Summary
This amended filing (8-K/A) by BB&T Corporation, filed on April 27, 2009, corrects previously reported supplemental gross charge-off data for its home equity loan portfolio. The revisions, which relate to information originally provided on April 17, 2009, specifically address inadvertently excluded charge-offs from the calculation of gross charge-off rates. While the overall reported results and consolidated charge-off ratios remain unaffected, the company has revised the annualized gross charge-off rate for home equity loans for the first quarter of 2009 from 1.09% to 1.90%. Additionally, the annualized gross charge-offs as a percentage of outstanding for home equity loans and lines by state have also been updated. Investors should note that the amounts related to 2008 were not material. The revised supplemental disclosures are now furnished as Exhibit 99.1.
Key Highlights
- 1Filing is an amendment to a previous 8-K report filed on April 17, 2009.
- 2Revisions pertain to supplemental gross charge-off data for BB&T's home equity loan portfolio.
- 3Certain charge-offs were inadvertently excluded from the original calculations.
- 4The annualized gross charge-off rate for Q1 2009 home equity loans was revised from 1.09% to 1.90%.
- 5Annualized gross charge-offs as a percentage of outstanding for home equity loans and lines by state were also revised.
- 6These revisions did not impact the overall reported financial results or consolidated charge-off ratios.
- 7Revised supplemental home equity portfolio disclosures are provided as Exhibit 99.1.