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  • spoor5t spoor5t Jan 24, 2008 2:23 PM Flag

    Who Are The Players?

    BAC previously owned over 3.5 million shares of BBandT. Some interesting comments by JA from June 2007:

    John Allison: "While traditional deposit-gathering and retail, small business, and commercial lending are at the core of our business, we also operate the seventh-largest insurance agency system in the nation and provide investment banking, trust, wealth management, and many other services. I believe we have a number of important strengths that drive our profitability. While we are the nation's 12th-largest banking organization, and provide all the services that any large financial institution can offer, our business model is intentionally decentralized into 33 mostly autonomous community banking regions that focus on providing the perfect client experience to our clients. We sell value, not price, and work to deliver the greatest value in the industry to our clients. We also operate a superior sales system, the BB&T Decathlon. Finally, I believe our decision-making philosophy, which is rational, objective, and fact-based, improves the odds of our success. With respect to future growth, in the last three years, we have invested significantly in transforming our company into one focused on organic growth by building de novo branches, hiring additional lenders and other revenue producers, and placing renewed emphasis on deposit-gathering"

    "JA: Our top three banking competitors are Bank of America (NYSE: BAC), Wachovia (NYSE: WB), and SunTrust (NYSE: STI). Traditionally, we have succeeded by providing better service to our clients than these institutions provide to their clients. In recent years, Bank of America and Wachovia, in particular, have improved their service quality and have done a better job integrating acquisitions than in the past. While independent surveys continue to demonstrate that our clients are more satisfied than those of these competitors, the gap has narrowed."

    "JA: Obviously, earnings per share and the growth rate of our earnings per share are very important. We have grown diluted earnings per share at a compound annual rate of 10.6% over the last 20 years ending Dec. 31, 2006. In 2007, the most important indicators of our financial strength and performance are our asset quality indicators and our ability to generate positive operating leverage (growing revenues faster than expenses), primarily by improving expense control."

    "JA: We did restructure $2.5 billion of investments in the fourth quarter of last year. The overall yield of the portfolio has increased 59 basis points from the third quarter last year to the first quarter of 2007. We will recover the losses taken in the restructuring during 2007 and are very pleased with the improvement in yield."

    "JA: I believe our stock often trades with the industry, which I believe ignores the lower risk of our balance sheet and our very strong track record of paying dividends. We have paid a cash dividend every year since 1903 and have increased the dividend 35 consecutive years. Also, with our Southeastern footprint we have one of the most valuable franchises of any regional bank."

    JA:" Currently, our most significant challenge is the interest rate environment, which is characterized by an inverted yield curve (where short-term rates exceed long-term rates) that creates challenges to growing interest-based revenues for BB&T and the entire industry. We have worked to mitigate this challenge by growing our fee-based businesses, which composed 40.6% of total revenues in the first quarter this year.

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    • That's a long quote from JA, you must work for their PR department? Free press coverage. HAHAHAHA. We KNOW you work for their PR department and maybe you work on a few other LITTLE things at BB&T as well!!!! What is that Yoda used to say....."ball washer." Good luck dbag.

      • 1 Reply to queefoo
      • Awwww poor Queefy, you gonna take your golf balls and run home to mommy. Can't stand it can ya. Speaking of quotes, heres a Queefy quote from 31 Dec 07 3:00 pm, or as wormie would say, someone else's:

        "I don't think Mr. Still will have much to talk about (other than global warming, Hillary bashing, illegal immigration, or other non-Board worthy topics) for some time to come. When you include the value of the dividends, a ten year hold on this stock has had no returns, it hasn't even kept up with 10 years worth of inflation. Your investment dollar of 1998 is worth less in real terms today than it was then. That is just a terrible track record and management should be ashamed of themselves. This is indeed a great takeover target and has been for a long time. The reason it has not been bought is because the virus-like culture and stratetgy imposed by senior mgmt would have to be completed turned around...this would not be an easy takeover...the entire bank, its culture, its management, its way of doing business....would need to be scrapped. Allison knows it and that's what he is banking on (no pun intended), that no one will ever touch this thing until all the senior mgmt and their kool-aid drinking proteges are dead and buried. That could be another 20 years fom now. This is not worthy of investing in."

        Amazing that 50 million investors in the last 10 days could be so wrong. I just gotta write JA another letter and axe him to listen to you along with numbie. Hmmm I wonder how old you will be in another 20 years, and how much $$$$ I will make in that time that makes me, "richer than you are". Have you noticed how ole slick has aged from lying in the past two years

39.33+0.27(+0.69%)Oct 27 4:01 PMEDT