BB&T 2012 Annual Report Download - page 103
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The accompanying notes are an integral part of these consolidated financial statements.
81
BB&T CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2012, 2011 and 2010
(Dollars in millions, except per share data, shares in thousands)
2012 2011 2010
Interest Income
Interest and fees on loans and leases $ 5,980 $ 6,119 $ 6,080
Interest and dividends on securities 907 747 1,019
Interest on other earning assets 30 19 16
Total interest income 6,917 6,885 7,115
Interest Expense
Interest on deposits 429 610 917
Interest on federal funds purchased, securities sold under repurchase
agreements and short-term borrowed funds 7 11 22
Interest on long-term debt 624 757 856
Total interest expense 1,060 1,378 1,795
Net Interest Income 5,857 5,507 5,320
Provision for credit losses 1,057 1,190 2,638
Net Interest Income After Provision for Credit Losses 4,800 4,317 2,682
Noninterest Income
Insurance income 1,359 1,044 1,041
Mortgage banking income 840 436 521
Service charges on deposits 566 563 618
Investment banking and brokerage fees and commissions 365 333 352
Bankcard fees and merchant discounts 236 204 177
Checkcard fees 185 271 274
Trust and investment advisory revenues 184 173 159
Income from bank-owned life insurance 116 122 123
FDIC loss share income, net (318) (289) (116)
Other income 299 194 254
Securities gains (losses), net
Realized gains (losses), net (3) 174 585
OTTI charges (5) (22) (117)
N
on-credit portion recognized in OCI (4) (90) 86
Total securities gains (losses), net (12) 62 554
Total noninterest income 3,820 3,113 3,957
Noninterest Expense
Personnel expense 3,125 2,727 2,616
Occupancy and equipment expense 650 616 608
Loan-related expense 283 227 201
Foreclosed property expense 266 802 747
Regulatory charges 159 212 211
Professional services 156 174 170
Software expense 138 118 117
Amortization of intangibles 110 99 122
Merger-related and restructuring charges, net 68 16 69
Other expense 873 811 809
Total noninterest expense 5,828 5,802 5,670
Earnings
Income before income taxes 2,792 1,628 969
Provision for income taxes 764 296 115
Net income 2,028 1,332 854
N
oncontrolling interests 49 43 38
Dividends on preferred stock 63 ― ―
Net income available to common shareholders $ 1,916 $ 1,289 $ 816
EPS
Basic $ 2.74 $ 1.85 $ 1.18
Diluted $ 2.70 $ 1.83 $ 1.16
Cash dividends declared $ 0.80 $ 0.65 $ 0.60
Weighted Average Shares Outstanding
Basic 698,739 696,532 692,489
Diluted 708,877 705,168 701,039