Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Registrant Name | 'BB&T CORP | ' | ' |
Entity Central Index Key | '0000092230 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 710,891,276 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $23.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data in Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $1,565 | $1,975 |
Interest-bearing deposits with banks | 452 | 942 |
Federal funds sold and securities purchased under resale agreements or similar arrangements | 148 | 122 |
Restricted cash | 422 | 750 |
Trading securities at fair value | 381 | 497 |
AFS securities at fair value ($1,393 and $1,591 covered by FDIC loss share at December 31, 2013 and December 31, 2012, respectively) | 22,104 | 25,137 |
HTM securities (fair value of $17,530 and $13,848 at December 31, 2013 and December 31, 2012, respectively) | 18,101 | 13,594 |
LHFS at fair value | 1,222 | 3,761 |
Loans and leases ($2,035 and $3,294 covered by FDIC loss share at December 31, 2013 and December 31, 2012, respectively) | 115,917 | 114,603 |
ALLL | -1,732 | -2,018 |
Loans and leases, net of ALLL | 114,185 | 112,585 |
Premises and equipment | 1,869 | 1,888 |
Goodwill | 6,814 | 6,804 |
Core deposit and other intangible assets | 569 | 673 |
Residential MSRs at fair value | 1,047 | 627 |
Other assets ($163 and $297 of foreclosed property and other assets covered by FDIC loss share at December 31, 2013 and December 31, 2012, respectively) | 14,131 | 15,144 |
Total assets | 183,010 | 184,499 |
Deposits | ' | ' |
Noninterest-bearing deposits | 34,972 | 32,452 |
Interest-bearing deposits | 92,503 | 100,623 |
Total deposits | 127,475 | 133,075 |
Short-term borrowings | 4,138 | 2,864 |
Long-term debt | 21,493 | 19,114 |
Accounts payable and other liabilities | 7,095 | 8,223 |
Total liabilities | 160,201 | 163,276 |
Commitments and contingencies (Note 14) | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, $5 par, liquidation preference of $25,000 per share | 2,603 | 2,116 |
Common stock, $5 par | 3,533 | 3,499 |
Additional paid-in capital | 6,172 | 5,973 |
Retained earnings | 11,044 | 10,129 |
AOCI, net of deferred income taxes | -593 | -559 |
Noncontrolling interests | 50 | 65 |
Total shareholders' equity | 22,809 | 21,223 |
Total liabilities and shareholders' equity | $183,010 | $184,499 |
Common shares outstanding | 706,620 | 699,728 |
Common shares authorized | 2,000,000 | 2,000,000 |
Preferred shares outstanding | 107 | 87 |
Preferred shares authorized | 5,000 | 5,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
AFS securities at fair value, covered by FDIC loss share | $1,393 | $1,591 |
HTM securities at fair value | 17,530 | 13,848 |
Loans and leases covered by FDIC loss share | 2,035 | 3,294 |
Foreclosed property and other assets covered by FDIC loss share | $163 | $297 |
Preferred stock, par value per share | $5 | $5 |
Preferred Stock, liquidation preference of $25,000 per share | $25,000 | $25,000 |
Common stock, par value per share | $5 | $5 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income | ' | ' | ' |
Interest and fees on loans and leases | $5,603 | $5,980 | $6,119 |
Interest and dividends on securities | 871 | 907 | 747 |
Interest on other earning assets | 33 | 30 | 19 |
Total interest income | 6,507 | 6,917 | 6,885 |
Interest Expense | ' | ' | ' |
Interest on deposits | 301 | 429 | 610 |
Interest on short-term borrowings | 6 | 7 | 11 |
Interest on long-term debt | 584 | 624 | 757 |
Total interest expense | 891 | 1,060 | 1,378 |
Net Interest Income | 5,616 | 5,857 | 5,507 |
Provision for credit losses | 592 | 1,057 | 1,190 |
Net Interest Income After Provision for Credit Losses | 5,024 | 4,800 | 4,317 |
Noninterest Income | ' | ' | ' |
Insurance income | 1,517 | 1,359 | 1,044 |
Service charges on deposits | 584 | 566 | 563 |
Mortgage banking income | 565 | 840 | 436 |
Investment banking and brokerage fees and commissions | 383 | 365 | 333 |
Bankcard fees and merchant discounts | 256 | 236 | 204 |
Trust and investment advisory revenues | 200 | 184 | 173 |
Checkcard fees | 199 | 185 | 271 |
Income from bank-owned life insurance | 113 | 116 | 122 |
FDIC loss share income, net | -293 | -318 | -289 |
Other income | 362 | 299 | 194 |
Securities gains (losses), net | ' | ' | ' |
Realized gains (losses), net | 51 | -3 | 174 |
OTTI charges | 0 | -5 | -22 |
Non-credit portion recognized in OCI | 0 | -4 | -90 |
Total securities gains (losses), net | 51 | -12 | 62 |
Total noninterest income | 3,937 | 3,820 | 3,113 |
Noninterest Expense | ' | ' | ' |
Personnel expense | 3,293 | 3,125 | 2,727 |
Occupancy and equipment expense | 692 | 650 | 616 |
Loan-related expense | 255 | 283 | 227 |
Professional services | 189 | 156 | 174 |
Software expense | 158 | 138 | 118 |
Regulatory charges | 143 | 159 | 212 |
Amortization of intangibles | 106 | 110 | 99 |
Foreclosed property expense | 55 | 266 | 802 |
Merger-related and restructuring charges, net | 46 | 68 | 16 |
Other expenses | 900 | 873 | 811 |
Total noninterest expense | 5,837 | 5,828 | 5,802 |
Earnings | ' | ' | ' |
Income (loss) before income taxes | 3,124 | 2,792 | 1,628 |
Provision for income taxes | 1,395 | 764 | 296 |
Net income | 1,729 | 2,028 | 1,332 |
Noncontrolling interests | 50 | 49 | 43 |
Dividends on preferred stock | 117 | 63 | ' |
Net income available to common shareholders | $1,562 | $1,916 | $1,289 |
EPS | ' | ' | ' |
Basic | $2.22 | $2.74 | $1.85 |
Diluted | $2.19 | $2.70 | $1.83 |
Cash dividends declared | $0.92 | $0.80 | $0.65 |
Weighted Average Shares Outstanding | ' | ' | ' |
Basic | 703,042 | 698,739 | 696,532 |
Diluted | 714,363 | 708,877 | 705,168 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OCI Statement [Abstract] | ' | ' | ' |
Net income | $1,729 | $2,028 | $1,332 |
OCI, Net of Tax | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | 411 | -111 | -235 |
Change in unrecognized gains (losses) on cash flow hedges | 175 | -14 | -112 |
Unrealized net holding gains (losses) arising during the period on AFS securities | -640 | 327 | 437 |
Change in amounts attributable to the FDIC under loss shares agreements | 21 | -61 | -19 |
Other, net | -1 | 13 | -37 |
Total OCI | -34 | 154 | 34 |
Total comprehensive income | 1,695 | 2,182 | 1,366 |
Tax Effect Of Items Included In OCI [Abstract] | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | -252 | 70 | 143 |
Change in unrecognized gains (losses) on cash flow hedges | 106 | -9 | -67 |
Unrealized net holding gains (losses) arising during the period on AFS securities | -384 | 200 | 261 |
Change in amounts attributable to the FDIC under loss shares agreements | 14 | -38 | -11 |
Other, net | $2 | $6 | ($21) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | AOCI [Member] | Noncontrolling Interests [Member] |
In Millions, except Share data in Thousands, unless otherwise specified | |||||||
Beginning balance, Value at Dec. 31, 2010 | $16,498 | $0 | $3,472 | $5,776 | $7,935 | ($747) | $62 |
Beginning balance, Shares at Dec. 31, 2010 | ' | ' | 694,381 | ' | ' | ' | ' |
Add (Deduct): | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,332 | ' | ' | ' | 1,289 | ' | 43 |
Net change in OCI | 34 | ' | ' | ' | ' | 34 | ' |
Stock transactions: | ' | ' | ' | ' | ' | ' | ' |
In purchase acquisitions, Shares | ' | ' | 26 | ' | ' | ' | ' |
In purchase acquisitions, Values | 1 | ' | ' | 1 | ' | ' | ' |
In connection with equity awards, Shares | ' | ' | 1,963 | ' | ' | ' | ' |
In connection with equity awards, Values | 1 | ' | 10 | -9 | ' | ' | ' |
Shares repurchased in connection with equity awards, Shares | ' | ' | -651 | ' | ' | ' | ' |
Shares repurchased in connection with equity awards, Value | -18 | ' | -3 | -15 | ' | ' | ' |
In connection with dividend reinvestment plan, Shares | ' | ' | 586 | ' | ' | ' | ' |
In connection with dividend reinvestment plan, Value | 16 | ' | 3 | 13 | ' | ' | ' |
In connection with 401(k) plan, Shares | ' | ' | 838 | ' | ' | ' | ' |
In connection with 401(k) plan, Value | 23 | ' | 4 | 19 | ' | ' | ' |
Cash dividends declared on common stock | -453 | ' | ' | ' | -453 | ' | ' |
Equity-based compensation expense | 98 | ' | ' | 98 | ' | ' | ' |
Other, net | -52 | ' | ' | -10 | 1 | ' | -43 |
Ending balance, Value at Dec. 31, 2011 | 17,480 | ' | 3,486 | 5,873 | 8,772 | -713 | 62 |
Ending balance, Shares at Dec. 31, 2011 | ' | ' | 697,143 | ' | ' | ' | ' |
Add (Deduct): | ' | ' | ' | ' | ' | ' | ' |
Net income | 2,028 | ' | ' | ' | 1,979 | ' | 49 |
Net change in OCI | 154 | ' | ' | ' | ' | 154 | ' |
Stock transactions: | ' | ' | ' | ' | ' | ' | ' |
In purchase acquisitions, Shares | ' | ' | 28 | ' | ' | ' | ' |
In purchase acquisitions, Values | 1 | ' | ' | 1 | ' | ' | ' |
In connection with equity awards, Shares | ' | ' | 3,147 | ' | ' | ' | ' |
In connection with equity awards, Values | 33 | ' | 16 | 17 | ' | ' | ' |
Shares repurchased in connection with equity awards, Shares | ' | ' | -590 | ' | ' | ' | ' |
Shares repurchased in connection with equity awards, Value | -18 | ' | -3 | -15 | ' | ' | ' |
In connection with preferred stock offerings | 2,116 | 2,116 | ' | ' | ' | ' | ' |
Cash dividends declared on common stock | -559 | ' | ' | ' | -559 | ' | ' |
Cash dividends declared on preferred stock | -63 | ' | ' | ' | -63 | ' | ' |
Equity-based compensation expense | 97 | ' | ' | 97 | ' | ' | ' |
Other, net | -46 | ' | ' | ' | ' | ' | -46 |
Ending balance, Value at Dec. 31, 2012 | 21,223 | 2,116 | 3,499 | 5,973 | 10,129 | -559 | 65 |
Ending balance, Shares at Dec. 31, 2012 | ' | ' | 699,728 | ' | ' | ' | ' |
Add (Deduct): | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,729 | ' | ' | ' | 1,679 | ' | 50 |
Net change in OCI | -34 | ' | ' | ' | ' | -34 | ' |
Stock transactions: | ' | ' | ' | ' | ' | ' | ' |
In connection with equity awards, Shares | ' | ' | 6,257 | ' | ' | ' | ' |
In connection with equity awards, Values | 105 | ' | 31 | 74 | ' | ' | ' |
Shares repurchased in connection with equity awards, Shares | ' | ' | -879 | ' | ' | ' | ' |
Shares repurchased in connection with equity awards, Value | -27 | ' | -4 | -23 | ' | ' | ' |
In connection with dividend reinvestment plan, Shares | ' | ' | 656 | ' | ' | ' | ' |
In connection with dividend reinvestment plan, Value | 22 | ' | 3 | 19 | ' | ' | ' |
In connection with 401(k) plan, Shares | ' | ' | 858 | ' | ' | ' | ' |
In connection with 401(k) plan, Value | 29 | ' | 4 | 25 | ' | ' | ' |
In connection with preferred stock offerings | 487 | 487 | ' | ' | ' | ' | ' |
Cash dividends declared on common stock | -647 | ' | ' | ' | -647 | ' | ' |
Cash dividends declared on preferred stock | -117 | ' | ' | ' | -117 | ' | ' |
Equity-based compensation expense | 96 | ' | ' | 96 | ' | ' | ' |
Other, net | -57 | ' | ' | 8 | ' | ' | -65 |
Ending balance, Value at Dec. 31, 2013 | $22,809 | $2,603 | $3,533 | $6,172 | $11,044 | ($593) | $50 |
Ending balance, Shares at Dec. 31, 2013 | ' | ' | 706,620 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $1,729 | $2,028 | $1,332 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Provision for credit losses | 592 | 1,057 | 1,190 |
Adjustment to income tax provision | 516 | ' | ' |
Depreciation | 315 | 281 | 264 |
Amortization of intangibles | 106 | 110 | 99 |
Deferred tax expense | 288 | 419 | 185 |
Equity-based compensation | 96 | 97 | 98 |
(Gain) loss on securities, net | -51 | 12 | -62 |
Net write-downs/losses on foreclosed property | 28 | 168 | 655 |
Net change in operating assets and liabilities: | ' | ' | ' |
LHFS | 2,445 | -433 | -583 |
FDIC loss share receivable/payable | 365 | 590 | 869 |
Other assets | -273 | -800 | -240 |
Accounts payable and other liabilities | -812 | 346 | 572 |
Other, net | -5 | -161 | -103 |
Net cash from operating activities | 5,339 | 3,714 | 4,276 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sales of AFS securities | 2,209 | 303 | 4,006 |
Proceeds from maturities, calls and paydowns of AFS securities | 6,214 | 4,396 | 3,271 |
Purchases of AFS securities | -6,463 | -7,026 | -13,926 |
Proceeds from maturities, calls and paydowns of HTM securities | 2,863 | 5,536 | 1,828 |
Purchases of HTM securities | -7,399 | -5,055 | -7,578 |
Originations and purchases of loans and leases, net of principal collected | -3,077 | -6,651 | -6,240 |
Net cash from divestitures | 522 | ' | ' |
Net cash from business combinations | -6 | 675 | -86 |
Proceeds from sales of foreclosed property | 394 | 799 | 1,017 |
Other, net | 503 | -24 | -299 |
Net cash from investing activities | -4,240 | -7,047 | -18,007 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net change in deposits | -5,600 | 4,676 | 17,799 |
Net change in short-term borrowings | 1,274 | -702 | -2,107 |
Proceeds from issuance of long-term debt | 4,164 | 2,327 | 2,010 |
Repayment of long-term debt | -1,634 | -5,112 | -2,190 |
Net cash from preferred stock transactions | 487 | 2,116 | ' |
Cash dividends paid on common stock | -765 | -531 | -446 |
Cash dividends paid on preferred stock | -147 | -33 | ' |
Other, net | 248 | 55 | 154 |
Net cash from financing activities | -1,973 | 2,796 | 15,220 |
Net Change in Cash and Cash Equivalents | -874 | -537 | 1,489 |
Cash and Cash Equivalents at Beginning of Period | 3,039 | 3,576 | 2,087 |
Cash and Cash Equivalents at End of Period | 2,165 | 3,039 | 3,576 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid (received) during the period for interest | 918 | 1,120 | 1,404 |
Cash paid (received) during the period for income taxes | 677 | 347 | -82 |
Noncash investing activities: | ' | ' | ' |
Transfer of securities available for sale to securities held to maturity | ' | 1 | 8,341 |
Transfers of loans to foreclosed property | 609 | 770 | 1,359 |
Transfers of loans held for investment to LHFS | ' | ' | $226 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
NOTE 1. Summary of Significant Accounting Policies | |
General | |
See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the consolidated financial statements and related notes of this Form 10-K. | |
The accounting and reporting policies are in accordance with GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The following is a summary of the more significant accounting policies. | |
Nature of Operations | |
BB&T is an FHC organized under the laws of North Carolina. BB&T conducts operations through a bank subsidiary, Branch Bank, and its nonbank subsidiaries. Branch Bank has offices in North Carolina, Virginia, Florida, Georgia, Maryland, South Carolina, West Virginia, Kentucky, Alabama, Tennessee, Texas, Washington DC and Indiana. BB&T provides a wide range of banking services to individuals, businesses and municipalities. BB&T offers a variety of loans and lease financing to individuals and entities primarily within BB&T's geographic footprint, including insurance premium financing; permanent CRE financing arrangements; loan servicing for third-party investors; direct consumer finance loans to individuals; credit card lending; automobile financing; factoring and equipment financing. BB&T also markets a wide range of other services, including deposits; discount and full service brokerage, annuities and mutual funds; life insurance, property and casualty insurance, health insurance and commercial general liability insurance on an agency basis and through a wholesale insurance brokerage operation; trust and retirement services; comprehensive wealth advisory services; asset management and capital markets services. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of BB&T Corporation and those subsidiaries that are majority owned by BB&T and over which BB&T exercises control. Intercompany accounts and transactions are eliminated in consolidation. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. | |
BB&T holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. | |
BB&T evaluates its investments in VIEs to determine if BB&T is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to pass along, the relative power of each party, and to BB&T's relative obligation to absorb losses or receive residual returns of the entity, in relation to such obligations and rights held by each party. BB&T holds a variable interest in its Tender Option Bond program trusts, which allow for tax-advantaged financing of certain debt instruments issued by tax-exempt entities. As of December 31, 2013, BB&T was considered the primary beneficiary of the Tender Option Bond program trusts, resulting in the consolidation of approximately $2.0 billion of assets and $1.9 billion of liabilities. BB&T also has variable interests in certain entities that were not required to be consolidated, including affordable housing partnership interests, historic tax credit partnerships, and other partnership interests. Refer to Note 14 “Commitments and Contingencies” for additional disclosures regarding BB&T's significant VIEs. | |
BB&T accounts for unconsolidated partnerships and similar investments using the equity method of accounting. BB&T also has investments in, and future funding commitments to, private equity investments. | |
BB&T has noncontrolling interests in certain entities for which the Company records its portion of income or loss in other noninterest income in the Consolidated Statements of Income. These investments are periodically evaluated for impairment. | |
Reclassifications | |
During 2013, the Company revised its prior practice of offsetting amounts due to and from the FDIC under the loss sharing agreements such that the amounts related to securities and the aggregate loss calculation are now reported in Accounts payable and other liabilities on the Consolidated Balance Sheets. In certain instances, other amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. | |
Business Combinations | |
BB&T accounts for all business combinations using the acquisition method of accounting. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is capitalized as goodwill. | |
BB&T typically issues common stock and/or pays cash for an acquisition, depending on the terms of the acquisition agreement. The value of common shares issued is determined based upon the market price of the stock as of the closing of the acquisition. | |
BB&T may issue options to purchase shares of its common stock in exchange for options to purchase shares of the acquired entities that are outstanding at the time the merger is completed. To the extent vested, the options are considered to be part of the purchase price paid. There is no change in the aggregate intrinsic value of the options issued compared to the intrinsic value of the options held immediately before the exchange, nor does the ratio of the exercise price per option to the market value per share change. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and due from banks, interest-bearing deposits with banks, Federal funds sold and securities purchased under resale agreements or similar arrangements. Cash and cash equivalents have maturities of three months or less. Accordingly, the carrying amount of such instruments is considered a reasonable estimate of fair value. | |
Restricted Cash | |
Restricted cash represents amounts posted as collateral for derivatives in a loss position. | |
Securities | |
BB&T classifies marketable investment securities as HTM, AFS or trading. Interest income and dividends on securities are recognized in income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income using the interest method. | |
Debt securities are classified as HTM where BB&T has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. | |
Debt securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions, are classified as AFS. AFS securities are reported at estimated fair value, with unrealized gains and losses reported in AOCI, net of deferred income taxes, in the shareholders' equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of AFS securities are determined by specific identification and are included in noninterest income. | |
Each HTM and AFS security in a loss position is evaluated for OTTI. BB&T considers such factors as the length of time and the extent to which the market value has been below amortized cost, long term expectations and recent experience regarding principal and interest payments, BB&T's intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis. The credit component of an OTTI loss is recognized in earnings and the non-credit component is recognized in AOCI in situations where BB&T does not intend to sell the security and it is more-likely-than-not that BB&T will not be required to sell the security prior to recovery. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. | |
Trading account securities, which include both debt and equity securities, are reported at fair value. Unrealized market value adjustments, fees, and realized gains or losses from trading account activities (determined by specific identification) are included in noninterest income. Interest income on trading account securities is included in interest on other earning assets. | |
LHFS | |
BB&T accounts for new originations of prime residential and commercial mortgage LHFS at fair value. BB&T accounts for the derivatives used to economically hedge the LHFS at fair value. The fair value of LHFS is primarily based on quoted market prices for securities collateralized by similar types of loans. Direct loan origination fees and costs related to LHFS are not capitalized and are recorded as mortgage banking income in the case of the direct loan origination fees and primarily personnel expense in the case of the direct loan origination costs. Gains and losses on sales of mortgage loans are included in mortgage banking income. Gains and losses on sales of commercial LHFS are included in other noninterest income. | |
Loans and Leases | |
The Company's accounting methods for loans differ depending on whether the loans are originated or acquired, and if acquired, whether or not the acquired loans reflect credit deterioration since the date of origination such that it is probable at the date of acquisition that BB&T will be unable to collect all contractually required payments. | |
Originated Loans and Leases | |
Loans and leases that management has the intent and ability to hold for the foreseeable future are reported at their outstanding principal balances net of any unearned income, charge-offs, and unamortized fees and costs. The net amount of nonrefundable loan origination fees and certain direct costs associated with the lending process are deferred and amortized to interest income over the contractual lives of the loans using methods that approximate the interest method. | |
BB&T classifies loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent or if one payment is past due. When commercial loans are placed on nonaccrual status as described below, a charge-off is recorded, as applicable, to decrease the carrying value of such loans to the estimated recoverable amount. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. As such, consumer loans are subject to collateral valuation and charge-off, as applicable, when they are moved to nonaccrual status as described below. | |
Purchased Loans | |
Purchased loans are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an ALLL is not recorded at the acquisition date. | |
Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that BB&T will be unable to collect all contractually required payments. For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows after the acquisition date are recognized by recording an ALLL. For purchased non-impaired loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans using a method that approximates the interest method. | |
Based on the characteristics of loans acquired in a FDIC-assisted transaction and the impact of associated loss sharing arrangements, BB&T determined that it was appropriate to apply the expected cash flows approach described above to all loans acquired in such transactions. | |
TDRs | |
Modifications to a borrower's debt agreement are considered TDRs if a concession is granted for economic or legal reasons related to a borrower's financial difficulties that otherwise would not be considered. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in certain limited circumstances forgiveness of principal or interest. Modifications of covered loans that are part of a pool accounted for as a single asset are not considered TDRs. TDRs can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accruing status, depending on the individual facts and circumstances of the borrower. In circumstances where the TDR involves charging off a portion of the loan balance, BB&T typically classifies these TDRs as nonaccrual. | |
In connection with commercial TDRs, the decision to maintain a loan that has been restructured on accrual status is based on a current, well documented credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation includes consideration of the borrower's current capacity to pay, which among other things may include a review of the borrower's current financial statements, an analysis of cash flow available to pay debt obligations, and an evaluation of secondary sources of payment from the client and any guarantors. This evaluation also includes an evaluation of the borrower's current willingness to pay, which may include a review of past payment history, an evaluation of the borrower's willingness to provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation also reflects consideration of the borrower's future capacity and willingness to pay, which may include evaluation of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. | |
The evaluation of mortgage and consumer loans includes an evaluation of the client's debt to income ratio, credit report, property value, loan vintage, and certain other client-specific factors that impact their ability to make timely principal and interest payments on the loan. | |
Nonaccrual commercial TDRs may be returned to accrual status based on a current, well-documented credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation must include consideration of the borrower's sustained historical repayment performance for a reasonable period (generally a minimum of six months) prior to the date on which the loan is returned to accrual status. Sustained historical repayment performance for a reasonable time prior to the TDR may be taken into account. In connection with retail TDRs, a NPL will be returned to accruing status when current as to principal and interest and upon a sustained historical repayment performance (generally a minimum of six months). | |
NPAs | |
NPAs include NPLs and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of customers' loan defaults. BB&T's policies for placing loans on nonaccrual status conform to guidelines prescribed by bank regulatory authorities. The majority of commercial loans and leases are placed on nonaccrual status when it is probable that principal or interest is not fully collectible, or generally when principal or interest becomes 90 days past due, whichever occurs first. Other lending subsidiaries' loans, which includes both consumer and commercial loans, are placed on nonaccrual status generally when principal and interest becomes 90 days past due. Direct retail, mortgage and sales finance loans are placed on nonaccrual status at varying intervals, based on the type of product, generally when principal and interest becomes between 90 days and 180 days past due. Revolving credit loans are not placed on nonaccrual but are charged off after they become 150 days past due, with unpaid fees and finance charges reversed against interest income. Covered loans are considered to be performing due to the application of the expected cash flows method. | |
Certain loans past due 90 days or more may remain on accrual status if management determines that it does not have concern over the collectability of principal and interest. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Nonaccrual mortgage loans are accounted for using the cash basis. Loans and leases are generally removed from nonaccrual status when they become current as to both principal and interest and concern no longer exists as to the collectability of principal and interest. | |
Assets acquired as a result of foreclosure are subsequently carried at the lower of cost or net realizable value. Net realizable value equals fair value less estimated selling costs. Any excess of cost over net realizable value at the time of foreclosure is charged to the ALLL. NPAs are subject to periodic revaluations of the collateral underlying impaired loans and foreclosed real estate. The periodic revaluations are generally based on the appraised value of the property and may include additional liquidity adjustments based upon the expected retention period. BB&T's policies require that valuations be updated at least annually and that upon foreclosure, the valuation must not be more than six months old, otherwise an updated appraisal is required. Routine maintenance costs, other costs of ownership, subsequent declines in market value and net losses on disposal are included in foreclosed property expense. | |
ACL | |
The ACL includes the ALLL and the RUFC. The ACL represents management's best estimate of probable credit losses inherent in the loan and lease portfolios and off-balance sheet lending commitments at the balance sheet date. The Company determines the ACL based on an ongoing evaluation. This evaluation is inherently subjective because it requires material estimates, including the amounts and timing of cash flows expected to be received on impaired loans. Those estimates are susceptible to significant change. Changes to the ACL are made by charges to the provision for credit losses, which is reflected in the Consolidated Statements of Income. Loans or lease balances deemed to be uncollectible are charged off against the ALLL. Recoveries of amounts previously charged off are credited to the ALLL. The methodology used to determine the RUFC is inherently similar to that used to determine the collectively evaluated component of the ALLL, adjusted for factors specific to binding commitments, including the probability of funding and exposure at default. While management uses the best information available to establish the ACL, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in computing the ACL or, if required by regulators, based upon information available to them at the time of their examinations. | |
Accounting standards require the presentation of certain disclosure information at the portfolio segment level, which represents the level at which an entity develops and documents a systematic methodology to determine its ACL. BB&T concluded that its loan and lease portfolio consists of three portfolio segments; commercial, retail and covered. The commercial portfolio segment includes CRE, commercial and industrial and other loans originated by certain other lending subsidiaries, and was identified based on the risk-based approach used to estimate the ALLL for the vast majority of these loans. The retail portfolio segment includes direct retail lending, revolving credit, residential mortgage, sales finance and other loans originated by certain retail-oriented subsidiaries, and was identified based on the delinquency-based approach used to estimate the ALLL. The covered portfolio segment was identified based on the expected cash flows approach used to estimate the ALLL related to acquired loans subsequent to December 31, 2008. | |
A portion of the ALLL may not be allocated to any specific category of loans. Any unallocated portion of the ALLL reflects management's best estimate of the elements of imprecision and estimation risk inherent in the calculation of the overall ALLL. During 2013, BB&T incorporated these elements into the ALLL determination for each loan category such that there is not an unallocated ALLL as of December 31, 2013. | |
The entire amount of the ACL is available to absorb losses on any loan category or lending-related commitment. | |
The following provides a description of accounting policies and methodologies related to each of the portfolio segments: | |
Commercial | |
The vast majority of loans in the commercial lending portfolio are assigned risk ratings based on an assessment of conditions that affect the borrower's ability to meet contractual obligations under the loan agreement. This process includes reviewing borrowers' financial information, historical payment experience, credit documentation, public information, and other information specific to each borrower. Risk ratings are reviewed on an annual basis for all credit relationships with total credit exposure of $1 million or more, or at any point management becomes aware of information affecting the borrowers' ability to fulfill their obligations. | |
Risk Rating Description | |
Pass Loans not considered to be problem credits | |
Special Mention Loans that have a potential weakness deserving management's close attention | |
Substandard Loans for which a well-defined weakness has been identified that may put full collection of contractual cash flows at risk | |
For commercial clients with total credit exposure less than $1 million, BB&T has developed an automated loan review system to identify and proactively manage accounts with a higher risk of loss. The “score” produced by this automated system is updated monthly. | |
On a quarterly basis, BB&T reviewed all commercial lending relationships with outstanding debt of $5 million or more that were classified as substandard or doubtful. During the first quarter of 2014, this process was revised such that any obligor with an outstanding balance of $3 million or more will be reviewed. While this review is largely focused on the borrower's ability to repay the loan, BB&T also considers the capacity and willingness of a loan's guarantors to support the debt service on the loan as a secondary source of repayment. When a guarantor exhibits the documented capacity and willingness to support the loan, BB&T may consider extending the loan maturity and/or temporarily deferring principal payments if the ultimate collection of both principal and interest is not in question. In these cases, BB&T may not deem the loan to be impaired due to the documented capacity and willingness of the guarantor to repay the loan. Loans are considered impaired when the borrower (or guarantor in certain circumstances) does not have the cash flow capacity or willingness to service the debt according to contractual terms, or it does not appear reasonable to assume that the borrower will continue to pay according to the contractual agreement. BB&T establishes a specific reserve for each loan that has been deemed impaired based on the criteria outlined above. The amount of the reserve is based on the present value of expected cash flows discounted at the loan's effective interest rate and/or the value of collateral, net of costs to sell. BB&T has also established a review process related to TDRs and other impaired loans that are in commercial lending relationships with outstanding debt of less than $5 million at the balance sheet date. In connection with this process, BB&T establishes reserves related to these loans that are calculated using an expected cash flow approach. These discounted cash flow analyses incorporate adjustments to future cash flows that reflect management's best estimate of the default risk related to TDRs based on a combination of historical experience and management judgment. | |
BB&T also maintains reserves for collective impairment that reflect an estimate of losses related to non-impaired commercial loans as of the balance sheet date. Embedded loss estimates for BB&T's commercial loan portfolio are based on estimated migration rates, which are estimated based on historical experience, and current risk mix as indicated by the risk grading process described above. Embedded loss estimates may be adjusted to reflect current economic conditions and current portfolio trends including credit quality, concentrations, aging of the portfolio, and significant policy and underwriting changes. | |
Retail | |
The majority of the ALLL related to the retail lending portfolio is calculated on a collective basis using delinquency status, which is the primary factor considered in determining whether a retail loan should be classified as nonaccrual. Embedded loss estimates for BB&T's retail lending portfolio are based on estimated migration rates that are developed based on historical experience, and current risk mix as indicated by prevailing delinquency rates. These estimates may be adjusted to reflect current economic conditions and current portfolio trends. The remaining portion of the ALLL related to the retail lending portfolio relates to loans that have been deemed impaired based on their classification as a TDR at the balance sheet date. BB&T establishes specific reserves related to these TDRs using an expected cash flow approach. The ALLL for retail TDRs is based on discounted cash flow analyses that incorporate adjustments to future cash flows that reflect management's best estimate of the default risk related to TDRs based on a combination of historical experience and management judgment. | |
Acquired Loans | |
Purchased impaired loans and all loans acquired in an FDIC-assisted transaction are typically aggregated into loan pools based upon common risk characteristics. The ALLL for each loan pool is based on an analysis that is performed each period to estimate the expected cash flows. To the extent that the expected cash flows of a loan pool have decreased since the acquisition date, BB&T establishes an ALLL. For non-FDIC assisted purchased non-impaired loans, BB&T uses an approach consistent with that described above for originated loans and leases. | |
Covered Assets and Related FDIC Loss Share Receivable/Payable | |
Assets subject to loss sharing agreements with the FDIC are labeled “covered” and include certain loans, securities and other assets. The FDIC loss share receivable includes net reimbursements expected to be received from the FDIC for covered loans and is included in Other assets on the Consolidated Balance Sheets. The amounts expected to be paid to the FDIC for covered securities and the aggregate loss calculation are included in Accounts payable and other liabilities. | |
The FDIC's obligation to reimburse Branch Bank for losses with respect to covered assets begins with the first dollar of loss incurred. The terms of the loss sharing agreement with respect to certain non-agency MBS provides that Branch Bank will be reimbursed by the FDIC for 95% of any and all losses. All other covered assets are subject to a stated threshold of $5 billion that provides for the FDIC to reimburse Branch Bank for (1) 80% of losses incurred up to $5 billion and (2) 95% of losses in excess of $5 billion. Gains and recoveries on covered assets will offset losses, or be paid to the FDIC, at the applicable loss share percentage at the time of recovery. The loss sharing agreement applicable to single family residential mortgage loans expires in 2019, and provides for FDIC loss sharing and Branch Bank reimbursement to the FDIC. The loss sharing agreement applicable to commercial loans and other covered assets expires in the third quarter of 2014; however, Branch Bank must reimburse the FDIC for realized gains and recoveries through August 2017. At the conclusion of the loss share period, should actual aggregate losses, excluding securities, be less than an amount determined in accordance with these agreements, BB&T will pay the FDIC a portion of the difference. | |
The income statement effect of the changes in the FDIC loss share receivable/payable includes the accretion due to discounting and changes in expected net reimbursements. Decreases in expected net reimbursements, including the amounts expected to be paid to the FDIC as a result of the aggregate loss calculation, are recognized in income prospectively over the term of the loss share agreements consistent with the approach taken to recognize increases in cash flows on covered loans. Increases in expected reimbursements are recognized in income in the same period that the ALLL for the related loans is recognized. | |
Premises and Equipment | |
Premises, equipment, capital leases and leasehold improvements are stated at cost less accumulated depreciation and amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms, including certain renewals that were deemed probable at lease inception, or the estimated useful lives of the improvements. Capitalized leases are amortized using the same methods as premises and equipment over the estimated useful lives or lease terms, whichever is less. Obligations under capital leases are amortized using the interest method to allocate payments between principal reduction and interest expense. Rent expense and rental income on operating leases is recorded using the straight-line method over the appropriate lease terms. | |
Short-Term Borrowings | |
Federal funds purchased represent unsecured borrowings from other banks and generally mature daily. Securities sold under repurchase agreements are borrowings collateralized primarily by securities of the U.S. government or its agencies and generally have maturities ranging from 1 day to 36 months. The terms of repurchase agreements may require BB&T to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. Master notes are unsecured, non-negotiable obligations of BB&T (variable rate commercial paper) that mature in 270 days or less. Other short-term borrowed funds include unsecured bank notes that mature in less than one year and bank obligations with a seven day put option that are collateralized by municipal securities. These amounts are reflected as short-term borrowings on the Consolidated Balance Sheets and are recorded based on the amount of cash received in connection with the borrowing. | |
Income Taxes | |
Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences between the financial statement carrying values of assets and liabilities and their tax bases. In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with the cumulative effects included in the current year's income tax provision. | |
Derivative Financial Instruments | |
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, financial forwards and futures contracts, swaptions, when-issued securities, foreign exchange contracts and options written and purchased. BB&T uses derivatives primarily to manage economic risk related to securities, commercial loans, MSRs and mortgage banking operations, long-term debt and other funding sources. BB&T also uses derivatives to facilitate transactions on behalf of its clients. The fair value of derivatives in a gain or loss position is included in other assets or liabilities, respectively, on the Consolidated Balance Sheets. Cash collateral posted for derivative instruments in a loss position is included in restricted cash on the Consolidated Balance Sheets. | |
BB&T classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), (3) a hedge of a net investment in a subsidiary, or (4) derivatives not designated as hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. BB&T has master netting agreements with the derivatives dealers with which it does business, but BB&T presents gross assets and liabilities on the Consolidated Balance Sheets. | |
BB&T uses the long-haul method to assess hedge effectiveness. BB&T documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in off-setting corresponding changes in the fair value or cash flows of the hedged item. For cash flow hedges involving interest rate caps and collars, this analysis also includes consideration of whether critical terms match, the strike price of the hedging option matches the specified level beyond (or within) which the entity's exposure is being hedged, the hedging instrument's inflows (outflows) at its maturity date completely offset the change in the hedged transaction's cash flows for the risk being hedged and the hedging instrument can be exercised only on its contractual maturity date. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in OCI until the related cash flows from the hedged item are recognized in earnings. For qualifying cash flow hedges involving interest rate caps and collars, the initial fair value of the premium paid is allocated and recognized in the same future period that the hedged forecasted transaction impacts earnings. | |
For either fair value hedges or cash flow hedges, ineffectiveness may be recognized to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, BB&T discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or period in which the hedged item affects earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | |
Derivatives used to manage economic risk not designated as hedges primarily represent economic risk management instruments of MSRs and mortgage banking operations, with gains or losses included in mortgage banking income. In connection with its mortgage banking activities, BB&T enters into loan commitments to fund residential mortgage loans at specified rates and for specified periods of time. To the extent that BB&T's interest rate lock commitments relate to loans that will be held for sale upon funding, they are also accounted for as derivatives, with gains or losses included in mortgage banking income. Gains and losses on other derivatives used to manage economic risk are primarily associated with client derivative activity and are included in other income. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as acquisitions. BB&T allocates goodwill to the reporting unit(s) that receives significant benefits from the acquisition. Goodwill is tested at least annually for impairment during the fourth quarter of each year and more frequently if circumstances exist that indicate a possible reduction in the fair value of the business below its carrying value. BB&T measures impairment using the present value of estimated future cash flows based upon available information. Discount rates are based upon the cost of capital specific to the industry in which the reporting unit operates. If the carrying value of the reporting unit exceeds its fair value, a second analysis is performed to measure the fair value of all assets and liabilities. If, based on the second analysis, it is determined that the fair value of the assets and liabilities of the reporting unit is less than the carrying value, BB&T would recognize impairment for the excess of carrying value over fair value. | |
CDI and other intangible assets include premiums paid for acquisitions of core deposits and other identifiable intangible assets. Intangible assets other than goodwill, which are determined to have finite lives, are amortized based upon the estimated economic benefits received. | |
Loan Securitizations | |
BB&T enters into loan securitization transactions related to most of its fixed-rate commercial and conforming residential mortgage loan originations. In connection with these transactions, loans are converted into MBS issued primarily by FHLMC, FNMA and GNMA, and are subsequently sold to third party investors. BB&T records loan securitizations as a sale when the transferred loans are legally isolated from BB&T's creditors and the other accounting criteria for a sale are met. Gains or losses recorded on loan securitizations are based in part on the net carrying amount of the loans sold, which is allocated between the loans sold and retained interests based on their relative fair values at the date of sale. BB&T generally retains the mortgage servicing on loans sold. Since quoted market prices are not typically available, BB&T estimates the fair value of these retained interests using modeling techniques to determine the net present value of expected future cash flows. Such models incorporate management's best estimates of key variables, such as prepayment speeds, servicing costs and discount rates that would be used by market participants based on the risks involved. | |
MSRs | |
BB&T has two primary classes of MSRs for which it separately manages the economic risks: residential and commercial. Residential MSRs are recorded on the Consolidated Balance Sheets primarily at fair value with changes in fair value recorded as a component of mortgage banking income. Commercial MSRs are recorded as other assets on the Consolidated Balance Sheets at the lower of cost or market and are amortized in proportion to, and over the estimated period, that net servicing income is expected to be received based on projections of the amount and timing of estimated future net cash flows. The amount and timing of estimated future net cash flows are updated based on actual results and updated projections. BB&T periodically evaluates its commercial MSRs for impairment. | |
Equity-Based Compensation | |
BB&T maintains various equity-based compensation plans that provide for the granting of stock options (incentive and nonqualified), stock appreciation rights, restricted stock, RSUs, performance units and performance shares to selected employees and directors. BB&T values share-based awards at the grant date fair value and recognizes the expense over the requisite service period taking into account retirement eligibility. | |
Pension and Postretirement Benefit Obligations | |
BB&T offers various pension plans and postretirement benefit plans to employees. Calculation of the obligations and related expenses under these plans requires the use of actuarial valuation methods and assumptions. The discount rate assumption used to measure the postretirement benefit obligations is set by reference to a high quality corporate bond yield curve and the individual characteristics of the plan such as projected cash flow patterns and payment durations. The expected long-term rate of return on assets is based on the expected returns for each major asset class in which the plan invests, adjusted for the weight of each asset class in the target mix. | |
Insurance Income | |
Insurance commission revenue is generally recognized at the later of the billing date or the effective date of the related insurance policies. Insurance premiums from underwriting activities are recognized as income over the policy term. The portion of premiums that will be earned in the future is deferred and included in other liabilities in the Consolidated Balance Sheets. | |
Segments | |
Segment results are presented based on internal management accounting policies that were designed to support BB&T's strategic objectives. The Other, Treasury and Corporate segment includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. Refer to Note 20 “Operating Segments” for additional disclosures regarding BB&T's segments. | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | |
In January 2014, the FASB issued new guidance related to Troubled Debt Restructurings, which clarifies the timing of when an in substance repossession or foreclosure of collateralized residential real property is deemed to have occurred. The guidance also requires new disclosures related to the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. This guidance is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of this guidance is not expected to be material to the consolidated financial position, results of operations or cash flows. | |
In January 2014, the FASB issued new guidance related to Investments in Qualified Affordable Housing Projects. The new guidance allows an entity, provided certain criteria are met, to elect the proportional amortization method to account for these investments. The proportional amortization method allows an entity to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of the provision for income taxes. This guidance is effective for interim and annual reporting periods beginning after December 15, 2014. BB&T is currently evaluating this guidance to determine the impact on its consolidated financial position, results of operations and cash flows. | |
In June 2013, the FASB issued new guidance related to Investment Companies. The new guidance amends the criteria for an entity to qualify as an investment company and requires an investment company to measure all of its investments at fair value. This guidance is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this guidance was not material to the consolidated financial position, results of operations or cash flows. | |
Effective January 1, 2013, the Company adopted new guidance impacting the presentation of certain items on the Balance Sheet. The new guidance requires an entity to disclose both gross and net information about derivatives, repurchase agreements and securities borrowing and lending transactions that have a right of setoff or are subject to an enforceable master netting arrangement or similar agreement. The adoption of this guidance did not impact the consolidated financial position, results of operations or cash flows. The new disclosures required by this guidance for derivatives are included in Note 18 “Derivative Financial Instruments” to these consolidated financial statements. The adoption of this guidance did not impact our disclosures of repurchase agreements and securities borrowing and lending transactions as the balances and volume of transactions are not material. | |
Effective January 1, 2013, the Company adopted new guidance on Business Combinations. The new guidance clarifies that when a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs, the reporting entity should account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the lesser of the contractual term of the indemnification agreement or the remaining life of the indemnified assets. BB&T has previously accounted for its indemnification asset in accordance with this guidance; accordingly, the adoption of this guidance had no impact on the consolidated financial position, results of operations or cash flows. | |
Effective January 1, 2013, the Company adopted new guidance impacting Comprehensive Income that requires a reporting entity to present significant amounts reclassified out of AOCI by the respective line items of net income. The adoption of this guidance did not impact the consolidated financial position, results of operations or cash flows. The new disclosures required by this guidance are included in Note 11 “AOCI” to these consolidated financial statements. | |
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||
NOTE 2. Securities | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 595 | $ | — | $ | — | $ | 595 | ||||||||||||||||
MBS issued by GSE | 18,397 | 78 | 546 | 17,929 | ||||||||||||||||||||
States and political subdivisions | 1,877 | 65 | 91 | 1,851 | ||||||||||||||||||||
Non-agency MBS | 264 | 27 | — | 291 | ||||||||||||||||||||
Other | 46 | — | 1 | 45 | ||||||||||||||||||||
Covered | 989 | 404 | — | 1,393 | ||||||||||||||||||||
Total AFS securities | $ | 22,168 | $ | 574 | $ | 638 | $ | 22,104 | ||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 392 | $ | — | $ | 8 | $ | 384 | ||||||||||||||||
GSE | 5,603 | 2 | 397 | 5,208 | ||||||||||||||||||||
MBS issued by GSE | 11,636 | 38 | 220 | 11,454 | ||||||||||||||||||||
States and political subdivisions | 33 | 2 | — | 35 | ||||||||||||||||||||
Other | 437 | 12 | — | 449 | ||||||||||||||||||||
Total HTM securities | $ | 18,101 | $ | 54 | $ | 625 | $ | 17,530 | ||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 281 | $ | — | $ | — | $ | 281 | ||||||||||||||||
GSE | 9 | — | — | 9 | ||||||||||||||||||||
MBS issued by GSE | 20,482 | 466 | 18 | 20,930 | ||||||||||||||||||||
States and political subdivisions | 1,948 | 153 | 90 | 2,011 | ||||||||||||||||||||
Non-agency MBS | 307 | 16 | 11 | 312 | ||||||||||||||||||||
Other | 3 | — | — | 3 | ||||||||||||||||||||
Covered securities | 1,147 | 444 | — | 1,591 | ||||||||||||||||||||
Total AFS securities | $ | 24,177 | $ | 1,079 | $ | 119 | $ | 25,137 | ||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE | $ | 3,808 | $ | 17 | $ | 1 | $ | 3,824 | ||||||||||||||||
MBS issued by GSE | 9,273 | 238 | 1 | 9,510 | ||||||||||||||||||||
States and political subdivisions | 34 | 1 | 1 | 34 | ||||||||||||||||||||
Other | 479 | 4 | 3 | 480 | ||||||||||||||||||||
Total HTM securities | $ | 13,594 | $ | 260 | $ | 6 | $ | 13,848 | ||||||||||||||||
As of December 31, 2013 and December 31, 2012, the fair value of covered securities included $1.1 billion and $1.3 billion, respectively, of non-agency MBS and $314 million and $326 million, respectively, of municipal securities. | ||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, securities with carrying values of approximately $11.9 billion and $19.0 billion, respectively, were pledged to secure municipal deposits, securities sold under agreements to repurchase, other borrowings, and for other purposes as required or permitted by law. | ||||||||||||||||||||||||
Certain investments in marketable debt securities and MBS issued by FNMA and FHLMC exceeded ten percent of shareholders' equity at December 31, 2013. The FNMA investments had total amortized cost and fair value of $13.2 billion and $12.7 billion, respectively. The FHLMC investments had total amortized cost and fair value of $7.1 billion and $7.0 billion, respectively. | ||||||||||||||||||||||||
The gross realized gains and losses recognized in income on the sale of securities are reflected in the following table: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Gross gains | $ | 57 | $ | 1 | $ | 175 | ||||||||||||||||||
Gross losses | -6 | -4 | -1 | |||||||||||||||||||||
Net realized gains (losses) | $ | 51 | $ | -3 | $ | 174 | ||||||||||||||||||
The following table reflects changes in credit losses on securities with OTTI (excluding covered), which were primarily non-agency MBS, where a portion of the unrealized loss was recognized in OCI. OTTI of $4 million related to covered securities during 2012 is not reflected in this table. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 98 | $ | 130 | $ | 31 | ||||||||||||||||||
Credit losses on securities not previously considered | ||||||||||||||||||||||||
other-than-temporarily impaired | ― | ― | 1 | |||||||||||||||||||||
Credit losses on securities for which OTTI was previously recognized | ― | 5 | 111 | |||||||||||||||||||||
Reductions for securities sold/settled during the period | -20 | -37 | -13 | |||||||||||||||||||||
Balance at end of period | $ | 78 | $ | 98 | $ | 130 | ||||||||||||||||||
The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may differ from contractual maturities because borrowers have the right to prepay the underlying mortgage loans with or without prepayment penalties. | ||||||||||||||||||||||||
AFS | HTM | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
31-Dec-13 | Cost | Value | Cost | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Due in one year or less | $ | 189 | $ | 189 | $ | ― | $ | ― | ||||||||||||||||
Due after one year through five years | 565 | 573 | ― | ― | ||||||||||||||||||||
Due after five years through ten years | 499 | 519 | 5,926 | 5,524 | ||||||||||||||||||||
Due after ten years | 20,915 | 20,823 | 12,175 | 12,006 | ||||||||||||||||||||
Total debt securities | $ | 22,168 | $ | 22,104 | $ | 18,101 | $ | 17,530 | ||||||||||||||||
The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-13 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
MBS issued by GSE | $ | 10,259 | $ | 406 | $ | 1,935 | $ | 140 | $ | 12,194 | $ | 546 | ||||||||||||
States and political subdivisions | 232 | 8 | 441 | 83 | 673 | 91 | ||||||||||||||||||
Other | 34 | 1 | — | — | 34 | 1 | ||||||||||||||||||
Total | $ | 10,525 | $ | 415 | $ | 2,376 | $ | 223 | $ | 12,901 | $ | 638 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 384 | $ | 8 | $ | — | $ | — | $ | 384 | $ | 8 | ||||||||||||
GSE | 4,996 | 397 | — | — | 4,996 | 397 | ||||||||||||||||||
MBS issued by GSE | 8,800 | 219 | 48 | 1 | 8,848 | 220 | ||||||||||||||||||
Total | $ | 14,180 | $ | 624 | $ | 48 | $ | 1 | $ | 14,228 | $ | 625 | ||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-12 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
MBS issued by GSE | $ | 2,662 | $ | 18 | $ | — | $ | — | $ | 2,662 | $ | 18 | ||||||||||||
States and political subdivisions | 52 | 1 | 478 | 89 | 530 | 90 | ||||||||||||||||||
Non-agency MBS | — | — | 113 | 11 | 113 | 11 | ||||||||||||||||||
Total | $ | 2,714 | $ | 19 | $ | 591 | $ | 100 | $ | 3,305 | $ | 119 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE | $ | 805 | $ | 1 | $ | — | $ | — | $ | 805 | $ | 1 | ||||||||||||
MBS issued by GSE | 593 | 1 | — | — | 593 | 1 | ||||||||||||||||||
States and political subdivisions | 22 | 1 | — | — | 22 | 1 | ||||||||||||||||||
Other | 266 | 3 | — | — | 266 | 3 | ||||||||||||||||||
Total | $ | 1,686 | $ | 6 | $ | — | $ | — | $ | 1,686 | $ | 6 | ||||||||||||
Periodic reviews are conducted to identify and evaluate each investment with an unrealized loss for OTTI. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in AOCI for AFS securities. The unrealized losses on GSE securities and MBS issued by GSE were the result of increases in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers. | ||||||||||||||||||||||||
Cash flow modeling is used to evaluate non-agency MBS in an unrealized loss position for potential credit impairment. These models give consideration to long-term macroeconomic factors applied to current security default rates, prepayment rates and recovery rates and security-level performance. At December 31, 2013, one non-agency MBS reflected an immaterial unrealized loss and was below investment grade. | ||||||||||||||||||||||||
At December 31, 2013, $60 million of the unrealized loss on municipal securities was the result of fair value hedge basis adjustments that are a component of amortized cost. Municipal securities in an unrealized loss position are evaluated for credit impairment through a qualitative analysis of issuer performance and the primary source of repayment. The evaluation of municipal securities indicated there were no credit losses evident. |
Loans_and_ACL
Loans and ACL | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ' | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ' | |||||||||||||||||||||||||||||||||
NOTE 3. Loans and ACL | ||||||||||||||||||||||||||||||||||
During October of 2013, BB&T sold a consumer lending subsidiary with approximately $500 million in loans and $27 million of related ALLL. In addition, approximately $230 million of loans, with $38 million of related ALLL, was transferred from retail other lending subsidiaries to residential mortgage. | ||||||||||||||||||||||||||||||||||
During December of 2013, $47 million of unallocated ALLL was allocated to the loan portfolio segments. | ||||||||||||||||||||||||||||||||||
During January of 2014, approximately $8.3 billion of home equity loans were transferred from direct retail lending to residential mortgage in response to qualified mortgage regulatory requirements. | ||||||||||||||||||||||||||||||||||
Loans that are contractually past due are shown in the tables below. | ||||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||
90 Days Or | ||||||||||||||||||||||||||||||||||
30-89 Days | More Past | |||||||||||||||||||||||||||||||||
31-Dec-13 | Current | Past Due | Due | Nonaccrual | Total | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38,110 | $ | 35 | $ | ― | $ | 363 | $ | 38,508 | ||||||||||||||||||||||||
CRE - other | 11,535 | 8 | ― | 129 | 11,672 | |||||||||||||||||||||||||||||
CRE - residential ADC | 901 | 2 | ― | 35 | 938 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 4,482 | 14 | 5 | 1 | 4,502 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,595 | 132 | 33 | 109 | 15,869 | |||||||||||||||||||||||||||||
Revolving credit | 2,370 | 23 | 10 | ― | 2,403 | |||||||||||||||||||||||||||||
Residential mortgage | 22,738 | 463 | 69 | 243 | 23,513 | |||||||||||||||||||||||||||||
Sales finance | 9,316 | 56 | 5 | 5 | 9,382 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 5,703 | 207 | ― | 50 | 5,960 | |||||||||||||||||||||||||||||
Covered | 1,643 | 88 | 304 | ― | 2,035 | |||||||||||||||||||||||||||||
Total excluding government and GNMA guaranteed | 112,393 | 1,028 | 426 | 935 | 114,782 | |||||||||||||||||||||||||||||
Residential mortgage loans excluded from above: | ||||||||||||||||||||||||||||||||||
Government guaranteed | 236 | 88 | 296 | ― | 620 | |||||||||||||||||||||||||||||
GNMA guaranteed | ― | 4 | 511 | ― | 515 | |||||||||||||||||||||||||||||
Total | $ | 112,629 | $ | 1,120 | $ | 1,233 | $ | 935 | $ | 115,917 | ||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||
90 Days Or | ||||||||||||||||||||||||||||||||||
30-89 Days | More Past | |||||||||||||||||||||||||||||||||
31-Dec-12 | Current | Past Due | Due | Nonaccrual | Total | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 37,706 | $ | 42 | $ | 1 | $ | 546 | $ | 38,295 | ||||||||||||||||||||||||
CRE - other | 11,237 | 12 | ― | 212 | 11,461 | |||||||||||||||||||||||||||||
CRE - residential ADC | 1,131 | 2 | ― | 128 | 1,261 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 4,106 | 20 | 9 | 3 | 4,138 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,502 | 145 | 38 | 132 | 15,817 | |||||||||||||||||||||||||||||
Revolving credit | 2,291 | 23 | 16 | ― | 2,330 | |||||||||||||||||||||||||||||
Residential mortgage | 22,330 | 498 | 92 | 269 | 23,189 | |||||||||||||||||||||||||||||
Sales finance | 7,663 | 56 | 10 | 7 | 7,736 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 5,645 | 270 | 1 | 83 | 5,999 | |||||||||||||||||||||||||||||
Covered | 2,717 | 135 | 442 | ― | 3,294 | |||||||||||||||||||||||||||||
Total excluding government and GNMA guaranteed | 110,328 | 1,203 | 609 | 1,380 | 113,520 | |||||||||||||||||||||||||||||
Residential mortgage loans excluded from above: | ||||||||||||||||||||||||||||||||||
Government guaranteed | 225 | 84 | 252 | ― | 561 | |||||||||||||||||||||||||||||
GNMA guaranteed | ― | 5 | 517 | ― | 522 | |||||||||||||||||||||||||||||
Total | $ | 110,553 | $ | 1,292 | $ | 1,378 | $ | 1,380 | $ | 114,603 | ||||||||||||||||||||||||
Unearned income and net deferred loan fees and costs totaled $261 million and $308 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
The following tables present the carrying amount of loans by risk rating. Covered loans are excluded because their related ALLL is determined by loan pool performance. | ||||||||||||||||||||||||||||||||||
CRE - | ||||||||||||||||||||||||||||||||||
Commercial | Residential | Other Lending | ||||||||||||||||||||||||||||||||
31-Dec-13 | & Industrial | CRE - Other | ADC | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Pass | $ | 36,804 | $ | 10,883 | $ | 794 | $ | 4,464 | ||||||||||||||||||||||||||
Special mention | 219 | 58 | 11 | 8 | ||||||||||||||||||||||||||||||
Substandard - performing | 1,122 | 602 | 98 | 29 | ||||||||||||||||||||||||||||||
Nonperforming | 363 | 129 | 35 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 38,508 | $ | 11,672 | $ | 938 | $ | 4,502 | ||||||||||||||||||||||||||
Direct Retail | Revolving | Residential | Sales | Other Lending | ||||||||||||||||||||||||||||||
Lending | Credit | Mortgage | Finance | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Performing | $ | 15,760 | $ | 2,403 | $ | 24,405 | $ | 9,377 | $ | 5,910 | ||||||||||||||||||||||||
Nonperforming | 109 | ― | 243 | 5 | 50 | |||||||||||||||||||||||||||||
Total | $ | 15,869 | $ | 2,403 | $ | 24,648 | $ | 9,382 | $ | 5,960 | ||||||||||||||||||||||||
CRE - | ||||||||||||||||||||||||||||||||||
Commercial | Residential | Other Lending | ||||||||||||||||||||||||||||||||
31-Dec-12 | & Industrial | CRE - Other | ADC | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Pass | $ | 36,044 | $ | 10,095 | $ | 859 | $ | 4,093 | ||||||||||||||||||||||||||
Special mention | 274 | 120 | 41 | 13 | ||||||||||||||||||||||||||||||
Substandard - performing | 1,431 | 1,034 | 233 | 29 | ||||||||||||||||||||||||||||||
Nonperforming | 546 | 212 | 128 | 3 | ||||||||||||||||||||||||||||||
Total | $ | 38,295 | $ | 11,461 | $ | 1,261 | $ | 4,138 | ||||||||||||||||||||||||||
Direct Retail | Revolving | Residential | Sales | Other Lending | ||||||||||||||||||||||||||||||
Lending | Credit | Mortgage | Finance | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Performing | $ | 15,685 | $ | 2,330 | $ | 24,003 | $ | 7,729 | $ | 5,916 | ||||||||||||||||||||||||
Nonperforming | 132 | ― | 269 | 7 | 83 | |||||||||||||||||||||||||||||
Total | $ | 15,817 | $ | 2,330 | $ | 24,272 | $ | 7,736 | $ | 5,999 | ||||||||||||||||||||||||
The tables below present activity in the ACL: | ||||||||||||||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Balance | Offs | Recoveries | Provision | Other | Balance | ||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 470 | $ | -248 | $ | 47 | $ | 166 | $ | 19 | $ | 454 | ||||||||||||||||||||||
CRE - other | 204 | -84 | 28 | 16 | 14 | 178 | ||||||||||||||||||||||||||||
CRE - residential ADC | 100 | -48 | 23 | -32 | 4 | 47 | ||||||||||||||||||||||||||||
Other lending subsidiaries | 13 | -3 | 2 | 3 | ― | 15 | ||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 300 | -148 | 38 | 15 | 4 | 209 | ||||||||||||||||||||||||||||
Revolving credit | 102 | -85 | 17 | 81 | ― | 115 | ||||||||||||||||||||||||||||
Residential mortgage | 328 | -81 | 3 | 37 | 44 | 331 | ||||||||||||||||||||||||||||
Sales finance | 29 | -23 | 9 | 30 | ― | 45 | ||||||||||||||||||||||||||||
Other lending subsidiaries | 264 | -252 | 32 | 245 | -65 | 224 | ||||||||||||||||||||||||||||
Covered | 128 | -19 | ― | 5 | ― | 114 | ||||||||||||||||||||||||||||
Unallocated | 80 | ― | ― | -33 | -47 | ― | ||||||||||||||||||||||||||||
ALLL | 2,018 | -991 | 199 | 533 | -27 | 1,732 | ||||||||||||||||||||||||||||
RUFC | 30 | ― | ― | 59 | ― | 89 | ||||||||||||||||||||||||||||
ACL | $ | 2,048 | $ | -991 | $ | 199 | $ | 592 | $ | -27 | $ | 1,821 | ||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Balance | Offs | Recoveries | Provision | Balance | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 433 | $ | -337 | $ | 17 | $ | 357 | $ | 470 | ||||||||||||||||||||||||
CRE - other | 334 | -205 | 13 | 62 | 204 | |||||||||||||||||||||||||||||
CRE - residential ADC | 286 | -190 | 41 | -37 | 100 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 11 | -8 | 2 | 8 | 13 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 232 | -224 | 36 | 256 | 300 | |||||||||||||||||||||||||||||
Revolving credit | 112 | -81 | 18 | 53 | 102 | |||||||||||||||||||||||||||||
Residential mortgage | 365 | -136 | 3 | 96 | 328 | |||||||||||||||||||||||||||||
Sales finance | 38 | -26 | 10 | 7 | 29 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 186 | -217 | 24 | 271 | 264 | |||||||||||||||||||||||||||||
Covered | 149 | -34 | ― | 13 | 128 | |||||||||||||||||||||||||||||
Unallocated | 110 | ― | ― | -30 | 80 | |||||||||||||||||||||||||||||
ALLL | 2,256 | -1,458 | 164 | 1,056 | 2,018 | |||||||||||||||||||||||||||||
RUFC | 29 | ― | ― | 1 | 30 | |||||||||||||||||||||||||||||
ACL | $ | 2,285 | $ | -1,458 | $ | 164 | $ | 1,057 | $ | 2,048 | ||||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | Balance | Offs | Recoveries | Provision | Balance | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 621 | $ | -323 | $ | 28 | $ | 107 | $ | 433 | ||||||||||||||||||||||||
CRE - other | 446 | -273 | 18 | 143 | 334 | |||||||||||||||||||||||||||||
CRE - residential ADC | 469 | -302 | 25 | 94 | 286 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 21 | -9 | 3 | -4 | 11 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 246 | -276 | 37 | 225 | 232 | |||||||||||||||||||||||||||||
Revolving credit | 109 | -95 | 19 | 79 | 112 | |||||||||||||||||||||||||||||
Residential mortgage | 298 | -269 | 5 | 331 | 365 | |||||||||||||||||||||||||||||
Sales finance | 47 | -32 | 9 | 14 | 38 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 177 | -181 | 22 | 168 | 186 | |||||||||||||||||||||||||||||
Covered | 144 | -66 | ― | 71 | 149 | |||||||||||||||||||||||||||||
Unallocated | 130 | ― | ― | -20 | 110 | |||||||||||||||||||||||||||||
ALLL | 2,708 | -1,826 | 166 | 1,208 | 2,256 | |||||||||||||||||||||||||||||
RUFC | 47 | ― | ― | -18 | 29 | |||||||||||||||||||||||||||||
ACL | $ | 2,755 | $ | -1,826 | $ | 166 | $ | 1,190 | $ | 2,285 | ||||||||||||||||||||||||
The following table provides a summary of loans that are collectively evaluated for impairment. | ||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Recorded Investment | Related ALLL | Recorded Investment | Related ALLL | |||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38,042 | $ | 382 | $ | 37,664 | $ | 397 | ||||||||||||||||||||||||||
CRE - other | 11,441 | 150 | 11,149 | 168 | ||||||||||||||||||||||||||||||
CRE - residential ADC | 881 | 38 | 1,106 | 79 | ||||||||||||||||||||||||||||||
Other lending subsidiaries | 4,501 | 15 | 4,135 | 12 | ||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,648 | 166 | 15,582 | 241 | ||||||||||||||||||||||||||||||
Revolving credit | 2,355 | 96 | 2,274 | 78 | ||||||||||||||||||||||||||||||
Residential mortgage | 23,316 | 167 | 23,085 | 198 | ||||||||||||||||||||||||||||||
Sales finance | 9,363 | 41 | 7,714 | 23 | ||||||||||||||||||||||||||||||
Other lending subsidiaries | 5,823 | 196 | 5,853 | 203 | ||||||||||||||||||||||||||||||
Covered | 2,035 | 114 | 3,294 | 128 | ||||||||||||||||||||||||||||||
Unallocated | ― | ― | ― | 80 | ||||||||||||||||||||||||||||||
Total | $ | 113,405 | $ | 1,365 | $ | 111,856 | $ | 1,607 | ||||||||||||||||||||||||||
The following tables set forth certain information regarding impaired loans, excluding purchased impaired loans and LHFS, that were individually evaluated for reserves. | ||||||||||||||||||||||||||||||||||
Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Income | |||||||||||||||||||||||||||||||
As Of / For The Year Ended December 31, 2013 | Investment | UPB | ALLL | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 91 | $ | 165 | $ | ― | $ | 111 | $ | ― | ||||||||||||||||||||||||
CRE - other | 25 | 41 | ― | 53 | ― | |||||||||||||||||||||||||||||
CRE - residential ADC | 16 | 36 | ― | 31 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 23 | 76 | ― | 23 | 1 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 144 | 237 | ― | 129 | 4 | |||||||||||||||||||||||||||||
Sales finance | 1 | 2 | ― | 1 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 2 | 6 | ― | 4 | ― | |||||||||||||||||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 375 | 409 | 72 | 453 | 5 | |||||||||||||||||||||||||||||
CRE - other | 206 | 208 | 28 | 233 | 5 | |||||||||||||||||||||||||||||
CRE - residential ADC | 41 | 42 | 9 | 76 | 2 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 1 | 1 | ― | 2 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 198 | 204 | 43 | 204 | 12 | |||||||||||||||||||||||||||||
Revolving credit | 48 | 48 | 19 | 52 | 2 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 812 | 830 | 109 | 763 | 34 | |||||||||||||||||||||||||||||
Sales finance | 18 | 19 | 4 | 20 | 1 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 135 | 137 | 28 | 173 | 11 | |||||||||||||||||||||||||||||
Total (1) | $ | 2,136 | $ | 2,461 | $ | 312 | $ | 2,328 | $ | 77 | ||||||||||||||||||||||||
Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Income | |||||||||||||||||||||||||||||||
As Of / For The Year Ended December 31, 2012 | Investment | UPB | ALLL | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 116 | $ | 232 | $ | ― | $ | 117 | $ | ― | ||||||||||||||||||||||||
CRE - other | 60 | 108 | ― | 81 | ― | |||||||||||||||||||||||||||||
CRE - residential ADC | 44 | 115 | ― | 103 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 19 | 73 | ― | 19 | 1 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 120 | 201 | ― | 80 | 2 | |||||||||||||||||||||||||||||
Sales finance | 1 | 3 | ― | 1 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 2 | 6 | ― | 3 | ― | |||||||||||||||||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 515 | 551 | 73 | 522 | 3 | |||||||||||||||||||||||||||||
CRE - other | 252 | 255 | 36 | 319 | 5 | |||||||||||||||||||||||||||||
CRE - residential ADC | 111 | 116 | 21 | 180 | 1 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 3 | 3 | 1 | 4 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 216 | 226 | 59 | 140 | 9 | |||||||||||||||||||||||||||||
Revolving credit | 56 | 56 | 24 | 59 | 2 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 754 | 770 | 104 | 649 | 28 | |||||||||||||||||||||||||||||
Sales finance | 21 | 21 | 6 | 13 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 144 | 146 | 61 | 66 | 2 | |||||||||||||||||||||||||||||
Total (1) | $ | 2,434 | $ | 2,882 | $ | 385 | $ | 2,356 | $ | 53 | ||||||||||||||||||||||||
-1 | Residential mortgage loans exclude $376 million and $313 million in government guaranteed loans and related ALLL of $55 million and $26 million as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
The following table provides a summary of TDRs, all of which are considered impaired. | ||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Performing TDRs: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 77 | $ | 77 | ||||||||||||||||||||||||||||||
CRE - other | 70 | 67 | ||||||||||||||||||||||||||||||||
CRE - residential ADC | 19 | 21 | ||||||||||||||||||||||||||||||||
Direct retail lending | 187 | 197 | ||||||||||||||||||||||||||||||||
Sales finance | 17 | 19 | ||||||||||||||||||||||||||||||||
Revolving credit | 48 | 56 | ||||||||||||||||||||||||||||||||
Residential mortgage | 785 | 769 | ||||||||||||||||||||||||||||||||
Other lending subsidiaries | 126 | 121 | ||||||||||||||||||||||||||||||||
Total performing TDRs | 1,329 | 1,327 | ||||||||||||||||||||||||||||||||
Nonperforming TDRs (also included in NPL disclosures) | 193 | 240 | ||||||||||||||||||||||||||||||||
Total TDRs | $ | 1,522 | $ | 1,567 | ||||||||||||||||||||||||||||||
ALLL attributable to TDRs, excluding government guaranteed | $ | 228 | $ | 281 | ||||||||||||||||||||||||||||||
Government guaranteed residential mortgage TDRs excluded from above table: | ||||||||||||||||||||||||||||||||||
Held for investment | $ | 376 | $ | 313 | ||||||||||||||||||||||||||||||
Held for sale | 3 | 2 | ||||||||||||||||||||||||||||||||
The following table summarizes the primary reason loan modification were classified as TDRs and includes newly designated TDRs as well as modifications made to existing TDRs. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications include TDRs made with below market interest rates that also include modifications of loan structures. | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Type of | Type of | Type of | ||||||||||||||||||||||||||||||||
Modification | ALLL | Modification | ALLL | Modification | ALLL | |||||||||||||||||||||||||||||
Rate | Structure | Impact | Rate | Structure | Impact | Rate | Structure | Impact | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 99 | $ | 27 | $ | 3 | $ | 51 | $ | 63 | $ | ― | $ | 29 | $ | 68 | $ | 5 | ||||||||||||||||
CRE - other | 62 | 54 | 1 | 67 | 45 | ― | 56 | 58 | 8 | |||||||||||||||||||||||||
CRE - residential ADC | 22 | 10 | -2 | 44 | 34 | -1 | 29 | 47 | 10 | |||||||||||||||||||||||||
Other lending subsidiaries | ― | ― | ― | ― | ― | ― | 1 | 1 | ― | |||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 45 | 9 | 7 | 120 | 17 | 35 | 51 | 5 | 9 | |||||||||||||||||||||||||
Revolving credit | 26 | ― | 4 | 30 | ― | 5 | 40 | ― | 8 | |||||||||||||||||||||||||
Residential mortgage | 103 | 68 | 11 | 241 | 88 | 22 | 142 | 35 | 17 | |||||||||||||||||||||||||
Sales finance | 4 | 7 | 3 | 16 | ― | 4 | 5 | 5 | 1 | |||||||||||||||||||||||||
Other lending subsidiaries | 167 | ― | 34 | 123 | 2 | 35 | 37 | 7 | 15 | |||||||||||||||||||||||||
During 2012, a national bank regulatory agency issued guidance that requires certain loans that had been discharged in bankruptcy and not reaffirmed by the borrower to be accounted for as TDRs and possibly as nonperforming, regardless of their actual payment history and expected performance. BB&T has included these loans in the “Rate” column in the above table. BB&T also concluded there is a reasonable expectation of collection of principal and interest and has classified these loans as performing unless already classified as nonperforming. | ||||||||||||||||||||||||||||||||||
The following table summarizes the pre-default balance for modifications that experienced a payment default that had been classified as TDRs during the previous 12 months. Payment default is defined as movement of the TDR to nonaccrual status, foreclosure or charge-off, whichever occurs first. | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5 | $ | 8 | $ | 39 | ||||||||||||||||||||||||||||
CRE - other | 11 | 6 | 92 | |||||||||||||||||||||||||||||||
CRE - residential ADC | 4 | 14 | 80 | |||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 4 | 8 | 16 | |||||||||||||||||||||||||||||||
Revolving credit | 10 | 12 | 15 | |||||||||||||||||||||||||||||||
Residential mortgage | 17 | 36 | 31 | |||||||||||||||||||||||||||||||
Sales finance | 1 | ― | 2 | |||||||||||||||||||||||||||||||
Other lending subsidiaries | 26 | 12 | 5 | |||||||||||||||||||||||||||||||
If a TDR subsequently defaults, BB&T evaluates the TDR for possible impairment. As a result, the related ALLL may be increased or charge-offs may be taken to reduce the carrying value of the loan. | ||||||||||||||||||||||||||||||||||
Changes in the carrying value and accretable yield of covered loans are presented in the following table. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Purchased Impaired | Purchased Nonimpaired | Purchased Impaired | Purchased Nonimpaired | |||||||||||||||||||||||||||||||
Accretable | Carrying | Accretable | Carrying | Accretable | Carrying | Accretable | Carrying | |||||||||||||||||||||||||||
Yield | Value | Yield | Value | Yield | Value | Yield | Value | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 264 | $ | 1,400 | $ | 617 | $ | 1,894 | $ | 520 | $ | 2,123 | $ | 1,193 | $ | 2,744 | ||||||||||||||||||
Accretion | -149 | 149 | -301 | 301 | -219 | 219 | -541 | 541 | ||||||||||||||||||||||||||
Payments received, net | ― | -686 | ― | -1,023 | ― | -942 | ― | -1,391 | ||||||||||||||||||||||||||
Other, net | 72 | ― | 35 | ― | -37 | ― | -35 | ― | ||||||||||||||||||||||||||
Balance at end of period | $ | 187 | $ | 863 | $ | 351 | $ | 1,172 | $ | 264 | $ | 1,400 | $ | 617 | $ | 1,894 | ||||||||||||||||||
Outstanding UPB at end of period | $ | 1,266 | $ | 1,516 | $ | 2,047 | $ | 2,489 |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Premises and Equipment | ' | |||||||||||||||||||
Premises and Equipment | ' | |||||||||||||||||||
NOTE 4. Premises and Equipment | ||||||||||||||||||||
A summary of premises and equipment is presented in the accompanying table: | ||||||||||||||||||||
Estimated | December 31, | |||||||||||||||||||
Useful Life | 2013 | 2012 | ||||||||||||||||||
(Years) | (Dollars in millions) | |||||||||||||||||||
Land and land improvements | $ | 527 | $ | 547 | ||||||||||||||||
Buildings and building improvements | 40 | 1,288 | 1,235 | |||||||||||||||||
Furniture and equipment | 5 | - | 10 | 1,102 | 1,141 | |||||||||||||||
Leasehold improvements | 633 | 555 | ||||||||||||||||||
Construction in progress | 38 | 37 | ||||||||||||||||||
Capitalized leases on premises and equipment | 58 | 59 | ||||||||||||||||||
Total | 3,646 | 3,574 | ||||||||||||||||||
Less - accumulated depreciation and amortization | -1,777 | -1,686 | ||||||||||||||||||
Net premises and equipment | $ | 1,869 | $ | 1,888 | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Rent expense applicable to operating leases | $ | 230 | $ | 215 | $ | 199 | ||||||||||||||
Rental income from owned properties and subleases | 8 | 8 | 7 | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Future minimum lease payments for operating leases | $ | 214 | $ | 201 | $ | 182 | $ | 161 | $ | 136 | $ | 614 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
NOTE 5. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The changes in the carrying amounts of goodwill attributable to BB&T's operating segments are reflected in the table below. There have been no goodwill impairments recorded to date. | |||||||||||||||||||||||||
Residential | Dealer | ||||||||||||||||||||||||
Community | Mortgage | Financial | Specialized | Insurance | Financial | ||||||||||||||||||||
Banking | Banking | Services | Lending | Services | Services | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Goodwill balance, January 1, 2012 | $ | 4,542 | $ | 7 | $ | 111 | $ | 94 | $ | 1,132 | $ | 192 | $ | 6,078 | |||||||||||
Acquired goodwill, net | 358 | ― | ― | 5 | 358 | ― | 721 | ||||||||||||||||||
Contingent consideration | ― | ― | ― | ― | 3 | ― | 3 | ||||||||||||||||||
Other adjustments | ― | ― | ― | ― | 2 | ― | 2 | ||||||||||||||||||
Goodwill balance, December 31, 2012 | $ | 4,900 | $ | 7 | $ | 111 | $ | 99 | $ | 1,495 | $ | 192 | $ | 6,804 | |||||||||||
Contingent consideration | ― | ― | ― | ― | 6 | ― | 6 | ||||||||||||||||||
Other adjustments | 24 | ― | ― | -11 | -9 | ― | 4 | ||||||||||||||||||
Goodwill balance, December 31, 2013 | $ | 4,924 | $ | 7 | $ | 111 | $ | 88 | $ | 1,492 | $ | 192 | $ | 6,814 | |||||||||||
During 2012, BB&T completed the acquisition of Fort Lauderdale, Florida-based BankAtlantic. BB&T acquired approximately $1.7 billion in loans and assumed approximately $3.5 billion in deposits. The net purchase price received, excluding cash held by BankAtlantic, was $45 million, which consisted of net liabilities assumed less a deposit premium of $316 million. The 2012 change in Community Banking goodwill was primarily the result of this acquisition. Also during 2012, BB&T acquired the life and property and casualty insurance divisions of Crump Group Inc. The 2012 changes in Insurance Services goodwill and other identifiable intangibles is primarily due to this acquisition. | |||||||||||||||||||||||||
The 2013 adjustments to goodwill within Community Banking and Insurance Services reflect the finalization of valuations for certain assets and liabilities of the above acquisitions. The 2013 adjustment to Specialized Lending primarily represents the goodwill associated with a subsidiary that was sold. | |||||||||||||||||||||||||
The following table presents information for identifiable intangible assets subject to amortization: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Wtd. Avg. | Gross | Net | Gross | Net | |||||||||||||||||||||
Remaining | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
Life | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
(Years) | (Dollars in millions) | ||||||||||||||||||||||||
CDI | 7.1 | $ | 672 | $ | -555 | $ | 117 | $ | 672 | $ | -522 | $ | 150 | ||||||||||||
Other, primarily customer relationship | |||||||||||||||||||||||||
intangibles | 15.3 | 1,082 | -630 | 452 | 1,080 | -557 | 523 | ||||||||||||||||||
Total | $ | 1,754 | $ | -1,185 | $ | 569 | $ | 1,752 | $ | -1,079 | $ | 673 | |||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Estimated amortization expense of identifiable intangibles | $ | 89 | $ | 76 | $ | 65 | $ | 56 | $ | 49 |
Loan_Servicing
Loan Servicing | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Loan Servicing [Abstract] | ' | |||||||||||||||||||||||
Loan Servicing | ' | |||||||||||||||||||||||
NOTE 6. Loan Servicing | ||||||||||||||||||||||||
Residential Mortgage Banking Activities | ||||||||||||||||||||||||
The following tables summarize residential mortgage banking activities for the periods presented: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Mortgage loans managed or securitized (1) | $ | 27,353 | $ | 29,882 | ||||||||||||||||||||
Less: Loans securitized and transferred to AFS securities | 4 | 4 | ||||||||||||||||||||||
LHFS | 1,116 | 3,547 | ||||||||||||||||||||||
Covered mortgage loans | 802 | 1,040 | ||||||||||||||||||||||
Mortgage loans sold with recourse | 783 | 1,019 | ||||||||||||||||||||||
Mortgage loans held for investment | $ | 24,648 | $ | 24,272 | ||||||||||||||||||||
Mortgage loans on nonaccrual status | $ | 243 | $ | 269 | ||||||||||||||||||||
Mortgage loans 90 days or more past due and still accruing interest (2) | 69 | 92 | ||||||||||||||||||||||
Mortgage loans net charge-offs - year to date | 78 | 133 | ||||||||||||||||||||||
UPB of residential mortgage loan servicing portfolio | 112,835 | 101,362 | ||||||||||||||||||||||
UPB of residential mortgage loans serviced for others (primarily agency conforming | ||||||||||||||||||||||||
fixed rate) | 87,434 | 73,769 | ||||||||||||||||||||||
Maximum recourse exposure from mortgage loans sold with recourse liability | 372 | 446 | ||||||||||||||||||||||
Recorded reserves related to recourse exposure | 13 | 12 | ||||||||||||||||||||||
Repurchase reserves for mortgage loan sales to GSEs | 59 | 59 | ||||||||||||||||||||||
-1 | Balances exclude loans serviced for others with no other continuing involvement. | |||||||||||||||||||||||
-2 | Includes amounts related to residential mortgage LHFS and excludes amounts related to government guaranteed loans and covered mortgage loans. | |||||||||||||||||||||||
As Of / For The | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
UPB of residential mortgage loans sold from the LHFS portfolio | $ | 28,900 | $ | 25,640 | $ | 17,202 | ||||||||||||||||||
Pre-tax gains recognized on mortgage loans sold and held for sale | 292 | 539 | 175 | |||||||||||||||||||||
Servicing fees recognized from mortgage loans serviced for others | 259 | 247 | 240 | |||||||||||||||||||||
Approximate weighted average servicing fee on the outstanding balance | ||||||||||||||||||||||||
of residential mortgage loans serviced for others | 0.3 | % | 0.32 | % | 0.34 | % | ||||||||||||||||||
Weighted average interest rate on mortgage loans serviced for others | 4.24 | 4.59 | 5.02 | |||||||||||||||||||||
Gains on residential mortgage loan sales, including marking LHFS to fair value and the impact of interest rate lock commitments, are recorded in noninterest income as a component of mortgage banking income. For certain of these transactions, the loan servicing rights were retained, including the related MSRs and on-going servicing fees. | ||||||||||||||||||||||||
Payments made to date for recourse exposure on residential mortgage loans sold with recourse liability have been immaterial. | ||||||||||||||||||||||||
BB&T also issues standard representations and warranties related to mortgage loan sales to GSEs. Although these agreements often do not specify limitations, management does not believe that any payments related to these warranties would materially change the financial condition or results of operations of BB&T. | ||||||||||||||||||||||||
Residential MSRs are recorded on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Consolidated Statements of Income. Various derivative instruments are used to mitigate the income statement effect of changes in fair value due to changes in valuation inputs and assumptions of its residential MSRs. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Carrying value, January 1, | $ | 627 | $ | 563 | $ | 830 | ||||||||||||||||||
Additions | 336 | 270 | 225 | |||||||||||||||||||||
Change in fair value due to changes in valuation inputs or assumptions: | ||||||||||||||||||||||||
Prepayment speeds | 287 | 19 | -284 | |||||||||||||||||||||
Weighted average OAS | -31 | -36 | -20 | |||||||||||||||||||||
Servicing costs | -29 | -22 | -30 | |||||||||||||||||||||
Realization of expected net servicing cash flows, passage of time and other | -143 | -167 | -158 | |||||||||||||||||||||
Carrying value, December 31, | $ | 1,047 | $ | 627 | $ | 563 | ||||||||||||||||||
Gains (losses) on derivative financial instruments used to mitigate the | ||||||||||||||||||||||||
income statement effect of changes in fair value | $ | -197 | $ | 128 | $ | 394 | ||||||||||||||||||
During 2013, the prepayment speed assumptions were updated as actual observed prepayment speeds were slower, primarily as a result of rising interest rates. These valuation increases were partially offset by realization of servicing cash flows as well as higher servicing costs due to regulatory requirements and updates to OAS due to market changes in required rates of return. | ||||||||||||||||||||||||
The sensitivity of the fair value of the residential MSRs to adverse changes in key economic assumptions is included in the accompanying table: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Range | Weighted | Range | Weighted | |||||||||||||||||||||
Min | Max | Average | Min | Max | Average | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Prepayment speed | 5.5 | % | 8 | % | 6.9 | % | 15.3 | % | 18.5 | % | 17.3 | % | ||||||||||||
Effect on fair value of a 10% increase | $ | -33 | $ | -35 | ||||||||||||||||||||
Effect on fair value of a 20% increase | -64 | -67 | ||||||||||||||||||||||
OAS | 9.1 | % | 9.9 | % | 9.3 | % | 8.2 | % | 8.4 | % | 8.3 | % | ||||||||||||
Effect on fair value of a 10% increase | $ | -39 | $ | -17 | ||||||||||||||||||||
Effect on fair value of a 20% increase | -75 | -33 | ||||||||||||||||||||||
Composition of loans serviced for others: | ||||||||||||||||||||||||
Fixed-rate residential mortgage loans | 99.7 | % | 99.4 | % | ||||||||||||||||||||
Adjustable-rate residential mortgage loans | 0.3 | 0.6 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Weighted average life | 7.9 | yrs | 4.4 | yrs | ||||||||||||||||||||
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. | ||||||||||||||||||||||||
Commercial Mortgage Banking Activities | ||||||||||||||||||||||||
CRE mortgage loans serviced for others are not included in loans and leases on the accompanying Consolidated Balance Sheets. The following table summarizes commercial mortgage banking activities for the periods presented: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
UPB of CRE mortgages serviced for others | $ | 28,095 | $ | 29,520 | ||||||||||||||||||||
CRE mortgages serviced for others covered by recourse provisions | 4,594 | 4,970 | ||||||||||||||||||||||
Maximum recourse exposure from CRE mortgages | ||||||||||||||||||||||||
sold with recourse liability | 1,320 | 1,368 | ||||||||||||||||||||||
Recorded reserves related to recourse exposure | 9 | 13 | ||||||||||||||||||||||
Originated CRE mortgages during the period - year to date | 4,881 | 4,934 |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Short Term Borrowings Selected Data [Abstract] | ' | ||||||||||||||||||
Short-Term Borrowings | ' | ||||||||||||||||||
NOTE 7. Short-Term Borrowings | |||||||||||||||||||
Short-term borrowings are summarized as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Federal funds purchased | $ | 1,443 | $ | 4 | |||||||||||||||
Securities sold under agreements to repurchase | 463 | 514 | |||||||||||||||||
Master notes | 24 | 37 | |||||||||||||||||
Other short-term borrowed funds | 2,208 | 2,309 | |||||||||||||||||
Total | $ | 4,138 | $ | 2,864 | |||||||||||||||
A summary of selected data related to short-term borrowings follows: | |||||||||||||||||||
As Of / For The Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Maximum outstanding at any month-end during the year | $ | 5,196 | $ | 4,385 | $ | 10,473 | |||||||||||||
Balance outstanding at end of year | 4,138 | 2,864 | 3,566 | ||||||||||||||||
Average outstanding during the year | 4,459 | 3,408 | 5,189 | ||||||||||||||||
Average interest rate during the year (includes derivative impact) | 0.13 | % | 0.2 | % | 0.21 | % | |||||||||||||
Average interest rate at end of year | 0.12 | 0.22 | 0.2 |
Deposits
Deposits | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deposits | ' | ||||||||||
Deposits | ' | ||||||||||
NOTE 8. Deposits | |||||||||||
A summary of deposits is presented in the accompanying table: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(Dollars in millions) | |||||||||||
Noninterest-bearing deposits | $ | 34,972 | $ | 32,452 | |||||||
Interest checking | 18,861 | 21,091 | |||||||||
Money market and savings | 48,687 | 47,908 | |||||||||
Certificates and other time deposits | 24,955 | 31,624 | |||||||||
Total deposits | $ | 127,475 | $ | 133,075 | |||||||
Time deposits $100,000 and greater | $ | 14,173 | $ | 19,328 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||
NOTE 9. Long-Term Debt | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
BB&T Corporation: | |||||||||||||||||||
3.38% Senior Notes Due 2013 | $ | ― | $ | 500 | |||||||||||||||
5.70% Senior Notes Due 2014 | 510 | 510 | |||||||||||||||||
2.05% Senior Notes Due 2014 | 700 | 700 | |||||||||||||||||
Floating Rate Senior Note Due 2014 (LIBOR-based, 0.94% at December 31, 2013) | 300 | 300 | |||||||||||||||||
3.95% Senior Notes Due 2016 | 500 | 500 | |||||||||||||||||
3.20% Senior Notes Due 2016 | 999 | 999 | |||||||||||||||||
2.15% Senior Notes Due 2017 | 749 | 748 | |||||||||||||||||
1.60% Senior Notes Due 2017 | 749 | 749 | |||||||||||||||||
1.45% Senior Notes Due 2018 | 500 | 499 | |||||||||||||||||
Floating Rate Senior Notes Due 2018 (LIBOR-based, 1.10% at December 31, 2013) | 400 | ― | |||||||||||||||||
2.05% Senior Notes Due 2018 | 599 | ― | |||||||||||||||||
6.85% Senior Notes Due 2019 | 539 | 539 | |||||||||||||||||
5.20% Subordinated Notes Due 2015 | 933 | 933 | |||||||||||||||||
4.90% Subordinated Notes Due 2017 | 349 | 345 | |||||||||||||||||
5.25% Subordinated Notes Due 2019 | 586 | 586 | |||||||||||||||||
3.95% Subordinated Notes Due 2022 | 298 | 298 | |||||||||||||||||
Branch Bank: | |||||||||||||||||||
Floating Rate Senior Note Due 2015 (LIBOR-based, 0.57% at December 31, 2013) | 650 | ― | |||||||||||||||||
1.45% Senior Notes Due 2016 | 750 | ― | |||||||||||||||||
Floating Rate Senior Notes Due 2016 (LIBOR-based, 0.67% at December 31, 2013) | 500 | ― | |||||||||||||||||
1.05% Senior Notes Due 2016 | 499 | ― | |||||||||||||||||
2.30% Senior Notes Due 2018 | 750 | ― | |||||||||||||||||
4.88% Subordinated Notes Due 2013 | ― | 222 | |||||||||||||||||
5.63% Subordinated Notes Due 2016 | 386 | 386 | |||||||||||||||||
Floating Rate Subordinated Note Due 2016 (LIBOR-based, 0.56% at December 31, 2013) | 350 | 350 | |||||||||||||||||
Floating Rate Subordinated Note Due 2017 (LIBOR-based, 0.54% at December 31, 2013) | 262 | 262 | |||||||||||||||||
FHLB Advances to Branch Bank: | |||||||||||||||||||
Varying maturities to 2034 | 8,110 | 8,994 | |||||||||||||||||
Other Long-Term Debt | 101 | 100 | |||||||||||||||||
Fair value hedge-related basis adjustments | 424 | 594 | |||||||||||||||||
Total Long-Term Debt | $ | 21,493 | $ | 19,114 | |||||||||||||||
The subordinated notes qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. Certain of the FHLB advances have been swapped to floating rates from fixed rates or from fixed rates to floating rates. At December 31, 2013, the weighted average rate paid on these advances including the effect of the swapped portion was 3.79%, and the weighted average maturity was 6.6 years. | |||||||||||||||||||
The following table presents the amounts and estimated effective rates of long-term debt, including the effect of hedges (carrying amount excludes fair value hedge-related basis adjustments): | |||||||||||||||||||
Carrying | Effective | ||||||||||||||||||
Amount | Rate | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
BB&T Corporation Fixed Rate Senior Notes swapped to floating rates | $ | 5,845 | 2.55 | % | |||||||||||||||
BB&T Corporation Floating Rate Senior Notes swapped to fixed rates | 700 | 1.03 | |||||||||||||||||
BB&T Corporation Fixed Rate Subordinated Notes swapped to floating rates | 2,166 | 2.44 | |||||||||||||||||
Branch Bank Fixed Rate Senior Notes swapped to floating rates | 1,999 | 1.62 | |||||||||||||||||
Branch Bank Floating Rate Senior Notes swapped to fixed rates | 1,150 | 0.61 | |||||||||||||||||
Branch Bank Fixed Rate Subordinated Notes swapped to floating rates | 386 | 1.7 | |||||||||||||||||
Branch Bank Floating Rate Subordinated Notes swapped to fixed rates | 612 | 2.53 | |||||||||||||||||
2019 | |||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | and later | ||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Future debt maturities (excluding capital leases) | $ | 2,141 | $ | 1,693 | $ | 5,650 | $ | 2,453 | $ | 2,289 | $ | 7,226 |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||
NOTE 10. Shareholders' Equity | ||||||||||||||||||
Preferred Stock | ||||||||||||||||||
The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2013: | ||||||||||||||||||
Earliest | ||||||||||||||||||
Issuance | Redemption | Liquidation | Carrying | Dividend | ||||||||||||||
Issue | Date | Date | Amount | Amount | Rate | |||||||||||||
(Dollars in millions) | ||||||||||||||||||
Series D | 5/1/12 | 5/1/17 | $ | 575 | $ | 559 | 5.85 | % | ||||||||||
Series E | 7/31/12 | 8/1/17 | 1,150 | 1,120 | 5.625 | |||||||||||||
Series F | 10/31/12 | 11/1/17 | 450 | 437 | 5.2 | |||||||||||||
Series G | 5/1/13 | 6/1/18 | 500 | 487 | 5.2 | |||||||||||||
$ | 2,675 | $ | 2,603 | |||||||||||||||
Dividends on the preferred stock, if declared, accrue and are payable quarterly, in arrears. For each issuance, BB&T issued depositary shares, each of which represents a fractional ownership interest in a share of the Company's preferred stock. The preferred stock has no stated maturity and redemption is solely at the option of the Company in whole, but not in part, upon the occurrence of a regulatory capital treatment event, as defined. In addition, the preferred stock may be redeemed in whole or in part, on any dividend payment date after five years from the date of issuance. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB. The preferred stock is not subject to any sinking fund or other obligations of the Company. | ||||||||||||||||||
Equity-Based Compensation Plans | ||||||||||||||||||
At December 31, 2013, options, restricted shares and RSUs were outstanding from equity-based compensation plans that have been approved by shareholders. The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements or in connection with certain other events. Certain of these awards are subject to forfeiture under certain specified circumstances until vested that may result in cancellation prior to vesting. Those plans are intended to assist the Company in recruiting and retaining employees, directors and independent contractors and to associate the interests of eligible participants with those of BB&T and its shareholders. The following table provides a summary of the equity-based compensation plans: | ||||||||||||||||||
Equity-Based Compensation Plans | 31-Dec-13 | |||||||||||||||||
Shares available for future grants (in thousands) | 30,562 | |||||||||||||||||
Vesting period, awards granted prior to 2010 | 5 | yrs | ||||||||||||||||
Vesting period, awards granted after 2009 | 3.0 to 5.0 | |||||||||||||||||
Option term | 10 | |||||||||||||||||
The fair value of each option award is measured on the date of grant using the Black-Scholes option-pricing model. Substantially all of the awards are granted in February of each year. The assumptions used in the valuation of equity-based awards are as follows: | ||||||||||||||||||
Assumption | Definition | |||||||||||||||||
Fair value of restricted shares | Based on the common stock price on the grant date | |||||||||||||||||
Fair value of RSUs | Based on the common stock price on the grant date less the present value of expected dividends that are foregone during the vesting period | |||||||||||||||||
Expected life | Based on historical behavior of employees related to exercises, forfeitures and cancellations, adjusted for current information that indicates the future is reasonably expected to differ from the past | |||||||||||||||||
Risk-free interest rate | Based on U.S. Treasury yield curve in effect at the time of the grant | |||||||||||||||||
Dividend yield | Based on the historical dividend yield of BB&T's stock, adjusted to reflect the expected dividend yield over the expected life of the option | |||||||||||||||||
Volatility factor | Based on the historical volatility of the stock price, adjusted for current information that indicates the future is reasonably expected to differ from the past | |||||||||||||||||
The following weighted-average assumptions were used for grants during 2013, 2012, and 2011: | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Assumptions: | ||||||||||||||||||
Risk-free interest rate | 1.3 | % | 1.5 | % | 1.7 | % | ||||||||||||
Dividend yield | 3.6 | 4.4 | 3.5 | |||||||||||||||
Volatility factor | 28 | 33 | 37.2 | |||||||||||||||
Expected life | 7 | yrs | 7 | yrs | 7.4 | yrs | ||||||||||||
Fair value of options per share | $ | 5.48 | $ | 6.07 | $ | 7.45 | ||||||||||||
BB&T previously issued grants to non-executive employees consisting of stock options and RSUs, while recent grants to non-executive employees have primarily consisted of RSUs. A summary of selected data related to equity-based compensation costs follows: | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Equity-based compensation expense | $ | 96 | $ | 97 | $ | 98 | ||||||||||||
Income tax benefit from equity-based compensation expense | 36 | 36 | 36 | |||||||||||||||
Intrinsic value of options exercised and RSUs that vested during the year | 102 | 62 | 54 | |||||||||||||||
Grant date fair value of equity-based awards that vested during the year | 80 | 88 | 76 | |||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Unrecognized compensation cost related to equity-based awards | $ | 94 | $ | 98 | ||||||||||||||
Weighted-average life over which compensation cost is expected to be recognized (years) | 2.1 | 2 | ||||||||||||||||
The following tables present the activity during 2013 related to equity-based compensation awards: | ||||||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Wtd. Avg. | Aggregate | Remaining | ||||||||||||||||
Exercise | Intrinsic | Contractual | ||||||||||||||||
Options | Price | Value | Life | |||||||||||||||
(Dollars in millions, except per share data, shares in thousands) | ||||||||||||||||||
Outstanding at January 1, 2013 | 45,391 | $ | 34.15 | |||||||||||||||
Granted | 404 | 30.08 | ||||||||||||||||
Exercised | -3,507 | 27.14 | ||||||||||||||||
Forfeited or expired | -4,292 | 32.86 | ||||||||||||||||
Outstanding at December 31, 2013 | 37,996 | 34.9 | $ | 140 | 3.7 | yrs | ||||||||||||
Exercisable at December 31, 2013 | 31,354 | 36.32 | 80 | 2.9 | ||||||||||||||
Exercisable and expected to vest at December 31, 2013 | 37,513 | 34.99 | 136 | 3.7 | ||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Restricted | Grant Date | |||||||||||||||||
Shares/Units | Fair Value | |||||||||||||||||
(shares in thousands) | ||||||||||||||||||
Nonvested at January 1, 2013 | 13,931 | $ | 19.26 | |||||||||||||||
Granted | 3,995 | 25.63 | ||||||||||||||||
Vested | -2,464 | 22.05 | ||||||||||||||||
Forfeited | -281 | 20.45 | ||||||||||||||||
Nonvested at December 31, 2013 | 15,181 | 20.46 | ||||||||||||||||
Expected to vest at December 31, 2013 | 13,763 | 20.49 | ||||||||||||||||
Share Repurchase Activity | ||||||||||||||||||
At December 31, 2013, BB&T was authorized to repurchase an additional 44 million shares under the June 27, 2006 Board of Directors' authorization. No shares of common stock were repurchased under this plan during 2013, 2012 or 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Other Comprehensive Income, net of tax | ' | ||||||||||||||||||||||
AOCI | ' | ||||||||||||||||||||||
NOTE 11. AOCI | |||||||||||||||||||||||
Year Ended December 31, 2013 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2013 | $ | -714 | $ | -173 | $ | 598 | $ | -256 | $ | -14 | $ | -559 | |||||||||||
OCI before reclassifications, net of tax | 354 | 127 | -669 | -18 | -2 | -208 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 91 | ― | ― | ― | ― | 91 | |||||||||||||||||
Interest income | ― | ― | 97 | ― | 2 | 99 | |||||||||||||||||
Interest expense | ― | 77 | ― | ― | ― | 77 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 63 | ― | 63 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | -51 | ― | ― | -51 | |||||||||||||||||
Total before income taxes | 91 | 77 | 46 | 63 | 2 | 279 | |||||||||||||||||
Less: Income taxes | 34 | 29 | 17 | 24 | 1 | 105 | |||||||||||||||||
Net of income taxes | 57 | 48 | 29 | 39 | 1 | 174 | |||||||||||||||||
Net change in AOCI | 411 | 175 | -640 | 21 | -1 | -34 | |||||||||||||||||
AOCI balance, December 31, 2013 | $ | -303 | $ | 2 | $ | -42 | $ | -235 | $ | -15 | $ | -593 | |||||||||||
Year Ended December 31, 2012 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2012 | $ | -603 | $ | -159 | $ | 263 | $ | -195 | $ | -19 | $ | -713 | |||||||||||
OCI before reclassifications, net of tax | -158 | -52 | 280 | -113 | ― | -43 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 76 | ― | ― | ― | ― | 76 | |||||||||||||||||
Interest income | ― | -11 | 76 | ― | 8 | 73 | |||||||||||||||||
Interest expense | ― | 72 | ― | ― | ― | 72 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 83 | ― | 83 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | 12 | ― | ― | 12 | |||||||||||||||||
Total before income taxes | 76 | 61 | 88 | 83 | 8 | 316 | |||||||||||||||||
Less: Income taxes | 29 | 23 | 33 | 31 | 3 | 119 | |||||||||||||||||
Net of income taxes | 47 | 38 | 55 | 52 | 5 | 197 | |||||||||||||||||
Net change in AOCI | -111 | -14 | 335 | -61 | 5 | 154 | |||||||||||||||||
AOCI balance, December 31, 2012 | $ | -714 | $ | -173 | $ | 598 | $ | -256 | $ | -14 | $ | -559 | |||||||||||
Year Ended December 31, 2011 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2011 | $ | -368 | $ | -47 | $ | -157 | $ | -176 | $ | 1 | $ | -747 | |||||||||||
Transfers | ― | ― | 21 | ― | -21 | ― | |||||||||||||||||
OCI before reclassifications, net of tax | -256 | -141 | 440 | -50 | -3 | -10 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 34 | ― | ― | ― | ― | 34 | |||||||||||||||||
Interest income | ― | -26 | -4 | ― | 6 | -24 | |||||||||||||||||
Interest expense | ― | 72 | ― | ― | ― | 72 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 50 | ― | 50 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | -62 | ― | ― | -62 | |||||||||||||||||
Total before income taxes | 34 | 46 | -66 | 50 | 6 | 70 | |||||||||||||||||
Less: Income taxes | 13 | 17 | -25 | 19 | 2 | 26 | |||||||||||||||||
Net of income taxes | 21 | 29 | -41 | 31 | 4 | 44 | |||||||||||||||||
Net change in AOCI | -235 | -112 | 420 | -19 | -20 | 34 | |||||||||||||||||
AOCI balance, December 31, 2011 | $ | -603 | $ | -159 | $ | 263 | $ | -195 | $ | -19 | $ | -713 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
NOTE 12. Income Taxes | |||||||||||||||||||
The provision for income taxes comprised the following: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Current expense: | |||||||||||||||||||
Federal | $ | 1,004 | $ | 273 | $ | 83 | |||||||||||||
State | 100 | 70 | 26 | ||||||||||||||||
Foreign | 3 | 2 | 2 | ||||||||||||||||
Total current expense | 1,107 | 345 | 111 | ||||||||||||||||
Deferred expense: | |||||||||||||||||||
Federal | 256 | 396 | 163 | ||||||||||||||||
State | 32 | 23 | 22 | ||||||||||||||||
Total deferred expense | 288 | 419 | 185 | ||||||||||||||||
Provision for income taxes | $ | 1,395 | $ | 764 | $ | 296 | |||||||||||||
The foreign income tax expense is related to income generated on assets controlled by a foreign subsidiary. | |||||||||||||||||||
The reasons for the difference between the provision for income taxes and the amount computed by applying the statutory Federal income tax rate to income before income taxes were as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Federal income taxes at statutory rate of 35% | $ | 1,093 | $ | 977 | $ | 570 | |||||||||||||
Increase (decrease) in provision for income taxes as a result of: | |||||||||||||||||||
State income taxes, net of Federal tax benefit | 86 | 61 | 31 | ||||||||||||||||
Federal tax credits | -152 | -126 | -115 | ||||||||||||||||
Tax exempt income | -128 | -133 | -135 | ||||||||||||||||
Nontaxable gain on termination of leveraged lease | ― | -12 | -22 | ||||||||||||||||
Adjustments for uncertain tax positions | 516 | ― | ― | ||||||||||||||||
Other, net | -20 | -3 | -33 | ||||||||||||||||
Provision for income taxes | $ | 1,395 | $ | 764 | $ | 296 | |||||||||||||
Effective income tax rate | 44.7 | % | 27.4 | % | 18.2 | % | |||||||||||||
The tax effects of temporary differences that gave rise to significant portions of the net deferred tax assets and liabilities are reflected in the table below. Net deferred tax assets are included in other assets and net deferred tax liabilities are included in accounts payable and other liabilities on the Consolidated Balance Sheets. | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
ALLL | $ | 655 | $ | 771 | |||||||||||||||
Postretirement plans | 180 | 432 | |||||||||||||||||
Net unrealized loss on AFS securities | 172 | ― | |||||||||||||||||
Equity-based compensation | 152 | 144 | |||||||||||||||||
Reserves and expense accruals | 181 | 150 | |||||||||||||||||
Net unrealized loss on cash flow hedges | ― | 105 | |||||||||||||||||
Other | 189 | 213 | |||||||||||||||||
Total deferred tax assets | 1,529 | 1,815 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Prepaid pension plan expense | 431 | 373 | |||||||||||||||||
MSRs | 380 | 201 | |||||||||||||||||
Lease financing | 315 | 270 | |||||||||||||||||
Loan fees and expenses | 263 | 244 | |||||||||||||||||
Identifiable intangible assets | 128 | 161 | |||||||||||||||||
Depreciation | 59 | 57 | |||||||||||||||||
Derivatives and hedging | 45 | 163 | |||||||||||||||||
Net unrealized gain on AFS securities | ― | 201 | |||||||||||||||||
Other | 61 | 70 | |||||||||||||||||
Total deferred tax liabilities | 1,682 | 1,740 | |||||||||||||||||
Net deferred tax asset (liability) | $ | -153 | $ | 75 | |||||||||||||||
On a periodic basis, BB&T evaluates its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the status of current taxing authorities' examinations of BB&T's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment in relation to tax-advantaged transactions. The following table presents changes in unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Beginning balance of unrecognized tax benefits | $ | 297 | $ | 301 | $ | 292 | |||||||||||||
Additions based on tax positions related to current year | 18 | 14 | ― | ||||||||||||||||
Additions for tax positions of prior years | 343 | ― | 6 | ||||||||||||||||
Settlements | ― | -5 | -1 | ||||||||||||||||
Unrecognized deferred tax benefits from business acquisitions | -14 | -13 | 4 | ||||||||||||||||
Ending balance of unrecognized tax benefits | $ | 644 | $ | 297 | $ | 301 | |||||||||||||
The amount of unrecognized Federal and state tax benefits that would have impacted the effective tax rate if recognized was $642 million, $297 million, and $299 million as of December 31, 2013, 2012 and 2011, respectively. The portion of the gross state unrecognized tax benefits that would be offset by the tax benefit of the federal deduction would not impact the effective tax rate. In addition, the Company had $213 million, $37 million and $39 million in liabilities for tax-related interest and penalties recorded on its Consolidated Balance Sheets at December 31, 2013, 2012, and 2011, respectively. Total net interest and penalties related to unrecognized tax benefits recognized in the 2013 Consolidated Statement of Income was $176 million. Total net interest and penalties related to unrecognized tax benefits recognized in the 2012 and 2011 Consolidated Statements of Income was immaterial. BB&T classifies interest and penalties related to income taxes as a component of the provision for income taxes in the Consolidated Statements of Income. | |||||||||||||||||||
The IRS has completed its Federal income tax examinations of BB&T through 2007. Various years remain subject to examination by state taxing authorities. In February 2010, BB&T received an IRS statutory notice of deficiency for tax years 2002-2007 asserting a liability for taxes, penalties and interest of approximately $892 million related to the disallowance of foreign tax credits and other deductions claimed by a subsidiary in connection with a financing transaction. BB&T paid the disputed tax, penalties and interest in March 2010 and filed a lawsuit seeking a refund in the U.S. Court of Federal Claims. On September 20, 2013, the court denied the refund claim. BB&T has filed a Notice of Appeal to the U.S. Court of Appeals for the Federal Circuit. As of December 31, 2013, the exposure for this financing transaction is fully reserved. Depending on the outcome of the appeals process, as well as the current IRS examination, it is reasonably possible that changes in the amount of unrecognized tax benefits, penalties and interest could result in a benefit of up to $750 million during the next twelve months. The ultimate resolution of these matters may take longer. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure | ' | |||||||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||||||
NOTE 13. Benefit Plans | ||||||||||||||||||||||||||||
Defined Benefit Retirement Plans | ||||||||||||||||||||||||||||
BB&T provides a defined benefit retirement plan qualified under the Internal Revenue Code that covers most employees. Benefits are based on years of service, age at retirement and the employee's compensation during the five highest consecutive years of earnings within the last ten years of employment. | ||||||||||||||||||||||||||||
In addition, supplemental retirement benefits are provided to certain key officers under supplemental defined benefit executive retirement plans, which are not qualified under the Internal Revenue Code. Although technically unfunded plans, a Rabbi Trust and insurance policies on the lives of the certain covered employees are available to finance future benefits. | ||||||||||||||||||||||||||||
The following actuarial assumptions were used to determine net periodic pension costs for the qualified pension plan: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Weighted average assumed discount rate | 4.25 | % | 4.82 | % | 5.52 | % | ||||||||||||||||||||||
Weighted average expected long-term rate of return on plan assets | 8 | 8 | 8 | |||||||||||||||||||||||||
Assumed long-term rate of annual compensation increases | 4.5 | 4.5 | 4.5 | |||||||||||||||||||||||||
The weighted average expected long-term rate of return on plan assets represents the average rate of return expected to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, BB&T considers long-term compound annualized returns of historical market data for each asset category, as well as historical actual returns on the plan assets. Using this reference information, the Company develops forward-looking return expectations for each asset category and a weighted average expected long-term rate of return for the plan based on target asset allocations contained in BB&T's Investment Policy Statement. The expected rate of return has been decreased to 7.75% for fiscal 2014. | ||||||||||||||||||||||||||||
Financial data relative to the defined benefit pension plans is summarized in the following tables for the years indicated. The qualified pension plan prepaid asset is recorded on the Consolidated Balance Sheets as a component of other assets and the nonqualified pension plans accrued liability is recorded on the Consolidated Balance Sheets as a component of other liabilities. The data is calculated using an actuarial measurement date of December 31. | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Net Periodic Pension Cost: | ||||||||||||||||||||||||||||
Service cost | $ | 150 | $ | 120 | $ | 105 | ||||||||||||||||||||||
Interest cost | 120 | 110 | 103 | |||||||||||||||||||||||||
Estimated return on plan assets | -257 | -200 | -197 | |||||||||||||||||||||||||
Net amortization and other | 91 | 76 | 34 | |||||||||||||||||||||||||
Net periodic benefit cost | 104 | 106 | 45 | |||||||||||||||||||||||||
Pre-Tax Amounts Recognized in Total Comprehensive Income: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | -535 | 270 | 388 | |||||||||||||||||||||||||
Net amortization | -91 | -76 | -34 | |||||||||||||||||||||||||
Net amount recognized in OCI | -626 | 194 | 354 | |||||||||||||||||||||||||
Total net periodic pension costs (income) recognized in | ||||||||||||||||||||||||||||
total comprehensive income, pre-tax | $ | -522 | $ | 300 | $ | 399 | ||||||||||||||||||||||
The following actuarial assumptions were used to determine benefit obligations: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Weighted average assumed discount rate | 5.1 | % | 4.25 | % | ||||||||||||||||||||||||
Assumed rate of annual compensation increases | 5 | 4.5 | ||||||||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 2,548 | $ | 2,055 | $ | 287 | $ | 207 | ||||||||||||||||||||
Service cost | 139 | 113 | 11 | 7 | ||||||||||||||||||||||||
Interest cost | 107 | 100 | 12 | 10 | ||||||||||||||||||||||||
Actuarial (gain) loss | -294 | 296 | 2 | 70 | ||||||||||||||||||||||||
Benefits paid | -63 | -57 | -8 | -7 | ||||||||||||||||||||||||
Acquisitions | ― | 41 | ― | ― | ||||||||||||||||||||||||
Projected benefit obligation, end of year | $ | 2,437 | $ | 2,548 | $ | 304 | $ | 287 | ||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 2,062 | $ | 2,166 | $ | 215 | $ | 213 | ||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,952 | $ | 2,478 | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 499 | 295 | — | — | ||||||||||||||||||||||||
Employer contributions | 345 | 202 | 8 | 7 | ||||||||||||||||||||||||
Benefits paid | -63 | -57 | -8 | -7 | ||||||||||||||||||||||||
Acquisitions | — | 34 | — | — | ||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 3,733 | $ | 2,952 | $ | — | $ | — | ||||||||||||||||||||
Funded status at end of year | $ | 1,296 | $ | 404 | $ | -304 | $ | -287 | ||||||||||||||||||||
The following are the pre-tax amounts recognized in AOCI: | ||||||||||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Prior service credit (cost) | $ | - | $ | 1 | $ | -2 | $ | -1 | ||||||||||||||||||||
Net actuarial loss | -377 | -993 | -117 | -128 | ||||||||||||||||||||||||
Net amount recognized | $ | -377 | $ | -992 | $ | -119 | $ | -129 | ||||||||||||||||||||
The following table presents the amount expected to be amortized from AOCI into net periodic pension cost during 2014: | ||||||||||||||||||||||||||||
Qualified | Nonqualified | |||||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | -1 | $ | -11 | ||||||||||||||||||||||||
Net amount expected to be amortized in 2014 | $ | -1 | $ | -11 | ||||||||||||||||||||||||
Employer contributions to the qualified pension plan are in amounts between the minimum required for funding standard accounts and the maximum amount deductible for federal income tax purposes. Management was not required to make a contribution to the qualified pension plan during 2013; however, management made discretionary contributions of $345 million during 2013 and a discretionary contribution of $110 million during the first quarter of 2014. Management may make additional contributions in 2014. For the nonqualified plans, the employer contributions are based on benefit payments. | ||||||||||||||||||||||||||||
The following table reflects the estimated benefit payments for the periods presented: | ||||||||||||||||||||||||||||
Qualified | Nonqualified | |||||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
2014 | $ | 70 | $ | 11 | ||||||||||||||||||||||||
2015 | 78 | 11 | ||||||||||||||||||||||||||
2016 | 86 | 12 | ||||||||||||||||||||||||||
2017 | 95 | 13 | ||||||||||||||||||||||||||
2018 | 104 | 14 | ||||||||||||||||||||||||||
2019-2023 | 673 | 95 | ||||||||||||||||||||||||||
BB&T's primary total return objective is to achieve returns that, over the long term, will fund retirement liabilities and provide for the desired plan benefits in a manner that satisfies the fiduciary requirements of the Employee Retirement Income Security Act of 1974. The plan assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Plan can assume a time horizon that extends well beyond a full market cycle, and can assume an above-average level of risk, as measured by the standard deviation of annual return. It is expected, however, that both professional investment management and sufficient portfolio diversification will smooth volatility and help to generate a reasonable consistency of return. The investments are broadly diversified among economic sector, industry, quality and size in order to reduce risk and to produce incremental return. Within approved guidelines and restrictions, investment managers have wide discretion over the timing and selection of individual investments. | ||||||||||||||||||||||||||||
BB&T periodically reviews its asset allocation and investment policy and makes changes to its target asset allocation. BB&T has established guidelines within each asset category to ensure the appropriate balance of risk and reward. For the year ended December 31, 2013, the target asset allocations for the plan assets included a range of 40% to 52% for U.S. equity securities, 10% to 20% for international equity securities, 25% to 40% for fixed income securities, and 0% to 12% for alternative investments, which include real estate, hedge funds, private equities and commodities, with any remainder to be held in cash equivalents. | ||||||||||||||||||||||||||||
The fair value of the pension plan assets at December 31, 2013 and 2012 by asset category are reflected in the following tables. The three level fair value hierarchy that describes the inputs used to measure these plan assets is defined in Note 17 "Fair Value Disclosures.” | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Cash and cash-equivalents | $ | 74 | $ | 74 | $ | — | $ | — | $ | 89 | $ | 89 | $ | — | $ | — | ||||||||||||
U.S. equity securities | 1,701 | 1,701 | — | — | 1,226 | 1,226 | — | — | ||||||||||||||||||||
International equity securities | 741 | 626 | 115 | — | 570 | 462 | 108 | — | ||||||||||||||||||||
Fixed income securities | 1,090 | 94 | 996 | — | 951 | 126 | 825 | — | ||||||||||||||||||||
Alternative investments | 101 | — | — | 101 | 98 | — | — | 98 | ||||||||||||||||||||
Total plan assets | $ | 3,707 | $ | 2,495 | $ | 1,111 | $ | 101 | $ | 2,934 | $ | 1,903 | $ | 933 | $ | 98 | ||||||||||||
U.S. equity securities include 3.7 million shares of BB&T common stock valued at $138 million and $107 million at December 31, 2013 and 2012, respectively. International equity securities include a common/commingled fund that consists of assets from several accounts, pooled together, to reduce management and administration costs. Total plan assets exclude accrued income of $26 million and $18 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
The following table presents the activity for Level 3 plan assets, all of which are in alternative investments: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 98 | $ | 99 | $ | 124 | ||||||||||||||||||||||
Actual return on plan assets | 11 | 7 | 9 | |||||||||||||||||||||||||
Purchases, sales and settlements | -8 | -8 | -34 | |||||||||||||||||||||||||
Balance at end of year | $ | 101 | $ | 98 | $ | 99 | ||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||
BB&T offers a 401(k) Savings Plan and other defined contribution plans that permit employees to contribute from 1% to 50% of their cash compensation. For full-time employees who are 21 years of age or older with one year or more of service, BB&T makes matching contributions of up to 6% of the employee's compensation. BB&T's contribution to the 401(k) Savings Plan and nonqualified defined contribution plans totaled $102 million, $97 million and $85 million for the years ended December 31, 2013, 2012 and 2011, respectively. BB&T also offers defined contribution plans to certain employees of subsidiaries who do not participate in the 401(k) Savings Plan. | ||||||||||||||||||||||||||||
Other benefits | ||||||||||||||||||||||||||||
There are various other employment contracts, deferred compensation arrangements and covenants not to compete with selected members of management and certain retirees. These plans and their obligations are not material to the financial statements. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
NOTE 14. Commitments and Contingencies | |||||||||||||
BB&T utilizes a variety of financial instruments to meet the financing needs of clients and to reduce exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, letters of credit and financial guarantees and derivatives. BB&T also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans. | |||||||||||||
Commitments to extend, originate or purchase credit are primarily lines of credit to businesses and consumers and have specified rates and maturity dates. Many of these commitments also have adverse change clauses, which allow BB&T to cancel the commitment due to deterioration in the borrowers' creditworthiness. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Letters of credit and financial guarantees written | $ | 4,355 | $ | 5,164 | |||||||||
Carrying amount of the liability for letter of credit guarantees | 39 | 30 | |||||||||||
Investments related to affordable housing and historic building rehabilitation projects | 1,302 | 1,223 | |||||||||||
Amount of future funding commitments included in investments related to affordable | |||||||||||||
housing and historic rehabilitation projects | 464 | 461 | |||||||||||
Lending exposure to these affordable housing projects | 151 | 87 | |||||||||||
Tax credits subject to recapture related to affordable housing projects | 250 | 193 | |||||||||||
Investments in private equity and similar investments | 291 | 323 | |||||||||||
Future funding commitments to private equity and similar investments | 245 | 129 | |||||||||||
Letters of credit and financial guarantees written are unconditional commitments issued by BB&T to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing and similar transactions, the majority of which are to tax exempt entities. The credit risk involved in the issuance of these guarantees is essentially the same as that involved in extending loans to clients and as such, the instruments are collateralized when necessary. | |||||||||||||
BB&T invests in certain affordable housing and historic building rehabilitation projects throughout its market area as a means of supporting local communities, and receives tax credits related to these investments. BB&T typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships. BB&T typically provides financing during the construction and development of the properties; however, permanent financing is generally obtained from independent third parties upon completion of a project. Tax credits are subject to recapture by taxing authorities based on compliance features required to be met at the project level. BB&T's maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. Loans to these entities are underwritten in substantially the same manner as are other loans and are generally secured. | |||||||||||||
BB&T has investments in and future funding commitments to certain private equity and similar investments. BB&T's risk exposure relating to such commitments is generally limited to the amount of investments and future funding commitments made. | |||||||||||||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or interest rate. For additional disclosures related to BB&T's derivatives refer to Note 18 “Derivative Financial Instruments.” | |||||||||||||
BB&T has sold certain mortgage-related loans that contain recourse provisions. These provisions generally require BB&T to reimburse the investor for a share of any loss that is incurred after the disposal of the property. BB&T also issues standard representations and warranties related to mortgage loan sales to GSEs. Refer to Note 6 “Loan Servicing” for additional disclosures related to these exposures. | |||||||||||||
In the ordinary course of business, BB&T indemnifies its officers and directors to the fullest extent permitted by law against liabilities arising from pending litigation. BB&T also issues standard representations and warranties in underwriting agreements, merger and acquisition agreements, loan sales, brokerage activities and other similar arrangements. Counterparties in many of these indemnification arrangements provide similar indemnifications to BB&T. Although these agreements often do not specify limitations, BB&T does not believe that any payments related to these guarantees would materially change the financial position or results of operations of BB&T. | |||||||||||||
Legal Proceedings | |||||||||||||
The nature of BB&T's business ordinarily results in a certain amount of claims, litigation, investigations and legal and administrative cases and proceedings, all of which are considered incidental to the normal conduct of business. BB&T believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management's judgment as to what is in the best interests of BB&T and its shareholders. | |||||||||||||
On at least a quarterly basis, liabilities and contingencies in connection with outstanding legal proceedings are assessed utilizing the latest information available. For those matters where it is probable that BB&T will incur a loss and the amount of the loss can be reasonably estimated, a liability is recorded in the consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on at least a quarterly basis. For other matters, where a loss is not probable or the amount of the loss is not estimable, legal reserves are not accrued. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel and available insurance coverage, management believes that its established legal reserves are adequate and the liabilities arising from legal proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of BB&T. |
Regulatory_Requirements_and_Ot
Regulatory Requirements and Other Restrictions | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||||
Banking and Thrift Disclosure [Text Block] | ' | ||||||||||||||||||||||||||
NOTE 15. Regulatory Requirements and Other Restrictions | |||||||||||||||||||||||||||
Branch Bank is required by the FRB to maintain reserve balances in the form of vault cash or deposits with the FRB based on specified percentages of certain deposit types, subject to various adjustments. At December 31, 2013, the net reserve requirement amounted to $303 million. | |||||||||||||||||||||||||||
Branch Bank is subject to laws and regulations that limit the amount of dividends it can pay. In addition, both BB&T and Branch Bank are subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above regulatory minimums, and to remain “well-capitalized” under the prompt corrective action regulations. BB&T does not expect that any of these laws, regulations or policies will materially affect the ability of Branch Bank to pay dividends. | |||||||||||||||||||||||||||
BB&T is subject to various regulatory capital requirements administered by the Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulatory directives. BB&T's capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. BB&T is in full compliance with these requirements. Banking regulations also identify five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. At December 31, 2013 and 2012, BB&T and Branch Bank were classified as “well-capitalized.” | |||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require BB&T to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average tangible assets (leverage ratio). | |||||||||||||||||||||||||||
Risk-based capital ratios, which include Tier 1 Capital, Total Capital and Tier 1 Common Equity, are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets. During the second quarter of 2013, BB&T completed its reevaluation process related to calculating risk-weighted assets and determined that certain additional adjustments were required in order to conform to regulatory guidance. These adjustments resulted in an increase to risk-weighted assets and a decrease in BB&T's risk-based capital ratios. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Actual Capital | Capital Requirements | Actual Capital | Capital Requirements | ||||||||||||||||||||||||
Ratio | Amount | Minimum | Well-Capitalized | Ratio | Amount | Minimum | Well-Capitalized | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Tier 1 Capital: | |||||||||||||||||||||||||||
BB&T | 11.8 | % | $ | 16,074 | $ | 5,460 | $ | 8,189 | 10.5 | % | $ | 14,373 | $ | 5,455 | $ | 8,182 | |||||||||||
Branch Bank | 11.9 | 15,785 | 5,315 | 7,973 | 11.2 | 14,587 | 5,202 | 7,803 | |||||||||||||||||||
Total Capital: | |||||||||||||||||||||||||||
BB&T | 14.3 | 19,514 | 10,919 | 13,649 | 13.4 | 18,267 | 10,909 | 13,637 | |||||||||||||||||||
Branch Bank | 13.4 | 17,872 | 10,631 | 13,288 | 13 | 16,866 | 10,404 | 13,005 | |||||||||||||||||||
Leverage Capital: | |||||||||||||||||||||||||||
BB&T | 9.3 | 16,074 | 6,897 | 8,621 | 8.2 | 14,373 | 7,001 | 8,751 | |||||||||||||||||||
Branch Bank | 9.4 | 15,785 | 5,058 | 8,429 | 8.6 | 14,587 | 5,099 | 8,498 | |||||||||||||||||||
As an approved seller/servicer, Branch Bank is required to maintain minimum levels of shareholders' equity, as specified by various agencies, including the United States Department of Housing and Urban Development, GNMA, FHLMC and FNMA. At December 31, 2013 and 2012, Branch Bank's equity was above all required levels. |
Parent_Company_Financial_State
Parent Company Financial Statements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Parent Company Statement Of Financial Position [Abstract] | ' | |||||||||||||||
Parent company financial statements | ' | |||||||||||||||
NOTE 16. Parent Company Financial Statements | ||||||||||||||||
Parent Company | ||||||||||||||||
Condensed Balance Sheets | ||||||||||||||||
December 31, 2013 and 2012 | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | ― | $ | 4,239 | ||||||||||||
Interest-bearing deposits with banks | 5,727 | ― | ||||||||||||||
AFS securities at fair value | 26 | 27 | ||||||||||||||
HTM securities at amortized cost | 35 | 37 | ||||||||||||||
Investment in banking subsidiaries | 22,314 | 21,189 | ||||||||||||||
Investment in other subsidiaries | 1,281 | 1,837 | ||||||||||||||
Advances to / receivables from banking subsidiaries | 106 | 44 | ||||||||||||||
Advances to / receivables from other subsidiaries | 2,308 | 2,408 | ||||||||||||||
Other assets | 194 | 246 | ||||||||||||||
Total assets | $ | 31,991 | $ | 30,027 | ||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
Short-term borrowed funds | $ | 24 | $ | 37 | ||||||||||||
Short-term borrowed funds due to subsidiaries | 50 | ― | ||||||||||||||
Dividends payable | ― | 170 | ||||||||||||||
Accounts payable and other liabilities | 76 | 30 | ||||||||||||||
Long-term debt | 9,032 | 8,567 | ||||||||||||||
Total liabilities | 9,182 | 8,804 | ||||||||||||||
Total shareholders' equity | 22,809 | 21,223 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 31,991 | $ | 30,027 | ||||||||||||
Parent Company | ||||||||||||||||
Condensed Income Statements | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Income: | ||||||||||||||||
Dividends from banking subsidiaries | $ | 1,220 | $ | 1,720 | $ | 620 | ||||||||||
Dividends from other subsidiaries | 79 | 81 | 278 | |||||||||||||
Interest and other income from subsidiaries | 67 | 79 | 107 | |||||||||||||
Other income | 14 | 1 | 8 | |||||||||||||
Total income | 1,380 | 1,881 | 1,013 | |||||||||||||
Expenses: | ||||||||||||||||
Interest expense | 219 | 239 | 334 | |||||||||||||
Other expenses | 50 | 52 | 34 | |||||||||||||
Total expenses | 269 | 291 | 368 | |||||||||||||
Income before income taxes and equity in | ||||||||||||||||
undistributed earnings of subsidiaries | 1,111 | 1,590 | 645 | |||||||||||||
Income tax benefit | 2 | 20 | 26 | |||||||||||||
Income before equity in undistributed earnings of subsidiaries | 1,113 | 1,610 | 671 | |||||||||||||
Equity in undistributed earnings of subsidiaries in excess of | ||||||||||||||||
dividends from subsidiaries | 616 | 418 | 661 | |||||||||||||
Net income | 1,729 | 2,028 | 1,332 | |||||||||||||
Noncontrolling interests | 50 | 49 | 43 | |||||||||||||
Dividends on preferred stock | 117 | 63 | ― | |||||||||||||
Net income available to common shareholders | $ | 1,562 | $ | 1,916 | $ | 1,289 | ||||||||||
Parent Company | ||||||||||||||||
Condensed Statements of Comprehensive Income | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Net Income | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||
OCI, Net of Tax: | ||||||||||||||||
Change in unrecognized pension and postretirement amounts | -4 | ― | ― | |||||||||||||
Change in unrecognized gains (losses) on cash flow hedges | ― | -2 | -1 | |||||||||||||
Other, net | 1 | 1 | -8 | |||||||||||||
Total OCI | -3 | -1 | -9 | |||||||||||||
Total comprehensive income | $ | 1,726 | $ | 2,027 | $ | 1,323 | ||||||||||
Income Tax Effect of Items Included in OCI | ||||||||||||||||
Change in unrecognized pension and postretirement amounts | $ | -1 | $ | ― | $ | ― | ||||||||||
Change in unrecognized gains (losses) on cash flow hedges | ― | -1 | ― | |||||||||||||
Other, net | ― | ― | -4 | |||||||||||||
Parent Company | ||||||||||||||||
Condensed Statements of Cash Flows | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||
Adjustments to reconcile net income to net cash provided by | ||||||||||||||||
operating activities: | ||||||||||||||||
Equity in earnings of subsidiaries in excess of dividends | ||||||||||||||||
from subsidiaries | -616 | -418 | -661 | |||||||||||||
Net change in other assets | 95 | 265 | 63 | |||||||||||||
Net change in accounts payable and accrued liabilities | 42 | -71 | -3 | |||||||||||||
Other, net | -79 | -228 | 20 | |||||||||||||
Net cash from operating activities | 1,171 | 1,576 | 751 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Proceeds from sales, calls and maturities of AFS securities | 24 | 26 | 49 | |||||||||||||
Purchases of AFS securities | -24 | -26 | -48 | |||||||||||||
Proceeds from maturities, calls and paydowns of HTM securities | 2 | 4 | 24 | |||||||||||||
Investment in subsidiaries | -4 | -30 | -12 | |||||||||||||
Advances to subsidiaries | -5,815 | -10,785 | -20,306 | |||||||||||||
Proceeds from repayment of advances to subsidiaries | 5,898 | 11,325 | 22,637 | |||||||||||||
Net cash from business combinations | ― | 51 | ― | |||||||||||||
Net cash from divestitures | 9 | ― | ― | |||||||||||||
Net cash from investing activities | 90 | 565 | 2,344 | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Net change in long-term debt | 499 | -2,764 | 1,121 | |||||||||||||
Net change in short-term borrowed funds | -13 | -259 | -509 | |||||||||||||
Net change in advances from subsidiaries | 50 | -72 | 69 | |||||||||||||
Net proceeds from common stock issued | 108 | 15 | 22 | |||||||||||||
Net proceeds from preferred stock issued | 487 | 2,116 | ― | |||||||||||||
Cash dividends paid on common and preferred stock | -912 | -564 | -446 | |||||||||||||
Other, net | 8 | 62 | ― | |||||||||||||
Net cash from financing activities | 227 | -1,466 | 257 | |||||||||||||
Net Change in Cash and Cash Equivalents | 1,488 | 675 | 3,352 | |||||||||||||
Cash and Cash Equivalents at Beginning of Year | 4,239 | 3,564 | 212 | |||||||||||||
Cash and Cash Equivalents at End of Year | $ | 5,727 | $ | 4,239 | $ | 3,564 |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||
NOTE 17. Fair Value Disclosures | ||||||||||||||||||||||||||||
Various assets and liabilities are carried at fair value, including prime residential mortgage and commercial mortgage loans originated as LHFS. Accounting standards define fair value as the exchange price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three level valuation input hierarchy. | ||||||||||||||||||||||||||||
The following tables present fair value information for assets and liabilities measured on a recurring basis: | ||||||||||||||||||||||||||||
31-Dec-13 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Trading securities | $ | 381 | $ | 256 | $ | 125 | $ | ― | ||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||
U.S. Treasury | 595 | ― | 595 | ― | ||||||||||||||||||||||||
MBS issued by GSE | 17,929 | ― | 17,929 | ― | ||||||||||||||||||||||||
States and political subdivisions | 1,851 | ― | 1,851 | ― | ||||||||||||||||||||||||
Non-agency MBS | 291 | ― | 291 | ― | ||||||||||||||||||||||||
Other | 45 | 10 | 35 | ― | ||||||||||||||||||||||||
Covered | 1,393 | ― | 532 | 861 | ||||||||||||||||||||||||
LHFS | 1,222 | ― | 1,222 | ― | ||||||||||||||||||||||||
Residential MSRs | 1,047 | ― | ― | 1,047 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 862 | ― | 859 | 3 | ||||||||||||||||||||||||
Foreign exchange contracts | 2 | ― | 2 | ― | ||||||||||||||||||||||||
Private equity and similar investments | 291 | ― | ― | 291 | ||||||||||||||||||||||||
Total assets | $ | 25,909 | $ | 266 | $ | 23,441 | $ | 2,202 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 967 | $ | ― | $ | 953 | $ | 14 | ||||||||||||||||||||
Foreign exchange contracts | 3 | ― | 3 | ― | ||||||||||||||||||||||||
Short-term borrowings | 84 | ― | 84 | ― | ||||||||||||||||||||||||
Total liabilities | $ | 1,054 | $ | ― | $ | 1,040 | $ | 14 | ||||||||||||||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Trading securities | $ | 497 | $ | 302 | $ | 194 | $ | 1 | ||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||
U.S. Treasury | 281 | ― | 281 | ― | ||||||||||||||||||||||||
GSE | 9 | ― | 9 | ― | ||||||||||||||||||||||||
MBS issued by GSE | 20,930 | ― | 20,930 | ― | ||||||||||||||||||||||||
States and political subdivisions | 2,011 | ― | 2,011 | ― | ||||||||||||||||||||||||
Non-agency MBS | 312 | ― | 312 | ― | ||||||||||||||||||||||||
Other | 3 | 2 | 1 | ― | ||||||||||||||||||||||||
Covered | 1,591 | ― | 597 | 994 | ||||||||||||||||||||||||
LHFS | 3,761 | ― | 3,761 | ― | ||||||||||||||||||||||||
Residential MSRs | 627 | ― | ― | 627 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 1,446 | ― | 1,391 | 55 | ||||||||||||||||||||||||
Foreign exchange contracts | 4 | ― | 4 | ― | ||||||||||||||||||||||||
Private equity and similar investments | 323 | ― | ― | 323 | ||||||||||||||||||||||||
Total assets | $ | 31,795 | $ | 304 | $ | 29,491 | $ | 2,000 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 1,434 | $ | ― | $ | 1,433 | $ | 1 | ||||||||||||||||||||
Foreign exchange contracts | 3 | ― | 3 | ― | ||||||||||||||||||||||||
Short-term borrowings | 98 | ― | 98 | ― | ||||||||||||||||||||||||
Total liabilities | $ | 1,535 | $ | ― | $ | 1,534 | $ | 1 | ||||||||||||||||||||
The following discussion focuses on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities. | ||||||||||||||||||||||||||||
A third-party pricing service is generally utilized in determining the fair value of the securities portfolio. Fair value measurements are derived from market-based pricing matrices that were developed using observable inputs that include benchmark yields, benchmark securities, reported trades, offers, bids, issuer spreads and broker quotes. As described by security type below, additional inputs may be used, or some inputs may not be applicable. In the event that market observable data was not available, which would generally occur due to the lack of an active market for a given security, the valuation of the security would be subjective and may involve substantial judgment by management. | ||||||||||||||||||||||||||||
Trading securities: Trading securities are composed of various types of debt and equity securities, but the majority consists of debt securities issued by the U.S. Treasury, GSEs, or states and political subdivisions. The valuation techniques used for these investments are more fully discussed below. | ||||||||||||||||||||||||||||
U.S. Treasury securities: Treasury securities are valued using quoted prices in active over the counter markets. | ||||||||||||||||||||||||||||
GSE securities and MBS issued by GSE: GSE pass-through securities are valued using market-based pricing matrices that are based on observable inputs including benchmark TBA security pricing and yield curves that were estimated based on U.S. Treasury yields and certain floating rate indices. The pricing matrices for these securities may also give consideration to pool-specific data supplied directly by the GSE. GSE CMOs are valued using market-based pricing matrices that are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. | ||||||||||||||||||||||||||||
States and political subdivisions: These securities are valued using market-based pricing matrices that are based on observable inputs including MSRB reported trades, issuer spreads, material event notices and benchmark yield curves. | ||||||||||||||||||||||||||||
Non-agency MBS: Pricing matrices for these securities are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. | ||||||||||||||||||||||||||||
Other securities: These securities consist primarily of mutual funds and corporate bonds. These securities are valued based on a review of quoted market prices for assets as well as through the various other inputs discussed previously. | ||||||||||||||||||||||||||||
Covered securities: Covered securities are covered by FDIC loss sharing agreements and consist of re-remic non-agency MBS, municipal securities and non-agency MBS. Covered state and political subdivision securities and certain non-agency MBS are valued in a manner similar to the approach described above for those asset classes. The re-remic non-agency MBS, which are categorized as Level 3, were valued based on broker dealer quotes that reflected certain unobservable market inputs. Sensitivity to changes in the fair value of covered securities is significantly offset by changes in BB&T's indemnification asset from the FDIC. | ||||||||||||||||||||||||||||
LHFS: Certain mortgage loans are originated to be sold to investors, which are carried at fair value. The fair value is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage LHFS. | ||||||||||||||||||||||||||||
Residential MSRs: The fair value of residential MSRs is estimated using an OAS valuation model to project MSR cash flows over multiple interest rate scenarios, which are then discounted at risk-adjusted rates. The OAS model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. Fair value estimates and assumptions are compared to industry surveys, recent market activity, actual portfolio experience and, when available, other observable market data. | ||||||||||||||||||||||||||||
Derivative assets and liabilities: The fair values of derivatives are determined based on quoted market prices and internal pricing models that are primarily sensitive to market observable data. The fair values of interest rate lock commitments, which are related to mortgage loan commitments and are categorized as Level 3, are based on quoted market prices adjusted for commitments that are not expected to fund and include the value attributable to the net servicing fees. | ||||||||||||||||||||||||||||
Private equity and similar investments: Private equity and similar investments are measured at fair value based on the investment's net asset value. In many cases there are no observable market values for these investments and therefore management must estimate the fair value based on a comparison of the operating performance of the company to multiples in the marketplace for similar entities. This analysis requires significant judgment and actual values in a sale could differ materially from those estimated. | ||||||||||||||||||||||||||||
Short-term borrowings: Short-term borrowings represent debt securities sold short that are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. | ||||||||||||||||||||||||||||
The following tables summarize activity for level 3 assets and liabilities: | ||||||||||||||||||||||||||||
Private | ||||||||||||||||||||||||||||
Equity and | ||||||||||||||||||||||||||||
Covered | Residential | Net | Similar | |||||||||||||||||||||||||
Year Ended December 31, 2013 | Trading | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 1 | $ | 994 | $ | 627 | $ | 54 | $ | 323 | ||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | 37 | ― | ― | ― | |||||||||||||||||||||||
Mortgage banking income | ― | ― | 229 | 21 | ― | |||||||||||||||||||||||
Other noninterest income | ― | ― | ― | ― | 33 | |||||||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ― | -14 | ― | ― | ― | |||||||||||||||||||||||
Purchases | 40 | ― | ― | ― | 58 | |||||||||||||||||||||||
Issuances | ― | ― | 336 | 65 | ― | |||||||||||||||||||||||
Sales | -41 | ― | ― | ― | -59 | |||||||||||||||||||||||
Settlements | ― | -156 | -145 | -151 | -64 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | ― | $ | 861 | $ | 1,047 | $ | -11 | $ | 291 | ||||||||||||||||||
Change in unrealized gains (losses) included in earnings for | ||||||||||||||||||||||||||||
the period, attributable to assets and liabilities still held | ||||||||||||||||||||||||||||
at December 31, 2013 | $ | ― | $ | 37 | $ | 229 | $ | -11 | $ | 22 | ||||||||||||||||||
Private | ||||||||||||||||||||||||||||
Equity and | ||||||||||||||||||||||||||||
Covered | Residential | Net | Similar | |||||||||||||||||||||||||
Year Ended December 31, 2012 | Trading | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1 | $ | 984 | $ | 563 | $ | 59 | $ | 261 | ||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | 48 | ― | ― | ― | |||||||||||||||||||||||
Mortgage banking income | ― | ― | -32 | 458 | ― | |||||||||||||||||||||||
Other noninterest income | ― | ― | ― | ― | 21 | |||||||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ― | 88 | ― | ― | ― | |||||||||||||||||||||||
Purchases | 4 | ― | ― | ― | 101 | |||||||||||||||||||||||
Issuances | ― | ― | 270 | 308 | ― | |||||||||||||||||||||||
Sales | -4 | ― | ― | ― | -59 | |||||||||||||||||||||||
Settlements | ― | -126 | -174 | -771 | -1 | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 1 | $ | 994 | $ | 627 | $ | 54 | $ | 323 | ||||||||||||||||||
Change in unrealized gains (losses) included in earnings for | ||||||||||||||||||||||||||||
the period, attributable to assets and liabilities still held | ||||||||||||||||||||||||||||
at December 31, 2012 | $ | ― | $ | 48 | $ | -32 | $ | 54 | $ | 12 | ||||||||||||||||||
Private | ||||||||||||||||||||||||||||
States & | Equity and | |||||||||||||||||||||||||||
Political | Other | Covered | Residential | Net | Similar | |||||||||||||||||||||||
Year Ended December 31, 2011 | Trading | Subdivisions | Securities | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | 11 | $ | 119 | $ | 7 | $ | 954 | $ | 830 | $ | -25 | $ | 266 | ||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | ― | ― | 54 | ― | ― | ― | |||||||||||||||||||||
Mortgage banking income | ― | ― | ― | ― | -341 | 151 | ― | |||||||||||||||||||||
Other noninterest income | -3 | ― | ― | ― | ― | ― | 64 | |||||||||||||||||||||
Included in OCI | ― | -9 | -1 | 24 | ― | ― | ― | |||||||||||||||||||||
Purchases | 7 | ― | ― | ― | ― | ― | 61 | |||||||||||||||||||||
Issuances | ― | ― | ― | ― | 225 | 110 | ― | |||||||||||||||||||||
Sales | -14 | ― | ― | ― | ― | ― | -112 | |||||||||||||||||||||
Settlements | ― | -53 | -1 | -48 | -151 | -177 | -15 | |||||||||||||||||||||
Transfers into Level 3 | ― | ― | ― | ― | ― | ― | 1 | |||||||||||||||||||||
Transfers out of Level 3 | ― | -57 | -5 | ― | ― | ― | -4 | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 1 | $ | ― | $ | ― | $ | 984 | $ | 563 | $ | 59 | $ | 261 | ||||||||||||||
Change in unrealized gains (losses) | ||||||||||||||||||||||||||||
included in earnings for the period, | ||||||||||||||||||||||||||||
attributable to assets and liabilities | ||||||||||||||||||||||||||||
still held at December 31, 2011 | $ | ― | $ | ― | $ | ― | $ | 54 | $ | -341 | $ | 59 | $ | 39 | ||||||||||||||
BB&T's policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of a reporting period. During the years ended December 31, 2013 and 2012, BB&T did not have any material transfer of securities between levels in the fair value hierarchy. During the year ended December 31, 2011, BB&T transferred certain state and political subdivision securities out of Level 3 as a result of management's decision to reclassify them from AFS to HTM classification, which is not recorded at fair value. There were no gains or losses recognized as a result of this transfer. | ||||||||||||||||||||||||||||
BB&T's private equity and similar investments are primarily in SBIC qualified funds, which focus on equity and subordinated debt investments in privately-held middle market companies. These investments generally are not redeemable and distributions are received as the underlying assets of the funds liquidate. The timing of distributions, which are expected to occur on various dates through 2025, is uncertain and dependent on various events such as recapitalizations, refinance transactions and ownership changes among others. Excluding the investment of future funds, BB&T estimates these investments have a weighted average remaining life of approximately three years; however, the timing and amount of distributions may vary significantly. As of December 31, 2013, restrictions on the ability to sell the investments include, but are not limited to, consent of a majority member or general partner approval for transfer of ownership. BB&T's investments are spread over numerous privately-held middle market companies, and thus the sensitivity to a change in fair value for any single investment is limited. The significant unobservable inputs for these investments are EBITDA multiples that ranged from 2x to 10x, with a weighted average of 7x, at December 31, 2013. | ||||||||||||||||||||||||||||
The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Fair | Aggregate | Fair | Aggregate | |||||||||||||||||||||||||
Value | UPB | Difference | Value | UPB | Difference | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
LHFS reported at fair value | $ | 1,222 | $ | 1,223 | $ | -1 | $ | 3,761 | $ | 3,652 | $ | 109 | ||||||||||||||||
Excluding government guaranteed, there were no LHFS that were nonaccrual or 90 days or more past due and still accruing interest. | ||||||||||||||||||||||||||||
The following table provides information about certain financial assets measured at fair value on a nonrecurring basis, which are considered to be Level 3 assets (excludes covered): | ||||||||||||||||||||||||||||
As Of / For The Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Carrying Value | Valuation Adjustments | Carrying Value | Valuation Adjustments | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Impaired loans | $ | 50 | $ | -41 | $ | 137 | $ | -109 | ||||||||||||||||||||
Foreclosed real estate | 71 | -6 | 107 | -147 | ||||||||||||||||||||||||
Additionally, accounting standards require the disclosure of the estimated fair value of financial instruments that are not recorded at fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. For the financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instrument and are based on the value of one trading unit without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales or the relationship between various financial instruments. | ||||||||||||||||||||||||||||
No readily available market exists for a significant portion of BB&T's financial instruments. Fair value estimates for these instruments are based on current economic conditions, currency and interest rate risk characteristics, loss experience and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. In addition, changes in assumptions could significantly affect these fair value estimates. The following methods and assumptions were used in estimating the fair value of these financial instruments. | ||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash: For these short-term instruments, the carrying amounts are a reasonable estimate of fair values. | ||||||||||||||||||||||||||||
HTM securities: The fair values of HTM securities are based on a market approach using observable inputs such as benchmark yields and securities, TBA prices, reported trades, issuer spreads, current bids and offers, monthly payment information and collateral performance. | ||||||||||||||||||||||||||||
Loans receivable: The fair values for loans are estimated using discounted cash flow analyses, applying interest rates currently being offered for loans with similar terms and credit quality, which are deemed to be indicative of orderly transactions in the current market. For commercial loans and leases, discount rates may be adjusted to address additional credit risk on lower risk grade instruments. For residential mortgage and other consumer loans, internal prepayment risk models are used to adjust contractual cash flows. Loans are aggregated into pools of similar terms and credit quality and discounted using a LIBOR based rate. The carrying amounts of accrued interest approximate fair values. | ||||||||||||||||||||||||||||
FDIC loss share receivable/payable: The fair values of the receivable and payable are estimated using discounted cash flow analyses, applying a risk free interest rate that is adjusted for the uncertainty in the timing and amount of these cash flows. The expected cash flows to/from the FDIC related to loans were estimated using the same assumptions that were used in determining the accounting values for the related loans. The expected cash flows to/from the FDIC related to securities are based upon the fair value of the related securities and the payment that would be required if the securities were sold for that amount. The loss share agreements are not transferrable and, accordingly, there is no market for the receivable or payable. | ||||||||||||||||||||||||||||
Deposit liabilities: The fair values for demand deposits, interest-checking accounts, savings accounts and certain money market accounts are, by definition, equal to the amount payable on demand. Fair values for CDs are estimated using a discounted cash flow calculation that applies current interest rates to aggregate expected maturities. In addition, nonfinancial instruments such as core deposit intangibles are not recorded at fair value. BB&T has developed long-term relationships with its customers through its deposit base and, in the opinion of management, these items add significant value to BB&T. | ||||||||||||||||||||||||||||
Short-term borrowings: The carrying amounts of Federal funds purchased, borrowings under repurchase agreements and other short-term borrowed funds approximate their fair values. | ||||||||||||||||||||||||||||
Long-term debt: The fair values of long-term debt are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments. | ||||||||||||||||||||||||||||
Contractual commitments: The fair values of commitments are estimated using the fees charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair values also consider the difference between current levels of interest rates and the committed rates. The fair values of guarantees and letters of credit are estimated based on the counterparties' creditworthiness and average default rates for loan products with similar risks. These respective fair value measurements are categorized within Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Financial assets and liabilities not recorded at fair value are summarized below: | ||||||||||||||||||||||||||||
Carrying | Total | |||||||||||||||||||||||||||
31-Dec-13 | Amount | Fair Value | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||
HTM securities | $ | 18,101 | $ | 17,530 | $ | 17,491 | $ | 39 | ||||||||||||||||||||
Loans and leases, net of ALLL excluding covered loans | 112,264 | 112,261 | ― | 112,261 | ||||||||||||||||||||||||
Covered loans, net of ALLL | 1,921 | 2,200 | ― | 2,200 | ||||||||||||||||||||||||
FDIC loss share receivable | 843 | 464 | ― | 464 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||
Deposits | 127,475 | 127,810 | 127,810 | ― | ||||||||||||||||||||||||
FDIC loss share payable | 669 | 652 | ― | 652 | ||||||||||||||||||||||||
Long-term debt | 21,493 | 22,313 | 22,313 | ― | ||||||||||||||||||||||||
Carrying | Total | |||||||||||||||||||||||||||
31-Dec-12 | Amount | Fair Value | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||
HTM securities | $ | 13,594 | $ | 13,848 | $ | 13,810 | $ | 38 | ||||||||||||||||||||
Loans and leases, net of ALLL excluding covered loans | 109,419 | 109,621 | ― | 109,621 | ||||||||||||||||||||||||
Covered loans, net of ALLL | 3,166 | 3,661 | ― | 3,661 | ||||||||||||||||||||||||
FDIC loss share receivable | 1,106 | 751 | ― | 751 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||
Deposits | 133,075 | 133,377 | 133,377 | ― | ||||||||||||||||||||||||
FDIC loss share payable | 627 | 602 | ― | 602 | ||||||||||||||||||||||||
Long-term debt | 19,114 | 20,676 | 20,676 | ― | ||||||||||||||||||||||||
The following is a summary of selected information pertaining to off-balance sheet financial instruments: | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Notional/ | Notional/ | |||||||||||||||||||||||||||
Contract | Contract | |||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Commitments to extend, originate or purchase credit | $ | 45,333 | $ | 86 | $ | 41,410 | $ | 74 | ||||||||||||||||||||
Residential mortgage loans sold with recourse | 783 | 13 | 1,019 | 12 | ||||||||||||||||||||||||
Other loans sold with recourse | 4,594 | 9 | 4,970 | 13 | ||||||||||||||||||||||||
Letters of credit and financial guarantees written | 4,355 | 39 | 5,164 | 30 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
NOTE 18. Derivative Financial Instruments | |||||||||||||||||||||||||||
Derivative Classifications and Hedging Relationships | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Hedged Item or | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||
Transaction | Amount | Gain | Loss | Amount | Gain | Loss | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Pay fixed swaps | 3 mo. LIBOR funding | $ | 4,300 | $ | ― | $ | -203 | $ | 6,035 | $ | ― | $ | -298 | ||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps and option trades | Long-term debt | 6,822 | 102 | -3 | 800 | 182 | ― | ||||||||||||||||||||
Pay fixed swaps | Commercial loans | 178 | ― | -3 | 187 | ― | -7 | ||||||||||||||||||||
Pay fixed swaps | Municipal securities | 345 | ― | -83 | 345 | ― | -153 | ||||||||||||||||||||
Total | 7,345 | 102 | -89 | 1,332 | 182 | -160 | |||||||||||||||||||||
Not designated as hedges: | |||||||||||||||||||||||||||
Client-related and other risk management: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps | 8,619 | 370 | -37 | 9,352 | 687 | ― | |||||||||||||||||||||
Pay fixed swaps | 8,401 | 31 | -396 | 9,464 | ― | -717 | |||||||||||||||||||||
Other | 2,010 | 8 | -10 | 3,400 | 24 | -28 | |||||||||||||||||||||
Foreign exchange contracts | 384 | 2 | -3 | 534 | 4 | -3 | |||||||||||||||||||||
Total | 19,414 | 411 | -446 | 22,750 | 715 | -748 | |||||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Interest rate lock commitments | 1,869 | 3 | -14 | 6,064 | 55 | -1 | |||||||||||||||||||||
When issued securities, forward rate agreements and forward | |||||||||||||||||||||||||||
commitments | 3,100 | 34 | -7 | 8,886 | 10 | -19 | |||||||||||||||||||||
Other | 531 | 8 | -7 | 215 | 6 | -2 | |||||||||||||||||||||
Total | 5,500 | 45 | -28 | 15,165 | 71 | -22 | |||||||||||||||||||||
MSRs: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps | 6,139 | 36 | -141 | 5,178 | 110 | -27 | |||||||||||||||||||||
Pay fixed swaps | 5,449 | 89 | -29 | 5,389 | 7 | -94 | |||||||||||||||||||||
Option trades | 9,415 | 181 | -31 | 14,510 | 363 | -88 | |||||||||||||||||||||
Futures contracts | ― | ― | ― | 30 | ― | ― | |||||||||||||||||||||
When issued securities, forward rate agreements and forward | |||||||||||||||||||||||||||
commitments | 1,756 | ― | -3 | 2,406 | 2 | ― | |||||||||||||||||||||
Total | 22,759 | 306 | -204 | 27,513 | 482 | -209 | |||||||||||||||||||||
Total nonhedging derivatives | 47,673 | 762 | -678 | 65,428 | 1,268 | -979 | |||||||||||||||||||||
Total derivatives | $ | 59,318 | 864 | -970 | $ | 72,795 | 1,450 | -1,437 | |||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Amounts subject to master netting arrangements not offset due to policy election | -514 | 514 | -797 | 797 | |||||||||||||||||||||||
Cash collateral (received) posted | -44 | 386 | -41 | 607 | |||||||||||||||||||||||
Net amount | $ | 306 | $ | -70 | $ | 612 | $ | -33 | |||||||||||||||||||
Assets and liabilities related to derivatives are presented on a gross basis in the Consolidated Balance Sheets. Cash collateral posted for derivative instruments in a loss position is reported as Restricted cash. Derivatives with dealer counterparties are governed by the terms of ISDA master netting agreements and Credit Support Annexes. The ISDA Agreement allows counterparties to offset trades in a gain against trades in a loss to determine net exposure and allows for the right of setoff in the event of either a default or an additional termination event. Credit Support Annexes govern the terms of daily collateral posting practices. Collateral practices mitigate the potential loss impact to affected parties by requiring liquid collateral to be posted on a scheduled basis to secure the aggregate net unsecured exposure. In addition to collateral, the right of setoff allows counterparties to offset derivative values transacted with a defaulting party with certain other contractual receivables from or obligations due to the defaulting party in determining the net termination amount. No portion of the change in fair value of the derivatives has been excluded from effectiveness testing. The ineffective portion was immaterial for all periods presented. | |||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||||
Effective Portion | |||||||||||||||||||||||||||
Pre-tax Gain (Loss) | Location of | Pre-tax Gain (Loss) Reclassified | |||||||||||||||||||||||||
Recognized in OCI | Amounts Reclassified | from AOCI into Income | |||||||||||||||||||||||||
2013 | 2012 | 2011 | from AOCI into Income | 2013 | 2012 | 2011 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||
Interest rate contracts | $ | 204 | $ | -84 | $ | -225 | Total interest income | $ | ― | $ | 11 | $ | 26 | ||||||||||||||
Total interest expense | -77 | -72 | -72 | ||||||||||||||||||||||||
$ | -77 | $ | -61 | $ | -46 | ||||||||||||||||||||||
Pre-tax Gain (Loss) | |||||||||||||||||||||||||||
Location of Amounts | Recognized in Income | ||||||||||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||||||
Interest rate contracts | Total interest income | $ | -21 | $ | -21 | $ | -21 | ||||||||||||||||||||
Total interest expense | 141 | 288 | 314 | ||||||||||||||||||||||||
$ | 120 | $ | 267 | $ | 293 | ||||||||||||||||||||||
Not Designated as Hedges: | |||||||||||||||||||||||||||
Client-related and other risk management: | |||||||||||||||||||||||||||
Interest rate contracts | Other income | $ | 26 | $ | 35 | $ | 10 | ||||||||||||||||||||
Foreign exchange contracts | Other income | 11 | 9 | 6 | |||||||||||||||||||||||
Mortgage Banking: | |||||||||||||||||||||||||||
Interest rate contracts | Mortgage banking income | -27 | 59 | -70 | |||||||||||||||||||||||
MSRs: | |||||||||||||||||||||||||||
Interest rate contracts | Mortgage banking income | -197 | 128 | 394 | |||||||||||||||||||||||
$ | -187 | $ | 231 | $ | 340 | ||||||||||||||||||||||
The following table provides a summary of derivative strategies and the related accounting treatment: | |||||||||||||||||||||||||||
Cash Flow Hedges | Fair Value Hedges | Derivatives Not Designated as Hedges | |||||||||||||||||||||||||
Risk exposure | Variability in cash flows of interest payments on floating rate business loans, overnight funding, FHLB advances, medium-term bank notes and long-term debt. | Losses in value on fixed rate long-term debt, CDs, FHLB advances, loans and state and political subdivision securities due to changes in interest rates. | Risk associated with an asset or liability, including mortgage banking operations and MSRs, or for client needs. Includes exposure to changes in market rates and conditions subsequent to the interest rate lock and funding date for mortgage loans originated for sale. | ||||||||||||||||||||||||
Risk management objective | Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest. | Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps. | For interest rate lock commitment derivatives and LHFS, use mortgage-based derivatives such as forward commitments and options to mitigate market risk. For MSRs, mitigate the income statement effect of changes in the fair value of the MSRs. | ||||||||||||||||||||||||
Treatment for portion that is highly effective | Recognized in OCI until the related cash flows from the hedged item are recognized in earnings. | Recognized in current period income along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. | Entire change in fair value recognized in current period income. | ||||||||||||||||||||||||
Treatment for portion that is ineffective | Recognized in current period income. | Recognized in current period income. | Not applicable | ||||||||||||||||||||||||
Treatment if hedge ceases to be highly effective or is terminated | Hedge is dedesignated. Effective changes in value that are recorded in OCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. | If hedged item remains outstanding, termination proceeds are included in cash flows from financing activities and effective changes in value are reflected as part of the carrying value of the financial instrument and amortized to earnings over its estimated remaining life. | Not applicable | ||||||||||||||||||||||||
Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter | Hedge accounting is ceased and any gain or loss in OCI is reported in earnings immediately. | Not applicable | Not applicable | ||||||||||||||||||||||||
The following table presents information about BB&T's cash flow hedges: | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Net unrecognized after-tax gain (loss), including both active and terminated | |||||||||||||||||||||||||||
hedges, on derivatives classified as cash flow hedges recorded in OCI | $ | 2 | $ | -173 | |||||||||||||||||||||||
Estimated after-tax gain (loss) to be reclassified from OCI into earnings during the | |||||||||||||||||||||||||||
next 12 months, including active hedges and hedges that were terminated early for which the forecasted transactions are still probable | -50 | -37 | |||||||||||||||||||||||||
Maximum length of time over which the entity has hedged a portion of its | |||||||||||||||||||||||||||
variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing financial instruments. | 7 | yrs | ― | yrs | |||||||||||||||||||||||
The following table presents information about BB&T's terminated hedge activity: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Pre-tax deferred gain from terminated cash flow hedges recorded in OCI | $ | 198 | $ | ― | |||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||
Pre-tax deferred gain from terminated fair value hedges related to long-term debt | ― | 85 | |||||||||||||||||||||||||
Pre-tax reduction of interest expense recognized from previously | |||||||||||||||||||||||||||
unwound fair value debt hedges | 89 | 256 | |||||||||||||||||||||||||
Derivatives Credit Risk – Dealer Counterparties | |||||||||||||||||||||||||||
Credit risk related to derivatives arises when amounts receivable from a counterparty exceed those payable to the same counterparty. The risk of loss is addressed by subjecting dealer counterparties to credit reviews and approvals similar to those used in making loans or other extensions of credit and by requiring collateral. Dealer counterparties operate under agreements to provide cash and/or liquid collateral when unsecured loss positions exceed negotiated limits. | |||||||||||||||||||||||||||
Derivative contracts with dealer counterparties settle on a monthly, quarterly or semiannual basis, with daily movement of collateral between counterparties required within established netting agreements. BB&T only transacts with dealer counterparties that are national market makers with strong credit ratings. | |||||||||||||||||||||||||||
Derivatives Credit Risk – Central Clearing Parties | |||||||||||||||||||||||||||
Certain derivatives are cleared through central clearing parties that require initial margin collateral, as well as additional collateral for trades in a net loss position. Initial margin collateral requirements are established by central clearing parties on varying bases, with such amounts generally designed to offset the risk of non-payment. Initial margin is generally calculated by applying the maximum loss experienced in value over a specified time horizon to the portfolio of existing trades. The central clearing party used for TBA transactions does not post variation margin to the bank. | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash collateral received from dealer counterparties | $ | 44 | $ | 44 | |||||||||||||||||||||||
Derivatives in a net gain position secured by that collateral | 46 | 42 | |||||||||||||||||||||||||
Unsecured positions in a net gain with dealer counterparties after collateral postings | 3 | ― | |||||||||||||||||||||||||
Cash collateral posted to dealer counterparties | 356 | 603 | |||||||||||||||||||||||||
Derivatives in a net loss position secured by that collateral | 357 | 610 | |||||||||||||||||||||||||
Additional collateral that would have been posted had BB&T's credit ratings | |||||||||||||||||||||||||||
dropped below investment grade | 4 | 10 | |||||||||||||||||||||||||
Cash collateral, including initial margin, posted to central clearing parties | 43 | 111 | |||||||||||||||||||||||||
Derivatives in a net loss position secured by that collateral | 43 | 7 | |||||||||||||||||||||||||
Securities pledged to central clearing parties | 82 | ― | |||||||||||||||||||||||||
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Computation of EPS | ' | ||||||||||
Computation of Earnings Per Share | ' | ||||||||||
NOTE 19. Computation of EPS | |||||||||||
Basic and diluted EPS calculations are presented in the following table: | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(Dollars in millions, except per share data, | |||||||||||
shares in thousands) | |||||||||||
Net income available to common shareholders | $ | 1,562 | $ | 1,916 | $ | 1,289 | |||||
Weighted average number of common shares | 703,042 | 698,739 | 696,532 | ||||||||
Effect of dilutive outstanding equity-based awards | 11,321 | 10,138 | 8,636 | ||||||||
Weighted average number of diluted common shares | 714,363 | 708,877 | 705,168 | ||||||||
Basic EPS | $ | 2.22 | $ | 2.74 | $ | 1.85 | |||||
Diluted EPS | $ | 2.19 | $ | 2.7 | $ | 1.83 | |||||
Anti-dilutive awards | 28,456 | 36,589 | 40,895 |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||||||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||||||||||||||||||||||
NOTE 20. Operating Segments | |||||||||||||||||||||||||||||||||||||||
BB&T's operations are divided into six reportable business segments that have been identified based on BB&T's organizational structure. The segments require unique technology and marketing strategies and offer different products and services through a number of distinct branded LOBs. While BB&T is managed as an integrated organization, individual executive managers are held accountable for the operations of these business segments. | |||||||||||||||||||||||||||||||||||||||
BB&T emphasizes revenue growth by focusing on client service, sales effectiveness and relationship management along with an organizational focus on referring clients between LOBs. The business objective is to provide BB&T's entire suite of products to our clients with the end goal of providing our clients the best financial experience in the marketplace. The segment results contained herein are presented based on internal management accounting policies that were designed to support these strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with BB&T's consolidated results or with similar information presented by any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. | |||||||||||||||||||||||||||||||||||||||
The management accounting process uses various estimates and allocation methodologies to measure the performance of the operating segments. To determine financial performance for each segment, BB&T allocates capital, funding charges and credits, an allocated provision for loan and lease losses, certain noninterest expenses and income tax provisions to each segment, as applicable. To promote revenue growth, certain revenues are reflected in noninterest income in the individual segment results and also allocated to Community Banking and Financial Services. These allocated revenues are reflected in intersegment net referral fees and eliminated in Other, Treasury and Corporate. Additionally certain client groups of Community Banking have also been identified as clients of other LOBs within the business segments. These client groups include the commercial clients being serviced within the Commercial Finance LOB that is part of the Specialized Lending segment and the identified wealth and private banking clients of the Wealth Division within the Financial Services segment. The net interest income and associated net FTP associated with these customers' loans and deposits is accounted for in Community Banking in the respective line categories of net interest income (expense) and net intersegment interest income (expense). For the Commercial Finance LOB and the Wealth Division, NIM and net intersegment interest income have been combined in the net intersegment interest income (expense) line with an appropriate offsetting amount to the Other, Treasury and Corporate line item to ensure consolidated totals reflect the Company's total NIM for loans and deposits. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically revised. | |||||||||||||||||||||||||||||||||||||||
BB&T utilizes an FTP system to eliminate the effect of interest rate risk from the segments' net interest income because such risk is centrally managed within the Treasury function. The FTP system credits or charges the segments with the economic value or cost of the funds the segments create or use. The net FTP credit or charge, which includes intercompany interest income and expense, is reflected as net intersegment income (expense) in the accompanying tables. | |||||||||||||||||||||||||||||||||||||||
The allocated provision for loan and lease losses is also allocated to the relevant segments based on management's assessment of the segments' credit risks. The allocated provision is designed to achieve a high degree of correlation between the loan loss experience and the GAAP basis provision at the segment level, while at the same time providing management with a measure of operating performance that gives appropriate consideration to the risks inherent in each of the Company's operating segments. Any over or under allocated provision for loan and lease losses is reflected in Other, Treasury and Corporate to arrive at consolidated results. | |||||||||||||||||||||||||||||||||||||||
BB&T allocates expenses to the reportable segments based on various methodologies, including volume and amount of loans and deposits and the number of full-time equivalent employees. Allocation systems are refined from time to time along with further identification of certain cost pools. These cost pools and refinements are implemented to provide for improved managerial reporting of cost to the appropriate business segments. A portion of corporate overhead expense is not allocated, but is retained in corporate accounts and reflected as Other, Treasury and Corporate in the accompanying tables. The majority of depreciation expense is recorded in support units and allocated to the segments as part of allocated corporate expense. Income taxes are allocated to the various segments based on taxable income and statutory rates applicable to the segment. | |||||||||||||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||||||
Community Banking serves individual and business clients by offering a variety of loan and deposit products and other financial services. Community Banking is primarily responsible for serving client relationships and, therefore, is credited with certain revenue from the Residential Mortgage Banking, Financial Services, Insurance Services, Specialized Lending, and other segments, which is reflected in net referral fees. | |||||||||||||||||||||||||||||||||||||||
Residential Mortgage Banking | |||||||||||||||||||||||||||||||||||||||
Residential Mortgage Banking retains and services mortgage loans originated by Community Banking as well as those purchased from various correspondent originators. Mortgage loan products include fixed and adjustable rate government and conventional loans for the purpose of constructing, purchasing or refinancing residential properties. Substantially all of the properties are owner occupied. BB&T generally retains the servicing rights to loans sold. Residential Mortgage Banking earns interest on loans held in the warehouse and portfolio, earns fee income from the origination and servicing of mortgage loans and recognizes gains or losses from the sale of mortgage loans. | |||||||||||||||||||||||||||||||||||||||
Dealer Financial Services | |||||||||||||||||||||||||||||||||||||||
Dealer Financial Services originates loans to consumers on a prime and nonprime basis for the purchase of automobiles. Such loans are originated on an indirect basis through approved franchised and independent automobile dealers throughout the BB&T market area and nationally through Regional Acceptance Corporation. This segment also originates loans for the purchase of boats and recreational vehicles originated through dealers in BB&T's market area. In addition, financing and servicing to dealers for their inventories is provided through a joint relationship between Dealer Financial Services and Community Banking. | |||||||||||||||||||||||||||||||||||||||
Specialized Lending | |||||||||||||||||||||||||||||||||||||||
BB&T's Specialized Lending consists of LOBs and subsidiaries that provide specialty finance products to consumers and businesses. The LOBs include Commercial Finance and Governmental Finance. Commercial Finance structures and manages asset-based working capital financing, supply chain financing, export-import finance, accounts receivable management and credit enhancement. Commercial Finance also contains the Mortgage Warehouse Lending business, which provides short-term lending solutions to finance first-lien residential mortgage loans held for sale by independent mortgage companies. Governmental Finance provides tax-exempt financing to meet the capital project needs of local governments. Operating subsidiaries include BB&T Equipment Finance, which provides equipment leasing largely within BB&T's banking footprint; Sheffield Financial, a dealer-based financer of equipment for both small businesses and consumers; Prime Rate Premium Finance Corporation, which includes AFCO and CAFO, insurance premium finance LOBs that provide funding to businesses in the United States and Canada and to consumers in certain markets within BB&T's banking footprint; and Grandbridge, a full-service commercial mortgage banking lender providing loans on a national basis. Lendmark Financial Services, a direct consumer finance lending company, was sold during the fourth quarter of 2013, resulting in the sale of $500 million of loans and the transfer of $230 million of loans to Residential Mortgage Banking. Branch Bank clients as well as nonbank clients within and outside BB&T's primary geographic market area are served by these LOBs. The Community Banking segment receives credit for referrals to these LOBs with the corresponding charge retained as part of Other, Treasury and Corporate in the accompanying tables. | |||||||||||||||||||||||||||||||||||||||
Insurance Services | |||||||||||||||||||||||||||||||||||||||
BB&T's insurance agency / brokerage network is the sixth largest in the world. Insurance Services provides property and casualty, employee benefits and life insurance to businesses and individuals. It also provides small business and corporate services, such as workers compensation and professional liability, as well as surety coverage and title insurance. In addition, Insurance Services underwrites a limited amount of property and casualty coverage. Community Banking and Financial Services receive credit for insurance commissions on referred accounts, with the corresponding charge retained in the corporate office, which is reflected as part of Other, Treasury and Corporate in the accompanying tables. | |||||||||||||||||||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||||||||||||||||||
Financial Services provides personal trust administration, estate planning, investment counseling, wealth management, asset management, corporate retirement services, corporate banking and corporate trust services. Financial Services also offers clients investment alternatives, including discount brokerage services, equities, fixed-rate and variable-rate annuities, mutual funds and governmental and municipal bonds through BB&T Investment Services, Inc., a subsidiary of Branch Bank. | |||||||||||||||||||||||||||||||||||||||
Financial Services includes BB&T Securities, a full-service brokerage and investment banking firm that provides services in retail brokerage, equity and debt underwriting, investment advice, corporate finance and equity research and facilitates the origination, trading and distribution of fixed-income securities and equity products in both the public and private capital markets. BB&T Securities also has a public finance department that provides investment banking services, financial advisory services and municipal bond financing to a variety of regional taxable and tax-exempt issuers. | |||||||||||||||||||||||||||||||||||||||
Financial Services includes a group of BB&T-sponsored private equity and mezzanine investment funds that invests in privately owned middle-market operating companies to facilitate growth or ownership transition while leveraging the Community Banking network for referrals and other bank services. Financial Services also includes the Corporate Banking Division that originates and services large corporate relationships, syndicated lending relationships and client derivatives. Community Banking receives an interoffice credit for referral fees, with the corresponding charge reflected as part of Other, Treasury and Corporate in the accompanying tables. Also captured within the net intersegment interest income for Financial Services is the NIM for the loans and deposits assigned to the Wealth Management Division that are housed in the Community Bank. | |||||||||||||||||||||||||||||||||||||||
Other, Treasury and Corporate | |||||||||||||||||||||||||||||||||||||||
Other, Treasury and Corporate is the combination of the Other segment that represents operating entities that do not meet the quantitative or qualitative thresholds for disclosure; BB&T's Treasury function, which is responsible for the management of the securities portfolios, overall balance sheet funding and liquidity, and overall management of interest rate risk; the corporate support functions that have not been allocated to the business segments; merger-related charges or credits that are incurred as part of the acquisition and conversion of acquired entities; nonrecurring charges that are considered to be unusual in nature or infrequent and not reflective of the normal operations of the segments; and intercompany eliminations including intersegment net referral fees and net intersegment interest income (expense). | |||||||||||||||||||||||||||||||||||||||
The substantial majority of the loan portfolio acquired in the Colonial acquisition is covered by loss sharing agreements with the FDIC and is managed outside of the Community Banking segment. The assets and related interest income from this loan portfolio have an expected finite business life and are therefore included in the Other, Treasury and Corporate segment. Results for BankAtlantic were included in the Other, Treasury and Corporate segment until the system conversion in October 2012. Historically, performance results of bank acquisitions prior to system conversion are reported in this segment and on a post-conversion date are reported in the Community Banking segment. | |||||||||||||||||||||||||||||||||||||||
Segment Asset Transfer | |||||||||||||||||||||||||||||||||||||||
During January 2014, approximately $8.3 billion of home equity loans and lines were transferred from Community Banking to Residential Mortgage Banking based on a change in how these loans will be managed as a result of new qualified mortgage regulations. The following tables disclose selected financial information with respect to BB&T's reportable business segments before the loan transfer and on a pro-forma basis subsequent to the loan transfer. | |||||||||||||||||||||||||||||||||||||||
The following table presents segment information prior to the realignment of certain operating segments. | |||||||||||||||||||||||||||||||||||||||
BB&T Corporation | |||||||||||||||||||||||||||||||||||||||
Reportable Segments - Before Realignment | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 2,129 | $ | 2,084 | $ | 1,937 | $ | 1,168 | $ | 1,149 | $ | 1,024 | $ | 834 | $ | 844 | $ | 852 | $ | 678 | $ | 701 | $ | 636 | |||||||||||||||
Net intersegment interest income (expense) | 1,085 | 1,293 | 1,579 | -747 | -772 | -734 | -159 | -196 | -270 | -126 | -139 | -171 | |||||||||||||||||||||||||||
Segment net interest income | 3,214 | 3,377 | 3,516 | 421 | 377 | 290 | 675 | 648 | 582 | 552 | 562 | 465 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | 246 | 665 | 589 | 34 | 95 | 320 | 214 | 164 | 125 | 85 | 135 | 72 | |||||||||||||||||||||||||||
Noninterest income | 1,202 | 1,136 | 1,031 | 484 | 754 | 351 | 4 | 7 | 7 | 231 | 229 | 211 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | 160 | 178 | 121 | -1 | ― | ― | ― | ― | ― | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,701 | 1,827 | 2,356 | 344 | 389 | 297 | 108 | 101 | 90 | 255 | 259 | 233 | |||||||||||||||||||||||||||
Amortization of intangibles | 36 | 37 | 47 | ― | ― | ― | ― | 1 | 1 | 5 | 5 | 6 | |||||||||||||||||||||||||||
Allocated corporate expenses | 1,040 | 1,026 | 901 | 68 | 55 | 48 | 29 | 36 | 37 | 66 | 79 | 72 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 1,553 | 1,136 | 775 | 458 | 592 | -24 | 328 | 353 | 336 | 372 | 313 | 293 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 571 | 414 | 278 | 174 | 225 | -9 | 125 | 135 | 127 | 97 | 69 | 58 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 982 | $ | 722 | $ | 497 | $ | 284 | $ | 367 | $ | -15 | $ | 203 | $ | 218 | $ | 209 | $ | 275 | $ | 244 | $ | 235 | |||||||||||||||
Identifiable segment assets (period end) | $ | 63,145 | $ | 62,821 | $ | 59,167 | $ | 27,664 | $ | 29,503 | $ | 25,614 | $ | 11,526 | $ | 10,264 | $ | 9,874 | $ | 17,629 | $ | 18,907 | $ | 16,773 | |||||||||||||||
Insurance Services | Financial Services | Other, Treasury and Corporate (1) | Total BB&T Corporation | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 3 | $ | 3 | $ | 2 | $ | 150 | $ | 123 | $ | 108 | $ | 654 | $ | 953 | $ | 948 | $ | 5,616 | $ | 5,857 | $ | 5,507 | |||||||||||||||
Net intersegment interest income (expense) | 6 | 4 | 5 | 297 | 326 | 250 | -356 | -516 | -659 | ― | ― | ― | |||||||||||||||||||||||||||
Segment net interest income | 9 | 7 | 7 | 447 | 449 | 358 | 298 | 437 | 289 | 5,616 | 5,857 | 5,507 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | ― | ― | ― | 19 | 13 | -1 | -6 | -15 | 85 | 592 | 1,057 | 1,190 | |||||||||||||||||||||||||||
Noninterest income | 1,535 | 1,365 | 1,041 | 743 | 719 | 683 | -262 | -390 | -211 | 3,937 | 3,820 | 3,113 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | ― | ― | ― | 36 | 39 | 30 | -195 | -217 | -151 | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,135 | 1,016 | 786 | 617 | 643 | 575 | 1,571 | 1,483 | 1,366 | 5,731 | 5,718 | 5,703 | |||||||||||||||||||||||||||
Amortization of intangibles | 61 | 61 | 42 | 3 | 3 | 3 | 1 | 3 | ― | 106 | 110 | 99 | |||||||||||||||||||||||||||
Allocated corporate expenses | 96 | 82 | 72 | 99 | 93 | 74 | -1,398 | -1,371 | -1,204 | ― | ― | ― | |||||||||||||||||||||||||||
Income (loss) before income taxes | 252 | 213 | 148 | 488 | 455 | 420 | -327 | -270 | -320 | 3,124 | 2,792 | 1,628 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 85 | 70 | 46 | 183 | 171 | 156 | 160 | -320 | -360 | 1,395 | 764 | 296 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 167 | $ | 143 | $ | 102 | $ | 305 | $ | 284 | $ | 264 | $ | -487 | $ | 50 | $ | 40 | $ | 1,729 | $ | 2,028 | $ | 1,332 | |||||||||||||||
Identifiable segment assets (period end) | $ | 2,990 | $ | 3,297 | $ | 2,350 | $ | 10,434 | $ | 9,283 | $ | 7,497 | $ | 49,622 | $ | 50,424 | $ | 53,736 | $ | 183,010 | $ | 184,499 | $ | 175,011 | |||||||||||||||
-1 | Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. | ||||||||||||||||||||||||||||||||||||||
The following table presents segment information after the realignment of certain operating segments. | |||||||||||||||||||||||||||||||||||||||
BB&T Corporation | |||||||||||||||||||||||||||||||||||||||
Reportable Segments - After Realignment | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 1,712 | $ | 1,669 | $ | 1,555 | $ | 1,585 | $ | 1,564 | $ | 1,406 | $ | 834 | $ | 844 | $ | 852 | $ | 678 | $ | 701 | $ | 636 | |||||||||||||||
Net intersegment interest income (expense) | 1,341 | 1,565 | 1,844 | -1,003 | -1,044 | -999 | -159 | -196 | -270 | -126 | -139 | -171 | |||||||||||||||||||||||||||
Segment net interest income | 3,053 | 3,234 | 3,399 | 582 | 520 | 407 | 675 | 648 | 582 | 552 | 562 | 465 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | 276 | 586 | 529 | 4 | 174 | 380 | 214 | 164 | 125 | 85 | 135 | 72 | |||||||||||||||||||||||||||
Noninterest income | 1,202 | 1,135 | 1,031 | 484 | 755 | 351 | 4 | 7 | 7 | 231 | 229 | 211 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | 173 | 190 | 131 | -1 | ― | ― | ― | ― | ― | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,683 | 1,800 | 2,334 | 361 | 416 | 320 | 108 | 101 | 90 | 255 | 259 | 233 | |||||||||||||||||||||||||||
Amortization of intangibles | 36 | 37 | 47 | ― | ― | ― | ― | 1 | 1 | 5 | 5 | 6 | |||||||||||||||||||||||||||
Allocated corporate expenses | 1,035 | 1,022 | 897 | 73 | 59 | 52 | 29 | 36 | 37 | 66 | 79 | 72 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 1,398 | 1,114 | 754 | 627 | 626 | 6 | 328 | 353 | 336 | 372 | 313 | 293 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 513 | 406 | 270 | 237 | 238 | 2 | 125 | 135 | 127 | 97 | 69 | 58 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 885 | 708 | 484 | 390 | 388 | 4 | 203 | 218 | 209 | 275 | 244 | 235 | ||||||||||||||||||||||||||
Identifiable segment assets (period end) | $ | 54,602 | $ | 54,731 | 52,368 | 36,207 | 37,593 | 32,413 | 11,526 | 10,264 | 9,874 | 17,629 | 18,907 | 16,773 | |||||||||||||||||||||||||
Insurance Services | Financial Services | Other, Treasury and Corporate (1) | Total BB&T Corporation | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 3 | $ | 3 | $ | 2 | $ | 129 | $ | 106 | $ | 98 | $ | 675 | $ | 970 | $ | 958 | $ | 5,616 | $ | 5,857 | $ | 5,507 | |||||||||||||||
Net intersegment interest income (expense) | 6 | 4 | 5 | 310 | 337 | 257 | -369 | -527 | -666 | ― | ― | ― | |||||||||||||||||||||||||||
Segment net interest income | 9 | 7 | 7 | 439 | 443 | 355 | 306 | 443 | 292 | 5,616 | 5,857 | 5,507 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | ― | ― | ― | 17 | 11 | -2 | -4 | -13 | 86 | 592 | 1,057 | 1,190 | |||||||||||||||||||||||||||
Noninterest income | 1,535 | 1,365 | 1,041 | 743 | 719 | 683 | -262 | -390 | -211 | 3,937 | 3,820 | 3,113 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | ― | ― | ― | 36 | 39 | 30 | -208 | -229 | -161 | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,135 | 1,016 | 786 | 617 | 643 | 575 | 1,572 | 1,483 | 1,365 | 5,731 | 5,718 | 5,703 | |||||||||||||||||||||||||||
Amortization of intangibles | 61 | 61 | 42 | 3 | 3 | 3 | 1 | 3 | ― | 106 | 110 | 99 | |||||||||||||||||||||||||||
Allocated corporate expenses | 96 | 82 | 72 | 99 | 93 | 74 | -1,398 | -1,371 | -1,204 | ― | ― | ― | |||||||||||||||||||||||||||
Income (loss) before income taxes | 252 | 213 | 148 | 482 | 451 | 418 | -335 | -278 | -327 | 3,124 | 2,792 | 1,628 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 85 | 70 | 46 | 181 | 169 | 155 | 157 | -323 | -362 | 1,395 | 764 | 296 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 167 | $ | 143 | 102 | 301 | 282 | 263 | -492 | 45 | 35 | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||||||||||||||
Identifiable segment assets (period end) | $ | 2,990 | $ | 3,297 | 2,350 | 9,876 | 8,845 | 7,243 | 50,180 | 50,862 | 53,990 | $ | 183,010 | $ | 184,499 | $ | 175,011 | ||||||||||||||||||||||
-1 | Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
General | |
See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the consolidated financial statements and related notes of this Form 10-K. | |
The accounting and reporting policies are in accordance with GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The following is a summary of the more significant accounting policies. | |
Nature of Operations | ' |
Nature of Operations | |
BB&T is an FHC organized under the laws of North Carolina. BB&T conducts operations through a bank subsidiary, Branch Bank, and its nonbank subsidiaries. Branch Bank has offices in North Carolina, Virginia, Florida, Georgia, Maryland, South Carolina, West Virginia, Kentucky, Alabama, Tennessee, Texas, Washington DC and Indiana. BB&T provides a wide range of banking services to individuals, businesses and municipalities. BB&T offers a variety of loans and lease financing to individuals and entities primarily within BB&T's geographic footprint, including insurance premium financing; permanent CRE financing arrangements; loan servicing for third-party investors; direct consumer finance loans to individuals; credit card lending; automobile financing; factoring and equipment financing. BB&T also markets a wide range of other services, including deposits; discount and full service brokerage, annuities and mutual funds; life insurance, property and casualty insurance, health insurance and commercial general liability insurance on an agency basis and through a wholesale insurance brokerage operation; trust and retirement services; comprehensive wealth advisory services; asset management and capital markets services. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of BB&T Corporation and those subsidiaries that are majority owned by BB&T and over which BB&T exercises control. Intercompany accounts and transactions are eliminated in consolidation. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. | |
BB&T holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. | |
BB&T evaluates its investments in VIEs to determine if BB&T is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to pass along, the relative power of each party, and to BB&T's relative obligation to absorb losses or receive residual returns of the entity, in relation to such obligations and rights held by each party. BB&T holds a variable interest in its Tender Option Bond program trusts, which allow for tax-advantaged financing of certain debt instruments issued by tax-exempt entities. As of December 31, 2013, BB&T was considered the primary beneficiary of the Tender Option Bond program trusts, resulting in the consolidation of approximately $2.0 billion of assets and $1.9 billion of liabilities. BB&T also has variable interests in certain entities that were not required to be consolidated, including affordable housing partnership interests, historic tax credit partnerships, and other partnership interests. Refer to Note 14 “Commitments and Contingencies” for additional disclosures regarding BB&T's significant VIEs. | |
BB&T accounts for unconsolidated partnerships and similar investments using the equity method of accounting. BB&T also has investments in, and future funding commitments to, private equity investments. | |
BB&T has noncontrolling interests in certain entities for which the Company records its portion of income or loss in other noninterest income in the Consolidated Statements of Income. These investments are periodically evaluated for impairment. | |
Reclassifications | ' |
Reclassifications | |
During 2013, the Company revised its prior practice of offsetting amounts due to and from the FDIC under the loss sharing agreements such that the amounts related to securities and the aggregate loss calculation are now reported in Accounts payable and other liabilities on the Consolidated Balance Sheets. In certain instances, other amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. | |
Business Combinations | ' |
Business Combinations | |
BB&T accounts for all business combinations using the acquisition method of accounting. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is capitalized as goodwill. | |
BB&T typically issues common stock and/or pays cash for an acquisition, depending on the terms of the acquisition agreement. The value of common shares issued is determined based upon the market price of the stock as of the closing of the acquisition. | |
BB&T may issue options to purchase shares of its common stock in exchange for options to purchase shares of the acquired entities that are outstanding at the time the merger is completed. To the extent vested, the options are considered to be part of the purchase price paid. There is no change in the aggregate intrinsic value of the options issued compared to the intrinsic value of the options held immediately before the exchange, nor does the ratio of the exercise price per option to the market value per share change. | |
Cash and Cash Equivalents; Restricted Cash | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and due from banks, interest-bearing deposits with banks, Federal funds sold and securities purchased under resale agreements or similar arrangements. Cash and cash equivalents have maturities of three months or less. Accordingly, the carrying amount of such instruments is considered a reasonable estimate of fair value. | |
Restricted Cash | |
Restricted cash represents amounts posted as collateral for derivatives in a loss position. | |
Securities | ' |
Securities | |
BB&T classifies marketable investment securities as HTM, AFS or trading. Interest income and dividends on securities are recognized in income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income using the interest method. | |
Debt securities are classified as HTM where BB&T has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. | |
Debt securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions, are classified as AFS. AFS securities are reported at estimated fair value, with unrealized gains and losses reported in AOCI, net of deferred income taxes, in the shareholders' equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of AFS securities are determined by specific identification and are included in noninterest income. | |
Each HTM and AFS security in a loss position is evaluated for OTTI. BB&T considers such factors as the length of time and the extent to which the market value has been below amortized cost, long term expectations and recent experience regarding principal and interest payments, BB&T's intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis. The credit component of an OTTI loss is recognized in earnings and the non-credit component is recognized in AOCI in situations where BB&T does not intend to sell the security and it is more-likely-than-not that BB&T will not be required to sell the security prior to recovery. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. | |
Trading account securities, which include both debt and equity securities, are reported at fair value. Unrealized market value adjustments, fees, and realized gains or losses from trading account activities (determined by specific identification) are included in noninterest income. Interest income on trading account securities is included in interest on other earning assets. | |
Loans and Leases Receivable | ' |
LHFS | |
BB&T accounts for new originations of prime residential and commercial mortgage LHFS at fair value. BB&T accounts for the derivatives used to economically hedge the LHFS at fair value. The fair value of LHFS is primarily based on quoted market prices for securities collateralized by similar types of loans. Direct loan origination fees and costs related to LHFS are not capitalized and are recorded as mortgage banking income in the case of the direct loan origination fees and primarily personnel expense in the case of the direct loan origination costs. Gains and losses on sales of mortgage loans are included in mortgage banking income. Gains and losses on sales of commercial LHFS are included in other noninterest income. | |
Loans and Leases | |
The Company's accounting methods for loans differ depending on whether the loans are originated or acquired, and if acquired, whether or not the acquired loans reflect credit deterioration since the date of origination such that it is probable at the date of acquisition that BB&T will be unable to collect all contractually required payments. | |
Originated Loans and Leases | |
Loans and leases that management has the intent and ability to hold for the foreseeable future are reported at their outstanding principal balances net of any unearned income, charge-offs, and unamortized fees and costs. The net amount of nonrefundable loan origination fees and certain direct costs associated with the lending process are deferred and amortized to interest income over the contractual lives of the loans using methods that approximate the interest method. | |
BB&T classifies loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent or if one payment is past due. When commercial loans are placed on nonaccrual status as described below, a charge-off is recorded, as applicable, to decrease the carrying value of such loans to the estimated recoverable amount. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. As such, consumer loans are subject to collateral valuation and charge-off, as applicable, when they are moved to nonaccrual status as described below. | |
Purchased Loans | |
Purchased loans are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an ALLL is not recorded at the acquisition date. | |
Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that BB&T will be unable to collect all contractually required payments. For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows after the acquisition date are recognized by recording an ALLL. For purchased non-impaired loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans using a method that approximates the interest method. | |
Based on the characteristics of loans acquired in a FDIC-assisted transaction and the impact of associated loss sharing arrangements, BB&T determined that it was appropriate to apply the expected cash flows approach described above to all loans acquired in such transactions. | |
TDRs | |
Modifications to a borrower's debt agreement are considered TDRs if a concession is granted for economic or legal reasons related to a borrower's financial difficulties that otherwise would not be considered. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in certain limited circumstances forgiveness of principal or interest. Modifications of covered loans that are part of a pool accounted for as a single asset are not considered TDRs. TDRs can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accruing status, depending on the individual facts and circumstances of the borrower. In circumstances where the TDR involves charging off a portion of the loan balance, BB&T typically classifies these TDRs as nonaccrual. | |
In connection with commercial TDRs, the decision to maintain a loan that has been restructured on accrual status is based on a current, well documented credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation includes consideration of the borrower's current capacity to pay, which among other things may include a review of the borrower's current financial statements, an analysis of cash flow available to pay debt obligations, and an evaluation of secondary sources of payment from the client and any guarantors. This evaluation also includes an evaluation of the borrower's current willingness to pay, which may include a review of past payment history, an evaluation of the borrower's willingness to provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation also reflects consideration of the borrower's future capacity and willingness to pay, which may include evaluation of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. | |
The evaluation of mortgage and consumer loans includes an evaluation of the client's debt to income ratio, credit report, property value, loan vintage, and certain other client-specific factors that impact their ability to make timely principal and interest payments on the loan. | |
Nonaccrual commercial TDRs may be returned to accrual status based on a current, well-documented credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation must include consideration of the borrower's sustained historical repayment performance for a reasonable period (generally a minimum of six months) prior to the date on which the loan is returned to accrual status. Sustained historical repayment performance for a reasonable time prior to the TDR may be taken into account. In connection with retail TDRs, a NPL will be returned to accruing status when current as to principal and interest and upon a sustained historical repayment performance (generally a minimum of six months). | |
NPAs | |
NPAs include NPLs and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of customers' loan defaults. BB&T's policies for placing loans on nonaccrual status conform to guidelines prescribed by bank regulatory authorities. The majority of commercial loans and leases are placed on nonaccrual status when it is probable that principal or interest is not fully collectible, or generally when principal or interest becomes 90 days past due, whichever occurs first. Other lending subsidiaries' loans, which includes both consumer and commercial loans, are placed on nonaccrual status generally when principal and interest becomes 90 days past due. Direct retail, mortgage and sales finance loans are placed on nonaccrual status at varying intervals, based on the type of product, generally when principal and interest becomes between 90 days and 180 days past due. Revolving credit loans are not placed on nonaccrual but are charged off after they become 150 days past due, with unpaid fees and finance charges reversed against interest income. Covered loans are considered to be performing due to the application of the expected cash flows method. | |
Certain loans past due 90 days or more may remain on accrual status if management determines that it does not have concern over the collectability of principal and interest. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Nonaccrual mortgage loans are accounted for using the cash basis. Loans and leases are generally removed from nonaccrual status when they become current as to both principal and interest and concern no longer exists as to the collectability of principal and interest. | |
Assets acquired as a result of foreclosure are subsequently carried at the lower of cost or net realizable value. Net realizable value equals fair value less estimated selling costs. Any excess of cost over net realizable value at the time of foreclosure is charged to the ALLL. NPAs are subject to periodic revaluations of the collateral underlying impaired loans and foreclosed real estate. The periodic revaluations are generally based on the appraised value of the property and may include additional liquidity adjustments based upon the expected retention period. BB&T's policies require that valuations be updated at least annually and that upon foreclosure, the valuation must not be more than six months old, otherwise an updated appraisal is required. Routine maintenance costs, other costs of ownership, subsequent declines in market value and net losses on disposal are included in foreclosed property expense. | |
ACL | |
The ACL includes the ALLL and the RUFC. The ACL represents management's best estimate of probable credit losses inherent in the loan and lease portfolios and off-balance sheet lending commitments at the balance sheet date. The Company determines the ACL based on an ongoing evaluation. This evaluation is inherently subjective because it requires material estimates, including the amounts and timing of cash flows expected to be received on impaired loans. Those estimates are susceptible to significant change. Changes to the ACL are made by charges to the provision for credit losses, which is reflected in the Consolidated Statements of Income. Loans or lease balances deemed to be uncollectible are charged off against the ALLL. Recoveries of amounts previously charged off are credited to the ALLL. The methodology used to determine the RUFC is inherently similar to that used to determine the collectively evaluated component of the ALLL, adjusted for factors specific to binding commitments, including the probability of funding and exposure at default. While management uses the best information available to establish the ACL, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in computing the ACL or, if required by regulators, based upon information available to them at the time of their examinations. | |
Accounting standards require the presentation of certain disclosure information at the portfolio segment level, which represents the level at which an entity develops and documents a systematic methodology to determine its ACL. BB&T concluded that its loan and lease portfolio consists of three portfolio segments; commercial, retail and covered. The commercial portfolio segment includes CRE, commercial and industrial and other loans originated by certain other lending subsidiaries, and was identified based on the risk-based approach used to estimate the ALLL for the vast majority of these loans. The retail portfolio segment includes direct retail lending, revolving credit, residential mortgage, sales finance and other loans originated by certain retail-oriented subsidiaries, and was identified based on the delinquency-based approach used to estimate the ALLL. The covered portfolio segment was identified based on the expected cash flows approach used to estimate the ALLL related to acquired loans subsequent to December 31, 2008. | |
A portion of the ALLL may not be allocated to any specific category of loans. Any unallocated portion of the ALLL reflects management's best estimate of the elements of imprecision and estimation risk inherent in the calculation of the overall ALLL. During 2013, BB&T incorporated these elements into the ALLL determination for each loan category such that there is not an unallocated ALLL as of December 31, 2013. | |
The entire amount of the ACL is available to absorb losses on any loan category or lending-related commitment. | |
The following provides a description of accounting policies and methodologies related to each of the portfolio segments: | |
Commercial | |
The vast majority of loans in the commercial lending portfolio are assigned risk ratings based on an assessment of conditions that affect the borrower's ability to meet contractual obligations under the loan agreement. This process includes reviewing borrowers' financial information, historical payment experience, credit documentation, public information, and other information specific to each borrower. Risk ratings are reviewed on an annual basis for all credit relationships with total credit exposure of $1 million or more, or at any point management becomes aware of information affecting the borrowers' ability to fulfill their obligations. | |
Risk Rating Description | |
Pass Loans not considered to be problem credits | |
Special Mention Loans that have a potential weakness deserving management's close attention | |
Substandard Loans for which a well-defined weakness has been identified that may put full collection of contractual cash flows at risk | |
For commercial clients with total credit exposure less than $1 million, BB&T has developed an automated loan review system to identify and proactively manage accounts with a higher risk of loss. The “score” produced by this automated system is updated monthly. | |
On a quarterly basis, BB&T reviewed all commercial lending relationships with outstanding debt of $5 million or more that were classified as substandard or doubtful. During the first quarter of 2014, this process was revised such that any obligor with an outstanding balance of $3 million or more will be reviewed. While this review is largely focused on the borrower's ability to repay the loan, BB&T also considers the capacity and willingness of a loan's guarantors to support the debt service on the loan as a secondary source of repayment. When a guarantor exhibits the documented capacity and willingness to support the loan, BB&T may consider extending the loan maturity and/or temporarily deferring principal payments if the ultimate collection of both principal and interest is not in question. In these cases, BB&T may not deem the loan to be impaired due to the documented capacity and willingness of the guarantor to repay the loan. Loans are considered impaired when the borrower (or guarantor in certain circumstances) does not have the cash flow capacity or willingness to service the debt according to contractual terms, or it does not appear reasonable to assume that the borrower will continue to pay according to the contractual agreement. BB&T establishes a specific reserve for each loan that has been deemed impaired based on the criteria outlined above. The amount of the reserve is based on the present value of expected cash flows discounted at the loan's effective interest rate and/or the value of collateral, net of costs to sell. BB&T has also established a review process related to TDRs and other impaired loans that are in commercial lending relationships with outstanding debt of less than $5 million at the balance sheet date. In connection with this process, BB&T establishes reserves related to these loans that are calculated using an expected cash flow approach. These discounted cash flow analyses incorporate adjustments to future cash flows that reflect management's best estimate of the default risk related to TDRs based on a combination of historical experience and management judgment. | |
BB&T also maintains reserves for collective impairment that reflect an estimate of losses related to non-impaired commercial loans as of the balance sheet date. Embedded loss estimates for BB&T's commercial loan portfolio are based on estimated migration rates, which are estimated based on historical experience, and current risk mix as indicated by the risk grading process described above. Embedded loss estimates may be adjusted to reflect current economic conditions and current portfolio trends including credit quality, concentrations, aging of the portfolio, and significant policy and underwriting changes. | |
Retail | |
The majority of the ALLL related to the retail lending portfolio is calculated on a collective basis using delinquency status, which is the primary factor considered in determining whether a retail loan should be classified as nonaccrual. Embedded loss estimates for BB&T's retail lending portfolio are based on estimated migration rates that are developed based on historical experience, and current risk mix as indicated by prevailing delinquency rates. These estimates may be adjusted to reflect current economic conditions and current portfolio trends. The remaining portion of the ALLL related to the retail lending portfolio relates to loans that have been deemed impaired based on their classification as a TDR at the balance sheet date. BB&T establishes specific reserves related to these TDRs using an expected cash flow approach. The ALLL for retail TDRs is based on discounted cash flow analyses that incorporate adjustments to future cash flows that reflect management's best estimate of the default risk related to TDRs based on a combination of historical experience and management judgment. | |
Acquired Loans | |
Purchased impaired loans and all loans acquired in an FDIC-assisted transaction are typically aggregated into loan pools based upon common risk characteristics. The ALLL for each loan pool is based on an analysis that is performed each period to estimate the expected cash flows. To the extent that the expected cash flows of a loan pool have decreased since the acquisition date, BB&T establishes an ALLL. For non-FDIC assisted purchased non-impaired loans, BB&T uses an approach consistent with that described above for originated loans and leases. | |
Covered Assets and Related FDIC Loss Share Receivable/Payable | |
Assets subject to loss sharing agreements with the FDIC are labeled “covered” and include certain loans, securities and other assets. The FDIC loss share receivable includes net reimbursements expected to be received from the FDIC for covered loans and is included in Other assets on the Consolidated Balance Sheets. The amounts expected to be paid to the FDIC for covered securities and the aggregate loss calculation are included in Accounts payable and other liabilities. | |
The FDIC's obligation to reimburse Branch Bank for losses with respect to covered assets begins with the first dollar of loss incurred. The terms of the loss sharing agreement with respect to certain non-agency MBS provides that Branch Bank will be reimbursed by the FDIC for 95% of any and all losses. All other covered assets are subject to a stated threshold of $5 billion that provides for the FDIC to reimburse Branch Bank for (1) 80% of losses incurred up to $5 billion and (2) 95% of losses in excess of $5 billion. Gains and recoveries on covered assets will offset losses, or be paid to the FDIC, at the applicable loss share percentage at the time of recovery. The loss sharing agreement applicable to single family residential mortgage loans expires in 2019, and provides for FDIC loss sharing and Branch Bank reimbursement to the FDIC. The loss sharing agreement applicable to commercial loans and other covered assets expires in the third quarter of 2014; however, Branch Bank must reimburse the FDIC for realized gains and recoveries through August 2017. At the conclusion of the loss share period, should actual aggregate losses, excluding securities, be less than an amount determined in accordance with these agreements, BB&T will pay the FDIC a portion of the difference. | |
The income statement effect of the changes in the FDIC loss share receivable/payable includes the accretion due to discounting and changes in expected net reimbursements. Decreases in expected net reimbursements, including the amounts expected to be paid to the FDIC as a result of the aggregate loss calculation, are recognized in income prospectively over the term of the loss share agreements consistent with the approach taken to recognize increases in cash flows on covered loans. Increases in expected reimbursements are recognized in income in the same period that the ALLL for the related loans is recognized. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises, equipment, capital leases and leasehold improvements are stated at cost less accumulated depreciation and amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms, including certain renewals that were deemed probable at lease inception, or the estimated useful lives of the improvements. Capitalized leases are amortized using the same methods as premises and equipment over the estimated useful lives or lease terms, whichever is less. Obligations under capital leases are amortized using the interest method to allocate payments between principal reduction and interest expense. Rent expense and rental income on operating leases is recorded using the straight-line method over the appropriate lease terms. | |
Short-term Borrowings | ' |
Short-Term Borrowings | |
Federal funds purchased represent unsecured borrowings from other banks and generally mature daily. Securities sold under repurchase agreements are borrowings collateralized primarily by securities of the U.S. government or its agencies and generally have maturities ranging from 1 day to 36 months. The terms of repurchase agreements may require BB&T to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. Master notes are unsecured, non-negotiable obligations of BB&T (variable rate commercial paper) that mature in 270 days or less. Other short-term borrowed funds include unsecured bank notes that mature in less than one year and bank obligations with a seven day put option that are collateralized by municipal securities. These amounts are reflected as short-term borrowings on the Consolidated Balance Sheets and are recorded based on the amount of cash received in connection with the borrowing. | |
Income Taxes | ' |
Income Taxes | |
Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences between the financial statement carrying values of assets and liabilities and their tax bases. In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with the cumulative effects included in the current year's income tax provision. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, financial forwards and futures contracts, swaptions, when-issued securities, foreign exchange contracts and options written and purchased. BB&T uses derivatives primarily to manage economic risk related to securities, commercial loans, MSRs and mortgage banking operations, long-term debt and other funding sources. BB&T also uses derivatives to facilitate transactions on behalf of its clients. The fair value of derivatives in a gain or loss position is included in other assets or liabilities, respectively, on the Consolidated Balance Sheets. Cash collateral posted for derivative instruments in a loss position is included in restricted cash on the Consolidated Balance Sheets. | |
BB&T classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), (3) a hedge of a net investment in a subsidiary, or (4) derivatives not designated as hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. BB&T has master netting agreements with the derivatives dealers with which it does business, but BB&T presents gross assets and liabilities on the Consolidated Balance Sheets. | |
BB&T uses the long-haul method to assess hedge effectiveness. BB&T documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in off-setting corresponding changes in the fair value or cash flows of the hedged item. For cash flow hedges involving interest rate caps and collars, this analysis also includes consideration of whether critical terms match, the strike price of the hedging option matches the specified level beyond (or within) which the entity's exposure is being hedged, the hedging instrument's inflows (outflows) at its maturity date completely offset the change in the hedged transaction's cash flows for the risk being hedged and the hedging instrument can be exercised only on its contractual maturity date. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in OCI until the related cash flows from the hedged item are recognized in earnings. For qualifying cash flow hedges involving interest rate caps and collars, the initial fair value of the premium paid is allocated and recognized in the same future period that the hedged forecasted transaction impacts earnings. | |
For either fair value hedges or cash flow hedges, ineffectiveness may be recognized to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, BB&T discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or period in which the hedged item affects earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | |
Derivatives used to manage economic risk not designated as hedges primarily represent economic risk management instruments of MSRs and mortgage banking operations, with gains or losses included in mortgage banking income. In connection with its mortgage banking activities, BB&T enters into loan commitments to fund residential mortgage loans at specified rates and for specified periods of time. To the extent that BB&T's interest rate lock commitments relate to loans that will be held for sale upon funding, they are also accounted for as derivatives, with gains or losses included in mortgage banking income. Gains and losses on other derivatives used to manage economic risk are primarily associated with client derivative activity and are included in other income. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as acquisitions. BB&T allocates goodwill to the reporting unit(s) that receives significant benefits from the acquisition. Goodwill is tested at least annually for impairment during the fourth quarter of each year and more frequently if circumstances exist that indicate a possible reduction in the fair value of the business below its carrying value. BB&T measures impairment using the present value of estimated future cash flows based upon available information. Discount rates are based upon the cost of capital specific to the industry in which the reporting unit operates. If the carrying value of the reporting unit exceeds its fair value, a second analysis is performed to measure the fair value of all assets and liabilities. If, based on the second analysis, it is determined that the fair value of the assets and liabilities of the reporting unit is less than the carrying value, BB&T would recognize impairment for the excess of carrying value over fair value. | |
CDI and other intangible assets include premiums paid for acquisitions of core deposits and other identifiable intangible assets. Intangible assets other than goodwill, which are determined to have finite lives, are amortized based upon the estimated economic benefits received. | |
Loan Securitization and Mortgage Servicing Rights | ' |
Loan Securitizations | |
BB&T enters into loan securitization transactions related to most of its fixed-rate commercial and conforming residential mortgage loan originations. In connection with these transactions, loans are converted into MBS issued primarily by FHLMC, FNMA and GNMA, and are subsequently sold to third party investors. BB&T records loan securitizations as a sale when the transferred loans are legally isolated from BB&T's creditors and the other accounting criteria for a sale are met. Gains or losses recorded on loan securitizations are based in part on the net carrying amount of the loans sold, which is allocated between the loans sold and retained interests based on their relative fair values at the date of sale. BB&T generally retains the mortgage servicing on loans sold. Since quoted market prices are not typically available, BB&T estimates the fair value of these retained interests using modeling techniques to determine the net present value of expected future cash flows. Such models incorporate management's best estimates of key variables, such as prepayment speeds, servicing costs and discount rates that would be used by market participants based on the risks involved. | |
MSRs | |
BB&T has two primary classes of MSRs for which it separately manages the economic risks: residential and commercial. Residential MSRs are recorded on the Consolidated Balance Sheets primarily at fair value with changes in fair value recorded as a component of mortgage banking income. Commercial MSRs are recorded as other assets on the Consolidated Balance Sheets at the lower of cost or market and are amortized in proportion to, and over the estimated period, that net servicing income is expected to be received based on projections of the amount and timing of estimated future net cash flows. The amount and timing of estimated future net cash flows are updated based on actual results and updated projections. BB&T periodically evaluates its commercial MSRs for impairment. | |
Equity-based Compensation | ' |
Equity-Based Compensation | |
BB&T maintains various equity-based compensation plans that provide for the granting of stock options (incentive and nonqualified), stock appreciation rights, restricted stock, RSUs, performance units and performance shares to selected employees and directors. BB&T values share-based awards at the grant date fair value and recognizes the expense over the requisite service period taking into account retirement eligibility. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
Pension and Postretirement Benefit Obligations | |
BB&T offers various pension plans and postretirement benefit plans to employees. Calculation of the obligations and related expenses under these plans requires the use of actuarial valuation methods and assumptions. The discount rate assumption used to measure the postretirement benefit obligations is set by reference to a high quality corporate bond yield curve and the individual characteristics of the plan such as projected cash flow patterns and payment durations. The expected long-term rate of return on assets is based on the expected returns for each major asset class in which the plan invests, adjusted for the weight of each asset class in the target mix. | |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | ' |
Insurance Income | |
Insurance commission revenue is generally recognized at the later of the billing date or the effective date of the related insurance policies. Insurance premiums from underwriting activities are recognized as income over the policy term. The portion of premiums that will be earned in the future is deferred and included in other liabilities in the Consolidated Balance Sheets. | |
Segments [Policy Text Block] | ' |
Segments | |
Segment results are presented based on internal management accounting policies that were designed to support BB&T's strategic objectives. The Other, Treasury and Corporate segment includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. Refer to Note 20 “Operating Segments” for additional disclosures regarding BB&T's segments. | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | ' |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | |
In January 2014, the FASB issued new guidance related to Troubled Debt Restructurings, which clarifies the timing of when an in substance repossession or foreclosure of collateralized residential real property is deemed to have occurred. The guidance also requires new disclosures related to the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. This guidance is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of this guidance is not expected to be material to the consolidated financial position, results of operations or cash flows. | |
In January 2014, the FASB issued new guidance related to Investments in Qualified Affordable Housing Projects. The new guidance allows an entity, provided certain criteria are met, to elect the proportional amortization method to account for these investments. The proportional amortization method allows an entity to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of the provision for income taxes. This guidance is effective for interim and annual reporting periods beginning after December 15, 2014. BB&T is currently evaluating this guidance to determine the impact on its consolidated financial position, results of operations and cash flows. | |
In June 2013, the FASB issued new guidance related to Investment Companies. The new guidance amends the criteria for an entity to qualify as an investment company and requires an investment company to measure all of its investments at fair value. This guidance is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this guidance was not material to the consolidated financial position, results of operations or cash flows. | |
Effective January 1, 2013, the Company adopted new guidance impacting the presentation of certain items on the Balance Sheet. The new guidance requires an entity to disclose both gross and net information about derivatives, repurchase agreements and securities borrowing and lending transactions that have a right of setoff or are subject to an enforceable master netting arrangement or similar agreement. The adoption of this guidance did not impact the consolidated financial position, results of operations or cash flows. The new disclosures required by this guidance for derivatives are included in Note 18 “Derivative Financial Instruments” to these consolidated financial statements. The adoption of this guidance did not impact our disclosures of repurchase agreements and securities borrowing and lending transactions as the balances and volume of transactions are not material. | |
Effective January 1, 2013, the Company adopted new guidance on Business Combinations. The new guidance clarifies that when a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs, the reporting entity should account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the lesser of the contractual term of the indemnification agreement or the remaining life of the indemnified assets. BB&T has previously accounted for its indemnification asset in accordance with this guidance; accordingly, the adoption of this guidance had no impact on the consolidated financial position, results of operations or cash flows. | |
Effective January 1, 2013, the Company adopted new guidance impacting Comprehensive Income that requires a reporting entity to present significant amounts reclassified out of AOCI by the respective line items of net income. The adoption of this guidance did not impact the consolidated financial position, results of operations or cash flows. The new disclosures required by this guidance are included in Note 11 “AOCI” to these consolidated financial statements. | |
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Values of Securities Available for Sale | ' | |||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 595 | $ | — | $ | — | $ | 595 | ||||||||||||||||
MBS issued by GSE | 18,397 | 78 | 546 | 17,929 | ||||||||||||||||||||
States and political subdivisions | 1,877 | 65 | 91 | 1,851 | ||||||||||||||||||||
Non-agency MBS | 264 | 27 | — | 291 | ||||||||||||||||||||
Other | 46 | — | 1 | 45 | ||||||||||||||||||||
Covered | 989 | 404 | — | 1,393 | ||||||||||||||||||||
Total AFS securities | $ | 22,168 | $ | 574 | $ | 638 | $ | 22,104 | ||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 281 | $ | — | $ | — | $ | 281 | ||||||||||||||||
GSE | 9 | — | — | 9 | ||||||||||||||||||||
MBS issued by GSE | 20,482 | 466 | 18 | 20,930 | ||||||||||||||||||||
States and political subdivisions | 1,948 | 153 | 90 | 2,011 | ||||||||||||||||||||
Non-agency MBS | 307 | 16 | 11 | 312 | ||||||||||||||||||||
Other | 3 | — | — | 3 | ||||||||||||||||||||
Covered securities | 1,147 | 444 | — | 1,591 | ||||||||||||||||||||
Total AFS securities | $ | 24,177 | $ | 1,079 | $ | 119 | $ | 25,137 | ||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Values of Securities Held to Maturity | ' | |||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 392 | $ | 0 | $ | 8 | $ | 384 | ||||||||||||||||
GSE securities | 5,603 | 2 | 397 | 5,208 | ||||||||||||||||||||
Mortgage-backed securities issued by GSE | 11,636 | 38 | 220 | 11,454 | ||||||||||||||||||||
States and political subdivisions | 33 | 2 | — | 35 | ||||||||||||||||||||
Other securities | 437 | 12 | — | 449 | ||||||||||||||||||||
Total HTM securities | $ | 18,101 | $ | 54 | $ | 625 | $ | 17,530 | ||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE securities | 3,808 | 17 | 1 | 3,824 | ||||||||||||||||||||
Mortgage-backed securities issued by GSE | 9,273 | 238 | 1 | 9,510 | ||||||||||||||||||||
States and political subdivisions | 34 | 1 | 1 | 34 | ||||||||||||||||||||
Other securities | 479 | 4 | 3 | 480 | ||||||||||||||||||||
Total HTM securities | $ | 13,594 | $ | 260 | $ | 6 | $ | 13,848 | ||||||||||||||||
Gross Realized Gains and Losses | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Gross gains | $ | 57 | $ | 1 | $ | 175 | ||||||||||||||||||
Gross losses | -6 | -4 | -1 | |||||||||||||||||||||
Net realized gains (losses) | $ | 51 | $ | -3 | $ | 174 | ||||||||||||||||||
Schedule of the Changes in Credit Losses on Other-Than-Temporarily Impaired Non-Agency RMBSs where a Portion of Unrealized Loss was Recognized in OCI | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 98 | $ | 130 | $ | 31 | ||||||||||||||||||
Credit losses on securities not previously considered | ||||||||||||||||||||||||
other-than-temporarily impaired | ― | ― | 1 | |||||||||||||||||||||
Credit losses on securities for which OTTI was previously recognized | ― | 5 | 111 | |||||||||||||||||||||
Reductions for securities sold/settled during the period | -20 | -37 | -13 | |||||||||||||||||||||
Balance at end of period | $ | 78 | $ | 98 | $ | 130 | ||||||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||
AFS | HTM | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
31-Dec-13 | Cost | Value | Cost | Value | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Due in one year or less | $ | 189 | $ | 189 | $ | ― | $ | ― | ||||||||||||||||
Due after one year through five years | 565 | 573 | ― | ― | ||||||||||||||||||||
Due after five years through ten years | 499 | 519 | 5,926 | 5,524 | ||||||||||||||||||||
Due after ten years | 20,915 | 20,823 | 12,175 | 12,006 | ||||||||||||||||||||
Total debt securities | $ | 22,168 | $ | 22,104 | $ | 18,101 | $ | 17,530 | ||||||||||||||||
Gross Unrealized Losses and Fair Values of Investments by Investment Category and Length of Time in Unrealized Loss Position | ' | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-13 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
MBS issued by GSE | $ | 10,259 | $ | 406 | $ | 1,935 | $ | 140 | $ | 12,194 | $ | 546 | ||||||||||||
States and political subdivisions | 232 | 8 | 441 | 83 | 673 | 91 | ||||||||||||||||||
Other | 34 | 1 | — | — | 34 | 1 | ||||||||||||||||||
Total | $ | 10,525 | $ | 415 | $ | 2,376 | $ | 223 | $ | 12,901 | $ | 638 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 384 | $ | 8 | $ | — | $ | — | $ | 384 | $ | 8 | ||||||||||||
GSE | 4,996 | 397 | — | — | 4,996 | 397 | ||||||||||||||||||
MBS issued by GSE | 8,800 | 219 | 48 | 1 | 8,848 | 220 | ||||||||||||||||||
Total | $ | 14,180 | $ | 624 | $ | 48 | $ | 1 | $ | 14,228 | $ | 625 | ||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-12 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
MBS issued by GSE | $ | 2,662 | $ | 18 | $ | — | $ | — | $ | 2,662 | $ | 18 | ||||||||||||
States and political subdivisions | 52 | 1 | 478 | 89 | 530 | 90 | ||||||||||||||||||
Non-agency MBS | — | — | 113 | 11 | 113 | 11 | ||||||||||||||||||
Total | $ | 2,714 | $ | 19 | $ | 591 | $ | 100 | $ | 3,305 | $ | 119 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE | $ | 805 | $ | 1 | $ | — | $ | — | $ | 805 | $ | 1 | ||||||||||||
MBS issued by GSE | 593 | 1 | — | — | 593 | 1 | ||||||||||||||||||
States and political subdivisions | 22 | 1 | — | — | 22 | 1 | ||||||||||||||||||
Other | 266 | 3 | — | — | 266 | 3 | ||||||||||||||||||
Total | $ | 1,686 | $ | 6 | $ | — | $ | — | $ | 1,686 | $ | 6 |
Loans_and_ACL_Tables
Loans and ACL (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ' | |||||||||||||||||||||||||||||||||
Aging Analysis of Past Due Loans and Leases | ' | |||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||
90 Days Or | ||||||||||||||||||||||||||||||||||
30-89 Days | More Past | |||||||||||||||||||||||||||||||||
31-Dec-13 | Current | Past Due | Due | Nonaccrual | Total | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38,110 | $ | 35 | $ | ― | $ | 363 | $ | 38,508 | ||||||||||||||||||||||||
CRE - other | 11,535 | 8 | ― | 129 | 11,672 | |||||||||||||||||||||||||||||
CRE - residential ADC | 901 | 2 | ― | 35 | 938 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 4,482 | 14 | 5 | 1 | 4,502 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,595 | 132 | 33 | 109 | 15,869 | |||||||||||||||||||||||||||||
Revolving credit | 2,370 | 23 | 10 | ― | 2,403 | |||||||||||||||||||||||||||||
Residential mortgage | 22,738 | 463 | 69 | 243 | 23,513 | |||||||||||||||||||||||||||||
Sales finance | 9,316 | 56 | 5 | 5 | 9,382 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 5,703 | 207 | ― | 50 | 5,960 | |||||||||||||||||||||||||||||
Covered | 1,643 | 88 | 304 | ― | 2,035 | |||||||||||||||||||||||||||||
Total excluding government and GNMA guaranteed | 112,393 | 1,028 | 426 | 935 | 114,782 | |||||||||||||||||||||||||||||
Residential mortgage loans excluded from above: | ||||||||||||||||||||||||||||||||||
Government guaranteed | 236 | 88 | 296 | ― | 620 | |||||||||||||||||||||||||||||
GNMA guaranteed | ― | 4 | 511 | ― | 515 | |||||||||||||||||||||||||||||
Total | $ | 112,629 | $ | 1,120 | $ | 1,233 | $ | 935 | $ | 115,917 | ||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||
90 Days Or | ||||||||||||||||||||||||||||||||||
30-89 Days | More Past | |||||||||||||||||||||||||||||||||
31-Dec-12 | Current | Past Due | Due | Nonaccrual | Total | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 37,706 | $ | 42 | $ | 1 | $ | 546 | $ | 38,295 | ||||||||||||||||||||||||
CRE - other | 11,237 | 12 | ― | 212 | 11,461 | |||||||||||||||||||||||||||||
CRE - residential ADC | 1,131 | 2 | ― | 128 | 1,261 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 4,106 | 20 | 9 | 3 | 4,138 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,502 | 145 | 38 | 132 | 15,817 | |||||||||||||||||||||||||||||
Revolving credit | 2,291 | 23 | 16 | ― | 2,330 | |||||||||||||||||||||||||||||
Residential mortgage | 22,330 | 498 | 92 | 269 | 23,189 | |||||||||||||||||||||||||||||
Sales finance | 7,663 | 56 | 10 | 7 | 7,736 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 5,645 | 270 | 1 | 83 | 5,999 | |||||||||||||||||||||||||||||
Covered | 2,717 | 135 | 442 | ― | 3,294 | |||||||||||||||||||||||||||||
Total excluding government and GNMA guaranteed | 110,328 | 1,203 | 609 | 1,380 | 113,520 | |||||||||||||||||||||||||||||
Residential mortgage loans excluded from above: | ||||||||||||||||||||||||||||||||||
Government guaranteed | 225 | 84 | 252 | ― | 561 | |||||||||||||||||||||||||||||
GNMA guaranteed | ― | 5 | 517 | ― | 522 | |||||||||||||||||||||||||||||
Total | $ | 110,553 | $ | 1,292 | $ | 1,378 | $ | 1,380 | $ | 114,603 | ||||||||||||||||||||||||
Schedule of Commercial Credit Exposure Credit Risk Profile by Internal Loan Risk Rating, Excluding Covered | ' | |||||||||||||||||||||||||||||||||
CRE - | ||||||||||||||||||||||||||||||||||
Commercial | Residential | Other Lending | ||||||||||||||||||||||||||||||||
31-Dec-13 | & Industrial | CRE - Other | ADC | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Pass | $ | 36,804 | $ | 10,883 | $ | 794 | $ | 4,464 | ||||||||||||||||||||||||||
Special mention | 219 | 58 | 11 | 8 | ||||||||||||||||||||||||||||||
Substandard - performing | 1,122 | 602 | 98 | 29 | ||||||||||||||||||||||||||||||
Nonperforming | 363 | 129 | 35 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 38,508 | $ | 11,672 | $ | 938 | $ | 4,502 | ||||||||||||||||||||||||||
CRE - | ||||||||||||||||||||||||||||||||||
Commercial | Residential | Other Lending | ||||||||||||||||||||||||||||||||
31-Dec-12 | & Industrial | CRE - Other | ADC | Subsidiaries | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Pass | $ | 36,044 | $ | 10,095 | $ | 859 | $ | 4,093 | ||||||||||||||||||||||||||
Special mention | 274 | 120 | 41 | 13 | ||||||||||||||||||||||||||||||
Substandard - performing | 1,431 | 1,034 | 233 | 29 | ||||||||||||||||||||||||||||||
Nonperforming | 546 | 212 | 128 | 3 | ||||||||||||||||||||||||||||||
Total | $ | 38,295 | $ | 11,461 | $ | 1,261 | $ | 4,138 | ||||||||||||||||||||||||||
Schedule of Retail Credit Exposure Credit Risk Profile Based on Payment Activity, Excluding Covered | ' | |||||||||||||||||||||||||||||||||
Direct Retail | Revolving | Residential | Sales | Other Lending | ||||||||||||||||||||||||||||||
31-Dec-13 | Lending | Credit | Mortgage | Finance | Subsidiaries | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Performing | $ | 15,760 | $ | 2,403 | $ | 24,405 | $ | 9,377 | $ | 5,910 | ||||||||||||||||||||||||
Nonperforming | 109 | ― | 243 | 5 | 50 | |||||||||||||||||||||||||||||
Total | $ | 15,869 | $ | 2,403 | $ | 24,648 | $ | 9,382 | $ | 5,960 | ||||||||||||||||||||||||
Direct Retail | Revolving | Residential | Sales | Other Lending | ||||||||||||||||||||||||||||||
31-Dec-12 | Lending | Credit | Mortgage | Finance | Subsidiaries | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Performing | $ | 15,685 | $ | 2,330 | $ | 24,003 | $ | 7,729 | $ | 5,916 | ||||||||||||||||||||||||
Nonperforming | 132 | ― | 269 | 7 | 83 | |||||||||||||||||||||||||||||
Total | $ | 15,817 | $ | 2,330 | $ | 24,272 | $ | 7,736 | $ | 5,999 | ||||||||||||||||||||||||
Analysis of the Allowance for Credit Losses | ' | |||||||||||||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Balance | Offs | Recoveries | Provision | Other | Balance | ||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 470 | $ | -248 | $ | 47 | $ | 166 | $ | 19 | $ | 454 | ||||||||||||||||||||||
CRE - other | 204 | -84 | 28 | 16 | 14 | 178 | ||||||||||||||||||||||||||||
CRE - residential ADC | 100 | -48 | 23 | -32 | 4 | 47 | ||||||||||||||||||||||||||||
Other lending subsidiaries | 13 | -3 | 2 | 3 | ― | 15 | ||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 300 | -148 | 38 | 15 | 4 | 209 | ||||||||||||||||||||||||||||
Revolving credit | 102 | -85 | 17 | 81 | ― | 115 | ||||||||||||||||||||||||||||
Residential mortgage | 328 | -81 | 3 | 37 | 44 | 331 | ||||||||||||||||||||||||||||
Sales finance | 29 | -23 | 9 | 30 | ― | 45 | ||||||||||||||||||||||||||||
Other lending subsidiaries | 264 | -252 | 32 | 245 | -65 | 224 | ||||||||||||||||||||||||||||
Covered | 128 | -19 | ― | 5 | ― | 114 | ||||||||||||||||||||||||||||
Unallocated | 80 | ― | ― | -33 | -47 | ― | ||||||||||||||||||||||||||||
ALLL | 2,018 | -991 | 199 | 533 | -27 | 1,732 | ||||||||||||||||||||||||||||
RUFC | 30 | ― | ― | 59 | ― | 89 | ||||||||||||||||||||||||||||
ACL | $ | 2,048 | $ | -991 | $ | 199 | $ | 592 | $ | -27 | $ | 1,821 | ||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Balance | Offs | Recoveries | Provision | Balance | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 433 | $ | -337 | $ | 17 | $ | 357 | $ | 470 | ||||||||||||||||||||||||
CRE - other | 334 | -205 | 13 | 62 | 204 | |||||||||||||||||||||||||||||
CRE - residential ADC | 286 | -190 | 41 | -37 | 100 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 11 | -8 | 2 | 8 | 13 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 232 | -224 | 36 | 256 | 300 | |||||||||||||||||||||||||||||
Revolving credit | 112 | -81 | 18 | 53 | 102 | |||||||||||||||||||||||||||||
Residential mortgage | 365 | -136 | 3 | 96 | 328 | |||||||||||||||||||||||||||||
Sales finance | 38 | -26 | 10 | 7 | 29 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 186 | -217 | 24 | 271 | 264 | |||||||||||||||||||||||||||||
Covered | 149 | -34 | ― | 13 | 128 | |||||||||||||||||||||||||||||
Unallocated | 110 | ― | ― | -30 | 80 | |||||||||||||||||||||||||||||
ALLL | 2,256 | -1,458 | 164 | 1,056 | 2,018 | |||||||||||||||||||||||||||||
RUFC | 29 | ― | ― | 1 | 30 | |||||||||||||||||||||||||||||
ACL | $ | 2,285 | $ | -1,458 | $ | 164 | $ | 1,057 | $ | 2,048 | ||||||||||||||||||||||||
ACL Rollforward | ||||||||||||||||||||||||||||||||||
Beginning | Charge- | Ending | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | Balance | Offs | Recoveries | Provision | Balance | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 621 | $ | -323 | $ | 28 | $ | 107 | $ | 433 | ||||||||||||||||||||||||
CRE - other | 446 | -273 | 18 | 143 | 334 | |||||||||||||||||||||||||||||
CRE - residential ADC | 469 | -302 | 25 | 94 | 286 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 21 | -9 | 3 | -4 | 11 | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 246 | -276 | 37 | 225 | 232 | |||||||||||||||||||||||||||||
Revolving credit | 109 | -95 | 19 | 79 | 112 | |||||||||||||||||||||||||||||
Residential mortgage | 298 | -269 | 5 | 331 | 365 | |||||||||||||||||||||||||||||
Sales finance | 47 | -32 | 9 | 14 | 38 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 177 | -181 | 22 | 168 | 186 | |||||||||||||||||||||||||||||
Covered | 144 | -66 | ― | 71 | 149 | |||||||||||||||||||||||||||||
Unallocated | 130 | ― | ― | -20 | 110 | |||||||||||||||||||||||||||||
ALLL | 2,708 | -1,826 | 166 | 1,208 | 2,256 | |||||||||||||||||||||||||||||
RUFC | 47 | ― | ― | -18 | 29 | |||||||||||||||||||||||||||||
ACL | $ | 2,755 | $ | -1,826 | $ | 166 | $ | 1,190 | $ | 2,285 | ||||||||||||||||||||||||
Summary Of Loans Collectively Evaluated For Impairment | ' | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
Recorded Investment | Related ALLL | Recorded Investment | Related ALLL | |||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38,042 | $ | 382 | $ | 37,664 | $ | 397 | ||||||||||||||||||||||||||
CRE - other | 11,441 | 150 | 11,149 | 168 | ||||||||||||||||||||||||||||||
CRE - residential ADC | 881 | 38 | 1,106 | 79 | ||||||||||||||||||||||||||||||
Other lending subsidiaries | 4,501 | 15 | 4,135 | 12 | ||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 15,648 | 166 | 15,582 | 241 | ||||||||||||||||||||||||||||||
Revolving credit | 2,355 | 96 | 2,274 | 78 | ||||||||||||||||||||||||||||||
Residential mortgage | 23,316 | 167 | 23,085 | 198 | ||||||||||||||||||||||||||||||
Sales finance | 9,363 | 41 | 7,714 | 23 | ||||||||||||||||||||||||||||||
Other lending subsidiaries | 5,823 | 196 | 5,853 | 203 | ||||||||||||||||||||||||||||||
Covered | 2,035 | 114 | 3,294 | 128 | ||||||||||||||||||||||||||||||
Unallocated | ― | ― | ― | 80 | ||||||||||||||||||||||||||||||
Total | $ | 113,405 | $ | 1,365 | $ | 111,856 | $ | 1,607 | ||||||||||||||||||||||||||
Schedule of Information Regarding Impaired Loans | ' | |||||||||||||||||||||||||||||||||
Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Income | |||||||||||||||||||||||||||||||
As Of / For The Year Ended December 31, 2013 | Investment | UPB | ALLL | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 91 | $ | 165 | $ | ― | $ | 111 | $ | ― | ||||||||||||||||||||||||
CRE - other | 25 | 41 | ― | 53 | ― | |||||||||||||||||||||||||||||
CRE - residential ADC | 16 | 36 | ― | 31 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 23 | 76 | ― | 23 | 1 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 144 | 237 | ― | 129 | 4 | |||||||||||||||||||||||||||||
Sales finance | 1 | 2 | ― | 1 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 2 | 6 | ― | 4 | ― | |||||||||||||||||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 375 | 409 | 72 | 453 | 5 | |||||||||||||||||||||||||||||
CRE - other | 206 | 208 | 28 | 233 | 5 | |||||||||||||||||||||||||||||
CRE - residential ADC | 41 | 42 | 9 | 76 | 2 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 1 | 1 | ― | 2 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 198 | 204 | 43 | 204 | 12 | |||||||||||||||||||||||||||||
Revolving credit | 48 | 48 | 19 | 52 | 2 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 812 | 830 | 109 | 763 | 34 | |||||||||||||||||||||||||||||
Sales finance | 18 | 19 | 4 | 20 | 1 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 135 | 137 | 28 | 173 | 11 | |||||||||||||||||||||||||||||
Total (1) | $ | 2,136 | $ | 2,461 | $ | 312 | $ | 2,328 | $ | 77 | ||||||||||||||||||||||||
Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Income | |||||||||||||||||||||||||||||||
As Of / For The Year Ended December 31, 2012 | Investment | UPB | ALLL | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 116 | $ | 232 | $ | ― | $ | 117 | $ | ― | ||||||||||||||||||||||||
CRE - other | 60 | 108 | ― | 81 | ― | |||||||||||||||||||||||||||||
CRE - residential ADC | 44 | 115 | ― | 103 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 19 | 73 | ― | 19 | 1 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 120 | 201 | ― | 80 | 2 | |||||||||||||||||||||||||||||
Sales finance | 1 | 3 | ― | 1 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 2 | 6 | ― | 3 | ― | |||||||||||||||||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 515 | 551 | 73 | 522 | 3 | |||||||||||||||||||||||||||||
CRE - other | 252 | 255 | 36 | 319 | 5 | |||||||||||||||||||||||||||||
CRE - residential ADC | 111 | 116 | 21 | 180 | 1 | |||||||||||||||||||||||||||||
Other lending subsidiaries | 3 | 3 | 1 | 4 | ― | |||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 216 | 226 | 59 | 140 | 9 | |||||||||||||||||||||||||||||
Revolving credit | 56 | 56 | 24 | 59 | 2 | |||||||||||||||||||||||||||||
Residential mortgage (1) | 754 | 770 | 104 | 649 | 28 | |||||||||||||||||||||||||||||
Sales finance | 21 | 21 | 6 | 13 | ― | |||||||||||||||||||||||||||||
Other lending subsidiaries | 144 | 146 | 61 | 66 | 2 | |||||||||||||||||||||||||||||
Total (1) | $ | 2,434 | $ | 2,882 | $ | 385 | $ | 2,356 | $ | 53 | ||||||||||||||||||||||||
-1 | Residential mortgage loans exclude $376 million and $313 million in government guaranteed loans and related ALLL of $55 million and $26 million as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
Schedule of Performing and Nonperforming TDRs | ' | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Performing TDRs: | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 77 | $ | 77 | ||||||||||||||||||||||||||||||
CRE - other | 70 | 67 | ||||||||||||||||||||||||||||||||
CRE - residential ADC | 19 | 21 | ||||||||||||||||||||||||||||||||
Direct retail lending | 187 | 197 | ||||||||||||||||||||||||||||||||
Sales finance | 17 | 19 | ||||||||||||||||||||||||||||||||
Revolving credit | 48 | 56 | ||||||||||||||||||||||||||||||||
Residential mortgage | 785 | 769 | ||||||||||||||||||||||||||||||||
Other lending subsidiaries | 126 | 121 | ||||||||||||||||||||||||||||||||
Total performing TDRs | 1,329 | 1,327 | ||||||||||||||||||||||||||||||||
Nonperforming TDRs (also included in NPL disclosures) | 193 | 240 | ||||||||||||||||||||||||||||||||
Total TDRs | $ | 1,522 | $ | 1,567 | ||||||||||||||||||||||||||||||
ALLL attributable to TDRs, excluding government guaranteed | $ | 228 | $ | 281 | ||||||||||||||||||||||||||||||
Government guaranteed residential mortgage TDRs excluded from above table: | ||||||||||||||||||||||||||||||||||
Held for investment | $ | 376 | $ | 313 | ||||||||||||||||||||||||||||||
Held for sale | 3 | 2 | ||||||||||||||||||||||||||||||||
Summary Of Reason For Classification As Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Type of | Type of | Type of | ||||||||||||||||||||||||||||||||
Modification | ALLL | Modification | ALLL | Modification | ALLL | |||||||||||||||||||||||||||||
Rate | Structure | Impact | Rate | Structure | Impact | Rate | Structure | Impact | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 99 | $ | 27 | $ | 3 | $ | 51 | $ | 63 | $ | ― | $ | 29 | $ | 68 | $ | 5 | ||||||||||||||||
CRE - other | 62 | 54 | 1 | 67 | 45 | ― | 56 | 58 | 8 | |||||||||||||||||||||||||
CRE - residential ADC | 22 | 10 | -2 | 44 | 34 | -1 | 29 | 47 | 10 | |||||||||||||||||||||||||
Other lending subsidiaries | ― | ― | ― | ― | ― | ― | 1 | 1 | ― | |||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 45 | 9 | 7 | 120 | 17 | 35 | 51 | 5 | 9 | |||||||||||||||||||||||||
Revolving credit | 26 | ― | 4 | 30 | ― | 5 | 40 | ― | 8 | |||||||||||||||||||||||||
Residential mortgage | 103 | 68 | 11 | 241 | 88 | 22 | 142 | 35 | 17 | |||||||||||||||||||||||||
Sales finance | 4 | 7 | 3 | 16 | ― | 4 | 5 | 5 | 1 | |||||||||||||||||||||||||
Other lending subsidiaries | 167 | ― | 34 | 123 | 2 | 35 | 37 | 7 | 15 | |||||||||||||||||||||||||
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | ' | |||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5 | $ | 8 | $ | 39 | ||||||||||||||||||||||||||||
CRE - other | 11 | 6 | 92 | |||||||||||||||||||||||||||||||
CRE - residential ADC | 4 | 14 | 80 | |||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||
Direct retail lending | 4 | 8 | 16 | |||||||||||||||||||||||||||||||
Revolving credit | 10 | 12 | 15 | |||||||||||||||||||||||||||||||
Residential mortgage | 17 | 36 | 31 | |||||||||||||||||||||||||||||||
Sales finance | 1 | ― | 2 | |||||||||||||||||||||||||||||||
Other lending subsidiaries | 26 | 12 | 5 | |||||||||||||||||||||||||||||||
Carrying Amount of Purchased Impaired and Nonimpaired Loans | ' | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Purchased Impaired | Purchased Nonimpaired | Purchased Impaired | Purchased Nonimpaired | |||||||||||||||||||||||||||||||
Accretable | Carrying | Accretable | Carrying | Accretable | Carrying | Accretable | Carrying | |||||||||||||||||||||||||||
Yield | Value | Yield | Value | Yield | Value | Yield | Value | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 264 | $ | 1,400 | $ | 617 | $ | 1,894 | $ | 520 | $ | 2,123 | $ | 1,193 | $ | 2,744 | ||||||||||||||||||
Accretion | -149 | 149 | -301 | 301 | -219 | 219 | -541 | 541 | ||||||||||||||||||||||||||
Payments received, net | ― | -686 | ― | -1,023 | ― | -942 | ― | -1,391 | ||||||||||||||||||||||||||
Other, net | 72 | ― | 35 | ― | -37 | ― | -35 | ― | ||||||||||||||||||||||||||
Balance at end of period | $ | 187 | $ | 863 | $ | 351 | $ | 1,172 | $ | 264 | $ | 1,400 | $ | 617 | $ | 1,894 | ||||||||||||||||||
Outstanding UPB at end of period | $ | 1,266 | $ | 1,516 | $ | 2,047 | $ | 2,489 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Premises and Equipment | ' | |||||||||||||||||||
Summary of Premises and Equipment | ' | |||||||||||||||||||
Estimated | December 31, | |||||||||||||||||||
Useful Life | 2013 | 2012 | ||||||||||||||||||
(Years) | (Dollars in millions) | |||||||||||||||||||
Land and land improvements | $ | 527 | $ | 547 | ||||||||||||||||
Buildings and building improvements | 40 | 1,288 | 1,235 | |||||||||||||||||
Furniture and equipment | 5 | - | 10 | 1,102 | 1,141 | |||||||||||||||
Leasehold improvements | 633 | 555 | ||||||||||||||||||
Construction in progress | 38 | 37 | ||||||||||||||||||
Capitalized leases on premises and equipment | 58 | 59 | ||||||||||||||||||
Total | 3,646 | 3,574 | ||||||||||||||||||
Less - accumulated depreciation and amortization | -1,777 | -1,686 | ||||||||||||||||||
Net premises and equipment | $ | 1,869 | $ | 1,888 | ||||||||||||||||
Schedule Of Rent Expense Paid and to be Paid | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Rent expense applicable to operating leases | $ | 230 | $ | 215 | $ | 199 | ||||||||||||||
Rental income from owned properties and subleases | 8 | 8 | 7 | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Future minimum lease payments for operating leases | $ | 214 | $ | 201 | $ | 182 | $ | 161 | $ | 136 | $ | 614 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill Activity by Operating Segment | ' | ||||||||||||||||||||||||
Residential | Dealer | ||||||||||||||||||||||||
Community | Mortgage | Financial | Specialized | Insurance | Financial | ||||||||||||||||||||
Banking | Banking | Services | Lending | Services | Services | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Goodwill balance, January 1, 2012 | $ | 4,542 | $ | 7 | $ | 111 | $ | 94 | $ | 1,132 | $ | 192 | $ | 6,078 | |||||||||||
Acquired goodwill, net | 358 | ― | ― | 5 | 358 | ― | 721 | ||||||||||||||||||
Contingent consideration | ― | ― | ― | ― | 3 | ― | 3 | ||||||||||||||||||
Other adjustments | ― | ― | ― | ― | 2 | ― | 2 | ||||||||||||||||||
Goodwill balance, December 31, 2012 | $ | 4,900 | $ | 7 | $ | 111 | $ | 99 | $ | 1,495 | $ | 192 | $ | 6,804 | |||||||||||
Contingent consideration | ― | ― | ― | ― | 6 | ― | 6 | ||||||||||||||||||
Other adjustments | 24 | ― | ― | -11 | -9 | ― | 4 | ||||||||||||||||||
Goodwill balance, December 31, 2013 | $ | 4,924 | $ | 7 | $ | 111 | $ | 88 | $ | 1,492 | $ | 192 | $ | 6,814 | |||||||||||
Identifiable Intangible Assets | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Wtd. Avg. | Gross | Net | Gross | Net | |||||||||||||||||||||
Remaining | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
Life | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
(Years) | (Dollars in millions) | ||||||||||||||||||||||||
CDI | 7.1 | $ | 672 | $ | -555 | $ | 117 | $ | 672 | $ | -522 | $ | 150 | ||||||||||||
Other, primarily customer relationship | |||||||||||||||||||||||||
intangibles | 15.3 | 1,082 | -630 | 452 | 1,080 | -557 | 523 | ||||||||||||||||||
Total | $ | 1,754 | $ | -1,185 | $ | 569 | $ | 1,752 | $ | -1,079 | $ | 673 | |||||||||||||
Future Amortization Expense | ' | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Estimated amortization expense of identifiable intangibles | $ | 89 | $ | 76 | $ | 65 | $ | 56 | $ | 49 |
Loan_Servicing_Tables
Loan Servicing (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Loan Servicing [Abstract] | ' | |||||||||||||||||||||||
Summary of Residential Mortgage Loans Managed or Securitized, Servicing Portfolio Information and Related Data | ' | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Mortgage loans managed or securitized (1) | $ | 27,353 | $ | 29,882 | ||||||||||||||||||||
Less: Loans securitized and transferred to AFS securities | 4 | 4 | ||||||||||||||||||||||
LHFS | 1,116 | 3,547 | ||||||||||||||||||||||
Covered mortgage loans | 802 | 1,040 | ||||||||||||||||||||||
Mortgage loans sold with recourse | 783 | 1,019 | ||||||||||||||||||||||
Mortgage loans held for investment | $ | 24,648 | $ | 24,272 | ||||||||||||||||||||
Mortgage loans on nonaccrual status | $ | 243 | $ | 269 | ||||||||||||||||||||
Mortgage loans 90 days or more past due and still accruing interest (2) | 69 | 92 | ||||||||||||||||||||||
Mortgage loans net charge-offs - year to date | 78 | 133 | ||||||||||||||||||||||
UPB of residential mortgage loan servicing portfolio | 112,835 | 101,362 | ||||||||||||||||||||||
UPB of residential mortgage loans serviced for others (primarily agency conforming | ||||||||||||||||||||||||
fixed rate) | 87,434 | 73,769 | ||||||||||||||||||||||
Maximum recourse exposure from mortgage loans sold with recourse liability | 372 | 446 | ||||||||||||||||||||||
Recorded reserves related to recourse exposure | 13 | 12 | ||||||||||||||||||||||
Repurchase reserves for mortgage loan sales to GSEs | 59 | 59 | ||||||||||||||||||||||
-1 | Balances exclude loans serviced for others with no other continuing involvement. | |||||||||||||||||||||||
-2 | Includes amounts related to residential mortgage LHFS and excludes amounts related to government guaranteed loans and covered mortgage loans. | |||||||||||||||||||||||
As Of / For The | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
UPB of residential mortgage loans sold from the LHFS portfolio | $ | 28,900 | $ | 25,640 | $ | 17,202 | ||||||||||||||||||
Pre-tax gains recognized on mortgage loans sold and held for sale | 292 | 539 | 175 | |||||||||||||||||||||
Servicing fees recognized from mortgage loans serviced for others | 259 | 247 | 240 | |||||||||||||||||||||
Approximate weighted average servicing fee on the outstanding balance | ||||||||||||||||||||||||
of residential mortgage loans serviced for others | 0.3 | % | 0.32 | % | 0.34 | % | ||||||||||||||||||
Weighted average interest rate on mortgage loans serviced for others | 4.24 | 4.59 | 5.02 | |||||||||||||||||||||
Analysis of Activity in Residential MSRs | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Carrying value, January 1, | $ | 627 | $ | 563 | $ | 830 | ||||||||||||||||||
Additions | 336 | 270 | 225 | |||||||||||||||||||||
Change in fair value due to changes in valuation inputs or assumptions: | ||||||||||||||||||||||||
Prepayment speeds | 287 | 19 | -284 | |||||||||||||||||||||
Weighted average OAS | -31 | -36 | -20 | |||||||||||||||||||||
Servicing costs | -29 | -22 | -30 | |||||||||||||||||||||
Realization of expected net servicing cash flows, passage of time and other | -143 | -167 | -158 | |||||||||||||||||||||
Carrying value, December 31, | $ | 1,047 | $ | 627 | $ | 563 | ||||||||||||||||||
Gains (losses) on derivative financial instruments used to mitigate the | ||||||||||||||||||||||||
income statement effect of changes in fair value | $ | -197 | $ | 128 | $ | 394 | ||||||||||||||||||
Residential MSRs Sensitivity | ' | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Range | Weighted | Range | Weighted | |||||||||||||||||||||
Min | Max | Average | Min | Max | Average | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Prepayment speed | 5.5 | % | 8 | % | 6.9 | % | 15.3 | % | 18.5 | % | 17.3 | % | ||||||||||||
Effect on fair value of a 10% increase | $ | -33 | $ | -35 | ||||||||||||||||||||
Effect on fair value of a 20% increase | -64 | -67 | ||||||||||||||||||||||
OAS | 9.1 | % | 9.9 | % | 9.3 | % | 8.2 | % | 8.4 | % | 8.3 | % | ||||||||||||
Effect on fair value of a 10% increase | $ | -39 | $ | -17 | ||||||||||||||||||||
Effect on fair value of a 20% increase | -75 | -33 | ||||||||||||||||||||||
Composition of loans serviced for others: | ||||||||||||||||||||||||
Fixed-rate residential mortgage loans | 99.7 | % | 99.4 | % | ||||||||||||||||||||
Adjustable-rate residential mortgage loans | 0.3 | 0.6 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Weighted average life | 7.9 | yrs | 4.4 | yrs | ||||||||||||||||||||
Summary of Commercial Mortgage Banking Activities | ' | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
UPB of CRE mortgages serviced for others | $ | 28,095 | $ | 29,520 | ||||||||||||||||||||
CRE mortgages serviced for others covered by recourse provisions | 4,594 | 4,970 | ||||||||||||||||||||||
Maximum recourse exposure from CRE mortgages | ||||||||||||||||||||||||
sold with recourse liability | 1,320 | 1,368 | ||||||||||||||||||||||
Recorded reserves related to recourse exposure | 9 | 13 | ||||||||||||||||||||||
Originated CRE mortgages during the period - year to date | 4,881 | 4,934 |
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Short Term Borrowings Selected Data [Abstract] | ' | ||||||||||||||||||
Summary of Short-Term Borrowings | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Federal funds purchased | $ | 1,443 | $ | 4 | |||||||||||||||
Securities sold under agreements to repurchase | 463 | 514 | |||||||||||||||||
Master notes | 24 | 37 | |||||||||||||||||
Other short-term borrowed funds | 2,208 | 2,309 | |||||||||||||||||
Total | $ | 4,138 | $ | 2,864 | |||||||||||||||
As Of / For The Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Maximum outstanding at any month-end during the year | $ | 5,196 | $ | 4,385 | $ | 10,473 | |||||||||||||
Balance outstanding at end of year | 4,138 | 2,864 | 3,566 | ||||||||||||||||
Average outstanding during the year | 4,459 | 3,408 | 5,189 | ||||||||||||||||
Average interest rate during the year (includes derivative impact) | 0.13 | % | 0.2 | % | 0.21 | % | |||||||||||||
Average interest rate at end of year | 0.12 | 0.22 | 0.2 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deposits By Type | ' | ||||||||||
Summary of Deposits | ' | ||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(Dollars in millions) | |||||||||||
Noninterest-bearing deposits | $ | 34,972 | $ | 32,452 | |||||||
Interest checking | 18,861 | 21,091 | |||||||||
Money market and savings | 48,687 | 47,908 | |||||||||
Certificates and other time deposits | 24,955 | 31,624 | |||||||||
Total deposits | $ | 127,475 | $ | 133,075 | |||||||
Time deposits $100,000 and greater | $ | 14,173 | $ | 19,328 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||
Schedule of Long-Term Debt | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
BB&T Corporation: | |||||||||||||||||||
3.38% Senior Notes Due 2013 | $ | ― | $ | 500 | |||||||||||||||
5.70% Senior Notes Due 2014 | 510 | 510 | |||||||||||||||||
2.05% Senior Notes Due 2014 | 700 | 700 | |||||||||||||||||
Floating Rate Senior Note Due 2014 (LIBOR-based, 0.94% at December 31, 2013) | 300 | 300 | |||||||||||||||||
3.95% Senior Notes Due 2016 | 500 | 500 | |||||||||||||||||
3.20% Senior Notes Due 2016 | 999 | 999 | |||||||||||||||||
2.15% Senior Notes Due 2017 | 749 | 748 | |||||||||||||||||
1.60% Senior Notes Due 2017 | 749 | 749 | |||||||||||||||||
1.45% Senior Notes Due 2018 | 500 | 499 | |||||||||||||||||
Floating Rate Senior Notes Due 2018 (LIBOR-based, 1.10% at December 31, 2013) | 400 | ― | |||||||||||||||||
2.05% Senior Notes Due 2018 | 599 | ― | |||||||||||||||||
6.85% Senior Notes Due 2019 | 539 | 539 | |||||||||||||||||
5.20% Subordinated Notes Due 2015 | 933 | 933 | |||||||||||||||||
4.90% Subordinated Notes Due 2017 | 349 | 345 | |||||||||||||||||
5.25% Subordinated Notes Due 2019 | 586 | 586 | |||||||||||||||||
3.95% Subordinated Notes Due 2022 | 298 | 298 | |||||||||||||||||
Branch Bank: | |||||||||||||||||||
Floating Rate Senior Note Due 2015 (LIBOR-based, 0.57% at December 31, 2013) | 650 | ― | |||||||||||||||||
1.45% Senior Notes Due 2016 | 750 | ― | |||||||||||||||||
Floating Rate Senior Notes Due 2016 (LIBOR-based, 0.67% at December 31, 2013) | 500 | ― | |||||||||||||||||
1.05% Senior Notes Due 2016 | 499 | ― | |||||||||||||||||
2.30% Senior Notes Due 2018 | 750 | ― | |||||||||||||||||
4.88% Subordinated Notes Due 2013 | ― | 222 | |||||||||||||||||
5.63% Subordinated Notes Due 2016 | 386 | 386 | |||||||||||||||||
Floating Rate Subordinated Note Due 2016 (LIBOR-based, 0.56% at December 31, 2013) | 350 | 350 | |||||||||||||||||
Floating Rate Subordinated Note Due 2017 (LIBOR-based, 0.54% at December 31, 2013) | 262 | 262 | |||||||||||||||||
FHLB Advances to Branch Bank: | |||||||||||||||||||
Varying maturities to 2034 | 8,110 | 8,994 | |||||||||||||||||
Other Long-Term Debt | 101 | 100 | |||||||||||||||||
Fair value hedge-related basis adjustments | 424 | 594 | |||||||||||||||||
Total Long-Term Debt | $ | 21,493 | $ | 19,114 | |||||||||||||||
Schedule of Effective Rates on Hedged Long-Term Debt | ' | ||||||||||||||||||
Carrying | Effective | ||||||||||||||||||
Amount | Rate | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
BB&T Corporation Fixed Rate Senior Notes swapped to floating rates | $ | 5,845 | 2.55 | % | |||||||||||||||
BB&T Corporation Floating Rate Senior Notes swapped to fixed rates | 700 | 1.03 | |||||||||||||||||
BB&T Corporation Fixed Rate Subordinated Notes swapped to floating rates | 2,166 | 2.44 | |||||||||||||||||
Branch Bank Fixed Rate Senior Notes swapped to floating rates | 1,999 | 1.62 | |||||||||||||||||
Branch Bank Floating Rate Senior Notes swapped to fixed rates | 1,150 | 0.61 | |||||||||||||||||
Branch Bank Fixed Rate Subordinated Notes swapped to floating rates | 386 | 1.7 | |||||||||||||||||
Branch Bank Floating Rate Subordinated Notes swapped to fixed rates | 612 | 2.53 | |||||||||||||||||
Schedule of Maturities of Long-Term Debt | ' | ||||||||||||||||||
2019 | |||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | and later | ||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Future debt maturities (excluding capital leases) | $ | 2,141 | $ | 1,693 | $ | 5,650 | $ | 2,453 | $ | 2,289 | $ | 7,226 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||
Summary of Preferred Stock | ' | |||||||||||||||||
Earliest | ||||||||||||||||||
Issuance | Redemption | Liquidation | Carrying | Dividend | ||||||||||||||
Issue | Date | Date | Amount | Amount | Rate | |||||||||||||
(Dollars in millions) | ||||||||||||||||||
Series D | 5/1/12 | 5/1/17 | $ | 575 | $ | 559 | 5.85 | % | ||||||||||
Series E | 7/31/12 | 8/1/17 | 1,150 | 1,120 | 5.625 | |||||||||||||
Series F | 10/31/12 | 11/1/17 | 450 | 437 | 5.2 | |||||||||||||
Series G | 5/1/13 | 6/1/18 | 500 | 487 | 5.2 | |||||||||||||
$ | 2,675 | $ | 2,603 | |||||||||||||||
Summary of Selected Information Pertaining to Equity-based Compensation Plans | ' | |||||||||||||||||
Equity-Based Compensation Plans | 31-Dec-13 | |||||||||||||||||
Shares available for future grants (in thousands) | 30,562 | |||||||||||||||||
Vesting period, awards granted prior to 2010 | 5 | yrs | ||||||||||||||||
Vesting period, awards granted after 2009 | 3.0 to 5.0 | |||||||||||||||||
Option term | 10 | |||||||||||||||||
Schedule of Assumptions Used to Calculate Fair Value of Options Granted | ' | |||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Assumptions: | ||||||||||||||||||
Risk-free interest rate | 1.3 | % | 1.5 | % | 1.7 | % | ||||||||||||
Dividend yield | 3.6 | 4.4 | 3.5 | |||||||||||||||
Volatility factor | 28 | 33 | 37.2 | |||||||||||||||
Expected life | 7 | yrs | 7 | yrs | 7.4 | yrs | ||||||||||||
Fair value of options per share | $ | 5.48 | $ | 6.07 | $ | 7.45 | ||||||||||||
Summary Of Selected Data Related To Equity Based Compensation Costs [Text Block] | ' | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Equity-based compensation expense | $ | 96 | $ | 97 | $ | 98 | ||||||||||||
Income tax benefit from equity-based compensation expense | 36 | 36 | 36 | |||||||||||||||
Intrinsic value of options exercised and RSUs that vested during the year | 102 | 62 | 54 | |||||||||||||||
Grant date fair value of equity-based awards that vested during the year | 80 | 88 | 76 | |||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Unrecognized compensation cost related to equity-based awards | $ | 94 | $ | 98 | ||||||||||||||
Weighted-average life over which compensation cost is expected to be recognized (years) | 2.1 | 2 | ||||||||||||||||
Stock Options Activity Roll Forward | ' | |||||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Wtd. Avg. | Aggregate | Remaining | ||||||||||||||||
Exercise | Intrinsic | Contractual | ||||||||||||||||
Options | Price | Value | Life | |||||||||||||||
(Dollars in millions, except per share data, shares in thousands) | ||||||||||||||||||
Outstanding at January 1, 2013 | 45,391 | $ | 34.15 | |||||||||||||||
Granted | 404 | 30.08 | ||||||||||||||||
Exercised | -3,507 | 27.14 | ||||||||||||||||
Forfeited or expired | -4,292 | 32.86 | ||||||||||||||||
Outstanding at December 31, 2013 | 37,996 | 34.9 | $ | 140 | 3.7 | yrs | ||||||||||||
Exercisable at December 31, 2013 | 31,354 | 36.32 | 80 | 2.9 | ||||||||||||||
Exercisable and expected to vest at December 31, 2013 | 37,513 | 34.99 | 136 | 3.7 | ||||||||||||||
Restricted Shares and Restricted Share Units Activity Roll Forward | ' | |||||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Restricted | Grant Date | |||||||||||||||||
Shares/Units | Fair Value | |||||||||||||||||
(shares in thousands) | ||||||||||||||||||
Nonvested at January 1, 2013 | 13,931 | $ | 19.26 | |||||||||||||||
Granted | 3,995 | 25.63 | ||||||||||||||||
Vested | -2,464 | 22.05 | ||||||||||||||||
Forfeited | -281 | 20.45 | ||||||||||||||||
Nonvested at December 31, 2013 | 15,181 | 20.46 | ||||||||||||||||
Expected to vest at December 31, 2013 | 13,763 | 20.49 |
AOCI_Tables
AOCI (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Other Comprehensive Income, net of tax | ' | ||||||||||||||||||||||
Schedule Of Changes in Accumulated Other Comprehensive Income Loss | ' | ||||||||||||||||||||||
Year Ended December 31, 2013 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2013 | $ | -714 | $ | -173 | $ | 598 | $ | -256 | $ | -14 | $ | -559 | |||||||||||
OCI before reclassifications, net of tax | 354 | 127 | -669 | -18 | -2 | -208 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 91 | ― | ― | ― | ― | 91 | |||||||||||||||||
Interest income | ― | ― | 97 | ― | 2 | 99 | |||||||||||||||||
Interest expense | ― | 77 | ― | ― | ― | 77 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 63 | ― | 63 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | -51 | ― | ― | -51 | |||||||||||||||||
Total before income taxes | 91 | 77 | 46 | 63 | 2 | 279 | |||||||||||||||||
Less: Income taxes | 34 | 29 | 17 | 24 | 1 | 105 | |||||||||||||||||
Net of income taxes | 57 | 48 | 29 | 39 | 1 | 174 | |||||||||||||||||
Net change in AOCI | 411 | 175 | -640 | 21 | -1 | -34 | |||||||||||||||||
AOCI balance, December 31, 2013 | $ | -303 | $ | 2 | $ | -42 | $ | -235 | $ | -15 | $ | -593 | |||||||||||
Year Ended December 31, 2012 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2012 | $ | -603 | $ | -159 | $ | 263 | $ | -195 | $ | -19 | $ | -713 | |||||||||||
OCI before reclassifications, net of tax | -158 | -52 | 280 | -113 | ― | -43 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 76 | ― | ― | ― | ― | 76 | |||||||||||||||||
Interest income | ― | -11 | 76 | ― | 8 | 73 | |||||||||||||||||
Interest expense | ― | 72 | ― | ― | ― | 72 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 83 | ― | 83 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | 12 | ― | ― | 12 | |||||||||||||||||
Total before income taxes | 76 | 61 | 88 | 83 | 8 | 316 | |||||||||||||||||
Less: Income taxes | 29 | 23 | 33 | 31 | 3 | 119 | |||||||||||||||||
Net of income taxes | 47 | 38 | 55 | 52 | 5 | 197 | |||||||||||||||||
Net change in AOCI | -111 | -14 | 335 | -61 | 5 | 154 | |||||||||||||||||
AOCI balance, December 31, 2012 | $ | -714 | $ | -173 | $ | 598 | $ | -256 | $ | -14 | $ | -559 | |||||||||||
Year Ended December 31, 2011 | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
AOCI balance, January 1, 2011 | $ | -368 | $ | -47 | $ | -157 | $ | -176 | $ | 1 | $ | -747 | |||||||||||
Transfers | ― | ― | 21 | ― | -21 | ― | |||||||||||||||||
OCI before reclassifications, net of tax | -256 | -141 | 440 | -50 | -3 | -10 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Personnel expense | 34 | ― | ― | ― | ― | 34 | |||||||||||||||||
Interest income | ― | -26 | -4 | ― | 6 | -24 | |||||||||||||||||
Interest expense | ― | 72 | ― | ― | ― | 72 | |||||||||||||||||
FDIC loss share income, net | ― | ― | ― | 50 | ― | 50 | |||||||||||||||||
Securities (gains) losses, net | ― | ― | -62 | ― | ― | -62 | |||||||||||||||||
Total before income taxes | 34 | 46 | -66 | 50 | 6 | 70 | |||||||||||||||||
Less: Income taxes | 13 | 17 | -25 | 19 | 2 | 26 | |||||||||||||||||
Net of income taxes | 21 | 29 | -41 | 31 | 4 | 44 | |||||||||||||||||
Net change in AOCI | -235 | -112 | 420 | -19 | -20 | 34 | |||||||||||||||||
AOCI balance, December 31, 2011 | $ | -603 | $ | -159 | $ | 263 | $ | -195 | $ | -19 | $ | -713 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Current expense: | |||||||||||||||||||
Federal | $ | 1,004 | $ | 273 | $ | 83 | |||||||||||||
State | 100 | 70 | 26 | ||||||||||||||||
Foreign | 3 | 2 | 2 | ||||||||||||||||
Total current expense | 1,107 | 345 | 111 | ||||||||||||||||
Deferred expense: | |||||||||||||||||||
Federal | 256 | 396 | 163 | ||||||||||||||||
State | 32 | 23 | 22 | ||||||||||||||||
Total deferred expense | 288 | 419 | 185 | ||||||||||||||||
Provision for income taxes | $ | 1,395 | $ | 764 | $ | 296 | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Federal income taxes at statutory rate of 35% | $ | 1,093 | $ | 977 | $ | 570 | |||||||||||||
Increase (decrease) in provision for income taxes as a result of: | |||||||||||||||||||
State income taxes, net of Federal tax benefit | 86 | 61 | 31 | ||||||||||||||||
Federal tax credits | -152 | -126 | -115 | ||||||||||||||||
Tax exempt income | -128 | -133 | -135 | ||||||||||||||||
Nontaxable gain on termination of leveraged lease | ― | -12 | -22 | ||||||||||||||||
Adjustments for uncertain tax positions | 516 | ― | ― | ||||||||||||||||
Other, net | -20 | -3 | -33 | ||||||||||||||||
Provision for income taxes | $ | 1,395 | $ | 764 | $ | 296 | |||||||||||||
Effective income tax rate | 44.7 | % | 27.4 | % | 18.2 | % | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
ALLL | $ | 655 | $ | 771 | |||||||||||||||
Postretirement plans | 180 | 432 | |||||||||||||||||
Net unrealized loss on AFS securities | 172 | ― | |||||||||||||||||
Equity-based compensation | 152 | 144 | |||||||||||||||||
Reserves and expense accruals | 181 | 150 | |||||||||||||||||
Net unrealized loss on cash flow hedges | ― | 105 | |||||||||||||||||
Other | 189 | 213 | |||||||||||||||||
Total deferred tax assets | 1,529 | 1,815 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Prepaid pension plan expense | 431 | 373 | |||||||||||||||||
MSRs | 380 | 201 | |||||||||||||||||
Lease financing | 315 | 270 | |||||||||||||||||
Loan fees and expenses | 263 | 244 | |||||||||||||||||
Identifiable intangible assets | 128 | 161 | |||||||||||||||||
Depreciation | 59 | 57 | |||||||||||||||||
Derivatives and hedging | 45 | 163 | |||||||||||||||||
Net unrealized gain on AFS securities | ― | 201 | |||||||||||||||||
Other | 61 | 70 | |||||||||||||||||
Total deferred tax liabilities | 1,682 | 1,740 | |||||||||||||||||
Net deferred tax asset (liability) | $ | -153 | $ | 75 | |||||||||||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Beginning balance of unrecognized tax benefits | $ | 297 | $ | 301 | $ | 292 | |||||||||||||
Additions based on tax positions related to current year | 18 | 14 | ― | ||||||||||||||||
Additions for tax positions of prior years | 343 | ― | 6 | ||||||||||||||||
Settlements | ― | -5 | -1 | ||||||||||||||||
Unrecognized deferred tax benefits from business acquisitions | -14 | -13 | 4 | ||||||||||||||||
Ending balance of unrecognized tax benefits | $ | 644 | $ | 297 | $ | 301 |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure | ' | |||||||||||||||||||||||||||
Significant actuarial assumptions used to determine net periodic pension costs | ' | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Weighted average assumed discount rate | 4.25 | % | 4.82 | % | 5.52 | % | ||||||||||||||||||||||
Weighted average expected long-term rate of return on plan assets | 8 | 8 | 8 | |||||||||||||||||||||||||
Assumed long-term rate of annual compensation increases | 4.5 | 4.5 | 4.5 | |||||||||||||||||||||||||
Summary of the components of net periodic benefit cost recognized for pension plans | ' | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Net Periodic Pension Cost: | ||||||||||||||||||||||||||||
Service cost | $ | 150 | $ | 120 | $ | 105 | ||||||||||||||||||||||
Interest cost | 120 | 110 | 103 | |||||||||||||||||||||||||
Estimated return on plan assets | -257 | -200 | -197 | |||||||||||||||||||||||||
Net amortization and other | 91 | 76 | 34 | |||||||||||||||||||||||||
Net periodic benefit cost | 104 | 106 | 45 | |||||||||||||||||||||||||
Pre-Tax Amounts Recognized in Total Comprehensive Income: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | -535 | 270 | 388 | |||||||||||||||||||||||||
Net amortization | -91 | -76 | -34 | |||||||||||||||||||||||||
Net amount recognized in OCI | -626 | 194 | 354 | |||||||||||||||||||||||||
Total net periodic pension costs (income) recognized in | ||||||||||||||||||||||||||||
total comprehensive income, pre-tax | $ | -522 | $ | 300 | $ | 399 | ||||||||||||||||||||||
Significant actuarial assumptions used to determine benefit obligations | ' | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Weighted average assumed discount rate | 5.1 | % | 4.25 | % | ||||||||||||||||||||||||
Assumed rate of annual compensation increases | 5 | 4.5 | ||||||||||||||||||||||||||
Changes in projected benefit obligation | ' | |||||||||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 2,548 | $ | 2,055 | $ | 287 | $ | 207 | ||||||||||||||||||||
Service cost | 139 | 113 | 11 | 7 | ||||||||||||||||||||||||
Interest cost | 107 | 100 | 12 | 10 | ||||||||||||||||||||||||
Actuarial (gain) loss | -294 | 296 | 2 | 70 | ||||||||||||||||||||||||
Benefits paid | -63 | -57 | -8 | -7 | ||||||||||||||||||||||||
Acquisitions | ― | 41 | ― | ― | ||||||||||||||||||||||||
Projected benefit obligation, end of year | $ | 2,437 | $ | 2,548 | $ | 304 | $ | 287 | ||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 2,062 | $ | 2,166 | $ | 215 | $ | 213 | ||||||||||||||||||||
Changes in fair value of plan assets | ' | |||||||||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,952 | $ | 2,478 | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 499 | 295 | — | — | ||||||||||||||||||||||||
Employer contributions | 345 | 202 | 8 | 7 | ||||||||||||||||||||||||
Benefits paid | -63 | -57 | -8 | -7 | ||||||||||||||||||||||||
Acquisitions | — | 34 | — | — | ||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 3,733 | $ | 2,952 | $ | — | $ | — | ||||||||||||||||||||
Funded status at end of year | $ | 1,296 | $ | 404 | $ | -304 | $ | -287 | ||||||||||||||||||||
Schedule of pre-tax amounts recognized in AOCI | ' | |||||||||||||||||||||||||||
Qualified Pension Plan | Nonqualified Pension Plans | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Prior service credit (cost) | $ | - | $ | 1 | $ | -2 | $ | -1 | ||||||||||||||||||||
Net actuarial loss | -377 | -993 | -117 | -128 | ||||||||||||||||||||||||
Net amount recognized | $ | -377 | $ | -992 | $ | -119 | $ | -129 | ||||||||||||||||||||
Schedule of prior period amounts expected to be amortized from AOCI into net periodic pension cost during next fiscal year | ' | |||||||||||||||||||||||||||
Qualified | Nonqualified | |||||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | -1 | $ | -11 | ||||||||||||||||||||||||
Net amount expected to be amortized in 2014 | $ | -1 | $ | -11 | ||||||||||||||||||||||||
Schedule of estimated future benefit payments | ' | |||||||||||||||||||||||||||
Qualified | Nonqualified | |||||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
2014 | $ | 70 | $ | 11 | ||||||||||||||||||||||||
2015 | 78 | 11 | ||||||||||||||||||||||||||
2016 | 86 | 12 | ||||||||||||||||||||||||||
2017 | 95 | 13 | ||||||||||||||||||||||||||
2018 | 104 | 14 | ||||||||||||||||||||||||||
2019-2023 | 673 | 95 | ||||||||||||||||||||||||||
Schedule of fair value of pension plan assets by three level fair value hierarchy | ' | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Cash and cash-equivalents | $ | 74 | $ | 74 | $ | — | $ | — | $ | 89 | $ | 89 | $ | — | $ | — | ||||||||||||
U.S. equity securities | 1,701 | 1,701 | — | — | 1,226 | 1,226 | — | — | ||||||||||||||||||||
International equity securities | 741 | 626 | 115 | — | 570 | 462 | 108 | — | ||||||||||||||||||||
Fixed income securities | 1,090 | 94 | 996 | — | 951 | 126 | 825 | — | ||||||||||||||||||||
Alternative investments | 101 | — | — | 101 | 98 | — | — | 98 | ||||||||||||||||||||
Total plan assets | $ | 3,707 | $ | 2,495 | $ | 1,111 | $ | 101 | $ | 2,934 | $ | 1,903 | $ | 933 | $ | 98 | ||||||||||||
Activity of plan assets with significant unobservable fair value inputs | ' | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 98 | $ | 99 | $ | 124 | ||||||||||||||||||||||
Actual return on plan assets | 11 | 7 | 9 | |||||||||||||||||||||||||
Purchases, sales and settlements | -8 | -8 | -34 | |||||||||||||||||||||||||
Balance at end of year | $ | 101 | $ | 98 | $ | 99 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Schedule of Commitments and Contingencies | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Letters of credit and financial guarantees written | $ | 4,355 | $ | 5,164 | |||||||||
Carrying amount of the liability for letter of credit guarantees | 39 | 30 | |||||||||||
Investments related to affordable housing and historic building rehabilitation projects | 1,302 | 1,223 | |||||||||||
Amount of future funding commitments included in investments related to affordable | |||||||||||||
housing and historic rehabilitation projects | 464 | 461 | |||||||||||
Lending exposure to these affordable housing projects | 151 | 87 | |||||||||||
Tax credits subject to recapture related to affordable housing projects | 250 | 193 | |||||||||||
Investments in private equity and similar investments | 291 | 323 | |||||||||||
Future funding commitments to private equity and similar investments | 245 | 129 |
Regulatory_Requirements_and_Ot1
Regulatory Requirements and Other Restrictions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||||
Summary information regarding regulatory capital | ' | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Actual Capital | Capital Requirements | Actual Capital | Capital Requirements | ||||||||||||||||||||||||
Ratio | Amount | Minimum | Well-Capitalized | Ratio | Amount | Minimum | Well-Capitalized | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Tier 1 Capital: | |||||||||||||||||||||||||||
BB&T | 11.8 | % | $ | 16,074 | $ | 5,460 | $ | 8,189 | 10.5 | % | $ | 14,373 | $ | 5,455 | $ | 8,182 | |||||||||||
Branch Bank | 11.9 | 15,785 | 5,315 | 7,973 | 11.2 | 14,587 | 5,202 | 7,803 | |||||||||||||||||||
Total Capital: | |||||||||||||||||||||||||||
BB&T | 14.3 | 19,514 | 10,919 | 13,649 | 13.4 | 18,267 | 10,909 | 13,637 | |||||||||||||||||||
Branch Bank | 13.4 | 17,872 | 10,631 | 13,288 | 13 | 16,866 | 10,404 | 13,005 | |||||||||||||||||||
Leverage Capital: | |||||||||||||||||||||||||||
BB&T | 9.3 | 16,074 | 6,897 | 8,621 | 8.2 | 14,373 | 7,001 | 8,751 | |||||||||||||||||||
Branch Bank | 9.4 | 15,785 | 5,058 | 8,429 | 8.6 | 14,587 | 5,099 | 8,498 |
Parent_Company_Financial_State1
Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Parent Company Statement Of Financial Position [Abstract] | ' | |||||||||||||||
Parent company condensed balance sheets | ' | |||||||||||||||
Parent Company | ||||||||||||||||
Condensed Balance Sheets | ||||||||||||||||
December 31, 2013 and 2012 | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | ― | $ | 4,239 | ||||||||||||
Interest-bearing deposits with banks | 5,727 | ― | ||||||||||||||
AFS securities at fair value | 26 | 27 | ||||||||||||||
HTM securities at amortized cost | 35 | 37 | ||||||||||||||
Investment in banking subsidiaries | 22,314 | 21,189 | ||||||||||||||
Investment in other subsidiaries | 1,281 | 1,837 | ||||||||||||||
Advances to / receivables from banking subsidiaries | 106 | 44 | ||||||||||||||
Advances to / receivables from other subsidiaries | 2,308 | 2,408 | ||||||||||||||
Other assets | 194 | 246 | ||||||||||||||
Total assets | $ | 31,991 | $ | 30,027 | ||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
Short-term borrowed funds | $ | 24 | $ | 37 | ||||||||||||
Short-term borrowed funds due to subsidiaries | 50 | ― | ||||||||||||||
Dividends payable | ― | 170 | ||||||||||||||
Accounts payable and other liabilities | 76 | 30 | ||||||||||||||
Long-term debt | 9,032 | 8,567 | ||||||||||||||
Total liabilities | 9,182 | 8,804 | ||||||||||||||
Total shareholders' equity | 22,809 | 21,223 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 31,991 | $ | 30,027 | ||||||||||||
Parent company condensed income statements | ' | |||||||||||||||
Parent Company | ||||||||||||||||
Condensed Income Statements | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Income: | ||||||||||||||||
Dividends from banking subsidiaries | $ | 1,220 | $ | 1,720 | $ | 620 | ||||||||||
Dividends from other subsidiaries | 79 | 81 | 278 | |||||||||||||
Interest and other income from subsidiaries | 67 | 79 | 107 | |||||||||||||
Other income | 14 | 1 | 8 | |||||||||||||
Total income | 1,380 | 1,881 | 1,013 | |||||||||||||
Expenses: | ||||||||||||||||
Interest expense | 219 | 239 | 334 | |||||||||||||
Other expenses | 50 | 52 | 34 | |||||||||||||
Total expenses | 269 | 291 | 368 | |||||||||||||
Income before income taxes and equity in | ||||||||||||||||
undistributed earnings of subsidiaries | 1,111 | 1,590 | 645 | |||||||||||||
Income tax benefit | 2 | 20 | 26 | |||||||||||||
Income before equity in undistributed earnings of subsidiaries | 1,113 | 1,610 | 671 | |||||||||||||
Equity in undistributed earnings of subsidiaries in excess of | ||||||||||||||||
dividends from subsidiaries | 616 | 418 | 661 | |||||||||||||
Net income | 1,729 | 2,028 | 1,332 | |||||||||||||
Noncontrolling interests | 50 | 49 | 43 | |||||||||||||
Dividends on preferred stock | 117 | 63 | ― | |||||||||||||
Net income available to common shareholders | $ | 1,562 | $ | 1,916 | $ | 1,289 | ||||||||||
Parent company statement of comprehensive income | ' | |||||||||||||||
Parent Company | ||||||||||||||||
Condensed Statements of Comprehensive Income | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Net Income | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||
OCI, Net of Tax: | ||||||||||||||||
Change in unrecognized pension and postretirement amounts | -4 | ― | ― | |||||||||||||
Change in unrecognized gains (losses) on cash flow hedges | ― | -2 | -1 | |||||||||||||
Other, net | 1 | 1 | -8 | |||||||||||||
Total OCI | -3 | -1 | -9 | |||||||||||||
Total comprehensive income | $ | 1,726 | $ | 2,027 | $ | 1,323 | ||||||||||
Income Tax Effect of Items Included in OCI | ||||||||||||||||
Change in unrecognized pension and postretirement amounts | $ | -1 | $ | ― | $ | ― | ||||||||||
Change in unrecognized gains (losses) on cash flow hedges | ― | -1 | ― | |||||||||||||
Other, net | ― | ― | -4 | |||||||||||||
Parent company condensed statements of cash flows | ' | |||||||||||||||
Parent Company | ||||||||||||||||
Condensed Statements of Cash Flows | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||
Adjustments to reconcile net income to net cash provided by | ||||||||||||||||
operating activities: | ||||||||||||||||
Equity in earnings of subsidiaries in excess of dividends | ||||||||||||||||
from subsidiaries | -616 | -418 | -661 | |||||||||||||
Net change in other assets | 95 | 265 | 63 | |||||||||||||
Net change in accounts payable and accrued liabilities | 42 | -71 | -3 | |||||||||||||
Other, net | -79 | -228 | 20 | |||||||||||||
Net cash from operating activities | 1,171 | 1,576 | 751 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Proceeds from sales, calls and maturities of AFS securities | 24 | 26 | 49 | |||||||||||||
Purchases of AFS securities | -24 | -26 | -48 | |||||||||||||
Proceeds from maturities, calls and paydowns of HTM securities | 2 | 4 | 24 | |||||||||||||
Investment in subsidiaries | -4 | -30 | -12 | |||||||||||||
Advances to subsidiaries | -5,815 | -10,785 | -20,306 | |||||||||||||
Proceeds from repayment of advances to subsidiaries | 5,898 | 11,325 | 22,637 | |||||||||||||
Net cash from business combinations | ― | 51 | ― | |||||||||||||
Net cash from divestitures | 9 | ― | ― | |||||||||||||
Net cash from investing activities | 90 | 565 | 2,344 | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Net change in long-term debt | 499 | -2,764 | 1,121 | |||||||||||||
Net change in short-term borrowed funds | -13 | -259 | -509 | |||||||||||||
Net change in advances from subsidiaries | 50 | -72 | 69 | |||||||||||||
Net proceeds from common stock issued | 108 | 15 | 22 | |||||||||||||
Net proceeds from preferred stock issued | 487 | 2,116 | ― | |||||||||||||
Cash dividends paid on common and preferred stock | -912 | -564 | -446 | |||||||||||||
Other, net | 8 | 62 | ― | |||||||||||||
Net cash from financing activities | 227 | -1,466 | 257 | |||||||||||||
Net Change in Cash and Cash Equivalents | 1,488 | 675 | 3,352 | |||||||||||||
Cash and Cash Equivalents at Beginning of Year | 4,239 | 3,564 | 212 | |||||||||||||
Cash and Cash Equivalents at End of Year | $ | 5,727 | $ | 4,239 | $ | 3,564 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value | ' | |||||||||||||||||||||||||||
31-Dec-13 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Trading securities | $ | 381 | $ | 256 | $ | 125 | $ | ― | ||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||
U.S. Treasury | 595 | ― | 595 | ― | ||||||||||||||||||||||||
MBS issued by GSE | 17,929 | ― | 17,929 | ― | ||||||||||||||||||||||||
States and political subdivisions | 1,851 | ― | 1,851 | ― | ||||||||||||||||||||||||
Non-agency MBS | 291 | ― | 291 | ― | ||||||||||||||||||||||||
Other | 45 | 10 | 35 | ― | ||||||||||||||||||||||||
Covered | 1,393 | ― | 532 | 861 | ||||||||||||||||||||||||
LHFS | 1,222 | ― | 1,222 | ― | ||||||||||||||||||||||||
Residential MSRs | 1,047 | ― | ― | 1,047 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 862 | ― | 859 | 3 | ||||||||||||||||||||||||
Foreign exchange contracts | 2 | ― | 2 | ― | ||||||||||||||||||||||||
Private equity and similar investments | 291 | ― | ― | 291 | ||||||||||||||||||||||||
Total assets | $ | 25,909 | $ | 266 | $ | 23,441 | $ | 2,202 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 967 | $ | ― | $ | 953 | $ | 14 | ||||||||||||||||||||
Foreign exchange contracts | 3 | ― | 3 | ― | ||||||||||||||||||||||||
Short-term borrowings | 84 | ― | 84 | ― | ||||||||||||||||||||||||
Total liabilities | $ | 1,054 | $ | ― | $ | 1,040 | $ | 14 | ||||||||||||||||||||
31-Dec-12 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Trading securities | $ | 497 | $ | 302 | $ | 194 | $ | 1 | ||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||
U.S. Treasury | 281 | ― | 281 | ― | ||||||||||||||||||||||||
GSE | 9 | ― | 9 | ― | ||||||||||||||||||||||||
MBS issued by GSE | 20,930 | ― | 20,930 | ― | ||||||||||||||||||||||||
States and political subdivisions | 2,011 | ― | 2,011 | ― | ||||||||||||||||||||||||
Non-agency MBS | 312 | ― | 312 | ― | ||||||||||||||||||||||||
Other | 3 | 2 | 1 | ― | ||||||||||||||||||||||||
Covered | 1,591 | ― | 597 | 994 | ||||||||||||||||||||||||
LHFS | 3,761 | ― | 3,761 | ― | ||||||||||||||||||||||||
Residential MSRs | 627 | ― | ― | 627 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 1,446 | ― | 1,391 | 55 | ||||||||||||||||||||||||
Foreign exchange contracts | 4 | ― | 4 | ― | ||||||||||||||||||||||||
Private equity and similar investments | 323 | ― | ― | 323 | ||||||||||||||||||||||||
Total assets | $ | 31,795 | $ | 304 | $ | 29,491 | $ | 2,000 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 1,434 | $ | ― | $ | 1,433 | $ | 1 | ||||||||||||||||||||
Foreign exchange contracts | 3 | ― | 3 | ― | ||||||||||||||||||||||||
Short-term borrowings | 98 | ― | 98 | ― | ||||||||||||||||||||||||
Total liabilities | $ | 1,535 | $ | ― | $ | 1,534 | $ | 1 | ||||||||||||||||||||
Roll Forward of Level 3 Assets and Liabilities | ' | |||||||||||||||||||||||||||
Private | ||||||||||||||||||||||||||||
Equity and | ||||||||||||||||||||||||||||
Covered | Residential | Net | Similar | |||||||||||||||||||||||||
Year Ended December 31, 2013 | Trading | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 1 | $ | 994 | $ | 627 | $ | 54 | $ | 323 | ||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | 37 | ― | ― | ― | |||||||||||||||||||||||
Mortgage banking income | ― | ― | 229 | 21 | ― | |||||||||||||||||||||||
Other noninterest income | ― | ― | ― | ― | 33 | |||||||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ― | -14 | ― | ― | ― | |||||||||||||||||||||||
Purchases | 40 | ― | ― | ― | 58 | |||||||||||||||||||||||
Issuances | ― | ― | 336 | 65 | ― | |||||||||||||||||||||||
Sales | -41 | ― | ― | ― | -59 | |||||||||||||||||||||||
Settlements | ― | -156 | -145 | -151 | -64 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | ― | $ | 861 | $ | 1,047 | $ | -11 | $ | 291 | ||||||||||||||||||
Change in unrealized gains (losses) included in earnings for | ||||||||||||||||||||||||||||
the period, attributable to assets and liabilities still held | ||||||||||||||||||||||||||||
at December 31, 2013 | $ | ― | $ | 37 | $ | 229 | $ | -11 | $ | 22 | ||||||||||||||||||
Private | ||||||||||||||||||||||||||||
Equity and | ||||||||||||||||||||||||||||
Covered | Residential | Net | Similar | |||||||||||||||||||||||||
Year Ended December 31, 2012 | Trading | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1 | $ | 984 | $ | 563 | $ | 59 | $ | 261 | ||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | 48 | ― | ― | ― | |||||||||||||||||||||||
Mortgage banking income | ― | ― | -32 | 458 | ― | |||||||||||||||||||||||
Other noninterest income | ― | ― | ― | ― | 21 | |||||||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ― | 88 | ― | ― | ― | |||||||||||||||||||||||
Purchases | 4 | ― | ― | ― | 101 | |||||||||||||||||||||||
Issuances | ― | ― | 270 | 308 | ― | |||||||||||||||||||||||
Sales | -4 | ― | ― | ― | -59 | |||||||||||||||||||||||
Settlements | ― | -126 | -174 | -771 | -1 | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 1 | $ | 994 | $ | 627 | $ | 54 | $ | 323 | ||||||||||||||||||
Change in unrealized gains (losses) included in earnings for | ||||||||||||||||||||||||||||
the period, attributable to assets and liabilities still held | ||||||||||||||||||||||||||||
at December 31, 2012 | $ | ― | $ | 48 | $ | -32 | $ | 54 | $ | 12 | ||||||||||||||||||
Private | ||||||||||||||||||||||||||||
States & | Equity and | |||||||||||||||||||||||||||
Political | Other | Covered | Residential | Net | Similar | |||||||||||||||||||||||
Year Ended December 31, 2011 | Trading | Subdivisions | Securities | Securities | MSRs | Derivatives | Investments | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | 11 | $ | 119 | $ | 7 | $ | 954 | $ | 830 | $ | -25 | $ | 266 | ||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||
Interest income | ― | ― | ― | 54 | ― | ― | ― | |||||||||||||||||||||
Mortgage banking income | ― | ― | ― | ― | -341 | 151 | ― | |||||||||||||||||||||
Other noninterest income | -3 | ― | ― | ― | ― | ― | 64 | |||||||||||||||||||||
Included in OCI | ― | -9 | -1 | 24 | ― | ― | ― | |||||||||||||||||||||
Purchases | 7 | ― | ― | ― | ― | ― | 61 | |||||||||||||||||||||
Issuances | ― | ― | ― | ― | 225 | 110 | ― | |||||||||||||||||||||
Sales | -14 | ― | ― | ― | ― | ― | -112 | |||||||||||||||||||||
Settlements | ― | -53 | -1 | -48 | -151 | -177 | -15 | |||||||||||||||||||||
Transfers into Level 3 | ― | ― | ― | ― | ― | ― | 1 | |||||||||||||||||||||
Transfers out of Level 3 | ― | -57 | -5 | ― | ― | ― | -4 | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 1 | $ | ― | $ | ― | $ | 984 | $ | 563 | $ | 59 | $ | 261 | ||||||||||||||
Change in unrealized gains (losses) | ||||||||||||||||||||||||||||
included in earnings for the period, | ||||||||||||||||||||||||||||
attributable to assets and liabilities | ||||||||||||||||||||||||||||
still held at December 31, 2011 | $ | ― | $ | ― | $ | ― | $ | 54 | $ | -341 | $ | 59 | $ | 39 | ||||||||||||||
Fair Value and Unpaid Principal Balance of Loans Held for Sale | ' | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Fair | Aggregate | Fair | Aggregate | |||||||||||||||||||||||||
Value | UPB | Difference | Value | UPB | Difference | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
LHFS reported at fair value | $ | 1,222 | $ | 1,223 | $ | -1 | $ | 3,761 | $ | 3,652 | $ | 109 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||
As Of / For The Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Carrying Value | Valuation Adjustments | Carrying Value | Valuation Adjustments | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Impaired loans | $ | 50 | $ | -41 | $ | 137 | $ | -109 | ||||||||||||||||||||
Foreclosed real estate | 71 | -6 | 107 | -147 | ||||||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Assets and Liabilities Not Recorded at Fair Value | ' | |||||||||||||||||||||||||||
Carrying | Total | |||||||||||||||||||||||||||
31-Dec-13 | Amount | Fair Value | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||
HTM securities | $ | 18,101 | $ | 17,530 | $ | 17,491 | $ | 39 | ||||||||||||||||||||
Loans and leases, net of ALLL excluding covered loans | 112,264 | 112,261 | ― | 112,261 | ||||||||||||||||||||||||
Covered loans, net of ALLL | 1,921 | 2,200 | ― | 2,200 | ||||||||||||||||||||||||
FDIC loss share receivable | 843 | 464 | ― | 464 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||
Deposits | 127,475 | 127,810 | 127,810 | ― | ||||||||||||||||||||||||
FDIC loss share payable | 669 | 652 | ― | 652 | ||||||||||||||||||||||||
Long-term debt | 21,493 | 22,313 | 22,313 | ― | ||||||||||||||||||||||||
Carrying | Total | |||||||||||||||||||||||||||
31-Dec-12 | Amount | Fair Value | Level 2 | Level 3 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||
HTM securities | $ | 13,594 | $ | 13,848 | $ | 13,810 | $ | 38 | ||||||||||||||||||||
Loans and leases, net of ALLL excluding covered loans | 109,419 | 109,621 | ― | 109,621 | ||||||||||||||||||||||||
Covered loans, net of ALLL | 3,166 | 3,661 | ― | 3,661 | ||||||||||||||||||||||||
FDIC loss share receivable | 1,106 | 751 | ― | 751 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||
Deposits | 133,075 | 133,377 | 133,377 | ― | ||||||||||||||||||||||||
FDIC loss share payable | 627 | 602 | ― | 602 | ||||||||||||||||||||||||
Long-term debt | 19,114 | 20,676 | 20,676 | ― | ||||||||||||||||||||||||
Notional or Contractual Amounts and Fair Values of Off Balance-Sheet Financial Instruments | ' | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Notional/ | Notional/ | |||||||||||||||||||||||||||
Contract | Contract | |||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
Commitments to extend, originate or purchase credit | $ | 45,333 | $ | 86 | $ | 41,410 | $ | 74 | ||||||||||||||||||||
Residential mortgage loans sold with recourse | 783 | 13 | 1,019 | 12 | ||||||||||||||||||||||||
Other loans sold with recourse | 4,594 | 9 | 4,970 | 13 | ||||||||||||||||||||||||
Letters of credit and financial guarantees written | 4,355 | 39 | 5,164 | 30 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
Schedule of derivative financial instruments and related hedged items | ' | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Hedged Item or | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||
Transaction | Amount | Gain | Loss | Amount | Gain | Loss | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Pay fixed swaps | 3 mo. LIBOR funding | $ | 4,300 | $ | ― | $ | -203 | $ | 6,035 | $ | ― | $ | -298 | ||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps and option trades | Long-term debt | 6,822 | 102 | -3 | 800 | 182 | ― | ||||||||||||||||||||
Pay fixed swaps | Commercial loans | 178 | ― | -3 | 187 | ― | -7 | ||||||||||||||||||||
Pay fixed swaps | Municipal securities | 345 | ― | -83 | 345 | ― | -153 | ||||||||||||||||||||
Total | 7,345 | 102 | -89 | 1,332 | 182 | -160 | |||||||||||||||||||||
Not designated as hedges: | |||||||||||||||||||||||||||
Client-related and other risk management: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps | 8,619 | 370 | -37 | 9,352 | 687 | ― | |||||||||||||||||||||
Pay fixed swaps | 8,401 | 31 | -396 | 9,464 | ― | -717 | |||||||||||||||||||||
Other | 2,010 | 8 | -10 | 3,400 | 24 | -28 | |||||||||||||||||||||
Foreign exchange contracts | 384 | 2 | -3 | 534 | 4 | -3 | |||||||||||||||||||||
Total | 19,414 | 411 | -446 | 22,750 | 715 | -748 | |||||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Interest rate lock commitments | 1,869 | 3 | -14 | 6,064 | 55 | -1 | |||||||||||||||||||||
When issued securities, forward rate agreements and forward | |||||||||||||||||||||||||||
commitments | 3,100 | 34 | -7 | 8,886 | 10 | -19 | |||||||||||||||||||||
Other | 531 | 8 | -7 | 215 | 6 | -2 | |||||||||||||||||||||
Total | 5,500 | 45 | -28 | 15,165 | 71 | -22 | |||||||||||||||||||||
MSRs: | |||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||
Receive fixed swaps | 6,139 | 36 | -141 | 5,178 | 110 | -27 | |||||||||||||||||||||
Pay fixed swaps | 5,449 | 89 | -29 | 5,389 | 7 | -94 | |||||||||||||||||||||
Option trades | 9,415 | 181 | -31 | 14,510 | 363 | -88 | |||||||||||||||||||||
Futures contracts | ― | ― | ― | 30 | ― | ― | |||||||||||||||||||||
When issued securities, forward rate agreements and forward | |||||||||||||||||||||||||||
commitments | 1,756 | ― | -3 | 2,406 | 2 | ― | |||||||||||||||||||||
Total | 22,759 | 306 | -204 | 27,513 | 482 | -209 | |||||||||||||||||||||
Total nonhedging derivatives | 47,673 | 762 | -678 | 65,428 | 1,268 | -979 | |||||||||||||||||||||
Total derivatives | $ | 59,318 | 864 | -970 | $ | 72,795 | 1,450 | -1,437 | |||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Amounts subject to master netting arrangements not offset due to policy election | -514 | 514 | -797 | 797 | |||||||||||||||||||||||
Cash collateral (received) posted | -44 | 386 | -41 | 607 | |||||||||||||||||||||||
Net amount | $ | 306 | $ | -70 | $ | 612 | $ | -33 | |||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income | ' | ||||||||||||||||||||||||||
Effective Portion | |||||||||||||||||||||||||||
Pre-tax Gain (Loss) | Location of | Pre-tax Gain (Loss) Reclassified | |||||||||||||||||||||||||
Recognized in OCI | Amounts Reclassified | from AOCI into Income | |||||||||||||||||||||||||
2013 | 2012 | 2011 | from AOCI into Income | 2013 | 2012 | 2011 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||
Interest rate contracts | $ | 204 | $ | -84 | $ | -225 | Total interest income | $ | ― | $ | 11 | $ | 26 | ||||||||||||||
Total interest expense | -77 | -72 | -72 | ||||||||||||||||||||||||
$ | -77 | $ | -61 | $ | -46 | ||||||||||||||||||||||
Pre-tax Gain (Loss) | |||||||||||||||||||||||||||
Location of Amounts | Recognized in Income | ||||||||||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||||||
Interest rate contracts | Total interest income | $ | -21 | $ | -21 | $ | -21 | ||||||||||||||||||||
Total interest expense | 141 | 288 | 314 | ||||||||||||||||||||||||
$ | 120 | $ | 267 | $ | 293 | ||||||||||||||||||||||
Not Designated as Hedges: | |||||||||||||||||||||||||||
Client-related and other risk management: | |||||||||||||||||||||||||||
Interest rate contracts | Other income | $ | 26 | $ | 35 | $ | 10 | ||||||||||||||||||||
Foreign exchange contracts | Other income | 11 | 9 | 6 | |||||||||||||||||||||||
Mortgage Banking: | |||||||||||||||||||||||||||
Interest rate contracts | Mortgage banking income | -27 | 59 | -70 | |||||||||||||||||||||||
MSRs: | |||||||||||||||||||||||||||
Interest rate contracts | Mortgage banking income | -197 | 128 | 394 | |||||||||||||||||||||||
$ | -187 | $ | 231 | $ | 340 | ||||||||||||||||||||||
Deferred Gains and Losses From Hedges | ' | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Net unrecognized after-tax gain (loss), including both active and terminated | |||||||||||||||||||||||||||
hedges, on derivatives classified as cash flow hedges recorded in OCI | $ | 2 | $ | -173 | |||||||||||||||||||||||
Estimated after-tax gain (loss) to be reclassified from OCI into earnings during the | |||||||||||||||||||||||||||
next 12 months, including active hedges and hedges that were terminated early for which the forecasted transactions are still probable | -50 | -37 | |||||||||||||||||||||||||
Maximum length of time over which the entity has hedged a portion of its | |||||||||||||||||||||||||||
variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing financial instruments. | 7 | yrs | ― | yrs | |||||||||||||||||||||||
The following table presents information about BB&T's terminated hedge activity: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Pre-tax deferred gain from terminated cash flow hedges recorded in OCI | $ | 198 | $ | ― | |||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||
Pre-tax deferred gain from terminated fair value hedges related to long-term debt | ― | 85 | |||||||||||||||||||||||||
Pre-tax reduction of interest expense recognized from previously | |||||||||||||||||||||||||||
unwound fair value debt hedges | 89 | 256 | |||||||||||||||||||||||||
Schedule Of Derivative Instruments Summary Of Collateral Positions With Counterparties | ' | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||
Cash collateral received from dealer counterparties | $ | 44 | $ | 44 | |||||||||||||||||||||||
Derivatives in a net gain position secured by that collateral | 46 | 42 | |||||||||||||||||||||||||
Unsecured positions in a net gain with dealer counterparties after collateral postings | 3 | ― | |||||||||||||||||||||||||
Cash collateral posted to dealer counterparties | 356 | 603 | |||||||||||||||||||||||||
Derivatives in a net loss position secured by that collateral | 357 | 610 | |||||||||||||||||||||||||
Additional collateral that would have been posted had BB&T's credit ratings | |||||||||||||||||||||||||||
dropped below investment grade | 4 | 10 | |||||||||||||||||||||||||
Cash collateral, including initial margin, posted to central clearing parties | 43 | 111 | |||||||||||||||||||||||||
Derivatives in a net loss position secured by that collateral | 43 | 7 | |||||||||||||||||||||||||
Securities pledged to central clearing parties | 82 | ― | |||||||||||||||||||||||||
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Computation of EPS | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(Dollars in millions, except per share data, | |||||||||||
shares in thousands) | |||||||||||
Net income available to common shareholders | $ | 1,562 | $ | 1,916 | $ | 1,289 | |||||
Weighted average number of common shares | 703,042 | 698,739 | 696,532 | ||||||||
Effect of dilutive outstanding equity-based awards | 11,321 | 10,138 | 8,636 | ||||||||
Weighted average number of diluted common shares | 714,363 | 708,877 | 705,168 | ||||||||
Basic EPS | $ | 2.22 | $ | 2.74 | $ | 1.85 | |||||
Diluted EPS | $ | 2.19 | $ | 2.7 | $ | 1.83 | |||||
Anti-dilutive awards | 28,456 | 36,589 | 40,895 |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||||||||||||||||||||||
Schedule of Selected Financial Information Regarding Reportable Business Segments | ' | ||||||||||||||||||||||||||||||||||||||
BB&T Corporation | |||||||||||||||||||||||||||||||||||||||
Reportable Segments - Before Realignment | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 2,129 | $ | 2,084 | $ | 1,937 | $ | 1,168 | $ | 1,149 | $ | 1,024 | $ | 834 | $ | 844 | $ | 852 | $ | 678 | $ | 701 | $ | 636 | |||||||||||||||
Net intersegment interest income (expense) | 1,085 | 1,293 | 1,579 | -747 | -772 | -734 | -159 | -196 | -270 | -126 | -139 | -171 | |||||||||||||||||||||||||||
Segment net interest income | 3,214 | 3,377 | 3,516 | 421 | 377 | 290 | 675 | 648 | 582 | 552 | 562 | 465 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | 246 | 665 | 589 | 34 | 95 | 320 | 214 | 164 | 125 | 85 | 135 | 72 | |||||||||||||||||||||||||||
Noninterest income | 1,202 | 1,136 | 1,031 | 484 | 754 | 351 | 4 | 7 | 7 | 231 | 229 | 211 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | 160 | 178 | 121 | -1 | ― | ― | ― | ― | ― | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,701 | 1,827 | 2,356 | 344 | 389 | 297 | 108 | 101 | 90 | 255 | 259 | 233 | |||||||||||||||||||||||||||
Amortization of intangibles | 36 | 37 | 47 | ― | ― | ― | ― | 1 | 1 | 5 | 5 | 6 | |||||||||||||||||||||||||||
Allocated corporate expenses | 1,040 | 1,026 | 901 | 68 | 55 | 48 | 29 | 36 | 37 | 66 | 79 | 72 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 1,553 | 1,136 | 775 | 458 | 592 | -24 | 328 | 353 | 336 | 372 | 313 | 293 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 571 | 414 | 278 | 174 | 225 | -9 | 125 | 135 | 127 | 97 | 69 | 58 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 982 | $ | 722 | $ | 497 | $ | 284 | $ | 367 | $ | -15 | $ | 203 | $ | 218 | $ | 209 | $ | 275 | $ | 244 | $ | 235 | |||||||||||||||
Identifiable segment assets (period end) | $ | 63,145 | $ | 62,821 | $ | 59,167 | $ | 27,664 | $ | 29,503 | $ | 25,614 | $ | 11,526 | $ | 10,264 | $ | 9,874 | $ | 17,629 | $ | 18,907 | $ | 16,773 | |||||||||||||||
Insurance Services | Financial Services | Other, Treasury and Corporate (1) | Total BB&T Corporation | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 3 | $ | 3 | $ | 2 | $ | 150 | $ | 123 | $ | 108 | $ | 654 | $ | 953 | $ | 948 | $ | 5,616 | $ | 5,857 | $ | 5,507 | |||||||||||||||
Net intersegment interest income (expense) | 6 | 4 | 5 | 297 | 326 | 250 | -356 | -516 | -659 | ― | ― | ― | |||||||||||||||||||||||||||
Segment net interest income | 9 | 7 | 7 | 447 | 449 | 358 | 298 | 437 | 289 | 5,616 | 5,857 | 5,507 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | ― | ― | ― | 19 | 13 | -1 | -6 | -15 | 85 | 592 | 1,057 | 1,190 | |||||||||||||||||||||||||||
Noninterest income | 1,535 | 1,365 | 1,041 | 743 | 719 | 683 | -262 | -390 | -211 | 3,937 | 3,820 | 3,113 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | ― | ― | ― | 36 | 39 | 30 | -195 | -217 | -151 | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,135 | 1,016 | 786 | 617 | 643 | 575 | 1,571 | 1,483 | 1,366 | 5,731 | 5,718 | 5,703 | |||||||||||||||||||||||||||
Amortization of intangibles | 61 | 61 | 42 | 3 | 3 | 3 | 1 | 3 | ― | 106 | 110 | 99 | |||||||||||||||||||||||||||
Allocated corporate expenses | 96 | 82 | 72 | 99 | 93 | 74 | -1,398 | -1,371 | -1,204 | ― | ― | ― | |||||||||||||||||||||||||||
Income (loss) before income taxes | 252 | 213 | 148 | 488 | 455 | 420 | -327 | -270 | -320 | 3,124 | 2,792 | 1,628 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 85 | 70 | 46 | 183 | 171 | 156 | 160 | -320 | -360 | 1,395 | 764 | 296 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 167 | $ | 143 | $ | 102 | $ | 305 | $ | 284 | $ | 264 | $ | -487 | $ | 50 | $ | 40 | $ | 1,729 | $ | 2,028 | $ | 1,332 | |||||||||||||||
Identifiable segment assets (period end) | $ | 2,990 | $ | 3,297 | $ | 2,350 | $ | 10,434 | $ | 9,283 | $ | 7,497 | $ | 49,622 | $ | 50,424 | $ | 53,736 | $ | 183,010 | $ | 184,499 | $ | 175,011 | |||||||||||||||
-1 | Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. | ||||||||||||||||||||||||||||||||||||||
BB&T Corporation | |||||||||||||||||||||||||||||||||||||||
Reportable Segments - After Realignment | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 1,712 | $ | 1,669 | $ | 1,555 | $ | 1,585 | $ | 1,564 | $ | 1,406 | $ | 834 | $ | 844 | $ | 852 | $ | 678 | $ | 701 | $ | 636 | |||||||||||||||
Net intersegment interest income (expense) | 1,341 | 1,565 | 1,844 | -1,003 | -1,044 | -999 | -159 | -196 | -270 | -126 | -139 | -171 | |||||||||||||||||||||||||||
Segment net interest income | 3,053 | 3,234 | 3,399 | 582 | 520 | 407 | 675 | 648 | 582 | 552 | 562 | 465 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | 276 | 586 | 529 | 4 | 174 | 380 | 214 | 164 | 125 | 85 | 135 | 72 | |||||||||||||||||||||||||||
Noninterest income | 1,202 | 1,135 | 1,031 | 484 | 755 | 351 | 4 | 7 | 7 | 231 | 229 | 211 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | 173 | 190 | 131 | -1 | ― | ― | ― | ― | ― | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,683 | 1,800 | 2,334 | 361 | 416 | 320 | 108 | 101 | 90 | 255 | 259 | 233 | |||||||||||||||||||||||||||
Amortization of intangibles | 36 | 37 | 47 | ― | ― | ― | ― | 1 | 1 | 5 | 5 | 6 | |||||||||||||||||||||||||||
Allocated corporate expenses | 1,035 | 1,022 | 897 | 73 | 59 | 52 | 29 | 36 | 37 | 66 | 79 | 72 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 1,398 | 1,114 | 754 | 627 | 626 | 6 | 328 | 353 | 336 | 372 | 313 | 293 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 513 | 406 | 270 | 237 | 238 | 2 | 125 | 135 | 127 | 97 | 69 | 58 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 885 | 708 | 484 | 390 | 388 | 4 | 203 | 218 | 209 | 275 | 244 | 235 | ||||||||||||||||||||||||||
Identifiable segment assets (period end) | $ | 54,602 | $ | 54,731 | 52,368 | 36,207 | 37,593 | 32,413 | 11,526 | 10,264 | 9,874 | 17,629 | 18,907 | 16,773 | |||||||||||||||||||||||||
Insurance Services | Financial Services | Other, Treasury and Corporate (1) | Total BB&T Corporation | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 3 | $ | 3 | $ | 2 | $ | 129 | $ | 106 | $ | 98 | $ | 675 | $ | 970 | $ | 958 | $ | 5,616 | $ | 5,857 | $ | 5,507 | |||||||||||||||
Net intersegment interest income (expense) | 6 | 4 | 5 | 310 | 337 | 257 | -369 | -527 | -666 | ― | ― | ― | |||||||||||||||||||||||||||
Segment net interest income | 9 | 7 | 7 | 439 | 443 | 355 | 306 | 443 | 292 | 5,616 | 5,857 | 5,507 | |||||||||||||||||||||||||||
Allocated provision for loan and lease losses | ― | ― | ― | 17 | 11 | -2 | -4 | -13 | 86 | 592 | 1,057 | 1,190 | |||||||||||||||||||||||||||
Noninterest income | 1,535 | 1,365 | 1,041 | 743 | 719 | 683 | -262 | -390 | -211 | 3,937 | 3,820 | 3,113 | |||||||||||||||||||||||||||
Intersegment net referral fees (expense) | ― | ― | ― | 36 | 39 | 30 | -208 | -229 | -161 | ― | ― | ― | |||||||||||||||||||||||||||
Noninterest expense | 1,135 | 1,016 | 786 | 617 | 643 | 575 | 1,572 | 1,483 | 1,365 | 5,731 | 5,718 | 5,703 | |||||||||||||||||||||||||||
Amortization of intangibles | 61 | 61 | 42 | 3 | 3 | 3 | 1 | 3 | ― | 106 | 110 | 99 | |||||||||||||||||||||||||||
Allocated corporate expenses | 96 | 82 | 72 | 99 | 93 | 74 | -1,398 | -1,371 | -1,204 | ― | ― | ― | |||||||||||||||||||||||||||
Income (loss) before income taxes | 252 | 213 | 148 | 482 | 451 | 418 | -335 | -278 | -327 | 3,124 | 2,792 | 1,628 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 85 | 70 | 46 | 181 | 169 | 155 | 157 | -323 | -362 | 1,395 | 764 | 296 | |||||||||||||||||||||||||||
Segment net income (loss) | $ | 167 | $ | 143 | 102 | 301 | 282 | 263 | -492 | 45 | 35 | $ | 1,729 | $ | 2,028 | $ | 1,332 | ||||||||||||||||||||||
Identifiable segment assets (period end) | $ | 2,990 | $ | 3,297 | 2,350 | 9,876 | 8,845 | 7,243 | 50,180 | 50,862 | 53,990 | $ | 183,010 | $ | 184,499 | $ | 175,011 | ||||||||||||||||||||||
-1 | Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure. |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Pledged securities carrying value | $19,000,000,000 | $11,900,000,000 |
Fair value hedge basis adjustments | ' | 60,000,000 |
FNMA Investment [Member] | ' | ' |
Securities, amortized cost | ' | 13,200,000,000 |
Securities, fair value | ' | 12,700,000,000 |
FHLMC Investment [Member] | ' | ' |
Securities, amortized cost | ' | 7,100,000,000 |
Securities, fair value | ' | 7,000,000,000 |
Covered Securities [Member] | Non-Agency Mortgage-Backed Securities [Member] | ' | ' |
Securities, fair value | 1,300,000,000 | 1,100,000,000 |
OTTI losses, investments, portion recognized in earnings, net | 4,000,000 | ' |
Covered Securities [Member] | States and Political Subdivisions [Member] | ' | ' |
Securities, fair value | $326,000,000 | $314,000,000 |
Securities_Amortized_Cost_Gros
Securities (Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Securities Available for Sale) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
AFS securities, amortized cost | $22,168 | $24,177 |
AFS securities, gross unrealized gains | 574 | 1,079 |
AFS securities, gross unrealized losses | 638 | 119 |
AFS securities, fair value | 22,104 | 25,137 |
U.S. Treasury Securities | ' | ' |
AFS securities, amortized cost | 595 | 281 |
AFS securities, fair value | 595 | 281 |
GSE Securities | ' | ' |
AFS securities, amortized cost | ' | 9 |
AFS securities, gross unrealized gains | ' | 0 |
AFS securities, gross unrealized losses | ' | 0 |
AFS securities, fair value | ' | 9 |
MBS Issued by GSE | ' | ' |
AFS securities, amortized cost | 18,397 | 20,482 |
AFS securities, gross unrealized gains | 78 | 466 |
AFS securities, gross unrealized losses | 546 | 18 |
AFS securities, fair value | 17,929 | 20,930 |
States and Political Subdivisions [Member] | ' | ' |
AFS securities, amortized cost | 1,877 | 1,948 |
AFS securities, gross unrealized gains | 65 | 153 |
AFS securities, gross unrealized losses | 91 | 90 |
AFS securities, fair value | 1,851 | 2,011 |
Non-Agency Mortgage-Backed Securities [Member] | ' | ' |
AFS securities, amortized cost | 264 | 307 |
AFS securities, gross unrealized gains | 27 | 16 |
AFS securities, gross unrealized losses | 0 | 11 |
AFS securities, fair value | 291 | 312 |
Other Securities [Member] | ' | ' |
AFS securities, amortized cost | 46 | 3 |
AFS securities, gross unrealized gains | 0 | 0 |
AFS securities, gross unrealized losses | 1 | 0 |
AFS securities, fair value | 45 | 3 |
Covered Securities [Member] | ' | ' |
AFS securities, amortized cost | 989 | 1,147 |
AFS securities, gross unrealized gains | 404 | 444 |
AFS securities, gross unrealized losses | 0 | 0 |
AFS securities, fair value | $1,393 | $1,591 |
Securities_Amortized_Cost_Gros1
Securities (Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Securities Held to Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
HTM securities, amortized cost | $18,101 | $13,594 |
HTM securities, gross unrealized gains | 54 | 260 |
HTM securities, gross unrealized losses | 625 | 6 |
HTM securities, fair value | 17,530 | 13,848 |
U.S. Treasury Securities | ' | ' |
HTM securities, amortized cost | 392 | ' |
HTM securities, gross unrealized gains | 0 | ' |
HTM securities, gross unrealized losses | 8 | ' |
HTM securities, fair value | 384 | ' |
GSE Securities | ' | ' |
HTM securities, amortized cost | 5,603 | 3,808 |
HTM securities, gross unrealized gains | 2 | 17 |
HTM securities, gross unrealized losses | 397 | 1 |
HTM securities, fair value | 5,208 | 3,824 |
MBS Issued by GSE | ' | ' |
HTM securities, amortized cost | 11,636 | 9,273 |
HTM securities, gross unrealized gains | 38 | 238 |
HTM securities, gross unrealized losses | 220 | 1 |
HTM securities, fair value | 11,454 | 9,510 |
States and Political Subdivisions [Member] | ' | ' |
HTM securities, amortized cost | 33 | 34 |
HTM securities, gross unrealized gains | 2 | 1 |
HTM securities, gross unrealized losses | 0 | 1 |
HTM securities, fair value | 35 | 34 |
Other Securities [Member] | ' | ' |
HTM securities, amortized cost | 437 | 479 |
HTM securities, gross unrealized gains | 12 | 4 |
HTM securities, gross unrealized losses | 0 | 3 |
HTM securities, fair value | $449 | $480 |
Securities_Gross_Realized_Gain
Securities (Gross Realized Gains and Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross gains | $57 | $1 | $175 |
Gross losses | -6 | -4 | -1 |
Net realized gains (losses) | $51 | ($3) | $174 |
Securities_Schedule_of_Credit_
Securities (Schedule of Credit Losses on Other-than-Temporarily Impaired Non-agency RMBS where Portion of the Unrealized Loss was Recognized in OCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities | ' | ' | ' |
Balance at beginning of period | $98 | $130 | $31 |
Credit losses on securities not previously considered other-than-temporarily impaired | 0 | 0 | 1 |
Credit losses on securities with previously recognized OTTI | 0 | 5 | 111 |
Reductions for securities sold/settled during the period | -20 | -37 | -13 |
Balance at end of period | $78 | $98 | $130 |
Securities_Amortized_Cost_and_
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Securities | ' |
AFS securities, debt securities due in one year or less, amortized cost | $189 |
AFS securities, debt securities due in one year or less, fair value | 189 |
AFS securities, debt securities due after one year through five years, amortized cost | 565 |
AFS securities, debt securities due after one year through five years, fair value | 573 |
AFS securities, debt securities due after five years through ten years, amortized cost | 499 |
AFS securities, debt securities due after five years through ten years, fair value | 519 |
AFS securities, debt securities due after ten years, amortized cost | 20,915 |
AFS securities, debt securities due after ten years, fair value | 20,823 |
Total AFS debt securities, amortized cost | 22,168 |
Total AFS debt securities, fair value | 22,104 |
HTM securities, debt securities due after five years through ten years, amortized cost | 5,926 |
HTM securities, debt securities due after five years through ten years, fair value | 5,524 |
HTM securities, debt securities due after ten years, amortized cost | 12,175 |
HTM securities, debt securities due after ten years, fair value | 12,006 |
Total HTM debt securities, amortized cost | 18,101 |
Total HTM debt securities, fair value | $17,530 |
Securities_Gross_Unrealized_Lo
Securities (Gross Unrealized Losses and Fair Values of Investments by Investment Category and Length of Time) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair value of temporarily impaired AFS securities, less than 12 months | $10,525 | $2,714 |
Unrealized losses on temporarily impaired AFS securities, less than 12 months | 415 | 19 |
Fair value of temporarily impaired AFS securities, 12 months or more | 2,376 | 591 |
Unrealized losses on temporarily impaired AFS securities, 12 months or more | 223 | 100 |
Total fair value of temporarily impaired AFS securities | 12,901 | 3,305 |
Total unrealized losses on temporarily impaired AFS securities | 638 | 119 |
Fair value of temporarily impaired HTM securities, less than 12 months | 14,180 | 1,686 |
Unrealized losses on temporarily impaired HTM securities, less than 12 months | 624 | 6 |
Fair value of temporarily impaired HTM securities, 12 months or more | 48 | 0 |
Unrealized losses on temporarily impaired HTM securities, 12 months or more | 1 | 0 |
Total fair value of temporarily impaired HTM securities | 14,228 | 1,686 |
Total unrealized losses on temporarily impaired HTM securities | 625 | 6 |
GSE Securities | ' | ' |
Fair value of temporarily impaired HTM securities, less than 12 months | 4,996 | 805 |
Unrealized losses on temporarily impaired HTM securities, less than 12 months | 397 | 1 |
Fair value of temporarily impaired HTM securities, 12 months or more | 0 | 0 |
Unrealized losses on temporarily impaired HTM securities, 12 months or more | 0 | 0 |
Total fair value of temporarily impaired HTM securities | 4,996 | 805 |
Total unrealized losses on temporarily impaired HTM securities | 397 | 1 |
MBS Issued by GSE | ' | ' |
Fair value of temporarily impaired AFS securities, less than 12 months | 10,259 | 2,662 |
Unrealized losses on temporarily impaired AFS securities, less than 12 months | 406 | 18 |
Fair value of temporarily impaired AFS securities, 12 months or more | 1,935 | 0 |
Unrealized losses on temporarily impaired AFS securities, 12 months or more | 140 | 0 |
Total fair value of temporarily impaired AFS securities | 12,194 | 2,662 |
Total unrealized losses on temporarily impaired AFS securities | 546 | 18 |
Fair value of temporarily impaired HTM securities, less than 12 months | 8,800 | 593 |
Unrealized losses on temporarily impaired HTM securities, less than 12 months | 219 | 1 |
Fair value of temporarily impaired HTM securities, 12 months or more | 48 | 0 |
Unrealized losses on temporarily impaired HTM securities, 12 months or more | 1 | 0 |
Total fair value of temporarily impaired HTM securities | 8,848 | 593 |
Total unrealized losses on temporarily impaired HTM securities | 220 | 1 |
States and Political Subdivisions [Member] | ' | ' |
Fair value of temporarily impaired AFS securities, less than 12 months | 232 | 52 |
Unrealized losses on temporarily impaired AFS securities, less than 12 months | 8 | 1 |
Fair value of temporarily impaired AFS securities, 12 months or more | 441 | 478 |
Unrealized losses on temporarily impaired AFS securities, 12 months or more | 83 | 89 |
Total fair value of temporarily impaired AFS securities | 673 | 530 |
Total unrealized losses on temporarily impaired AFS securities | 91 | 90 |
Fair value of temporarily impaired HTM securities, less than 12 months | ' | 22 |
Unrealized losses on temporarily impaired HTM securities, less than 12 months | ' | 1 |
Fair value of temporarily impaired HTM securities, 12 months or more | ' | 0 |
Unrealized losses on temporarily impaired HTM securities, 12 months or more | ' | 0 |
Total fair value of temporarily impaired HTM securities | ' | 22 |
Total unrealized losses on temporarily impaired HTM securities | ' | 1 |
Non-Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair value of temporarily impaired AFS securities, less than 12 months | ' | 0 |
Unrealized losses on temporarily impaired AFS securities, less than 12 months | ' | 0 |
Fair value of temporarily impaired AFS securities, 12 months or more | ' | 113 |
Unrealized losses on temporarily impaired AFS securities, 12 months or more | ' | 11 |
Total fair value of temporarily impaired AFS securities | ' | 113 |
Total unrealized losses on temporarily impaired AFS securities | ' | 11 |
Other Securities [Member] | ' | ' |
Fair value of temporarily impaired AFS securities, less than 12 months | 34 | ' |
Unrealized losses on temporarily impaired AFS securities, less than 12 months | 1 | ' |
Total fair value of temporarily impaired AFS securities | 34 | ' |
Total unrealized losses on temporarily impaired AFS securities | 1 | ' |
Fair value of temporarily impaired HTM securities, less than 12 months | ' | 266 |
Unrealized losses on temporarily impaired HTM securities, less than 12 months | ' | 3 |
Fair value of temporarily impaired HTM securities, 12 months or more | ' | 0 |
Unrealized losses on temporarily impaired HTM securities, 12 months or more | ' | 0 |
Total fair value of temporarily impaired HTM securities | ' | 266 |
Total unrealized losses on temporarily impaired HTM securities | ' | $3 |
Loans_and_ACL_Narrative_Detail
Loans and ACL (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | Unallocated [Member] | Retail Residential Mortgage, Excluding Covered [Member] | Retail Residential Mortgage, Excluding Covered [Member] | Direct Retail Lending, Excluding Covered [Member] | |
Loans Sold and Transferred [Line Items] | ' | ' | ' | ' | ' |
Loans sold | $500 | ' | ' | ' | ' |
Allowance for loan and lease losses, loans sold | 27 | ' | ' | ' | ' |
Loans transferred in | ' | ' | 8,300 | 230 | ' |
Allowance for loan and lease losses, transferred in | ' | ' | ' | 38 | ' |
Loans transferred out | 230 | ' | ' | ' | 8,300 |
Allowance for loan and lease losses, transferred out | $38 | $47 | ' | ' | ' |
Loans_and_ACL_Aging_Analysis_o
Loans and ACL (Aging Analysis of Past Due Loans and Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loans and leases, current | $112,629 | $110,553 |
Loans and leases, 30-89 days past due | 1,120 | 1,292 |
Loans and leases, 90 days or more past due | 1,233 | 1,378 |
Nonaccrual loans and leases | 935 | 1,380 |
Total loans and leases | 115,917 | 114,603 |
Total Loans Excluding Government and GNMA Guaranteed [Member] | ' | ' |
Loans and leases, current | 112,393 | 110,328 |
Loans and leases, 30-89 days past due | 1,028 | 1,203 |
Loans and leases, 90 days or more past due | 426 | 609 |
Nonaccrual loans and leases | 935 | 1,380 |
Total loans and leases | 114,782 | 113,520 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 38,110 | 37,706 |
Loans and leases, 30-89 days past due | 35 | 42 |
Loans and leases, 90 days or more past due | 0 | 1 |
Nonaccrual loans and leases | 363 | 546 |
Total loans and leases | 38,508 | 38,295 |
CRE - Other, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 11,535 | 11,237 |
Loans and leases, 30-89 days past due | 8 | 12 |
Loans and leases, 90 days or more past due | 0 | 0 |
Nonaccrual loans and leases | 129 | 212 |
Total loans and leases | 11,672 | 11,461 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 901 | 1,131 |
Loans and leases, 30-89 days past due | 2 | 2 |
Loans and leases, 90 days or more past due | 0 | 0 |
Nonaccrual loans and leases | 35 | 128 |
Total loans and leases | 938 | 1,261 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 4,482 | 4,106 |
Loans and leases, 30-89 days past due | 14 | 20 |
Loans and leases, 90 days or more past due | 5 | 9 |
Nonaccrual loans and leases | 1 | 3 |
Total loans and leases | 4,502 | 4,138 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 15,595 | 15,502 |
Loans and leases, 30-89 days past due | 132 | 145 |
Loans and leases, 90 days or more past due | 33 | 38 |
Nonaccrual loans and leases | 109 | 132 |
Total loans and leases | 15,869 | 15,817 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 2,370 | 2,291 |
Loans and leases, 30-89 days past due | 23 | 23 |
Loans and leases, 90 days or more past due | 10 | 16 |
Nonaccrual loans and leases | 0 | 0 |
Total loans and leases | 2,403 | 2,330 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 22,738 | 22,330 |
Loans and leases, 30-89 days past due | 463 | 498 |
Loans and leases, 90 days or more past due | 69 | 92 |
Nonaccrual loans and leases | 243 | 269 |
Total loans and leases | 23,513 | 23,189 |
Retail Residential Mortgage, Excluding Covered [Member] | Government Guaranteed Loans [Member] | ' | ' |
Loans and leases, current | 236 | 225 |
Loans and leases, 30-89 days past due | 88 | 84 |
Loans and leases, 90 days or more past due | 296 | 252 |
Nonaccrual loans and leases | 0 | 0 |
Total loans and leases | 620 | 561 |
Retail Residential Mortgage, Excluding Covered [Member] | GNMA [Member] | ' | ' |
Loans and leases, 30-89 days past due | 4 | 5 |
Loans and leases, 90 days or more past due | 511 | 517 |
Total loans and leases | 515 | 522 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 9,316 | 7,663 |
Loans and leases, 30-89 days past due | 56 | 56 |
Loans and leases, 90 days or more past due | 5 | 10 |
Nonaccrual loans and leases | 5 | 7 |
Total loans and leases | 9,382 | 7,736 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Loans and leases, current | 5,703 | 5,645 |
Loans and leases, 30-89 days past due | 207 | 270 |
Loans and leases, 90 days or more past due | 0 | 1 |
Nonaccrual loans and leases | 50 | 83 |
Total loans and leases | 5,960 | 5,999 |
Covered [Member] | ' | ' |
Loans and leases, current | 1,643 | 2,717 |
Loans and leases, 30-89 days past due | 88 | 135 |
Loans and leases, 90 days or more past due | 304 | 442 |
Nonaccrual loans and leases | 0 | 0 |
Total loans and leases | $2,035 | $3,294 |
Loans_and_ACL_Commercial_Credi
Loans and ACL (Commercial Credit Exposure Credit Risk Profile by Internal Loan Risk Rating) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loans and leases | $115,917 | $114,603 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' |
Loans and leases | 38,508 | 38,295 |
Commercial and Industrial, Excluding Covered [Member] | Pass Grade Credit [Member] | ' | ' |
Loans and leases | 36,804 | 36,044 |
Commercial and Industrial, Excluding Covered [Member] | Special Mention Grade Credit [Member] | ' | ' |
Loans and leases | 219 | 274 |
Commercial and Industrial, Excluding Covered [Member] | Substandard Performing [Member] | ' | ' |
Loans and leases | 1,122 | 1,431 |
Commercial and Industrial, Excluding Covered [Member] | Nonperforming [Member] | ' | ' |
Loans and leases | 363 | 546 |
CRE - Other, Excluding Covered [Member] | ' | ' |
Loans and leases | 11,672 | 11,461 |
CRE - Other, Excluding Covered [Member] | Pass Grade Credit [Member] | ' | ' |
Loans and leases | 10,883 | 10,095 |
CRE - Other, Excluding Covered [Member] | Special Mention Grade Credit [Member] | ' | ' |
Loans and leases | 58 | 120 |
CRE - Other, Excluding Covered [Member] | Substandard Performing [Member] | ' | ' |
Loans and leases | 602 | 1,034 |
CRE - Other, Excluding Covered [Member] | Nonperforming [Member] | ' | ' |
Loans and leases | 129 | 212 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' |
Loans and leases | 938 | 1,261 |
CRE - Residential ADC, Excluding Covered [Member] | Pass Grade Credit [Member] | ' | ' |
Loans and leases | 794 | 859 |
CRE - Residential ADC, Excluding Covered [Member] | Special Mention Grade Credit [Member] | ' | ' |
Loans and leases | 11 | 41 |
CRE - Residential ADC, Excluding Covered [Member] | Substandard Performing [Member] | ' | ' |
Loans and leases | 98 | 233 |
CRE - Residential ADC, Excluding Covered [Member] | Nonperforming [Member] | ' | ' |
Loans and leases | 35 | 128 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Loans and leases | 4,502 | 4,138 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | Pass Grade Credit [Member] | ' | ' |
Loans and leases | 4,464 | 4,093 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | Special Mention Grade Credit [Member] | ' | ' |
Loans and leases | 8 | 13 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | Substandard Performing [Member] | ' | ' |
Loans and leases | 29 | 29 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | Nonperforming [Member] | ' | ' |
Loans and leases | $1 | $3 |
Loans_and_ACL_Schedule_of_Reta
Loans and ACL (Schedule of Retail Credit Exposure, Credit Risk Profile Based on Payment Activity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loans and leases | $115,917 | $114,603 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' |
Loans and leases | 15,869 | 15,817 |
Direct Retail Lending, Excluding Covered [Member] | Performing Financing Receivable [Member] | ' | ' |
Loans and leases | 15,760 | 15,685 |
Direct Retail Lending, Excluding Covered [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Loans and leases | 109 | 132 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' |
Loans and leases | 2,403 | 2,330 |
Retail Revolving Credit, Excluding Covered [Member] | Performing Financing Receivable [Member] | ' | ' |
Loans and leases | 2,403 | 2,330 |
Retail Revolving Credit, Excluding Covered [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Loans and leases | 0 | 0 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' |
Loans and leases | 24,648 | 24,272 |
Retail Residential Mortgage, Excluding Covered [Member] | Performing Financing Receivable [Member] | ' | ' |
Loans and leases | 24,405 | 24,003 |
Retail Residential Mortgage, Excluding Covered [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Loans and leases | 243 | 269 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' |
Loans and leases | 9,382 | 7,736 |
Retail Sales Finance, Excluding Covered [Member] | Performing Financing Receivable [Member] | ' | ' |
Loans and leases | 9,377 | 7,729 |
Retail Sales Finance, Excluding Covered [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Loans and leases | 5 | 7 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Loans and leases | 5,960 | 5,999 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | Performing Financing Receivable [Member] | ' | ' |
Loans and leases | 5,910 | 5,916 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Loans and leases | $50 | $83 |
Loans_and_ACL_Analysis_of_the_
Loans and ACL (Analysis of the Allowance for Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision for credit losses | $592 | $1,057 | $1,190 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 470 | 433 | 621 |
Loans and leases charged-off | -248 | -337 | -323 |
Recoveries of previous charge-offs | 47 | 17 | 28 |
Provision for credit losses | 166 | 357 | 107 |
Other | 19 | ' | ' |
ACL, Ending balance | 454 | 470 | 433 |
CRE - Other, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 204 | 334 | 446 |
Loans and leases charged-off | -84 | -205 | -273 |
Recoveries of previous charge-offs | 28 | 13 | 18 |
Provision for credit losses | 16 | 62 | 143 |
Other | 14 | ' | ' |
ACL, Ending balance | 178 | 204 | 334 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 100 | 286 | 469 |
Loans and leases charged-off | -48 | -190 | -302 |
Recoveries of previous charge-offs | 23 | 41 | 25 |
Provision for credit losses | -32 | -37 | 94 |
Other | 4 | ' | ' |
ACL, Ending balance | 47 | 100 | 286 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 13 | 11 | 21 |
Loans and leases charged-off | -3 | -8 | -9 |
Recoveries of previous charge-offs | 2 | 2 | 3 |
Provision for credit losses | 3 | 8 | -4 |
ACL, Ending balance | 15 | 13 | 11 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 300 | 232 | 246 |
Loans and leases charged-off | -148 | -224 | -276 |
Recoveries of previous charge-offs | 38 | 36 | 37 |
Provision for credit losses | 15 | 256 | 225 |
Other | 4 | ' | ' |
ACL, Ending balance | 209 | 300 | 232 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 102 | 112 | 109 |
Loans and leases charged-off | -85 | -81 | -95 |
Recoveries of previous charge-offs | 17 | 18 | 19 |
Provision for credit losses | 81 | 53 | 79 |
ACL, Ending balance | 115 | 102 | 112 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 328 | 365 | 298 |
Loans and leases charged-off | -81 | -136 | -269 |
Recoveries of previous charge-offs | 3 | 3 | 5 |
Provision for credit losses | 37 | 96 | 331 |
Other | 44 | ' | ' |
ACL, Ending balance | 331 | 328 | 365 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 29 | 38 | 47 |
Loans and leases charged-off | -23 | -26 | -32 |
Recoveries of previous charge-offs | 9 | 10 | 9 |
Provision for credit losses | 30 | 7 | 14 |
ACL, Ending balance | 45 | 29 | 38 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 264 | 186 | 177 |
Loans and leases charged-off | -252 | -217 | -181 |
Recoveries of previous charge-offs | 32 | 24 | 22 |
Provision for credit losses | 245 | 271 | 168 |
Other | -65 | ' | ' |
ACL, Ending balance | 224 | 264 | 186 |
Covered [Member] | ' | ' | ' |
ACL, Beginning balance | 128 | 149 | 144 |
Loans and leases charged-off | -19 | -34 | -66 |
Recoveries of previous charge-offs | 0 | 0 | 0 |
Provision for credit losses | 5 | 13 | 71 |
ACL, Ending balance | 114 | 128 | 149 |
Unallocated [Member] | ' | ' | ' |
ACL, Beginning balance | 80 | 110 | 130 |
Loans and leases charged-off | 0 | 0 | 0 |
Recoveries of previous charge-offs | 0 | 0 | 0 |
Provision for credit losses | -33 | -30 | -20 |
Other | -47 | ' | ' |
ACL, Ending balance | 0 | 80 | 110 |
Allowance for Loan and Lease Losses [Member] | ' | ' | ' |
ACL, Beginning balance | 2,018 | 2,256 | 2,708 |
Loans and leases charged-off | -991 | -1,458 | -1,826 |
Recoveries of previous charge-offs | 199 | 164 | 166 |
Provision for credit losses | 533 | 1,056 | 1,208 |
Other | -27 | ' | ' |
ACL, Ending balance | 1,732 | 2,018 | 2,256 |
Reserve For Unfunded Lending Commitments [Member] | ' | ' | ' |
ACL, Beginning balance | 30 | 29 | 47 |
Loans and leases charged-off | 0 | 0 | 0 |
Recoveries of previous charge-offs | 0 | 0 | 0 |
Provision for credit losses | 59 | 1 | -18 |
ACL, Ending balance | 89 | 30 | 29 |
Allowance for Credit Losses [Member] | ' | ' | ' |
ACL, Beginning balance | 2,048 | 2,285 | 2,755 |
Loans and leases charged-off | -991 | -1,458 | -1,826 |
Recoveries of previous charge-offs | 199 | 164 | 166 |
Provision for credit losses | 592 | 1,057 | 1,190 |
Other | -27 | ' | ' |
ACL, Ending balance | $1,821 | $2,048 | $2,285 |
Loans_and_ACL_Summary_of_Loans
Loans and ACL (Summary of Loans Collectively Evaluated for Impairment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Recorded Investment, Collectively evaluated for impairment | $113,405 | $111,856 |
Related ALLL, Collectively evaluated for impairment | 1,365 | 1,607 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 38,042 | 37,664 |
Related ALLL, Collectively evaluated for impairment | 382 | 397 |
CRE - Other, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 11,441 | 11,149 |
Related ALLL, Collectively evaluated for impairment | 150 | 168 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 881 | 1,106 |
Related ALLL, Collectively evaluated for impairment | 38 | 79 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 4,501 | 4,135 |
Related ALLL, Collectively evaluated for impairment | 15 | 12 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 15,648 | 15,582 |
Related ALLL, Collectively evaluated for impairment | 166 | 241 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 2,355 | 2,274 |
Related ALLL, Collectively evaluated for impairment | 96 | 78 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 23,316 | 23,085 |
Related ALLL, Collectively evaluated for impairment | 167 | 198 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 9,363 | 7,714 |
Related ALLL, Collectively evaluated for impairment | 41 | 23 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 5,823 | 5,853 |
Related ALLL, Collectively evaluated for impairment | 196 | 203 |
Covered [Member] | ' | ' |
Recorded Investment, Collectively evaluated for impairment | 2,035 | 3,294 |
Related ALLL, Collectively evaluated for impairment | 114 | 128 |
Unallocated [Member] | ' | ' |
Related ALLL, Collectively evaluated for impairment | $0 | $80 |
Loans_and_ACL_Schedule_of_Info
Loans and ACL (Schedule of Information Regarding Impaired Loans) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Related allowance | $1,732 | $2,018 | ||
Impaired Loans Excluding Acquired Impaired And Government Guaranteed Loans [Member] | ' | ' | ||
Recorded investment | 2,136 | [1] | 2,434 | [1] |
UPB | 2,461 | [1] | 2,882 | [1] |
Related allowance | 312 | [1] | 385 | [1] |
Average recorded investment | 2,328 | [1] | 2,356 | [1] |
Interest income recognized | 77 | [1] | 53 | [1] |
Impaired Financing Receivable With No Related Allowance Recorded [Member] | Commercial and Industrial, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 91 | 116 | ||
UPB | 165 | 232 | ||
Average recorded investment | 111 | 117 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With No Related Allowance Recorded [Member] | CRE - Other, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 25 | 60 | ||
UPB | 41 | 108 | ||
Average recorded investment | 53 | 81 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With No Related Allowance Recorded [Member] | CRE - Residential ADC, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 16 | 44 | ||
UPB | 36 | 115 | ||
Average recorded investment | 31 | 103 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With No Related Allowance Recorded [Member] | Direct Retail Lending, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 23 | 19 | ||
UPB | 76 | 73 | ||
Average recorded investment | 23 | 19 | ||
Interest income recognized | 1 | 1 | ||
Impaired Financing Receivable With No Related Allowance Recorded [Member] | Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 144 | [1] | 120 | [1] |
UPB | 237 | [1] | 201 | [1] |
Average recorded investment | 129 | [1] | 80 | [1] |
Interest income recognized | 4 | [1] | 2 | [1] |
Impaired Financing Receivable With No Related Allowance Recorded [Member] | Retail Sales Finance, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 1 | 1 | ||
UPB | 2 | 3 | ||
Average recorded investment | 1 | 1 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With No Related Allowance Recorded [Member] | Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 2 | 2 | ||
UPB | 6 | 6 | ||
Average recorded investment | 4 | 3 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Commercial and Industrial, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 375 | 515 | ||
UPB | 409 | 551 | ||
Related allowance | 72 | 73 | ||
Average recorded investment | 453 | 522 | ||
Interest income recognized | 5 | 3 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | CRE - Other, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 206 | 252 | ||
UPB | 208 | 255 | ||
Related allowance | 28 | 36 | ||
Average recorded investment | 233 | 319 | ||
Interest income recognized | 5 | 5 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | CRE - Residential ADC, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 41 | 111 | ||
UPB | 42 | 116 | ||
Related allowance | 9 | 21 | ||
Average recorded investment | 76 | 180 | ||
Interest income recognized | 2 | 1 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 1 | 3 | ||
UPB | 1 | 3 | ||
Related allowance | 0 | 1 | ||
Average recorded investment | 2 | 4 | ||
Interest income recognized | 0 | 0 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Direct Retail Lending, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 198 | 216 | ||
UPB | 204 | 226 | ||
Related allowance | 43 | 59 | ||
Average recorded investment | 204 | 140 | ||
Interest income recognized | 12 | 9 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Retail Revolving Credit, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 48 | 56 | ||
UPB | 48 | 56 | ||
Related allowance | 19 | 24 | ||
Average recorded investment | 52 | 59 | ||
Interest income recognized | 2 | 2 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 812 | [1] | 754 | [1] |
UPB | 830 | [1] | 770 | [1] |
Related allowance | 109 | [1] | 104 | [1] |
Average recorded investment | 763 | [1] | 649 | [1] |
Interest income recognized | 34 | [1] | 28 | [1] |
Impaired Financing Receivable With Related Allowance Recorded [Member] | Retail Sales Finance, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 18 | 21 | ||
UPB | 19 | 21 | ||
Related allowance | 4 | 6 | ||
Average recorded investment | 20 | 13 | ||
Interest income recognized | 1 | 0 | ||
Impaired Financing Receivable With Related Allowance Recorded [Member] | Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 135 | 144 | ||
UPB | 137 | 146 | ||
Related allowance | 28 | 61 | ||
Average recorded investment | 173 | 66 | ||
Interest income recognized | 11 | 2 | ||
Government Guaranteed Loans [Member] | Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ||
Recorded investment | 376 | 313 | ||
Related allowance | $55 | $26 | ||
[1] | Residential mortgage loans exclude $376 million and $313 million in government guaranteed loans and related ALLL of $55 million and $26 million as of December 31, 2013 and December 31, 2012, respectively. |
Loans_and_ACL_Summary_of_TDRs_
Loans and ACL (Summary of TDRs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Residential mortgage | $24,648 | $24,272 |
Total performing TDRs | 1,329 | 1,327 |
Nonperforming TDRs | 193 | 240 |
Total TDRs | 1,522 | 1,567 |
Mortgage TDRs held for investment that are government guaranteed | 376 | 313 |
Mortgage TDRs held for sale that are government guaranteed | 3 | 2 |
ALLL attributable to TDRs, excluding government guaranteed | 228 | 281 |
Performing Restructurings [Member] | ' | ' |
Commercial and industrial | 77 | 77 |
CRE-other | 70 | 67 |
CRE-residential ADC | 19 | 21 |
Direct retail lending | 187 | 197 |
Sales finance | 17 | 19 |
Revolving credit | 48 | 56 |
Residential mortgage | 785 | 769 |
Other lending subsidiaries | $126 | $121 |
Loans_and_ACL_Summary_of_the_p
Loans and ACL (Summary of the primary reason loan modifications were classified as TDRs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | $99 | $51 | $29 |
TDR structure modification | 27 | 63 | 68 |
TDR increase to allowance | 3 | 0 | 5 |
CRE - Other, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 62 | 67 | 56 |
TDR structure modification | 54 | 45 | 58 |
TDR increase to allowance | 1 | 0 | 8 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 22 | 44 | 29 |
TDR structure modification | 10 | 34 | 47 |
TDR increase to allowance | -2 | -1 | 10 |
Commercial Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 0 | 0 | 1 |
TDR structure modification | 0 | 0 | 1 |
TDR increase to allowance | 0 | 0 | 0 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 45 | 120 | 51 |
TDR structure modification | 9 | 17 | 5 |
TDR increase to allowance | 7 | 35 | 9 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 26 | 30 | 40 |
TDR structure modification | 0 | 0 | 0 |
TDR increase to allowance | 4 | 5 | 8 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 103 | 241 | 142 |
TDR structure modification | 68 | 88 | 35 |
TDR increase to allowance | 11 | 22 | 17 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 4 | 16 | 5 |
TDR structure modification | 7 | 0 | 5 |
TDR increase to allowance | 3 | 4 | 1 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ' |
Summary Of Reason Modifications Were Considered TDRs | ' | ' | ' |
TDR rate modification | 167 | 123 | 37 |
TDR structure modification | 0 | 2 | 7 |
TDR increase to allowance | $34 | $35 | $15 |
Loans_and_ACL_Summary_of_the_p1
Loans and ACL (Summary of the pre-default balance for modifications that experienced a payment default) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commercial and Industrial, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $5 | $8 | $39 |
CRE - Other, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 11 | 6 | 92 |
CRE - Residential ADC, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 4 | 14 | 80 |
Direct Retail Lending, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 4 | 8 | 16 |
Retail Revolving Credit, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 10 | 12 | 15 |
Retail Residential Mortgage, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 17 | 36 | 31 |
Retail Sales Finance, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | 1 | 0 | 2 |
Retail Other Lending Subsidiaries, Excluding Covered [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $26 | $12 | $5 |
Loans_and_ACL_Changes_in_Carry
Loans and ACL (Changes in Carrying Amount and Accretable Yield for Covered Loans) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Purchased Impaired Loans [Member] | ' | ' |
Accretable yield for purchased loans, beginning balance | $264 | $520 |
Accretion recognized during the period for purchased loans | -149 | -219 |
Other, net | 72 | -37 |
Accretable yield for purchased loans, ending balance | 187 | 264 |
Carrying amount of loans, beginning balance | 1,400 | 2,123 |
Change in carrying amount of loans, accretion recognized during period | 149 | 219 |
Change in carrying amount of loans, payments received, net | -686 | -942 |
Carrying amount of loans, ending balance | 863 | 1,400 |
Outstanding UPB at end of period | 1,266 | 2,047 |
Purchased Nonimpaired Loans [Member] | ' | ' |
Accretable yield for purchased loans, beginning balance | 617 | 1,193 |
Accretion recognized during the period for purchased loans | -301 | -541 |
Other, net | 35 | -35 |
Accretable yield for purchased loans, ending balance | 351 | 617 |
Carrying amount of loans, beginning balance | 1,894 | 2,744 |
Change in carrying amount of loans, accretion recognized during period | 301 | 541 |
Change in carrying amount of loans, payments received, net | -1,023 | -1,391 |
Carrying amount of loans, ending balance | 1,172 | 1,894 |
Outstanding UPB at end of period | $1,516 | $2,489 |
Premises_and_Equipment_Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land and land improvements | $527 | $547 |
Buildings and building improvements | 1,288 | 1,235 |
Furniture and equipment | 1,102 | 1,141 |
Leasehold improvements | 633 | 555 |
Construction in progress | 38 | 37 |
Capitalized leases on premises and equipment | 58 | 59 |
Total | 3,646 | 3,574 |
Less-accumulated depreciation and amortization | -1,777 | -1,686 |
Net premises and equipment | $1,869 | $1,888 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Useful life (in years) | 40 | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Useful life (in years) | 5 | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Useful life (in years) | 10 | ' |
Premises_and_Equipment_Summary1
Premises and Equipment (Summary of Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premises and Equipment | ' | ' | ' |
Total rent expense applicable to operating leases | $230 | $215 | $199 |
Rental income from owned properties and subleases | 8 | 8 | 7 |
Operating leases, future minimum payments due, current | 214 | ' | ' |
Operating leases, future minimum payments, due in two years | 201 | ' | ' |
Operating leases, future minimum payments, due in three years | 182 | ' | ' |
Operating leases, future minimum payments, due in four years | 161 | ' | ' |
Operating leases, future minimum payments, due in five years | 136 | ' | ' |
Operating leases, future minimum payments, due thereafter | $614 | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (BankAtlantic [Member], USD $) | Jul. 31, 2012 |
BankAtlantic [Member] | ' |
Goodwill And Other Intangible Assets Life and Expense [Line Items] | ' |
Acquired loans | $1,700,000,000 |
Assumed deposits | 3,500,000,000 |
Net purchase price received, excluding cash held by BankAtlantic which consists of the net liabilities assumed less a deposit premium | 45,000,000 |
Deposit premium | $316,000,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amounts of Goodwill Attributable to Each Operating Segment) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill, beginning balance | $6,804 | $6,078 |
Acquisitions | ' | 721 |
Contingent consideration | 6 | 3 |
Other adjustments | 4 | 2 |
Goodwill, ending balance | 6,814 | 6,804 |
Community Banking [Member] | ' | ' |
Goodwill, beginning balance | 4,900 | 4,542 |
Acquisitions | ' | 358 |
Contingent consideration | 0 | 0 |
Other adjustments | 24 | 0 |
Goodwill, ending balance | 4,924 | 4,900 |
Residential Mortgage Banking [Member] | ' | ' |
Goodwill, beginning balance | 7 | 7 |
Acquisitions | ' | 0 |
Contingent consideration | 0 | 0 |
Other adjustments | 0 | 0 |
Goodwill, ending balance | 7 | 7 |
Dealer Financial Services [Member] | ' | ' |
Goodwill, beginning balance | 111 | 111 |
Acquisitions | ' | 0 |
Contingent consideration | 0 | 0 |
Other adjustments | 0 | 0 |
Goodwill, ending balance | 111 | 111 |
Specialized Lending [Member] | ' | ' |
Goodwill, beginning balance | 99 | 94 |
Acquisitions | ' | 5 |
Contingent consideration | 0 | 0 |
Other adjustments | -11 | 0 |
Goodwill, ending balance | 88 | 99 |
Insurance Services [Member] | ' | ' |
Goodwill, beginning balance | 1,495 | 1,132 |
Acquisitions | ' | 358 |
Contingent consideration | 6 | 3 |
Other adjustments | -9 | 2 |
Goodwill, ending balance | 1,492 | 1,495 |
Financial Services [Member] | ' | ' |
Goodwill, beginning balance | 192 | 192 |
Acquisitions | ' | 0 |
Contingent consideration | 0 | 0 |
Other adjustments | 0 | 0 |
Goodwill, ending balance | $192 | $192 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Identifiable Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $1,754 | $1,752 |
Accumulated amortization | -1,185 | -1,079 |
Net carrying amount | 569 | 673 |
Core Deposit Intangibles [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted-average remaining life | '7 years 1 month | ' |
Gross carrying amount | 672 | 672 |
Accumulated amortization | -555 | -522 |
Net carrying amount | 117 | 150 |
Other Identifiable Intangible Assets [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted-average remaining life | '15 years 3 months | ' |
Gross carrying amount | 1,082 | 1,080 |
Accumulated amortization | -630 | -557 |
Net carrying amount | $452 | $523 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill And Other Intangible Assets Life and Expense [Line Items] | ' |
Estimated amortization expense of identifiable intangible assets year one | $89 |
Estimated amortization expense of identifiable intangible assets year two | 76 |
Estimated amortization expense of identifiable intangible assets year three | 65 |
Estimated amortization expense of identifiable intangible assets year four | 56 |
Estimated amortization expense of identifiable intangible assets year five | $49 |
Loan_Servicing_Residential_Mor
Loan Servicing (Residential Mortgage Loans Managed or Securitized and Related Delinquencies and Net Charge-Offs) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Loan Servicing [Abstract] | ' | ' | ' | ||
Mortgage loans managed or securitized | $27,353 | [1] | $29,882 | [1] | ' |
Less: Loans securitized and transferred to AFS securities | 4 | 4 | ' | ||
LHFS | 1,116 | 3,547 | ' | ||
Covered mortgage loans | 802 | 1,040 | ' | ||
Mortgage loans sold with recourse | 783 | 1,019 | ' | ||
Mortgage loans held for investment | 24,648 | 24,272 | ' | ||
Mortgage loans on nonaccrual status | 243 | 269 | ' | ||
Mortgage loans 90 days or more past due and still accruing interest | 69 | [2] | 92 | [2] | ' |
Mortgage loans net charge-offs - year to date | 78 | 133 | ' | ||
UPB of residential mortgage loans servicing portfolio | 112,835 | 101,362 | ' | ||
UPB of residential mortgage loans serviced for others | 87,434 | 73,769 | ' | ||
Maximum recourse exposure from mortgage loans sold with recourse liability | 372 | 446 | ' | ||
Recorded reserves related to recourse exposure | 13 | 12 | ' | ||
Repurchase reserves for mortgage loan sales to GSEs | 59 | 59 | ' | ||
UPB of residential mortgage loans sold from the held for sale portfolio | 28,900 | 25,640 | 17,202 | ||
Pre-tax gains recognized on mortgage loans sold and held for sale | 292 | 539 | 175 | ||
Servicing fees recognized from mortgage loans serviced for others | $259 | $247 | $240 | ||
Approximate weighted average servicing fee of the outstanding balance of residential mortgage loans serviced for others | 0.30% | 0.32% | 0.34% | ||
Weighted average coupon interest rate on mortgage loans serviced for others | 4.24% | 4.59% | 5.02% | ||
[1] | Balances exclude loans serviced for others with no other continuing involvement. | ||||
[2] | Includes amounts related to residential mortgage LHFS and excludes amounts related to government guaranteed loans and covered mortgage loans. |
Loan_Servicing_Analysis_of_Act
Loan Servicing (Analysis of Activity in Residential MSRs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loan Servicing [Abstract] | ' | ' | ' |
Carrying value, beginning balance | $627 | $563 | $830 |
Additions | 336 | 270 | 225 |
Prepayment speeds | 287 | 19 | -284 |
Weighted Average OAS | -31 | -36 | -20 |
Servicing costs | -29 | -22 | -30 |
Realization of the expected net servicing cash flows | -143 | -167 | -158 |
Carrying value, ending balance | 1,047 | 627 | 563 |
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in fair value | ($197) | $128 | $394 |
Loan_Servicing_Residential_MSR
Loan Servicing (Residential MSRs Sensitivity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Yr | Yr | |
Residential Mortgage Servicing Rights [Member] | ' | ' |
Weighted average prepayment speed | 6.90% | 17.30% |
Effect on fair value of a 10% increase in weighted average prepayment speed | ($33) | ($35) |
Effect on fair value of a 20% increase in weighted average prepayment speed | -64 | -67 |
Weighted average OAS | 9.30% | 8.30% |
Effect on fair value of a 10% increase in weighted average OAS | -39 | -17 |
Effect on fair value of a 20% increase in weighted average OAS | ($75) | ($33) |
Composition of residential mortgage loans serviced for others | 100.00% | 100.00% |
Weighted average life, in years | 7.9 | 4.4 |
Residential Mortgage Servicing Rights [Member] | Maximum [Member] | ' | ' |
Weighted average prepayment speed | 8.00% | 18.50% |
Weighted average OAS | 9.90% | 8.40% |
Residential Mortgage Servicing Rights [Member] | Minimum [Member] | ' | ' |
Weighted average prepayment speed | 5.50% | 15.30% |
Weighted average OAS | 9.10% | 8.20% |
Fixed-Rate Residential Mortgage [Member] | ' | ' |
Composition of residential mortgage loans serviced for others | 99.70% | 99.40% |
Adjustable Rate Residential Mortgage [Member] | ' | ' |
Composition of residential mortgage loans serviced for others | 0.30% | 0.60% |
Loan_Servicing_Commercial_Mort
Loan Servicing (Commercial Mortgage Banking Activities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan Servicing [Abstract] | ' | ' |
UPB of CRE mortgages serviced for others | $28,095 | $29,520 |
CRE mortgages serviced for others covered by recourse provisions | 4,594 | 4,970 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,320 | 1,368 |
Recorded reserves related to recourse exposure | 9 | 13 |
Originated CRE mortgages during the period - year to date | $4,881 | $4,934 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Short Term Borrowings Selected Data [Abstract] | ' | ' | ' |
Federal funds purchased | $1,443 | $4 | ' |
Securities sold under agreements to repurchase | 463 | 514 | ' |
Master notes | 24 | 37 | ' |
Other short-term borrowed funds | 2,208 | 2,309 | ' |
Total | $4,138 | $2,864 | $3,566 |
ShortTerm_Borrowings_Selected_
Short-Term Borrowings (Selected Data) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short Term Borrowings Selected Data [Abstract] | ' | ' | ' |
Maximum outstanding at any month-end during the year | $5,196 | $4,385 | $10,473 |
Balance outstanding at end of year | 4,138 | 2,864 | 3,566 |
Average outstanding during the year | $4,459 | $3,408 | $5,189 |
Average interest rate during the year | 0.13% | 0.20% | 0.21% |
Average interest rate at end of year | 0.12% | 0.22% | 0.20% |
Deposits_Summary_of_Deposits_D
Deposits (Summary of Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deposits By Type [Line Items] | ' | ' |
Noninterest-bearing deposits | $34,972 | $32,452 |
Interest-bearing deposits | 92,503 | 100,623 |
Total deposits | 127,475 | 133,075 |
Time deposits $100,000 and greater | 14,173 | 19,328 |
Interest Checking [Member] | ' | ' |
Deposits By Type [Line Items] | ' | ' |
Interest-bearing deposits | 18,861 | 21,091 |
Money Market And Savings [Member] | ' | ' |
Deposits By Type [Line Items] | ' | ' |
Interest-bearing deposits | 48,687 | 47,908 |
Certificates And Other Time Deposits [Member] | ' | ' |
Deposits By Type [Line Items] | ' | ' |
Interest-bearing deposits | $24,955 | $31,624 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (Branch Bank [Member]) | Dec. 31, 2013 |
Yr | |
Branch Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
FHLB advances weighted average interest rate | 3.79% |
FHLB advances weighted average maturity (in years) | 6.6 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $21,493 | $19,114 |
Senior Notes 3.38% Due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 0 | 500 |
Interest rate | 3.38% | ' |
Debt instrument, year of maturity | 31-Dec-13 | ' |
Senior Notes 5.70% Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 510 | 510 |
Interest rate | 5.70% | ' |
Debt instrument, year of maturity | 31-Dec-14 | ' |
Senior Notes 2.05% Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 700 | 700 |
Interest rate | 2.05% | ' |
Debt instrument, year of maturity | 31-Dec-14 | ' |
Floating Rate Senior Notes Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 300 | 300 |
Interest rate | 0.94% | ' |
Debt instrument, year of maturity | 31-Dec-14 | ' |
Senior Notes 3.95% Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 500 | 500 |
Interest rate | 3.95% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Senior Notes 3.20% Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 999 | 999 |
Interest rate | 3.20% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Senior Notes 2.15% Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 749 | 748 |
Interest rate | 2.15% | ' |
Debt instrument, year of maturity | 31-Dec-17 | ' |
Senior Notes 1.60% Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 749 | 749 |
Interest rate | 1.60% | ' |
Debt instrument, year of maturity | 31-Dec-17 | ' |
Senior Notes 1.45% Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 500 | 499 |
Interest rate | 1.45% | ' |
Debt instrument, year of maturity | 31-Dec-18 | ' |
Floating Rate Senior Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 400 | 0 |
Interest rate | 1.10% | ' |
Debt instrument, year of maturity | 31-Dec-18 | ' |
Senior Notes 2.05% Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 599 | 0 |
Interest rate | 2.05% | ' |
Debt instrument, year of maturity | 31-Dec-18 | ' |
Senior Notes 6.85% Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 539 | 539 |
Interest rate | 6.85% | ' |
Debt instrument, year of maturity | 31-Dec-19 | ' |
Subordinated Notes 5.20% Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 933 | 933 |
Interest rate | 5.20% | ' |
Debt instrument, year of maturity | 31-Dec-15 | ' |
Subordinated Notes 4.90% Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 349 | 345 |
Interest rate | 4.90% | ' |
Debt instrument, year of maturity | 31-Dec-17 | ' |
Subordinated Notes 5.25% Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 586 | 586 |
Interest rate | 5.25% | ' |
Debt instrument, year of maturity | 31-Dec-19 | ' |
Subordinated Notes 3.95% Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 298 | 298 |
Interest rate | 3.95% | ' |
Debt instrument, year of maturity | 31-Dec-22 | ' |
Floating Rate Senior Note Due 2015 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 650 | 0 |
Effective interest rate at the end of the period | 0.57% | ' |
Debt instrument, year of maturity | 31-Dec-15 | ' |
Senior Notes 1.45% Due 2016 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 750 | 0 |
Interest rate | 1.45% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Floating Rate Senior Notes Due 2016 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 500 | 0 |
Interest rate | 0.67% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Senior Notes 1.05% Due 2016 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 499 | 0 |
Interest rate | 1.05% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Senior Notes 2.30% Due 2018 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 750 | 0 |
Interest rate | 2.30% | ' |
Debt instrument, year of maturity | 31-Dec-18 | ' |
Subordinated Notes 4.88% Due 2013 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 0 | 222 |
Interest rate | 4.88% | ' |
Debt instrument, year of maturity | 31-Dec-13 | ' |
Subordinated Notes 5.63% Due 2016 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 386 | 386 |
Interest rate | 5.63% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Floating Rate Subordinated Notes Due 2016 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 350 | 350 |
Interest rate | 0.56% | ' |
Debt instrument, year of maturity | 31-Dec-16 | ' |
Floating Rate Subordinated Notes Due 2017 [Member] | Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 262 | 262 |
Interest rate | 0.54% | ' |
Debt instrument, year of maturity | 31-Dec-17 | ' |
Varying maturities to 2034 [Member] | Federal Home Loan Bank Advances to Branch Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 8,110 | 8,994 |
Debt instrument, year of maturity | 31-Dec-34 | ' |
Other Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 101 | 100 |
Fair Value Hedge-Related Basis Adjustments [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $424 | $594 |
LongTerm_Debt_Schedule_of_Effe
Long-Term Debt (Schedule of Effective Rates on Swapped Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | $21,493 | $19,114 |
BB&T Corporation Fixed Rate Senior Notes swapped to floating rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 5,845 | ' |
Effective interest rate at the end of the period | 2.55% | ' |
BB&T Corporation Floating Rate Senior Notes swapped to fixed rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 700 | ' |
Effective interest rate at the end of the period | 1.03% | ' |
BB&T Corporation Fixed Rate Subordinated Notes swapped to floating rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 2,166 | ' |
Effective interest rate at the end of the period | 2.44% | ' |
Branch Bank Fixed Rate Senior Notes swapped to floating rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,999 | ' |
Effective interest rate at the end of the period | 1.62% | ' |
Branch Bank Floating Rate Senior Notes swapped to fixed rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,150 | ' |
Effective interest rate at the end of the period | 0.61% | ' |
Branch Bank Fixed Rate Subordinated Notes swapped to floating rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | 386 | ' |
Effective interest rate at the end of the period | 1.70% | ' |
Branch Bank Floating Rate Subordinated Notes swapped to fixed rates [Member] | ' | ' |
Swapped Debt Instrument [Line Items] | ' | ' |
Long-term debt | $612 | ' |
Effective interest rate at the end of the period | 2.53% | ' |
Long_Term_Debt_Future_Maturiti
Long Term Debt (Future Maturities of Long-Term Debt) (Details) (Branch Bank [Member], USD $) | Dec. 31, 2013 |
In Billions, unless otherwise specified | |
Branch Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term debt, maturities, repayments of principal in next twelve months | $2,141 |
Long-term debt, maturities, repayments of principal in year two | 1,693 |
ong-term debt, maturities, repayments of principal in year three | 5,650 |
ong-term debt, maturities, repayments of principal in year four | 2,453 |
ong-term debt, maturities, repayments of principal in year five | 2,289 |
Long-term debt, maturities, repayments of principal after year five | $7,226 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Schedule Of Shareholders Equity | ' |
Common stock, remaining shares authorized for repurchase | 44 |
Shareholders_Equity_Preferred_
Shareholders' Equity (Preferred Stock) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] | ||
Schedule Of Shareholders Equity | ' | ' | ' | ' | ' | ' |
Preferred stock, issuance date | ' | ' | 1-May-12 | 31-Jul-12 | 31-Oct-12 | 1-May-13 |
Preferred stock, earliest redemption date | ' | ' | 1-May-17 | 1-Aug-17 | 1-Nov-17 | 1-Jun-18 |
Preferred stock, liquidation amount | $2,675 | ' | $575 | $1,150 | $450 | $500 |
Preferred stock | $2,603 | $2,116 | $559 | $1,120 | $437 | $487 |
Preferred stock, dividend rate, percentage | ' | ' | 5.85% | 5.63% | 5.20% | 5.20% |
Shareholders_Equity_EquityBase
Shareholders' Equity (Equity-Based Compensation Plans) (Details) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Yr | |
Equity-Based Compensation Plans [Abstract] | ' |
Shares available for future grant | 30,562 |
Vesting period, awards granted prior to 2010 | 5 |
Vesting period, awards granted after 2009, minimum | 3 |
Vesting period, awards granted after 2009, maximum | 5 |
Option term (in years) | 10 |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of Assumptions Used to Calculate Fair Value of Options Granted) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Yr | Yr | Yr | |
Shareholders' Equity | ' | ' | ' |
Risk-free interest rate | 1.30% | 1.50% | 1.70% |
Dividend yield | 3.60% | 4.40% | 3.50% |
Volatility factor | 28.00% | 33.00% | 37.20% |
Expected life, in years | 7 | 7 | 7.4 |
Fair value of options per share | $5.48 | $6.07 | $7.45 |
Shareholders_Equity_Compensati
Shareholders' Equity (Compensation Expense Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Yr | Yr | ||
Share-based Compensation [Abstract] | ' | ' | ' |
Equity-based compensation expense | $96 | $97 | $98 |
Income tax benefit from equity-based compensation expense | 36 | 36 | 36 |
Intrinsic value of options exercised and RSUs that vested during the year | 102 | 62 | 54 |
Grant date fair value of equity-based awards that vested during the year | 80 | 88 | 76 |
Unrecognized compensation cost related to equity-based awards | $94 | $98 | ' |
Weighted-average life over which compensation cost is expected to be recognized | 2.1 | 2 | ' |
Shareholders_Equity_Stock_Opti
Shareholders' Equity (Stock Options Activity Roll Forward) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Options, outstanding, weighted average remaining contractual term | '3 years 8 months |
Options, exercisable, weighted average remaining contractual term | '2 years 10 months |
Options, vested and expected to vest, outstanding, weighted average remaining contractual term | '3 years 8 months |
Stock Options [Member] | ' |
Options, Outstanding at beginning of period | 45,391 |
Options, Granted | 404 |
Options, Exercised | -3,507 |
Options, Forfeited or expired | -4,292 |
Options, Outstanding at end of period | 37,996 |
Options, Exercisable at end of period | 31,354 |
Options, Exercisable and expected to vest at period end | 37,513 |
Wtd. Avg. Exercise Price [Member] | ' |
Wtd. Avg. Exercise Price, Outstanding at beginning of period | 34.15 |
Wtd. Avg. Exercise Price, Granted | 30.08 |
Wtd. Avg. Exercise Price, Exercised | 27.14 |
Wtd. Avg. Exercise Price, Forfeited or expired | 32.86 |
Wtd. Avg. Exercise Price, Outstanding at end of period | 34.9 |
Wtd. Avg. Exercise Price, Exercisable at end of period | 36.32 |
Wtd. Avg. Exercise Price, Exercisable and expected to vest at end of period | 34.99 |
Aggregate Intrinsic Value [Member] | ' |
Options, outstanding, intrinsic value | 140 |
Options, exercisable, intrinsic value | 80 |
Options, vested and expected to vest, outstanding, aggregate intrinsic value | 136 |
Shareholders_Equity_Restricted
Shareholders' Equity (Restricted Shares and Restricted Share Units Activity Roll Forward) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Expected to vest at end of period, number of shares/units | 13,763 |
Shares Units [Member] | ' |
Nonvested shares/units at beginning of period | 13,931 |
Granted, shares/units | 3,995 |
Vested, shares/units | -2,464 |
Forfeited, shares/units | -281 |
Nonvested shares/units at end of period | 15,181 |
Wtd Avg Grant Date Fair Value [Member] | ' |
Nonvested at beginning of period | 19.26 |
Granted | 25.63 |
Vested | 22.05 |
Forfeited | 20.45 |
Nonvested at end of period | 20.46 |
Expected to vest at end of period | 20.49 |
Changes_in_AOCI_Details
Changes in AOCI (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | ($593) | ($559) | ($713) | ($747) |
OCI before reclassifications, net of tax | -208 | -43 | -10 | ' |
Personnel expense | 3,293 | 3,125 | 2,727 | ' |
Interest income | 6,507 | 6,917 | 6,885 | ' |
Interest expense | 891 | 1,060 | 1,378 | ' |
FDIC loss share income, net | -293 | -318 | -289 | ' |
Securities (gains) losses, net | 51 | -12 | 62 | ' |
Income before income taxes | 3,124 | 2,792 | 1,628 | ' |
Tax effect | 1,395 | 764 | 296 | ' |
Net income | 1,729 | 2,028 | 1,332 | ' |
Net change in AOCI | -34 | 154 | 34 | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Personnel expense | 91 | 76 | 34 | ' |
Interest income | 99 | 73 | -24 | ' |
Interest expense | 77 | 72 | 72 | ' |
FDIC loss share income, net | 63 | 83 | 50 | ' |
Securities (gains) losses, net | -51 | 12 | -62 | ' |
Income before income taxes | 279 | 316 | 70 | ' |
Tax effect | 105 | 119 | 26 | ' |
Net income | 174 | 197 | 44 | ' |
Unrecognized Net Pension and Postretirement Costs | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | -303 | -714 | -603 | -368 |
OCI before reclassifications, net of tax | 354 | -158 | -256 | ' |
Net change in AOCI | 411 | -111 | -235 | ' |
Unrecognized Net Pension and Postretirement Costs | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Personnel expense | 91 | 76 | 34 | ' |
Income before income taxes | 91 | 76 | 34 | ' |
Tax effect | 34 | 29 | 13 | ' |
Net income | 57 | 47 | 21 | ' |
Unrealized Net Gain (Loss) on Cash Flow Hedges | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | 2 | -173 | -159 | -47 |
OCI before reclassifications, net of tax | 127 | -52 | -141 | ' |
Net change in AOCI | 175 | -14 | -112 | ' |
Unrealized Net Gain (Loss) on Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Interest income | ' | -11 | -26 | ' |
Interest expense | 77 | 72 | 72 | ' |
Income before income taxes | 77 | 61 | 46 | ' |
Tax effect | 29 | 23 | 17 | ' |
Net income | 48 | 38 | 29 | ' |
Unrealized Net Gains (Losses) on AFS Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | -42 | 598 | 263 | -157 |
Transfers between categories of AOCI | ' | ' | 21 | ' |
OCI before reclassifications, net of tax | -669 | 280 | 440 | ' |
Net change in AOCI | -640 | 335 | 420 | ' |
Unrealized Net Gains (Losses) on AFS Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Interest income | 97 | 76 | -4 | ' |
Securities (gains) losses, net | -51 | 12 | -62 | ' |
Income before income taxes | 46 | 88 | -66 | ' |
Tax effect | 17 | 33 | -25 | ' |
Net income | 29 | 55 | -41 | ' |
FDIC's Share Of Unrealized (Gains) Losses On AFS Securities | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | -235 | -256 | -195 | -176 |
OCI before reclassifications, net of tax | -18 | -113 | -50 | ' |
Net change in AOCI | 21 | -61 | -19 | ' |
FDIC's Share Of Unrealized (Gains) Losses On AFS Securities | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
FDIC loss share income, net | 63 | 83 | 50 | ' |
Income before income taxes | 63 | 83 | 50 | ' |
Tax effect | 24 | 31 | 19 | ' |
Net income | 39 | 52 | 31 | ' |
Other, net [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
AOCI | -15 | -14 | -19 | 1 |
Transfers between categories of AOCI | ' | ' | -21 | ' |
OCI before reclassifications, net of tax | -2 | 0 | -3 | ' |
Net change in AOCI | -1 | 5 | -20 | ' |
Other, net [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Interest income | 2 | 8 | 6 | ' |
Income before income taxes | 2 | 8 | 6 | ' |
Tax effect | 1 | 3 | 2 | ' |
Net income | $1 | $5 | $4 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2010 |
In Millions, unless otherwise specified | ||||
Income Taxes | ' | ' | ' | ' |
Unrecognized tax benefit that would impact effective tax rate | $642 | $297 | $299 | ' |
Accrued tax-related interest and penalties | 213 | 37 | 39 | ' |
Disputed IRS statutory notice amount | ' | ' | ' | 892 |
Significant change in unrecognized tax benefits is reasonably possible estimated range of change within the next 12 months, lower bound | -750 | ' | ' | ' |
Net interest and penalties related to unrecognized tax benefits recognized in consolidated income statement | $176 | ' | ' | ' |
Income_Taxes_Breakdown_of_prov
Income Taxes (Breakdown of provision for income taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense: | ' | ' | ' |
Federal | $1,004 | $273 | $83 |
State | 100 | 70 | 26 |
Foreign | 3 | 2 | 2 |
Total current expense | 1,107 | 345 | 111 |
Deferred expense: | ' | ' | ' |
Federal | 256 | 396 | 163 |
State | 32 | 23 | 22 |
Total deferred expense | 288 | 419 | 185 |
Income Tax Expense | ' | ' | ' |
Provision for income taxes | $1,395 | $764 | $296 |
Income_Taxes_Reconciliation_be
Income Taxes (Reconciliation between provision for income taxes and amount computed by applying Federal statutory income tax rate) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes Abstract | ' | ' | ' |
Federal income taxes at statutory rate of 35% | $1,093 | $977 | $570 |
State income taxes, net of Federal tax benefit | 86 | 61 | 31 |
Federal tax credits | -152 | -126 | -115 |
Tax exempt income | -128 | -133 | -135 |
Nontaxable gain on termination of leveraged lease | 0 | -12 | -22 |
Adjustments to uncertain tax positions | 516 | 0 | 0 |
Other, net | -20 | -3 | -33 |
Provision for income taxes | $1,395 | $764 | $296 |
Effective income tax rate | 44.70% | 27.40% | 18.20% |
Income_Taxes_Schedule_of_tempo
Income Taxes (Schedule of temporary tax differences that gave rise to significant portions of net deferred tax assets and liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ' | ' |
ALLL | $655 | $771 |
Postretirement plans | 180 | 432 |
Net unrealized loss on AFS securities | 172 | ' |
Equity-based compensation | 152 | 144 |
Reserves and expense accruals | 181 | 150 |
Net unrealized loss on cash flow hedges | 0 | 105 |
Other | 189 | 213 |
Total deferred tax assets | 1,529 | 1,815 |
Deferred tax liabilities | ' | ' |
Prepaid pension plan expense | 431 | 373 |
MSRs | 380 | 201 |
Lease financing | 315 | 270 |
Loan fees & expenses | 263 | 244 |
Identifiable intangible assets | 128 | 161 |
Depreciation | 59 | 57 |
Derivatives & hedging | 45 | 163 |
Net unrealized gain on AFS securities | 0 | 201 |
Other | 61 | 70 |
Total deferred tax liabilities | 1,682 | 1,740 |
Net deferred tax asset (liability) | ($153) | $75 |
Income_Taxes_Changes_in_unreco
Income Taxes (Changes in unrecognized tax benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes In Unrecognized Tax Benefits | ' | ' | ' |
Beginning Balance | $297 | $301 | $292 |
Additions based on tax positions related to current year | 18 | 14 | 0 |
Additions for tax positions of prior years | 343 | 0 | 6 |
Settlements | 0 | -5 | -1 |
Unrecognized deferred tax benefits from business acquisitions | -14 | -13 | 4 |
Ending Balance | $644 | $297 | $301 |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Qualified [Member] | Qualified [Member] | Equity Securities [Member] | International Equity Securities [Member] | Fixed Income Securities [Member] | Alternative Investments [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average expected long-term rate of return on plan assets | 7.75% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' |
Discretionary contributions made to the qualified pension plan | ' | ' | ' | ' | $110 | $345 | ' | ' | ' | ' |
Defined benefit plan target allocation percentage of assets, range minimum | ' | ' | ' | ' | ' | ' | 40.00% | 10.00% | 25.00% | ' |
Defined benefit plan target allocation percentage of assets, range maximum | ' | ' | ' | ' | ' | ' | 52.00% | 20.00% | 40.00% | 12.00% |
Defined contribution plan, employee contribution percentage, minimum | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Defined contribution plan, employee contribution percentage, maximum | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Defined contribution plan, employer matching contribution percentage of employee compensation, maximum | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' |
Defined contribution plan employer contribution amount | ' | 102 | 97 | 85 | ' | ' | ' | ' | ' | ' |
Shares of BB&T stock held in pension plan | ' | 3.7 | 3.7 | ' | ' | ' | ' | ' | ' | ' |
Value of BB&T stock held in pension plan | ' | 138 | 107 | ' | ' | ' | ' | ' | ' | ' |
Accrued income | ' | $26 | $18 | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Significant_actu
Benefit Plans (Significant actuarial assumptions used to determine net periodic pension costs) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Actuarial assumptions used in calculations | ' | ' | ' | ' |
Weighted average assumed discount rate | ' | 4.25% | 4.82% | 5.52% |
Weighted average expected long-term rate of return on plan assets | 7.75% | 8.00% | 8.00% | 8.00% |
Assumed long-term rate of annual compensation increases | ' | 4.50% | 4.50% | 4.50% |
Benefit_Plans_Summary_of_the_c
Benefit Plans (Summary of the components of net periodic benefit cost recognized for pension plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $150 | $120 | $105 |
Interest cost | 120 | 110 | 103 |
Estimated return on plan assets | -257 | -200 | -197 |
Net Amortization and other | 91 | 76 | 34 |
Net periodic benefit cost | 104 | 106 | 45 |
Net actuarial loss (gain) | -535 | 270 | 388 |
Net amortization | -91 | -76 | -34 |
Net amount recognized in OCI | -626 | 194 | 354 |
Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax | -522 | 300 | 399 |
Qualified Pension Plan [Member} | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 139 | 113 | ' |
Interest cost | 107 | 100 | ' |
Nonqualified Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 11 | 7 | ' |
Interest cost | $12 | $10 | ' |
Benefit_Plans_Significant_actu1
Benefit Plans (Significant actuarial assumptions used to determine benefit obligations) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure | ' | ' |
Weighted average assumed discount rate | 5.10% | 4.25% |
Assumed long-term rate of annual compensation increases | 5.00% | 4.50% |
Benefit_Plans_Changes_in_proje
Benefit Plans (Changes in projected benefit obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Service cost | $150 | $120 | $105 |
Interest cost | 120 | 110 | 103 |
Qualified Pension Plan [Member} | ' | ' | ' |
Projected benefit obligation, beginning of year | 2,548 | 2,055 | ' |
Service cost | 139 | 113 | ' |
Interest cost | 107 | 100 | ' |
Actuarial (gain) loss | -294 | 296 | ' |
Benefits paid | -63 | -57 | ' |
Acquisitions | 0 | 41 | ' |
Projected benefit obligation, end of year | 2,437 | 2,548 | ' |
Accumulated benefit obligation, end of year | 2,062 | 2,166 | ' |
Nonqualified Pension Plan [Member] | ' | ' | ' |
Projected benefit obligation, beginning of year | 287 | 207 | ' |
Service cost | 11 | 7 | ' |
Interest cost | 12 | 10 | ' |
Actuarial (gain) loss | 2 | 70 | ' |
Benefits paid | -8 | -7 | ' |
Projected benefit obligation, end of year | 304 | 287 | ' |
Accumulated benefit obligation, end of year | $215 | $213 | ' |
Benefit_Plans_Changes_in_fair_
Benefit Plans (Changes in fair value of plan assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Qualified Pension Plan [Member} | ' | ' |
Fair value of plan assets, beginning of year | $2,952 | $2,478 |
Actual return on plan assets | 499 | 295 |
Employer contributions | 345 | 202 |
Benefits paid | -63 | -57 |
Acquisitions | ' | 34 |
Fair value of plan assets, end of year | 3,733 | 2,952 |
Funded status at end of year | 1,296 | 404 |
Nonqualified Pension Plan [Member] | ' | ' |
Employer contributions | 8 | 7 |
Benefits paid | -8 | -7 |
Funded status at end of year | ($304) | ($287) |
Benefit_Plans_Schedule_of_pret
Benefit Plans (Schedule of pre-tax amounts recognized in AOCI) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Qualified Pension Plan [Member} | ' | ' |
Prior service credit (cost) | $0 | $1 |
Net actuarial gain (loss) | -377 | -993 |
Net amount recognized | -377 | -992 |
Nonqualified Pension Plan [Member] | ' | ' |
Prior service credit (cost) | -2 | -1 |
Net actuarial gain (loss) | -117 | -128 |
Net amount recognized | ($119) | ($129) |
Benefit_Plans_Schedule_of_amou
Benefit Plans (Schedule of amounts expected to be amortized from AOCI into net periodic pension cost during next fiscal year) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Qualified Pension Plan [Member} | ' |
Net actuarial gain (loss) | ($1) |
Net amount to be amortized in next fiscal year | -1 |
Nonqualified Pension Plan [Member] | ' |
Net actuarial gain (loss) | -11 |
Net amount to be amortized in next fiscal year | ($11) |
Benefit_Plans_Schedule_of_esti
Benefit Plans (Schedule of estimated future benefit payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Qualified Pension Plan [Member} | ' |
2014 | $70 |
2015 | 78 |
2016 | 86 |
2017 | 95 |
2018 | 104 |
2019-2023 | 673 |
Nonqualified Pension Plan [Member] | ' |
2014 | 11 |
2015 | 11 |
2016 | 12 |
2017 | 13 |
2018 | 14 |
2019-2023 | $95 |
Benefit_Plans_Schedule_of_fair
Benefit Plans (Schedule of fair value of pension plan assets by three level fair value hierarchy) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Excluding Accrued Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $3,707 | $2,934 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 74 | 89 |
U.S. Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,701 | 1,226 |
International Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 741 | 570 |
Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,090 | 951 |
Alternative Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 101 | 98 |
Level 1 [Member] | Excluding Accrued Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,495 | 1,903 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 74 | 89 |
Level 1 [Member] | U.S. Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,701 | 1,226 |
Level 1 [Member] | International Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 626 | 462 |
Level 1 [Member] | Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 94 | 126 |
Level 2 [Member] | Excluding Accrued Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,111 | 933 |
Level 2 [Member] | International Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 115 | 108 |
Level 2 [Member] | Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 996 | 825 |
Level 3 [Member] | Excluding Accrued Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 101 | 98 |
Level 3 [Member] | Alternative Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $101 | $98 |
Benefit_Plans_Activity_of_plan
Benefit Plans (Activity of plan assets with significant unobservable fair value inputs) (Details) (Alternative Investments [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets, beginning of year | $98 | $99 | $124 |
Actual return on plan assets | 11 | 7 | 9 |
Purchases, sales and settlements | -8 | -8 | -34 |
Fair value of plan assets, end of year | $101 | $98 | $99 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies | ' | ' |
Letters of credit and financial guarantees written | $4,355 | $5,164 |
Carrying amount of the liability for letter of credit guarantees | 39 | 30 |
Investments related to affordable housing and historic building rehabilitation projects | 1,302 | 1,223 |
Amount of future funding commitments included in investments related to affordable housing and historic rehabilitation projects | 464 | 461 |
Lending exposure to affordable housing projects | 151 | 87 |
Tax credits subject to recapture related to affordable housing projects | 250 | 193 |
Investments in private equity and similar investments | 291 | 323 |
Future funding commitments to private equity and similar investments | $245 | $129 |
Regulatory_Requirements_and_Ot2
Regulatory Requirements and Other Restrictions (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ' |
Net reserve requirement | $303 |
Regulatory_Requirements_and_Ot3
Regulatory Requirements and Other Restrictions (Summary information regarding regulatory capital) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
BB&T [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 actual capital ratio | 11.80% | 10.50% |
Tier 1 actual capital amount | $16,074 | $14,373 |
Tier 1 minimum capital requirements | 5,460 | 5,455 |
Tier 1 well-capitalized requirements | 8,189 | 8,182 |
Total actual capital ratio | 14.30% | 13.40% |
Total actual capital amount | 19,514 | 18,267 |
Total minimum capital requirements | 10,919 | 10,909 |
Total well-capitalized requirements | 13,649 | 13,637 |
Actual leverage capital ratio | 9.30% | 8.20% |
Actual leverage capital amount | 16,074 | 14,373 |
Leverage capital minimum requirements | 6,897 | 7,001 |
Leverage capital well-capitalized requirements | 8,621 | 8,751 |
Branch Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 actual capital ratio | 11.90% | 11.20% |
Tier 1 actual capital amount | 15,785 | 14,587 |
Tier 1 minimum capital requirements | 5,315 | 5,202 |
Tier 1 well-capitalized requirements | 7,973 | 7,803 |
Total actual capital ratio | 13.40% | 13.00% |
Total actual capital amount | 17,872 | 16,866 |
Total minimum capital requirements | 10,631 | 10,404 |
Total well-capitalized requirements | 13,288 | 13,005 |
Actual leverage capital ratio | 9.40% | 8.60% |
Actual leverage capital amount | 15,785 | 14,587 |
Leverage capital minimum requirements | 5,058 | 5,099 |
Leverage capital well-capitalized requirements | $8,429 | $8,498 |
Parent_Company_Financial_State2
Parent Company Financial Statements (Parent Company Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and due from banks | $1,565 | $1,975 | ' | ' |
Interest-bearing deposits with banks | 452 | 942 | ' | ' |
AFS securities, fair value | 22,104 | 25,137 | ' | ' |
HTM securities, amortized cost | 18,101 | 13,594 | ' | ' |
Other assets | 14,131 | 15,144 | ' | ' |
Total assets | 183,010 | 184,499 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Short-term borrowings | 4,138 | 2,864 | 3,566 | ' |
Accounts payable and other liabilities | 7,095 | 8,223 | ' | ' |
Long-term debt | 21,493 | 19,114 | ' | ' |
Total liabilities | 160,201 | 163,276 | ' | ' |
Total shareholders' equity | 22,809 | 21,223 | 17,480 | 16,498 |
Total liabilities and shareholders' equity | 183,010 | 184,499 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and due from banks | 0 | 4,239 | ' | ' |
Interest-bearing deposits with banks | 5,727 | 0 | ' | ' |
AFS securities, fair value | 26 | 27 | ' | ' |
HTM securities, amortized cost | 35 | 37 | ' | ' |
Investment in banking subsidiaries | 22,314 | 21,189 | ' | ' |
Investment in other subsidiaries | 1,281 | 1,837 | ' | ' |
Advances to / receivables from banking subsidiaries | 106 | 44 | ' | ' |
Advances to / receivables from other subsidiaries | 2,308 | 2,408 | ' | ' |
Other assets | 194 | 246 | ' | ' |
Total assets | 31,991 | 30,027 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Short-term borrowings | 24 | 37 | ' | ' |
Short-term borrowed funds due to subsidiaries | 50 | 0 | ' | ' |
Dividends payable | 0 | 170 | ' | ' |
Accounts payable and other liabilities | 76 | 30 | ' | ' |
Long-term debt | 9,032 | 8,567 | ' | ' |
Total liabilities | 9,182 | 8,804 | ' | ' |
Total shareholders' equity | 22,809 | 21,223 | ' | ' |
Total liabilities and shareholders' equity | $31,991 | $30,027 | ' | ' |
Parent_Company_Financial_State3
Parent Company Financial Statements (Parent Company Condensed Income Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other income | $362 | $299 | $194 |
Interest expense | 891 | 1,060 | 1,378 |
Other expenses | 5,837 | 5,828 | 5,802 |
Income (loss) before income taxes | 3,124 | 2,792 | 1,628 |
Income tax benefit | -1,395 | -764 | -296 |
Net income | 1,729 | 2,028 | 1,332 |
Noncontrolling interests | 50 | 49 | 43 |
Dividends on preferred stock | 117 | 63 | ' |
Net income available to common shareholders | 1,562 | 1,916 | 1,289 |
Parent Company [Member] | ' | ' | ' |
Dividends from banking securities | 1,220 | 1,720 | 620 |
Dividends from other subsidiaries | 79 | 81 | 278 |
Interest and other income from subsidiaries | 67 | 79 | 107 |
Other income | 14 | 1 | 8 |
Total income | 1,380 | 1,881 | 1,013 |
Interest expense | 219 | 239 | 334 |
Other expenses | 50 | 52 | 34 |
Total expense | 269 | 291 | 368 |
Income (loss) before income taxes | 1,111 | 1,590 | 645 |
Income tax benefit | 2 | 20 | 26 |
Income before equity in undistributed earnings of subsidiaries | 1,113 | 1,610 | 671 |
Equity in undistributed earnings of subsidiaries in excess of dividends from subsidiaries | 616 | 418 | 661 |
Net income | 1,729 | 2,028 | 1,332 |
Noncontrolling interests | 50 | 49 | 43 |
Dividends on preferred stock | 117 | 63 | 0 |
Net income available to common shareholders | $1,562 | $1,916 | $1,289 |
Parent_Company_Financial_State4
Parent Company Financial Statements (Parent Company Statement of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $1,729 | $2,028 | $1,332 |
OCI, Net of Tax | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | -411 | 111 | 235 |
Change in unrecognized gains (losses) on cash flow hedges | 175 | -14 | -112 |
Other, net | -1 | 13 | -37 |
Total OCI | -34 | 154 | 34 |
Total comprehensive income | 1,695 | 2,182 | 1,366 |
Income Tax Effect Of Items Included In OCI | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | -252 | 70 | 143 |
Change in unrecognized gains (losses) on cash flow hedges | 106 | -9 | -67 |
Other, net | 2 | 6 | -21 |
Parent Company [Member] | ' | ' | ' |
Net income | 1,729 | 2,028 | 1,332 |
OCI, Net of Tax | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | -4 | ' | ' |
Change in unrecognized gains (losses) on cash flow hedges | 0 | -2 | -1 |
Other, net | 1 | 1 | -8 |
Total OCI | -3 | -1 | -9 |
Total comprehensive income | 1,726 | 2,027 | 1,323 |
Income Tax Effect Of Items Included In OCI | ' | ' | ' |
Change in unrecognized pension and postretirement amounts | -1 | ' | ' |
Change in unrecognized gains (losses) on cash flow hedges | 0 | -1 | 0 |
Other, net | $0 | $0 | ($4) |
Parent_Company_Financial_State5
Parent Company Financial Statements (Parent Company Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $1,729 | $2,028 | $1,332 |
Net change in other assets | -273 | -800 | -240 |
Net change in accounts payable and accrued liabilities | -812 | 346 | 572 |
Other, net | -5 | -161 | -103 |
Net cash from operating activities | 5,339 | 3,714 | 4,276 |
Cash Flows From Investing Activities: | ' | ' | ' |
Purchases of AFS securities | -6,463 | -7,026 | -13,926 |
Proceeds from maturities, calls and paydowns of HTM securities | 2,863 | 5,536 | 1,828 |
Net cash from business combinations | -6 | 675 | -86 |
Net cash from divestitures | 522 | ' | ' |
Net cash from investing activities | -4,240 | -7,047 | -18,007 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net change in long-term debt | 4,164 | 2,327 | 2,010 |
Net change in short-term borrowings | 1,274 | -702 | -2,107 |
Net cash from preferred stock transactions | 487 | 2,116 | ' |
Other, net | 248 | 55 | 154 |
Net cash from financing activities | -1,973 | 2,796 | 15,220 |
Net Change in Cash and Cash Equivalents | -874 | -537 | 1,489 |
Cash and Cash Equivalents at Beginning of Period | 3,039 | 3,576 | 2,087 |
Cash and Cash Equivalents at End of Period | 2,165 | 3,039 | 3,576 |
Parent Company [Member] | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | 1,729 | 2,028 | 1,332 |
Equity in undistributed earnings of subsidiaries in excess of dividends from subsidiaries | -616 | -418 | -661 |
Net change in other assets | 95 | 265 | 63 |
Net change in accounts payable and accrued liabilities | 42 | -71 | -3 |
Other, net | -79 | -228 | 20 |
Net cash from operating activities | 1,171 | 1,576 | 751 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sales, calls and maturities of AFS securities | 24 | 26 | 49 |
Purchases of AFS securities | -24 | -26 | -48 |
Proceeds from maturities, calls and paydowns of HTM securities | 2 | 4 | 24 |
Investment in subsidiaries | -4 | -30 | -12 |
Advances to subsidiaries | -5,815 | -10,785 | -20,306 |
Proceeds from repayment of advances to subsidiaries | 5,898 | 11,325 | 22,637 |
Net cash from business combinations | 0 | 51 | 0 |
Net cash from divestitures | 9 | ' | ' |
Net cash from investing activities | 90 | 565 | 2,344 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net change in long-term debt | 499 | -2,764 | 1,121 |
Net change in short-term borrowings | -13 | -259 | -509 |
Net change in advances from subsidiaries | 50 | -72 | 69 |
Net proceeds from common stock issued | 108 | 15 | 22 |
Net cash from preferred stock transactions | 487 | 2,116 | ' |
Cash dividends paid on common and preferred stock | -912 | -564 | -446 |
Other, net | 8 | 62 | ' |
Net cash from financing activities | 227 | -1,466 | 257 |
Net Change in Cash and Cash Equivalents | 1,488 | 675 | 3,352 |
Cash and Cash Equivalents at Beginning of Period | 4,239 | 3,564 | 212 |
Cash and Cash Equivalents at End of Period | $5,727 | $4,239 | $3,564 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (Private Equity and Similar Investments [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Multiple | |
Yr | |
Private Equity and Similar Investments [Member] | ' |
Weighted average remaining life of private equity and similar investments, in years | 3 |
Fair value inputs earnings before interest taxes depreciation and amortization multiple lower range | 2 |
Fair value inputs earnings before interest taxes depreciation and amortization multiple upper range | 10 |
Fair value inputs earnings before interest taxes depreciation and amortization multiple weighted average | 7 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule of Assets and Liabilities Measured at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Trading securities | $381 | $497 | ' | ' |
AFS securities | 22,104 | 25,137 | ' | ' |
LHFS | 1,222 | 3,761 | ' | ' |
Residential MSRs | 1,047 | 627 | 563 | 830 |
Private equity and similar investments | 291 | 323 | ' | ' |
Assets measured at fair value | 25,909 | 31,795 | ' | ' |
Short-term borrowings | 84 | 98 | ' | ' |
Total liabilities | 1,054 | 1,535 | ' | ' |
Level 1 [Member] | ' | ' | ' | ' |
Trading securities | 256 | 302 | ' | ' |
LHFS | 0 | 0 | ' | ' |
Residential MSRs | 0 | 0 | ' | ' |
Private equity and similar investments | 0 | 0 | ' | ' |
Assets measured at fair value | 266 | 304 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Level 2 [Member] | ' | ' | ' | ' |
Trading securities | 125 | 194 | ' | ' |
LHFS | 1,222 | 3,761 | ' | ' |
Residential MSRs | 0 | 0 | ' | ' |
Private equity and similar investments | 0 | 0 | ' | ' |
Assets measured at fair value | 23,441 | 29,491 | ' | ' |
Short-term borrowings | 84 | 98 | ' | ' |
Total liabilities | 1,040 | 1,534 | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Trading securities | 0 | 1 | ' | ' |
LHFS | 0 | 0 | ' | ' |
Residential MSRs | 1,047 | 627 | ' | ' |
Private equity and similar investments | 291 | 323 | ' | ' |
Assets measured at fair value | 2,202 | 2,000 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Total liabilities | 14 | 1 | ' | ' |
U.S. Treasury Securities | ' | ' | ' | ' |
AFS securities | 595 | 281 | ' | ' |
U.S. Treasury Securities | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 595 | 281 | ' | ' |
GSE Securities | ' | ' | ' | ' |
AFS securities | ' | 9 | ' | ' |
GSE Securities | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | ' | 9 | ' | ' |
MBS Issued by GSE | ' | ' | ' | ' |
AFS securities | 17,929 | 20,930 | ' | ' |
MBS Issued by GSE | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 17,929 | 20,930 | ' | ' |
States and Political Subdivisions [Member] | ' | ' | ' | ' |
AFS securities | 1,851 | 2,011 | ' | ' |
States and Political Subdivisions [Member] | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 1,851 | 2,011 | ' | ' |
Non-Agency MBS [Member] | ' | ' | ' | ' |
AFS securities | 291 | 312 | ' | ' |
Non-Agency MBS [Member] | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 291 | 312 | ' | ' |
Other Securities [Member] | ' | ' | ' | ' |
AFS securities | 45 | 3 | ' | ' |
Other Securities [Member] | Level 1 [Member] | ' | ' | ' | ' |
AFS securities | 10 | 2 | ' | ' |
Other Securities [Member] | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 35 | 1 | ' | ' |
Covered Securities [Member] | ' | ' | ' | ' |
AFS securities | 1,393 | 1,591 | ' | ' |
Covered Securities [Member] | Level 2 [Member] | ' | ' | ' | ' |
AFS securities | 532 | 597 | ' | ' |
Covered Securities [Member] | Level 3 [Member] | ' | ' | ' | ' |
AFS securities | 861 | 994 | ' | ' |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative assets | 862 | 1,446 | ' | ' |
Derivative liabilities | 967 | 1,434 | ' | ' |
Interest Rate Contract [Member] | Level 2 [Member] | ' | ' | ' | ' |
Derivative assets | 859 | 1,391 | ' | ' |
Derivative liabilities | 953 | 1,433 | ' | ' |
Interest Rate Contract [Member] | Level 3 [Member] | ' | ' | ' | ' |
Derivative assets | 3 | 55 | ' | ' |
Derivative liabilities | 14 | 1 | ' | ' |
Foreign Exchange Contracts [Member] | ' | ' | ' | ' |
Derivative assets | 2 | 4 | ' | ' |
Derivative liabilities | 3 | 3 | ' | ' |
Foreign Exchange Contracts [Member] | Level 2 [Member] | ' | ' | ' | ' |
Derivative assets | 2 | 4 | ' | ' |
Derivative liabilities | $3 | $3 | ' | ' |
Fair_Value_Disclosures_Roll_Fo
Fair Value Disclosures (Roll Forward of Level 3 Assets and Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage banking income | $565 | $840 | $436 |
Trading [Member] | ' | ' | ' |
Beginning balance | 1 | 1 | 11 |
Interest income | 0 | 0 | 0 |
Mortgage banking income | 0 | 0 | 0 |
Other noninterest income | 0 | 0 | -3 |
Included in unrealized net holding gains (losses) in OCI (loss) | 0 | 0 | 0 |
Purchases | 40 | 4 | 7 |
Issuances | 0 | 0 | 0 |
Sales | -41 | -4 | -14 |
Settlements | 0 | 0 | 0 |
Ending balance | 0 | 1 | 1 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | 0 | 0 | 0 |
States and Political Subdivisions [Member] | ' | ' | ' |
Beginning balance | ' | ' | 119 |
Interest income | ' | ' | 0 |
Mortgage banking income | ' | ' | 0 |
Other noninterest income | ' | ' | 0 |
Included in unrealized net holding gains (losses) in OCI (loss) | ' | ' | -9 |
Issuances | ' | ' | 0 |
Sales | ' | ' | 0 |
Settlements | ' | ' | -53 |
Transfers into Level 3 | ' | ' | 0 |
Transfers out of Level 3 | ' | ' | -57 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | ' | ' | 0 |
Other Securities [Member] | ' | ' | ' |
Beginning balance | ' | ' | 7 |
Interest income | ' | ' | 0 |
Mortgage banking income | ' | ' | 0 |
Other noninterest income | ' | ' | 0 |
Included in unrealized net holding gains (losses) in OCI (loss) | ' | ' | -1 |
Issuances | ' | ' | 0 |
Sales | ' | ' | 0 |
Settlements | ' | ' | -1 |
Transfers out of Level 3 | ' | ' | -5 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | ' | ' | 0 |
Covered Securities [Member] | ' | ' | ' |
Beginning balance | 994 | 984 | 954 |
Interest income | 37 | 48 | 54 |
Mortgage banking income | 0 | 0 | 0 |
Other noninterest income | 0 | 0 | 0 |
Included in unrealized net holding gains (losses) in OCI (loss) | -14 | 88 | 24 |
Purchases | 0 | 0 | ' |
Issuances | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | -156 | -126 | -48 |
Ending balance | 861 | 994 | 984 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | 37 | 48 | 54 |
Residential MSR [Member] | ' | ' | ' |
Beginning balance | 627 | 563 | 830 |
Interest income | 0 | 0 | 0 |
Mortgage banking income | 229 | -32 | -341 |
Other noninterest income | 0 | 0 | 0 |
Included in unrealized net holding gains (losses) in OCI (loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | ' |
Issuances | 336 | 270 | 225 |
Sales | 0 | 0 | 0 |
Settlements | -145 | -174 | -151 |
Ending balance | 1,047 | 627 | 563 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | 229 | -32 | -341 |
Net Derivatives [Member] | ' | ' | ' |
Beginning balance | 54 | 59 | -25 |
Interest income | 0 | 0 | 0 |
Mortgage banking income | 21 | 458 | 151 |
Other noninterest income | 0 | 0 | 0 |
Included in unrealized net holding gains (losses) in OCI (loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | ' |
Issuances | 65 | 308 | 110 |
Sales | 0 | 0 | 0 |
Settlements | -151 | -771 | -177 |
Ending balance | -11 | 54 | 59 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | -11 | 54 | 59 |
Private Equity and Similar Investments [Member] | ' | ' | ' |
Beginning balance | 323 | 261 | 266 |
Interest income | 0 | 0 | 0 |
Mortgage banking income | 0 | 0 | 0 |
Other noninterest income | 33 | 21 | 64 |
Included in unrealized net holding gains (losses) in OCI (loss) | 0 | 0 | 0 |
Purchases | 58 | 101 | 61 |
Issuances | 0 | 0 | 0 |
Sales | -59 | -59 | -112 |
Settlements | -64 | -1 | -15 |
Transfers into Level 3 | ' | ' | 1 |
Transfers out of Level 3 | ' | ' | -4 |
Ending balance | 291 | 323 | 261 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at end of period | $22 | $12 | $39 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value and Unpaid Principal Balance of LHFS) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
LHFS | $1,222 | $3,761 |
Fair Value [Member] | ' | ' |
LHFS | 1,222 | 3,761 |
Aggregate UPB [Member] | ' | ' |
LHFS | 1,223 | 3,652 |
Fair Value Less Aggregate UPB [Member] | ' | ' |
LHFS | ($1) | $109 |
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures (Fair Value Measured on Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans (excluding covered) | $50 | $137 |
Valuation adjustments to impaired loans (excluding covered) | -41 | -109 |
Foreclosed real estate (excluding covered) | 71 | 107 |
Valuation adjustments on foreclosed real estate (excluding covered) | ($6) | ($147) |
Fair_Value_Disclosures_Carryin
Fair Value Disclosures (Carrying Amounts and Fair Values of Financial Assets and Liabilities Not Recorded at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
HTM securities, amortized cost | $18,101 | $13,594 |
Deposits | 127,475 | 133,075 |
Long-term debt | 21,493 | 19,114 |
Carrying Amount [Member] | ' | ' |
HTM securities, amortized cost | 18,101 | 13,594 |
Loans and leases,net of ALLL (excluding covered) | 112,264 | 109,419 |
Covered loans, net of ALLL | 1,921 | 3,166 |
FDIC loss share receivable | 843 | 1,106 |
Deposits | 127,475 | 133,075 |
FDIC loss share payable | 669 | 627 |
Long-term debt | 21,493 | 19,114 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
HTM securities, amortized cost | 17,530 | 13,848 |
Loans and leases,net of ALLL (excluding covered) | 112,261 | 109,621 |
Covered loans, net of ALLL | 2,200 | 3,661 |
FDIC loss share receivable | 464 | 751 |
Deposits | 127,810 | 133,377 |
FDIC loss share payable | 652 | 602 |
Long-term debt | 22,313 | 20,676 |
Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
HTM securities, amortized cost | 17,491 | 13,810 |
Loans and leases,net of ALLL (excluding covered) | 0 | 0 |
Covered loans, net of ALLL | 0 | 0 |
FDIC loss share receivable | 0 | 0 |
Deposits | 127,810 | 133,377 |
FDIC loss share payable | 0 | 0 |
Long-term debt | 22,313 | 20,676 |
Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
HTM securities, amortized cost | 39 | 38 |
Loans and leases,net of ALLL (excluding covered) | 112,261 | 109,621 |
Covered loans, net of ALLL | 2,200 | 3,661 |
FDIC loss share receivable | 464 | 751 |
Deposits | 0 | 0 |
FDIC loss share payable | 652 | 602 |
Long-term debt | $0 | $0 |
Fair_Value_Disclosures_Notiona
Fair Value Disclosures (Notional or Contractual Amounts and Fair Values of Off-Balance Sheet Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Residential mortgage loans sold with recourse | $783 | $1,019 |
Other loans sold with recourse | 4,594 | 4,970 |
Letters of credit and financial guarantees written | 4,355 | 5,164 |
Notional Or Contract Amount [Member] | ' | ' |
Commitments to extend, originate or purchase credit | 45,333 | 41,410 |
Residential mortgage loans sold with recourse | 783 | 1,019 |
Other loans sold with recourse | 4,594 | 4,970 |
Letters of credit and financial guarantees written | 4,355 | 5,164 |
Fair Value [Member] | ' | ' |
Commitments to extend, originate or purchase credit | 86 | 74 |
Residential mortgage loans sold with recourse | 13 | 12 |
Other loans sold with recourse | 9 | 13 |
Letters of credit and financial guarantees written | $39 | $30 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Derivative Classifications and Hedging Relationships) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative financial instruments, notional values | $59,318 | $72,795 |
Total derivative asset | 864 | 1,450 |
Amounts subject to master netting arrangements not offset due to policy election, assets column | -514 | -797 |
Cash collateral (received) posted | -44 | -41 |
Net amount | 306 | 612 |
Total derivative liability | -970 | -1,437 |
Amounts subject to master netting arrangements not offset due to policy election, liabilities column | 514 | 797 |
Cash collateral (received) posted | 386 | 607 |
Net amount | -70 | -33 |
Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Pay Fixed Swaps [Member] | Three Month LIBOR Funding [Member] | ' | ' |
Designated notional values, derivatives as cash flow hedges | 4,300 | 6,035 |
Cash flow hedge derivative instrument assets at fair value | 0 | 0 |
Cash flow hedge derivative instrument liabilities at fair value | -203 | -298 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | ' | ' |
Notional value of derivatives as fair value hedge | 7,345 | 1,332 |
Fair value hedge assets | 102 | 182 |
Fair value hedge liabilities | -89 | -160 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | Received Fixed Swaps And Option Trades [Member] | Long-term Debt [Member] | ' | ' |
Notional value of derivatives as fair value hedge | 6,822 | 800 |
Fair value hedge assets | 102 | 182 |
Fair value hedge liabilities | -3 | 0 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | Pay Fixed Swaps [Member] | Commercial Loans [Member] | ' | ' |
Notional value of derivatives as fair value hedge | 178 | 187 |
Fair value hedge assets | 0 | 0 |
Fair value hedge liabilities | -3 | -7 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | Pay Fixed Swaps [Member] | Municipal Securities [Member] | ' | ' |
Notional value of derivatives as fair value hedge | 345 | 345 |
Fair value hedge assets | 0 | 0 |
Fair value hedge liabilities | -83 | -153 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 47,673 | 65,428 |
Total derivative asset | 762 | 1,268 |
Total derivative liability | -678 | -979 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 19,414 | 22,750 |
Total derivative asset | 411 | 715 |
Total derivative liability | -446 | -748 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Interest Rate Contract [Member] | Receive Fixed Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 8,619 | 9,352 |
Total derivative asset | 370 | 687 |
Total derivative liability | -37 | 0 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Interest Rate Contract [Member] | Pay Fixed Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 8,401 | 9,464 |
Total derivative asset | 31 | 0 |
Total derivative liability | -396 | -717 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Interest Rate Contract [Member] | Other Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 2,010 | 3,400 |
Total derivative asset | 8 | 24 |
Total derivative liability | -10 | -28 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Foreign Exchange Contract [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 384 | 534 |
Total derivative asset | 2 | 4 |
Total derivative liability | -3 | -3 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contract [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 5,500 | 15,165 |
Total derivative asset | 45 | 71 |
Total derivative liability | -28 | -22 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contract [Member] | Other Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 531 | 215 |
Total derivative asset | 8 | 6 |
Total derivative liability | -7 | -2 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contract [Member] | Interest Rate Lock Commitments [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 1,869 | 6,064 |
Total derivative asset | 3 | 55 |
Total derivative liability | -14 | -1 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contract [Member] | When Issued Securities And Forward Rate Agreements And Forward Commitments [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 3,100 | 8,886 |
Total derivative asset | 34 | 10 |
Total derivative liability | -7 | -19 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 22,759 | 27,513 |
Total derivative asset | 306 | 482 |
Total derivative liability | -204 | -209 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | Receive Fixed Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 6,139 | 5,178 |
Total derivative asset | 36 | 110 |
Total derivative liability | -141 | -27 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | Pay Fixed Swaps [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 5,449 | 5,389 |
Total derivative asset | 89 | 7 |
Total derivative liability | -29 | -94 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | Option Trades [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 9,415 | 14,510 |
Total derivative asset | 181 | 363 |
Total derivative liability | -31 | -88 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | When Issued Securities And Forward Rate Agreements And Forward Commitments [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 1,756 | 2,406 |
Total derivative asset | 0 | 2 |
Total derivative liability | -3 | 0 |
Not Designated as Hedging Instrument [Member] | MSRs [Member] | Interest Rate Contract [Member] | Futures Contracts [Member] | ' | ' |
Notional amount of other derivatives not designated as hedging instruments | 0 | 30 |
Total derivative asset | 0 | 0 |
Total derivative liability | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Effect of Derivative Instruments on the Consolidated Statements of Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | ($197) | $128 | $394 |
Cash Flow Hedges [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in OCI, effective portion, net | 204 | -84 | -225 |
Derivative instruments, (gain) loss reclassified from AOCI into income, effective portion, net | -77 | -61 | -46 |
Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ' | ' | ' |
Derivative instruments, (gain) loss reclassified from AOCI into income, effective portion, net | 0 | 11 | 26 |
Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative instruments, (gain) loss reclassified from AOCI into income, effective portion, net | -77 | -72 | -72 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in income, net | 120 | 267 | 293 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in income, net | -21 | -21 | -21 |
Fair Value Hedges [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in income, net | 141 | 288 | 314 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | -187 | 231 | 340 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Interest Rate Contract [Member] | Other Income [Member] | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | 26 | 35 | 10 |
Not Designated as Hedging Instrument [Member] | Client-Related and Other Risk Management [Member] | Foreign Exchange Contract [Member] | Other Income [Member] | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | 11 | 9 | 6 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking [Member] | Interest Rate Contract [Member] | Mortgage Banking Income [Member] | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | -27 | 59 | -70 |
Not Designated as Hedging Instrument [Member] | Residential MSR [Member] | Interest Rate Contract [Member] | Mortgage Banking Income [Member] | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | ($197) | $128 | $394 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Hedges) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Yr | Yr | |
Cash Flow Hedges [Member] | ' | ' |
Unrealized net gains (losses) on cash flow hedges, after tax | $2 | ($173) |
Estimated amount in AOCI expected to be reclassified within twelve months, after tax | -50 | -37 |
Maximum length of time entity has hedged portion of variable cash flows for forecasted transactions | 7 | 0 |
Pre-tax deferred gain from terminated cash flow hedges recorded in OCI | 198 | 0 |
Fair Value Hedges [Member] | ' | ' |
Pre-tax deferred gain from terminated fair value hedges | 0 | 85 |
Pre-tax benefits from reductions of interest expense from previous hedge unwinds | $89 | $256 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Summary of Collateral Positions with Counterparties) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Cash collateral to secure loss from counterparty related to derivative credit risk | $44 | $41 |
Cash collateral posted related to derivative credit risk | 386 | 607 |
Dealer Counterparties [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash collateral to secure loss from counterparty related to derivative credit risk | 44 | 44 |
Derivatives in a gain position for which collateral has been received | 46 | 42 |
Unsecured positions in a net gain with dealer counterparties after collateral postings | 3 | 0 |
Cash collateral posted related to derivative credit risk | 356 | 603 |
Derivatives in loss position for which collateral has been posted | 357 | 610 |
Additional collateral required for decline in credit ratings below investment grade | 4 | 10 |
Central Clearing Parties [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash collateral posted related to derivative credit risk | 43 | 111 |
Derivatives in loss position for which collateral has been posted | 43 | 7 |
Securities pledged to central clearing parties | $82 | $0 |
Computation_of_EPS_Details
Computation of EPS (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Computation of EPS | ' | ' | ' |
Net income available to common shareholders | $1,562 | $1,916 | $1,289 |
Weighted average number of common shares | 703,042 | 698,739 | 696,532 |
Effect of dilutive outstanding equity-based awards | 11,321 | 10,138 | 8,636 |
Weighted average number of diluted common shares | 714,363 | 708,877 | 705,168 |
Basic EPS | $2.22 | $2.74 | $1.85 |
Diluted EPS | $2.19 | $2.70 | $1.83 |
Anti-dilutive awards | 28,456 | 36,589 | 40,895 |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 |
Community Banking [Member] | Residential Mortgage Banking [Member] | Residential Mortgage Banking [Member] | Specialized Lending [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loans transferred in | ' | ' | ' | ' | $8,300 | $230 | ' |
Loans transferred out | ' | ' | ' | 8,300 | ' | ' | 230 |
Residential mortgage loans sold | 28,900 | 25,640 | 17,202 | ' | ' | ' | ' |
Loans sold | ' | ' | ' | ' | ' | ' | $500 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net interest income (expense) | $5,616 | $5,857 | $5,507 |
Allocated provision for loan and lease losses | 592 | 1,057 | 1,190 |
Noninterest income | 3,937 | 3,820 | 3,113 |
Noninterest expense | 5,837 | 5,828 | 5,802 |
Amortization of intangibles | 106 | 110 | 99 |
Income (loss) before income taxes | 3,124 | 2,792 | 1,628 |
Provision (benefit) for income taxes | 1,395 | 764 | 296 |
Segment net income (loss) | 1,729 | 2,028 | 1,332 |
Identifiable segment assets (period end) | 183,010 | 184,499 | ' |
Community Banking-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 1,712 | 1,669 | 1,555 |
Net intersegment interest income (expense) | 1,341 | 1,565 | 1,844 |
Segment net interest income | 3,053 | 3,234 | 3,399 |
Allocated provision for loan and lease losses | 276 | 586 | 529 |
Noninterest income | 1,202 | 1,135 | 1,031 |
Intersegment net referral fees (expense) | 173 | 190 | 131 |
Noninterest expense | 1,683 | 1,800 | 2,334 |
Amortization of intangibles | 36 | 37 | 47 |
Allocated corporate expenses | 1,035 | 1,022 | 897 |
Income (loss) before income taxes | 1,398 | 1,114 | 754 |
Provision (benefit) for income taxes | 513 | 406 | 270 |
Segment net income (loss) | 885 | 708 | 484 |
Identifiable segment assets (period end) | 54,602 | 54,731 | 52,368 |
Residential Mortgage Banking-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 1,585 | 1,564 | 1,406 |
Net intersegment interest income (expense) | -1,003 | -1,044 | -999 |
Segment net interest income | 582 | 520 | 407 |
Allocated provision for loan and lease losses | 4 | 174 | 380 |
Noninterest income | 484 | 755 | 351 |
Intersegment net referral fees (expense) | -1 | 0 | 0 |
Noninterest expense | 361 | 416 | 320 |
Amortization of intangibles | 0 | 0 | 0 |
Allocated corporate expenses | 73 | 59 | 52 |
Income (loss) before income taxes | 627 | 626 | 6 |
Provision (benefit) for income taxes | 237 | 238 | 2 |
Segment net income (loss) | 390 | 388 | 4 |
Identifiable segment assets (period end) | 36,207 | 37,593 | 32,413 |
Dealer Financial Services-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 834 | 844 | 852 |
Net intersegment interest income (expense) | -159 | -196 | -270 |
Segment net interest income | 675 | 648 | 582 |
Allocated provision for loan and lease losses | 214 | 164 | 125 |
Noninterest income | 4 | 7 | 7 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 108 | 101 | 90 |
Amortization of intangibles | 0 | 1 | 1 |
Allocated corporate expenses | 29 | 36 | 37 |
Income (loss) before income taxes | 328 | 353 | 336 |
Provision (benefit) for income taxes | 125 | 135 | 127 |
Segment net income (loss) | 203 | 218 | 209 |
Identifiable segment assets (period end) | 11,526 | 10,264 | 9,874 |
Specialized Lending-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 678 | 701 | 636 |
Net intersegment interest income (expense) | -126 | -139 | -171 |
Segment net interest income | 552 | 562 | 465 |
Allocated provision for loan and lease losses | 85 | 135 | 72 |
Noninterest income | 231 | 229 | 211 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 255 | 259 | 233 |
Amortization of intangibles | 5 | 5 | 6 |
Allocated corporate expenses | 66 | 79 | 72 |
Income (loss) before income taxes | 372 | 313 | 293 |
Provision (benefit) for income taxes | 97 | 69 | 58 |
Segment net income (loss) | 275 | 244 | 235 |
Identifiable segment assets (period end) | 17,629 | 18,907 | 16,773 |
Insurance Services-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 3 | 3 | 2 |
Net intersegment interest income (expense) | 6 | 4 | 5 |
Segment net interest income | 9 | 7 | 7 |
Allocated provision for loan and lease losses | 0 | 0 | 0 |
Noninterest income | 1,535 | 1,365 | 1,041 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 1,135 | 1,016 | 786 |
Amortization of intangibles | 61 | 61 | 42 |
Allocated corporate expenses | 96 | 82 | 72 |
Income (loss) before income taxes | 252 | 213 | 148 |
Provision (benefit) for income taxes | 85 | 70 | 46 |
Segment net income (loss) | 167 | 143 | 102 |
Identifiable segment assets (period end) | 2,990 | 3,297 | 2,350 |
Financial Services-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 129 | 106 | 98 |
Net intersegment interest income (expense) | 310 | 337 | 257 |
Segment net interest income | 439 | 443 | 355 |
Allocated provision for loan and lease losses | 17 | 11 | -2 |
Noninterest income | 743 | 719 | 683 |
Intersegment net referral fees (expense) | 36 | 39 | 30 |
Noninterest expense | 617 | 643 | 575 |
Amortization of intangibles | 3 | 3 | 3 |
Allocated corporate expenses | 99 | 93 | 74 |
Income (loss) before income taxes | 482 | 451 | 418 |
Provision (benefit) for income taxes | 181 | 169 | 155 |
Segment net income (loss) | 301 | 282 | 263 |
Identifiable segment assets (period end) | 9,876 | 8,845 | 7,243 |
Other, Treasury and Corporate-After Realignment [Member] | ' | ' | ' |
Net interest income (expense) | 675 | 970 | 958 |
Net intersegment interest income (expense) | -369 | -527 | -666 |
Segment net interest income | 306 | 443 | 292 |
Allocated provision for loan and lease losses | -4 | -13 | 86 |
Noninterest income | -262 | -390 | -211 |
Intersegment net referral fees (expense) | -208 | -229 | -161 |
Noninterest expense | 1,572 | 1,483 | 1,365 |
Amortization of intangibles | 1 | 3 | 0 |
Allocated corporate expenses | -1,398 | -1,371 | -1,204 |
Income (loss) before income taxes | -335 | -278 | -327 |
Provision (benefit) for income taxes | 157 | -323 | -362 |
Segment net income (loss) | -492 | 45 | 35 |
Identifiable segment assets (period end) | 50,180 | 50,862 | 53,990 |
Community Banking [Member] | ' | ' | ' |
Net interest income (expense) | 2,129 | 2,084 | 1,937 |
Net intersegment interest income (expense) | 1,085 | 1,293 | 1,579 |
Segment net interest income | 3,214 | 3,377 | 3,516 |
Allocated provision for loan and lease losses | 246 | 665 | 589 |
Noninterest income | 1,202 | 1,136 | 1,031 |
Intersegment net referral fees (expense) | 160 | 178 | 121 |
Noninterest expense | 1,701 | 1,827 | 2,356 |
Amortization of intangibles | 36 | 37 | 47 |
Allocated corporate expenses | 1,040 | 1,026 | 901 |
Income (loss) before income taxes | 1,553 | 1,136 | 775 |
Provision (benefit) for income taxes | 571 | 414 | 278 |
Segment net income (loss) | 982 | 722 | 497 |
Identifiable segment assets (period end) | 63,145 | 62,821 | 59,167 |
Residential Mortgage Banking [Member] | ' | ' | ' |
Net interest income (expense) | 1,168 | 1,149 | 1,024 |
Net intersegment interest income (expense) | -747 | -772 | -734 |
Segment net interest income | 421 | 377 | 290 |
Allocated provision for loan and lease losses | 34 | 95 | 320 |
Noninterest income | 484 | 754 | 351 |
Intersegment net referral fees (expense) | -1 | 0 | 0 |
Noninterest expense | 344 | 389 | 297 |
Amortization of intangibles | 0 | 0 | 0 |
Allocated corporate expenses | 68 | 55 | 48 |
Income (loss) before income taxes | 458 | 592 | -24 |
Provision (benefit) for income taxes | 174 | 225 | -9 |
Segment net income (loss) | 284 | 367 | -15 |
Identifiable segment assets (period end) | 27,664 | 29,503 | 25,614 |
Dealer Financial Services [Member] | ' | ' | ' |
Net interest income (expense) | 834 | 844 | 852 |
Net intersegment interest income (expense) | -159 | -196 | -270 |
Segment net interest income | 675 | 648 | 582 |
Allocated provision for loan and lease losses | 214 | 164 | 125 |
Noninterest income | 4 | 7 | 7 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 108 | 101 | 90 |
Amortization of intangibles | 0 | 1 | 1 |
Allocated corporate expenses | 29 | 36 | 37 |
Income (loss) before income taxes | 328 | 353 | 336 |
Provision (benefit) for income taxes | 125 | 135 | 127 |
Segment net income (loss) | 203 | 218 | 209 |
Identifiable segment assets (period end) | 11,526 | 10,264 | 9,874 |
Specialized Lending [Member] | ' | ' | ' |
Net interest income (expense) | 678 | 701 | 636 |
Net intersegment interest income (expense) | -126 | -139 | -171 |
Segment net interest income | 552 | 562 | 465 |
Allocated provision for loan and lease losses | 85 | 135 | 72 |
Noninterest income | 231 | 229 | 211 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 255 | 259 | 233 |
Amortization of intangibles | 5 | 5 | 6 |
Allocated corporate expenses | 66 | 79 | 72 |
Income (loss) before income taxes | 372 | 313 | 293 |
Provision (benefit) for income taxes | 97 | 69 | 58 |
Segment net income (loss) | 275 | 244 | 235 |
Identifiable segment assets (period end) | 17,629 | 18,907 | 16,773 |
Insurance Services [Member] | ' | ' | ' |
Net interest income (expense) | 3 | 3 | 2 |
Net intersegment interest income (expense) | 6 | 4 | 5 |
Segment net interest income | 9 | 7 | 7 |
Allocated provision for loan and lease losses | 0 | 0 | 0 |
Noninterest income | 1,535 | 1,365 | 1,041 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 1,135 | 1,016 | 786 |
Amortization of intangibles | 61 | 61 | 42 |
Allocated corporate expenses | 96 | 82 | 72 |
Income (loss) before income taxes | 252 | 213 | 148 |
Provision (benefit) for income taxes | 85 | 70 | 46 |
Segment net income (loss) | 167 | 143 | 102 |
Identifiable segment assets (period end) | 2,990 | 3,297 | 2,350 |
Financial Services [Member] | ' | ' | ' |
Net interest income (expense) | 150 | 123 | 108 |
Net intersegment interest income (expense) | 297 | 326 | 250 |
Segment net interest income | 447 | 449 | 358 |
Allocated provision for loan and lease losses | 19 | 13 | -1 |
Noninterest income | 743 | 719 | 683 |
Intersegment net referral fees (expense) | 36 | 39 | 30 |
Noninterest expense | 617 | 643 | 575 |
Amortization of intangibles | 3 | 3 | 3 |
Allocated corporate expenses | 99 | 93 | 74 |
Income (loss) before income taxes | 488 | 455 | 420 |
Provision (benefit) for income taxes | 183 | 171 | 156 |
Segment net income (loss) | 305 | 284 | 264 |
Identifiable segment assets (period end) | 10,434 | 9,283 | 7,497 |
Other Treasury And Corporate [Member] | ' | ' | ' |
Net interest income (expense) | 654 | 953 | 948 |
Net intersegment interest income (expense) | -356 | -516 | -659 |
Segment net interest income | 298 | 437 | 289 |
Allocated provision for loan and lease losses | -6 | -15 | 85 |
Noninterest income | -262 | -390 | -211 |
Intersegment net referral fees (expense) | -195 | -217 | -151 |
Noninterest expense | 1,571 | 1,483 | 1,366 |
Amortization of intangibles | 1 | 3 | 0 |
Allocated corporate expenses | -1,398 | -1,371 | -1,204 |
Income (loss) before income taxes | -327 | -270 | -320 |
Provision (benefit) for income taxes | 160 | -320 | -360 |
Segment net income (loss) | -487 | 50 | 40 |
Identifiable segment assets (period end) | 49,622 | 50,424 | 53,736 |
Total Bbt Corporation [Member] | ' | ' | ' |
Net interest income (expense) | 5,616 | 5,857 | 5,507 |
Net intersegment interest income (expense) | 0 | 0 | 0 |
Segment net interest income | 5,616 | 5,857 | 5,507 |
Allocated provision for loan and lease losses | 592 | 1,057 | 1,190 |
Noninterest income | 3,937 | 3,820 | 3,113 |
Intersegment net referral fees (expense) | 0 | 0 | 0 |
Noninterest expense | 5,731 | 5,718 | 5,703 |
Amortization of intangibles | 106 | 110 | 99 |
Allocated corporate expenses | 0 | 0 | 0 |
Income (loss) before income taxes | 3,124 | 2,792 | 1,628 |
Provision (benefit) for income taxes | 1,395 | 764 | 296 |
Segment net income (loss) | 1,729 | 2,028 | 1,332 |
Identifiable segment assets (period end) | $183,010 | $184,499 | $175,011 |