 10.1 |
NOTES: | Applicable ratios are annualized. | |
(1) | Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2009 and 2008. | |
(2) | Adjusted for the sale of leveraged lease investments. | |
(3) | Excludes securities gains or losses, merger-related and restructuring charges, the net impact of valuation adjustments for mortgage servicing rights, gains or losses on mortgage servicing rights-related derivatives and other selected items as noted onthe accompanying schedule. | |
NM - not meaningful. |
18
BB&T Corporation | |
Selected Items & NON-GAAP Reconciliation Table | |
(Dollars in millions, except per share data) | |
Favorable (Unfavorable) | |||||||
Selected Items | Pre-Tax | After-Tax | |||||
First Quarter 2009 | |||||||
Other-than-temporary impairment charges | Securities gains (losses), net | $ | (36 | ) | $ | (22 | ) |
Severance expense | Merger-related and restructuring charges, net | (11 | ) | (7 | ) | ||
Fourth Quarter 2008 | |||||||
Other-than-temporary impairment charges | Securities gains (losses), net | (63 | ) | (39 | ) | ||
Leveraged lease settlement | Net interest income | (67 | ) | (43 | ) | ||
Leveraged lease settlement | Provision for income tax | 60 | 60 | ||||
Third Quarter 2008 | |||||||
Other-than-temporary impairment charges | Securities gains (losses), net | (41 | ) | (26 | ) | ||
Second Quarter 2008 | |||||||
Gain from sale of Visa stock | Other noninterest income | 47 | 30 | ||||
Gain from extinguishment of debt | Other noninterest expense | 36 | 22 | ||||
First Quarter 2008 | |||||||
Gain from Visa IPO | Other noninterest income | 33 | 21 | ||||
Reversal of Accrual for Visa settlement | Other noninterest expense | 14 | 9 | ||||
Valuation charge for bank-owned life insurance | Income from bank-owned life insurance | (12 | ) | (12 | ) | ||
Implementation of fair value accounting standards | Other noninterest income | (6 | ) | (4 | ) | ||
Implementation of fair value accounting standards | Mortgage banking income | 23 | 14 |
Quarter Ended | |||||||||||||||
March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||
NON-GAAP Reconciliation Table | 2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||
Diluted earnings per common share | $ | .48 | $ | .51 | $ | .65 | $ | .78 | $ | .78 | |||||
Effect of amortization of intangibles, net of tax | .03 | .03 | .03 | .03 | .03 | ||||||||||
Cash basis diluted earnings per common share | .51 | .54 | .68 | .81 | .81 | ||||||||||
Return on average assets | .86 | % | .86 | % | 1.05 | % | 1.28 | % | 1.29 | % | |||||
Effect of amortization of intangibles, net of tax | .08 | .08 | .09 | .10 | .11 | ||||||||||
Effect of amortization of mark-to-market adjustments, net of tax | (.01 | ) | - | .01 | - | - | |||||||||
Cash basis return on average tangible assets | .93 | .94 | 1.15 | 1.38 | 1.40 | ||||||||||
Return on average common shareholders' equity | 8.29 | % | 8.47 | % | 10.86 | % | 13.27 | % | 13.30 | % | |||||
Effect of amortization of intangibles, net of tax | 7.39 | 7.09 | 9.10 | 10.94 | 10.96 | ||||||||||
Effect of amortization of mark-to-market adjustments, net of tax | (.06 | ) | .01 | .01 | .01 | .01 | |||||||||
Cash basis return on average tangible common shareholders' equity | 15.62 | 15.57 | 19.97 | 24.22 | 24.27 | ||||||||||
Efficiency ratio | 50.9 | % | 53.9 | % | 52.7 | % | 49.2 | % | 52.3 | % | |||||
Effect of amortization of intangibles | (1.2 | ) | (1.3 | ) | (1.4 | ) | (1.3 | ) | (1.5 | ) | |||||
Effect of amortization of mark-to-market adjustments | .1 | - | - | - | - | ||||||||||
Cash basis efficiency ratio | 49.8 | 52.6 | 51.3 | 47.9 | 50.8 |
19