EX-99.2 3 exhibit992.htm exhibit992.htm - BB&T

Exhibit 99.2


     

 

BB&T Corporation
Quarterly Performance Summary
Second Quarter 2010



BB&T Corporation
Quarterly Performance Summary
Table of Contents 

 

 

  Page 
Financial Highlights  3 
Financial Highlights - Five Quarter Trend  4 
Consolidated Statements of Income  5 
Consolidated Statements of Income - Five Quarter Trend  6 
Consolidated Balance Sheets  7 
Consolidated Balance Sheets - Five Quarter Trend  8 
Average Balance Sheets  9 
Average Balance Sheets - Five Quarter Trend  10 
Average Balances and Rates - Quarters  11-12 
Average Balances and Rates - Year-To-Date  13 
Credit Quality  14-16 
Credit Quality - Supplemental Schedules   
  Supplemental Commercial Real Estate Loan Portfolio Information  17 
  Supplemental Residential Mortgage Portfolio Information  18 
  Supplemental Troubled Debt Restructurings Information  19 
Capital Information - Five Quarter Trend  20 
Selected Growth Rates Adjusted for Purchase   
  Acquisitions and Selected Items  21 
Selected Items & Additional Information  22 
NON-GAAP Reconciliation Table  23 

 

2



BB&T Corporation
Financial Highlights
(Dollars in millions, except per share data, shares in thousands) 

 

  Quarter Ended
June 30
        Year-to-Date
June 30
       
    %       %    
    2010      2009    Change       2010        2009    Change    
Summary Income Statement                                         
Interest income  $ 1,852      $  1,670    10.9   %  $ 3,665      $  3,379    8.5  %  
Interest expense    460        503    (8.5 )      926        1,038    (10.8 )   
  Net interest income - taxable equivalent    1,392        1,167    19.3       2,739        2,341    17.0    
Less: Taxable-equivalent adjustment    32        29    10.3       65        57    14.0    
  Net interest income    1,360        1,138    19.5       2,674        2,284    17.1    
Provision for credit losses    650        701    (7.3 )      1,225        1,377    (11.0 )   
Net interest income after provision for credit losses    710        437    62.5       1,449        907    59.8    
Noninterest income    1,039        993    4.6       1,883        2,024    (7.0 )   
Noninterest expense    1,500        1,181    27.0       2,841        2,250    26.3    
Income before income taxes    249        249    -       491        681    (27.9 )   
Provision for income taxes    25        41    (39.0 )      73        155    (52.9 )   
  Net income    224        208    7.7       418        526    (20.5 )   
Noncontrolling interest    14        4    NM       20        10    100.0    
Dividends and accretion on preferred stock    -        83    (100.0 )      -        124    (100.0 )   
  Net income available to common shareholders    210        121    73.6       398        392    1.5    
Per Common Share Data                                         
Earnings                                         
  Basic  $ .30      $  .20    50.0  %   $ .58      $  .67    (13.4 ) %  
  Diluted    .30        .20    50.0       .57        .67    (14.9 )   
Cash dividends declared    .15        .15    -       .30        .62    (51.6 )   
Book value    24.07        22.76    5.8       24.07        22.76    5.8    
Tangible book value (1)    14.93        14.74    1.3       14.93        14.74    1.3    
 
End of period shares outstanding (in thousands)    692,777      648,068    6.9       692,777      648,068    6.9    
Weighted average shares (in thousands)                                         
  Basic    692,113      602,726    14.8       691,456      581,382    18.9    
  Diluted    701,322      608,797    15.2       700,223      586,256    19.4    
Performance Ratios                                         
Return on average assets    .56  %      .56   %          .52  %      .71   %       
Return on average common shareholders' equity    5.01        3.43            4.80        5.78         
Net interest margin - taxable equivalent    4.12        3.56            4.00        3.57         
Fee income ratio (2)    40.8        45.5            39.9        44.2         
Efficiency ratio (2)    53.7        49.8            53.1        49.2         
Credit Quality (including amounts related to covered loans and                                         
  covered foreclosed property)                                         
Nonperforming assets as a percentage of                                         
  Total assets    2.90  %      2.19   %          2.90  %      2.19   %       
  Loans and leases plus foreclosed property    4.24        3.29            4.24        3.29         
Net charge-offs as a percentage of average                                         
  loans and leases    2.48        1.81            2.16        1.70         
Allowance for loan and lease losses as a percentage                                         
  of loans and leases held for investment    2.66        2.19            2.66        2.19         
Ratio of allowance for loan and lease losses to                                         
  nonperforming loans and leases held for investment    .98   X      1.01   X          .98   X      1.01   X       
Average Balances                                         
Total assets  $ 159,786    $ 148,496    7.6  %   $ 161,785    $ 149,182    8.4  %  
Securities available for sale    28,309        29,510    (4.1 )      30,636        30,004    2.1    
Loans and leases    103,964        99,577    4.4       104,214        99,650    4.6    
Deposits    107,060        94,385    13.4       109,035        94,161    15.8    
Client deposits    102,203        85,927    18.9       103,472        85,035    21.7    
Shareholders' equity    16,925        16,683    1.5       16,777        16,546    1.4    
Period-End Balances                                         
Total assets  $ 155,083    $ 152,398    1.8  %   $ 155,083    $ 152,398    1.8  %  
Securities available for sale    23,662        30,553    (22.6 )      23,662        30,553    (22.6 )   
Loans and leases    104,719      100,334    4.4       104,719      100,334    4.4    
Deposits    104,451      102,164    2.2       104,451      102,164    2.2    
Client deposits    101,115        88,339    14.5       101,115        88,339    14.5    
Shareholders' equity    16,740        14,792    13.2       16,740        14,792    13.2    
Capital Ratios (3)                                         
Risk-based                                         
  Tier 1    11.7   %      10.6   %          11.7   %      10.6   %       
  Total    15.8        15.2            15.8        15.2         
Leverage    8.9        8.5            8.9        8.5         
Tangible common equity (1)    7.0        6.5            7.0        6.5         
Tier 1 common equity to risk-weighted assets (1)    8.9        8.4            8.9        8.4         
                                         

 

(1)

Tangible common equity and Tier 1 common equity ratios are Non-GAAP measures. BB&T uses the Tier 1 common equity definition used in the SCAP assessment to calculate these ratios. See the calculations and management's reasons for using these measures on page 20 of this supplement.

(2)

Excludes securities gains (losses), foreclosed property expense, amortization of intangible assets, merger-related and restructuring charges, the impacts of FDIC loss share accounting, and other selected items as detailed on page 22 of this supplement. See Non-GAAP reconciliations.

(3)

Current quarter regulatory capital information is preliminary.

NM - not meaningful.

 

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3



BB&T Corporation
Financial Highlights - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands) 

 

  Quarter Ended
  June 30 March 31 Dec. 31 Sept. 30   June 30
  2010 2010 2009 2009   2009
Summary Income Statement                                 
Interest income  $ 1,852    $ 1,813    $  1,853    $ 1,776     $ 1,670   
Interest expense    460      466      498      509       503   
  Net interest income - taxable equivalent    1,392      1,347      1,355      1,267       1,167   
Less: Taxable-equivalent adjustment    32      33      32      30       29   
  Net interest income    1,360      1,314      1,323      1,237       1,138   
Provision for credit losses    650      575      725      709       701   
  Net interest income after provision for credit losses    710      739      598      528       437   
Noninterest income    1,039      844      970      940       993   
Noninterest expense    1,500      1,341      1,361      1,320       1,181   
Income before income taxes    249      242      207      148       249   
Provision for income taxes    25      48      13      (9 )      41   
  Net income    224      194      194      157       208   
Noncontrolling interest    14      6      9      5       4   
Dividends and accretion on preferred stock    -      -      -      -       83   
  Net income available to common shareholders    210      188      185      152       121   
Per Common Share Data                                 
Earnings                                 
  Basic  $ .30    $ .27    $  .27    $ .23     $ .20   
  Diluted    .30      .27      .27      .23       .20   
Cash dividends declared    .15      .15      .15      .15       .15   
Book value    24.07      23.80      23.47      23.41       22.76   
Tangible book value (1)    14.93      14.67      14.44      14.10       14.74   
 
End of period shares outstanding (in thousands)    692,777      691,869      689,750      687,446       648,068   
Weighted average shares (in thousands)                                 
  Basic    692,113      690,792      688,590      665,408       602,726   
  Diluted    701,322      698,675      696,038      672,457       608,797   
Performance Ratios                                 
Return on average assets    .56   %    .48   %    .47   %    .40  %     .56   % 
Return on average common shareholders' equity    5.01      4.59      4.52      3.90       3.43   
Net interest margin - taxable equivalent    4.12      3.88      3.80      3.68       3.56   
Fee income ratio (2)    40.8      39.0      41.2      41.8       45.5   
Efficiency ratio (2)    53.7      52.4      51.4      52.0       49.8   
Credit Quality (including amounts related to covered                                 
loans and covered foreclosed property)                                 
Nonperforming assets as a percentage of                                 
  Total assets    2.90   %    2.84   %    2.65   %    2.48  %     2.19  % 
  Loans and leases plus foreclosed property    4.24      4.38      4.07      3.78       3.29   
Net charge-offs as a percentage of average                                 
  loans and leases    2.48      1.84      1.83      1.71       1.81   
Allowance for loan and lease losses as a percentage                                 
  of loans and leases held for investment    2.66      2.65      2.51      2.29       2.19   
Ratio of allowance for loan and lease losses to                                 
  nonperforming loans and leases held for investment    .98   X    .94      .96   X    .93  X      1.01  X 
Average Balances                                  
Total assets  $ 159,786    $ 163,807    $  164,719    $ 157,451     $ 148,496   
Securities available for sale    28,309      32,989      33,351      31,511       29,510   
Loans and leases    103,964      104,468      105,869      103,334       99,577   
Deposits    107,060      111,031      113,622      107,310       94,385   
Client deposits    102,203      104,754      105,426      96,349       85,927   
Shareholders' equity    16,925      16,627      16,336      15,537       16,683   
Period-End Balances                                 
Total assets  $ 155,083    $ 163,700    $  165,764    $ 165,328     $ 152,398   
Securities available for sale    23,662      32,654      33,253      33,477       30,553   
Loans and leases    104,719      104,401      106,207      107,027       100,334   
Deposits    104,451      113,723      114,965      114,510       102,164   
Client deposits    101,115      104,109      106,760      103,725       88,339   
Shareholders' equity    16,740      16,528      16,241      16,142       14,792   
Capital Ratios (3)                                 
Risk-based                                 
  Tier 1    11.7  %    11.6  %    11.5  %    11.1   %    10.6  % 
  Total    15.8      15.9      15.8      15.6       15.2   
Leverage    8.9      8.7      8.5      8.5       8.5   
Tangible common equity (1)    7.0      6.4      6.2      6.1       6.5   
Tier 1 common equity to risk-weighted assets (1)    8.9      8.6      8.5      8.4       8.4   
                               

 

(1) Tangible common equity and Tier 1 common equity ratios are Non-GAAP measures. BB&T uses the Tier 1 common equity definition used in the SCAP assessment to calculate these ratios. See the calculations and management's reasons for using these measures on page 20 of this supplement.
(2) Excludes securities gains (losses), foreclosed property expense, amortization of intangible assets, merger-related and restructuring charges, the impacts of FDIC loss share accounting, and other selected items as detailed on page 22 of this supplement.
See Non-GAAP reconciliations.
(3)

Current quarter regulatory capital information is preliminary.

 

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4



BB&T Corporation
Consolidated Statements of Income
(Dollars in millions, except per share data, shares in thousands) 

 

  Quarter Ended
June 30
            Year-to-Date
June 30
           
  Change     Change  
    2010     2009     $   %       2010     2009    $   %    
                                               
Interest Income                                               
Interest and fees on loans and leases  $ 1,525   $  1,336   $  189   14.1  %   $ 2,965   $  2,658  $  307   11.6  %
Interest and dividends on securities    291     299     (8 )  (2.7 )      627     651    (24 )  (3.7 )   
Interest on other earning assets    3     5     (2 )  (40.0 )      6     10    (4 )  (40.0 )   
Total interest income    1,819     1,640     179   10.9       3,598     3,319    279   8.4    
                                               
Interest Expense                                               
Interest on deposits    241     320     (79 )  (24.7 )      500     666    (166 )  (24.9 )   
Interest on federal funds purchased, securities sold under                                               
repurchase agreements and short-term borrowed funds    6     17     (11 )  (64.7 )      11     40    (29 )  (72.5 )   
Interest on long-term debt    212     165     47   28.5       413     329    84   25.5    
Total interest expense    459     502     (43 )  (8.6 )      924     1,035    (111 )  (10.7 )   
                                               
Net interest income    1,360     1,138     222   19.5       2,674     2,284    390   17.1    
Provision for credit losses    650     701     (51 )  (7.3 )      1,225     1,377    (152 )  (11.0 )   
Net interest income after provision for credit losses    710     437     273   62.5       1,449     907    542   59.8    
                                               
Noninterest income                                               
Insurance income    287     281     6   2.1       540     533    7   1.3    
Service charges on deposits    164     168     (4 )  (2.4 )      328     324    4   1.2    
Mortgage banking income    110     184     (74 )  (40.2 )      199     372    (173 )  (46.5 )   
Investment banking and brokerage fees and commissions    91     92     (1 )  (1.1 )      170     174    (4 )  (2.3 )   
Other nondeposit fees and commissions    63     53     10   18.9       128     106    22   20.8    
Checkcard fees    70     57     13   22.8       131     106    25   23.6    
Bankcard fees and merchant discounts    45     39     6   15.4       85     74    11   14.9    
Trust and investment advisory revenues    39     33     6   18.2       77     65    12   18.5    
Income from bank-owned life insurance    31     25     6   24.0       62     48    14   29.2    
FDIC loss share income, net    (78 )    -     (78 )  NM       (73 )    -    (73 )  NM    
Securities gains, net    219     19     200   NM       216     169    47   27.8    
Other income    (2 )    42     (44 )  (104.8 )      20     53    (33 )  (62.3 )   
Total noninterest income    1,039     993     46   4.6       1,883     2,024    (141 )  (7.0 )   
                                               
Noninterest Expense                                               
Personnel expense    649     623     26   4.2       1,295     1,223    72   5.9    
Foreclosed property expense    240     60     180   NM       418     96    322   NM    
Occupancy and equipment expense    158     128     30   23.4       296     257    39   15.2    
Professional services    86     64     22   34.4       158     117    41   35.0    
Regulatory charges    46     106     (60 )  (56.6 )      91     139    (48 )  (34.5 )   
Loan processing expense    47     34     13   38.2       82     63    19   30.2    
Amortization of intangibles    32     24     8   33.3       64     49    15   30.6    
Merger-related and restructuring charges, net    38     (1 )    39   NM       55     11    44   NM    
Other expenses    204     143     61   42.7       382     295    87   29.5    
Total noninterest expense    1,500     1,181     319   27.0       2,841     2,250    591   26.3    
                                               
Earnings                                               
Income before income taxes    249     249     -   -       491     681    (190 )  (27.9 )   
Provision for income taxes    25     41     (16 )  (39.0 )      73     155    (82 )  (52.9 )   
Net Income    224     208     16   7.7       418     526    (108 )  (20.5 )   
                                               
Noncontrolling interest    14     4     10   NM       20     10    10   100.0    
Dividends and accretion on preferred stock    -     83     (83 )  (100.0 )      -     124    (124 )  (100.0 )   
Net income available to common shareholders  $ 210   $  121   $  89   73.6     $ 398   $  392  $  6   1.5  %
                                               
Earnings Per Common Share                                               
Basic  $ .30   $  .20   $  .10   50.0   %  $ .58   $  .67  $  (.09 )  (13.4 ) %  
Diluted    .30     .20     .10   50.0       .57     .67    (.10 )  (14.9 )   
                                               
Weighted Average Shares Outstanding                                               
Basic    692,113   602,726     89,387   14.8       691,456     581,382    110,074   18.9    
Diluted    701,322   608,797     92,525   15.2       700,223     586,256    113,967   19.4    
NM - not meaningful.                                               

 

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5



BB&T Corporation
Consolidated Statements of Income - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands) 

 

    Quarter Ended  
  June 30 March 31 Dec. 31 Sept. 30 June 30
    2010     2010      2009     2009     2009  
 
Interest Income                               
Interest and fees on loans and leases  $  1,525   $  1,440  $ 1,475   $  1,414   $  1,336  
Interest and dividends on securities    291     336     341     327     299  
Interest on other earning assets    3     3     4     4     5  
Total interest income    1,819     1,779     1,820     1,745     1,640  
 
Interest Expense                               
Interest on deposits    241     259     294     311     320  
Interest on federal funds purchased, securities sold under                               
repurchase agreements and short-term borrowed funds    6     5     7     11     17  
Interest on long-term debt    212     201     196     186     165  
Total interest expense    459     465     497     508     502  
 
Net interest income    1,360     1,314     1,323     1,237     1,138  
Provision for credit losses    650     575     725     709     701  
Net interest income after provision for credit losses    710     739     598     528     437  
 
Noninterest income                               
Insurance income    287     253     260     254     281  
Service charges on deposits    164     164     186     180     168  
Mortgage banking income    110     89     142     144     184  
Investment banking and brokerage fees and commissions    91     79     83     89     92  
Other nondeposit fees and commissions    63     65     64     59     53  
Checkcard fees    70     61     62     59     57  
Bankcard fees and merchant discounts    45     40     41     41     39  
Trust and investment advisory revenues    39     38     38     36     33  
Income from bank-owned life insurance    31     31     25     24     25  
FDIC loss share income, net    (78 )    5     11     3     -  
Securities (losses) gains, net    219     (3 )   (1 )    31     19  
Other income    (2 )    22     59     20     42  
Total noninterest income    1,039     844     970     940     993  
 
Noninterest Expense                               
Personnel expense    649     646     650     644     623  
Foreclosed property expense    240     178     142     118     60  
Occupancy and equipment expense    158     138     173     149     128  
Professional services    86     72     77     68     64  
Regulatory charges    46     45     47     44     106  
Loan processing expense    47     35     34     38     34  
Amortization of intangibles    32     32     36     29     24  
Merger-related and restructuring charges, net    38     17     9     18     (1 ) 
Other expenses    204     178     193     212     143  
Total noninterest expense    1,500     1,341     1,361     1,320     1,181  
 
Earnings                               
Income before income taxes    249     242     207     148     249  
Provision for income taxes    25     48     13     (9 )    41  
Net Income    224     194     194     157     208  
 
Noncontrolling interest    14     6     9     5     4  
Dividends and accretion on preferred stock    -     -     -     -     83  
Net income available to common shareholders  $  210   $  188     $ 185   $  152   $  121  
 
Earnings Per Common Share                               
Basic  $  .30   $  .27  $ .27   $  .23   $  .20  
Diluted    .30     .27     .27     .23     .20  
 
Weighted Average Shares Outstanding                               
Basic    692,113     690,792     688,590     665,408     602,726  
Diluted    701,322     698,675     696,038     672,457     608,797  

 

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6



BB&T Corporation
Consolidated Balance Sheets
(Dollars in millions) 

 

    As of June 30,     Change  
    2010     2009     $   %  
                       
Assets                       
Cash and due from banks  $  1,270   $  1,571   $  (301 )  (19.2 ) %
Interest-bearing deposits with banks    931     416     515   123.8  
Federal funds sold and securities purchased under                       
resale agreements or similar arrangements    308     247     61   24.7  
Segregated cash due from banks    255     267     (12 )  (4.5 ) 
Trading securities at fair value    587     522     65   12.5  
Securities available for sale at fair value (1)    23,662     30,553     (6,891 )  (22.6 ) 
Loans and leases:                       
Commercial loans and leases    49,054     50,364     (1,310 )  (2.6 ) 
Direct retail loans    13,939     14,577     (638 )  (4.4 ) 
Sales finance loans    6,863     6,536     327   5.0  
Revolving credit loans    2,024     1,843     181   9.8  
Mortgage loans    15,452     15,639     (187 )  (1.2 ) 
Specialized lending    7,954     7,393     561   7.6  
Other acquired loans    85     -     85   NM  
Total loans and leases held for investment (excluding                       
covered loans)    95,371     96,352     (981 )  (1.0 ) 
Covered loans    7,177     -     7,177   NM  
Total loans and leases held for investment    102,548     96,352     6,196   6.4  
                       
Loans held for sale    2,171     3,982     (1,811 )  (45.5 ) 
Total loans and leases    104,719     100,334     4,385   4.4  
Allowance for loan and lease losses    (2,723 )    (2,110 )    (613 )  29.1  
FDIC loss share receivable    2,230     -     2,230   NM  
Premises and equipment    1,835     1,577     258   16.4  
Goodwill    6,067     5,491     576   10.5  
Core deposit and other intangible assets    569     497     72   14.5  
Residential mortgage servicing rights at fair value    665     615     50   8.1  
Other assets (2)    14,708     12,418     2,290   18.4  
Total assets  $  155,083   $  152,398   $  2,685   1.8  %
                       
Liabilities and Shareholders' Equity                       
Deposits:                       
Noninterest-bearing deposits  $  19,767   $  16,054   $  3,713   23.1  %
Interest checking    3,760     3,181     579   18.2  
Other client deposits    49,989     43,632     6,357   14.6  
Client certificates of deposit    27,599     25,472     2,127   8.4  
Total client deposits    101,115     88,339     12,776   14.5  
                       
Other interest-bearing deposits    3,336     13,825     (10,489 )  (75.9 ) 
Total deposits    104,451     102,164     2,287   2.2  
Fed funds purchased, repos and other borrowings    6,080     12,631     (6,551 )  (51.9 ) 
Long-term debt    22,086     18,110     3,976   22.0  
Other liabilities    5,726     4,701     1,025   21.8  
Total liabilities    138,343     137,606     737   0.5  
Shareholders' equity:                       
Common stock    3,464     3,240     224   6.9  
Additional paid-in capital    5,720     4,828     892   18.5  
Retained earnings    7,729     7,409     320   4.3  
Noncontrolling interest    64     45     19   42.2  
Accumulated other comprehensive loss    (237 )    (730 )    493   (67.5 ) 
Total shareholders' equity    16,740     14,792     1,948   13.2  
Total liabilities and shareholders' equity  $  155,083   $  152,398   $  2,685   1.8  %

 

(1) Includes $1.4 billion covered by FDIC loss sharing agreements at June 30, 2010.
(2)

Includes $215 million of foreclosed property and other assets covered by FDIC loss sharing agreements at June 30, 2010.

 

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7



BB&T Corporation
Consolidated Balance Sheets - Five Quarter Trend
(Dollars in millions) 

 

  As of
  June 30 March 31 Dec. 31 Sept. 30 June 30
    2010     2010     2009     2009     2009  
 
Assets                               
Cash and due from banks  $ 1,270   $ 1,265   $ 1,584   $ 1,292   $ 1,571  
Interest-bearing deposits with banks    931     574     667     579     416  
Federal funds sold and securities purchased under                               
resale agreements or similar arrangements    308     399     398     520     247  
Segregated cash due from banks    255     269     270     286     267  
Trading securities at fair value    587     651     636     686     522  
Securities available for sale at fair value (1)    23,662     32,654     33,253     33,477     30,553  
Loans and leases:                               
Commercial loans and leases    49,054     49,304     49,820     49,591     50,364  
Direct retail loans    13,939     14,055     14,283     14,482     14,577  
Sales finance loans    6,863     6,555     6,290     6,493     6,536  
Revolving credit loans    2,024     1,981     2,016     1,929     1,843  
Mortgage loans    15,452     15,498     15,435     15,463     15,639  
Specialized lending    7,954     7,394     7,670     7,497     7,393  
Other acquired loans    85     99     123     141     -  
Total loans and leases held for investment (excluding covered loans)    95,371     94,886     95,637     95,596     96,352  
Covered loans    7,177     7,458     8,019     8,305     -  
Total loans and leases held for investment    102,548     102,344     103,656     103,901     96,352  
 
Loans held for sale    2,171     2,057     2,551     3,126     3,982  
Total loans and leases    104,719     104,401     106,207     107,027     100,334  
Allowance for loan and lease losses    (2,723 )    (2,714 )    (2,600 )    (2,379 )    (2,110 ) 
FDIC loss share receivable    2,230     2,611     3,062     3,336     -  
Premises and equipment    1,835     1,798     1,583     1,591     1,577  
Goodwill    6,067     6,055     6,053     6,183     5,491  
Core deposit and other intangible assets    569     601     640     645     497  
Residential mortgage servicing rights at fair value    665     875     832     639     615  
Other assets (2)    14,708     14,261     13,179     11,446     12,418  
Total assets  $ 155,083   $ 163,700   $ 165,764   $ 165,328   $ 152,398  
 
Liabilities and Shareholders' Equity                               
Deposits:                               
Noninterest-bearing deposits  $ 19,767   $ 19,022   $ 18,945   $ 18,673   $ 16,054  
Interest checking    3,760     3,504     3,420     3,621     3,181  
Other client deposits    49,989     51,897     52,097     48,878     43,632  
Client certificates of deposit    27,599     29,686     32,298     32,553     25,472  
Total client deposits    101,115     104,109     106,760     103,725     88,339  
 
Other interest-bearing deposits    3,336     9,614     8,205     10,785     13,825  
Total deposits    104,451     113,723     114,965     114,510     102,164  
Fed funds purchased, repos and other borrowings    6,080     7,020     8,106     8,357     12,631  
Long-term debt    22,086     21,428     21,376     21,317     18,110  
Other liabilities    5,726     5,001     5,076     5,002     4,701  
Total liabilities    138,343     147,172     149,523     149,186     137,606  
Shareholders' equity:                               
Common stock    3,464     3,459     3,449     3,437     3,240  
Additional paid-in capital    5,720     5,677     5,620     5,563     4,828  
Retained earnings    7,729     7,624     7,539     7,458     7,409  
Noncontrolling interest    64     60     50     48     45  
Accumulated other comprehensive loss    (237 )    (292 )    (417 )    (364 )    (730 ) 
Total shareholders' equity    16,740     16,528     16,241     16,142     14,792  
Total liabilities and shareholders' equity  $ 155,083   $ 163,700   $ 165,764   $ 165,328   $ 152,398  

 

(1) Includes $1.4 billion, $1.3 billion, $1.2 billion and $1.2 billion at June 30, 2010, March 31, 2010, December 31, 2009 and September 30, 2009, respectively, covered by FDIC loss sharing agreements.

(2)

Includes $215 million, $229 million, $215 million and $210 million of foreclosed property and other assets covered by FDIC loss sharing agreements at June 30, 2010, March 31, 2010, December 31, 2009 and September 30, 2009, respectively.

 

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8



BB&T Corporation
Average Balance Sheets
(Dollars in millions) 

 

    Quarter Ended              Year-to-Date           
    June 30    Change   June 30    Change
    2010    2009    $   %     2010    2009    $   %  
Assets                                     
Securities, at amortized cost                                     
U.S. government-sponsored entities (GSE)  $ 554  $ 1,170  $ (616 )  (52.6 ) % $ 1,092  $ 1,126  $ (34 )  (3.0 ) %
Mortgage-backed securities issued by GSE    23,080    24,295    (1,215 )  (5.0 )    24,810    24,714    96   0.4  
States and political subdivisions    2,077    2,259    (182 )  (8.1 )    2,092    2,270    (178 )  (7.8 ) 
Non-agency mortgage-backed securities    1,214    1,475    (261 )  (17.7 )    1,262    1,509    (247 )  (16.4 ) 
Other securities    192    311    (119 )  (38.3 )    196    385    (189 )  (49.1 ) 
Covered securities    1,192    -    1,192   NM     1,184    -    1,184   NM  
Total securities    28,309    29,510    (1,201 )  (4.1 )    30,636    30,004    632   2.1  
                                     
Other earning assets    3,101    2,069    1,032   49.9     2,893    2,087    806   38.6  
Loans and leases                                     
Commercial loans and leases    49,079    50,342    (1,263 )  (2.5 )    49,229    50,486    (1,257 )  (2.5 ) 
Direct retail loans    13,994    14,785    (791 )  (5.4 )    14,079    15,022    (943 )  (6.3 ) 
Sales finance loans    6,729    6,302    427   6.8     6,568    6,322    246   3.9  
Revolving credit loans    2,002    1,802    200   11.1     1,997    1,785    212   11.9  
Mortgage loans    15,586    16,002    (416 )  (2.6 )    15,522    16,378    (856 )  (5.2 ) 
Specialized lending    7,645    6,985    660   9.4     7,562    6,739    823   12.2  
Other acquired loans    96    -    96   NM     102    -    102   NM  
Total loans and leases held for investment (excluding                                     
covered loans)    95,131    96,218    (1,087 )  (1.1 )    95,059    96,732    (1,673 )  (1.7 ) 
Covered loans    7,162    -    7,162   NM     7,401    -    7,401   NM  
Total loans and leases held for investment    102,293    96,218    6,075   6.3     102,460    96,732    5,728   5.9  
                                     
Loans held for sale    1,671    3,359    (1,688 )  (50.3 )    1,754    2,918    (1,164 )  (39.9 ) 
Total loans and leases    103,964    99,577    4,387   4.4     104,214    99,650    4,564   4.6  
                                     
Total earning assets    135,374    131,156    4,218   3.2     137,743    131,741    6,002   4.6  
                                     
Non-earning assets    24,412    17,340    7,072   40.8     24,042    17,441    6,601   37.8  
Total assets  $ 159,786  $ 148,496  $ 11,290   7.6  % $ 161,785  $ 149,182  $ 12,603   8.4  %
                                     
Liabilities and Shareholders' Equity                                     
Deposits                                     
Noninterest-bearing deposits  $ 19,346  $ 15,443  $ 3,903   25.3  % $ 18,907  $ 14,640  $ 4,267   29.1  % 
Interest checking    3,905    2,670    1,235   46.3     3,826    2,566    1,260   49.1  
Other client deposits    50,207    41,926    8,281   19.8     50,955    41,317    9,638   23.3  
Client certificates of deposit    28,745    25,888    2,857   11.0     29,784    26,512    3,272   12.3  
Total client deposits    102,203    85,927    16,276   18.9     103,472    85,035    18,437   21.7  
Other interest-bearing deposits    4,857    8,458    (3,601 )  (42.6 )    5,563    9,126    (3,563 )  (39.0 ) 
Total deposits    107,060    94,385    12,675   13.4     109,035    94,161    14,874   15.8  
                                     
Fed funds purchased, repos and other borrowings    9,105    14,732    (5,627 )  (38.2 )    9,653    15,762    (6,109 )  (38.8 ) 
Long-term debt    21,660    17,755    3,905   22.0     21,441    17,596    3,845   21.9  
Other liabilities    5,036    4,941    95   1.9     4,879    5,117    (238 )  (4.7 ) 
Total liabilities    142,861    131,813    11,048   8.4     145,008    132,636    12,372   9.3  
                                     
Shareholders' equity    16,925    16,683    242   1.5     16,777    16,546    231   1.4  
                                     
Total liabilities and shareholders' equity  $ 159,786  $ 148,496  $ 11,290   7.6  % $ 161,785  $ 149,182  $ 12,603   8.4  %
Average balances exclude basis adjustments for fair value hedges.

 

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9



BB&T Corporation
Average Balance Sheets - Five Quarter Trend
(Dollars in millions) 

 

  Quarter Ended
  June 30 March 31 Dec. 31   Sept. 30   June 30
  2010   2010    2009   2009   2009
Assets                     
Securities, at amortized cost                     
U.S. government-sponsored entities (GSE)  $ 554  $ 1,636  $  2,162  $ 1,180  $ 1,170 
Mortgage-backed securities issued by GSE    23,080    26,558    26,332    25,892    24,295 
States and political subdivisions    2,077    2,107    2,141    2,190    2,259 
Non-agency mortgage-backed securities    1,214    1,311    1,361    1,411    1,475 
Other securities    192    202    194    252    311 
Covered securities    1,192    1,175    1,161    586    - 
Total securities    28,309    32,989    33,351    31,511    29,510 
 
Other earning assets    3,101    2,681    2,655    2,331    2,069 
Loans and leases                     
Commercial loans and leases    49,079    49,380    49,419    49,916    50,342 
Direct retail loans    13,994    14,165    14,379    14,507    14,785 
Sales finance loans    6,729    6,406    6,393    6,528    6,302 
Revolving credit loans    2,002    1,991    1,961    1,886    1,802 
Mortgage loans    15,586    15,459    15,452    15,515    16,002 
Specialized lending    7,645    7,479    7,533    7,542    6,985 
Other acquired loans    96    108    133    75    - 
Total loans and leases held for investment (excluding                     
covered loans)    95,131    94,988    95,270    95,969    96,218 
Covered loans    7,162    7,642    8,095    4,380    - 
Total loans and leases held for investment    102,293    102,630    103,365    100,349    96,218 
 
Loans held for sale    1,671    1,838    2,504    2,985    3,359 
Total loans and leases    103,964    104,468    105,869    103,334    99,577 
 
Total earning assets    135,374    140,138    141,875    137,176    131,156 
 
Non-earning assets    24,412    23,669    22,844    20,275    17,340 
Total assets  $ 159,786  $ 163,807  $  164,719  $ 157,451  $ 148,496 
 
Liabilities and Shareholders' Equity                     
Deposits                     
Noninterest-bearing deposits  $ 19,346  $ 18,464  $  18,822  $ 17,389  $ 15,443 
Interest checking    3,905    3,745    3,419    2,762    2,670 
Other client deposits    50,207    51,712    50,623    47,046    41,926 
Client certificates of deposit    28,745    30,833    32,562    29,152    25,888 
Total client deposits    102,203    104,754    105,426    96,349    85,927 
Other interest-bearing deposits    4,857    6,277    8,196    10,961    8,458 
Total deposits    107,060    111,031    113,622    107,310    94,385 
 
Fed funds purchased, repos and other borrowings    9,105    10,207    8,584    9,964    14,732 
Long-term debt    21,660    21,221    21,232    19,867    17,755 
Other liabilities    5,036    4,721    4,945    4,773    4,941 
Total liabilities    142,861    147,180    148,383    141,914    131,813 
 
Shareholders' equity    16,925    16,627    16,336    15,537    16,683 
 
Total liabilities and shareholders' equity  $ 159,786  $ 163,807  $  164,719  $ 157,451  $ 148,496 
 
Average balances exclude basis adjustments for fair value hedges.

 

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10



BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions) 

 

          Quarter Ended           
    June 30, 2010     March 31, 2010  
      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)  $ 554  $  5  3.68  %  $  1,636  $  15  3.61   % 
Mortgage-backed securities issued by GSE    23,080    217  3.77      26,558    254  3.82   
States and political subdivisions    2,077    28  5.45      2,107    28  5.38   
Non-agency mortgage-backed securities    1,214    18  5.84      1,311    19  5.80   
Other securities    192    1  2.43      202    1  2.13   
Covered securities    1,192    35  11.65      1,175    34  11.60   
Total securities    28,309    304  4.30      32,989    351  4.26   
 
Other earning assets    3,101    4  .57      2,681    3  .53   
Loans and leases                         
Commercial loans and leases    49,079    514  4.21      49,380    518  4.25   
Direct retail loans    13,994    185  5.31      14,165    187  5.34   
Sales finance loans    6,729    100  6.01      6,406    100  6.31   
Revolving credit loans    2,002    44  8.69      1,991    44  9.04   
Mortgage loans    15,586    215  5.51      15,459    213  5.51   
Specialized lending    7,645    221  11.59      7,479    211  11.40   
Other acquired loans    96    3  10.63      108    3  12.49   
Total loans and leases held for investment (excluding covered loans)    95,131    1,282  5.40      94,988    1,276  5.43   
Covered loans    7,162    242  13.52      7,642    162  8.61   
Total loans and leases held for investment    102,293    1,524  5.97      102,630    1,438  5.67   
Loans held for sale    1,671    20  4.73      1,838    21  4.68   
Total loans and leases    103,964    1,544  5.95      104,468    1,459  5.65   
 
    Total earning assets    135,374    1,852  5.48      140,138    1,813  5.22   
 
Non-earning assets    24,412            23,669         
Total assets  $ 159,786          $  163,807         
 
Liabilities and Shareholders' Equity                         
Interest-bearing liabilities                         
Interest checking  $ 3,905    3  .31    $  3,745    3  .36   
Other client deposits    50,207    81  .65      51,712    90  .70   
Client certificates of deposit    28,745    144  2.01      30,833    152  2.00   
Other interest-bearing deposits    4,857    13  1.06      6,277    14  .93   
Total interest-bearing deposits    87,714    241  1.10      92,567    259  1.14   
 
Fed funds purchased, repos and other borrowings    9,105    7  .31      10,207    6  .23   
Long-term debt    21,660    212  3.92      21,221    201  3.82   
Total interest-bearing liabilities    118,479    460  1.56      123,995    466  1.52   
 
Noninterest-bearing deposits    19,346            18,464         
Other liabilities    5,036            4,721         
Shareholders' equity    16,925            16,627         
Total liabilities and shareholders' equity  $ 159,786          $  163,807         
 
 
Average interest-rate spread          3.92            3.70   
 
Net interest income/ net interest margin      $  1,392  4.12  %      $  1,347  3.88   % 
 
Taxable-equivalent adjustment      $  32          $  33     

 

(1) Excludes basis adjustments for fair value hedges.

(2)

Yields are on a fully taxable-equivalent basis.

 

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11



BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions) 


 

    Quarter Ended  
    December 31, 2009     September 30, 2009     June 30, 2009  
      Interest           Interest            Interest     
  Average Income/ Yields/     Average    Income/  Yields/     Average    Income/ Yields/