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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended:
December 31, 2010
Commission File Number: 1-10853
BB&T CORPORATION
(Exact name of Registrant as specified in its Charter)
North Carolina 56-0939887
(State of Incorporation) (I.R.S. Employer Identification No.)
200 West Second Street
Winston-Salem, North Carolina 27101
(Address of principal executive offices) (Zip Code)
(336) 733-2000
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class Name of each exchange
on which registered
Common Stock, $5 par value New York Stock Exchange
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act. YES ÍNO
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act YES NO Í
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. YES ÍNO
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web
site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was
required to submit and post such files). Yes ÍNo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or
information statements incorporated by references in Part III of this Form 10-K or any amendment to this
Form 10-K. Í
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ÍAccelerated filer
Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the
Act). YES NO Í
At January 31, 2011, the Corporation had 694,603,885 shares of its Common Stock, $5 par value, outstanding.
The aggregate market value of voting stock held by nonaffiliates of the Corporation is approximately $18.2 billion
(based on the closing price of such stock as of June 30, 2010).

Table of contents

  • Page 1
    ... 31, 2010 Commission File Number: 1-10853 (Exact name of Registrant as specified in its Charter) North Carolina 56-0939887 (State of Incorporation) (I.R.S. Employer Identification No.) BB&T CORPORATION 200 West Second Street Winston-Salem, North Carolina (Address of principal executive offices...

  • Page 2
    ...-year period ended December 31, 2010 ...Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2010 ...Notes to Consolidated Financial Statements ...Report of Independent Registered Public Accounting Firm ...Quarterly Financial Summary for 2010 and...

  • Page 3
    ... with Executive Officers and Directors" in the Registrant's Proxy Statement for the 2011 Annual Meeting of Shareholders. The information required by Item 14 is incorporated herein by reference to the information that appears under the headings "Fees to Auditors" and "Corporate Governance Matters...

  • Page 4
    ... is a financial holding company headquartered in Winston-Salem, North Carolina. BB&T conducts its business operations primarily through its commercial bank subsidiary, Branch Banking and Trust Company ("Branch Bank"), which has offices in North Carolina, Virginia, Florida, Georgia, Maryland, South...

  • Page 5
    ... declining real estate values resulted in increasing loan charge-offs and higher provisions for credit losses, which negatively impacted BB&T's net income. On August 14, 2009, Branch Bank entered into an agreement with the Federal Deposit Insurance Corporation ("FDIC") to acquire certain assets and...

  • Page 6
    ...in future periods, which would adversely affect BB&T's financial condition and results of operations. The Colonial acquisition has increased Branch Bank's commercial real estate and construction loan portfolio, which have a greater credit risk than residential mortgage loans. With the acquisition of...

  • Page 7
    ... make new loans, to meet the Company's existing lending commitments and, ultimately jeopardize the Company's overall liquidity and capitalization. BB&T's liquidity could be impaired by an inability to access the capital markets, an unforeseen outflow of cash or a reduction in the credit ratings for...

  • Page 8
    ... ongoing policies and procedures designed to manage the risks associated with changes in market interest rates. However, changes in interest rates still may have an adverse effect on BB&T's profitability. For example, high interest rates could adversely affect the Company's mortgage banking business...

  • Page 9
    ...customer base. There is intense competition among commercial banks in BB&T's market area. In addition, BB&T competes with other providers of financial services, such as savings and loan associations, credit unions, consumer finance companies, securities firms, insurance companies, commercial finance...

  • Page 10
    ... adoption of new technologies, including internet banking services, mobile phone applications and advanced ATM functionality could require BB&T to make substantial expenditures to modify or adapt its existing products and services. Also, these and other capital investments in BB&T's business may not...

  • Page 11
    ... acquisition, Colonial was the subject of a federal criminal investigation relating to the bank's mortgage warehouse lending division and related irregularities. Colonial also received subpoenas from the Special Inspector General for the Troubled Asset Relief Program and the SEC. Although the assets...

  • Page 12
    ... in changes to previously reported financial results, or a cumulative charge to retained earnings. BB&T may not be able to successfully integrate bank or nonbank mergers and acquisitions. Difficulties may arise in the integration of the business and operations of bank holding companies, banks and...

  • Page 13
    ...'s operating results. Operating Subsidiaries At December 31, 2010, the principal operating subsidiaries of BB&T included the following: Å Å Å Branch Banking and Trust Company, Winston-Salem, North Carolina BB&T Financial, FSB, Columbus, Georgia Scott & Stringfellow, LLC, Richmond, Virginia 13

  • Page 14
    ... Real Estate Capital, LLC, based in Charlotte, North Carolina, which specializes in arranging and servicing commercial mortgage loans; Lendmark Financial Services, Inc., located in Covington, Georgia, which offers alternative consumer loans to clients unable to meet Branch Bank's normal credit...

  • Page 15
    ...lending Consumer finance Home equity lending Home mortgage lending Insurance Investment brokerage services Mobile/online banking Payment solutions Sales finance Small business lending Wealth management/private banking Asset management Association services Capital markets services Commercial deposit...

  • Page 16
    ...Share and Branch Locations by State Deposit Market Share Rank (2) % of BB&T's Deposits (2) Number of Branches (3) North Carolina (1) Virginia Florida Georgia Maryland South Carolina West Virginia Kentucky Alabama Tennessee Texas Washington, D.C. (1) Excludes home office deposits. (2) Source: FDIC...

  • Page 17
    ..., management sold approximately $400 million of non-agency mortgage-backed securities to reduce the potential for future credit losses. These strategies were the primary driver in generating net securities gains during 2010. Early in the third quarter, the Dodd-Frank Act was signed into law. This...

  • Page 18
    ... see "Market Area", "General Business Development" and "Regulatory Considerations" below. Market Area BB&T's primary market area for its banking operations consists of North and South Carolina, Virginia, Maryland, Georgia, eastern Tennessee, West Virginia, Kentucky, Florida, Alabama and Washington...

  • Page 19
    ... subject to market conditions and suitable candidates, primarily within BB&T's existing footprint, and will pursue economically advantageous acquisitions of insurance agencies, specialized lending businesses, and fee income generating financial services businesses. BB&T's acquisition strategy is...

  • Page 20
    ... changes in the market value of portfolios, securities, or other financial instruments due to changes in the level, volatility, or correlations among financial market rates or prices, including interest rates, foreign exchange rates, equity prices, commodity prices, or other relevant rates or prices...

  • Page 21
    ...six major categories-commercial, sales finance, revolving credit, direct retail, mortgage and specialized lending. In addition, BB&T has a portfolio of loans that were acquired in the Colonial acquisition that are covered by FDIC loss sharing agreements. BB&T lends to a diverse customer base that is...

  • Page 22
    ... direct retail loans are secured by first or second liens on residential real estate, and include both closed-end home equity loans and revolving home equity lines of credit. Direct retail loans are subject to the same rigorous lending policies and procedures as described above for commercial loans...

  • Page 23
    ... fair value on the acquisition date. The loans covered by loss sharing agreements are primarily commercial real estate loans and residential mortgage loans. Refer to Note 4 "Loans and Leases" in the "Notes to Consolidated Financial Statements" in this report for additional disclosures related to...

  • Page 24
    ... Portfolio Based on Lines of Business 2010 December 31, 2009 2008 2007 (Dollars in millions) 2006 Loans and leases, net of unearned income: Commercial loans Leveraged leases Total commercial loans and leases Sales finance Revolving credit Direct retail Residential mortgage loans Specialized lending...

  • Page 25
    ... of commercial real estate, commercial and industrial ("C&I") and certain specialized lending loans and leases. A delinquency-based approach is used to estimate the allowance related to the retail lending portfolio, which consists of direct retail lending, revolving credit, mortgage, sales finance...

  • Page 26
    ... borrowers can access well developed capital markets alternatives to bank loans, including bonds and commercial paper. In addition, BB&T's loan mix reflects our community banking focus, which results in a customer base comprising predominately small and private businesses. Because BB&T lends mostly...

  • Page 27
    ... funds and limited types of equity securities. Branch Bank also may deal in securities subject to the provisions of the Gramm-LeachBliley Act. Scott & Stringfellow, LLC, BB&T's full-service brokerage and investment banking subsidiary, engages in the underwriting, trading and sales of equity and debt...

  • Page 28
    ... checking accounts, savings accounts, money market deposit accounts, certificates of deposit and individual retirement accounts. Deposit account terms vary with respect to the minimum balance required, the time period the funds must remain on deposit and service charge schedules. Interest rates paid...

  • Page 29
    ... center located in Wilson, North Carolina. BB&T also owns or leases significant office space used as the Corporation's headquarters in Winston-Salem, North Carolina. At December 31, 2010, Branch Bank operated 1,782 branch offices in North Carolina, South Carolina, Virginia, Maryland, Georgia, West...

  • Page 30
    ... President and Deposit Services Manager Robert E. Greene Senior Executive Vice President and Administrative Group Manager Clarke R. Starnes III Senior Executive Vice President and Chief Risk Officer Steven B. Wiggs Senior Executive Vice President and Chief Marketing Officer and Lending Group Manager...

  • Page 31
    ...of dividends) of BB&T Common Stock, the S&P 500 Index, and an Industry Peer Group Index. The graph assumes $100 invested on December 31, 2005 in BB&T Common Stock and in each of the indices. In 2010, the financial holding companies in the Industry Peer Group Index (the "Peer Group") were Capital One...

  • Page 32
    ... Deposit Insurance Corporation (the "FDIC") resolution procedures for liquidation of large financial companies to avoid market disruption; applying the same leverage and risk-based capital requirements that apply to insured depository institutions to most bank holding companies, savings and loan...

  • Page 33
    ... of hedge fund and private equity advisers by requiring such advisers to register with the SEC; providing for the implementation of corporate governance provisions for all public companies concerning proxy access and executive compensation; increasing the FDIC's deposit insurance limits permanently...

  • Page 34
    ... law, a bank holding company, such as BB&T, may elect to become a financial holding company, which allows the holding company to offer customers virtually any type of service that is financial in nature or incidental thereto, including banking and activities closely related thereto, securities...

  • Page 35
    ...period of time, not to exceed five years; and subject to certain deposit market-share limitations. After a bank has established branches in a state through an interstate merger transaction, the bank may establish and acquire additional branches at any location in the state where a bank headquartered...

  • Page 36
    ... in trading accounts, including changes in interest rates, equity prices, foreign exchange rates or commodity prices. Any capital required to be maintained under these provisions may consist of "Tier 3 capital" consisting of forms of short-term subordinated debt. Each of the federal bank regulatory...

  • Page 37
    ...capital ratio requirements will be phased in incrementally between January 1, 2013 and January 1, 2015; the deductions from common equity made in calculating Tier 1 common equity (for example, for mortgage servicing assets, deferred tax assets and investments in unconsolidated financial institutions...

  • Page 38
    ... FDIC and the OTS, are required to take "prompt corrective action" in respect of depository institutions and their bank holding companies that do not meet minimum capital requirements. The law establishes five capital categories for insured depository institutions for this purpose: "well-capitalized...

  • Page 39
    ...of an insured depository institution, or to open or relocate a branch office. The CRA record of each subsidiary bank of a financial holding company, such as BB&T, also is assessed by the Federal Reserve in connection with any acquisition or merger application. Automated Overdraft Payment Regulation...

  • Page 40
    ...use and undertake "meaningful and effective" follow-up action with customers that overdraw their accounts more than six times during a rolling 12-month period. The additional guidance also imposes daily limits on overdraft charges, requires institutions to review and modify check-clearing procedures...

  • Page 41
    ... Committees of the Corporate Board of Directors and Committee Charters BB&T's Codes of Ethics for Directors, Senior Financial Officers and Employees Chief Executive Officer and Chief Financial Officer Certifications BB&T's Executive Officers BB&T's Policy and Procedures for Accounting and Legal...

  • Page 42
    ... and reporting policies include BB&T's accounting for the allowance for loan and lease losses and reserve for unfunded lending commitments, determining fair value of financial instruments, intangible assets and other purchase accounting related adjustments associated with mergers and acquisitions...

  • Page 43
    ... assets, valued using unobservable inputs. This total includes $954 million of non-agency mortgage-backed securities that are covered by a loss sharing agreement with the FDIC and $126 million of auction-rate securities. BB&T periodically reviews available-for-sale securities with an unrealized loss...

  • Page 44
    ... requires significant judgment and actual values in a sale could differ materially from those estimated. As of December 31, 2010, BB&T had $266 million of venture capital investments, which is less than 1% of total assets. Intangible Assets BB&T's mergers and acquisitions are accounted for using...

  • Page 45
    ... future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. The discount rate assumption used to measure the postretirement benefit obligations is set by reference to published high-quality bond indices, as well as...

  • Page 46
    ... Home Loan Bank ("FHLB") advances, other secured borrowings by Branch Bank, capital securities issued by unconsolidated trusts and senior and subordinated debt issued by the Corporation and Branch Bank. Average long-term debt totaled $21.7 billion for the year ended December 31, 2010, an increase...

  • Page 47
    ...the securities portfolio excludes equity securities, auction rate securities, and certain non-agency mortgage-backed securities that were acquired in the Colonial acquisition. In 2010, management executed two major strategies to strengthen the balance sheet. In the second quarter of 2010, management...

  • Page 48
    The following table presents BB&T's securities portfolio at December 31, 2010, segregated by major category with ranges of maturities and average yields disclosed. Table 9 Securities December 31, 2010 Weighted Fair Value Average Yield (1) (Dollars in millions) U.S. government-sponsored entities (...

  • Page 49
    ... 2010 2009 Balance % of total Balance % of total (Dollars in millions) Commercial loans and leases Direct retail loans Sales finance loans Revolving credit loans Mortgage loans Specialized lending loans Other acquired loans Total average loans and leases held for investment (excluding covered loans...

  • Page 50
    ..., commercial and industrial loans increased an annualized 6.9% compared to the third quarter of 2010. Average direct retail loans declined 5.3% in 2010 due to continuing difficulties in the residential real estate market, which decreased demand for home equity loan products. Average sales finance...

  • Page 51
    .... In connection with the strategy, management transferred loans with a book value of approximately $1.9 billion to loans held for sale during 2010. This included $1.5 billion of commercial loans, which were primarily in the residential, acquisition and development and other commercial real estate...

  • Page 52
    ...2007 and December 31, 2006, respectively. BB&T revised its nonaccrual policy related to FHA/VA guaranteed loans during 2010. The change in policy resulted in a decrease in nonaccrual mortgage loans and an increase in mortgage loans 90 days past due and still accruing of approximately $79 million. 52

  • Page 53
    ... of these ratios and they may not be comparable to other periods presented or to other portfolios that were not impacted by purchase accounting. Substantially all of the loans acquired in the Colonial acquisition are covered by loss sharing agreements with the FDIC, whereby the FDIC reimburses BB...

  • Page 54
    ... peaking in the first quarter of 2010, nonperforming assets excluding covered foreclosed property declined $423 million in the last three quarters of 2010 as BB&T continued to successfully implement its nonperforming asset disposition strategy. As a percentage of loans and leases plus foreclosed...

  • Page 55
    ... assets and past due loans by loan type for the past three years. Table 12-1 Summary of Nonperforming Assets and Past Due Loans December 31, 2010 2009 2008 (Dollars in millions) Nonaccrual loans and leases (1) Commercial loans and leases Direct retail Sales finance Mortgage (2) Specialized lending...

  • Page 56
    ... Debt Restructurings Current Status December 31, 2010 Past Due 30-89 Days Past Due 90+ Days (Dollars in millions) Total Performing restructurings: (1) (2) (3) Commercial loans Direct retail loans Sales finance loans Revolving credit loans Residential mortgage loans (4) Specialized lending loans...

  • Page 57
    ... period (generally a minimum of six months) prior to the date on which the loan is returned to accrual status. Sustained historical repayment performance for a reasonable time prior to the restructuring may be taken into account. In connection with consumer loan restructurings, a nonperforming loan...

  • Page 58
    ...) 2010 2006 Balance, beginning of period Provision for credit losses (excluding covered loans) Provision for covered loans Charge-offs: Commercial, financial and agricultural Real estate Consumer Lease receivables Total charge-offs Recoveries: Commercial, financial and agricultural Real estate...

  • Page 59
    ...(Dollars in millions) 2010 2006 Allowance For Credit Losses Beginning balance Provision for credit losses (excluding covered loans) Provision for covered loans Charge-offs Commercial loans and leases (1) Direct retail loans Sales finance loans Revolving credit loans Mortgage loans (2) Specialized...

  • Page 60
    ... home equity portfolios as of December 31, 2010. Table 14-1 Real Estate Lending Portfolio Credit Quality and Geographic Distribution Commercial Real Estate Loan Portfolio (1) (2) Residential Acquisition, Development, and Construction Loans ("ADC") As of / For the Period Ended December 31, 2010...

  • Page 61
    ... quarter of 2010. The increased charge-off rates in the ADC and other commercial real estate portfolios during 2010 include the impact of the additional charge-offs on loans transferred to loans held for sale as part of the NPA disposition strategy. The vast majority of those losses were recorded...

  • Page 62
    ... Mortgage Loans by State As of / For the Period Ended December 31, 2010 Gross Charge-Offs as a Percentage of Outstandings Nonaccrual as a Total Percentage of Outstandings Outstandings Year-to-Date Quarter-to-Date (Dollars in millions) North Carolina Virginia Florida Maryland Georgia South Carolina...

  • Page 63
    .../Land Real Estate Loans and Lines By State of Origination As of / For the Period Ended December 31, 2010 Gross Charge-Offs as a Percentage of Outstandings Nonaccrual as a Total Percentage of Outstandings Outstandings Year-to-Date Quarter-to-Date (Dollars in millions) North Carolina Virginia South...

  • Page 64
    ... in 2010 as compared to 8.0% in 2009. See Note 9 "Federal Funds Purchased, Securities Sold Under Agreements to Repurchase and Short-Term Borrowed Funds" in the "Notes to Consolidated Financial Statements" herein for further disclosure. The types of short-term borrowings used by the Corporation...

  • Page 65
    ... primarily reflect the balance sheet deleveraging strategy that was executed during the second quarter of 2010 and strong growth in client deposits which has reduced the Corporation's reliance on short term funding. The rates paid on average short-term borrowings declined from .50% in 2009 to .28...

  • Page 66
    ... the FDIC loss sharing agreement, and changes in cash flow hedges and pension obligations. BB&T's tangible shareholders' equity available to common shareholders was $10.7 billion at December 31, 2010, an increase of $752 million, or 7.6%, compared to December 31, 2009. BB&T's tangible book value per...

  • Page 67
    ... assets increased 19 basis points compared to the average yield during 2009, while the average cost of funds over the same time period decreased 21 basis points. The improvement in the net interest margin during 2010 was primarily due to the higher yield assets acquired in the Colonial acquisition...

  • Page 68
    ...equivalent basis assuming tax rates in effect for the periods presented. Includes Federal funds sold, securities purchased under resale agreements or similar arrangements, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets. Loan fees, which are not material...

  • Page 69
    ... real estate markets and the overall economy with the largest concentration of credit issues occurring in Georgia, Florida, and metro Washington D.C., with some deterioration in the coastal areas of the Carolinas. Additional disclosures related to BB&T's real estate lending by product type...

  • Page 70
    ... Income % Change 2010 2009 v. v. 2009 2008 Years Ended December 31, 2010 2009 2008 (Dollars in millions) Insurance income Service charges on deposits Mortgage banking income Investment banking and brokerage fees and commissions Other nondeposit fees and commissions Checkcard fees Bankcard fees and...

  • Page 71
    ... to 2009, as growth in servicing fees of $36 million from an increase in the size of the loan servicing portfolio was offset by a $35 million unfavorable net change in the valuation for mortgage servicing rights and related economic hedging activities. Commercial mortgage banking income was up $21...

  • Page 72
    ... fees and commissions largely reflects additional revenues from commercial lending-related activities. Trust and investment advisory revenues are based on the types of services provided as well as the overall value of the assets managed, which is affected by stock market conditions. During 2010...

  • Page 73
    ... focus on asset management, mortgage banking, trust, insurance, investment banking and brokerage services, as well as other fee-producing products and services. BB&T plans to continue to pursue acquisitions of additional financial services companies, including insurance agencies and other fee income...

  • Page 74
    ...an increase in the estimated return on plan assets and a decrease in the amortization of net actuarial losses for 2010. The 2009 increase of 14.4% was partially driven by increases in salaries and wages of $137 million which included the impact of acquisitions. Other post-employment benefits expense...

  • Page 75
    ... related to the Colonial acquisition. Professional services expense increased $72 million, or 27.5%, in 2010. The increase in 2010 included a $30 million increase in legal fees primarily associated with problem loan and other credit related items. In addition, other professional services increased...

  • Page 76
    ... of employment contracts, outplacement services and other benefits associated with employee termination or reversals of previously estimated amounts, which typically occur in corporate support and data processing functions. Occupancy and equipment charges or credits represent merger-related and...

  • Page 77
    ... to the statutory tax rate is included in Note 14 "Income Taxes" in the "Notes to Consolidated Financial Statements" herein. BB&T has extended credit to, and invested in, the obligations of states and municipalities and their agencies, and has made other investments and loans that produce tax-exempt...

  • Page 78
    ... arrangements Loans and leases (2) Total interest-earning assets Liabilities Client time deposits Other client deposits with no stated maturity (3) Other interest-bearing deposits (4) Federal funds purchased, securities sold under repurchase agreements and Short-term borrowed funds Long-term debt...

  • Page 79
    ... its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. BB&T uses derivatives primarily to manage risk related to securities, business loans, Federal funds purchased, other overnight funding, long-term debt, mortgage servicing rights...

  • Page 80
    ... speeds of mortgage-related assets, cash flows and maturities of derivative financial instruments, loan volumes and pricing, and deposit sensitivity. The resulting change in the economic value of equity reflects the level of sensitivity that EVE has in relation to changing interest rates. Table 24...

  • Page 81
    ... of funds used for Parent Company cash requirements was dividends received from subsidiaries, which totaled $666 million during 2010. In addition, the Parent Company issued $500 million of senior notes during 2010. Funds raised through master note agreements with commercial clients are placed in...

  • Page 82
    ...below. Table 25 Credit Ratings of BB&T Corporation and Branch Bank December 31, 2010 S&P Moody's Fitch DBRS BB&T Corp. Commercial Paper Issuer LT/Senior debt Subordinated debt Trust Preferred Securities Branch Bank Bank financial strength Long term deposits LT/Senior unsecured bank notes Other long...

  • Page 83
    ... December 31, 2010 Total Less than 1 to 3 3 to 5 One Year Years Years (Dollars in millions) After 5 Years Contractual Cash Obligations Long-term debt Operating leases Commitments to fund affordable housing investments Venture capital commitments Time deposits Total contractual cash obligations $21...

  • Page 84
    ... relating to such commitments is generally limited to the amount of investments and future funding commitments made. Merger and acquisition agreements of businesses other than financial institutions occasionally include additional incentives to the acquired entities to offset the loss of future cash...

  • Page 85
    ... Tier 1 Common Equity Ratio 8.50% 12.00% 7.00% 5.50% 7.00% Payments of cash dividends to BB&T's shareholders and repurchases of common shares are the methods used to manage any excess capital generated. In addition, management closely monitors the Parent Company's double leverage ratio (investments...

  • Page 86
    applicable deferred income taxes, and certain nonfinancial equity investments. Tier 2 capital may consist of qualifying subordinated debt, certain hybrid capital instruments, qualifying preferred stock and a limited amount of the allowance for credit losses. Tier 1 capital and Tier 2 capital ...

  • Page 87
    ... of Branch Bank to pay dividends to the Parent Company. The payment of cash dividends is an integral part of providing a competitive return on shareholders' investments. The Corporation's policy is to accomplish this while retaining sufficient capital to support future growth and to meet regulatory...

  • Page 88
    ... under BB&T's equity-based compensation plans. (2) Excludes commissions. Segment Results BB&T's operations are divided into seven reportable business segments: Community Banking, Residential Mortgage Banking, Sales Finance, Specialized Lending, Insurance Services, Financial Services and Treasury...

  • Page 89
    ... portfolio. Noninterest income in Community Banking decreased $25 million, or 2.0%, to $1.3 billion in 2010, primarily due to lower overdraft fees, along with losses on commercial loans held for sale, partially offset by increases in checkcard fees, bankcard fees and merchant discounts and account...

  • Page 90
    ... lower loan loss rates as a result of lower early defaults and improved auction results. The Sales Finance segment was assessed referral fees of $13 million in 2010 and 2009 to compensate Community Banking for services. Noninterest expenses incurred within the Sales Finance segment increased by...

  • Page 91
    ...for 2010 was primarily attributable to improved credit performance in the subprime auto loan and equipment finance portfolios. Due to the overall higher credit risk profiles of some of the clients of Specialized Lending, loss rates are expected to be higher than conventional bank lending. Loss rates...

  • Page 92
    Wealth Management Division. Additionally, Investment Services expanded their number of investment counselors in 2010, contributing to strong revenue growth for their business, especially in the new markets associated with the Colonial acquisition. Comparing 2009 to 2008, net income increased $74 ...

  • Page 93
    ... accounts and $62 million of losses and writedowns on commercial loans held for sale. Management completed its strategy to de-risk the investment securities portfolio during the fourth quarter of 2010. In anticipation of rising rates, management sold approximately $6.1 billion of agency mortgage...

  • Page 94
    ... Summary-Unaudited 2010 Fourth Quarter Third Quarter 2009 Second First Fourth Third Second Quarter Quarter Quarter Quarter Quarter (Dollars in millions, except per share data) First Quarter Consolidated Summary of Operations: Interest income $ Interest expense Provision for credit losses Securities...

  • Page 95
    ... shares outstanding: Basic Diluted Earnings: Basic Diluted Cash dividends declared Book value Average Balances Securities, at amortized cost Loans and leases (2) Other assets Total assets Deposits Long-term debt Other liabilities Shareholders' equity Total liabilities and shareholders' equity Period...

  • Page 96
    ... on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Corporation's disclosure controls and procedures are effective. There was no change in the Corporation's internal control over financial reporting that occurred during the fourth quarter of 2010 that has...

  • Page 97
    ... and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control...

  • Page 98
    ... under repurchase agreements and short-term borrowed funds Long-term debt Accounts payable and other liabilities Total liabilities Commitments and contingencies (Note 16) Shareholders' equity: Common stock, $5 par Additional paid-in capital Retained earnings Accumulated other comprehensive loss, net...

  • Page 99
    ... income Service charges on deposits Mortgage banking income Investment banking and brokerage fees and commissions Checkcard fees Other nondeposit fees and commissions Bankcard fees and merchant discounts Trust and investment advisory revenues Income from bank-owned life insurance FDIC loss share...

  • Page 100
    ... Net change in other comprehensive income (loss) Total comprehensive income (loss) (Note 13) Stock issued: In purchase acquisitions (1) In connection with stock option exercises and other employee benefits, net of cancellations In connection with dividend reinvestment plan In connection with private...

  • Page 101
    ... (loss) (Note 13) Stock issued: In purchase acquisitions (1) In connection with stock option exercises and other employee benefits, net of cancellations In connection with dividend reinvestment plan In connection with 401(k) plan Cash dividends declared on common stock, $.60 per share Equity-based...

  • Page 102
    ...-term debt, net Gain on sales of securities, net Net decrease (increase) in trading account securities Net increase in loans held for sale Net decrease in FDIC loss share receivable Net writedowns on foreclosed property and other real estate held for sale Net increase in other assets Net increase...

  • Page 103
    ...Branch Bank, which has branches in North Carolina, South Carolina, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Florida, Alabama, Indiana, Texas and Washington, D.C. Branch Bank provides a wide range of banking services to individuals and businesses, and offers a variety of loans...

  • Page 104
    ...reasonable period of time, not to exceed three days before and three days after the measurement date. For acquisitions occurring after December 31, 2008, the value of common shares issued is based upon the market price of the stock as of the closing of the acquisition. In connection with mergers and...

  • Page 105
    ... quoted market prices for securities backed by similar types of loans. Direct loan origination fees and costs related to loans held for sale and accounted for at fair value are not capitalized and recognized in earnings upon the sale of such loans, but rather are recorded as mortgage banking income...

  • Page 106
    ... cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows of the pool is reasonably estimable. Subsequent to the acquisition date, increases in cash...

  • Page 107
    ... mortgage and consumer loans includes an evaluation of the client's debt to income ratio, credit report, property value, loan vintage, and certain other client-specific factors that have impacted their ability to make timely principal and interest payments on the loan. Restructured nonaccrual loans...

  • Page 108
    ... covered and other acquired. The commercial portfolio segment includes commercial real estate, commercial and industrial ("C&I") and certain specialized lending loans, and was identified based on the risk-based approach used to estimate the allowance for loan and lease losses for the vast majority...

  • Page 109
    ... Company expected to receive from the FDIC under those agreements was recorded in the FDIC loss share receivable at the date of acquisition on the Consolidated Balance Sheets. The fair value of the FDIC loss share receivable was estimated using a discounted cash flow methodology. The discount rate...

  • Page 110
    ... related to securities, commercial loans, mortgage servicing rights and mortgage banking operations, Federal funds purchased, other time deposits, long-term debt and institutional certificates of deposit. BB&T also uses derivatives to facilitate transactions on behalf of its clients. The fair value...

  • Page 111
    ... rate lock commitments relate to loans that will be held for sale upon funding, they are also accounted for as derivatives, with gains or losses included in mortgage banking income. Gains and losses on other derivatives used to manage economic risk are primarily associated with client derivative...

  • Page 112
    ... fair value with changes in fair value recorded as a component of mortgage banking income each period. Commercial mortgage servicing rights are recorded as other assets on the Consolidated Balance Sheets at the lower of cost or market and are amortized in proportion to, and over the estimated period...

  • Page 113
    ... 1, 2010 to acquire these assets from the FDIC at their fair market value as of the acquisition date. Prior to the exercise of this option, these banking facilities and equipment were leased from the FDIC on a month-to-month basis. During 2010, Branch Bank purchased real estate, banking facilities...

  • Page 114
    ... convert and combine the acquired branches and operations of merged companies, direct media advertising related to the acquisitions, asset and supply inventory write-offs, investment banking advisory fees, and other similar charges. Merger-related and restructuring charges during 2010, 2009 and 2008...

  • Page 115
    ... as required or permitted by law. BB&T had certain investments in marketable debt securities and mortgage-backed securities issued by Fannie Mae and Freddie Mac that exceeded ten percent of shareholders' equity at December 31, 2010. The Fannie Mae investments had total amortized cost and fair values...

  • Page 116
    ... 31, 2010 12 months or more Fair Unrealized Value Losses (Dollars in millions) Total Unrealized Losses Fair Value Securities: U.S. government-sponsored entities (GSE) Mortgage-backed securities issued by GSE States and political subdivisions Non-agency mortgage-backed securities Equity and other...

  • Page 117
    ... for more than 12 months. All of these losses were in non-agency mortgage-backed and municipal securities. At December 31, 2010, all of the available-for-sale debt securities in an unrealized loss position, excluding those covered by FDIC loss sharing agreements, were investment grade with the...

  • Page 118
    ...cash flows using a number of assumptions, including default rates, prepayment rates and recovery rates (on foreclosed properties). Management reviews the results of the cash flow model in conjunction with historical payment experience in its estimation of possible future credit losses. If management...

  • Page 119
    ...breakdown of BB&T's loan portfolio as of December 31, 2010 and 2009: December 31, 2010 2009 (Dollars in millions) Loans and leases, net of unearned income: Commercial Sales finance Revolving credit Direct retail Residential mortgage Specialized lending Other acquired Total loans and leases held for...

  • Page 120
    ... secured by real estate at December 31, 2010. 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 and certain other corporate...

  • Page 121
    ... 31, 2010 2009 (Dollars in millions) Nonaccrual loans and leases: (1)(2) Held for investment (3) Held for sale Total nonaccrual loans and leases Foreclosed real estate Other foreclosed property Total foreclosed property (4) Total nonperforming assets (excluding covered assets) Loans 90 days or more...

  • Page 122
    ... placed in nonaccrual status ("nonperforming restructurings"): December 31, 2010 2009 (Dollars in millions) Performing restructurings: (1)(2) Commercial loans and leases Sales finance loans Revolving credit loans Direct retail loans Residential mortgage loans (3) Specialized lending loans Total...

  • Page 123
    ... Quality (Dollars in millions) Total Commercial: Commercial real estate-residential ADC Commercial real estate-other Commercial and industrial Specialized lending Retail: Direct retail lending Revolving credit Residential mortgage Sales finance Specialized lending Covered and other acquired Total...

  • Page 124
    ... the credit quality indicators associated with BB&T's loans and leases as of December 31, 2010: Commercial Commercial Real Estate- Residential ADC Commercial Real Estate- Commercial Other & Industrial (Dollars in millions) Specialized Lending Investment grade Near investment grade Noninvestment...

  • Page 125
    ...Covered Loans Still Accruing (Dollars in millions) Commercial: Commercial real estate- residential ADC Commercial real estate- other Commercial and industrial Specialized lending Retail: Direct retail lending Revolving credit Residential mortgage (3) Sales finance Specialized lending Other acquired...

  • Page 126
    ... acquired impaired loans and loans held for sale, that were evaluated for specific reserves as of December 31, 2010 and 2009: December 31, 2010 Unpaid Recorded Principal Related Investment Balance Allowance (Dollars in millions) With No Related Allowance Recorded: Commercial: Commercial real estate...

  • Page 127
    ... restructurings: December 31, 2010 (Dollars in millions) Commercial: Commercial real estate-residential ADC Commercial real estate-other Commercial and industrial Specialized lending Retail: Direct retail lending Residential mortgage Sales finance Specialized lending Total loans and leases held for...

  • Page 128
    ..., 2010 and 2009 are reflected in the table below. To date, there have been no goodwill impairments recorded by BB&T. Goodwill Activity by Operating Segment Community Banking Residential Mortgage Banking Sales Specialized Insurance Finance Lending Services (Dollars in millions) Financial Services All...

  • Page 129
    ... a carrying value of $388 million during the year ended December 31, 2010 in connection with the nonperforming asset disposition strategy. BB&T recorded $141 million of net charge-offs related to these loans. The unpaid principal balances of BB&T's total residential mortgage servicing portfolio were...

  • Page 130
    ... realization of expected net servicing cash flows, expected borrower payments and the passage of time. BB&T uses assumptions and estimates in determining the fair value of mortgage servicing rights. These assumptions include prepayment speeds, servicing costs and Option Adjusted Spread commensurate...

  • Page 131
    .... Commercial Mortgage Servicing Rights December 31, 2010 (Dollars in millions) Fair value of commercial mortgage servicing rights Weighted average life Prepayment speed Effect on fair value of a 10% increase Effect on fair value of a 15% increase Weighted average discount rate Effect on fair value...

  • Page 132
    ... (variable rate commercial paper) that mature in 270 days or less. Other short-term borrowed funds include unsecured bank notes that mature in less than one year, bank obligations with a maturity of seven days that are collateralized by municipal securities, U.S. Treasury tax and loan deposit notes...

  • Page 133
    ...625% Subordinated Notes Due 2016 (1) Federal Home Loan Bank Advances to Branch Bank (3) Varying maturities to 2034 Junior Subordinated Debt to Unconsolidated Trusts (4) Other Long-Term Debt Fair value hedge-related basis adjustments Total Long-Term Debt $ 250 1,000 500 510 499 538 610 490 932 339...

  • Page 134
    ... Plan"), the Non-Employee Directors' Stock Option Plan ("Directors' Plan"), and plans assumed from acquired entities, which are described below. All plans generally allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements and in connection...

  • Page 135
    ...of common stock at prices ranging from $25.75 to $31.80 were outstanding pursuant to the Directors' Plan. BB&T also has equity-based plans outstanding as the result of assuming the plans of acquired companies. At December 31, 2010, there were 117 thousand stock options outstanding in connection with...

  • Page 136
    ... table details the activity during 2010 related to stock options awarded by BB&T: Year Ended December 31, 2010 Wtd. Avg. Exercise Options Price Outstanding at beginning of period Granted Exercised Forfeited or expired Outstanding at end of period Exercisable at end of period 42,535,819 4,657,121...

  • Page 137
    ... Amount (Benefit) Amount (Dollars in millions) Unrecognized net pension and postretirement costs Unrealized net (losses) gains on cash flow hedges Unrealized net losses on securities available for sale FDIC's share of unrealized gains on securities available for sale under the loss share agreements...

  • Page 138
    ...: Unrealized net holding gains (losses) arising during the period on securities available for sale Reclassification adjustment for losses (gains) on securities available for sale included in net income Net change in amounts attributable to the FDIC under the loss share Net change in unrecognized...

  • Page 139
    ... Ended December 31, 2010 2009 2008 (Dollars in millions) Federal income taxes at statutory rate of 35% Increase (decrease) in provision for income taxes as a result of: Addition to Federal tax reserves, net State income taxes, net of Federal tax benefit Federal tax credits Interest on Federal tax...

  • Page 140
    ...in other assets on the "Consolidated Balance Sheets". December 31, 2010 2009 (Dollars in millions) Deferred tax assets: Allowance for loan and lease losses Unrealized loss on securities available for sale Postretirement plans Equity-based compensation Loan/Securities basis difference OREO Writedown...

  • Page 141
    ... for the assets acquired from Colonial Bank. Based on this analysis, BB&T identified approximately $114 million in unrecognized tax benefits related to temporary differences that have been excluded from the deferred tax asset recognized at the acquisition date. NOTE 15. Benefit Plans BB&T provides...

  • Page 142
    ... assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, BB&T considers long-term compound annualized returns of historical market data for each asset category, as well as historical actual returns on the plan assets. Using...

  • Page 143
    ... Plan Years Ended December 31, 2010 2009 (Dollars in Nonqualified Pension Plans Years Ended December 31, 2010 2009 millions) Change in Plan Assets Fair value of plan assets, January 1, Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets, December 31, Funded...

  • Page 144
    ... plan assets is defined in Note 19 "Fair Value Disclosures". 12/31/10 Fair Value Measurements for Plan Assets Level 1 Level 2 Level 3 (Dollars in millions) Plan assets: U.S. equity securities (1) International equity securities (2) Fixed income securities Alternative investments Total plan assets...

  • Page 145
    ... income at December 31, 2010. 12/31/09 Fair Value Measurements for Plan Assets Level 1 Level 2 Level 3 (Dollars in millions) Plan assets: U.S. equity securities (1) International equity securities (2) Fixed income securities Alternative investments Total plan assets (3) $ 977 442 641 117 $2,177...

  • Page 146
    ... to fund low income housing investments Residential mortgage loans sold with recourse All other loans sold with recourse $36,917 7,291 65,386 334 1,624 4,352 $36,130 7,999 66,260 371 1,986 3,989 Commitments to extend, originate or purchase credit are primarily lines of credit to businesses and...

  • Page 147
    ... loans, OREO, certain investment securities and other assets (collectively, "covered assets"), begins with the first dollar of loss incurred. The terms of the loss sharing agreement with respect to certain non-agency mortgage-backed securities provides that Branch Bank will be reimbursed by the FDIC...

  • Page 148
    ... materially change the financial condition or results of operations of BB&T. As of December 31, 2010, BB&T has recorded $15 million of reserves related to potential losses resulting from repurchases of loans sold. BB&T has investments and future funding commitments to certain venture capital funds...

  • Page 149
    ... the United States Department of Housing and Urban Development, Government National Mortgage Association, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association. At December 31, 2010 and 2009, Branch Bank's equity was above all required levels. At December 31, 2010 and 2009...

  • Page 150
    ... Parent Company Financial Statements Parent Company Condensed Balance Sheets December 31, 2010 and 2009 2010 2009 (Dollars in millions) Assets Cash and due from banks Securities available for sale at fair value Investment in banking subsidiaries Investment in other subsidiaries Total investments in...

  • Page 151
    Parent Company Condensed Income Statements Years Ended December 31, 2010, 2009 and 2008 2010 2009 2008 (Dollars in millions) Income Dividends from banking subsidiaries Dividends from other subsidiaries Interest and other income from subsidiaries Other income (loss) Total income Expenses Interest ...

  • Page 152
    ... in long-term debt Net decrease in short-term borrowed funds Net increase in advances from subsidiaries Net proceeds from common stock issued Retirement of preferred stock and warrant Proceeds from preferred stock issuance Cash dividends paid on common and preferred stock Net cash provided by...

  • Page 153
    ... Basis 12/31/2010 Level 1 Level 2 Level 3 (Dollars in millions) Assets: Trading securities Securities available for sale: U.S. government-sponsored entities (GSE) Mortgage-backed securities issued by GSE States and political subdivisions Non-agency mortgage-backed securities Equity and other...

  • Page 154
    ... 2 Level 3 (Dollars in millions) Assets: Trading securities Securities available for sale: U.S. government-sponsored entities (GSE) Mortgage-backed securities issued by GSE States and political subdivisions Non-agency mortgage-backed securities Equity and other securities Covered securities Loans...

  • Page 155
    ...notices and new issue data. Non-agency mortgage-backed securities: BB&T's valuation for these debt securities is based on a market approach using observable inputs such as benchmark yields and securities, TBA prices, reported trades, monthly payment information and collateral performance. Equity and...

  • Page 156
    ... basis. Fair Value Measurements Using Significant Unobservable Inputs Venture States & Equity & Mortgage Capital and Political Other Covered Servicing Net Similar Trading Subdivisions Securities Securities Rights Derivatives Investments (Dollars in millions) Year Ended December 31, 2010 Balance at...

  • Page 157
    .... BB&T has investments in venture capital funds and other similar investments that are measured at fair value based on the investment's net asset value. The significant investment strategies for these ventures are primarily equity and subordinated debt in privately-held middle market companies. The...

  • Page 158
    ...- (1) The change in fair value is reflected in mortgage banking income. (2) Excludes loans held for sale carried at the lower of cost or market. BB&T may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis. Assets measured at fair value on...

  • Page 159
    ...: The fair values for demand deposits, interest-checking accounts, savings accounts and certain money market accounts are, by definition, equal to the amount payable on demand at the reporting date. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that...

  • Page 160
    ...-balance sheet financial instruments as of the periods indicated: December 31, 2010 2009 Notional/ Notional/ Contract Fair Contract Fair Amount Value Amount Value (Dollars in millions) Contractual commitments: Commitments to extend, originate or purchase credit Residential mortgage loans sold with...

  • Page 161
    ... Total Mortgage Servicing Rights Interest rate contracts: Receive fixed swaps Pay fixed swaps Option trades Futures contracts When issued securities, forward rate agreements and forward commitments Total Total nonhedging derivatives Total Derivatives December 31, 2009 December 31, 2010 Fair Value...

  • Page 162
    ..., mortgage servicing rights, net investment in a foreign subsidiary and client-related and other risk management activities. Cash Flow Hedges BB&T's floating rate business loans, Federal funds purchased, other overnight funding, FHLB advances, medium-term bank notes and long-term debt expose...

  • Page 163
    ... cash flows from financing activities. All cash flow hedges were highly effective for the year ended December 31, 2010, and the change in fair value attributed to hedge ineffectiveness was not material. Fair Value Hedges BB&T's fixed rate long term debt, certificates of deposit, FHLB advances, loan...

  • Page 164
    ... subsequent to the interest rate lock and funding date. BB&T's risk management strategy related to its interest rate lock commitment derivatives and loans held for sale includes using mortgage-based derivatives such as forward commitments and options in order to mitigate market risk. For MSRs, BB...

  • Page 165
    ...Residential Mortgage Banking, Sales Finance, Specialized Lending, Insurance Services, Financial Services, and Treasury. These operating segments have been identified based on BB&T's organizational structure. The segments require unique technology and marketing strategies and offer different products...

  • Page 166
    certain Residential Mortgage Banking and Sales Finance referral fees to arrive at consolidated results. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised and business or product lines within the segments change. Also, because the ...

  • Page 167
    ...asset management, employee benefits services, corporate banking and corporate trust services to individuals, corporations, institutions, foundations and government entities. BB&T's Financial Services segment also offers clients investment alternatives, including discount brokerage services, equities...

  • Page 168
    ... intersegment net referral fees. The substantial majority of the loan portfolio acquired in the Colonial acquisition is covered by loss sharing agreements with the FDIC, and is managed outside of the Community Banking segment. The assets and related interest income from the portfolio are included in...

  • Page 169
    ... Mortgage Banking 2010 2009 2008 Sales Finance 2010 2009 2008 (Dollars in millions) Specialized Lending 2010 2009 2008 Insurance Services 2010 2009 2008 Net interest income (expense) Net funds transfer pricing (FTP) Net interest income (expense) and FTP Economic provision for loan and lease losses...

  • Page 170
    ... and Chief Executive Officer (Principal Executive Officer) /s/ Daryl N. Bible Daryl N. Bible Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Cynthia B. Powell Cynthia B. Powell Executive Vice President and Corporate Controller (Principal Accounting...

  • Page 171
    ...S. King Kelly S. King Chairman and Chief Executive Officer /s/ John A. Allison IV John A. Allison IV Director /s/ Jennifer S. Banner Jennifer S. Banner Director /s/ K. David Boyer, Jr. K. David Boyer Jr. Director /s/ Anna R. Cablik Anna R. Cablik Director /s/ Ronald E. Deal Ronald E. Deal...

  • Page 172
    ... Registrant and BB&T Financial Corporation. Purchase and Assumption Agreement Whole Bank All Deposits, among the Federal Deposit Insurance Corporation, receiver of Colonial Bank, Montgomery, Alabama, the Federal Deposit Insurance Corporation and Branch Banking and Trust Company, dated as of August...

  • Page 173
    ... Securities, dated as of May 24, 1996, between the Registrant and U.S. Bank National Association. BB&T Corporation Amended and Restated Non-Employee Directors' Deferred Compensation and Stock Option Plan (amended and restated January 1, 2005). BB&T Corporation 1995 Omnibus Stock Incentive Plan...

  • Page 174
    ...Year Vesting). BB&T Corporation Amended and Restated 1996 Short-term Incentive Plan. Incorporated herein by reference to Exhibit 10.2 of the Quarterly Report on Form 10-Q, filed May 7, 2010. Incorporated herein by reference to Exhibit 10.7 of the Annual Report on Form 10-K, filed February 28, 2008...

  • Page 175
    ... No. Description Location 10.25*†10.26* Amendment to the BB&T Corporation Non-Qualified Defined Benefit Plan. BB&T Corporation Non-Qualified Defined Contribution Plan. Filed herewith. Incorporated herein by reference to Exhibit 10.15 of the Annual Report on Form 10-K, filed February 27...

  • Page 176
    ... Amended and Restated Employment Agreement by and among BB&T Corporation, Branch Banking and Trust Co. and C. Leon Wilson, III. Death Benefit Only Plan, dated April 23, 1990, by and between Branch Banking and Trust Company (as successor to Southern National Bank of North Carolina) and L. Glenn Orr...

  • Page 177
    ...101.DEF** XBRL Taxonomy Definition Linkbase. * ** †Filed herewith. Filed herewith. Management compensatory plan or arrangement. As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18...

  • Page 178
    ... financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 25, 2011 /s/ Kelly S. King Kelly S. King Chairman and Chief Executive Officer

  • Page 179
    ...; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 25, 2011 /s/ Daryl N. Bible Daryl N. Bible Senior Executive Vice President and Chief Financial Officer

  • Page 180
    ..., state and attest that: (1) I am the Chairman and Chief Executive Officer of BB&T Corporation (the "Issuer"). (2) Accompanying this certification is the Issuer's Annual Report on Form 10-K for the year ended December 31, 2010, (the "Periodic Report") as filed by the Issuer with the Securities and...

  • Page 181
    ... N. Bible, state and attest that: (1) I am the Senior Executive Vice President and Chief Financial Officer of BB&T Corporation (the "Issuer"). (2) Accompanying this certification is the Issuer's Annual Report on Form 10-K for the year ended December 31, 2010, (the "Periodic Report") as filed by the...