EX-99.2 3 exhibit992.htm exhibit992.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.2

 

    

BB&T Corporation
Quarterly Performance Summary
First Quarter 2012

 



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

 

    Year-to-Date      
    March 31   %  
    2012     2011   Change  
Summary Income Statement                 
Interest income  $ 1,780   $  1,713   3.9  % 
Interest expense    307     392   (21.7 ) 
Net interest income - taxable equivalent    1,473     1,321   11.5  
Less: Taxable-equivalent adjustment    37     36   2.8  
Net interest income    1,436     1,285   11.8  
Provision for credit losses    288     340   (15.3 ) 
Net interest income after provision for credit losses    1,148     945   21.5  
Noninterest income    871     714   22.0  
Noninterest expense    1,385     1,372   0.9  
Income before income taxes    634     287   120.9  
Provision for income taxes    189     53   NM  
Net income    445     234   90.2  
Noncontrolling interest    14     9   55.6  
Net income available to common shareholders    431     225   91.6  
Per Common Share Data                 
Earnings                 
Basic  $ 0.62   $  0.32   93.8  % 
Diluted    0.61     0.32   90.6  
Cash dividends declared (1)    0.20     0.17   17.6  
Book value    25.51     23.86   6.9  
Tangible book value (2)    17.12     15.59   9.8  
 
End of period shares outstanding (in thousands)    698,454     696,285   0.3  
Weighted average shares (in thousands)                 
Basic    697,685     695,309   0.3  
Diluted    707,369     704,101   0.5  
Performance Ratios                 
Return on average assets    1.03  %    0.60  %     
Return on average common shareholders' equity    9.75     5.48      
Net interest margin - taxable equivalent    3.93     4.01      
Fee income ratio (3)    41.0     40.1      
Efficiency ratio (3)    52.0     57.1      
Credit Quality (including amounts related to covered loans and                 
covered foreclosed property)                 
Nonperforming assets as a percentage of                 
Total assets    1.50  %    2.69  %     
Loans and leases plus foreclosed property    2.35     3.97      
Net charge-offs as a percentage of average                 
loans and leases    1.28     1.56      
Allowance for loan and lease losses as a percentage                 
of loans and leases held for investment    2.02     2.58      
Ratio of allowance for loan and lease losses to                 
nonperforming loans and leases held for investment    1.18  X    1.09  X     
Average Balances                 
Total assets  $ 173,969   $  156,931   10.9 % 
Total securities (4)    36,589     25,059   46.0  
Loans and leases    110,403     105,294   4.9  
Deposits    124,606     105,614   18.0  
Shareholders' equity    17,829     16,673   6.9  
Period-End Balances                 
Total assets  $ 174,752   $  157,039   11.3 % 
Total securities (4)    37,865     26,220   44.4  
Loans and leases    110,686     104,887   5.5  
Deposits    124,157     106,913   16.1  
Shareholders' equity    17,882     16,670   7.3  
Capital Ratios (5)                 
Risk-based                 
Tier 1    12.7  %    12.1  %     
Total    16.2     15.8      
Leverage    9.1     9.3      
Tangible common equity (2)    7.1     7.2      
Tier 1 common equity to risk-weighted assets (2)    10.0     9.3      

 

Applicable ratios are annualized. 
(1)  BB&T Corporation declared a special one-time dividend of $0.01 per common share in the first quarter of 2011. 
(2) 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 18 of this supplement. 
(3) 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 19 of this supplement. See Non-GAAP reconciliations on page 20 of this supplement. 
(4) Total securities includes securities available for sale (AFS) and securities held to maturity (HTM). Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. 
(5)  Current quarter regulatory capital information is preliminary. 

 

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1


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  
    2012     2011   2011   2011     2011  
Summary Income Statement                               
Interest income  $ 1,780   $ 1,807   $ 1,788   $ 1,727   $ 1,713  
Interest expense    307     318     334     337     392  
Net interest income - taxable equivalent    1,473     1,489     1,454     1,390     1,321  
Less: Taxable-equivalent adjustment    37     37     38     36     36  
Net interest income    1,436     1,452     1,416     1,354     1,285  
Provision for credit losses    288     272     250     328     340  
Net interest income after provision for credit losses    1,148     1,180     1,166     1,026     945  
Noninterest income    871     922     690     787     714  
Noninterest expense    1,385     1,618     1,417     1,395     1,372  
Income before income taxes    634     484     439     418     287  
Provision for income taxes    189     84     68     91     53  
Net income    445     400     371     327     234  
Noncontrolling interest    14     9     5     20     9  
Net income available to common shareholders    431     391     366     307     225  
Per Common Share Data                               
Earnings                               
Basic  $ 0.62   $ 0.56   $ 0.52   $ 0.44   $ 0.32  
Diluted    0.61     0.55     0.52     0.44     0.32  
Cash dividends declared (1)    0.20     0.16     0.16     0.16     0.17  
Book value    25.51     24.98     25.07     24.37     23.86  
Tangible book value (2)    17.12     16.73     16.42     15.95     15.59  
 
End of period shares outstanding (in thousands)    698,454     697,143     697,101     696,894     696,285  
Weighted average shares (in thousands)                               
Basic    697,685     697,117     697,052     696,625     695,309  
Diluted    707,369     706,178     705,604     704,969     704,101  
Performance Ratios                               
Return on average assets    1.03  %    0.93  %    0.89  %    0.83  %    0.60  % 
Return on average common shareholders' equity    9.75     8.76     8.30     7.25     5.48  
Net interest margin - taxable equivalent    3.93     4.02     4.09     4.15     4.01  
Fee income ratio (3)    41.0     38.4     39.3     40.8     40.1  
Efficiency ratio (3)    52.0     53.5     54.6     55.8     57.1  
Credit Quality (including amounts related to covered                               
loans and covered foreclosed property)                               
Nonperforming assets as a percentage of                               
Total assets    1.50  %    1.62  %    1.98  %    2.32  %    2.69  % 
Loans and leases plus foreclosed property    2.35     2.52     3.05     3.46     3.97  
Net charge-offs as a percentage of average                               
loans and leases    1.28     1.44     1.57     1.71     1.56  
Allowance for loan and lease losses as a percentage                               
of loans and leases held for investment    2.02     2.10     2.25     2.43     2.58  
Ratio of allowance for loan and lease losses to                               
nonperforming loans and leases held for investment    1.18  X    1.21  X    1.20  X    1.22  X    1.09  X 
Average Balances                               
Total assets  $ 173,969   $ 171,496   $ 165,520   $ 157,730   $ 156,931  
Total securities (4)    36,589     35,867     31,567     27,060     25,059  
Loans and leases    110,403     108,523     105,658     104,341     105,294  
Deposits    124,606     121,925     115,056     106,466     105,614  
Shareholders' equity    17,829     17,755     17,551     17,072     16,673  
Period-End Balances                               
Total assets  $ 174,752   $ 174,579   $ 167,677   $ 159,310   $ 157,039  
Total securities (4)    37,865     36,407     32,784     27,961     26,220  
Loans and leases    110,686     111,205     107,449     105,350     104,887  
Deposits    124,157     124,939     117,567     108,064     106,913  
Shareholders' equity    17,882     17,480     17,541     17,049     16,670  
Capital Ratios (5)                               
Risk-based                               
Tier 1    12.7  %    12.5  %    12.6  %    12.4  %    12.1  % 
Total    16.2     15.7     16.1     16.1     15.8  
Leverage    9.1     9.0     9.2     9.5     9.3  
Tangible common equity (2)    7.1     6.9     7.1     7.2     7.2  
Tier 1 common equity to risk-weighted assets (2)    10.0     9.7     9.8     9.6     9.3  

 

Applicable ratios are annualized. 
(1)  BB&T Corporation declared a special one-time dividend of $0.01 per common share in the first quarter of 2011. 
(2) 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 18 of this supplement. 
(3) 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 19 of this supplement. See Non-GAAP reconciliations on page 20 of this supplement. 
(4) Total securities includes securities available for sale (AFS) and securities held to maturity (HTM). Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. 
(5) Current regulatory capital information is preliminary. 

 

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2


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

 

    Year-to-Date          
    March 31   Change  
    2012   2011   $   %  
Interest Income                   
Interest and fees on loans and leases  $ 1,502 $  1,520 $  (18 )  (1.2 ) % 
Interest and dividends on securities    234   150   84   56.0  
Interest on other earning assets    7   6   1   16.7  
Total interest income    1,743   1,676   67   4.0  
Interest Expense                   
Interest on deposits    121   171   (50 )  (29.2 ) 
Interest on federal funds purchased, securities sold under                   
repurchase agreements and short-term borrowed funds    1   4   (3 )  (75.0 ) 
Interest on long-term debt    185   216   (31 )  (14.4 ) 
Total interest expense    307   391   (84 )  (21.5 ) 
Net interest income    1,436   1,285   151   11.8  
Provision for credit losses    288   340   (52 )  (15.3 ) 
Net interest income after provision for credit loss    1,148   945   203   21.5  
Noninterest income                   
Insurance income    271   250   21   8.4  
Service charges on deposits    137   135   2   1.5  
Mortgage banking income    216   95   121   127.4  
Investment banking and brokerage fees and commissions    89   87   2   2.3  
Checkcard fees    43   72   (29 )  (40.3 ) 
Bankcard fees and merchant discounts    54   46   8   17.4  
Trust and investment advisory revenues    45   43   2   4.7  
Income from bank-owned life insurance    30   30   -    -   
FDIC loss share income, net    (57 )  (58 )  1   (1.7 ) 
Securities gains (losses), net    (9 )  -    (9 )  NM  
Other income    52   14   38   NM  
Total noninterest income    871   714   157   22.0  
Noninterest Expense                   
Personnel expense    730   694   36   5.2  
Foreclosed property expense    92   143   (51 )  (35.7 ) 
Occupancy and equipment expense    153   154   (1 )  (0.6 ) 
Loan processing expenses    63   56   7   12.5  
Regulatory charges    41   61   (20 )  (32.8 ) 
Professional services    35   31   4   12.9  
Software expense    32   26   6   23.1  
Amortization of intangibles    22   26   (4 )  (15.4 ) 
Merger-related and restructuring charges, net    12   (2 )  14   NM  
Other expenses    205   183   22   12.0  
Total noninterest expense    1,385   1,372   13   0.9  
Earnings                   
Income before income taxes    634   287   347   120.9  
Provision for income taxes    189   53   136   NM  
Net Income    445   234   211   90.2  
Noncontrolling interest    14   9   5   55.6  
Net income available to common shareholders  $ 431 $  225 $  206   91.6  % 
 
Earnings Per Common Share                   
Basic  $ 0.62 $  0.32 $  0.30   93.8  % 
Diluted    0.61   0.32   0.29   90.6  
 
Weighted Average Shares Outstanding                   
Basic    697,685   695,309   2,376   0.3  
Diluted    707,369   704,101   3,268   0.5  
NM - not meaningful.                   

 

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3


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
  2012 2011 2011 2011 2011
Interest Income                               
Interest and fees on loans and leases  $  1,502   $  1,530   $  1,546   $  1,523   $  1,520  
Interest and dividends on securities    234     235     199     163     150  
Interest on other earning assets    7     4     5     4     6  
Total interest income    1,743     1,769     1,750     1,690     1,676  
Interest Expense                               
Interest on deposits    121     137     150     152     171  
Interest on federal funds purchased, securities sold under                               
repurchase agreements and short-term borrowed funds    1     1     3     3     4  
Interest on long-term debt    185     179     181     181     216  
Total interest expense    307     317     334     336     391  
Net interest income    1,436     1,452     1,416     1,354     1,285  
Provision for credit losses    288     272     250     328     340  
Net interest income after provision for credit loss    1,148     1,180     1,166     1,026     945  
Noninterest income                               
Insurance income    271     254     241     299     250  
Service charges on deposits    137     142     141     145     135  
Mortgage banking income    216     135     123     83     95  
Investment banking and brokerage fees and commissions    89     75     81     90     87  
Checkcard fees    43     42     78     79     72  
Bankcard fees and merchant discounts    54     55     51     52     46  
Trust and investment advisory revenues    45     42     43     45     43  
Income from bank-owned life insurance    30     30     33     29     30  
FDIC loss share income, net    (57 )    (46 )    (104 )    (81 )    (58 ) 
Securities gains (losses), net    (9 )    103     (39 )    (2 )    -   
Other income    52     90     42     48     14  
Total noninterest income    871     922     690     787     714  
Noninterest Expense                               
Personnel expense    730     679     671     683     694  
Foreclosed property expense    92     346     168     145     143  
Occupancy and equipment expense    153     159     151     152     154  
Loan processing expenses    63     59     55     57     56  
Regulatory charges    41     46     46     59     61  
Professional services    35     49     56     38     31  
Software expense    32     33     30     29     26  
Amortization of intangibles    22     24     24     25     26  
Merger-related and restructuring charges, net    12     16     -      2     (2 ) 
Other expenses    205     207     216     205     183  
Total noninterest expense    1,385     1,618     1,417     1,395     1,372  
Earnings                               
Income before income taxes    634     484     439     418     287  
Provision for income taxes    189     84     68     91     53  
Net Income    445     400     371     327     234  
Noncontrolling interest    14     9     5     20     9  
Net income available to common shareholders  $  431   $  391   $  366   $  307   $  225  
 
Earnings Per Common Share                               
Basic  $  0.62   $  0.56   $  0.52   $  0.44   $  0.32  
Diluted    0.61     0.55     0.52     0.44     0.32  
 
Weighted Average Shares Outstanding                               
Basic    697,685     697,117     697,052     696,625     695,309  
Diluted    707,369     706,178     705,604     704,969     704,101  

 

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4


BB&T Corporation
Lines of Business Financial Performance (1)
Year-To-Date March 31, 2012 and 2011
(Dollars in millions) 

 

Residential Dealer
  Community Banking     Mortgage Banking     Financial Services     Specialized Lending    
  March 31 March 31 Percent March 31 March 31 Percent March 31 March 31 Percent March 31 March 31 Percent
  2012 2011 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change
Net interest income (expense)  $ 506  $ 469  7.9  %  $  278   $ 254   9.4  %  $  210   $ 210   -   %  $  167   $ 150   11.3  %
Net intersegment interest income                                                           
(expense)    356    430  (17.2 )   (191 )    (183 ) 4.4     (59 )   (73 )  (19.2 )   (44 )   (45 ) (2.2 )
Net interest income (expense)                                                           
and intersegment    862    899  (4.1 )   87      71   22.5     151      137   10.2     123      105   17.1  
Allocated provision for loan                                                           
and lease losses    255    204  25.0     (22 )    79   (127.8 )    27      33   (18.2 )   27      4   NM  
Noninterest income    268    193  38.9     195      75   160.0     2      2   -      52      50   4.0  
Intersegment net referral fees                                                             
(expense)    39    33  18.2     -       -    NM     -      -    NM     -      -    NM  
Noninterest expense    487    538  (9.5 )   85      63   34.9     25      22   13.6     63      55   14.5  
Amortization of intangibles    9    13  (30.8 )   -      -    NM     -      -    NM     1      1   -   
Allocated corporate expenses    256    226  13.3     14      12   16.7     9      9   -      19      15   26.7  
Income (loss) before income taxes    162    144  12.5     205      (8 ) NM     92      75   22.7     65      80   (18.8 )
Provision (benefit) for income                                                             
taxes    57    51  11.8     77      (3 ) NM     35      28   25.0     12      17   (29.4 )
Segment net income (loss)  $  105  $ 93  12.9   $  128     $ (5 ) NM   $  57     $ 47   21.3   $  53     $ 63   (15.9 )
                                                             
Identifiable segment assets                                                             
(period end)  $ 60,750  $ 62,295  (2.5 ) $  25,288  $   21,669   16.7   $  10,050  $   9,480   6.0   $  16,891     $ 14,407   17.2  
                                                             
 
                              Other, Treasury     Total BB&T    
  Insurance Services     Financial Services     & Corporate (2)     Corporation    
  March 31 March 31 Percent March 31 March 31 Percent March 31 March 31 Percent March 31 March 31 Percent
     2012 2011 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change
Net interest income (expense)  $ 1   $ 1  -   % $  27   $ 23   17.4  %  $  247   $ 178   38.8  %  $  1,436   $ 1,285   11.8  %
Net intersegment interest income                                                             
(expense)    1    2  (50.0 )   80      56   42.9     (143 )   (187 ) (23.5 )   -       -    NM  
Net interest income (expense)                                                             
and intersegment    2    3  (33.3 )   107      79   35.4     104      (9 ) NM     1,436       1,285   11.8  
Allocated provision for loan                                                             
and lease losses    -    -  NM     14      (9 )  NM     (13 )    29   (144.8 )   288      340   (15.3 ) 
Noninterest income    270    249  8.4     178      166   7.2     (94 )  (21 ) NM     871      714   22.0  
Intersegment net referral fees                                                             
(expense)    -    -  NM     6      5   20.0     (45 )  (38 ) 18.4     -      -    NM  
Noninterest expense    212    195  8.7     153      143   7.0     338      330   2.4     1,363      1,346   1.3  
Amortization of intangibles    10    10  -     1      1   -     1      1   -      22      26   (15.4 ) 
Allocated corporate expenses    20    17  17.6     23      13   76.9     (341 )    (292 ) 16.8     -       -    NM  
Income (loss) before income taxes    30    30  -     100      102   (2.0 )    (20 )    (136 )  (85.3 )   634      287   120.9  
Provision (benefit) for income                                                             
taxes    7    9  (22.2 )   37      37   -      (36 )   (86 ) (58.1 )   189      53   NM  
Segment net income (loss)  $ 23  $ 21  9.5   $  63     $ 65   (3.1 ) $  16     $ (50 ) (132.0 ) $  445     $ 234   90.2  
                                                             
Identifiable segment assets                                                             
(period end)  $ 2,311  $ 2,252  2.6   $  7,790     $ 5,874   32.6   $  51,672     $ 41,062   25.8   $  174,752     $ 157,039   11.3  

 

(1)  Lines of business results are preliminary. 
(2)  Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. 
NM - not meaningful. 

 

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5


BB&T Corporation
Lines of Business Financial Performance - Five Quarter Trend (1)
(Dollars in millions) 

 

    Quarter Ended  
Community Banking    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  506   $  499   $  486   $  483    $ 469  
Net intersegment interest income (expense)    356     388     405     419     430  
Net interest income (expense) and intersegment    862     887     891     902     899  
                               
Allocated provision for loan and lease losses    255     118     142     125     204  
Noninterest income    268     242     284     298     193  
Intersegment net referral fees (expense)    39     40     32     28     33  
Noninterest expense    487     740     549     526     538  
Amortization of intangibles    9     11     11     12     13  
Allocated corporate expenses    256     225     224     224     226  
                               
Income (loss) before income taxes    162     75     281     341     144  
Provision (benefit) for income taxes    57     24     102     125     51  
Segment net income (loss)  $  105   $  51   $  179   $  216   $  93  
                               
Identifiable segment assets (period end)  $  60,750   $  61,072   $  61,008   $  61,410   $  62,295  
                               
    Quarter Ended  
Residential Mortgage Banking    March 31     Dec. 31     Sept. 30     June 30   March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  278   $  272   $  255   $  244    $ 254  
Net intersegment interest income (expense)    (191 )    (187 )    (182 )    (182 )    (183 ) 
Net interest income (expense) and intersegment    87     85     73     62     71  
                               
Allocated provision for loan and lease losses    (22 )    39     56     146     79  
Noninterest income    195     111     100     63     75  
Intersegment net referral fees (expense)    -      -      -      -      -   
Noninterest expense    85     86     78     69     63  
Amortization of intangibles    -      -      -      -      -   
Allocated corporate expenses    14     12     12     12     12  
                               
Income (loss) before income taxes    205     59     27     (102 )    (8 ) 
Provision (benefit) for income taxes    77     22     10     (38 )    (3 ) 
Segment net income (loss)  $  128   $  37   $  17   $  (64 )    $ (5 ) 
                               
Identifiable segment assets (period end)  $  25,288   $  25,471   $  23,270   $  21,625    $ 21,669  
                               
    Quarter Ended  
Dealer Financial Services    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  210   $  213   $  217   $  212    $ 210  
Net intersegment interest income (expense)    (59 )    (62 )    (67 )    (68 )    (73 ) 
Net interest income (expense) and intersegment    151     151     150     144     137  
                               
Allocated provision for loan and lease losses    27     42     24     26     33  
Noninterest income    2     1     2     2     2  
Intersegment net referral fees (expense)    -      -      -      -      -   
Noninterest expense    25     23     22     23     22  
Amortization of intangibles    -      -      -      1     -   
Allocated corporate expenses    9     9     10     10     9  
                               
Income (loss) before income taxes    92     78     96     86     75  
Provision (benefit) for income taxes    35     29     36     33     28  
Segment net income (loss)  $  57   $  49   $  60   $  53   $  47  
                               
Identifiable segment assets (period end)  $  10,050   $  9,874   $  9,803   $  9,681   $  9,480  
                               
    Quarter Ended  
Specialized Lending    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  167   $  167   $  164   $  155   $  150  
Net intersegment interest income (expense)    (44 )    (48 )    (47 )    (44 )    (45 ) 
Net interest income (expense) and intersegment    123     119     117     111     105  
                               
Allocated provision for loan and lease losses    27     23     27     17     4  
Noninterest income    52     57     53     50     50  
Intersegment net referral fees (expense)    -      -      -      -      -   
Noninterest expense    63     58     61     59     55  
Amortization of intangibles    1     2     1     2     1  
Allocated corporate expenses    19     15     16     15     15  
                               
Income (loss) before income taxes    65     78     65     68     80  
Provision (benefit) for income taxes    12     15     11     13     17  
Segment net income (loss)  $  53   $  63   $  54   $  55   $  63  
                               
Identifiable segment assets (period end)  $  16,891   $  16,766   $  16,089   $  15,168   $  14,407  

 

(1) Lines of business results are preliminary. 

 

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6


BB&T Corporation
Lines of Business Financial Performance - Five Quarter Trend (1)
(Dollars in millions) 

 

    Quarter Ended  
Insurance Services    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  1   $  -    $  1    $ -     $ 1  
Net intersegment interest income (expense)    1     1     2     1     2  
Net interest income (expense) and intersegment    2     1     3     1     3  
                               
Allocated provision for loan and lease losses    -      -      -      -      -   
Noninterest income    270     256     238     297     249  
Intersegment net referral fees (expense)    -      -      -      -      -   
Noninterest expense    212     187     198     206     195  
Amortization of intangibles    10     11     10     11     10  
Allocated corporate expenses    20     22     17     17     17  
                               
Income (loss) before income taxes    30     37     16     64     30  
Provision (benefit) for income taxes    7     12     5     18     9  
Segment net income (loss)  $  23   $  25   $  11    $ 46    $ 21  
                               
Identifiable segment assets (period end)  $  2,311   $  2,352   $  2,135    $ 2,343    $ 2,252  
                               
    Quarter Ended  
Financial Services    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  27   $  29   $  27    $ 28    $ 23  
Net intersegment interest income (expense)    80     80     70     60     56  
Net interest income (expense) and intersegment    107     109     97     88     79  
                               
Allocated provision for loan and lease losses    14     9     1     (2 )    (9 ) 
Noninterest income    178     183     171     173     166  
Intersegment net referral fees (expense)    6     6     5     4     5  
Noninterest expense    153     143     142     146     143  
Amortization of intangibles    1     1     -      1     1  
Allocated corporate expenses    23     14     15     13     13  
                               
Income (loss) before income taxes    100     131     115     107     102  
Provision (benefit) for income taxes    37     48     42     40     37  
Segment net income (loss)  $  63   $  83   $  73    $ 67    $ 65  
                               
Identifiable segment assets (period end)  $  7,790   $  7,413   $  6,561    $ 6,233    $ 5,874  
                               
    Quarter Ended  
Other, Treasury & Corporate (2)    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  247   $  272   $  266    $ 232    $ 178  
Net intersegment interest income (expense)    (143 )    (172 )    (181 )    (186 )    (187 ) 
Net interest income (expense) and intersegment    104     100     85     46     (9 ) 
                               
Allocated provision for loan and lease losses    (13 )    41     -      16     29  
Noninterest income    (94 )    72     (158 )    (96 )    (21 ) 
Intersegment net referral fees (expense)    (45 )    (46 )    (37 )    (32 )    (38 ) 
Noninterest expense    338     357     343     341     330  
Amortization of intangibles    1     (1 )    2     (2 )    1  
Allocated corporate expenses    (341 )    (297 )    (294 )    (291 )    (292 ) 
                               
Income (loss) before income taxes    (20 )    26     (161 )    (146 )    (136 ) 
Provision (benefit) for income taxes    (36 )    (66 )    (138 )    (100 )    (86 ) 
Segment net income (loss)  $  16   $  92   $  (23 )    $ (46 )   $ (50 ) 
                               
Identifiable segment assets (period end)  $  51,672   $  51,631   $  48,811    $ 42,850    $ 41,062  
                               
    Quarter Ended  
Total BB&T Corporation    March 31     Dec. 31     Sept. 30     June 30     March 31   
    2012     2011     2011     2011     2011  
                               
Net interest income (expense)  $  1,436   $  1,452   $  1,416    $ 1,354    $ 1,285  
Net intersegment interest income (expense)    -      -      -      -      -   
Net interest income (expense) and intersegment    1,436     1,452     1,416     1,354     1,285  
                               
Allocated provision for loan and lease losses    288     272     250     328     340  
Noninterest income    871     922     690     787     714  
Intersegment net referral fees (expense)    -      -      -      -      -   
Noninterest expense    1,363     1,594     1,393     1,370     1,346  
Amortization of intangibles    22     24     24     25     26  
Allocated corporate expenses    -      -      -      -      -   
                               
Income (loss) before income taxes    634     484     439     418     287  
Provision (benefit) for income taxes    189     84     68     91     53  
Segment net income (loss)  $  445   $  400   $  371    $ 327    $ 234  
                               
Identifiable segment assets (period end)  $  174,752   $  174,579   $  167,677    $ 159,310    $ 157,039  

 

(1) Lines of business results are preliminary. 
(2) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. 

 

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7


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

 

    As of March 31     Change      
    2012     2011     $   %  
Assets                       
Cash and due from banks  $ 1,336   $  1,030   $  306   29.7  % 
Interest-bearing deposits with banks    2,464     865     1,599   184.9  
Federal funds sold and securities purchased under                       
resale agreements or similar arrangements    252     305     (53 )  (17.4 ) 
Segregated cash due from banks    20     153     (133 )  (86.9 ) 
Trading securities at fair value    589     730     (141 )  (19.3 ) 
Securities available for sale at fair value (1)    24,380     17,887     6,493   36.3  
Securities held to maturity    13,485     8,333     5,152   61.8  
Loans and leases:                       
Commercial loans and leases                       
Commercial and industrial    36,156     33,587     2,569   7.6  
Commercial real estate—other    10,543     11,277     (734 )  (6.5 ) 
Commercial real estate—residential ADC (2)    1,823     3,061     (1,238 )  (40.4 ) 
Direct retail lending    14,862     13,612     1,250   9.2  
Sales finance loans    7,587     7,121     466   6.5  
Revolving credit loans    2,159     2,063     96   4.7  
Residential mortgage loans    21,513     18,228     3,285   18.0  
Other lending subsidiaries    8,951     7,767     1,184   15.2  
Other acquired loans    35     56     (21 )  (37.5 ) 
Total loans and leases held for investment (excluding covered loans)    103,629     96,772     6,857   7.1  
Covered loans    4,532     5,803     (1,271 )  (21.9 ) 
Total loans and leases held for investment    108,161     102,575     5,586   5.4  
Loans held for sale    2,525     2,312     213   9.2  
Total loans and leases    110,686     104,887     5,799   5.5  
Allowance for loan and lease losses    (2,181 )    (2,641 )    460   (17.4 ) 
FDIC loss share receivable    949     1,580     (631 )  (39.9 ) 
Premises and equipment    1,822     1,830     (8 )  (0.4 ) 
Goodwill    6,077     6,014     63   1.0  
Core deposit and other intangible assets    422     483     (61 )  (12.6 ) 
Residential mortgage servicing rights at fair value    696     928     (232 )  (25.0 ) 
Other assets (3)    13,755     14,655     (900 )  (6.1 ) 
Total assets  $ 174,752   $  157,039   $  17,713   11.3  % 
Liabilities and Shareholders' Equity                       
Deposits:                       
Noninterest-bearing deposits  $ 27,410   $  21,864   $  5,546   25.4  % 
Interest checking    20,318     17,701     2,617   14.8  
Money market and savings    46,759     40,388     6,371   15.8  
Certificates and other time deposits    29,648     25,952     3,696   14.2  
Foreign office deposits - interest-bearing    22     1,008     (986 )  (97.8 ) 
Total deposits    124,157     106,913     17,244   16.1  
Fed funds purchased, repos and other borrowings    3,436     5,186     (1,750 )  (33.7 ) 
Long-term debt    22,768     22,591     177   0.8  
Other liabilities    6,509     5,679     830   14.6  
Total liabilities    156,870     140,369     16,501   11.8  
Shareholders' equity:                       
Common stock    3,492     3,481     11   0.3  
Additional paid-in capital    5,880     5,794     86   1.5  
Retained earnings    9,064     8,042     1,022   12.7  
Accumulated other comprehensive loss    (616 )    (706 )    90   (12.7 ) 
Noncontrolling interest    62     59     3   5.1  
Total shareholders' equity    17,882     16,670     1,212   7.3  
Total liabilities and shareholders' equity  $ 174,752   $  157,039   $  17,713   11.3  % 

 

(1) Includes $1.6 billion and $1.7 billion at March 31, 2012 and 2011, respectively, covered by FDIC loss sharing agreements. 
(2) Commercial real estate - residential ADC represents residential acquisition, development and construction loans. 
(3) Includes $403 million and $401 million of foreclosed property and other assets covered by FDIC loss sharing agreements at March 31, 2012 and 2011, respectively. 

 

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8


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

 

    As of  
    March 31     Dec. 31     Sept. 30     June 30     March 31  
    2012     2011     2011     2011     2011  
Assets                               
Cash and due from banks  $ 1,336   $ 1,562   $ 1,312   $  1,199   $ 1,030  
Interest-bearing deposits with banks    2,464     2,646     2,907     1,337     865  
Federal funds sold and securities purchased under                               
resale agreements or similar arrangements    252     136     185     250     305  
Segregated cash due from banks    20     20     19     19     153  
Trading securities at fair value    589     534     428     564     730  
Securities available for sale at fair value (1)    24,380     22,313     24,649     19,409     17,887  
Securities held to maturity    13,485     14,094     8,135     8,552     8,333  
Loans and leases:                               
Commercial loans and leases                               
Commercial and industrial    36,156     36,415     34,817     34,166     33,587  
Commercial real estate—other    10,543     10,689     10,931     11,134     11,277  
Commercial real estate—residential ADC    1,823     2,061     2,414     2,689     3,061  
Direct retail lending    14,862     14,467     13,882     13,679     13,612  
Sales finance loans    7,587     7,401     7,265     7,236     7,121  
Revolving credit loans    2,159     2,212     2,128     2,091     2,063  
Residential mortgage loans    21,513     20,581     19,361     18,372     18,228  
Other lending subsidiaries    8,951     8,737     8,636     8,464     7,767  
Other acquired loans    35     39     47     50     56  
Total loans and leases held for investment (excluding covered loans)    103,629     102,602     99,481     97,881     96,772  
Covered loans    4,532     4,867     5,222     5,504     5,803  
Total loans and leases held for investment    108,161     107,469     104,703     103,385     102,575  
Loans held for sale    2,525     3,736     2,746     1,965     2,312  
Total loans and leases    110,686     111,205     107,449     105,350     104,887  
Allowance for loan and lease losses    (2,181 )    (2,256 )    (2,355 )    (2,516 )    (2,641 ) 
FDIC loss share receivable    949     1,100     1,221     1,446     1,580  
Premises and equipment    1,822     1,855     1,864     1,846     1,830  
Goodwill    6,077     6,078     6,016     6,016     6,014  
Core deposit and other intangible assets    422     444     433     457     483  
Residential mortgage servicing rights at fair value    696     563     573     879     928  
Other assets (2)    13,755     14,285     14,841     14,502     14,655  
Total assets  $ 174,752   $ 174,579   $ 167,677   $  159,310   $ 157,039  
Liabilities and Shareholders' Equity                               
Deposits:                               
Noninterest-bearing deposits  $ 27,410   $ 25,684   $ 24,557   $  22,507   $ 21,864  
Interest checking    20,318     20,701     18,971     18,660     17,701  
Money market and savings    46,759     44,618     43,858     39,356     40,388  
Certificates and other time deposits    29,648     33,899     30,142     26,865     25,952  
Foreign office deposits - interest-bearing    22     37     39     676     1,008  
Total deposits    124,157     124,939     117,567     108,064     106,913  
Fed funds purchased, repos and other borrowings    3,436     3,566     3,953     4,842     5,186  
Long-term debt    22,768     21,803     22,153     23,380     22,591  
Other liabilities    6,509     6,791     6,463     5,975     5,679  
Total liabilities    156,870     157,099     150,136     142,261     140,369  
Shareholders' equity:                               
Common stock    3,492     3,486     3,486     3,484     3,481  
Additional paid-in capital    5,880     5,873     5,856     5,830     5,794  
Retained earnings    9,064     8,772     8,493     8,241     8,042  
Accumulated other comprehensive loss    (616 )    (713 )    (356 )    (574 )    (706 ) 
Noncontrolling interest    62     62     62     68     59  
Total shareholders' equity    17,882     17,480     17,541     17,049     16,670  
Total liabilities and shareholders' equity  $ 174,752   $ 174,579   $ 167,677   $  159,310   $ 157,039  

 

(1) Includes $1.6 billion, $1.6 billion, $1.7 billion, $1.7 billion and $1.7 billion at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, covered by FDIC loss sharing agreements. 
(2) Includes $403 million, $415 million, $387 million, $390 million and $401 million of foreclosed property and other assets covered by FDIC loss sharing agreements at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. 

 

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9


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

 

    Year-to-Date          
    March 31   Change  
    2012    2011    $   %  
Assets                   
Total securities, at amortized cost (1)                   
U.S. government-sponsored entities (GSE)  $ 820  $  93  $  727   NM  %
Mortgage-backed securities issued by GSE    31,742    20,409    11,333   55.5  
States and political subdivisions    1,858    1,969    (111 )  (5.6 ) 
Non-agency mortgage-backed securities    411    595    (184 )  (30.9 ) 
Other securities    532    750    (218 )  (29.1 ) 
Covered securities    1,226    1,243    (17 )  (1.4 ) 
Total securities    36,589    25,059    11,530   46.0  
Other earning assets    3,502    2,978    524   17.6  
Loans and leases                   
Commercial loans and leases                   
Commercial and industrial    36,021    33,433    2,588   7.7  
Commercial real estate—other    10,678    11,368    (690 )  (6.1 ) 
Commercial real estate—residential ADC    1,989    3,281    (1,292 )  (39.4 ) 
Direct retail lending    14,674    13,672    1,002   7.3  
Sales finance loans    7,516    7,080    436   6.2  
Revolving credit loans    2,175    2,082    93   4.5  
Residential mortgage loans    21,056    17,926    3,130   17.5  
Other lending subsidiaries    8,668    7,797    871   11.2  
Other acquired loans    38    57    (19 )  (33.3 ) 
Total loans and leases held for investment                   
                 (excluding covered loans)    102,815    96,696    6,119   6.3  
Covered loans    4,672    5,927    (1,255 )  (21.2 ) 
Total loans and leases held for investment    107,487    102,623    4,864   4.7  
Loans held for sale    2,916    2,671    245   9.2  
Total loans and leases    110,403    105,294    5,109   4.9  
Total earning assets    150,494    133,331    17,163   12.9  
Nonearning assets    23,475    23,600    (125 )  (0.5 ) 
Total assets  $ 173,969  $  156,931  $  17,038   10.9  % 
Liabilities and Shareholders' Equity                   
Deposits                   
Noninterest-bearing deposits  $ 26,173  $  20,990  $  5,183   24.7  % 
Interest checking    19,712    17,622    2,090   11.9  
Money market and savings    45,667    38,724    6,943   17.9  
Certificates and other time deposits    32,942    26,815    6,127   22.8  
Foreign office deposits - interest-bearing    112    1,463    (1,351 )  (92.3 ) 
Total deposits    124,606    105,614    18,992   18.0  
Fed funds purchased, repos and other borrowings    3,452    7,286    (3,834 )  (52.6 ) 
Long-term debt    21,720    21,879    (159 )  (0.7 ) 
Other liabilities    6,362    5,479    883   16.1  
Total liabilities    156,140    140,258    15,882   11.3  
Shareholders' equity    17,829    16,673    1,156   6.9  
Total liabilities and shareholders' equity  $ 173,969  $  156,931  $  17,038   10.9  % 

 

Average balances exclude basis adjustments for fair value hedges. 
(1) Total securities include securities available for sale and securities held to maturity. 
NM - not meaningful. 

 

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10


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

 

            Quarter Ended       
    March 31    Dec. 31    Sept. 30    June 30    March 31 
    2012    2011    2011    2011    2011 
Assets                     
Total securities, at amortized cost (1)                     
U.S. government-sponsored entities (GSE)  $ 820  $  709  $  236  $  106  $  93 
Mortgage-backed securities issued by GSE    31,742    31,053    27,104    22,516    20,409 
States and political subdivisions    1,858    1,861    1,864    1,889    1,969 
Non-agency mortgage-backed securities    411    459    511    547    595 
Other securities    532    544    598    745    750 
Covered securities    1,226    1,241    1,254    1,257    1,243 
Total securities    36,589    35,867    31,567    27,060    25,059 
Other earning assets    3,502    2,974    4,034    2,834    2,978 
Loans and leases                     
Commercial loans and leases                     
Commercial and industrial    36,021    35,232    34,280    33,647    33,433 
Commercial real estate—other    10,678    10,839    11,069    11,287    11,368 
Commercial real estate—residential ADC    1,989    2,298    2,576    2,933    3,281 
Direct retail lending    14,674    14,141    13,754    13,629    13,672 
Sales finance loans    7,516    7,308    7,234    7,184    7,080 
Revolving credit loans    2,175    2,159    2,109    2,070    2,082 
Residential mortgage loans    21,056    20,051    18,818    18,311    17,926 
Other lending subsidiaries    8,668    8,627    8,652    8,029    7,797 
Other acquired loans    38    42    48    53    57 
Total loans and leases held for investment (excluding covered loans)    102,815    100,697    98,540    97,143    96,696 
Covered loans    4,672    5,109    5,342    5,625    5,927 
Total loans and leases held for investment    107,487    105,806    103,882    102,768    102,623 
Loans held for sale    2,916    2,717    1,776    1,573    2,671 
Total loans and leases    110,403    108,523    105,658    104,341    105,294 
                Total earning assets    150,494    147,364    141,259    134,235    133,331 
Nonearning assets    23,475    24,132    24,261    23,495    23,600 
Total assets  $ 173,969  $  171,496  $  165,520  $  157,730  $  156,931 
Liabilities and Shareholders' Equity                     
Deposits                     
Noninterest-bearing deposits  $ 26,173  $  25,216  $  23,370  $  22,151  $  20,990 
Interest checking    19,712    19,467    19,004    18,337    17,622 
Money market and savings    45,667    44,789    42,174    39,388    38,724 
Certificates and other time deposits    32,942    32,290    30,140    25,977    26,815 
Foreign office deposits - interest-bearing    112    163    368    613    1,463 
Total deposits    124,606    121,925    115,056    106,466    105,614 
Fed funds purchased, repos and other borrowings    3,452    3,727    4,307    5,486    7,286 
Long-term debt    21,720    21,689    22,347    23,114    21,879 
Other liabilities    6,362    6,400    6,259    5,592    5,479 
Total liabilities    156,140    153,741    147,969    140,658    140,258 
Shareholders' equity    17,829    17,755    17,551    17,072    16,673 
Total liabilities and shareholders' equity  $ 173,969  $  171,496  $  165,520  $  157,730  $  156,931 

 

Average balances exclude basis adjustments for fair value hedges. 
(1) Total securities include securities available for sale and securities held to maturity. 
 

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11


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

 

    Quarter Ended  
    March 31, 2012   December 31, 2011  
    (1) Interest (2)   (1) Interest (2)  
    Average  Income/ Yields/   Average Income/ Yields/  
    Balances Expense Rates   Balances Expense Rates   
Assets                               
Total securities, at amortized cost (3)                               
U.S. government-sponsored entities (GSE)  $ 820   $  3  1.54  %   $  709   $  2  1.57  %
Mortgage-backed securities issued by GSE    31,742     174  2.20       31,053     164  2.12  
States and political subdivisions    1,858     27  5.84       1,861     28  5.82  
Non-agency mortgage-backed securities    411     6  5.98       459     8  7.26  
Other securities    532     2  1.64       544     2  1.61  
Covered securities    1,226     34  11.02       1,241     43  13.89  
Total securities    36,589     246  2.70       35,867     247  2.76  
Other earning assets    3,502     7  0.76       2,974     4  0.57  
Loans and leases                               
Commercial loans and leases                               
Commercial and industrial    36,021     362  4.04       35,232     368  4.14  
Commercial real estate—other    10,678     101  3.81       10,839     105  3.82  
Commercial real estate—residential ADC    1,989     18  3.58       2,298     20  3.46  
Direct retail lending    14,674     178  4.89       14,141     179  5.03  
Sales finance loans    7,516     80  4.27       7,308     84  4.56  
Revolving credit loans    2,175     46  8.51       2,159     48  8.68  
Residential mortgage loans    21,056     239  4.54       20,051     232  4.65  
Other lending subsidiaries    8,668     249  11.53       8,627     247  11.36  
Other acquired loans    38     4  39.18       42     4  37.22  
Total loans and leases held for investment                               
(excluding covered loans)    102,815     1,277  4.99       100,697     1,287  5.08  
Covered loans    4,672     224  19.32       5,109     244  18.96  
Total loans and leases held for investment    107,487     1,501  5.61       105,806     1,531  5.75  
Loans held for sale    2,916     26  3.62       2,717     25  3.71  
Total loans and leases    110,403     1,527  5.56       108,523     1,556  5.69  
                Total earning assets    150,494     1,780  4.75       147,364     1,807  4.88  
Nonearning assets    23,475               24,132          
Total assets  $ 173,969             $ 171,496          
 
Liabilities and Shareholders' Equity                               
Interest-bearing deposits                               
Interest checking  $ 19,712     6  0.13     $  19,467     7  0.15  
Money market and savings    45,667     22  0.19       44,789     24  0.21  
Certificates and other time deposits    32,942     93  1.13       32,290     106  1.30  
Foreign office deposits - interest-bearing    112     -  0.03       163     -  0.03  
Total interest-bearing deposits    98,433     121  0.49       96,709     137  0.56  
Fed funds purchased, repos and other borrowings    3,452     1  0.23       3,727     2  0.24  
Long-term debt    21,720     185  3.41       21,689     179  3.28  
Total interest-bearing liabilities    123,605     307  1.00       122,125     318  1.04  
Noninterest-bearing deposits    26,173               25,216          
Other liabilities    6,362               6,400          
Shareholders' equity    17,829               17,755          
Total liabilities and shareholders' equity  $ 173,969             $  171,496          
 
Average interest-rate spread            3.75               3.84  
 
Net interest income/ net interest margin        $  1,473  3.93  %          $  1,489  4.02  % 
 
Taxable-equivalent adjustment        $  37              $  37     

 

Applicable ratios are annualized. 
(1) Excludes basis adjustments for fair value hedges. 
(2) Yields are on a fully taxable-equivalent basis. 
(3) Total securities include securities available for sale and securities held to maturity. 

 

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12


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

 

                  Quarter Ended                     
    September 30, 2011   June 30, 2011        March 31, 2011  
  (1) Interest (2) (1) Interest (2) (1)   Interest (2)
  Average Income/ Yields/ Average Income/  Yields/ Average   Income/ Yields/
  Balances Expense  Rates Balances Expense Rates Balances    Expense Rates
Assets                                             
Total securities, at amortized cost (3)                                             
U.S. government-sponsored entities (GSE)  $ 236   $  1  0.88  %  $ 106   $  -  1.91  % $ 93   $  1  2.41  %
Mortgage-backed securities issued by GSE    27,104     129  1.89     22,516     95  1.69     20,409       84  1.65  
States and political subdivisions    1,864     26  5.78     1,889     28  5.74     1,969       27  5.55  
Non-agency mortgage-backed securities    511     9  6.90     547     8  6.44     595       10  6.38  
Other securities    598     2  1.55     745     3  1.49     750       3  1.56  
Covered securities    1,254     45  14.21     1,257     43  13.66     1,243       37  12.06  
Total securities    31,567     212  2.68     27,060     177  2.62     25,059       162  2.59  
Other earning assets    4,034     6  0.51     2,834     4  0.62     2,978       6  0.80  
Loans and leases                                             
Commercial loans and leases                                             
Commercial and industrial    34,280     363  4.21     33,647     356  4.25     33,433       359  4.35  
Commercial real estate—other    11,069     105  3.78     11,287     107  3.79     11,368       108  3.84  
Commercial real estate—residential ADC    2,576     23  3.53     2,933     26  3.56     3,281       28  3.50  
Direct retail lending    13,754     177  5.10     13,629     175  5.15     13,672       174  5.17  
Sales finance loans    7,234     87  4.78     7,184     90  4.99     7,080       91  5.23  
Revolving credit loans    2,109     46  8.77     2,070     45  8.75     2,082       46  8.90  
Residential mortgage loans    18,818     228  4.83     18,311     219  4.80     17,926       223  4.97  
Other lending subsidiaries    8,652     246  11.28     8,029     233  11.68     7,797       227  11.76  
Other acquired loans    48     4  33.74     53     5  34.52     57       4  31.68  
Total loans and leases held for investment                                             
(excluding covered loans)    98,540     1,279  5.16     97,143     1,256  5.19     96,696       1,260  5.27  
Covered loans    5,342     273  20.29     5,625     274  19.47     5,927       262  17.96  
Total loans and leases held for investment    103,882     1,552  5.94     102,768     1,530  5.97     102,623       1,522  6.00  
Loans held for sale    1,776     18  3.98     1,573     16  4.01     2,671       23  3.48  
Total loans and leases    105,658     1,570  5.91     104,341     1,546  5.94     105,294       1,545  5.94  
                Total earning assets    141,259     1,788  5.03     134,235     1,727  5.16     133,331       1,713  5.19  
Nonearning assets    24,261             23,495             23,600            
Total assets  $ 165,520           $ 157,730           $ 156,931            
 
Liabilities and Shareholders' Equity                                             
Interest-bearing deposits                                             
Interest checking  $ 19,004     8  0.16   $ 18,337     8  0.16   $ 17,622       7  0.17  
Money market and savings    42,174     30  0.29     39,388     35  0.35     38,724       40  0.42  
Certificates and other time deposits    30,140     112  1.47     25,977     111  1.72     26,815       124  1.88  
Foreign office deposits - interest-bearing    368     -  0.04     613     (2) (0.97 )    1,463       -  (0.26  ) 
Total interest-bearing deposits    91,686     150  0.65     84,315     152  0.72     84,624       171  0.82  
Fed funds purchased, repos and other borrowings    4,307     3  0.31     5,486     4  0.22     7,286       5  0.30  
Long-term debt    22,347     181  3.22     23,114     181  3.14     21,879       216  3.97  
Total interest-bearing liabilities    118,340      334  1.12     112,915     337  1.19     113,789       392  1.39  
Noninterest-bearing deposits    23,370             22,151             20,990            
Other liabilities    6,259             5,592             5,479            
Shareholders' equity    17,551             17,072             16,673            
Total liabilities and shareholders' equity  $ 165,520           $ 157,730           $ 156,931            
 
Average interest-rate spread            3.91             3.97               3.80  
 
Net interest income/ net interest margin        $  1,454  4.09  %       $  1,390  4.15  %          $  1,321  4.01  %
 
Taxable-equivalent adjustment        $  38             $  36              $  36     

 

Applicable ratios are annualized.
(1)   Excludes basis adjustments for fair value hedges.
(2)   Yields are on a fully taxable-equivalent basis.
(3) Total securities include securities available for sale and securities held to maturity.

 

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13


BB&T Corporation
Credit Quality
(Dollars in millions) 

 

            As of         
    March 31    Dec. 31    Sept. 30    June 30    March 31 
    2012    2011    2011    2011    2011 
Nonperforming assets (1)                     
Nonaccrual loans and leases                     
Commercial loans and leases                     
Commercial and industrial  $ 685  $  582  $  579  $  611  $ 594 
Commercial real estate—other    312    394    438    467    508 
Commercial real estate—residential ADC    312    376    428    460    568 
Direct retail lending    139    142    151    172    182 
Sales finance loans    15    7    7    7    9 
Residential mortgage loans (6)    320    308    298    292    511 
Other lending subsidiaries    60    63    56    52    55 
Total nonaccrual loans and leases held for investment    1,843    1,872    1,957    2,061    2,427 
Loans held for sale    -     -     26    116    189 
Total nonaccrual loans and leases    1,843    1,872    1,983    2,177    2,616 
Foreclosed real estate (2)    378    536    950    1,147    1,211 
Other foreclosed property    35    42    36    29    36 
Total nonperforming assets (excluding covered assets) (2)  $ 2,256  $  2,450  $  2,969  $  3,353  $ 3,863 
Performing troubled debt restructurings (TDRs) (3)                     
Commercial loans and leases                     
Commercial and industrial  $ 76  $  74  $  64  $  100  $ 125 
Commercial real estate—other    82    117    124    153    233 
Commercial real estate—residential ADC    30    44    55    105    120 
Direct retail lending    117    146    141    143    146 
Sales finance loans    7    8    6    6    5 
Revolving credit loans    61    62    63    62    62 
Residential mortgage loans (7)    589    608    568    570    587 
Other lending subsidiaries    53    50    46    39    31 
Total performing TDRs (7)  $ 1,015  $  1,109  $  1,067  $  1,178  $ 1,309 
Loans 90 days or more past due and still accruing                     
Commercial loans and leases                     
Commercial and industrial  $ 2  $  2  $  1  $  4  $ 6 
Commercial real estate—other    1    -     2    4    20 
Commercial real estate—residential ADC    -     -     -     -     5 
Direct retail lending    48    55    52    59    59 
Sales finance loans    13    18    19    21    23 
Revolving credit loans    14    17    15    16    18 
Residential mortgage loans (8)(10)    72    104    91    90    124 
Other lending subsidiaries    6    5    5    7    6 
Other acquired loans    1    1    2    2    2 
Total loans 90 days past due and still accruing (excluding covered loans) (4)(8)(10)  $ 157  $  202  $  187  $  203  $ 263 
Loans 30-89 days past due                     
Commercial loans and leases                     
Commercial and industrial  $ 62  $  85  $  76  $  72  $ 137 
Commercial real estate—other    26    22    27    35    54 
Commercial real estate—residential ADC    8    14    27    25    40 
Direct retail lending    135    161    148    154    166 
Sales finance loans    50    75    67    68    67 
Revolving credit loans    20    22    23    22    24 
Residential mortgage loans (9)(11)    397    479    445    426    444 
Other lending subsidiaries    172    273    243    198    166 
Other acquired loans    -     1    1    -     1 
Total loans 30-89 days past due (excluding covered loans) (5)(9)(11)  $ 870  $  1,132  $  1,057  $  1,000  $ 1,099 

 

(1) Covered and other acquired loans are considered to be performing due to the application of the accretion method. Covered loans that are contractually past due are noted in the footnotes below. 
(2) Excludes foreclosed real estate totaling $364 million, $378 million, $355 million, $348 million and $362 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, that are covered by FDIC loss sharing agreements. 
(3) Excludes TDRs that are nonperforming totaling $263 million, $280 million, $319 million, $381 million and $479 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. These amounts are included in total nonperforming assets. 
(4) Excludes loans past due 90 days or more that are covered by FDIC loss sharing agreements totaling $677 million, $736 million, $872 million, $935 million and $1.2 billion at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. 
(5) Excludes loans past due 30-89 days that are covered by FDIC loss sharing agreements totaling $258 million, $222 million, $211 million, $308 million and $252 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. 
(6)  Includes a reduction of $231 million in mortgage loans during the second quarter of 2011 in connection with BB&T's NPL disposition strategy. 
(7) Excludes restructured mortgage loans that are government guaranteed totaling $242 million, $236 million, $214 million, $184 million, and $148 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. Includes mortgage loans held for sale. 
(8) Excludes mortgage loans past due 90 days or more that are government guaranteed totaling $218 million, $206 million, $185 million, $162 million and $187 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. Includes past due mortgage loans held for sale. 
(9) Excludes mortgage loans past due 30-89 days that are government guaranteed totaling $82 million, $91 million, $82 million, $78 million and $71 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. Includes past due mortgage loans held for sale. 
(10) Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase that are past due 90 days or more totaling $439 million, $426 million, $389 million, $389 million and $406 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. 
(11) Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase that are past due 30-89 days totaling $5 million, $7 million, $7 million, $7 million and $6 million at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively. 

 

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14


BB&T Corporation
Credit Quality
(Dollars in millions) 

 

    As of/For the Quarter Ended  
  March 31 Dec. 31 Sept. 30 June 30 March 31
  2012 2011 2011 2011 2011
Allowance for credit losses                               
Beginning balance  $ 2,285   $  2,406   $  2,575   $  2,691   $  2,755  
Provision for credit losses (excluding covered loans)    285     223     243     313     340  
Provision for covered loans    3     49     7     15     -   
Charge-offs                               
Commercial loans and leases                               
Commercial and industrial    (63 )    (81 )    (102 )    (62 )    (78 ) 
Commercial real estate—other    (73 )    (60 )    (64 )    (81 )    (68 ) 
Commercial real estate—residential ADC    (54 )    (92 )    (61 )    (78 )    (71 ) 
Direct retail lending    (57 )    (58 )    (74 )    (66 )    (78 ) 
Sales finance loans    (7 )    (8 )    (7 )    (7 )    (10 ) 
Revolving credit loans    (22 )    (21 )    (23 )    (24 )    (27 ) 
Residential mortgage loans (1)    (42 )    (45 )    (41 )    (129 )    (54 ) 
Other lending subsidiaries    (60 )    (53 )    (42 )    (43 )    (52 ) 
Covered loans    (15 )    (13 )    (53 )    -      -   
Total charge-offs    (393 )    (431 )    (467 )    (490 )    (438 ) 
Recoveries                               
Commercial loans and leases                               
Commercial and industrial    4     6     9     9     4  
Commercial real estate—other    3     3     6     6     3  
Commercial real estate—residential ADC    8     5     9     7     4  
Direct retail lending    10     10     10     8     9  
Sales finance loans    3     2     2     3     2  
Revolving credit loans    5     5     4     5     5  
Residential mortgage loans    1     2     1     1     1  
Other lending subsidiaries    7     5     7     7     6  
Total recoveries    41     38     48     46     34  
Net charge-offs    (352 )    (393 )    (419 )    (444 )    (404 ) 
Ending balance  $ 2,221   $  2,285   $  2,406   $  2,575   $  2,691  
Allowance for credit losses                               
Allowance for loan and lease losses (excluding covered loans)  $ 2,044   $  2,107   $  2,242   $  2,357   $  2,497  
Allowance for covered loans    137     149     113     159     144  
Reserve for unfunded lending commitments    40     29     51     59     50  
Total  $ 2,221   $  2,285   $  2,406   $  2,575   $  2,691  

 

(1) Includes charge-offs of $87 million in the second quarter of 2011 in connection with BB&T's NPL disposition strategy. 

 

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15


BB&T Corporation
Credit Quality 

 

  As of/For the Quarter Ended
  March 31 Dec. 31 Sept. 30 June 30 March 31
  2012 2011 2011 2011 2011
Asset Quality Ratios (including amounts related to covered loans                     
and covered foreclosed property)                     
Loans 30-89 days past due and still accruing as a                     
percentage of total loans and leases (1)(2)  1.02  %  1.22  %  1.18  %  1.24  %  1.29  % 
Loans 90 days or more past due and still accruing                     
as a percentage of total loans and leases (1)(2)  0.75   0.84   0.99   1.08   1.36  
Nonperforming loans and leases as a                     
percentage of total loans and leases  1.67   1.68   1.85   2.07   2.49  
Nonperforming assets as a percentage of:                     
Total assets  1.50   1.62   1.98   2.32   2.69  
Loans and leases plus foreclosed property  2.35   2.52   3.05   3.46   3.97  
Net charge-offs as a percentage of average loans and leases  1.28   1.44   1.57   1.71   1.56  
Allowance for loan and lease losses as a percentage of                     
loans and leases held for investment  2.02   2.10   2.25   2.43   2.58  
Ratio of allowance for loan and lease losses to:                     
Net charge-offs  1.54  X  1.45  X  1.42  X  1.41  X  1.61  X 
Nonperforming loans and leases held for investment  1.18   1.21   1.20   1.22   1.09  
Asset Quality Ratios (excluding amounts related to covered loans                     
and covered foreclosed property) (3)                     
Loans 30-89 days past due and still accruing as a                     
percentage of total loans and leases (1)(2)  0.82  %  1.06  %  1.03  %  1.00  %  1.11  % 
Loans 90 days or more past due and still accruing                     
as a percentage of total loans and leases (1)(2)  0.15   0.19   0.18   0.20   0.27  
Nonperforming loans and leases as a                     
percentage of total loans and leases  1.74   1.76   1.94   2.18   2.64  
Nonperforming assets as a percentage of:                     
Total assets  1.33   1.45   1.83   2.18   2.56  
Loans and leases plus foreclosed property  2.12   2.29   2.88   3.32   3.85  
Net charge-offs as a percentage of average loans and leases (4)  1.28   1.46   1.44   1.80   1.65  
Allowance for loan and lease losses as a percentage of                     
loans and leases held for investment  1.97   2.05   2.25   2.41   2.58  
Ratio of allowance for loan and lease losses to:                     
Net charge-offs  1.51  X  1.40  X  1.55  X  1.32  X  1.52  X 
Nonperforming loans and leases held for investment  1.11   1.13   1.15   1.14   1.03  

 

Applicable ratios are annualized. 
(1) Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase. Refer to the footnotes on page 14 of this supplement for amounts related to these loans. 
(2) Excludes mortgage loans guaranteed by the government. Refer to the footnotes on page 14 of this supplement for amounts related to these loans. 
(3) These asset quality ratios have been adjusted to remove the impact of covered loans and covered foreclosed property. Appropriate adjustments to the numerator and denominator have been reflected in the calculation of these ratios. Management believes the inclusion of covered loans in certain asset quality ratios that include nonperforming assets, past due loans or net charge-offs in the numerator or denominator results in distortion of these ratios and they may not be comparable to other periods presented or to other portfolios that were not impacted by purchase accounting. 
(4) Excluding the impact of losses and balances associated with BB&T's NPL disposition strategy, the adjusted net charge-offs ratio would have been 1.46% for the second quarter of 2011. 

 

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16


BB&T Corporation
Credit Quality - Supplemental Information
(Dollars in millions) 

 

  As of March 31, 2012
          Past Due 30-89 Past Due 90+    
  Current Status Days Days   Total 
Performing restructurings: (1)                             
Commercial loans                             
Commercial and industrial  $ 75  98.7  %  $  -   -   % $  1  1.3  %  $  76 
Commercial real estate—other    81  98.8     1  1.2     -   -      82 
Commercial real estate—residential ADC    30  100.0     -   -      -   -      30 
Direct retail lending    109  93.1     7  6.0     1  0.9     117 
Sales finance loans    6  85.7     -   -      1  14.3     7 
Revolving credit loans    50  82.0     6  9.8     5  8.2     61 
Residential mortgage loans (2)    504  85.6     72  12.2     13  2.2     589 
Other lending subsidiaries    48  90.6     5  9.4     -   -      53 
Total performing restructurings    903  88.9     91  9.0     21  2.1     1,015 
Nonperforming restructurings (3)    79  30.1     43  16.3     141  53.6     263 
Total restructurings (2)  $ 982  76.8  %  $  134  10.5  %  $  162  12.7  %  $  1,278 

 

(1) Past due performing restructurings are included in past due disclosures. 
(2) Excludes restructured mortgage loans that are government guaranteed totaling $242 million. 
(3) Nonperforming restructurings are included in nonaccrual loan disclosures. 

 

  Quarter Ended
  March 31 Dec. 31 Sept. 30 June 30 March 31
  2012 2011 2011 2011 2011
Net charge-offs as a percentage of                     
average loans and leases:                     
Commercial loans and leases                     
Commercial and industrial  0.66   %  0.84   %  1.08   %  0.64   %  0.90   % 
Commercial real estate—other  2.64    2.11    2.09    2.64    2.33   
Commercial real estate—residential ADC  9.37    14.84    8.06    9.62    8.34   
Direct retail lending  1.29    1.36    1.84    1.70    2.06   
Sales finance loans  0.23    0.34    0.28    0.24    0.42   
Revolving credit loans  3.12    3.13    3.30    3.77    4.33   
Residential mortgage loans  0.78    0.86    0.84    2.80    1.20   
Other lending subsidiaries  2.45    2.16    1.61    1.83    2.39   
Covered loans  1.29    0.99    3.97    -    -   
Total loans and leases (1)  1.28    1.44    1.57    1.71    1.56   
 
Total loans and leases, excluding covered loans (1)  1.28    1.46    1.44    1.80    1.65   

 

Applicable ratios are annualized. 
(1) Total loans and leases includes loans held for sale. 

 

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17


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

 

    As of / Quarter Ended  
    March 31     Dec. 31     Sept. 30     June 30     March 31  
    2012     2011     2011     2011     2011  
Selected Capital Information (1)                             
Risk-based capital                             
Tier 1  $ 15,205   $ 14,913   $  14,696   $  14,363   $ 14,100  
Total    19,343     18,802     18,837     18,641     18,389  
Risk-weighted assets (2)    119,304     119,725     117,020     116,041     116,484  
Average quarterly tangible assets    167,749     165,349     159,268     151,677     151,049  
Risk-based capital ratios                             
Tier 1    12.7  %    12.5  %    12.6  %    12.4  %    12.1  % 
Total    16.2     15.7     16.1     16.1     15.8  
Leverage capital ratio    9.1     9.0     9.2     9.5     9.3  
Equity as a percentage of total assets    10.2     10.0     10.5     10.7     10.6  
Book value per common share  $ 25.51   $ 24.98   $  25.07   $  24.37   $ 23.86  
 
Selected Non-GAAP Capital Information (3)                             
Tangible common equity as a percentage of tangible assets    7.1  %    6.9  %    7.1  %    7.2  %    7.2  % 
Tier 1 common equity as a percentage of risk-weighted assets    10.0     9.7     9.8     9.6     9.3  
 
Tangible book value per common share  $ 17.12   $ 16.73   $  16.42   $  15.95   $ 15.59  
 
Calculations of Tier 1 common equity and tangible assets and related measures:                          
 
Tier 1 equity  $ 15,205   $ 14,913   $  14,696   $  14,363   $ 14,100  
Less:                             
Qualifying restricted core capital elements    3,250     3,250     3,249     3,249     3,248  
Tier 1 common equity  $ 11,955   $ 11,663   $  11,447   $  11,114   $ 10,852  
 
Total assets  $ 174,752   $ 174,579   $  167,677   $  159,310   $ 157,039  
Less:                             
Intangible assets, net of deferred taxes    6,402     6,406     6,330     6,353     6,374  
Plus:                             
Regulatory adjustments, net of deferred taxes    327     421     99     389     572  
Tangible assets  $ 168,677   $ 168,594   $  161,446   $  153,346   $ 151,237  
 
Total risk-weighted assets (2)  $ 119,304   $ 119,725   $  117,020   $  116,041   $ 116,484  
 
Tangible common equity as a percentage of tangible assets    7.1  %    6.9  %    7.1  %    7.2  %    7.2  % 
Tier 1 common equity as a percentage of risk-weighted assets    10.0     9.7     9.8     9.6     9.3  
 
Tier 1 common equity  $ 11,955   $ 11,663   $  11,447   $  11,114   $ 10,852  
 
Outstanding shares at end of period (in thousands)    698,454     697,143     697,101     696,894     696,285  
 
Tangible book value per common share  $ 17.12   $ 16.73   $  16.42   $  15.95   $ 15.59  

 

(1) Current quarter regulatory capital information is preliminary. 
(2) Risk-weighted assets are determined based on regulatory capital requirements. Under the regulatory framework for determining risk-weighted assets each asset class is assigned a risk-weighting of 0%, 20%, 50% or 100% based on the underlying risk of the specific asset class. In addition, off balance sheet exposures are first converted to a balance sheet equivalent amount and subsequently assigned to one of the four risk-weightings. 
(3) 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. BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation. These capital measures are not necessarily comparable to similar capital measures that may be presented by other companies. 

 

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18


BB&T Corporation
Selected Items & Additional Information
(Dollars in millions, except per share data) 

 

                          Favorable (Unfavorable)  
Selected Items                           Pre-Tax        After-Tax  
 
First Quarter 2012                                     
Tax related items, net (1)  Other noninterest income             $  (42 )    $  (50 ) 
Leveraged lease write-downs  Other noninterest expense               (15 )      (10 ) 
 
Fourth Quarter 2011                                     
Losses/write-downs related to NPL disposition strategy  Other noninterest income               (11 )      (7 ) 
VISA indemnification  Other noninterest expense               (11 )      (7 ) 
 
Third Quarter 2011                                     
Losses/write-downs related to NPL disposition strategy  Other noninterest income               (37 )      (23 ) 
Leveraged lease sale  Other noninterest expense               (16 )      10  
 
Second Quarter 2011                                     
Losses/write-downs related to NPL disposition strategy  Other noninterest income               (27 )      (17 ) 
 
First Quarter 2011                                     
Losses/write-downs related to NPL disposition strategy  Other noninterest income               (74 )      (46 ) 
 
    As of / Quarter Ended  
    March 31     Dec. 31       Sept. 30       June 30       March 31  
    2012     2011       2011       2011       2011  
 
Selected Mortgage Banking Information                                     
Income statement impact of mortgage servicing rights valuation                                     
MSRs fair value increase (decrease)  $  93   $  (23 )   $ (299 )    $  (61 )    $  41  
MSRs hedge gains (losses)    (53 )    45       329       59       (39 ) 
            Net  $  40   $  22      $ 30      $  (2 )    $  2  
 
Residential mortgage loan originations  $  8,250   $  8,424    $ 5,549     $  3,888   $  5,802  
 
Residential mortgage servicing portfolio (2)                                     
Loans serviced for others    70,318     67,066       66,305       65,872       64,894  
Bank-owned loans serviced    24,308     24,574       22,413       20,956       21,174  
Total servicing portfolio    94,626     91,640       88,718       86,828       86,068  
 
Weighted-average coupon rate    4.89  %    5.02  %     5.10  %      5.14  %      5.17  % 
Weighted-average servicing fee    0.332     0.338       0.341       0.344       0.346  
 
Selected Miscellaneous Information                                     
Derivatives notional amount  $  69,059   $  67,581    $ 67,403   $  58,060   $  57,160  
Fair value of derivatives    (78 )    19       207       (29 )      (77 ) 
Accumulated comprehensive income related to securities,                                     
net of tax (3)    134     50       159       (128 )      (307 ) 
Common stock prices                                     
High    31.94     25.57       27.36       27.81       29.60  
Low    25.26     19.76       18.92       25.24       25.95  
End of period    31.39     25.17       21.33       26.84       27.45  
 
Banking offices    1,773     1,779       1,780       1,778       1,781  
ATMs    2,436     2,483       2,484       2,475       2,476  
FTEs    31,185     31,774       31,684       31,617       31,365  

 

(1) Includes write-downs of investments in affordable housing and other tax adjustments.
(2)   Amounts reported are unpaid principal balance.
(3) Includes the impact of the FDIC loss sharing agreements on the covered securities.

 

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19


BB&T Corporation
NON-GAAP Reconciliation Table 

 

  Quarter Ended  
  March 31   Dec. 31   Sept. 30   June 30   March 31  
NON-GAAP Reconciliation Table  2012   2011   2011   2011   2011  
Efficiency ratio - GAAP  59.0  %  67.1  %  66.1  %  64.1  %  67.4  % 
Effect of securities gains (losses), net  (0.2 )  2.4   (1.0 )  -    -   
Effect of merger-related and restructuring charges, net  (0.5 )  (0.7 )  -    (0.1 )  0.1  
Effect of losses/write-downs on NPL disposition loans  -    (0.2 )  (0.9 )  (0.7 )  (2.1 ) 
Effect of FDIC loss share accounting  0.1   0.9   0.1   0.3   -   
Effect of affordable housing investments write-down  (1.0 )  -    -    -    -   
Effect of foreclosed property expense  (3.9 )  (14.5 )  (7.8 )  (6.6 )  (7.0 ) 
Effect of leveraged lease sale/write-downs  (0.6 )  -    (0.8 )  -    -   
Effect of VISA indemnification  -    (0.5 )  -    -    -   
Effect of amortization of intangibles  (0.9 )  (1.0 )  (1.1 )  (1.2 )  (1.3 ) 
Efficiency ratio - reported  52.0   53.5   54.6   55.8   57.1  
Fee income ratio - GAAP  37.1  %  38.2  %  32.2  %  36.1  %  35.1  % 
Effect of securities gains (losses), net  0.2   (2.7 )  1.1   -    -   
Effect of losses/write-downs on NPL disposition loans  -    0.3   1.1   0.7   2.2  
Effect of affordable housing investments write-down  1.1   -    -    -    -   
Effect of FDIC loss share accounting  2.6   2.6   4.9   4.0   2.8  
Fee income ratio - reported  41.0   38.4   39.3   40.8   40.1  

 

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