What was BB&T's net income in 2009, and how did it compare to 2008?

BB&T reported consolidated net income of $877 million for 2009, a decrease of 42.6% compared to $1.5 billion earned in 2008. Net income available to common shareholders also decreased by 51.3% to $729 million in 2009 from $1.5 billion in 2008.

What was the impact of the Colonial Bank acquisition on BB&T's financial performance?

The acquisition of Colonial Bank, completed in August 2009, was BB&T's largest to date and significantly strengthened its banking franchise, improving its market share in Florida and Alabama. It contributed to a 27.7% increase in total client deposits. However, the acquisition, along with ongoing economic challenges, contributed to higher provisions for credit losses, impacting the overall net income.

How did BB&T's capital position fare in 2009?

BB&T maintained a strong capital position throughout 2009. The company exceeded its capital requirements as measured in the Supervisory Capital Assessment Process (SCAP). It also raised $2.6 billion in common stock during the year and repaid its $3.1 billion preferred stock investment from the U.S. Treasury as part of the TARP Capital Purchase Program. The Tier 1 common ratio was 8.5% at December 31, 2009, well above regulatory standards.

What were the key drivers of BB&T's revenue growth in 2009?

BB&T achieved strong revenue growth of 18.3% in 2009. This was driven by a 23.1% increase in noninterest income, which included record performance from its residential mortgage banking operations (up 139.3%) and a 12.8% increase in insurance income. Net interest income also grew by 14.9%.

TRUIST FINANCIAL CORP 10-K FY2009 Annual Report

Summary

Truist Financial Corporation (TFC), previously BB&T Corporation, reported its 2009 fiscal year results, a period marked by significant economic challenges and strategic acquisitions. The company successfully executed the FDIC-assisted acquisition of Colonial Bank, its largest acquisition to date, which substantially expanded its banking footprint, particularly in Alabama and Florida. Despite a challenging operating environment, including the deep recession and disruption in financial markets, BB&T demonstrated resilience, exceeding capital requirements under the Supervisory Capital Assessment Process (SCAP) and exiting the Troubled Asset Relief Program (TARP). The company strengthened its capital base by raising $2.6 billion through common stock offerings and repaid its TARP preferred stock and warrant. However, net income and earnings per share saw a significant year-over-year decline, primarily due to increased provisions for credit losses driven by deterioration in housing-related credits. The company also managed to grow its non-interest revenue streams, with notable performance in its residential mortgage banking and insurance operations.

Financial Highlights

41 data points

Beta

Net Income

$877.00M

EPS (Diluted)

$1.15

Total Assets

$165.76B

Cash & Equivalents

$2.65B

Free Cash Flow

-$667.00M

Financial Statements

Beta

Interest Expense	$2.04B
Net Income	$877.00M
EPS (Basic)	$1.16
EPS (Diluted)	$1.15
Shares Outstanding (Basic)	629.58M
Shares Outstanding (Diluted)	635.62M

Key Highlights

1Successfully executed the FDIC-assisted acquisition of Colonial Bank, significantly expanding its market presence in Alabama and Florida.
2Exited the Troubled Asset Relief Program (TARP) and exceeded capital requirements in the Supervisory Capital Assessment Process (SCAP).
3Strengthened capital by raising $2.6 billion through two common stock offerings and repaid U.S. Treasury preferred stock and warrant.
4Reported a 42.6% decrease in consolidated net income to $877 million, and a 51.3% decrease in net income available to common shareholders to $729 million, due to increased provisions for credit losses.
5Experienced strong revenue growth of 18.3%, driven by a 23.1% increase in noninterest income, with record performance in mortgage banking and insurance.
6Increased provision for credit losses to $2.8 billion, reflecting deterioration in housing-related credits, particularly in Georgia, Florida, and the Washington D.C. metro area.
7Maintained a strong deposit growth of 27.7% to $106.8 billion, boosted by the Colonial acquisition and improvements in deposit mix.

TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2009

Summary

Financial Highlights

Key Highlights

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