Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

BB&T Corporation (NYSE:BBT)

June 11, 2013 10:20 am ET

Executives

Kelly S. King - Chairman, Chief Executive Officer, President, Member of Executive Committee, Member of Risk Committee, Chief Executive Officer of Branch Banking & Trust Company and Chairman of Branch Banking & Trust Company

Analysts

Betsy Graseck - Morgan Stanley, Research Division

Betsy Graseck - Morgan Stanley, Research Division

Okay. So as we've done in a couple other sessions, we're going to ask a polling question from the group here in the audience and get your feedback on the question we have regarding BB&T. And the question is, what would drive you to add to your position in BB&T? And in the polling devices, you can choose either a, Southeast housing improvement; b, expected CCAR resubmission results; c, positive operating leverage; or d, accelerating loan growth. So we will have a 10-second countdown here, a for housing; b for CCAR; 3 for positive operating leverage; and d for loan growth.

[Voting]

And the answer is loan growth, it is, by a wide margin.

Okay, great.

So with that sets the stage for our conversation today with Kelly King, Chairman and CEO of BB&T. Kelly has dedicated his 40-year career to BB&T, having run most parts of the company before he was named CEO in January of 2009 and Chairman in 2010.

And as many of you know, BB&T is the 10th largest bank in the U.S., with $181 billion in assets. The 3 key debates that we see for BB&T are capital deployment, loan growth and expense management.

And we're going to use the fireside chat format. So let me kick it off with a few questions, and then we'll take it from there and see if the audience has any as well.

Thank you so much for joining us today.

Kelly S. King

Glad to be here. Thanks for having us.

Question-and-Answer Session

Betsy Graseck - Morgan Stanley, Research Division

So one question, let's start with loan growth since loan growth was the answer that most people chose in highlighting what they needed to see an improvement -- or not an improvement, but to see accelerating loan growth to drive an increased purchase of BB&T in their portfolio. So loan growth accelerated towards the end of last quarter. And I think on the conference call, you mentioned that loan production in March was the strongest in BB&T's history. And could you just give us a sense of whether or not there was follow-through on that, or how the follow-through has been, April, May and June? And did production lead to originations? Just give us a sense of the color for what you're seeing in your portfolio.

Kelly S. King

Yes. So just recapping the first quarter, it was a mixed quarter, ended -- it started out really slow, almost like we hit a wall. And as we reported, it kind of came back towards the end, with a strong March. Now it's not unusual in banking to see the third month of a quarter to somehow be stronger. They just seem to work that way over the years. So we've seen strong productions in April and May, not quite as strong as June, just, again, because it is the first couple of months. Growth has -- is in the context of what we described. I think we stated that as around 2% to 4% growth for the quarter. We're feeling good about that. I would probably lean to the higher side of that range. Remember that you can't only look at production, you have to look at the usage of lands and just paydowns and all the factors that go into that. So I would say that, that late first quarter trend is continuing. And we're feeling relatively good about loan growth. I would say, relative to the industry, however, I suspect, when the numbers are in, our numbers will be on the high side for a number of reasons, mostly because we have some very unique, I think, strategies that are working to our advantage. As you know, we are very aggressive now in terms of our -- building out our corporate national banking strategy, our growth strategy. And we have this unique set of other lending businesses that are just doing really well, and they're kind of counter-cyclical, if you will. So it really helps us even when the general C&I and CRE business is soft and we get a little stronger growth. And the other thing I would just say to the audience is, the market is still sluggish out there. It's still a slower economy, and my own sense is, the market's growing at 1.5% to 2% real GDP growth. When you talk to businesspeople, they are still very hesitant about making investments. And so, I don't think anyone should get too excited about robust loan growth anytime in the near-term until we get some more certainty coming out of Washington because businesspeople are still very worried about insurance costs and regulatory costs and taxation changes. And so, it's better than it was, but it's not robust yet.

Betsy Graseck - Morgan Stanley, Research Division

And just thinking about the different major asset classes, commercial, industrial, commercial real estate, housing and then consumer.

Kelly S. King

Yes. So C&I is relatively strong, of that group. And I think that's kind of across the board, across the country, it's been fairly broad-based C&I growth relative to CRE. It's still generally very tepid. You are seeing fairly robust growth in multifamily, but everything else is very slow. You are seeing some resurgence in retail growth. A part of that mathematically is just because a retail portfolio generally has about a 3-year lifespan. And so, when you're in a slowing period, you just mathematically have a declining 25- or 30-month period. And then, when you stay with the same production, you start seeing more rapid growth because your runoff has declined. That's beginning to occur. And consumers are a little more confident today than 6 months ago. So retail is pretty strong. Others is strong. And so, I think housing in general is much better than it was. Now you have to distinguish in terms of what's happening in buying and selling houses and financing. What we're seeing in terms of housing in general is that it has clearly improved across our markets. Some markets are stronger than others, but it's generally very strong. So I'd say the strongest is C&I and then retail and other.

Betsy Graseck - Morgan Stanley, Research Division

Okay, super. I would like to just turn to some of the other questions that we polled the audience for. And one is on the CCAR resubmission results. And on the first quarter conference call, you indicated that BB&T would emphasize dividends in the resubmission. So I did take that to mean that you were not going to be prioritizing buybacks. But maybe you can help us understand, given the fact that the resubmission process is pretty much done at this stage. Based on the resubmission process, how are you thinking about dividends and buybacks, second half of this year?

Kelly S. King

Yes. So the resubmission process, it actually concluded today. We actually make a submission today. Just a couple of comments about perspective. I'm not going to comment on the specific request. I think that's inappropriate, given until the process kind of concludes. But just a couple of points to put it into perspective, since January, specific to BB&T and then in general. One is we did have the RWA and SARs issue, which did consume about 60 basis points of capital. Now we could handle that fine because we were well-capitalized, but that's a change to be taken into consideration. We did get this qualitative objection to our plan, which does tend to make you more conservative. I would point out, however, that it was a qualitative objection. On the quantitative stress test, BB&T did have about the best results. We had the best capital, we had the best -- lowest loan losses and the second highest earnings of that. So it was a qualitative matter, and I can't discuss it further than that. But that is a factor that does cause me to be more conservative, just in the environment we're in today. And I know there's anyone else have pointed out that we've already been pretty aggressive with regard to dividends this year. We raised our dividend 15% in January, which is a pretty healthy raise. And we actually have done it uniquely. We're paying 5 quarters of dividend this year because we changed our timing to kind of make it a little clearer, and it will now declare in January and pay in the first and pay in the third. So we've got a pretty aggressive dividend strategy out there today. We have one of the highest payout ratio, maybe the highest. We have one, although it's not the highest dividend yields. And so we have a very aggressive dividend strategy already. So I would just point out for those reasons, in the near-term, the very near-term, I would expect us to be very conservative with regard to capital strategy. And here's the other most important reason, Betsy, and that is, as I'm sure you well know, over the last 2 or 3 months, there's been a huge increase in the conversation in the industry about capital levels and how do we deal with "too big to fail." Some legislative actions are around limiting sizes of banks, breaking up banks, et cetera. I think fortunately, the regulators seem to be moving towards dealing with that issue in terms of capital levels, which I personally think is the preferable approach. And so, there's a lot of conversation about fairly soon seeing increases in capital levels. We don't know what those are going to be. We think we'll be on the low side of what [indiscernible] will be way up there, and then we'll be substantially lower. But we don't know. So that's another level of uncertainty. So for all of those reasons, I think anyone would expect the prudent leaders would be very conservative in the short-term until we get some clarity. Now I think that begins to clear itself up as we head towards the end of the year. And so, as we begin to think about '14, you begin to think in more normal terms of what our capital strategy is going to be. Nothing's really changed in terms of my own prioritizations with regard to capital actions. I still believe, for our investors, that the first capital best usage is to support our organic growth; the second is dividends; the third is profitable acquisitions; and the fourth is buybacks. Now I've also said consistently, as you know, that you have to look at all of those various options and think in terms of what's practical. So, for example, if the market is growing very slowly, then your organic growth is going to be slower. If the market's tenuous with regard to acquisitions, which it is today, that's not going to maybe offer as many opportunities as you like. So that would tend to cause buybacks to move up in prioritization and in the process.

Betsy Graseck - Morgan Stanley, Research Division

So when you indicate that as you move into '14, "back to normal" is more of a payout ratio on the dividend and the buyback, that is similar to each other, or because in the past you've obviously asked and received buyback approval, but you've been using it for other things, including acquisitions.

Kelly S. King

Right.

Betsy Graseck - Morgan Stanley, Research Division

So is that...

Kelly S. King

Yes. So I think we would think in the same context of -- the dividend strategy will need to be taken into account in terms of where we are relative to external constraints and, frankly, where we are in terms of our yield. I mean, you -- we do have to consider, if we already have a very high-yielding dividend, is it prudent to push that much higher versus other options? It certainly will cause us to be more aggressive with regard to acquisition opportunities, which will be our next priority. But again, buybacks become more interesting at that point. Now we look at our buybacks, when we get to that, when we get to the point that now it makes sense for buybacks, we look at that from an internal rate of return perspective. And sometimes, you might be in some buybacks, but if the price is too high, it don't make any sense. So we're always centering on the long-term returns to the shareholders and trying to do the right thing for them.

Betsy Graseck - Morgan Stanley, Research Division

Could we talk a little bit about acquisition opportunities because that is something that has helped with your footprint expansion and getting into some new areas of lending, talking several years back? Going forward, though, you've really been more organically focused on the Texas expansion. Could you give us a sense as to how willing you think you are to kick back into acquisitions over the next couple of years versus organic? And maybe touch on how Texas is going in there.

Kelly S. King

Yes. So I think over the next couple of years, we remain very optimistic, very bullish in terms of acquisitions. In the very short term, again, you just don't see much going on now. And that's because when you talk to bank CEOs, we're all waiting for a bit more certainty in the environment. Certainly, we'd like to see the economy more clear in terms of where it's going, but also how we're going to settle down on more of the Dodd-Frank rules as the regulators roll out more of that, what's going to happen on capital, which is a really big deal. I mean, how do you price an acquisition when you don't know what your capital requirements are going to be? But that's -- I'm really -- I'm pretty optimistic that over the next few months, sort of by the end of the year, we'll begin to get clarity around that. Given that and you get to somewhat of a more normal playing field, then I think you're going to -- I really think you're going to see a relatively significant increase in acquisitions, and here's why. Because, again, in a relatively slow growth organic environment, with substantial increases in technological and regulatory costs, scale does become a really big issue. I've said that for years. It hasn't happened as fast as I thought it would for a variety of other factors, mostly of the economy. But we are moving into a more normalized state. That might be a slow growth state, but a more normalized state. And so, I think that will cause people to be more willing to look at strategic options. For BB&T, I think that will still be a high priority. We're very good at it. And there's still many options available for us. In the meantime, though, we don't put acquisitions as the #1 strategy because it's uncontrollable by us. That's why organic is always the #1 strategy. Unfortunately for us, we have huge organic opportunities. I mean, we haven't even touched the surface in Florida when we're #5 in market share in deposits, but we have tiny share of loans and tiny share of fee income opportunities, and there are 19 million people in Florida. Texas has 26.5 million people. It's growing by 1,000 people a day. It's just a phenomenal market. And every time I go there, I come back just exhilarated. First of all, it's a big state, it's growing, and they love business. They love to do business. And our market -- our value proposition is being really well received. You alluded to our current strategy. We're starting from the small base, admittedly. We had about 30 branches that we got through Colonial and a few additions. We, in a 6-month period now, are just completing the addition of 30 commercial branches that have a 25-plus percent in terms of rate of return projection. We feel very confident about how that's going to go, albeit early. And so, we expect to be very bullish organically in Texas. And we'll be very interested in acquisitions at the right prices in Texas as well. So it's a really good opportunity for us.

Betsy Graseck - Morgan Stanley, Research Division

So can we turn a little bit to the expense question that we asked the audience? You expect to take your expense ratio down over the next couple of years as well, at the same time while you're doing the organic growth. And maybe you could speak a little bit to some of the key drivers that you anticipate are going to get you there, is it more top line or is it more the expense line? And maybe you could highlight some of the things that have been going on over the past quarter or so. We've noticed there's been some recent articles out about some restructuring that you've been doing in the footprint.

Kelly S. King

Right. So keep in mind that BB&T already is an expense advantaged company. We have an expense ratio of about 56% versus our peers, who have about 63%. So you think we will feel really good. But because of what I just described, expecting a slower growth environment, higher technological cost, regulatory cost, you've got to be tightly focused on expenses. We've said consistently that we are going to be intensely focused on expenses. We have said that the slower the market, the more difficult the economy, the more intense you get, naturally. And the market has been slow. So we have been intensifying our expense focus 1.5 years or thereabout. I've challenged all of our managers to reconceptualize their businesses, anticipating that we would be in the place we're in today. That process has been ongoing. You are now beginning to see some of the results of those strategies that are being developed. I have kind of resolutely avoided putting out some big plans, some big number. I just don't think that's healthy for your associates. It's just -- it sounds publicly good, but it's not a good way to lead a company. But that should not lead you to believe we're not being very aggressive. So, for example, you've seen recently we announced our closing a little over 40 branches, which is not a huge number out of 1,850, but it's a nice chunk, branches that were not as profitable as they should be. It didn't have the future opportunity that they should have. And then we've recently announced -- there was some publicity around a restructuring of our community bank, mainly around reducing the number of regions. We had -- we have really let the number of regions grow a little larger than we liked because of mergers, and they kind of circumstantially got to be a little unwieldy. And so we used this situation as an opportunity to kind of tweak that and get that more in line in terms of our strategy in terms of community banking, but also frankly, we get some efficiencies out of it as well. So you'll see us continuing to work on those kind of strategies, a number of backroom strategies. It's an ongoing process. It never stops in this kind of environment. And so, we are -- like every part of our business, we're always looking to be the best in class. And we will continue to pursue that with the expenses.

Betsy Graseck - Morgan Stanley, Research Division

And so on the regional footprint, did you change the number of persons that you have or -- so you consolidated...

Kelly S. King

So what we did was we had gotten up to -- when we just started this 25 years ago, my predecessor and I designed the program. When we actually started, we had 10 regions. And then we grew over time, and we've actually gone up to 37 regions. But it was a wide range just because we tended to do them around mergers. So we did a small merger with Hardwick [ph] region. It didn't necessarily make geographical sense or volume sense. So we took out a clean sheet of paper, kind of looked at what make sense in today's world. So we did reduce it from 37 to 23, which is a material reduction, but -- so the regions are more consistent in size and scope today. They are more effective because we did 2 other things as a part of that. One is, we're really kind of what Richard Brown, our Community Bank President, calls doubling down on community banking. So we heretofore have had our local managers, which is really where our community banking exists, called City Executives. We're renaming them Market Presidents to very clearly convey to the market that they are the leaders and they are the ones that really are the President of the Community Bank. We're pushing more loan authority out into the field, closer to the client so we'll be more responsive. But at end of the day, community banking is not about how many regions you have. It's about how responsive you are and how reliable you are in helping the clients meet their needs. Now in 41 years now in banking, I've never had a single client come up and say, "Well, how are you guys organized? And who reports to whom? And who's making that decision?" They just do not care about that stuff. We care about it a lot. We like to talk about it, but they don't care. They care about they need a loan, they want to get a loan as quick as possible, as closer to where they want to get it as possible. And so, this makes us much better in community banking.

Betsy Graseck - Morgan Stanley, Research Division

Okay, great. Maybe we'll see if there's any questions from the audience here. So let me just continue. Going on, on the expense side, talked a little about the operating expenses. What about the credit-related expenses? Now BB&T was early in identifying opportunities to reduce NPLs and bring down foreclosure-related expenses, et cetera. Is there any room left there?

Kelly S. King

Actually, it was pretty substantial. We've -- as you've noted, we've brought them down a lot. The credit trends continue to be very positive. But the expenses seem to lag. For example, even as your NPA has come down, you tend to have staffing that was related to the previous volume. It takes you a little while to bring that down the way we do it. We just don't cavalierly lay off people. We do it kind of methodically. And so, yes, there's pretty good room there. There's room in terms of a fragile freight coming down. There's room in terms of NPA coming down. Then there's more room in terms of associated legal and related credit costs coming with it.

Betsy Graseck - Morgan Stanley, Research Division

Okay. But you would say, what inning are we in, in that?

Kelly S. King

I think for the new norm, I'd say we are in the 6.5, 7th inning.

Betsy Graseck - Morgan Stanley, Research Division

Okay. And from a loan growth perspective, you indicated that we've had improving but slight sluggishly improving loan growth. But your linked quarter annualized is in the 3% to 4% level, 4.5% sometimes. So what are you really looking for that seems to be a nice uptick from what you have been doing?

Kelly S. King

Well, I think -- you mean, in terms of ratching up beyond that?

Betsy Graseck - Morgan Stanley, Research Division

Right.

Kelly S. King

Yes. So I think that if we grow in 3.5% or 4%, then that's, I believe, substantially faster than the market. The economy is growing 1.5% to 2%. In general, banks are going to grow 1.5% and 2%, right? And so, we will be substantially better than the market average. But I think what we'll do is we'll continue to pursue this National Corporate Banking strategy. We still have 3-plus years legs on that. I mean, we have 1 corporate bank underground [ph] in Chicago, and then we know if we put 50. So we have tremendous opportunity, and we expect to continue to expand that. These other specialized businesses we have, like Grandbridge mortgage, national mortgage, our auto finance business, our small ticket business that finances like jet skis and things like that, which are really good, all of those are national in scale and all have tremendous opportunity to continue to grow. And then markets like Texas is just unbelievable. We can move to other markets, frankly, with the same de novo commercial strategy. So we don't feel constrained in terms of our growth rate being what the market is. It helps that the market's growing fast, and that's being fair. But we are not intimidated by that. We are doing our strategy very -- relatively aggressively, given that we're going to be conservative. Now, as you know, we are a conservative underwriter. We could be growing our loan substantially faster today than we are with just 1 flick of the switch. And that is, relative to many of our peers, there are a couple of major things we are not doing. A lot of what's going on in C&I lending today, and this is something you're going to be reading about in my humble opinion, but there's a lot of leverage deals being done and there's a lot of leverage financing going on, and we don't do that. We just think it's too risky for a bank like ourselves. It's easy to do. They come in big-ticket denominations. And we don't like to do that. And in terms of large syndicated deals, while we do participate in that, we take relatively small whole positions. So, for example, in our [indiscernible] deal, with 10 banks sharing the credit, we might do $50 million, with some of our peers, even smaller, might do $200 million. We don't do that. We try to stay very granular. We'd rather have slower, more profitable growth than faster, less profitable growth.

Betsy Graseck - Morgan Stanley, Research Division

Okay. But in this environment, your 4% LQA growth is very solid.

Kelly S. King

Yes.

Betsy Graseck - Morgan Stanley, Research Division

Yes. Maybe we could talk a little bit about next year with the FDIC loss share going away, and maybe you could give us a sense as to how you are thinking about managing through that.

Kelly S. King

So the way we think about that is looking at the quality of the remaining assets. Remember now we've had several years to live with these assets. We -- they're very seasoned for us. So given that it's a relatively slow economy, given that getting good loans is challenging, we think about probably keeping those assets. They are very seasoned. It's nice to have them performing well with the FDIC insurance. But it's just -- I mean, it practically is nice to have them performing well with that. And so you wouldn't likely see us jettison the loans just because the FDIC insurance is expiring. Rather, we would like to hold onto them.

Betsy Graseck - Morgan Stanley, Research Division

Okay. Okay, we have a question at the back.

Unknown Analyst

Yes, I actually want to follow up on Betsy's question about your loan growth. If you look at your loan growth last year, Q1 to Q2, even excluding a really great mortgage quarter, your linked-quarter annualized growth was like 5%, right? So if you're growing 3% to 4% this year, would it be fair to say, "Hey, listen, you're doing better than the industry, but it's really seasonal trend versus things are picking up free?" I'm a little confused on seasonality versus things getting better.

Kelly S. King

Yes, good, really insightful question. So last year, compared to this year, recall we had a very high, higher than I wanted, level of land and construction. If you go back 5 years ago, for example, that was -- land and construction was 21% of our portfolio; it's down to 5%. So last year, you will still have seen the precipitous decline runoff in that. So even though we had relatively stronger growth, that was draining it down. That's much more muted now in terms of the impact on the aggregate. So you're right, in -- 2 versus 1 does include seasonal impact for us. But it's also more than that because of the fact that others is running down and these other strategies are kicking in.

Betsy Graseck - Morgan Stanley, Research Division

So BB&T is not doing a breakout session. And if you have any questions, you might want to raise your hand. Okay, we have another one.

Unknown Analyst

Can you talk a little bit more -- on the housing side, you mentioned that it improved across markets. It's better than it was. Can you just dig a little deeper in terms of what you guys are kind of seeing on the ground, versus back up and rates, what your kind of expectation is over the next few quarters, what you're doing on the kind of staffing side, et cetera?

Kelly S. King

He said residential?

Betsy Graseck - Morgan Stanley, Research Division

Housing.

Kelly S. King

Housing.

Betsy Graseck - Morgan Stanley, Research Division

Residential...

Kelly S. King

Residential housing.

Betsy Graseck - Morgan Stanley, Research Division

Yes.

Unknown Analyst

Yes. Mortgages.

Kelly S. King

Yes. So the whole residential housing market -- when I'm speaking, I'm not speaking national. I don't have that exposure. But I'm clearly mid-Atlantic, Southeast, swinging around to Texas. In aggregate, substantially better than a year ago, 2 years ago. The only market really that's still declining is Alabama, even though in the last 3 months, it has gone up 3%. But year-over-year, it's still down. Everywhere else is anywhere from 5% to 6% increase to 10%, 12%, 14% increases in prices. It's really interesting, going back about 9 months ago, it was like a tipping point. People that have been sitting on the sideline, waiting for prices to drop further and finally realized it was the bottom, and then it flipped. And in most cases, it turned into almost a panic in terms of buying before it goes up. Just coincidentally, anecdotally for example, my adult children both live in Charlotte, and both just happened to in the last 45 days, they moved in from 1 place to another. Both sold their houses within about 1.5 weeks at less price. And so, in many cases, I'm hearing stories where you put it a list and they have multiple offers and they end up effectively bidding it out, auctioning. We're getting a really positive swing with regard to that in the single-family detached. Multi-family has been strong for the last 2 years. It remains very strong. I would expect, in fairness, to see multi-family beginning to subside at least in growth rate, and it probably should because if we go at this pace for another year to 18 months, we'll begin to create a bubble. So I hope you see it slow down somewhat. But that slowdown in multi-family will be supplanted by a continued ramp-up in new house purchases. Refi is slowing for the obvious reasons. But our purchases are picking up pretty quickly. So I think that trend will continue as we go on probably for the next 2 or 3 years. Some people worry about, are we creating a bubble in housing already? Again, I think not. It's still substantially below the peak. The financing is much more conservative and rational today across-the-board. And so I think, what you're seeing is a healthy improvement in the housing industry that will be fairly long-lasting.

Betsy Graseck - Morgan Stanley, Research Division

And can you just speak to impact on the Mortgage Banking revenues because that's an area where we're a little bit concerned, given that primary and secondary spreads are pulled back here a little bit, and we're seeing higher refis come down?

Kelly S. King

Yes. So it's really hard to look kind of at any individual relative to the whole because each company is different. But clearly, I think everybody is -- we're seeing the refis are indicating coming down. On the other hand, for us, aggregate production is still very strong. I would expect Q2 aggregate of production to be somewhere to Q1, which is very strong. Spreads have really tightened. They seem to be stabilizing kind of at a much lower level than they peaked at. So you will likely see revenues come down, even though production might be strong. And then as we go forward, it kind of depends on what your mix is in terms of refis. For example, a lot of companies have heavy refis based on HARP. HARP is relatively small for us, 15% or something. But if you had 75%, 80% HARP, you'd might be -- really began to suffer for a bit. For us, it's relatively steady-looking going forward because we have a good correspondent business, we have a strong organic growth purchase business. And for us, it's more about what happens to the spreads. So it's tightened down, but seems to be stabilized.

Betsy Graseck - Morgan Stanley, Research Division

Okay, great. Well, thank you very much, Kelly, for joining us this morning.

Kelly S. King

Thank you so much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: BB&T Corporation Presents at Morgan Stanley Financials Conference 2013, Jun-11-2013 10:20 AM
This Transcript
All Transcripts