BB&T 2007 Annual Report Download - page 91

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 4. Loans and Leases
December 31,
2007 2006
(Dollars in millions)
Loans and leases, net of unearned income:
Commercial loans $43,685 $39,580
Leveraged leases 1,185 1,720
Total commercial loans and leases 44,870 41,300
Sales finance 6,021 5,683
Revolving credit 1,618 1,414
Direct retail 15,691 15,312
Total consumer loans 23,330 22,409
Residential mortgage loans 17,467 15,596
Specialized lending
Loans 4,774 3,077
Leases 466 529
Total specialized lending 5,240 3,606
Total loans held for sale 779 680
Total loans and leases (1) $91,686 $83,591
(1) Unearned income totaled $2.3 billion and $2.5 billion at December 31, 2007 and December 31, 2006,
respectively.
December 31,
2007 2006
(Dollars in millions)
Rentals receivable (net of principal and interest on nonrecourse debt and head lease obligation) $ 3,365 $ 3,747
Unearned income (2,180) (2,027)
Investment in leveraged leases, net of unearned income 1,185 1,720
Deferred taxes arising from leveraged leases (1) (45) (1,182)
Net investment in leveraged leases $ 1,140 $ 538
(1) Refer to Note 13 regarding decline in deferred taxes arising from leveraged leases.
BB&T had $64.9 billion in loans secured by real estate at December 31, 2007. However, these loans were not
concentrated in any specific market or geographic area other than Branch Bank’s primary markets. Certain loans
have been pledged as collateral for all outstanding Federal Home Loan Bank advances at December 31, 2007 and
2006.
The following table sets forth certain information regarding BB&T’s impaired loans:
December 31,
2007 2006
(Dollars in millions)
Total recorded investment—impaired loans $209 $49
Total recorded investment with no related valuation allowance 47 25
Total recorded investment with related valuation allowance 162 24
Allowance for loan and lease losses assigned to impaired loans (33) (2)
Net carrying value—impaired loans $176 $47
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