What’s wrong with [[BBT]]?
Let’s count the ways.
BB&T is a financial holding company headquartered in Winston-Salem, North Carolina. BB&T conducts its operations primarily through its subsidiary Branch Banking and Trust Company (“Branch Bankâ€), which has branches in North Carolina, South Carolina, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Florida, Alabama, Indiana and Washington, D.C. Branch Bank provides a wide range of banking services to individuals and businesses, and offers a variety of loans to businesses and consumers.
During the first quarter of 2008, BB&T continued to experience challenges in the residential real estate markets and broader financial markets. These challenges resulted in significant credit deterioration during the quarter. Management expects further increases in nonperforming assets and charge-offs going forward, but continues to believe that those issues will be manageable.
BB&T emphasizes commercial lending to small and medium-sized businesses, consumer lending, mortgage lending and specialized lending with an overall goal of maximizing the profitability of the loan portfolio, maintaining strong asset quality and achieving an equal mix of consumer and commercial loans. For the first quarter of 2008, average total loans were $92.7 billion, an increase of $7.8 billion, or 9.2%, compared to the same period in 2007.
| Securities available for sale: | ||||||||
| U.S. Treasury securities | $ | 67 | $ | 2 | $ | – | $ | 69 |
| U.S. government-sponsored entity securities | 4,536 | 92 | – | 4,628 | ||||
| Mortgage-backed securities | 14,314 | 146 | 23 | 14,437 | ||||
| States and political subdivisions | 1,529 | 10 | 124 | 1,415 | ||||
| Equity and other securities | 3,070 | 9 | 141 | 2,938 | ||||
| Total securities available for sale | $ | 23,516 | $ | 259 | $ | 288 | $ | 23,487 |
The following table provides a breakdown of BB&T’s loan portfolio as of March 31, 2008 and December 31, 2007.
| March 31, | December 31, | |||
| 2008 | 2007 | |||
| (Dollars in millions) | ||||
| Loans and leases, net of unearned income: | ||||
| Commercial loans and leases | $ | 46,277 | $ | 44,870 |
| Sales finance | 6,052 | 6,021 | ||
| Revolving credit | 1,598 | 1,618 | ||
| Direct retail | 15,570 | 15,691 | ||
| Total consumer loans | 23,220 | 23,330 | ||
| Residential mortgage loans | 17,446 | 17,467 | ||
| Specialized lending | 5,186 | 5,240 | ||
| Loans held for sale | 1,822 | 779 | ||
| Total loans and leases | $ | 93,951 | $ | 91,686 |
NOTE: At the time of this post, “The Fly” was short BBT.
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In other newz, the new manager of the NY Mets is my favorite person.
Jerry Manuel, with a smile, speaking to reporters prior to Wednesday’s game, regarding what he told Jose Reyes in the locker room on Tuesday after the shortstop stormed off the field and tossed his helmet in disgust of being pulled from the game with a possible injury:
“I told him the next time he does that, I’m going to get my blade out and cut him, right on the field. Hey, I’m a gangsta now. You go gangsta on me, I’m gonna have to get you now.â€
YOu are a fucking genuis – look at FTK !
I can’t read your fancy tables and numbers. Can you summarize what woes BBT in one sentence for a lowly piker like myself.
In the meantime I am short WTFC, because it has WTF in the ticker.
Now, THAT’S the kind of manager that baseball needs.
On a financial note, the BBT CEO is full of bull caca.
sweet…another non-write down of impaired assets…nice.
mushroomz, first, it’s copied from a filing. The fact that you dont know this makes me think youve never seen one, which both troubles and doesn’t surprise me.
two, it means they think they will sell mortgages for $ .99, currently valued at 1.
Three, it means the same think commercial loans and residential are still worth just as much on the books.
I/ sane people suspect both are worth less then 99 cents on the dollar.
thats what this egregious table shows
Re: Corn
Banking must be bad in NC (where they do not grow corn, btw).
STI is another troubled pilgrim on the way to the Mecca of Death. Btw, they hold a big stake in KO (85.4 million shares), which has been melting away day by day, partly due to….corn prices!
We now have come full circle back to the subject of corn.
short me next!
Mushroomz, I’m short OMG because it’s OMG
and I’m short WFT because I’m dislexic
WTF just happened to BBT? Dividend reaffirmation?
BBT BB&T Corp reaffirms first-quarter dividend comment; says capital levels remain strong (22.29 -2.01) -Update-
Co said it is reaffirming an earlier assertion from its first-quarter earnings report that the co’s capital levels remain strong and management anticipates “some increase in the cash dividend during 2008.” BB&T has increased its cash dividend 36 consecutive years and has paid a cash dividend to shareholders every year since 1903. BB&T released first quarter earnings April 17.
sweet christ
BBT is up on the Mighty Duc Regional Bank Call!
(/joshing)
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