Summary
BB&T Corporation (now Truist Financial Corp.) filed an amendment to its quarterly report (10-Q/A) for the period ending June 30, 2009. The amendment primarily corrected the presentation of other comprehensive income related to securities available for sale. For investors, the key takeaway is the ongoing impact of the challenging economic environment, reflected in a significant increase in the provision for credit losses to $1.377 billion for the first six months of 2009, up from $553 million in the prior year. This surge in provisions directly impacted net income, which fell to $526 million for the first six months of 2009, a substantial decrease from $860 million in the same period of 2008, resulting in diluted EPS of $0.67 compared to $1.56. Despite the economic headwinds, BB&T demonstrated resilience in deposit growth, with total deposits increasing to $102.164 billion from $98.613 billion. However, the company experienced a net decrease in cash and cash equivalents and a significant increase in nonperforming assets. The substantial increase in loans held for sale and the fair value adjustments to these loans also warrant investor attention, highlighting the dynamic nature of the balance sheet in response to market conditions.
Financial Highlights
39 data points| Interest Expense | $502.00M |
| Net Income | $208.00M |
| EPS (Basic) | $0.20 |
| EPS (Diluted) | $0.20 |
| Shares Outstanding (Basic) | 602.73M |
| Shares Outstanding (Diluted) | 608.80M |
Key Highlights
- 1Provision for credit losses significantly increased to $1.377 billion for the first six months of 2009, up from $553 million in the prior year, reflecting economic stress.
- 2Net income declined substantially to $526 million for the first six months of 2009, compared to $860 million in the same period of 2008.
- 3Diluted Earnings Per Share (EPS) decreased to $0.67 for the first six months of 2009, down from $1.56 in the prior year.
- 4Total deposits showed growth, increasing to $102.164 billion as of June 30, 2009, from $98.613 billion as of December 31, 2008.
- 5Nonperforming assets more than doubled to $3.340 billion from $2.030 billion, indicating increased credit risk.
- 6Loans held for sale increased significantly to $3.982 billion from $1.424 billion, with fair value adjustments impacting net income.
- 7The company made an amendment to correct the presentation of other comprehensive income related to securities available for sale, indicating a minor accounting adjustment.