If they took the huge gains they had built up on their investment securities in the 3rd qtr, they pass my intelligent test. Last year bbt realized gains on their investment securities of $585 million. This year it's been minimal but yields did not get sliced in half until this last qtr. Taking the gain imo, is critical. It's a big deal. Get that tangible book value up and make the market pay fmv for a very solid bank.
They did hedge their high cost $3.2 billion trups so when they announced in March early redemption, bbt got to amortize the hedge gains in 2011 through 2013. Appears to be the major driver in the reduction of their cost of long term debt from 3.97% 1 qtr to 3.15% 2 qtr. Very nice.
Suppose it does not matter that the top 8 insiders own almost 6 million shares.