BB&T 2011 Annual Report Download - page 26

of the acquired company, or otherwise adversely affect BB&T’s ability to maintain relationships with customers and
employees or achieve the anticipated benefits of the acquisition. Also, the negative effect of any divestitures required by
regulatory authorities in acquisitions or business combinations may be greater than expected.
ITEM 2. PROPERTIES
BB&T and its significant subsidiaries occupy headquarter offices that are either owned or operated under long-term
leases. BB&T also owns free-standing operations centers, with its primary operations and information technology 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, 2011, Branch Bank operated 1,779 branch offices in
North Carolina, South Carolina, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Alabama, Florida,
Texas, Indiana and Washington, D.C. BB&T also operates numerous insurance agencies and other businesses that occupy
facilities. Office locations are either owned or leased. Management believes that the premises occupied by BB&T and its
subsidiaries are well-located and suitably equipped to serve as financial services facilities. See Note 5 “Premises and
Equipment” in the “Notes to Consolidated Financial Statements” in this report for additional disclosures related to
BB&T’s properties and other fixed assets.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
BB&T’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “BBT.” BB&T’s
common stock was held by approximately 293,000 shareholders at December 31, 2011 compared to approximately
355,000 at December 31, 2010. The accompanying table, “Quarterly Summary of Market Prices and Dividends Declared
on Common Stock,” sets forth the quarterly high and low trading prices and closing sales prices for BB&T’s common
stock and the dividends declared per share of common stock for each of the last eight quarters.
Table 3
Quarterly Summary of Market Prices and Cash Dividends Declared on Common Stock
2011 2010
Sales Prices Cash Sales Prices Cash
Dividends Dividends
High Low Last Declared (1) High Low Last Declared
Quarter Ended:
March 31 $ 29.60 $ 25.95 $ 27.45 $ 0.17 $ 32.93 $ 25.40 $ 32.39 $ 0.15
June 30 27.81 25.24 26.84 0.16 35.72 26.18 26.31 0.15
September 30 27.36 18.92 21.33 0.16 28.69 21.72 24.08 0.15
December 31 25.57 19.76 25.17 0.16 27.57 22.15 26.29 0.15
Year $ 29.60 $ 18.92 $ 25.17 $ 0.65 $ 35.72 $ 21.72 $ 26.29 $ 0.60
(1) First quarter of 2011 included a special $0.01 dividend.
Common Stock and Dividends
BB&T’s ability to pay dividends is primarily dependent on earnings from operations, the adequacy of capital and the
availability of liquid assets for distribution. BB&T’s ability to generate liquid assets for distribution is dependent on the
ability 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 requirements. Management has established a
guideline that during normal economic conditions the common dividend payout ratio will be between 30% and 50% of
basic earnings per share. BB&T’s common dividend payout ratio, computed by dividing dividends declared per common
share by basic earnings per common share, was 35.14% in 2011 compared to 50.85% in 2010. BB&T has paid a cash
dividend to shareholders every year since 1903. A discussion of dividend restrictions is included in Note 16 “Regulatory
Requirements and Other Restrictions” in the “Notes to Consolidated Financial Statements” and in the “Regulatory
Considerations” section.
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