BB&T 2012 Annual Report Download - page 6

2012 Annual Report
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Unfortunately, excessive regulation is symptomatic of
a disturbing trend in Washington. I believe we are at a pivotal
point in our country. While we have been successful for more
than 200 years, we clearly have lost our way. We have become
comfortable living beyond our means. As a country, we are
currently spending $1.3 trillion more than we have in income.
We have run up a debt of more than $16 trillion. This is not
sustainable! At the same time, we have created too many
government entitlement programs that tend, over time, to
allow our citizens to become dependent on government support.
At BB&T, we believe we should have support programs to help
those who have temporary difficulties in life, including those
who have lost their jobs during the downturn, but we cannot
afford for them to become permanent crutches. We also should
provide long-term support for those who are permanently
disadvantaged and cannot help themselves. On the other hand,
those who can work, must! As a country, we cannot afford to
provide more and more government benefits for those who
refuse to work and save for themselves.
From a long-term perspective, too much support kills the drive,
motivation and self-esteem that come from having to take care
of ourselves. We all need a purpose in life that we can be
passionate about. Happiness in life comes from having
productive work (purpose) that allows us to feel good about
ourselves (self-esteem) because we earned it. Furthermore, all
of these social programs come with a hidden or implicit cost.
As government provides “help,” it also requires us to follow
excessive rules. We need to remember that America was founded
by people who were fleeing from the tyranny of big government
in Europe. Our forefathers came here looking for freedom – for
life, liberty and the pursuit of happiness. That has worked very
well for a long time, but now we are strangling freedom with big
government rules, bureaucracy and, of course, taxes. We are
slowly “killing the Golden Goose.”
When you take away people’s ability to prosper by working hard
and seizing opportunities, you take away their hope. Without
hope, people are no longer motivated to do their best. And when
this happens, we as a country stop believing we can prosper
and each generation can continue to do better. We must not let
this happen. We need to recast the vision for our nation: We can
and will return to the principles on which our great country
was founded. We will continue to be the land of opportunity
and hope. With positive inspirational and visionary leadership
by our governmental and business leaders, our best days as
a nation are ahead!
I also remain very optimistic about the banking industry and
BB&T. It’s easy to get so caught up in negatives – worries about
the economy or partisan paralysis in Washington – that we miss
the bigger picture. That picture shows continuing and long-term
positive fundamentals for financial services, still very much
a growth industry. And within that picture, BB&T stands at
the forefront with our growing and diverse clients, revenues
and markets.
Value Proposition Drives Revenue Growth
Revenue Mix
Based on segment revenues, excluding other, treasury and
corporate for 4Q12.
Revenue Growth through the Cycle
Adjusted to exclude the impact of large acquisitions for BB&T
and peers and selected one-time items.
YTD 2012 vs. YTD 2007
Community Banking
Insurance Services
Financial Services
Residential Mortgage Banking
Specialized Lending
Dealer Financial Services
With positive inspirational and visionary leadership by our governmental
and business leaders, our best days as a nation are ahead!
14%
13%
8%
6%
12%
47%