BB&T Corp. (BBT, Financial) filed Quarterly Report for the period ended 2009-03-31.
BB&T Corporation is a multi-bank holding company. The company offers full-service commercial and retail banking and additional financial services such as insurance corporate finance international banking leasing and trust. BB&T conducts its operations in North Carolina South Carolina Virginia Maryland Georgia West Virginia Kentucky and the metropolitan Washington D.C. area. BB&T Corp. has a market cap of $14.76 billion; its shares were traded at around $26.33 with a P/E ratio of 11.7 and P/S ratio of 1.5. The dividend yield of BB&T Corp. stocks is 7.1%. BB&T Corp. had an annual average earning growth of 6.5% over the past 10 years. GuruFocus rated BB&T Corp. the business predictability rank of 4-star.
Total client deposits at March 31, 2009, were $84.3 billion, an increase of $717 million, or .9%, from December 31, 2008. Total deposits, which include wholesale deposits sources, totaled $90.6 billion at March 31, 2009, a decrease of $8.0 billion, or 8.1%, compared to December 31, 2008. The decline in total deposits was partially offset by an increase of $2.9 billion in short-term borrowed funds during the first three months of 2009. Total shareholders equity increased $101 million compared to December 31, 2008.
Included in the results of operations for the first quarter of 2009 and 2008 were a number of notable items. The first quarter of 2009 included $150 million in securities gains, net of $36 million in other-than-temporary impairment charges, $676 million in provision for credit losses and $12 million for merger-related and restructuring charges. The provision for credit losses exceeded net charge-offs by $288 million. The first quarter of 2008 included $43 million in net securities gains, a $12 million charge resulting from a valuation adjustment for bank-owned life insurance, $223 million in provision for credit losses, $17 million of additional income in connection with the implementation of fair value accounting standards and a $47 million increase in income associated with the initial public offering by Visa Inc., including a $14 million reversal of a previously recorded liability.
Securities available for sale had net unrealized losses of $464 million and $517 million at March 31, 2009 and December 31, 2008, respectively. On March 31, 2009, BB&T also held certain investment securities having continuous unrealized loss positions for more than 12 months. As of March 31, 2009, the unrealized losses on these securities totaled $583 million. Substantially all of these losses were in non-agency mortgage-backed and municipal securities. At March 31, 2009, all of the available-for-sale debt securities were investment grade with the exception of two municipal bonds with the same issuer with a book value of $10 million and eight non-agency mortgage-backed securities with a book value of $723 million. All of the non-investment grade securities referenced above were initially investment grade and have been downgraded since purchase. The unrealized losses on securities in a continuous unrealized loss position for more than 12 months are the result of changes in market interest rates and liquidity. BB&T has evaluated all of its debt securities for credit impairment. At March 31, 2009, there
Total shareholders equity at March 31, 2009 was $16.2 billion, an increase of $101 million compared to $16.1 billion at December 31, 2008. BB&Ts book value per common share at March 31, 2009 was $23.29, compared to $23.16 at December 31, 2008. BB&Ts tangible shareholders equity available to common shareholders was $7.8 billion at March 31, 2009, up slightly compared to December 31, 2008. BB&Ts tangible book value per common share at March 31, 2009 was $14.00 compared to $13.93 at December 31, 2008. As of March 31, 2009, measures of tangible capital were not prescribed by the regulators and, therefore, were considered non-GAAP measures. Please refer to the section titled Capital Adequacy and Resources herein for a discussion of how BB&T calculates and uses these measures in the evaluation of the Company.
Nonperforming assets, which are composed of foreclosed real estate, repossessions, nonaccrual loans and certain restructured loans, totaled $2.8 billion at March 31, 2009, compared to $2.0 billion at December 31, 2008. The increase in nonperforming assets included an increase of $314 million in nonperforming loans and $406 million in foreclosed assets. The majority of the increase in foreclosed assets was related to securing title over projects in the single family residential, acquisition, development, and construction portfolio. As a percentage of loans and leases plus foreclosed property, nonperforming assets were 2.72% at March 31, 2009 and 2.04% at December 31, 2008. Loans 90 days or more past due and still accruing interest totaled $381 million at March 31, 2009, compared to $431 million at year-end 2008.
Read the The complete ReportBBT is in the portfolios of Lee Ainslie, Charles Brandes of Brandes Investment, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
BB&T Corporation is a multi-bank holding company. The company offers full-service commercial and retail banking and additional financial services such as insurance corporate finance international banking leasing and trust. BB&T conducts its operations in North Carolina South Carolina Virginia Maryland Georgia West Virginia Kentucky and the metropolitan Washington D.C. area. BB&T Corp. has a market cap of $14.76 billion; its shares were traded at around $26.33 with a P/E ratio of 11.7 and P/S ratio of 1.5. The dividend yield of BB&T Corp. stocks is 7.1%. BB&T Corp. had an annual average earning growth of 6.5% over the past 10 years. GuruFocus rated BB&T Corp. the business predictability rank of 4-star.
Highlight of Business Operations:
BB&Ts total assets at March 31, 2009 were $143.4 billion, a decrease of $8.6 billion, or 5.7%, from December 31, 2008. The decline was a result of a decrease of $13.8 billion, or 42.1%, in securities available for sale during the first three months of 2009. The decline in the available-for-sale securities portfolio was partially offset by increases in loans held for sale and other assets of $2.4 billion and $4.7 billion, respectively, compared to the balances at December 31, 2008.Total client deposits at March 31, 2009, were $84.3 billion, an increase of $717 million, or .9%, from December 31, 2008. Total deposits, which include wholesale deposits sources, totaled $90.6 billion at March 31, 2009, a decrease of $8.0 billion, or 8.1%, compared to December 31, 2008. The decline in total deposits was partially offset by an increase of $2.9 billion in short-term borrowed funds during the first three months of 2009. Total shareholders equity increased $101 million compared to December 31, 2008.
Included in the results of operations for the first quarter of 2009 and 2008 were a number of notable items. The first quarter of 2009 included $150 million in securities gains, net of $36 million in other-than-temporary impairment charges, $676 million in provision for credit losses and $12 million for merger-related and restructuring charges. The provision for credit losses exceeded net charge-offs by $288 million. The first quarter of 2008 included $43 million in net securities gains, a $12 million charge resulting from a valuation adjustment for bank-owned life insurance, $223 million in provision for credit losses, $17 million of additional income in connection with the implementation of fair value accounting standards and a $47 million increase in income associated with the initial public offering by Visa Inc., including a $14 million reversal of a previously recorded liability.
Securities available for sale had net unrealized losses of $464 million and $517 million at March 31, 2009 and December 31, 2008, respectively. On March 31, 2009, BB&T also held certain investment securities having continuous unrealized loss positions for more than 12 months. As of March 31, 2009, the unrealized losses on these securities totaled $583 million. Substantially all of these losses were in non-agency mortgage-backed and municipal securities. At March 31, 2009, all of the available-for-sale debt securities were investment grade with the exception of two municipal bonds with the same issuer with a book value of $10 million and eight non-agency mortgage-backed securities with a book value of $723 million. All of the non-investment grade securities referenced above were initially investment grade and have been downgraded since purchase. The unrealized losses on securities in a continuous unrealized loss position for more than 12 months are the result of changes in market interest rates and liquidity. BB&T has evaluated all of its debt securities for credit impairment. At March 31, 2009, there
Total shareholders equity at March 31, 2009 was $16.2 billion, an increase of $101 million compared to $16.1 billion at December 31, 2008. BB&Ts book value per common share at March 31, 2009 was $23.29, compared to $23.16 at December 31, 2008. BB&Ts tangible shareholders equity available to common shareholders was $7.8 billion at March 31, 2009, up slightly compared to December 31, 2008. BB&Ts tangible book value per common share at March 31, 2009 was $14.00 compared to $13.93 at December 31, 2008. As of March 31, 2009, measures of tangible capital were not prescribed by the regulators and, therefore, were considered non-GAAP measures. Please refer to the section titled Capital Adequacy and Resources herein for a discussion of how BB&T calculates and uses these measures in the evaluation of the Company.
Nonperforming assets, which are composed of foreclosed real estate, repossessions, nonaccrual loans and certain restructured loans, totaled $2.8 billion at March 31, 2009, compared to $2.0 billion at December 31, 2008. The increase in nonperforming assets included an increase of $314 million in nonperforming loans and $406 million in foreclosed assets. The majority of the increase in foreclosed assets was related to securing title over projects in the single family residential, acquisition, development, and construction portfolio. As a percentage of loans and leases plus foreclosed property, nonperforming assets were 2.72% at March 31, 2009 and 2.04% at December 31, 2008. Loans 90 days or more past due and still accruing interest totaled $381 million at March 31, 2009, compared to $431 million at year-end 2008.
Read the The complete ReportBBT is in the portfolios of Lee Ainslie, Charles Brandes of Brandes Investment, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
