BB&T 2011 Annual Report Download - page 89
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BB&T CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2011, 2010 and 2009
(Dollars in millions, except per share data, shares in thousands)
2011 2010 2009
Interest Income
Interest and fees on loans and leases $ 6,119 $ 6,080 $ 5,547
Interest and dividends on securities 747 1,019 1,319
Interest on other earning assets 19 16 18
Total interest income 6,885 7,115 6,884
Interest Expense
Interest on deposits 610 917 1,271
Interest on federal funds purchased, securities sold under repurchase agreements and
short-term borrowed funds 11 22 58
Interest on long-term debt 757 856 711
Total interest expense 1,378 1,795 2,040
Net Interest Income 5,507 5,320 4,844
Provision for credit losses 1,190 2,638 2,811
Net Interest Income After Provision for Credit Losses 4,317 2,682 2,033
Noninterest Income
Insurance income 1,044 1,041 1,047
Service charges on deposits 563 618 690
Mortgage banking income 436 521 658
Investment banking and brokerage fees and commissions 333 352 346
Checkcard fees 271 274 227
Bankcard fees and merchant discounts 204 177 156
Trust and investment advisory revenues 173 159 139
Income from bank-owned life insurance 122 123 97
FDIC loss share income, net (289) (116) 14
Other income 194 254 361
Securities gains (losses), net
Realized gains, net 174 585 240
Other-than-temporary impairments (22) (117) (172)
Non-credit portion recognized in other comprehensive income (90) 86 131
Total securities gains (losses), net 62 554 199
Total noninterest income 3,113 3,957 3,934
Noninterest Expense
Personnel expense 2,727 2,616 2,517
Foreclosed property expense 802 747 356
Occupancy and equipment expense 616 608 579
Loan processing expenses 227 201 147
Regulatory charges 212 211 230
Professional services 174 170 130
Software expense 118 117 94
Amortization of intangibles 99 122 114
Merger-related and restructuring charges, net 16 69 38
Other expenses 811 809 726
Total noninterest expense 5,802 5,670 4,931
Earnings
Income before income taxes 1,628 969 1,036
Provision for income taxes 296 115 159
Net income 1,332 854 877
Noncontrolling interests 43 38 24
Dividends and accretion on preferred stock — — 124
Net income available to common shareholders $ 1,289 $ 816 $ 729
Earnings Per Common Share
Basic $ 1.85 $ 1.18 $ 1.16
Diluted $ 1.83 $ 1.16 $ 1.15
Cash dividends declared $ 0.65 $ 0.60 $ 0.92
Weighted Average Shares Outstanding
Basic 696,532 692,489 629,583
Diluted 705,168 701,039 635,619
The accompanying notes are an integral part of these consolidated financial statements.
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