裁金恩's Conservatism Steers BB&T Safely Through Crisis

多年来是北卡罗来纳州第三大银行交付了几个荣誉。BB＆T公司may have generated steady earnings, but the lender was often regarded as something of an also-ran — the trusty Ford pickup to Bank of America Corp.’s Ferrari and Wachovia’s Jaguar, neither racy nor ambitious enough for some critics’ tastes. Many analysts and investors asked, Why didn’t the Winston-Salem–based bank pursue growth more aggressively or generate the same kind of profits as its bigger rivals?

“我们的答案是，”风险与奖励之间总是一个紧张的关系，“BB＆T的主席和首席执行官”。“这些银行正在获得那些奖励，因为他们因潜在奖励而无法认为我们没有思考的风险。”

今天，国王可以为他的保守派姿态享受没有小的辩护。Wachovia在2006年抵押于2006年收购加州抵押贷款贷方金融公司之后坠毁，正如房地产市场开始破解，并被井井法律＆Co Co.银行所需要的漫长的坑停止和数十亿美元Treasury bailout money to keep its engine running after it bought Merrill Lynch & Co. But King and his team’s disciplined lending culture has steered BB&T safely through the crisis.

2009年，银行的盈利下降了51.3％，达到7.29亿美元，或1.16美元。此外，BB＆T仍然是三家大型区域银行只有三家大型区域银行之一，以及纽约布法罗的基于明尼阿波利斯的美国美国的美国Bancorp和M＆T Bank Corp.，在金融危机的每季度中赢得了利润。在专业中，只有JPMORGAN Chase＆Co。管理那个壮举。BB＆T也遭受了比同龄人更少的贷款损失，并且为未来的损失提供了更强大的储备。

“条件是我在37年的银行业务中看到的最糟糕的情况，”国王说，一个牵引牵引般的北卡罗来纳根源。“如果你根据绝对绩效判断公司，每个人都会得到一个F.我们没有完成所有完美的一切，但相对于其他人所做的结果很好。”

事实上，国王正在迅速地利用BB&T的相对实力，并扩大业务。8月，该公司从联邦存款保险公司收购了破产殖民银行的大部分资产。该交易带来了BB&T 220亿美元的资产、193亿美元的存款和346家分行，并在佛罗里达和阿拉巴马获得了前五大市场份额，并在德克萨斯州获得了托业。为了减轻负债大于资产的银行的负担，联邦存款保险公司同意支付BB&T 41亿美元，在阿拉巴马州蒙哥马利（Montgomery）的贷款组合前50亿美元亏损中，占80%，并在这之后获得95%的损失。该交易为BB&T第四季度的盈利增加了约5美分的每股收益，“2010年，这对我们来说可能每股价值20美分，”首席财务官DarylBible说。他补充说，如果这些收购能够增加盈利，公司将考虑其他FDIC辅助收购。

国王说：“我们有一个非常强大的增长雄心壮志，但我们并没有说我们需要在资产中获得3000亿美元。

The CEO and his team are also taking advantage of the troubles plaguing some of their surviving competitors in the mid-Atlantic and Southeast markets to win business. BB&T’s revenues rose a smart 18.1 percent in 2009 from a year earlier, and the bank grew deposits in previously existing branches by 7.9 percent; loans at those branches declined by 1.2 percent. Thanks to Colonial and other small acquisitions, overall loans were up 8.9 percent in 2009, and deposits grew by 23.5 percent.

“在这里有一个强烈的感觉，这是我们的时光，”瑞士·棕色，BB＆T的零售银行负责人说。“有企业 - 100年的Wachovia客户，长期的Bofa客户 - 谁将他们的业务转移给我们。三年前他们甚至不会接受我们的电话。“

增长的爆发已经给予了一些严重的吹牛权利。BB＆T在220亿美元的资产中售价为1.658亿美元，以220亿美元，BB＆T通过两项措施来到该国的第九大银行。

BB＆T并非没有瑕疵。一些分析师表示，银行近期的贷款损失在今年中期才能升起，并且在今年中期，一些分析师表示。The company is a big commercial real estate lender — the sector accounts for 30 percent of the bank’s lending — and the recessionary fallout already felt in places like Florida and Georgia, where BB&T is a relatively bit player, is creeping northward to its core markets in Virginia and the Carolinas. BB&T also has been holding on to more foreclosed properties than most banks, waiting for real estate prices to rebound, and some analysts worry that the company might not be writing down its portfolio aggressively enough.

Sanford C. Bernstein＆Co.的高级分析师Kevin St. Pierre指出，BB＆T的股票在银行业的股票中受到最大的股票。“有很多投资者等待BB＆T破解，因为其信贷成本赶上同龄人，”他说。上个月晚些时候，BB＆T的股票的交易价格为大约32美元，这是15个月的最高水平，但从2007年底开始的历史44美元中的历史最高，而且在十年前更改了。

然而，到目前为止，反对者已经失望了。在大多数关键类别中，BB＆T一直在播放竞争。银行税前，资产回报率 - 2009年收入的盈利能力密切关注衡量标准，而一组12个同行的12％，其中包括美国总部，金融服务集团和太阳级银行。减少贷款竞争使银行能够将其净利率升高8个基点，达到3.66％，远远超过大多数同龄人。

该银行的贷款较少，以及更大的能力处理信用问题，而不是大多数竞争对手。非正常贷款于去年年底占BB＆T资产的2.65％，而同行团体平均值为4.72％。净充电额为1.79％的贷款，对同行组的2.77％。该公司拨入了28亿美元的未来贷款损失的规定，将其储备的比例提高到不完整的贷款到96％，以上同行组平均值为86％。

Perhaps most importantly, BB&T boasts strong capital backing, with tier-1 capital equal to 11.48 percent of risk-adjusted assets and tier-1 common equity of 8.5 percent. That compares with ratios of 9.61 percent and 6.8 percent at U.S. Bancorp, 9.25 percent and 6.46 percent at Wells Fargo and 11.1 percent and 8.79 percent at JPMorgan Chase.

该公司在2008年底，在2008年底，在2008年底，在财政部陷入困境的资产救济方案中仍然持续31亿美元的资本，是在筹集新的股权17.5亿美元之后，第一台偿还政府的第一家银行。该银行还发布了额外10亿美元的股权，以支付殖民习价。

该银行的表现呼吁一些大型超值投资者。机构资本是一个芝加哥公司，在2009年底开始购买155亿美元的资产，开始购买BB＆T，大量限定了920万股，或占优秀总数的1.3％。ICAP的首席执行官Jerrold Senser表示，他喜欢公司管理团队的积极方法，其市场的人口统计数据及其卓越信用质量的15年历史。

“在BB＆T等资本职位的金融部门公司中，将能够利用竞争对手的弱点并提高盈利能力，”传感器说。

这是国王渴望履行的目标。“我们看到了很多较弱的球员消失了，”他说。“这让我们有机会将自己巩固为一个真正，非常好的市场的主要球员。”

金在BB&T度过了整个职业生涯，BB&T是一个由一小部分高管组成的团队，该团队将该集团商业银行子公司分支银行和信托公司（BranchBanking&Trust Co.）从一家小型北卡罗来纳州农业银行转变为美国十大银行之一。

金是一个烟草农民的儿子，在西布隆附近的一个小农场长大，地图上的一个小点就在罗利·杜勒姆以东。在一个经济拮据的家庭中，四个兄弟姐妹中的第二个，他童年的大部分时间都在田里度过，记得摘烟叶，把它们挂在一个加热的谷仓里，让他们上火。”你可以把它治好，直到树叶变成一个漂亮的黄色，然后你就把它带到烟草仓库去卖，”他回忆道。

聪明和辛勤的工作为农业的出路铺平了道路。金就读于东卡罗来纳大学，在格林维尔的路上一小时，获得工商管理学士学位，然后在MBA班上先毕业。1972年，他被BB&T雇佣，刚辍学，并进入了当时一家价值2.5亿美元的农场贷款机构的管理培训项目，管理层极端保守。他通过一系列的任务迅速崛起，到1978年，他是该行在罗利州首府的最高行政长官。

国王在与其他夏普，年轻的MBA相同的同一时间，包括去年的前任首席执行官Henry Williamson Jr.，前首席财务官·斯科特·雷德和前首席信贷官员。肯德尔克拉克。这些雄心勃勃的男性正在为BB＆T进行淡化，以扩大其农业，东卡罗来纳根。国王召回1980年送达一条钝的信息，然后在午餐时送到Thin-Ceo Thorne Gregory：“如果事情没有改变，我担心我们中的一些人会离开。”Gregory在一周后与集团相遇，BB＆T开始扩大其运营，在未来十年内收购18个小银行。国王说，战略转变对银行的未来至关重要。

“如果我们站在帕特的立场上，因为农业和纺织品发生了什么，我们今天就不会在这里了，”他解释道。亚慱体育app怎么下载

In 1989, Allison became chief executive and ramped up the growth strategy, making 42 bank deals over the following 15 years. The most significant was the 1995 merger of equals with Southern National Corp., which transformed BB&T into a $20 billion-in-assets, 437-branch company spread across the Carolinas and Virginia. King was a key member of Allison’s team, running the retail network for much of this period, overseeing the integration of Southern and rising to become chief operating officer in 2004. Allison “was a visionary,” King says. “John would buy the banks, and I would run them.” Allison also used acquisitions to diversify the business, buying 80 small insurance agencies since 1994 and 31 other nonbank companies, mostly in the investment management and consumer finance arenas. BB&T turned cautious after 2004, however, reflecting Allison’s and King’s concerns about valuations. The company has acquired only five banks in that period, including Colonial.

企业活动的结果是令人印象深刻ive. Today’s BB&T has 6.3 million customers and 1,837 branches in 12 states and the District of Columbia. In 2009 the company got 60.1 percent of its revenues from retail and commercial banking, 11.1 percent from insurance services, 9.5 percent from financial services such as asset management and 8.6 percent from the residential mortgage business; the remainder came from other areas including treasury and specialized lending. Fully 42.8 percent of revenues came from fees, prized in the industry for their relative immunity to interest rate fluctuations. That beat BB&T’s peer average by nearly 3 percentage points.

收购一样重要,我的王nsists that the company’s success lies in a strategy and culture honed over some 30 years. Allison is a staunch capitalist and disciplined banker who believed the best way for BB&T to prosper was by helping customers do the same. He kept the bank away from many notorious subprime products, such as negative amortization mortgages, saying they were bad for borrowers. Allison is also a devotee of the philosopher and novelist Ayn Rand, who extolled laissez-faire capitalism and individual liberty and decried governmental activism. He created a BB&T foundation that gave money to numerous universities to promote the study of Rand’s works, including a $2 million gift to endow a professor’s chair for the study of Rand’s philosophy of objectivism at the University of Texas at Austin. In a September 2008 letter to Congressional representatives, Allison blamed the subprime crisis on government efforts to promote home ownership and the Federal Reserve’s low interest rate policies, and he criticized TARP as “a bailout of poorly run financial institutions.”

这证明了BB＆T的稳定性，在金融危机中，艾莉莉在2009年1月安排了国王的首席执行官职位，并于2009年1月举行了12个月后担任主席。

A practicing Baptist, King is no fan of Rand, who loathed religious faith as irrational, but he shares his predecessor’s capitalist fervor and devotion to sound business practices. He is constantly promoting to employees the bank’s core values, including such virtues as honesty, productivity, self-esteem and teamwork. “If you really want to change people’s behaviors, you need to change their beliefs,” says King. “And the way you change beliefs is with the constant delivery of factual, reliable, credible information from a powerful source. As CEO I have to take the primary lead. I have the bully pulpit.”

The company runs BB&T University, which was ranked last year by Training magazine as the best in-house corporate training program in the U.S. banking industry. The program preaches the need to provide service that is “reliable, responsive, empathetic and competent.” People will pay more — a slightly higher interest rate, a little more in fees — if they believe they’re getting better service in return, King believes. Every worker is expected to do at least five days a year of training, either off-site or online. “We’re serious about building the competence that leads to great client service,” says retail banking head Brown. Customers seem to appreciate the effort. Some 35 percent of them use at least five BB&T products. After the Colonial deal, BB&T reduced head count by 2,500, to 31,000, but it tries to find other positions for affected workers and has avoided pay cuts. “If, during the tough times, you cut pay and benefits, then you begin to deteriorate your relationships with employees,” King explains. “Over time that hurts your relationships with clients.”

根据一位客户，重点是服务不仅仅是修辞。Mark Engel，BMW-Ducati-Triumph-MV-MV Agusta MC的摩托车经销商的所有者，最近从BB＆T谈到了一批银行后从BB＆T开始了190万美元的建筑贷款。恩格尔说，BB＆T的术语“并不像其他人那样低价，而是对我来说，他们为他们做了很多东西来表明他们想要了解了多少。”“他们像合作伙伴一样进来，做了他们可以帮助我们在困难环境中完成的事情。”

Even as it stresses customer service, the bank has managed to keep a tight lid on costs. The company’s efficiency ratio, or expenses as a percentage of revenues, was 50.4 percent last year, compared with a peer average of 60.6 percent.

BB&T’s policy of competing on quality instead of price also has made it a more-cautious lender. More than 72 percent of its $15.7 billion in residential mortgages are prime loans, while less than 4 percent qualifies as subprime; the remainder are Alt-A and construction loans. For commercial real estate loans, the bank pays close attention to a borrower’s personal financial situation and typically limits loans to 70 percent of a property’s value. “We want equity in projects — real equity — from clients,” Brown says.

这种做法得到激励的支持。贷款官员的工资在一定程度上取决于信贷质量。”我们看看过去的欠费、不良表现以及他们所做贷款的冲销，”布朗指出。

BB&T’s methods have produced strong results, but some skeptics question whether the bank’s prospects are bright enough to sustain its premium valuation. At a recent price of $31.60, BB&T’s shares were trading at about 2.2 times tangible book value and 21.6 times consensus earnings projections of $1.46 a share for 2010. In comparison, U.S. Bancorp was trading at 16 times 2010 earnings estimates and SunTrust Banks was trading at about 1.2 times tangible book.

一些分析人士认为，BB&T相对成功可能反映的是地理位置，而不是放贷能力。”人们担心的是，他们不会对市场上的信贷质量问题相对免疫，而是会比竞争对手晚到顶峰，”桑德勒·奥尼尔&合伙人公司（Sandler O'Neill&Partners）董事总经理凯文·菲茨西蒙斯（KevinFitzsimmons）表示，他预测，该行今年每股收益将上涨16.4%，至1.35美元。去年，该行几乎增加了贷款损失准备金的一倍，这一事实突显了惠誉的担忧。

Just 8 percent of BB&T’s loan portfolio is in hard-hit Florida, while 53 percent is in the Carolinas and Virginia — markets that haven’t seen huge drops in real estate valuations but that are increasingly feeling the impact of the recession. South Carolina’s unemployment rate hit 12.6 percent in January, up from 10 percent a year earlier; North Carolina’s rate rose by 1.9 percentage points over the same period, to 11.1 percent; Virginia’s jumped 1.2 points, to 6.9 percent.

A poor job market tends to drive down real estate prices. Those three states are home to 53.4 percent of BB&T’s $15.7 billion in residential mortgages and two thirds of its $13.5 billion portfolio of one-to-four-family and retail lot loans. Combined, the two portfolios account for nearly 30 percent of the company’s loans. Both showed increases in nonperforming loans and charge-offs last year.

传统智慧还持有CRE贷款绩效与失业率密切履行。BB＆T的商业房地产投资组合包括63亿美元的住宅习得，开发和建筑贷款。在第四季度结束时，该银行已收取7.4％的贷款，而13.63％的额度较早，从12.08％之前。进一步的1240亿美元的非主人占用的“其他CRE”贷款贷款减少了1％，其不完整的人在第二季度的1.82％的总数上升到2.35％。

BB&T高管表示，根据布朗的数据，清晰的承销和投资组合“粒度”——商业地产贷款的平均水平仅为54.3万美元，这将减轻经济疲软带来的影响。即便如此，跟随该公司进入FBR资本市场的小保罗·米勒指出，BB&T整体不良贷款仍在持续增长，第四季度增长1.43亿美元，第三季度增长6.12亿美元，第二季度增长5.9亿美元。

一个相关的问题是公司的房地产控股的膨胀组合。BB＆T一直在积极地搬到糟糕的贷款上，但有人说它不会足够快地处理潜在的物业。本行在2009年底，在其资产负债表上，该银行有15亿美元的“其他房地产，”或止赎特性，该资产负债表将是与任何美国区域银行的资本相对的最高级别。

国王随时承认，他的Oreo投资组合大于一系列类似规模通常的人，因为这些销售的损失太大了。“我们不愿意在这个环境中卖掉它们，”他说。其他银行在其书籍上保持90天加上不良贷款或陷入困境的债务重组。国王说，BB＆T一直更具侵略性的糟糕的贷款，因为银行所拥有的财产持续“处理它的一个非常有条不紊的过程”，因为长期以来，因为银行所拥有的财产持续“一个非常有条不紊地处理它”。

Not everyone shares King’s optimism. FBR’s Miller believes the bank’s accounting policies understate actual credit losses. He predicts that nonperforming loans will continue to accelerate, peaking at $4.8 billion this year, compared with $4.2 billion in 2009. Given the company’s late-cycle exposure, says Miller, “we do not expect BB&T to reach normalized earnings until 2012 at the earliest.” He has a market-perform rating on the stock, believing the bank will earn 90 cents a share this year.

不过，其他分析师对BB&T的业绩记录感到安慰。”他们在CRE中占有份额，但管理层有着承销能力的历史，”BB&T机构资本首席分析师RobertStoll说他们没有在自己的足迹之外为增长而努力，也没有进入他们不理解的产品。而且在过去几年里，他们没有做出很多战略转变。”

那个公式对BB&T很有帮助。金相信，该行可以继续增长，同时保持保守的信贷文化。”我们试图建立长期股东价值，而不是优化短期结果，”他说我们不希望那些与这一愿景不一致的股东。”亚慱体育app怎么下载