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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
October 30, 2000
Date of Report (Date of earliest event reported)
BB&T Corporation
(Exact name of registrant as specified in its charter)
Commission file number : 1-10853
North Carolina
56-0939887
(State of incorporation)
(I.R.S. Employer Identification No.)
200 West Second Street
Winston-Salem, North Carolina
27101
(Address of principal executive offices)
(Zip Code)
(336) 733-2000
(Registrant's telephone number, including area code)
This Form 8-K has 4 pages.
ITEM 5. OTHER EVENTS
The purpose of this Form 8-K is to file supplemental restatement information including the first and second quarters of 1999 restated for the accounts of Hardwick Holding Company, First Banking Company of Southeast Georgia, and One Valley Bancorp, Inc., all acquired by BB&T Corporation during 2000 and accounted for as poolings of interests.
EXHIBIT INDEX
Exhibit 99 Restatement Supplement
RESTATEMENT SUPPLEMENT Tom A. Nicholson BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058 Page 1 of 4 Investor Relations FAX(336) 733-3132 For the Quarter Ended (Dollars in thousands, except per share data) 6/30/99 3/31/99 INCOME STATEMENT EXCLUDING NONRECURRING ITEMS Interest income - taxable equivalent $ 952,769 $ 905,010 Interest expense 447,527 425,521 Net interest income - taxable equivalent 505,242 479,489 Less: Taxable equivalent adjustment 24,817 21,496 Net interest income 480,425 457,993 Provision for loan & lease losses 26,078 23,971 Net interest income after provision for loan & lease losses 454,347 434,022 Noninterest income 225,727 203,437 Noninterest expense 401,785 360,946 Income before income taxes 278,289 276,513 Provision for income taxes 89,759 89,653 Income excluding nonrecurring items 188,530 186,860 Nonrecurring items, net of tax - 10,386 Net income $ 188,530 $ 176,474 PER SHARE DATA EXCLUDING NONRECURRING ITEMS Basic earnings $ .48 $ .47 Diluted earnings .47 .46 Weighted average shares - Basic 394,797,390 395,644,210 Diluted 402,151,782 403,071,792 Dividends paid on common shares $ .175 $ .175 PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS Return on average assets 1.49 % 1.56 % Return on average equity 18.64 18.71 Net yield on earning assets (taxable equivalent) 4.27 4.27 Efficiency (taxable equivalent) (1) 54.6 52.8 CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2) Net Income $ 201,534 $ 198,207 Diluted earnings per share .50 .49 Return on average tangible assets 1.61 % 1.68 % Return on average tangible equity 23.33 22.70 Efficiency ratio (taxable equivalent) (1) 52.8 51.0 For the Quarter Ended (Dollars in thousands, except per share data) 6/30/99 3/31/99 INCOME STATEMENT Interest income - taxable equivalent $ 952,769 $ 905,010 Interest expense 447,527 425,521 Net interest income - taxable equivalent 505,242 479,489 Less: Taxable equivalent adjustment 24,817 21,496 Net interest income 480,425 457,993 Provision for loan & lease losses 26,078 23,971 Net interest income after provision for loan & lease losses 454,347 434,022 Noninterest income 225,727 203,437 Noninterest expense 401,785 376,787 Income before income taxes 278,289 260,672 Provision for income taxes 89,759 84,198 Net income $ 188,530 $ 176,474 PER SHARE DATA Basic earnings $ .48 $ .45 Diluted earnings .47 .44 Weighted average shares - Basic 394,797,390 395,644,210 Diluted 402,151,782 403,071,792 Dividends paid on common shares $ .175 $ .175 PERFORMANCE RATIOS Return on average assets 1.49 % 1.48 % Return on average equity 18.64 17.67 Net yield on earning assets (taxable equivalent) 4.27 4.27 Efficiency (taxable equivalent) (1) 54.6 52.8 NOTES: Applicable ratios are annualized. (1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods. (2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.RESTATEMENT SUPPLEMENT Tom A. Nicholson BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058 Page 2 of 4 Investor Relations FAX(336) 733-3132 As of / For the Quarter Ended (Dollars in thousands, except per share data) 6/30/99 3/31/99 INCOME STATEMENTS EXCLUDING NONRECURRING ITEMS Interest income - taxable equivalent Interest & fees on loans & leases $ 727,000 $ 702,393 Interest & dividends on securities 220,009 198,338 Interest on short-term investments 5,760 4,279 Total interest income - taxable equivalent 952,769 905,010 Interest expense Interest on deposits 292,420 291,599 Interest on short-term borrowed funds 73,929 59,423 Interest on long-term debt 81,178 74,499 Total interest expense 447,527 425,521 Net interest income - taxable equivalent 505,242 479,489 Less: Taxable equivalent adjustment 24,817 21,496 Net interest income 480,425 457,993 Provision for loan & lease losses 26,078 23,971 Net interest income after provision for loan & lease losses 454,347 434,022 Noninterest income Service charges on deposits 59,158 58,363 Mortgage banking income 47,109 49,261 Investment banking & brokerage fees & commissions 38,830 14,562 Trust revenue 17,462 16,525 Agency insurance commissions 16,952 17,000 Other insurance commissions 3,443 3,417 Other nondeposit fees & commissions 31,579 27,553 Securities gains (losses), net (2,895) 597 Other income 14,089 16,159 Total noninterest income 225,727 203,437 Noninterest expense Personnel expense 209,453 185,450 Occupancy & equipment expense 60,220 56,578 Foreclosed property expense 877 678 Amortization of intangibles & mortgage servicing rights 20,335 19,361 Other noninterest expense 110,900 98,879 Total noninterest expense 401,785 360,946 Income before income taxes 278,289 276,513 Provision for income taxes 89,759 89,653 Net income $ 188,530 $ 186,860 PER SHARE DATA EXCLUDING NONRECURRING ITEMS Basic earnings $ .48 $ .47 Diluted earnings .47 .46 Dividends paid on common shares .175 .175 Book value per common share $ 9.89 $ 10.23 RATIOS EXCLUDING NONRECURRING ITEMS Return on average assets 1.49 % 1.56 % Return on average equity 18.64 18.71 Net yield on earning assets (taxable equivalent) 4.27 4.27 Efficiency (taxable equivalent) (1) 54.6 52.8 Noninterest income as a percentage of total income (taxable equivalent) (1) 31.2 29.7 Equity as a percentage of total assets end of period 7.6 8.1 Average earning assets as a percentage of average total assets 93.5 93.3 Average loans & leases as a percentage of average deposits 99.7 98.8 CASH BASIS PERFORMANCE (2) Cash basis earnings excluding nonrecurring items $ 201,534 $ 198,207 Diluted cash basis earnings per share .50 .49 Return on average tangible assets 1.61 % 1.68 % Return on average tangible equity 23.33 22.70 Efficiency ratio (taxable equivalent) (1) 52.8 51.0 NOTES: Applicable ratios are annualized. (1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods. (2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity. RESTATEMENT SUPPLEMENT Tom A. Nicholson BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058 Page 3 of 4 Investor Relations FAX(336) 733-3132 As of / For the Quarter Ended (Dollars in thousands) 6/30/99 3/31/99 SELECTED BALANCE SHEET DATA End of period balances Securities, at carrying value $13,602,855 $ 13,063,853 Commercial loans & leases 16,941,615 15,985,175 Consumer loans 8,354,168 8,193,935 Revolving credit loans 633,677 609,408 Mortgage loans 7,733,934 8,256,788 Total loans & leases 33,663,394 33,045,306 Allowance for loan & lease losses 458,689 451,565 Other earning assets 638,898 354,692 Total earning assets 48,128,386 46,413,311 Total assets 51,463,991 49,748,966 Noninterest-bearing deposits 4,740,553 4,598,826 Savings & interest checking 3,167,921 3,245,250 Money rate savings 8,794,712 8,777,106 Time deposits 15,937,658 16,018,428 Other deposits 737,575 880,405 Total deposits 33,378,419 33,520,015 Short-term borrowed funds 7,563,087 5,785,648 Long-term debt 5,973,518 5,729,401 Total interest-bearing liabilities 42,174,471 40,436,238 Total shareholders' equity 3,898,715 4,051,409 Goodwill 563,201 550,825 Core deposit & other intangibles 18,153 17,567 Total intangibles 581,354 568,392 Mortgage servicing rights 164,148 144,122 Negative goodwill $ 23,628 $ 25,189 Average balances Securities, at amortized cost $13,450,238 $ 12,137,366 Commercial loans & leases 16,658,787 15,813,125 Consumer loans 8,438,028 7,965,657 Revolving credit loans 598,853 584,244 Mortgage loans 7,719,186 8,327,200 Total loans & leases 33,414,854 32,690,226 Other earning assets 477,795 373,114 Total earning assets 47,342,887 45,200,706 Total assets 50,659,620 48,438,057 Noninterest-bearing deposits 4,644,752 4,500,558 Savings & interest checking 3,302,327 3,323,282 Money rate savings 8,625,484 8,480,303 Time deposits 15,996,493 16,007,736 Other deposits 954,169 788,147 Total deposits 33,523,225 33,100,026 Short-term borrowed funds 6,337,899 5,104,085 Long-term debt 6,048,556 5,505,189 Total interest-bearing liabilities 41,264,928 39,208,742 Total shareholders' equity $ 4,057,292 $ 4,049,638 RISK-BASED CAPITAL Risk-based capital: Tier 1 $ 3,531,208 $ 3,543,288 Total 4,735,007 4,789,094 Risk-based capital ratios: Tier 1 10.2 % 10.6 % Total 13.6 14.3 Leverage capital ratio 7.0 7.4 NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income. RESTATEMENT SUPPLEMENT Tom A. Nicholson BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058 Page 4 of 4 Investor Relations FAX(336) 733-3132 As of / For the Quarter Ended (Dollars in thousands) 6/30/99 3/31/99 ASSET QUALITY ANALYSIS Allowance For Loan & Lease Losses Beginning balance $ 451,565 $ 442,341 Allowance for acquired loans 169 1,935 Provision for loan & lease losses 26,078 23,971 Charge-offs (27,372) (24,246) Recoveries 8,249 7,564 Net charge-offs (19,123) (16,682) Ending balance $ 458,689 $ 451,565 Nonperforming Assets Nonaccrual loans & leases $ 107,172 $ 118,211 Foreclosed real estate 21,089 26,514 Other foreclosed property 9,539 12,271 Restructured loans 2,070 3,625 Nonperforming assets $ 139,870 $ 160,621 Loans 90 days or more past due & still accruing $ 52,094 $ 47,316 Loans 90 days or more past due & still accruing as a percentage of total loans and leases .15 % .14 % Asset Quality Ratios Nonaccrual and restructured loans & leases as a percentage of total loans & leases .32 % .37 % Nonperforming assets as a percentage of: Total assets .27 .32 Loans & leases plus foreclosed property .42 .49 Net charge-offs as a percentage of average loans & leases .23 .21 Allowance for loan & lease losses as a percentage of loans & leases 1.36 1.37 Ratio of allowance for loan & lease losses to: Net charge-offs 5.98 x 6.67 x Nonaccrual and restructured loans & leases 4.20 3.71 For the Quarter Ended 6/30/99 3/31/99 ANNUALIZED INTEREST YIELDS / RATES (1) Interest income: Securities & other 6.49 % 6.49 % Loans & leases 8.72 8.69 Total earning assets 8.06 8.08 Interest expense: Interest-bearing deposits 4.06 4.14 Short-term borrowed funds 4.68 4.72 Long-term debt 5.38 5.45 Total interest-bearing liabilities 4.35 4.40 Net yield on earning assets 4.27 % 4.27 % NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income. (1) Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BB&T CORPORATION
(Registrant)
By: /S/ SHERRY A. KELLETT
Sherry A. Kellett
Senior Executive Vice President and Controller
(Principal Accounting Officer)
Date: October 30, 2000
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