BB&T�s tangible shareholders� equity was $5.86 billion at June 30, 2004, a slight decrease from $5.92 billion at December 31, 2003. BB&T�s tangible book value per common share at June 30, 2004 was $10.56 compared to $10.92 at December 31, 2003. This was taken from an SEC filing.
Doesn't this mean that the profits earned for the first six months was not enough to increase the tangible book value? Does anyone know if this is common among bank stocks that so much of the book value would be intangible?