The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Betsy Graseck - Morgan Stanley - Analyst: Okay, super. Thank you, Kelly. So we have mics in the audience for folks, if there are any questions. I know that BB&T couldn't be here for their one-on-one, so to the extent that you folks have questions -- okay -- over here.
Question: Casey Ambrecht - Millennium Partners - Analyst: It's [Casey Ambrecht] from Millennium Partners. When investors look at your pre-tax pre-provision PPOP, it has remained pretty consistent at over $1 billion on a quarterly run rate, and it exceeds your quarterly NPA inflows. So if you look at it as a PPOP (technical difficulty) NPA formation, it is around 3 to 1, where at some of the regional peers, it is the exact opposite of 1 to 3. So I guess my question is if NPAs continue to moderate like they did in the fourth quarter, when should we see earnings really begin to ramp up? Thank you.
Answer By: Kelly King - BB&T Corporation - Chairman, CEO
Question: Betsy Graseck - Morgan Stanley - Analyst: Okay. Thanks, Kelly. A question from me, Kelly, on the expense ratio. You indicated that expenses did go up a little bit in 2010, a function of regulatory pressures, in addition to other things. Could you talk through how you plan on managing that expense ratio going forward? Are we in a new normal of 53 to 55, or is there something that you can do to be bringing that down?
Answer By: Kelly King - BB&T Corporation - Chairman, CEO
Question: Betsy Graseck - Morgan Stanley - Analyst: Right, okay. And on the NPA declines, you've clearly taken some opportunity over the last couple of quarters to accelerate your NPA declines through bulk sales, et cetera. Could you talk a little bit about how you are managing that over the course of the next couple of quarters? Is that going to accelerate from here or are you more in winddown mode on that?
Answer By: Kelly King - BB&T Corporation - Chairman, CEO
Question: Betsy Graseck - Morgan Stanley - Analyst: Other questions in the room? Last one for me, on M&A. You talked about being top five in each of your key regions. You also indicated that that might take some time in places like Texas. Could you help us understand how you are thinking about filling out and getting to that top five in the event that acquisition opportunities don't come your way?
Answer By: Kelly King - BB&T Corporation - Chairman, CEO
Question: Betsy Graseck - Morgan Stanley - Analyst: Okay. Any other questions for Kelly in the room? Okay, thank you, Kelly.
Answer By: Kelly King - BB&T Corporation - Chairman, CEO
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