BB&T 2008 Annual Report Download - page 84

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BB&T CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2008, 2007 and 2006
(Dollars in millions, except per share data, shares in thousands)
2008 2007 2006
Interest Income
Interest and fees on loans and leases $ 6,003 $ 6,713 $ 5,941
Interest and dividends on securities:
Taxable interest income 1,056 1,018 821
Tax-exempt interest income 83 42 31
Dividends 37 70 48
Interest on short-term investments 28 51 52
Total interest income 7,207 7,894 6,893
Interest Expense
Interest on deposits 1,891 2,620 2,137
Interest on federal funds purchased, securities sold under repurchase agreements and short-term
borrowed funds 235 409 301
Interest on long-term debt 843 985 747
Total interest expense 2,969 4,014 3,185
Net Interest Income 4,238 3,880 3,708
Provision for credit losses 1,445 448 240
Net Interest Income After Provision for Credit Losses 2,793 3,432 3,468
Noninterest Income
Insurance income 928 853 813
Service charges on deposits 673 611 548
Investment banking and brokerage fees and commissions 354 343 317
Mortgage banking income 275 115 108
Checkcard fees 201 180 155
Other nondeposit fees and commissions 189 184 167
Bankcard fees and merchant discounts 151 139 122
Trust and investment advisory revenues 147 162 154
Securities gains (losses), net 107 (3) (73)
Income from bank-owned life insurance 84 101 93
Other noninterest income 88 89 117
Total noninterest income 3,197 2,774 2,521
Noninterest Expense
Personnel expense 2,201 2,094 2,077
Occupancy and equipment expense 509 477 449
Professional services 200 139 120
Loan processing expenses 125 111 103
Amortization of intangibles 100 104 104
Merger-related and restructuring charges, net 15 21 18
Other expenses 771 690 645
Total noninterest expense 3,921 3,636 3,516
Earnings
Income before income taxes 2,069 2,570 2,473
Provision for income taxes 550 836 945
Net Income 1,519 1,734 1,528
Dividends and accretion on preferred stock 21 — —
Net income available to common shareholders $ 1,498 $ 1,734 $ 1,528
Per Common Share
Net income
Basic $ 2.73 $ 3.17 $ 2.84
Diluted $ 2.71 $ 3.14 $ 2.81
Cash dividends paid $ 1.86 $ 1.76 $ 1.60
Average Shares Outstanding
Basic 548,847 547,184 539,140
Diluted 552,498 551,755 543,891
The accompanying notes are an integral part of these consolidated financial statements.
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