Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
Entity Registrant Name | BB&T CORP |
Trading Symbol | BBT |
Entity Central Index Key | 92,230 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 774,446,877 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 2,046 | $ 2,243 |
Interest-bearing deposits with banks | 662 | 343 |
Cash equivalents | 213 | 127 |
Restricted cash | 132 | 370 |
AFS securities at fair value | 23,919 | 24,547 |
HTM securities (fair value of $21,080 and $22,837 at June 30, 2018 and December 31, 2017, respectively) | 21,749 | 23,027 |
LHFS at fair value | 1,615 | 1,099 |
Loans and leases | 146,183 | 143,701 |
ALLL | (1,530) | (1,490) |
Loans and leases, net of ALLL | 144,653 | 142,211 |
Premises and equipment | 2,154 | 2,055 |
Goodwill | 9,617 | 9,618 |
CDI and other intangible assets | 647 | 711 |
MSRs at fair value | 1,143 | 1,056 |
Other assets | 14,131 | 14,235 |
Total assets | 222,681 | 221,642 |
Liabilities | ||
Deposits | 159,475 | 157,371 |
Short-term borrowings | 3,576 | 4,938 |
Long-term debt | 24,081 | 23,648 |
Accounts payable and other liabilities | 5,717 | 5,990 |
Total liabilities | 192,849 | 191,947 |
Commitments and contingencies (Note 12) | ||
Shareholders' Equity | ||
Preferred stock, $5 par, liquidation preference of $25,000 per share | 3,053 | 3,053 |
Common stock, $5 par | 3,872 | 3,910 |
Additional paid-in capital | 7,364 | 7,893 |
Retained earnings | 17,197 | 16,259 |
AOCI, net of deferred income taxes | (1,706) | (1,467) |
Noncontrolling interests | 52 | 47 |
Total shareholders' equity | 29,832 | 29,695 |
Total liabilities and shareholders' equity | $ 222,681 | $ 221,642 |
Common shares outstanding (in shares) | 774,447,000 | 782,006,000 |
Common shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Preferred shares outstanding (in shares) | 126,000 | 126,000 |
Preferred shares authorized (in shares) | 5,000,000 | 5,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 21,080 | $ 22,837 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, liquidation preference (in dollars per share) | 25,000 | 25,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest Income | ||||
Interest and fees on loans and leases | $ 1,687 | $ 1,540 | $ 3,292 | $ 3,041 |
Interest and dividends on securities | 294 | 272 | 585 | 530 |
Interest on other earning assets | 13 | 12 | 38 | 28 |
Total interest income | 1,994 | 1,824 | 3,915 | 3,599 |
Interest Expense | ||||
Interest on deposits | 148 | 80 | 266 | 149 |
Interest on short-term borrowings | 23 | 5 | 43 | 7 |
Interest on long-term debt | 166 | 104 | 316 | 199 |
Total interest expense | 337 | 189 | 625 | 355 |
Net Interest Income | 1,657 | 1,635 | 3,290 | 3,244 |
Provision for credit losses | 135 | 135 | 285 | 283 |
Net Interest Income After Provision for Credit Losses | 1,522 | 1,500 | 3,005 | 2,961 |
Noninterest Income | ||||
Total noninterest income | 1,222 | 1,220 | 2,402 | 2,391 |
Noninterest Expense | ||||
Personnel expense | 1,074 | 1,068 | 2,113 | 2,103 |
Occupancy and equipment expense | 187 | 198 | 381 | 391 |
Software expense | 67 | 57 | 132 | 115 |
Outside IT services | 32 | 39 | 64 | 88 |
Regulatory charges | 39 | 36 | 79 | 75 |
Amortization of intangibles | 31 | 36 | 64 | 74 |
Loan-related expense | 26 | 36 | 55 | 66 |
Professional services | 32 | 38 | 62 | 60 |
Merger-related and restructuring charges, net | 24 | 10 | 52 | 46 |
Loss (gain) on early extinguishment of debt | 0 | 0 | 0 | 392 |
Other expense | 208 | 224 | 404 | 434 |
Total noninterest expense | 1,720 | 1,742 | 3,406 | 3,844 |
Earnings | ||||
Income before income taxes | 1,024 | 978 | 2,001 | 1,508 |
Provision for income taxes | 202 | 304 | 388 | 408 |
Net income | 822 | 674 | 1,613 | 1,100 |
Noncontrolling interests | 3 | (1) | 6 | 4 |
Dividends on preferred stock | 44 | 44 | 87 | 87 |
Net income available to common shareholders | $ 775 | $ 631 | $ 1,520 | $ 1,009 |
Basic EPS (in dollars per share) | $ 1 | $ 0.78 | $ 1.95 | $ 1.25 |
Diluted EPS (in dollars per share) | 0.99 | 0.77 | 1.93 | 1.23 |
Cash dividends declared per share (in dollars per share) | $ 0.375 | $ 0.300 | $ 0.750 | $ 0.600 |
Basic weighted average shares outstanding (in shares) | 775,836 | 808,980 | 777,716 | 809,439 |
Diluted weighted average shares outstanding (in shares) | 785,750 | 819,389 | 788,362 | 821,072 |
Insurance income | ||||
Noninterest Income | ||||
Total noninterest income | $ 481 | $ 481 | $ 917 | $ 939 |
Service charges on deposits | ||||
Noninterest Income | ||||
Total noninterest income | 179 | 176 | 344 | 344 |
Mortgage banking income | ||||
Noninterest Income | ||||
Total noninterest income | 94 | 94 | 193 | 197 |
Investment banking and brokerage fees and commissions | ||||
Noninterest Income | ||||
Total noninterest income | 109 | 105 | 222 | 196 |
Trust and investment advisory revenues | ||||
Noninterest Income | ||||
Total noninterest income | 72 | 70 | 144 | 138 |
Bankcard fees and merchant discounts | ||||
Noninterest Income | ||||
Total noninterest income | 72 | 75 | 141 | 134 |
Checkcard fees | ||||
Noninterest Income | ||||
Total noninterest income | 57 | 54 | 109 | 105 |
Operating lease income | ||||
Noninterest Income | ||||
Total noninterest income | 36 | 37 | 73 | 73 |
Income from bank-owned life insurance | ||||
Noninterest Income | ||||
Total noninterest income | 30 | 32 | 61 | 61 |
Other income | ||||
Noninterest Income | ||||
Total noninterest income | 91 | 96 | 197 | 204 |
Securities gains (losses), net | ||||
Noninterest Income | ||||
Total noninterest income | 1 | 0 | 1 | 0 |
Securities gains (losses), net | ||||
Gross realized gains | 1 | 0 | 1 | 0 |
Gross realized losses | 0 | 0 | 0 | 0 |
OTTI charges | 0 | 0 | 0 | 0 |
Non-credit portion recognized in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 822 | $ 674 | $ 1,613 | $ 1,100 |
OCI, net of tax: | ||||
Change in unrecognized net pension and postretirement costs | 13 | 12 | 27 | 21 |
Change in unrealized net gains (losses) on cash flow hedges | 26 | (34) | 104 | (36) |
Change in unrealized net gains (losses) on AFS securities | (99) | 74 | (367) | 72 |
Other, net | (1) | 0 | (3) | 2 |
Total OCI | (61) | 52 | (239) | 59 |
Total comprehensive income | 761 | 726 | 1,374 | 1,159 |
Income Tax Effect of Items Included in OCI: | ||||
Change in unrecognized net pension and postretirement costs | 5 | 7 | 9 | 14 |
Change in unrealized net gains (losses) on cash flow hedges | 8 | (20) | 34 | (21) |
Change in unrealized net gains (losses) on AFS securities | (31) | 43 | (115) | 42 |
Other, net | $ 0 | $ 0 | $ 1 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI | Noncontrolling Interests |
Beginning balance at Dec. 31, 2016 | $ 29,926 | $ 4,047 | $ 3,053 | $ 9,104 | $ 14,809 | $ (1,132) | $ 45 |
Beginning balance (in shares) at Dec. 31, 2016 | 809,475 | ||||||
Add (Deduct): | |||||||
Net income | 1,100 | 1,096 | 4 | ||||
OCI | 59 | 59 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | 88 | $ 33 | 55 | ||||
Issued in connection with equity awards, net (in shares) | 6,644 | ||||||
Repurchase of common stock | (320) | $ (40) | (280) | ||||
Repurchase of common stock (in shares) | (8,026) | ||||||
Cash dividends declared on common stock | (485) | (485) | |||||
Cash dividends declared on preferred stock | (87) | (87) | |||||
Equity-based compensation expense | 74 | 74 | |||||
Other, net | (6) | 13 | (12) | (7) | |||
Ending balance at Jun. 30, 2017 | 30,349 | $ 4,040 | 3,053 | 8,966 | 15,321 | (1,073) | 42 |
Ending balance (in shares) at Jun. 30, 2017 | 808,093 | ||||||
Beginning balance at Dec. 31, 2017 | $ 29,695 | $ 3,910 | 3,053 | 7,893 | 16,259 | (1,467) | 47 |
Beginning balance (in shares) at Dec. 31, 2017 | 782,006 | 782,006 | |||||
Add (Deduct): | |||||||
Net income | $ 1,613 | 1,607 | 6 | ||||
OCI | (239) | (239) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (2) | $ 20 | (22) | ||||
Issued in connection with equity awards, net (in shares) | 4,055 | ||||||
Repurchase of common stock | (630) | $ (58) | (572) | ||||
Repurchase of common stock (in shares) | (11,614) | ||||||
Cash dividends declared on common stock | (582) | (582) | |||||
Cash dividends declared on preferred stock | (87) | (87) | |||||
Equity-based compensation expense | 76 | 76 | |||||
Other, net | (12) | (11) | (1) | ||||
Ending balance at Jun. 30, 2018 | $ 29,832 | $ 3,872 | $ 3,053 | $ 7,364 | $ 17,197 | $ (1,706) | $ 52 |
Ending balance (in shares) at Jun. 30, 2018 | 774,447 | 774,447 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1,613 | $ 1,100 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 285 | 283 |
Depreciation | 210 | 200 |
Loss (gain) on early extinguishment of debt | 0 | 392 |
Amortization of intangibles | 64 | 74 |
Equity-based compensation expense | 76 | 74 |
(Gain) loss on securities, net | (1) | 0 |
Net change in operating assets and liabilities: | ||
LHFS | (516) | 394 |
Trading and equity securities | (187) | (655) |
Other assets, accounts payable and other liabilities | 59 | (377) |
Other, net | (176) | 3 |
Net cash from operating activities | 1,427 | 1,488 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of AFS securities | 160 | 224 |
Proceeds from maturities, calls and paydowns of AFS securities | 1,990 | 2,531 |
Purchases of AFS securities | (1,989) | (2,599) |
Proceeds from maturities, calls and paydowns of HTM securities | 1,259 | 1,138 |
Purchases of HTM securities | (39) | (2,859) |
Originations and purchases of loans and leases, net of principal collected | (2,957) | (1,049) |
Other, net | 13 | (12) |
Net cash from investing activities | (1,563) | (2,626) |
Cash Flows From Financing Activities: | ||
Net change in deposits | 2,113 | (3,256) |
Net change in short-term borrowings | (1,362) | 4,736 |
Proceeds from issuance of long-term debt | 1,755 | 4,650 |
Repayment of long-term debt | (1,044) | (5,271) |
Repurchase of common stock | (630) | (320) |
Cash dividends paid on common stock | (582) | (485) |
Cash dividends paid on preferred stock | (87) | (87) |
Other, net | (57) | 175 |
Net cash from financing activities | 106 | 142 |
Net Change in Cash, Cash Equivalents and Restricted Cash | (30) | (996) |
Cash and Cash Equivalents at Beginning of Period | 3,083 | 4,424 |
Cash and Cash Equivalents at End of Period | 3,053 | 3,428 |
Supplemental Disclosure of Cash Flow Information: | ||
Net cash paid (received) during the period for interest expense | 619 | 347 |
Net cash paid (received) during the period for income taxes | (60) | 187 |
Noncash investing activities: | ||
Transfers of loans to foreclosed assets | $ 125 | $ 267 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation General See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2017 should be referred to in connection with these unaudited interim consolidated financial statements. Reclassifications The Consolidated Statements of Cash Flows has been reclassified to include restricted cash in cash and cash equivalents. Certain other amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. 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. 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 MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. Derivative Financial Instruments BB&T historically assessed the effectiveness of its accounting hedges using the long-haul method. In conjunction with the adoption of new hedge accounting guidance in the first quarter of 2018, the shortcut method was added to the methods BB&T uses to assess effectiveness. The selection of methods depends on the facts and circumstances specific to each hedge. The shortcut method is applied to hedges that achieve perfect offset. For hedges that are not eligible for the shortcut method, an initial quantitative analysis is performed to demonstrate that the hedges are expected to be highly effective in off-setting corresponding changes in either the fair value or cash flows of the hedged item. At least quarterly thereafter, qualitative analyses are performed to ensure that each hedge remains highly effective. When applicable, quantitative analyses, referred to as a long-haul methodology, are performed and include techniques such as regression analysis and hypothetical derivatives. Revenue Recognition In addition to lending and related activities, BB&T offers various services to customers that generate revenue. Contract performance typically occurs in one year or less. Incremental costs of obtaining a contract are expensed when incurred when the amortization period is one year or less. As of June 30, 2018 , remaining performance obligations consisted primarily of insurance and investment banking services for contracts with an original expected length of one year or less. Insurance income Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, BB&T also provides insurance policy related risk management services. Revenue is recognized as these services are provided. Performance-based commissions are recognized when received or earlier when, upon consideration of past results and current conditions, the revenue is deemed not probable of reversal. Transaction and service based revenues Transaction and service based revenues include service charges on deposits, investment banking and brokerage fees and commissions, trust and investment advisory revenues, bankcard fees and merchant discounts, and checkcard fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard/ Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Period Revenue from Contracts with Customers Jan 1, 2018 Requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. BB&T adopted this guidance using the modified retrospective approach for in-scope contracts at the date of adoption. The impact was not material. Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Jan 1, 2018 Requires that the service cost component of net benefit costs of pension and postretirement benefit plans be reported in the same line item as other compensation costs in the Consolidated Statements of Income. The other components of net benefit cost are required to be presented in a separate line item. The service cost component is included in personnel expense and the other components of net benefit costs are included in other expense in the Consolidated Statements of Income. The prior period was reclassified to conform to the current presentation. See Note 11. Benefit Plans. Derivatives and Hedging Jan 1, 2018 Expands the risk management activities that qualify for hedge accounting, and simplifies certain hedge documentation and assessment requirements. Eliminates the concept of separately recording hedge ineffectiveness, and expands disclosure requirements. BB&T early adopted this guidance using the modified retrospective approach. The impact was not material. New required disclosures have been included in Note 14. Derivative Financial Instruments. Standards Not Yet Adopted Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. Implementation efforts are ongoing, including implementation and testing of software solutions. BB&T expects assets and liabilities will likely be significantly higher, with no material impact to its Consolidated Statements of Income. BB&T expects to adopt on a prospective basis. Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase and its impact has not yet been quantified and depends on economic conditions at the time of adoption. Implementation efforts include the development and testing of core models, evaluation of data requirements, guidance interpretation, and consideration of relevant internal processes and controls. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities In conjunction with the adoption of new accounting standards, an immaterial amount of HTM securities was transferred to AFS securities and an immaterial amount of equity securities was transferred from AFS securities to other assets in the first quarter of 2018. The following tables present the amortized cost, gross unrealized gains and losses, and fair values of AFS and HTM securities: June 30, 2018 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,437 $ — $ 114 $ 2,323 GSE 186 — 11 175 Agency MBS 20,880 2 1,034 19,848 States and political subdivisions 971 27 18 980 Non-agency MBS 351 203 — 554 Other 38 1 — 39 Total AFS securities $ 24,863 $ 233 $ 1,177 $ 23,919 HTM securities: U.S. Treasury $ 1,098 $ — $ 9 $ 1,089 GSE 2,198 2 60 2,140 Agency MBS 18,436 30 632 17,834 States and political subdivisions 16 — — 16 Other 1 — — 1 Total HTM securities $ 21,749 $ 32 $ 701 $ 21,080 December 31, 2017 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,368 $ — $ 77 $ 2,291 GSE 187 — 8 179 Agency MBS 20,683 8 590 20,101 States and political subdivisions 1,379 37 24 1,392 Non-agency MBS 384 192 — 576 Other 8 — — 8 Total AFS securities $ 25,009 $ 237 $ 699 $ 24,547 HTM securities: U.S. Treasury $ 1,098 $ 8 $ — $ 1,106 GSE 2,198 11 22 2,187 Agency MBS 19,660 33 222 19,471 States and political subdivisions 28 — — 28 Other 43 2 — 45 Total HTM securities $ 23,027 $ 54 $ 244 $ 22,837 Certain investments in marketable debt securities and MBS issued by FNMA and FHLMC exceeded 10% of shareholders' equity at June 30, 2018 . The FNMA investments had total amortized cost and fair value of $14.1 billion and $13.5 billion , respectively. The FHLMC investments had total amortized cost and fair value of $10.2 billion and $9.8 billion , respectively. Changes in credit losses on securities with OTTI where a portion of the unrealized loss was recognized in OCI were immaterial for all periods presented. 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. June 30, 2018 AFS HTM (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 468 $ 466 $ 1 $ 1 Due after one year through five years 2,093 1,982 2,789 2,739 Due after five years through ten years 584 573 940 909 Due after ten years 21,718 20,898 18,019 17,431 Total debt securities $ 24,863 $ 23,919 $ 21,749 $ 21,080 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: June 30, 2018 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 655 $ 10 $ 1,643 $ 104 $ 2,298 $ 114 GSE 9 — 166 11 175 11 Agency MBS 7,148 245 12,624 789 19,772 1,034 States and political subdivisions 161 1 314 17 475 18 Total $ 7,973 $ 256 $ 14,747 $ 921 $ 22,720 $ 1,177 HTM securities: U.S. Treasury $ 1,089 $ 9 $ — $ — $ 1,089 $ 9 GSE 1,446 46 286 14 1,732 60 Agency MBS 12,040 381 4,251 251 16,291 632 Total $ 14,575 $ 436 $ 4,537 $ 265 $ 19,112 $ 701 December 31, 2017 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 634 $ 4 $ 1,655 $ 73 $ 2,289 $ 77 GSE 9 — 170 8 179 8 Agency MBS 5,077 64 13,920 526 18,997 590 States and political subdivisions 201 1 355 23 556 24 Total $ 5,921 $ 69 $ 16,100 $ 630 $ 22,021 $ 699 HTM securities: GSE $ 1,470 $ 12 $ 290 $ 10 $ 1,760 $ 22 Agency MBS 10,880 77 4,631 145 15,511 222 Total $ 12,350 $ 89 $ 4,921 $ 155 $ 17,271 $ 244 The unrealized losses on U.S. Treasury securities, GSE securities and Agency MBS 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 or underlying loans. |
Loans and ACL
Loans and ACL | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL The following tables present loans and leases HFI by aging category: June 30, 2018 Accruing (Dollars in millions) Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 60,205 $ 26 $ — $ 243 $ 60,474 CRE 21,545 4 — 61 21,610 Lease financing 1,913 2 — 9 1,924 Retail: Residential mortgage 29,031 441 374 119 29,965 Direct 11,547 52 4 58 11,661 Indirect 16,731 337 4 68 17,140 Revolving credit 2,845 21 10 — 2,876 PCI 468 22 43 — 533 Total $ 144,285 $ 905 $ 435 $ 558 $ 146,183 December 31, 2017 Accruing (Dollars in millions) Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 58,852 $ 41 $ 1 $ 259 $ 59,153 CRE 21,209 8 1 45 21,263 Lease financing 1,906 4 — 1 1,911 Retail: Residential mortgage 27,659 472 465 129 28,725 Direct 11,756 65 6 64 11,891 Indirect 16,745 412 6 72 17,235 Revolving credit 2,837 23 12 — 2,872 PCI 567 27 57 — 651 Total $ 141,531 $ 1,052 $ 548 $ 570 $ 143,701 The following table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming: June 30, 2018 December 31, 2017 (Dollars in millions) Commercial & Industrial CRE Lease Financing Commercial & Industrial CRE Lease Financing Commercial: Pass $ 59,246 $ 21,273 $ 1,905 $ 57,700 $ 20,862 $ 1,881 Special mention 189 38 6 268 48 6 Substandard-performing 796 238 4 926 308 23 Nonperforming 243 61 9 259 45 1 Total $ 60,474 $ 21,610 $ 1,924 $ 59,153 $ 21,263 $ 1,911 Residential Mortgage Direct Indirect Residential Mortgage Direct Indirect Retail: Performing $ 29,846 $ 11,603 $ 17,072 $ 28,596 $ 11,827 $ 17,163 Nonperforming 119 58 68 129 64 72 Total $ 29,965 $ 11,661 $ 17,140 $ 28,725 $ 11,891 $ 17,235 The following tables present activity in the ACL: Three Months Ended June 30, 2018 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 522 $ (23 ) $ 11 $ 25 $ 535 CRE 175 (2 ) 1 17 191 Lease financing 10 (1 ) 1 — 10 Retail: Residential mortgage 216 (5 ) 1 9 221 Direct 99 (17 ) 6 9 97 Indirect 347 (82 ) 17 71 353 Revolving credit 104 (21 ) 5 17 105 PCI 25 — — (7 ) 18 ALLL 1,498 (151 ) 42 141 1,530 RUFC 116 — — (6 ) 110 ACL $ 1,614 $ (151 ) $ 42 $ 135 $ 1,640 Three Months Ended June 30, 2017 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 524 $ (26 ) $ 9 $ 8 $ 515 CRE 141 (3 ) 3 25 166 Lease financing 10 (1 ) — — 9 Retail: Residential mortgage 223 (20 ) 1 7 211 Direct 102 (16 ) 7 7 100 Indirect 338 (88 ) 16 87 353 Revolving credit 103 (19 ) 5 12 101 PCI 46 — — (16 ) 30 ALLL 1,487 (173 ) 41 130 1,485 RUFC 112 — — 5 117 ACL $ 1,599 $ (173 ) $ 41 $ 135 $ 1,602 Six Months Ended June 30, 2018 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 522 $ (46 ) $ 19 $ 40 $ 535 CRE 160 (8 ) 3 36 191 Lease financing 9 (2 ) 1 2 10 Retail: Residential mortgage 209 (9 ) 1 20 221 Direct 106 (36 ) 12 15 97 Indirect 348 (189 ) 32 162 353 Revolving credit 108 (42 ) 10 29 105 PCI 28 — — (10 ) 18 ALLL 1,490 (332 ) 78 294 1,530 RUFC 119 — — (9 ) 110 ACL $ 1,609 $ (332 ) $ 78 $ 285 $ 1,640 Six Months Ended June 30, 2017 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 530 $ (59 ) $ 16 $ 28 $ 515 CRE 145 (4 ) 9 16 166 Lease financing 7 (2 ) — 4 9 Retail: Residential mortgage 227 (32 ) 1 15 211 Direct 103 (30 ) 13 14 100 Indirect 327 (195 ) 33 188 353 Revolving credit 106 (40 ) 10 25 101 PCI 44 — — (14 ) 30 ALLL 1,489 (362 ) 82 276 1,485 RUFC 110 — — 7 117 ACL $ 1,599 $ (362 ) $ 82 $ 283 $ 1,602 The following table provides a summary of loans that are collectively evaluated for impairment: June 30, 2018 December 31, 2017 (Dollars in millions) Recorded Investment Related ALLL Recorded Investment Related ALLL Commercial: Commercial and industrial $ 60,141 $ 502 $ 58,804 $ 494 CRE 21,512 181 21,173 154 Lease financing 1,915 10 1,910 9 Retail: Residential mortgage 29,116 154 27,914 143 Direct 11,590 91 11,815 98 Indirect 16,837 300 16,935 296 Revolving credit 2,847 94 2,842 97 PCI 533 18 651 28 Total $ 144,491 $ 1,350 $ 142,044 $ 1,319 The following tables set forth certain information regarding impaired loans, excluding PCI and LHFS, that were individually evaluated for impairment: As of / For The Six Months Ended June 30, 2018 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized (Dollars in millions) Without an ALLL With an ALLL Commercial: Commercial and industrial $ 350 $ 125 $ 208 $ 33 $ 343 $ 2 CRE 108 21 77 10 107 1 Lease financing 10 — 9 — 7 — Retail: Residential mortgage 897 133 716 67 833 18 Direct 92 25 46 6 74 2 Indirect 312 5 298 53 299 22 Revolving credit 29 — 29 11 29 — Total $ 1,798 $ 309 $ 1,383 $ 180 $ 1,692 $ 45 As of / For The Year Ended December 31, 2017 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized (Dollars in millions) Without an ALLL With an ALLL Commercial: Commercial and industrial $ 381 $ 136 $ 213 $ 28 $ 424 $ 6 CRE 91 26 64 6 109 3 Lease financing 1 — 1 — 3 — Retail: Residential mortgage 860 132 679 67 895 37 Direct 99 22 54 8 78 4 Indirect 308 6 294 52 269 41 Revolving credit 30 — 30 10 29 1 Total $ 1,770 $ 322 $ 1,335 $ 171 $ 1,807 $ 92 The following table presents a summary of TDRs, all of which are considered impaired: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Performing TDRs: Commercial: Commercial and industrial $ 44 $ 50 CRE 11 16 Lease financing — — Retail: Residential mortgage 647 605 Direct 58 62 Indirect 284 281 Revolving credit 29 29 Total performing TDRs 1,073 1,043 Nonperforming TDRs (also included in NPL disclosures) 191 189 Total TDRs $ 1,264 $ 1,232 ALLL attributable to TDRs $ 153 $ 142 The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. Three Months Ended June 30, 2018 2017 Type of Modification ALLL Impact Type of Modification ALLL Impact (Dollars in millions) Rate Structure Rate Structure Newly Designated TDRs: Commercial: Commercial and industrial $ 20 $ 33 $ — $ 33 $ 25 $ 1 CRE 8 1 — 8 3 1 Retail: Residential mortgage 58 5 4 82 6 10 Direct 2 1 — 2 1 — Indirect 45 1 5 37 2 4 Revolving credit 4 — 1 4 — 1 Re-modification of Previously Designated TDRs 31 5 — 40 13 — Six Months Ended June 30, 2018 2017 Type of Modification ALLL Impact Type of Modification ALLL Impact (Dollars in millions) Rate Structure Rate Structure Newly Designated TDRs: Commercial: Commercial and industrial $ 30 $ 43 $ — $ 55 $ 56 $ 2 CRE 27 2 — 14 5 1 Retail: Residential mortgage 140 15 9 210 12 16 Direct 4 1 — 5 2 — Indirect 87 2 10 78 4 8 Revolving credit 9 — 2 9 — 2 Re-Modification of Previously Designated TDRs 52 10 — 85 22 — Charge-offs and forgiveness of principal and interest for TDRs were immaterial for all periods presented. The pre-default balance for modifications that had been classified as TDRs during the previous 12 months that experienced a payment default was $13 million and $17 million for the three months ended June 30, 2018 and 2017 , respectively, and $36 million and $45 million for the six months ended June 30, 2018 and 2017 , respectively. Payment default is defined as movement of the TDR to nonperforming status, foreclosure or charge-off, whichever occurs first. Unearned income, discounts and net deferred loan fees and costs were immaterial. Residential mortgage loans in the process of foreclosure were $270 million at June 30, 2018 and $288 million at December 31, 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: June 30, 2018 December 31, 2017 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 605 $ (436 ) $ 169 $ 605 $ (409 ) $ 196 Other, primarily customer relationship intangibles 1,165 (687 ) 478 1,211 (696 ) 515 Total $ 1,770 $ (1,123 ) $ 647 $ 1,816 $ (1,105 ) $ 711 |
Loan Servicing
Loan Servicing | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Loan Servicing Residential Mortgage Banking Activities The following tables summarize residential mortgage banking activities: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 UPB of residential mortgage and home equity loan servicing portfolio $ 118,753 $ 118,424 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 88,492 89,124 Mortgage loans sold with recourse 452 490 Maximum recourse exposure from mortgage loans sold with recourse liability 237 251 Indemnification, recourse and repurchase reserves 34 37 As of / For the Six Months Ended June 30, (Dollars in millions) 2018 2017 UPB of residential mortgage loans sold from LHFS $ 5,536 $ 6,309 Pre-tax gains recognized on mortgage loans sold and held for sale 74 65 Servicing fees recognized from mortgage loans serviced for others 128 133 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.28 % 0.28 % Weighted average interest rate on mortgage loans serviced for others 4.01 4.00 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Six Months Ended June 30, (Dollars in millions) 2018 2017 Residential MSRs, carrying value, January 1 $ 914 $ 915 Additions 63 63 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds 67 (45 ) OAS 17 42 Servicing costs — 9 Realization of expected net servicing cash flows, passage of time and other (70 ) (69 ) Residential MSRs, carrying value, June 30 $ 991 $ 915 Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value $ (84 ) $ 3 The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following table: June 30, 2018 December 31, 2017 Range Weighted Range Weighted (Dollars in millions) Min Max Min Max Prepayment speed 7.8 % 8.9 % 8.1 % 7.1 % 10.1 % 9.1 % Effect on fair value of a 10% increase $ (29 ) $ (31 ) Effect on fair value of a 20% increase (56 ) (60 ) OAS 7.9 % 8.5 % 8.1 % 8.4 % 8.9 % 8.5 % Effect on fair value of a 10% increase $ (30 ) $ (28 ) Effect on fair value of a 20% increase (57 ) (54 ) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.2 % 99.1 % Adjustable-rate residential mortgage loans 0.8 0.9 Total 100.0 % 100.0 % Weighted average life 7.0 years 6.4 years 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 one 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 The following table summarizes commercial mortgage banking activities for the periods presented: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 UPB of CRE mortgages serviced for others $ 27,586 $ 28,441 CRE mortgages serviced for others covered by recourse provisions 4,475 4,153 Maximum recourse exposure from CRE mortgages sold with recourse liability 1,241 1,218 Recorded reserves related to recourse exposure 5 5 CRE mortgages originated during the year-to-date period 3,337 6,753 Commercial MSRs at fair value 152 142 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Deposits | Deposits The composition of deposits is presented in the following table: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Noninterest-bearing deposits $ 54,270 $ 53,767 Interest checking 27,257 27,677 Money market and savings 63,167 62,757 Time deposits 14,781 13,170 Total deposits $ 159,475 $ 157,371 Time deposits greater than $250,000 $ 4,097 $ 2,622 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table presents a summary of long-term debt: Jun 30, 2018 Dec 31, 2017 Stated Rate Effective Rate Carrying Carrying (Dollars in millions) Maturity Min Max Amount Amount BB&T Corporation: Fixed rate senior notes 2019 to 2025 2.05 % 6.85 % 3.45 % $ 9,362 $ 8,562 Floating rate senior notes 2019 2022 2.58 3.06 2.93 2,397 2,547 Fixed rate subordinated notes 2019 2022 3.95 5.25 2.52 911 933 Branch Bank: Fixed rate senior notes 2018 2022 1.45 2.85 2.98 5,609 5,653 Floating rate senior notes 2019 2020 2.52 2.89 2.81 1,149 1,149 Fixed rate subordinated notes 2025 2026 3.63 3.80 4.12 2,044 2,119 FHLB advances (1) 2018 2034 — 5.50 2.54 2,440 2,480 Other long-term debt 169 205 Total long-term debt $ 24,081 $ 23,648 (1) FHLB advances had a weighted average maturity of 3.3 years at June 30, 2018 . The effective rates above reflect the impact of fair value hedges and debt issuance costs. Subordinated notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. During 2017, Branch Bank terminated FHLB advances totaling $2.9 billion of par value, which resulted in a pre-tax loss on early extinguishment of debt totaling $392 million . |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity The following table presents the activity related to awards of RSUs, PSUs and restricted shares: (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2018 12,948 $ 33.90 Granted 3,416 49.11 Vested (3,459 ) 33.55 Forfeited (155 ) 36.15 Nonvested at June 30, 2018 12,750 38.04 |
AOCI
AOCI | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
AOCI | AOCI Activity in AOCI is summarized below: Three Months Ended June 30, 2018 and 2017 Unrecognized Net Pension and Postretirement Costs Unrealized Net Gains (Losses) on Cash Flow Hedges Unrealized Net Gains (Losses) on AFS Securities Other, net Total AOCI balance, April 1, 2017 $ (755 ) $ (94 ) $ (261 ) $ (15 ) $ (1,125 ) OCI before reclassifications, net of tax 1 (30 ) 81 1 53 Amounts reclassified from AOCI: Before tax 18 (6 ) (12 ) (1 ) (1 ) Tax effect 7 (2 ) (5 ) — — Amounts reclassified, net of tax 11 (4 ) (7 ) (1 ) (1 ) Total OCI, net of tax 12 (34 ) 74 — 52 AOCI balance, June 30, 2017 $ (743 ) $ (128 ) $ (187 ) $ (15 ) $ (1,073 ) AOCI balance, April 1, 2018 $ (990 ) $ (14 ) $ (624 ) $ (17 ) $ (1,645 ) OCI before reclassifications, net of tax — 23 (100 ) (2 ) (79 ) Amounts reclassified from AOCI: Before tax 18 3 1 1 23 Tax effect 5 — — — 5 Amounts reclassified, net of tax 13 3 1 1 18 Total OCI, net of tax 13 26 (99 ) (1 ) (61 ) AOCI balance, June 30, 2018 $ (977 ) $ 12 $ (723 ) $ (18 ) $ (1,706 ) Six Months Ended June 30, 2018 and 2017 Unrecognized Net Pension and Postretirement Costs Unrealized Net Gains (Losses) on Cash Flow Hedges Unrealized Net Gains (Losses) on AFS Securities Other, net Total AOCI balance, January 1, 2017 $ (764 ) $ (92 ) $ (259 ) $ (17 ) $ (1,132 ) OCI before reclassifications, net of tax (1 ) (27 ) 80 2 54 Amounts reclassified from AOCI: Before tax 35 (14 ) (13 ) — 8 Tax effect 13 (5 ) (5 ) — 3 Amounts reclassified, net of tax 22 (9 ) (8 ) — 5 Total OCI, net of tax 21 (36 ) 72 2 59 AOCI balance, June 30, 2017 $ (743 ) $ (128 ) $ (187 ) $ (15 ) $ (1,073 ) AOCI balance, January 1, 2018 $ (1,004 ) $ (92 ) $ (356 ) $ (15 ) $ (1,467 ) OCI before reclassifications, net of tax — 93 (382 ) (4 ) (293 ) Amounts reclassified from AOCI: Before tax 36 14 20 1 71 Tax effect 9 3 5 — 17 Amounts reclassified, net of tax 27 11 15 1 54 Total OCI, net of tax 27 104 (367 ) (3 ) (239 ) AOCI balance, June 30, 2018 $ (977 ) $ 12 $ (723 ) $ (18 ) $ (1,706 ) Primary income statement location of amounts reclassified from AOCI Other expense Interest expense Interest income Interest income |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended June 30, 2018 and 2017 were 19.7% and 31.1% , respectively. The current quarter tax provision reflects the lower federal income tax rate enacted with tax reform in December of 2017. The effective tax rates for the six months ended June 30, 2018 and 2017 were 19.4% and 27.1% , respectively. The effective tax rate for the six months ended June 30, 2018 was lower than the corresponding period in 2017 primarily due to the lower federal income tax rate. The earlier period also included the tax benefits associated with using the marginal income tax rate for the loss on the early extinguishment of debt. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Location 2018 2017 2018 2017 Service cost Personnel expense $ 60 $ 53 $ 120 $ 105 Interest cost Other expense 50 47 100 96 Estimated return on plan assets Other expense (112 ) (92 ) (224 ) (185 ) Amortization and other Other expense 19 19 39 39 Net periodic benefit cost $ 17 $ 27 $ 35 $ 55 BB&T makes contributions to the qualified pension plans in amounts between the minimum required for funding and the maximum deductible for federal income tax purposes. Discretionary contributions totaling $144 million were made during the six months ended June 30, 2018 . There are no required contributions for the remainder of 2018 , though BB&T may elect to make additional discretionary contributions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes certain commitments and contingencies. Refer to Note 13. Fair Value Disclosures for amounts related to off-balance sheet financial instruments. (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Investments in affordable housing projects: Carrying amount $ 2,068 $ 1,948 Amount of future funding commitments included in carrying amount 947 928 Lending exposure 541 561 Tax credits subject to recapture 478 471 Private equity investments 463 471 Future funding commitments to private equity investments 128 143 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, and is more than nominal, 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 the 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. Pledged Assets Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, borrowings and borrowing capacity, subject to any applicable asset discount, at the FHLB and FRB as well as for other purposes as required or permitted by law. The following table provides the total carrying amount of pledged assets by asset type, of which the majority are pursuant to agreements that do not permit the other party to sell or repledge the collateral. Assets related to employee benefit plans are excluded from the following table. (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Pledged securities $ 12,940 $ 14,636 Pledged loans 75,300 74,718 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: June 30, 2018 (Dollars in millions) Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 2,323 $ — $ 2,323 $ — GSE 175 — 175 — Agency MBS 19,848 — 19,848 — States and political subdivisions 980 — 980 — Non-agency MBS 554 — 129 425 Other 39 — 39 — Total AFS securities 23,919 — 23,494 425 LHFS 1,615 — 1,615 — MSRs 1,143 — — 1,143 Other assets: Trading and equity securities 820 380 440 — Derivative assets 192 — 185 7 Private equity investments 399 — — 399 Total assets $ 28,088 $ 380 $ 25,734 $ 1,974 Liabilities: Derivative liabilities $ 395 $ — $ 392 $ 3 Securities sold short 235 — 235 — Total liabilities $ 630 $ — $ 627 $ 3 December 31, 2017 (Dollars in millions) Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 2,291 $ — $ 2,291 $ — GSE 179 — 179 — Agency MBS 20,101 — 20,101 — States and political subdivisions 1,392 — 1,392 — Non-agency MBS 576 — 144 432 Other 8 6 2 — Total AFS securities 24,547 6 24,109 432 LHFS 1,099 — 1,099 — MSRs 1,056 — — 1,056 Other assets: Trading and equity securities 633 363 270 — Total derivative assets 443 — 437 6 Private equity investments 404 — — 404 Total assets $ 28,182 $ 369 $ 25,915 $ 1,898 Liabilities: Derivative liabilities $ 714 $ — $ 711 $ 3 Securities sold short 120 — 120 — Total liabilities $ 834 $ — $ 831 $ 3 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 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. Management independently evaluates the fair values provided by the pricing service through comparisons to other external pricing sources, review of additional information provided by the pricing service and other third party sources for selected securities and back-testing to compare the price realized on any security sales to the daily pricing information received from the pricing service. 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. U.S. Treasury securities: Treasury securities are valued using quoted prices in active over-the-counter markets. GSE securities and agency MBS: GSE pass-through securities are valued using market-based pricing matrices that reference 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 reference 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. Non-agency MBS also include investments in Re-REMIC trusts that primarily hold non-agency MBS, which are valued based on broker pricing models that use baseline securities yields and tranche-level yield adjustments to discount cash flows modeled using market convention prepayment speed and default assumptions. Other securities: These securities consist primarily of 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. 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. MSRs: Residential MSRs are valued using an OAS valuation model to project cash flows over multiple interest rate scenarios, which are discounted at risk-adjusted rates. The 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. Commercial MSRs are valued using a cash flow valuation model that calculates the present value of estimated future net servicing cash flows. BB&T considers actual and expected loan prepayment rates, discount rates, servicing costs and other economic factors that are determined based on current market conditions. Trading and equity securities: Trading and equity securities primarily consist of exchange traded equity securities, and debt securities issued by the U.S. Treasury, GSEs, or states and political subdivisions. The valuation techniques for debt securities are more fully discussed above. Derivative assets and liabilities: The fair values of derivatives are determined based on quoted market prices and internal pricing models that use 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 investments: 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. Securities sold short: Securities sold short represent debt securities sold short that are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. Activity for Level 3 assets and liabilities is summarized below: Three Months Ended June 30, 2018 and 2017 Non-agency MBS MSRs Net Derivatives Private Equity Investments (Dollars in millions) Balance at April 1, 2017 $ 480 $ 1,088 $ 10 $ 400 Total realized and unrealized gains (losses): Included in earnings 14 (17 ) 23 — Included in unrealized net holding gains (losses) in OCI (2 ) — — — Purchases — — — 7 Issuances — 25 9 — Sales — — — (12 ) Settlements (18 ) (44 ) (39 ) (1 ) Balance at June 30, 2017 $ 474 $ 1,052 $ 3 $ 394 Balance at April 1, 2018 $ 441 $ 1,119 $ 7 $ 400 Total realized and unrealized gains (losses): Included in earnings 7 23 1 5 Included in unrealized net holding gains (losses) in OCI (9 ) — — — Purchases — — — 3 Issuances — 46 11 — Sales — — — — Settlements (14 ) (45 ) (15 ) (9 ) Balance at June 30, 2018 $ 425 $ 1,143 $ 4 $ 399 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2018 $ 7 $ 23 $ 4 $ 4 Six Months Ended June 30, 2018 and 2017 Non-agency MBS MSRs Net Derivatives Private Equity Investments (Dollars in millions) Balance at January 1, 2017 $ 507 $ 1,052 $ (13 ) $ 362 Total realized and unrealized gains (losses): Included in earnings 23 20 19 5 Included in unrealized net holding gains (losses) in OCI (20 ) — — — Purchases — — — 75 Issuances — 63 24 — Sales — — — (30 ) Settlements (36 ) (83 ) (27 ) (5 ) Transfers out of Level 3 — — — (13 ) Balance at June 30, 2017 $ 474 $ 1,052 $ 3 $ 394 Balance at January 1, 2018 $ 432 1,056 $ 3 $ 404 Total realized and unrealized gains (losses): Included in earnings 6 91 1 11 Included in unrealized net holding gains (losses) in OCI 14 — — — Purchases — — — 27 Issuances — 83 6 — Sales — — — (24 ) Settlements (27 ) (87 ) (6 ) (19 ) Balance at June 30, 2018 $ 425 $ 1,143 $ 4 $ 399 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2018 $ 6 $ 91 $ 4 $ 11 Primary income statement location of realized gains (losses) included in earnings Interest income Mortgage banking income Mortgage banking income Other income BB&T’s policy is to recognize transfers between levels as of the end of a reporting period. There were no transfers between Level 1 and Level 2 for 2018 and 2017 . The non-agency MBS categorized as Level 3 represent ownership interests in various tranches of Re-REMIC trusts. These securities are valued at a discount, which is unobservable in the market, to the fair value of the underlying securities owned by the trusts. The Re-REMIC tranches do not have an active market and therefore are categorized as Level 3. At June 30, 2018 , the fair value of Re-REMIC non-agency MBS represented a discount of 16.9% to the fair value of the underlying securities owned by the Re-REMIC trusts. The majority of private equity investments are in SBIC qualified funds, which primarily focus on equity and subordinated debt investments in privately-held middle market companies. The majority of these VIE investments 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 on an approximately ratable basis through 2026 , is uncertain and dependent on various events such as recapitalizations, refinance transactions and ownership changes among others. As of June 30, 2018 , 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. These 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 5 x to 14 x, with a weighted average of 9 x, at June 30, 2018 . The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: June 30, 2018 December 31, 2017 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference LHFS reported at fair value $ 1,615 $ 1,596 $ 19 $ 1,099 $ 1,084 $ 15 Excluding government guaranteed, LHFS that were nonperforming or 90 days or more past due and still accruing interest were not material at June 30, 2018 . The following table provides information about certain assets measured at fair value on a nonrecurring basis, which are primarily collateral dependent and may be subject to liquidity adjustments. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. These assets are considered to be Level 3 assets (excludes PCI). As of / For The Six Months Ended June 30, 2018 2017 (Dollars in millions) Carrying Value Valuation Adjustments Carrying Value Valuation Adjustments Impaired loans $ 174 $ (22 ) $ 190 $ (14 ) Foreclosed real estate 43 (114 ) 48 (126 ) For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instrument. Values obtained relate to 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 instruments. An active market does not exist for certain 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 assumptions were used to estimate 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. Deposit liabilities : The fair values for demand deposits are 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. BB&T has developed long-term relationships with its deposit customers, commonly referred to as CDIs, that have not been considered in the determination of the deposit liabilities' fair value. Short-term borrowings : The carrying amounts of short-term borrowings, excluding securities sold short, approximate their fair values. Long-term debt : The fair values of long-term debt instruments 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. 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. Retail lending commitments are assigned no fair value as BB&T typically has the ability to cancel such commitments by providing notice to the borrower. Financial assets and liabilities not recorded at fair value are summarized below: June 30, 2018 December 31, 2017 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 21,749 $ 21,080 $ 23,027 $ 22,837 Loans and leases HFI, net of ALLL Level 3 144,653 143,345 142,211 141,664 Financial liabilities: Time deposits Level 2 14,781 14,817 13,170 13,266 Long-term debt Level 2 24,081 24,155 23,648 23,885 The following is a summary of selected information pertaining to off-balance sheet financial instruments: June 30, 2018 December 31, 2017 (Dollars in millions) Notional/Contract Amount Fair Value Notional/Contract Amount Fair Commitments to extend, originate or purchase credit $ 70,601 $ 312 $ 67,860 $ 259 Residential mortgage loans sold with recourse 452 5 490 5 Other loans sold with recourse 4,475 5 4,153 5 Letters of credit 2,465 20 2,466 21 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments 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 and various LIBOR funding instruments. Changes 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 during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the instrument being hedged. Entire change in fair value recognized in current period income. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings over the lesser of the designated hedged period or the maturity date of the instrument, and cash flows from terminations are reported in the same category as the cash flows from the hedged item. Not applicable Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is reported in earnings immediately. Not applicable Not applicable Impact of Derivatives on the Consolidated Balance Sheets The fair values of derivative instruments are presented on a gross basis in other assets or other liabilities in the Consolidated Balance Sheets. Master netting arrangements allow counterparties to offset certain net derivative assets and liabilities with a defaulting party in determining the net termination amount. Collateral practices mitigate the potential loss impact to affected parties by requiring liquid collateral to be posted on a daily basis to secure the aggregate net exposure. Cash collateral is recorded in restricted cash and interest-bearing deposits in the Consolidated Balance Sheet. BB&T utilizes LCH Limited to clear swaps that are required to be cleared under the Dodd-Frank Act. Effective January 16, 2018, LCH Limited rules were modified to treat variation margin payments as settlements of exposure instead of collateral. At June 30, 2018 , settlements are applied against the fair value of the related derivative contracts in the table below. The following table presents the notional amount and estimated fair value of derivative instruments: June 30, 2018 December 31, 2017 Hedged Item or Transaction Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Gain Loss Gain Loss Cash flow hedges: Interest rate contracts: Pay fixed swaps 3 mo. LIBOR funding $ 6,500 $ — $ — $ 6,500 $ — $ (126 ) Fair value hedges: Interest rate contracts: Receive fixed swaps Long-term debt 13,461 — (130 ) 15,538 118 (166 ) Options Long-term debt 5,337 — (1 ) 6,087 — (1 ) Pay fixed swaps Commercial loans 549 2 — 416 5 (1 ) Pay fixed swaps Municipal securities 259 — — 231 — (76 ) Total 19,606 2 (131 ) 22,272 123 (244 ) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Receive fixed swaps 11,141 54 (195 ) 10,880 141 (61 ) Pay fixed swaps 11,157 38 (30 ) 10,962 59 (155 ) Other 1,656 4 (4 ) 1,658 4 (4 ) Forward commitments 4,356 8 (7 ) 3,549 3 (2 ) Foreign exchange contracts 555 4 (3 ) 470 3 (6 ) Total 28,865 108 (239 ) 27,519 210 (228 ) Mortgage banking: Interest rate contracts: Interest rate lock commitments 1,269 8 (4 ) 1,308 7 (3 ) When issued securities, forward rate agreements and forward commitments 3,910 5 (10 ) 3,124 4 (3 ) Other 352 2 — 182 1 — Total 5,531 15 (14 ) 4,614 12 (6 ) MSRs: Interest rate contracts: Receive fixed swaps 3,553 — — 4,498 15 (86 ) Pay fixed swaps 2,747 — — 3,418 32 (13 ) Options 3,565 63 (10 ) 4,535 50 (11 ) When issued securities, forward rate agreements and forward commitments 1,060 4 (1 ) 1,813 1 — Other — — — 3 — — Total 10,925 67 (11 ) 14,267 98 (110 ) Total derivatives not designated as hedges 45,321 190 (264 ) 46,400 320 (344 ) Total derivatives $ 71,427 192 (395 ) $ 75,172 443 (714 ) Gross amounts not offset in the Consolidated Balance Sheets: Amounts subject to master netting arrangements not offset due to policy election (67 ) 67 (297 ) 297 Cash collateral (received) posted (59 ) 120 (20 ) 344 Net amount $ 66 $ (208 ) $ 126 $ (73 ) The following table presents additional information for fair value hedging relationships: June 30, 2018 December 31, 2017 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Carrying Amount Items Currently Designated Items No Longer Designated Carrying Amount Items Currently Designated Items No Longer Designated AFS securities $ 490 $ 1 $ 57 $ 533 $ 64 $ 10 Loans and leases 581 (7 ) (3 ) 511 (5 ) — Long-term debt 16,041 (314 ) 127 16,917 (49 ) 140 Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Prior amounts and presentation were not conformed to new hedge accounting guidance that was adopted in 2018. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2018 2017 2018 2017 Pre-tax gain (loss) recognized in OCI: Deposits $ 8 $ 29 Short-term borrowings 2 2 Long-term debt 21 93 Total $ 31 $ (47 ) $ 124 $ (43 ) Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ (1 ) (3 ) Short-term borrowings — — Long-term debt (2 ) (11 ) Total $ (3 ) $ 6 $ (14 ) $ 14 The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts. Prior period amounts and presentation were not conformed to new hedge accounting guidance that was adopted in 2018. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2018 2017 2018 2017 AFS securities: Amounts related to interest settlements $ (2 ) $ (4 ) Recognized on derivatives 5 16 Recognized on hedged items (5 ) (16 ) Net income (expense) recognized (2 ) $ (4 ) (4 ) $ (8 ) Loans and leases: Amounts related to interest settlements (1 ) (1 ) Recognized on derivatives 3 6 Recognized on hedged items (3 ) (6 ) Net income (expense) recognized (1 ) (1 ) (1 ) (1 ) Long-term debt: Amounts related to interest settlements (7 ) 1 Recognized on derivatives (62 ) (243 ) Recognized on hedged items 75 267 Net income (expense) recognized 6 42 25 88 Net income (expense) recognized, total $ 3 $ 37 $ 20 $ 79 The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Location 2018 2017 2018 2017 Client-related and other risk management: Interest rate contracts Other noninterest income $ 10 $ 16 $ 25 $ 27 Foreign exchange contracts Other noninterest income 6 (3 ) 13 (5 ) Mortgage banking: Interest rate contracts Mortgage banking income (8 ) 10 (4 ) (5 ) MSRs: Interest rate contracts Mortgage banking income (23 ) 23 (90 ) 3 Total $ (15 ) $ 46 $ (56 ) $ 20 The following table presents information about BB&T's cash flow and fair value hedges: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ 18 $ (96 ) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) (5 ) 3 Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months 7 (25 ) Maximum time period over which BB&T has hedged a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 4 years 5 years Fair value hedges: Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2025) $ 73 $ 129 Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months 36 49 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 minimal 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 with strong credit standings. Derivatives Credit Risk – Central Clearing Parties With the exception of the central clearing party used for TBA transactions that does not post variation margin to BB&T, central clearing parties exchange cash on a daily basis to settle changes in exposure. Certain derivatives are cleared through central clearing parties that require initial margin collateral. Initial margin collateral requirements are established 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 following table summarizes collateral positions with counterparties: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Dealer Counterparties: Cash collateral received from dealer counterparties $ 61 $ 21 Derivatives in a net gain position secured by collateral received 59 22 Unsecured positions in a net gain with dealer counterparties after collateral postings 1 2 Cash collateral posted to dealer counterparties 113 172 Derivatives in a net loss position secured by collateral received 115 171 Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade 2 — Central Clearing Parties: Cash collateral, including initial margin, posted to central clearing parties 21 177 Derivatives in a net loss position 7 176 Securities pledged to central clearing parties 120 91 |
Computation of EPS
Computation of EPS | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share data, shares in thousands) 2018 2017 2018 2017 Net income available to common shareholders $ 775 $ 631 $ 1,520 $ 1,009 Weighted average number of common shares 775,836 808,980 777,716 809,439 Effect of dilutive outstanding equity-based awards 9,914 10,409 10,646 11,633 Weighted average number of diluted common shares 785,750 819,389 788,362 821,072 Basic EPS $ 1.00 $ 0.78 $ 1.95 $ 1.25 Diluted EPS $ 0.99 $ 0.77 $ 1.93 $ 1.23 Anti-dilutive awards — 187 45 297 |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments BB&T's business segment structure aligns with how management reviews performance and makes decisions by client, segment and business unit. There are four major reportable business segments: CB-Retail, CB-Commercial, IH&PF and FS&CF. In addition, there is an OT&C segment. For additional information, see Note 19 of the Annual Report on Form 10-K for the year ended December 31, 2017 . Three Months Ended June 30, CB-Retail CB-Commercial FS&CF (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 853 $ 853 $ 491 $ 430 $ 169 $ 145 Net intersegment interest income (expense) 70 39 54 95 19 38 Segment net interest income 923 892 545 525 188 183 Allocated provision for credit losses 110 118 42 46 (4 ) (17 ) Segment net interest income after provision 813 774 503 479 192 200 Noninterest income 354 353 108 109 303 297 Noninterest expense 667 682 254 320 312 300 Income (loss) before income taxes 500 445 357 268 183 197 Provision (benefit) for income taxes 123 166 80 91 38 63 Segment net income (loss) $ 377 $ 279 $ 277 $ 177 $ 145 $ 134 Identifiable assets (period end) $ 72,577 $ 72,791 $ 57,009 $ 55,680 $ 30,446 $ 29,097 IH&PF OT&C (1) Total 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 29 $ 25 $ 115 $ 182 $ 1,657 $ 1,635 Net intersegment interest income (expense) (7 ) (5 ) (136 ) (167 ) — — Segment net interest income 22 20 (21 ) 15 1,657 1,635 Allocated provision for credit losses — 1 (13 ) (13 ) 135 135 Segment net interest income after provision 22 19 (8 ) 28 1,522 1,500 Noninterest income 484 485 (27 ) (24 ) 1,222 1,220 Noninterest expense 408 408 79 32 1,720 1,742 Income (loss) before income taxes 98 96 (114 ) (28 ) 1,024 978 Provision (benefit) for income taxes 25 36 (64 ) (52 ) 202 304 Segment net income (loss) $ 73 $ 60 $ (50 ) $ 24 $ 822 $ 674 Identifiable assets (period end) $ 6,321 $ 6,275 $ 56,328 $ 57,349 $ 222,681 $ 221,192 Six Months Ended June 30, CB-Retail CB-Commercial FS&CF (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 1,690 $ 1,695 $ 955 $ 836 $ 328 $ 275 Net intersegment interest income (expense) 119 73 124 196 37 78 Segment net interest income 1,809 1,768 1,079 1,032 365 353 Allocated provision for credit losses 232 247 79 50 (9 ) (11 ) Segment net interest income after provision 1,577 1,521 1,000 982 374 364 Noninterest income 693 684 213 211 604 577 Noninterest expense 1,340 1,355 508 627 613 587 Income (loss) before income taxes 930 850 705 566 365 354 Provision (benefit) for income taxes 229 317 158 194 76 111 Segment net income (loss) $ 701 $ 533 $ 547 $ 372 $ 289 $ 243 Identifiable assets (period end) $ 72,577 $ 72,791 $ 57,009 $ 55,680 $ 30,446 $ 29,097 IH&PF OT&C (1) Total 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 55 $ 48 $ 262 $ 390 $ 3,290 $ 3,244 Net intersegment interest income (expense) (13 ) (9 ) (267 ) (338 ) — — Segment net interest income 42 39 (5 ) 52 3,290 3,244 Allocated provision for credit losses 1 3 (18 ) (6 ) 285 283 Segment net interest income after provision 41 36 13 58 3,005 2,961 Noninterest income 923 948 (31 ) (29 ) 2,402 2,391 Noninterest expense 783 808 162 467 3,406 3,844 Income (loss) before income taxes 181 176 (180 ) (438 ) 2,001 1,508 Provision (benefit) for income taxes 46 66 (121 ) (280 ) 388 408 Segment net income (loss) $ 135 $ 110 $ (59 ) $ (158 ) $ 1,613 $ 1,100 Identifiable assets (period end) $ 6,321 $ 6,275 $ 56,328 $ 57,349 $ 222,681 $ 221,192 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications The Consolidated Statements of Cash Flows has been reclassified to include restricted cash in cash and cash equivalents. Certain other amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. |
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. 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 MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. |
Derivative Financial Instruments | Derivative Financial Instruments BB&T historically assessed the effectiveness of its accounting hedges using the long-haul method. In conjunction with the adoption of new hedge accounting guidance in the first quarter of 2018, the shortcut method was added to the methods BB&T uses to assess effectiveness. The selection of methods depends on the facts and circumstances specific to each hedge. The shortcut method is applied to hedges that achieve perfect offset. For hedges that are not eligible for the shortcut method, an initial quantitative analysis is performed to demonstrate that the hedges are expected to be highly effective in off-setting corresponding changes in either the fair value or cash flows of the hedged item. At least quarterly thereafter, qualitative analyses are performed to ensure that each hedge remains highly effective. When applicable, quantitative analyses, referred to as a long-haul methodology, are performed and include techniques such as regression analysis and hypothetical derivatives. |
Revenue Recognition | Revenue Recognition In addition to lending and related activities, BB&T offers various services to customers that generate revenue. Contract performance typically occurs in one year or less. Incremental costs of obtaining a contract are expensed when incurred when the amortization period is one year or less. As of June 30, 2018 , remaining performance obligations consisted primarily of insurance and investment banking services for contracts with an original expected length of one year or less. Insurance income Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, BB&T also provides insurance policy related risk management services. Revenue is recognized as these services are provided. Performance-based commissions are recognized when received or earlier when, upon consideration of past results and current conditions, the revenue is deemed not probable of reversal. Transaction and service based revenues Transaction and service based revenues include service charges on deposits, investment banking and brokerage fees and commissions, trust and investment advisory revenues, bankcard fees and merchant discounts, and checkcard fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard/ Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Period Revenue from Contracts with Customers Jan 1, 2018 Requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. BB&T adopted this guidance using the modified retrospective approach for in-scope contracts at the date of adoption. The impact was not material. Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Jan 1, 2018 Requires that the service cost component of net benefit costs of pension and postretirement benefit plans be reported in the same line item as other compensation costs in the Consolidated Statements of Income. The other components of net benefit cost are required to be presented in a separate line item. The service cost component is included in personnel expense and the other components of net benefit costs are included in other expense in the Consolidated Statements of Income. The prior period was reclassified to conform to the current presentation. See Note 11. Benefit Plans. Derivatives and Hedging Jan 1, 2018 Expands the risk management activities that qualify for hedge accounting, and simplifies certain hedge documentation and assessment requirements. Eliminates the concept of separately recording hedge ineffectiveness, and expands disclosure requirements. BB&T early adopted this guidance using the modified retrospective approach. The impact was not material. New required disclosures have been included in Note 14. Derivative Financial Instruments. Standards Not Yet Adopted Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. Implementation efforts are ongoing, including implementation and testing of software solutions. BB&T expects assets and liabilities will likely be significantly higher, with no material impact to its Consolidated Statements of Income. BB&T expects to adopt on a prospective basis. Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase and its impact has not yet been quantified and depends on economic conditions at the time of adoption. Implementation efforts include the development and testing of core models, evaluation of data requirements, guidance interpretation, and consideration of relevant internal processes and controls. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard/ Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Period Revenue from Contracts with Customers Jan 1, 2018 Requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. BB&T adopted this guidance using the modified retrospective approach for in-scope contracts at the date of adoption. The impact was not material. Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Jan 1, 2018 Requires that the service cost component of net benefit costs of pension and postretirement benefit plans be reported in the same line item as other compensation costs in the Consolidated Statements of Income. The other components of net benefit cost are required to be presented in a separate line item. The service cost component is included in personnel expense and the other components of net benefit costs are included in other expense in the Consolidated Statements of Income. The prior period was reclassified to conform to the current presentation. See Note 11. Benefit Plans. Derivatives and Hedging Jan 1, 2018 Expands the risk management activities that qualify for hedge accounting, and simplifies certain hedge documentation and assessment requirements. Eliminates the concept of separately recording hedge ineffectiveness, and expands disclosure requirements. BB&T early adopted this guidance using the modified retrospective approach. The impact was not material. New required disclosures have been included in Note 14. Derivative Financial Instruments. Standards Not Yet Adopted Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. Implementation efforts are ongoing, including implementation and testing of software solutions. BB&T expects assets and liabilities will likely be significantly higher, with no material impact to its Consolidated Statements of Income. BB&T expects to adopt on a prospective basis. Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase and its impact has not yet been quantified and depends on economic conditions at the time of adoption. Implementation efforts include the development and testing of core models, evaluation of data requirements, guidance interpretation, and consideration of relevant internal processes and controls. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair values of AFS and HTM securities: June 30, 2018 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,437 $ — $ 114 $ 2,323 GSE 186 — 11 175 Agency MBS 20,880 2 1,034 19,848 States and political subdivisions 971 27 18 980 Non-agency MBS 351 203 — 554 Other 38 1 — 39 Total AFS securities $ 24,863 $ 233 $ 1,177 $ 23,919 HTM securities: U.S. Treasury $ 1,098 $ — $ 9 $ 1,089 GSE 2,198 2 60 2,140 Agency MBS 18,436 30 632 17,834 States and political subdivisions 16 — — 16 Other 1 — — 1 Total HTM securities $ 21,749 $ 32 $ 701 $ 21,080 December 31, 2017 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,368 $ — $ 77 $ 2,291 GSE 187 — 8 179 Agency MBS 20,683 8 590 20,101 States and political subdivisions 1,379 37 24 1,392 Non-agency MBS 384 192 — 576 Other 8 — — 8 Total AFS securities $ 25,009 $ 237 $ 699 $ 24,547 HTM securities: U.S. Treasury $ 1,098 $ 8 $ — $ 1,106 GSE 2,198 11 22 2,187 Agency MBS 19,660 33 222 19,471 States and political subdivisions 28 — — 28 Other 43 2 — 45 Total HTM securities $ 23,027 $ 54 $ 244 $ 22,837 |
Summary of HTM Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair values of AFS and HTM securities: June 30, 2018 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,437 $ — $ 114 $ 2,323 GSE 186 — 11 175 Agency MBS 20,880 2 1,034 19,848 States and political subdivisions 971 27 18 980 Non-agency MBS 351 203 — 554 Other 38 1 — 39 Total AFS securities $ 24,863 $ 233 $ 1,177 $ 23,919 HTM securities: U.S. Treasury $ 1,098 $ — $ 9 $ 1,089 GSE 2,198 2 60 2,140 Agency MBS 18,436 30 632 17,834 States and political subdivisions 16 — — 16 Other 1 — — 1 Total HTM securities $ 21,749 $ 32 $ 701 $ 21,080 December 31, 2017 Amortized Cost Gross Unrealized Fair Value (Dollars in millions) Gains Losses AFS securities: U.S. Treasury $ 2,368 $ — $ 77 $ 2,291 GSE 187 — 8 179 Agency MBS 20,683 8 590 20,101 States and political subdivisions 1,379 37 24 1,392 Non-agency MBS 384 192 — 576 Other 8 — — 8 Total AFS securities $ 25,009 $ 237 $ 699 $ 24,547 HTM securities: U.S. Treasury $ 1,098 $ 8 $ — $ 1,106 GSE 2,198 11 22 2,187 Agency MBS 19,660 33 222 19,471 States and political subdivisions 28 — — 28 Other 43 2 — 45 Total HTM securities $ 23,027 $ 54 $ 244 $ 22,837 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | 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. June 30, 2018 AFS HTM (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 468 $ 466 $ 1 $ 1 Due after one year through five years 2,093 1,982 2,789 2,739 Due after five years through ten years 584 573 940 909 Due after ten years 21,718 20,898 18,019 17,431 Total debt securities $ 24,863 $ 23,919 $ 21,749 $ 21,080 |
Schedule of Fair Values and Gross Unrealized Losses | 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: June 30, 2018 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 655 $ 10 $ 1,643 $ 104 $ 2,298 $ 114 GSE 9 — 166 11 175 11 Agency MBS 7,148 245 12,624 789 19,772 1,034 States and political subdivisions 161 1 314 17 475 18 Total $ 7,973 $ 256 $ 14,747 $ 921 $ 22,720 $ 1,177 HTM securities: U.S. Treasury $ 1,089 $ 9 $ — $ — $ 1,089 $ 9 GSE 1,446 46 286 14 1,732 60 Agency MBS 12,040 381 4,251 251 16,291 632 Total $ 14,575 $ 436 $ 4,537 $ 265 $ 19,112 $ 701 December 31, 2017 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 634 $ 4 $ 1,655 $ 73 $ 2,289 $ 77 GSE 9 — 170 8 179 8 Agency MBS 5,077 64 13,920 526 18,997 590 States and political subdivisions 201 1 355 23 556 24 Total $ 5,921 $ 69 $ 16,100 $ 630 $ 22,021 $ 699 HTM securities: GSE $ 1,470 $ 12 $ 290 $ 10 $ 1,760 $ 22 Agency MBS 10,880 77 4,631 145 15,511 222 Total $ 12,350 $ 89 $ 4,921 $ 155 $ 17,271 $ 244 |
Loans and ACL (Tables)
Loans and ACL (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Aging Analysis of Past Due Loans and Leases | The following tables present loans and leases HFI by aging category: June 30, 2018 Accruing (Dollars in millions) Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 60,205 $ 26 $ — $ 243 $ 60,474 CRE 21,545 4 — 61 21,610 Lease financing 1,913 2 — 9 1,924 Retail: Residential mortgage 29,031 441 374 119 29,965 Direct 11,547 52 4 58 11,661 Indirect 16,731 337 4 68 17,140 Revolving credit 2,845 21 10 — 2,876 PCI 468 22 43 — 533 Total $ 144,285 $ 905 $ 435 $ 558 $ 146,183 December 31, 2017 Accruing (Dollars in millions) Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 58,852 $ 41 $ 1 $ 259 $ 59,153 CRE 21,209 8 1 45 21,263 Lease financing 1,906 4 — 1 1,911 Retail: Residential mortgage 27,659 472 465 129 28,725 Direct 11,756 65 6 64 11,891 Indirect 16,745 412 6 72 17,235 Revolving credit 2,837 23 12 — 2,872 PCI 567 27 57 — 651 Total $ 141,531 $ 1,052 $ 548 $ 570 $ 143,701 |
Schedule of Carrying Amounts by Risk Rating | The following table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming: June 30, 2018 December 31, 2017 (Dollars in millions) Commercial & Industrial CRE Lease Financing Commercial & Industrial CRE Lease Financing Commercial: Pass $ 59,246 $ 21,273 $ 1,905 $ 57,700 $ 20,862 $ 1,881 Special mention 189 38 6 268 48 6 Substandard-performing 796 238 4 926 308 23 Nonperforming 243 61 9 259 45 1 Total $ 60,474 $ 21,610 $ 1,924 $ 59,153 $ 21,263 $ 1,911 Residential Mortgage Direct Indirect Residential Mortgage Direct Indirect Retail: Performing $ 29,846 $ 11,603 $ 17,072 $ 28,596 $ 11,827 $ 17,163 Nonperforming 119 58 68 129 64 72 Total $ 29,965 $ 11,661 $ 17,140 $ 28,725 $ 11,891 $ 17,235 |
Summary of Allowance for Credit Losses | The following tables present activity in the ACL: Three Months Ended June 30, 2018 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 522 $ (23 ) $ 11 $ 25 $ 535 CRE 175 (2 ) 1 17 191 Lease financing 10 (1 ) 1 — 10 Retail: Residential mortgage 216 (5 ) 1 9 221 Direct 99 (17 ) 6 9 97 Indirect 347 (82 ) 17 71 353 Revolving credit 104 (21 ) 5 17 105 PCI 25 — — (7 ) 18 ALLL 1,498 (151 ) 42 141 1,530 RUFC 116 — — (6 ) 110 ACL $ 1,614 $ (151 ) $ 42 $ 135 $ 1,640 Three Months Ended June 30, 2017 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 524 $ (26 ) $ 9 $ 8 $ 515 CRE 141 (3 ) 3 25 166 Lease financing 10 (1 ) — — 9 Retail: Residential mortgage 223 (20 ) 1 7 211 Direct 102 (16 ) 7 7 100 Indirect 338 (88 ) 16 87 353 Revolving credit 103 (19 ) 5 12 101 PCI 46 — — (16 ) 30 ALLL 1,487 (173 ) 41 130 1,485 RUFC 112 — — 5 117 ACL $ 1,599 $ (173 ) $ 41 $ 135 $ 1,602 Six Months Ended June 30, 2018 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 522 $ (46 ) $ 19 $ 40 $ 535 CRE 160 (8 ) 3 36 191 Lease financing 9 (2 ) 1 2 10 Retail: Residential mortgage 209 (9 ) 1 20 221 Direct 106 (36 ) 12 15 97 Indirect 348 (189 ) 32 162 353 Revolving credit 108 (42 ) 10 29 105 PCI 28 — — (10 ) 18 ALLL 1,490 (332 ) 78 294 1,530 RUFC 119 — — (9 ) 110 ACL $ 1,609 $ (332 ) $ 78 $ 285 $ 1,640 Six Months Ended June 30, 2017 Balance at Charge-Offs Recoveries Provision (Benefit) Balance at (Dollars in millions) Commercial: Commercial and industrial $ 530 $ (59 ) $ 16 $ 28 $ 515 CRE 145 (4 ) 9 16 166 Lease financing 7 (2 ) — 4 9 Retail: Residential mortgage 227 (32 ) 1 15 211 Direct 103 (30 ) 13 14 100 Indirect 327 (195 ) 33 188 353 Revolving credit 106 (40 ) 10 25 101 PCI 44 — — (14 ) 30 ALLL 1,489 (362 ) 82 276 1,485 RUFC 110 — — 7 117 ACL $ 1,599 $ (362 ) $ 82 $ 283 $ 1,602 |
Summary Of Loans Collectively Evaluated For Impairment | The following table provides a summary of loans that are collectively evaluated for impairment: June 30, 2018 December 31, 2017 (Dollars in millions) Recorded Investment Related ALLL Recorded Investment Related ALLL Commercial: Commercial and industrial $ 60,141 $ 502 $ 58,804 $ 494 CRE 21,512 181 21,173 154 Lease financing 1,915 10 1,910 9 Retail: Residential mortgage 29,116 154 27,914 143 Direct 11,590 91 11,815 98 Indirect 16,837 300 16,935 296 Revolving credit 2,847 94 2,842 97 PCI 533 18 651 28 Total $ 144,491 $ 1,350 $ 142,044 $ 1,319 |
Schedule of Information Regarding Impaired Loans | The following tables set forth certain information regarding impaired loans, excluding PCI and LHFS, that were individually evaluated for impairment: As of / For The Six Months Ended June 30, 2018 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized (Dollars in millions) Without an ALLL With an ALLL Commercial: Commercial and industrial $ 350 $ 125 $ 208 $ 33 $ 343 $ 2 CRE 108 21 77 10 107 1 Lease financing 10 — 9 — 7 — Retail: Residential mortgage 897 133 716 67 833 18 Direct 92 25 46 6 74 2 Indirect 312 5 298 53 299 22 Revolving credit 29 — 29 11 29 — Total $ 1,798 $ 309 $ 1,383 $ 180 $ 1,692 $ 45 As of / For The Year Ended December 31, 2017 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized (Dollars in millions) Without an ALLL With an ALLL Commercial: Commercial and industrial $ 381 $ 136 $ 213 $ 28 $ 424 $ 6 CRE 91 26 64 6 109 3 Lease financing 1 — 1 — 3 — Retail: Residential mortgage 860 132 679 67 895 37 Direct 99 22 54 8 78 4 Indirect 308 6 294 52 269 41 Revolving credit 30 — 30 10 29 1 Total $ 1,770 $ 322 $ 1,335 $ 171 $ 1,807 $ 92 |
Schedule of Performing and Nonperforming TDRs | The following table presents a summary of TDRs, all of which are considered impaired: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Performing TDRs: Commercial: Commercial and industrial $ 44 $ 50 CRE 11 16 Lease financing — — Retail: Residential mortgage 647 605 Direct 58 62 Indirect 284 281 Revolving credit 29 29 Total performing TDRs 1,073 1,043 Nonperforming TDRs (also included in NPL disclosures) 191 189 Total TDRs $ 1,264 $ 1,232 ALLL attributable to TDRs $ 153 $ 142 |
Summary Of Reason For Classification As TDRs | The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. Three Months Ended June 30, 2018 2017 Type of Modification ALLL Impact Type of Modification ALLL Impact (Dollars in millions) Rate Structure Rate Structure Newly Designated TDRs: Commercial: Commercial and industrial $ 20 $ 33 $ — $ 33 $ 25 $ 1 CRE 8 1 — 8 3 1 Retail: Residential mortgage 58 5 4 82 6 10 Direct 2 1 — 2 1 — Indirect 45 1 5 37 2 4 Revolving credit 4 — 1 4 — 1 Re-modification of Previously Designated TDRs 31 5 — 40 13 — Six Months Ended June 30, 2018 2017 Type of Modification ALLL Impact Type of Modification ALLL Impact (Dollars in millions) Rate Structure Rate Structure Newly Designated TDRs: Commercial: Commercial and industrial $ 30 $ 43 $ — $ 55 $ 56 $ 2 CRE 27 2 — 14 5 1 Retail: Residential mortgage 140 15 9 210 12 16 Direct 4 1 — 5 2 — Indirect 87 2 10 78 4 8 Revolving credit 9 — 2 9 — 2 Re-Modification of Previously Designated TDRs 52 10 — 85 22 — |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: June 30, 2018 December 31, 2017 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 605 $ (436 ) $ 169 $ 605 $ (409 ) $ 196 Other, primarily customer relationship intangibles 1,165 (687 ) 478 1,211 (696 ) 515 Total $ 1,770 $ (1,123 ) $ 647 $ 1,816 $ (1,105 ) $ 711 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage banking activities: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 UPB of residential mortgage and home equity loan servicing portfolio $ 118,753 $ 118,424 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 88,492 89,124 Mortgage loans sold with recourse 452 490 Maximum recourse exposure from mortgage loans sold with recourse liability 237 251 Indemnification, recourse and repurchase reserves 34 37 As of / For the Six Months Ended June 30, (Dollars in millions) 2018 2017 UPB of residential mortgage loans sold from LHFS $ 5,536 $ 6,309 Pre-tax gains recognized on mortgage loans sold and held for sale 74 65 Servicing fees recognized from mortgage loans serviced for others 128 133 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.28 % 0.28 % Weighted average interest rate on mortgage loans serviced for others 4.01 4.00 |
Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Six Months Ended June 30, (Dollars in millions) 2018 2017 Residential MSRs, carrying value, January 1 $ 914 $ 915 Additions 63 63 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds 67 (45 ) OAS 17 42 Servicing costs — 9 Realization of expected net servicing cash flows, passage of time and other (70 ) (69 ) Residential MSRs, carrying value, June 30 $ 991 $ 915 Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value $ (84 ) $ 3 |
Residential MSRs Sensitivity | The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following table: June 30, 2018 December 31, 2017 Range Weighted Range Weighted (Dollars in millions) Min Max Min Max Prepayment speed 7.8 % 8.9 % 8.1 % 7.1 % 10.1 % 9.1 % Effect on fair value of a 10% increase $ (29 ) $ (31 ) Effect on fair value of a 20% increase (56 ) (60 ) OAS 7.9 % 8.5 % 8.1 % 8.4 % 8.9 % 8.5 % Effect on fair value of a 10% increase $ (30 ) $ (28 ) Effect on fair value of a 20% increase (57 ) (54 ) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.2 % 99.1 % Adjustable-rate residential mortgage loans 0.8 0.9 Total 100.0 % 100.0 % Weighted average life 7.0 years 6.4 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage banking activities for the periods presented: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 UPB of CRE mortgages serviced for others $ 27,586 $ 28,441 CRE mortgages serviced for others covered by recourse provisions 4,475 4,153 Maximum recourse exposure from CRE mortgages sold with recourse liability 1,241 1,218 Recorded reserves related to recourse exposure 5 5 CRE mortgages originated during the year-to-date period 3,337 6,753 Commercial MSRs at fair value 152 142 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Summary of Deposits | The composition of deposits is presented in the following table: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Noninterest-bearing deposits $ 54,270 $ 53,767 Interest checking 27,257 27,677 Money market and savings 63,167 62,757 Time deposits 14,781 13,170 Total deposits $ 159,475 $ 157,371 Time deposits greater than $250,000 $ 4,097 $ 2,622 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following table presents a summary of long-term debt: Jun 30, 2018 Dec 31, 2017 Stated Rate Effective Rate Carrying Carrying (Dollars in millions) Maturity Min Max Amount Amount BB&T Corporation: Fixed rate senior notes 2019 to 2025 2.05 % 6.85 % 3.45 % $ 9,362 $ 8,562 Floating rate senior notes 2019 2022 2.58 3.06 2.93 2,397 2,547 Fixed rate subordinated notes 2019 2022 3.95 5.25 2.52 911 933 Branch Bank: Fixed rate senior notes 2018 2022 1.45 2.85 2.98 5,609 5,653 Floating rate senior notes 2019 2020 2.52 2.89 2.81 1,149 1,149 Fixed rate subordinated notes 2025 2026 3.63 3.80 4.12 2,044 2,119 FHLB advances (1) 2018 2034 — 5.50 2.54 2,440 2,480 Other long-term debt 169 205 Total long-term debt $ 24,081 $ 23,648 (1) FHLB advances had a weighted average maturity of 3.3 years at June 30, 2018 . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Rollforward of RSUs, PSUs and Restricted Shares | The following table presents the activity related to awards of RSUs, PSUs and restricted shares: (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2018 12,948 $ 33.90 Granted 3,416 49.11 Vested (3,459 ) 33.55 Forfeited (155 ) 36.15 Nonvested at June 30, 2018 12,750 38.04 |
AOCI (Tables)
AOCI (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in AOCI | Activity in AOCI is summarized below: Three Months Ended June 30, 2018 and 2017 Unrecognized Net Pension and Postretirement Costs Unrealized Net Gains (Losses) on Cash Flow Hedges Unrealized Net Gains (Losses) on AFS Securities Other, net Total AOCI balance, April 1, 2017 $ (755 ) $ (94 ) $ (261 ) $ (15 ) $ (1,125 ) OCI before reclassifications, net of tax 1 (30 ) 81 1 53 Amounts reclassified from AOCI: Before tax 18 (6 ) (12 ) (1 ) (1 ) Tax effect 7 (2 ) (5 ) — — Amounts reclassified, net of tax 11 (4 ) (7 ) (1 ) (1 ) Total OCI, net of tax 12 (34 ) 74 — 52 AOCI balance, June 30, 2017 $ (743 ) $ (128 ) $ (187 ) $ (15 ) $ (1,073 ) AOCI balance, April 1, 2018 $ (990 ) $ (14 ) $ (624 ) $ (17 ) $ (1,645 ) OCI before reclassifications, net of tax — 23 (100 ) (2 ) (79 ) Amounts reclassified from AOCI: Before tax 18 3 1 1 23 Tax effect 5 — — — 5 Amounts reclassified, net of tax 13 3 1 1 18 Total OCI, net of tax 13 26 (99 ) (1 ) (61 ) AOCI balance, June 30, 2018 $ (977 ) $ 12 $ (723 ) $ (18 ) $ (1,706 ) Six Months Ended June 30, 2018 and 2017 Unrecognized Net Pension and Postretirement Costs Unrealized Net Gains (Losses) on Cash Flow Hedges Unrealized Net Gains (Losses) on AFS Securities Other, net Total AOCI balance, January 1, 2017 $ (764 ) $ (92 ) $ (259 ) $ (17 ) $ (1,132 ) OCI before reclassifications, net of tax (1 ) (27 ) 80 2 54 Amounts reclassified from AOCI: Before tax 35 (14 ) (13 ) — 8 Tax effect 13 (5 ) (5 ) — 3 Amounts reclassified, net of tax 22 (9 ) (8 ) — 5 Total OCI, net of tax 21 (36 ) 72 2 59 AOCI balance, June 30, 2017 $ (743 ) $ (128 ) $ (187 ) $ (15 ) $ (1,073 ) AOCI balance, January 1, 2018 $ (1,004 ) $ (92 ) $ (356 ) $ (15 ) $ (1,467 ) OCI before reclassifications, net of tax — 93 (382 ) (4 ) (293 ) Amounts reclassified from AOCI: Before tax 36 14 20 1 71 Tax effect 9 3 5 — 17 Amounts reclassified, net of tax 27 11 15 1 54 Total OCI, net of tax 27 104 (367 ) (3 ) (239 ) AOCI balance, June 30, 2018 $ (977 ) $ 12 $ (723 ) $ (18 ) $ (1,706 ) Primary income statement location of amounts reclassified from AOCI Other expense Interest expense Interest income Interest income |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Location 2018 2017 2018 2017 Service cost Personnel expense $ 60 $ 53 $ 120 $ 105 Interest cost Other expense 50 47 100 96 Estimated return on plan assets Other expense (112 ) (92 ) (224 ) (185 ) Amortization and other Other expense 19 19 39 39 Net periodic benefit cost $ 17 $ 27 $ 35 $ 55 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Contingencies | The following table summarizes certain commitments and contingencies. Refer to Note 13. Fair Value Disclosures for amounts related to off-balance sheet financial instruments. (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Investments in affordable housing projects: Carrying amount $ 2,068 $ 1,948 Amount of future funding commitments included in carrying amount 947 928 Lending exposure 541 561 Tax credits subject to recapture 478 471 Private equity investments 463 471 Future funding commitments to private equity investments 128 143 |
Schedule of Pledged Assets | The following table provides the total carrying amount of pledged assets by asset type, of which the majority are pursuant to agreements that do not permit the other party to sell or repledge the collateral. Assets related to employee benefit plans are excluded from the following table. (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Pledged securities $ 12,940 $ 14,636 Pledged loans 75,300 74,718 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: June 30, 2018 (Dollars in millions) Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 2,323 $ — $ 2,323 $ — GSE 175 — 175 — Agency MBS 19,848 — 19,848 — States and political subdivisions 980 — 980 — Non-agency MBS 554 — 129 425 Other 39 — 39 — Total AFS securities 23,919 — 23,494 425 LHFS 1,615 — 1,615 — MSRs 1,143 — — 1,143 Other assets: Trading and equity securities 820 380 440 — Derivative assets 192 — 185 7 Private equity investments 399 — — 399 Total assets $ 28,088 $ 380 $ 25,734 $ 1,974 Liabilities: Derivative liabilities $ 395 $ — $ 392 $ 3 Securities sold short 235 — 235 — Total liabilities $ 630 $ — $ 627 $ 3 December 31, 2017 (Dollars in millions) Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 2,291 $ — $ 2,291 $ — GSE 179 — 179 — Agency MBS 20,101 — 20,101 — States and political subdivisions 1,392 — 1,392 — Non-agency MBS 576 — 144 432 Other 8 6 2 — Total AFS securities 24,547 6 24,109 432 LHFS 1,099 — 1,099 — MSRs 1,056 — — 1,056 Other assets: Trading and equity securities 633 363 270 — Total derivative assets 443 — 437 6 Private equity investments 404 — — 404 Total assets $ 28,182 $ 369 $ 25,915 $ 1,898 Liabilities: Derivative liabilities $ 714 $ — $ 711 $ 3 Securities sold short 120 — 120 — Total liabilities $ 834 $ — $ 831 $ 3 |
Rollforward of Level 3 Assets and Liabilities | Activity for Level 3 assets and liabilities is summarized below: Three Months Ended June 30, 2018 and 2017 Non-agency MBS MSRs Net Derivatives Private Equity Investments (Dollars in millions) Balance at April 1, 2017 $ 480 $ 1,088 $ 10 $ 400 Total realized and unrealized gains (losses): Included in earnings 14 (17 ) 23 — Included in unrealized net holding gains (losses) in OCI (2 ) — — — Purchases — — — 7 Issuances — 25 9 — Sales — — — (12 ) Settlements (18 ) (44 ) (39 ) (1 ) Balance at June 30, 2017 $ 474 $ 1,052 $ 3 $ 394 Balance at April 1, 2018 $ 441 $ 1,119 $ 7 $ 400 Total realized and unrealized gains (losses): Included in earnings 7 23 1 5 Included in unrealized net holding gains (losses) in OCI (9 ) — — — Purchases — — — 3 Issuances — 46 11 — Sales — — — — Settlements (14 ) (45 ) (15 ) (9 ) Balance at June 30, 2018 $ 425 $ 1,143 $ 4 $ 399 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2018 $ 7 $ 23 $ 4 $ 4 Six Months Ended June 30, 2018 and 2017 Non-agency MBS MSRs Net Derivatives Private Equity Investments (Dollars in millions) Balance at January 1, 2017 $ 507 $ 1,052 $ (13 ) $ 362 Total realized and unrealized gains (losses): Included in earnings 23 20 19 5 Included in unrealized net holding gains (losses) in OCI (20 ) — — — Purchases — — — 75 Issuances — 63 24 — Sales — — — (30 ) Settlements (36 ) (83 ) (27 ) (5 ) Transfers out of Level 3 — — — (13 ) Balance at June 30, 2017 $ 474 $ 1,052 $ 3 $ 394 Balance at January 1, 2018 $ 432 1,056 $ 3 $ 404 Total realized and unrealized gains (losses): Included in earnings 6 91 1 11 Included in unrealized net holding gains (losses) in OCI 14 — — — Purchases — — — 27 Issuances — 83 6 — Sales — — — (24 ) Settlements (27 ) (87 ) (6 ) (19 ) Balance at June 30, 2018 $ 425 $ 1,143 $ 4 $ 399 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2018 $ 6 $ 91 $ 4 $ 11 Primary income statement location of realized gains (losses) included in earnings Interest income Mortgage banking income Mortgage banking income Other income |
Fair Value and UPB of LHFS | The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: June 30, 2018 December 31, 2017 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference LHFS reported at fair value $ 1,615 $ 1,596 $ 19 $ 1,099 $ 1,084 $ 15 |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table provides information about certain assets measured at fair value on a nonrecurring basis, which are primarily collateral dependent and may be subject to liquidity adjustments. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. These assets are considered to be Level 3 assets (excludes PCI). As of / For The Six Months Ended June 30, 2018 2017 (Dollars in millions) Carrying Value Valuation Adjustments Carrying Value Valuation Adjustments Impaired loans $ 174 $ (22 ) $ 190 $ (14 ) Foreclosed real estate 43 (114 ) 48 (126 ) |
Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value | Financial assets and liabilities not recorded at fair value are summarized below: June 30, 2018 December 31, 2017 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 21,749 $ 21,080 $ 23,027 $ 22,837 Loans and leases HFI, net of ALLL Level 3 144,653 143,345 142,211 141,664 Financial liabilities: Time deposits Level 2 14,781 14,817 13,170 13,266 Long-term debt Level 2 24,081 24,155 23,648 23,885 |
Selected Information Pertaining to Off-Balance Sheet Financial Instruments | The following is a summary of selected information pertaining to off-balance sheet financial instruments: June 30, 2018 December 31, 2017 (Dollars in millions) Notional/Contract Amount Fair Value Notional/Contract Amount Fair Commitments to extend, originate or purchase credit $ 70,601 $ 312 $ 67,860 $ 259 Residential mortgage loans sold with recourse 452 5 490 5 Other loans sold with recourse 4,475 5 4,153 5 Letters of credit 2,465 20 2,466 21 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Summary of Derivative Strategies | 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 and various LIBOR funding instruments. Changes 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 during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the instrument being hedged. Entire change in fair value recognized in current period income. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings over the lesser of the designated hedged period or the maturity date of the instrument, and cash flows from terminations are reported in the same category as the cash flows from the hedged item. Not applicable Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is reported in earnings immediately. Not applicable Not applicable |
Schedule of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative instruments: June 30, 2018 December 31, 2017 Hedged Item or Transaction Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Gain Loss Gain Loss Cash flow hedges: Interest rate contracts: Pay fixed swaps 3 mo. LIBOR funding $ 6,500 $ — $ — $ 6,500 $ — $ (126 ) Fair value hedges: Interest rate contracts: Receive fixed swaps Long-term debt 13,461 — (130 ) 15,538 118 (166 ) Options Long-term debt 5,337 — (1 ) 6,087 — (1 ) Pay fixed swaps Commercial loans 549 2 — 416 5 (1 ) Pay fixed swaps Municipal securities 259 — — 231 — (76 ) Total 19,606 2 (131 ) 22,272 123 (244 ) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Receive fixed swaps 11,141 54 (195 ) 10,880 141 (61 ) Pay fixed swaps 11,157 38 (30 ) 10,962 59 (155 ) Other 1,656 4 (4 ) 1,658 4 (4 ) Forward commitments 4,356 8 (7 ) 3,549 3 (2 ) Foreign exchange contracts 555 4 (3 ) 470 3 (6 ) Total 28,865 108 (239 ) 27,519 210 (228 ) Mortgage banking: Interest rate contracts: Interest rate lock commitments 1,269 8 (4 ) 1,308 7 (3 ) When issued securities, forward rate agreements and forward commitments 3,910 5 (10 ) 3,124 4 (3 ) Other 352 2 — 182 1 — Total 5,531 15 (14 ) 4,614 12 (6 ) MSRs: Interest rate contracts: Receive fixed swaps 3,553 — — 4,498 15 (86 ) Pay fixed swaps 2,747 — — 3,418 32 (13 ) Options 3,565 63 (10 ) 4,535 50 (11 ) When issued securities, forward rate agreements and forward commitments 1,060 4 (1 ) 1,813 1 — Other — — — 3 — — Total 10,925 67 (11 ) 14,267 98 (110 ) Total derivatives not designated as hedges 45,321 190 (264 ) 46,400 320 (344 ) Total derivatives $ 71,427 192 (395 ) $ 75,172 443 (714 ) Gross amounts not offset in the Consolidated Balance Sheets: Amounts subject to master netting arrangements not offset due to policy election (67 ) 67 (297 ) 297 Cash collateral (received) posted (59 ) 120 (20 ) 344 Net amount $ 66 $ (208 ) $ 126 $ (73 ) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents additional information for fair value hedging relationships: June 30, 2018 December 31, 2017 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Carrying Amount Items Currently Designated Items No Longer Designated Carrying Amount Items Currently Designated Items No Longer Designated AFS securities $ 490 $ 1 $ 57 $ 533 $ 64 $ 10 Loans and leases 581 (7 ) (3 ) 511 (5 ) — Long-term debt 16,041 (314 ) 127 16,917 (49 ) 140 |
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Prior amounts and presentation were not conformed to new hedge accounting guidance that was adopted in 2018. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2018 2017 2018 2017 Pre-tax gain (loss) recognized in OCI: Deposits $ 8 $ 29 Short-term borrowings 2 2 Long-term debt 21 93 Total $ 31 $ (47 ) $ 124 $ (43 ) Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ (1 ) (3 ) Short-term borrowings — — Long-term debt (2 ) (11 ) Total $ (3 ) $ 6 $ (14 ) $ 14 The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts. Prior period amounts and presentation were not conformed to new hedge accounting guidance that was adopted in 2018. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2018 2017 2018 2017 AFS securities: Amounts related to interest settlements $ (2 ) $ (4 ) Recognized on derivatives 5 16 Recognized on hedged items (5 ) (16 ) Net income (expense) recognized (2 ) $ (4 ) (4 ) $ (8 ) Loans and leases: Amounts related to interest settlements (1 ) (1 ) Recognized on derivatives 3 6 Recognized on hedged items (3 ) (6 ) Net income (expense) recognized (1 ) (1 ) (1 ) (1 ) Long-term debt: Amounts related to interest settlements (7 ) 1 Recognized on derivatives (62 ) (243 ) Recognized on hedged items 75 267 Net income (expense) recognized 6 42 25 88 Net income (expense) recognized, total $ 3 $ 37 $ 20 $ 79 The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Location 2018 2017 2018 2017 Client-related and other risk management: Interest rate contracts Other noninterest income $ 10 $ 16 $ 25 $ 27 Foreign exchange contracts Other noninterest income 6 (3 ) 13 (5 ) Mortgage banking: Interest rate contracts Mortgage banking income (8 ) 10 (4 ) (5 ) MSRs: Interest rate contracts Mortgage banking income (23 ) 23 (90 ) 3 Total $ (15 ) $ 46 $ (56 ) $ 20 |
Deferred Gains and Losses from Hedges | The following table presents information about BB&T's cash flow and fair value hedges: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ 18 $ (96 ) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) (5 ) 3 Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months 7 (25 ) Maximum time period over which BB&T has hedged a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 4 years 5 years Fair value hedges: Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2025) $ 73 $ 129 Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months 36 49 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Jun 30, 2018 Dec 31, 2017 Dealer Counterparties: Cash collateral received from dealer counterparties $ 61 $ 21 Derivatives in a net gain position secured by collateral received 59 22 Unsecured positions in a net gain with dealer counterparties after collateral postings 1 2 Cash collateral posted to dealer counterparties 113 172 Derivatives in a net loss position secured by collateral received 115 171 Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade 2 — Central Clearing Parties: Cash collateral, including initial margin, posted to central clearing parties 21 177 Derivatives in a net loss position 7 176 Securities pledged to central clearing parties 120 91 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share data, shares in thousands) 2018 2017 2018 2017 Net income available to common shareholders $ 775 $ 631 $ 1,520 $ 1,009 Weighted average number of common shares 775,836 808,980 777,716 809,439 Effect of dilutive outstanding equity-based awards 9,914 10,409 10,646 11,633 Weighted average number of diluted common shares 785,750 819,389 788,362 821,072 Basic EPS $ 1.00 $ 0.78 $ 1.95 $ 1.25 Diluted EPS $ 0.99 $ 0.77 $ 1.93 $ 1.23 Anti-dilutive awards — 187 45 297 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended June 30, CB-Retail CB-Commercial FS&CF (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 853 $ 853 $ 491 $ 430 $ 169 $ 145 Net intersegment interest income (expense) 70 39 54 95 19 38 Segment net interest income 923 892 545 525 188 183 Allocated provision for credit losses 110 118 42 46 (4 ) (17 ) Segment net interest income after provision 813 774 503 479 192 200 Noninterest income 354 353 108 109 303 297 Noninterest expense 667 682 254 320 312 300 Income (loss) before income taxes 500 445 357 268 183 197 Provision (benefit) for income taxes 123 166 80 91 38 63 Segment net income (loss) $ 377 $ 279 $ 277 $ 177 $ 145 $ 134 Identifiable assets (period end) $ 72,577 $ 72,791 $ 57,009 $ 55,680 $ 30,446 $ 29,097 IH&PF OT&C (1) Total 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 29 $ 25 $ 115 $ 182 $ 1,657 $ 1,635 Net intersegment interest income (expense) (7 ) (5 ) (136 ) (167 ) — — Segment net interest income 22 20 (21 ) 15 1,657 1,635 Allocated provision for credit losses — 1 (13 ) (13 ) 135 135 Segment net interest income after provision 22 19 (8 ) 28 1,522 1,500 Noninterest income 484 485 (27 ) (24 ) 1,222 1,220 Noninterest expense 408 408 79 32 1,720 1,742 Income (loss) before income taxes 98 96 (114 ) (28 ) 1,024 978 Provision (benefit) for income taxes 25 36 (64 ) (52 ) 202 304 Segment net income (loss) $ 73 $ 60 $ (50 ) $ 24 $ 822 $ 674 Identifiable assets (period end) $ 6,321 $ 6,275 $ 56,328 $ 57,349 $ 222,681 $ 221,192 Six Months Ended June 30, CB-Retail CB-Commercial FS&CF (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 1,690 $ 1,695 $ 955 $ 836 $ 328 $ 275 Net intersegment interest income (expense) 119 73 124 196 37 78 Segment net interest income 1,809 1,768 1,079 1,032 365 353 Allocated provision for credit losses 232 247 79 50 (9 ) (11 ) Segment net interest income after provision 1,577 1,521 1,000 982 374 364 Noninterest income 693 684 213 211 604 577 Noninterest expense 1,340 1,355 508 627 613 587 Income (loss) before income taxes 930 850 705 566 365 354 Provision (benefit) for income taxes 229 317 158 194 76 111 Segment net income (loss) $ 701 $ 533 $ 547 $ 372 $ 289 $ 243 Identifiable assets (period end) $ 72,577 $ 72,791 $ 57,009 $ 55,680 $ 30,446 $ 29,097 IH&PF OT&C (1) Total 2018 2017 2018 2017 2018 2017 Net interest income (expense) $ 55 $ 48 $ 262 $ 390 $ 3,290 $ 3,244 Net intersegment interest income (expense) (13 ) (9 ) (267 ) (338 ) — — Segment net interest income 42 39 (5 ) 52 3,290 3,244 Allocated provision for credit losses 1 3 (18 ) (6 ) 285 283 Segment net interest income after provision 41 36 13 58 3,005 2,961 Noninterest income 923 948 (31 ) (29 ) 2,402 2,391 Noninterest expense 783 808 162 467 3,406 3,844 Income (loss) before income taxes 181 176 (180 ) (438 ) 2,001 1,508 Provision (benefit) for income taxes 46 66 (121 ) (280 ) 388 408 Segment net income (loss) $ 135 $ 110 $ (59 ) $ (158 ) $ 1,613 $ 1,100 Identifiable assets (period end) $ 6,321 $ 6,275 $ 56,328 $ 57,349 $ 222,681 $ 221,192 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Billions | Jun. 30, 2018USD ($) |
FNMA investments | |
Debt Securities, Available-for-sale [Line Items] | |
Securities, amortized cost | $ 14.1 |
Securities, fair value | 13.5 |
FHLMC investments | |
Debt Securities, Available-for-sale [Line Items] | |
Securities, amortized cost | 10.2 |
Securities, fair value | $ 9.8 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
AFS securities | ||
AFS securities, Amortized Cost | $ 24,863 | $ 25,009 |
Gross Unrealized Gains | 233 | 237 |
Gross Unrealized Losses | 1,177 | 699 |
AFS securities, Fair Value | 23,919 | 24,547 |
HTM securities | ||
HTM securities, Amortized Cost | 21,749 | 23,027 |
Gross Unrealized Gains | 32 | 54 |
Gross Unrealized Losses | 701 | 244 |
HTM securities, Fair Value | 21,080 | 22,837 |
U.S. Treasury | ||
AFS securities | ||
AFS securities, Amortized Cost | 2,437 | 2,368 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 114 | 77 |
AFS securities, Fair Value | 2,323 | 2,291 |
HTM securities | ||
HTM securities, Amortized Cost | 1,098 | 1,098 |
Gross Unrealized Gains | 0 | 8 |
Gross Unrealized Losses | 9 | 0 |
HTM securities, Fair Value | 1,089 | 1,106 |
GSE | ||
AFS securities | ||
AFS securities, Amortized Cost | 186 | 187 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11 | 8 |
AFS securities, Fair Value | 175 | 179 |
HTM securities | ||
HTM securities, Amortized Cost | 2,198 | 2,198 |
Gross Unrealized Gains | 2 | 11 |
Gross Unrealized Losses | 60 | 22 |
HTM securities, Fair Value | 2,140 | 2,187 |
Agency MBS | ||
AFS securities | ||
AFS securities, Amortized Cost | 20,880 | 20,683 |
Gross Unrealized Gains | 2 | 8 |
Gross Unrealized Losses | 1,034 | 590 |
AFS securities, Fair Value | 19,848 | 20,101 |
HTM securities | ||
HTM securities, Amortized Cost | 18,436 | 19,660 |
Gross Unrealized Gains | 30 | 33 |
Gross Unrealized Losses | 632 | 222 |
HTM securities, Fair Value | 17,834 | 19,471 |
States and political subdivisions | ||
AFS securities | ||
AFS securities, Amortized Cost | 971 | 1,379 |
Gross Unrealized Gains | 27 | 37 |
Gross Unrealized Losses | 18 | 24 |
AFS securities, Fair Value | 980 | 1,392 |
HTM securities | ||
HTM securities, Amortized Cost | 16 | 28 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
HTM securities, Fair Value | 16 | 28 |
Non-agency MBS | ||
AFS securities | ||
AFS securities, Amortized Cost | 351 | 384 |
Gross Unrealized Gains | 203 | 192 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | 554 | 576 |
Other | ||
AFS securities | ||
AFS securities, Amortized Cost | 38 | 8 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | 39 | 8 |
HTM securities | ||
HTM securities, Amortized Cost | 1 | 43 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
HTM securities, Fair Value | $ 1 | $ 45 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
AFS, Amortized Cost | ||
Due in one year or less | $ 468 | |
Due after one year through five years | 2,093 | |
Due after five years through ten years | 584 | |
Due after ten years | 21,718 | |
Total debt securities | 24,863 | $ 25,009 |
AFS, Fair Value | ||
Due in one year or less | 466 | |
Due after one year through five years | 1,982 | |
Due after five years through ten years | 573 | |
Due after ten years | 20,898 | |
Total debt securities | 23,919 | 24,547 |
HTM, Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 2,789 | |
Due after five years through ten years | 940 | |
Due after ten years | 18,019 | |
Total debt securities | 21,749 | 23,027 |
HTM, Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 2,739 | |
Due after five years through ten years | 909 | |
Due after ten years | 17,431 | |
Total debt securities | $ 21,080 | $ 22,837 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
AFS securities, Fair Value | ||
Less than 12 months | $ 7,973 | $ 5,921 |
12 months or more | 14,747 | 16,100 |
Total | 22,720 | 22,021 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 256 | 69 |
12 months or more | 921 | 630 |
Total | 1,177 | 699 |
HTM securities, Fair Value | ||
Less than 12 months | 14,575 | 12,350 |
12 months or more | 4,537 | 4,921 |
Total | 19,112 | 17,271 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 436 | 89 |
12 months or more | 265 | 155 |
Total | 701 | 244 |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 655 | 634 |
12 months or more | 1,643 | 1,655 |
Total | 2,298 | 2,289 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 10 | 4 |
12 months or more | 104 | 73 |
Total | 114 | 77 |
HTM securities, Fair Value | ||
Less than 12 months | 1,089 | |
12 months or more | 0 | |
Total | 1,089 | |
HTM securities, Unrealized Losses | ||
Less than 12 months | 9 | |
12 months or more | 0 | |
Total | 9 | |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 9 | 9 |
12 months or more | 166 | 170 |
Total | 175 | 179 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 11 | 8 |
Total | 11 | 8 |
HTM securities, Fair Value | ||
Less than 12 months | 1,446 | 1,470 |
12 months or more | 286 | 290 |
Total | 1,732 | 1,760 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 46 | 12 |
12 months or more | 14 | 10 |
Total | 60 | 22 |
Agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 7,148 | 5,077 |
12 months or more | 12,624 | 13,920 |
Total | 19,772 | 18,997 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 245 | 64 |
12 months or more | 789 | 526 |
Total | 1,034 | 590 |
HTM securities, Fair Value | ||
Less than 12 months | 12,040 | 10,880 |
12 months or more | 4,251 | 4,631 |
Total | 16,291 | 15,511 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 381 | 77 |
12 months or more | 251 | 145 |
Total | 632 | 222 |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 161 | 201 |
12 months or more | 314 | 355 |
Total | 475 | 556 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 1 | 1 |
12 months or more | 17 | 23 |
Total | $ 18 | $ 24 |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Receivables [Abstract] | |||||
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $ 13 | $ 17 | $ 36 | $ 45 | |
Residential mortgage loans in process of foreclosure | $ 270 | $ 270 | $ 288 |
Loans and ACL - Aging Analysis
Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable [Line Items] | ||
Current | $ 144,285 | $ 141,531 |
30-89 Days Past Due | 905 | 1,052 |
90 Days Or More Past Due | 435 | 548 |
Nonperforming | 558 | 570 |
Total | 146,183 | 143,701 |
Commercial | Commercial and industrial | ||
Financing Receivable [Line Items] | ||
Current | 60,205 | 58,852 |
30-89 Days Past Due | 26 | 41 |
90 Days Or More Past Due | 0 | 1 |
Nonperforming | 243 | 259 |
Total | 60,474 | 59,153 |
Commercial | CRE | ||
Financing Receivable [Line Items] | ||
Current | 21,545 | 21,209 |
30-89 Days Past Due | 4 | 8 |
90 Days Or More Past Due | 0 | 1 |
Nonperforming | 61 | 45 |
Total | 21,610 | 21,263 |
Commercial | Lease financing | ||
Financing Receivable [Line Items] | ||
Current | 1,913 | 1,906 |
30-89 Days Past Due | 2 | 4 |
90 Days Or More Past Due | 0 | 0 |
Nonperforming | 9 | 1 |
Total | 1,924 | 1,911 |
Retail | Residential mortgage | ||
Financing Receivable [Line Items] | ||
Current | 29,031 | 27,659 |
30-89 Days Past Due | 441 | 472 |
90 Days Or More Past Due | 374 | 465 |
Nonperforming | 119 | 129 |
Total | 29,965 | 28,725 |
Retail | Direct | ||
Financing Receivable [Line Items] | ||
Current | 11,547 | 11,756 |
30-89 Days Past Due | 52 | 65 |
90 Days Or More Past Due | 4 | 6 |
Nonperforming | 58 | 64 |
Total | 11,661 | 11,891 |
Retail | Indirect | ||
Financing Receivable [Line Items] | ||
Current | 16,731 | 16,745 |
30-89 Days Past Due | 337 | 412 |
90 Days Or More Past Due | 4 | 6 |
Nonperforming | 68 | 72 |
Total | 17,140 | 17,235 |
Revolving credit | ||
Financing Receivable [Line Items] | ||
Current | 2,845 | 2,837 |
30-89 Days Past Due | 21 | 23 |
90 Days Or More Past Due | 10 | 12 |
Nonperforming | 0 | 0 |
Total | 2,876 | 2,872 |
PCI | ||
Financing Receivable [Line Items] | ||
Current | 468 | 567 |
30-89 Days Past Due | 22 | 27 |
90 Days Or More Past Due | 43 | 57 |
Nonperforming | 0 | 0 |
Total | $ 533 | $ 651 |
Loans and ACL - Risk Rating (De
Loans and ACL - Risk Rating (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Loans and leases | $ 146,183 | $ 143,701 |
Commercial | Commercial & Industrial | ||
Loans and leases | 60,474 | 59,153 |
Commercial | Commercial & Industrial | Pass | ||
Loans and leases | 59,246 | 57,700 |
Commercial | Commercial & Industrial | Special mention | ||
Loans and leases | 189 | 268 |
Commercial | Commercial & Industrial | Substandard-performing | ||
Loans and leases | 796 | 926 |
Commercial | Commercial & Industrial | Nonperforming | ||
Loans and leases | 243 | 259 |
Commercial | CRE | ||
Loans and leases | 21,610 | 21,263 |
Commercial | CRE | Pass | ||
Loans and leases | 21,273 | 20,862 |
Commercial | CRE | Special mention | ||
Loans and leases | 38 | 48 |
Commercial | CRE | Substandard-performing | ||
Loans and leases | 238 | 308 |
Commercial | CRE | Nonperforming | ||
Loans and leases | 61 | 45 |
Commercial | Lease Financing | ||
Loans and leases | 1,924 | 1,911 |
Commercial | Lease Financing | Pass | ||
Loans and leases | 1,905 | 1,881 |
Commercial | Lease Financing | Special mention | ||
Loans and leases | 6 | 6 |
Commercial | Lease Financing | Substandard-performing | ||
Loans and leases | 4 | 23 |
Commercial | Lease Financing | Nonperforming | ||
Loans and leases | 9 | 1 |
Retail | Residential mortgage | ||
Loans and leases | 29,965 | 28,725 |
Retail | Residential mortgage | Performing | ||
Loans and leases | 29,846 | 28,596 |
Retail | Residential mortgage | Nonperforming | ||
Loans and leases | 119 | 129 |
Retail | Direct | ||
Loans and leases | 11,661 | 11,891 |
Retail | Direct | Performing | ||
Loans and leases | 11,603 | 11,827 |
Retail | Direct | Nonperforming | ||
Loans and leases | 58 | 64 |
Retail | Indirect | ||
Loans and leases | 17,140 | 17,235 |
Retail | Indirect | Performing | ||
Loans and leases | 17,072 | 17,163 |
Retail | Indirect | Nonperforming | ||
Loans and leases | $ 68 | $ 72 |
Loans and ACL - Allowance for C
Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for credit losses | $ 135 | $ 135 | $ 285 | $ 283 |
Commercial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 522 | 524 | 522 | 530 |
Charge-Offs | (23) | (26) | (46) | (59) |
Recoveries | 11 | 9 | 19 | 16 |
Provision for credit losses | 25 | 8 | 40 | 28 |
ACL, ending balance | 535 | 515 | 535 | 515 |
Commercial | CRE | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 175 | 141 | 160 | 145 |
Charge-Offs | (2) | (3) | (8) | (4) |
Recoveries | 1 | 3 | 3 | 9 |
Provision for credit losses | 17 | 25 | 36 | 16 |
ACL, ending balance | 191 | 166 | 191 | 166 |
Commercial | Lease financing | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 10 | 10 | 9 | 7 |
Charge-Offs | (1) | (1) | (2) | (2) |
Recoveries | 1 | 0 | 1 | 0 |
Provision for credit losses | 0 | 0 | 2 | 4 |
ACL, ending balance | 10 | 9 | 10 | 9 |
Retail | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 216 | 223 | 209 | 227 |
Charge-Offs | (5) | (20) | (9) | (32) |
Recoveries | 1 | 1 | 1 | 1 |
Provision for credit losses | 9 | 7 | 20 | 15 |
ACL, ending balance | 221 | 211 | 221 | 211 |
Retail | Direct | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 99 | 102 | 106 | 103 |
Charge-Offs | (17) | (16) | (36) | (30) |
Recoveries | 6 | 7 | 12 | 13 |
Provision for credit losses | 9 | 7 | 15 | 14 |
ACL, ending balance | 97 | 100 | 97 | 100 |
Retail | Indirect | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 347 | 338 | 348 | 327 |
Charge-Offs | (82) | (88) | (189) | (195) |
Recoveries | 17 | 16 | 32 | 33 |
Provision for credit losses | 71 | 87 | 162 | 188 |
ACL, ending balance | 353 | 353 | 353 | 353 |
Revolving credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 104 | 103 | 108 | 106 |
Charge-Offs | (21) | (19) | (42) | (40) |
Recoveries | 5 | 5 | 10 | 10 |
Provision for credit losses | 17 | 12 | 29 | 25 |
ACL, ending balance | 105 | 101 | 105 | 101 |
PCI | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 25 | 46 | 28 | 44 |
Charge-Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses | (7) | (16) | (10) | (14) |
ACL, ending balance | 18 | 30 | 18 | 30 |
ALLL | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 1,498 | 1,487 | 1,490 | 1,489 |
Charge-Offs | (151) | (173) | (332) | (362) |
Recoveries | 42 | 41 | 78 | 82 |
Provision for credit losses | 141 | 130 | 294 | 276 |
ACL, ending balance | 1,530 | 1,485 | 1,530 | 1,485 |
RUFC | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 116 | 112 | 119 | 110 |
Charge-Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses | (6) | 5 | (9) | 7 |
ACL, ending balance | 110 | 117 | 110 | 117 |
ACL | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
ACL, beginning balance | 1,614 | 1,599 | 1,609 | 1,599 |
Charge-Offs | (151) | (173) | (332) | (362) |
Recoveries | 42 | 41 | 78 | 82 |
Provision for credit losses | 135 | 135 | 285 | 283 |
ACL, ending balance | $ 1,640 | $ 1,602 | $ 1,640 | $ 1,602 |
Loans and ACL - Collectively Ev
Loans and ACL - Collectively Evaluated for Impairment (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Recorded Investment | $ 144,491 | $ 142,044 |
Related ALLL | 1,350 | 1,319 |
Commercial | Commercial and industrial | ||
Recorded Investment | 60,141 | 58,804 |
Related ALLL | 502 | 494 |
Commercial | CRE | ||
Recorded Investment | 21,512 | 21,173 |
Related ALLL | 181 | 154 |
Commercial | Lease financing | ||
Recorded Investment | 1,915 | 1,910 |
Related ALLL | 10 | 9 |
Retail | Residential mortgage | ||
Recorded Investment | 29,116 | 27,914 |
Related ALLL | 154 | 143 |
Retail | Direct | ||
Recorded Investment | 11,590 | 11,815 |
Related ALLL | 91 | 98 |
Retail | Indirect | ||
Recorded Investment | 16,837 | 16,935 |
Related ALLL | 300 | 296 |
Revolving credit | ||
Recorded Investment | 2,847 | 2,842 |
Related ALLL | 94 | 97 |
PCI | ||
Recorded Investment | 533 | 651 |
Related ALLL | $ 18 | $ 28 |
Loans and ACL - Individually Ev
Loans and ACL - Individually Evaluated for Impairment (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
UPB | $ 1,798 | $ 1,770 |
Recorded Investment Without an ALLL | 309 | 322 |
Recorded Investment With an ALLL | 1,383 | 1,335 |
Related ALLL | 180 | 171 |
Average Recorded Investment | 1,692 | 1,807 |
Interest Income Recognized | 45 | 92 |
Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 350 | 381 |
Recorded Investment Without an ALLL | 125 | 136 |
Recorded Investment With an ALLL | 208 | 213 |
Related ALLL | 33 | 28 |
Average Recorded Investment | 343 | 424 |
Interest Income Recognized | 2 | 6 |
Commercial | CRE | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 108 | 91 |
Recorded Investment Without an ALLL | 21 | 26 |
Recorded Investment With an ALLL | 77 | 64 |
Related ALLL | 10 | 6 |
Average Recorded Investment | 107 | 109 |
Interest Income Recognized | 1 | 3 |
Commercial | Lease financing | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 10 | 1 |
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 9 | 1 |
Related ALLL | 0 | 0 |
Average Recorded Investment | 7 | 3 |
Interest Income Recognized | 0 | 0 |
Retail | Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 897 | 860 |
Recorded Investment Without an ALLL | 133 | 132 |
Recorded Investment With an ALLL | 716 | 679 |
Related ALLL | 67 | 67 |
Average Recorded Investment | 833 | 895 |
Interest Income Recognized | 18 | 37 |
Retail | Direct | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 92 | 99 |
Recorded Investment Without an ALLL | 25 | 22 |
Recorded Investment With an ALLL | 46 | 54 |
Related ALLL | 6 | 8 |
Average Recorded Investment | 74 | 78 |
Interest Income Recognized | 2 | 4 |
Retail | Indirect | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 312 | 308 |
Recorded Investment Without an ALLL | 5 | 6 |
Recorded Investment With an ALLL | 298 | 294 |
Related ALLL | 53 | 52 |
Average Recorded Investment | 299 | 269 |
Interest Income Recognized | 22 | 41 |
Revolving credit | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 29 | 30 |
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 29 | 30 |
Related ALLL | 11 | 10 |
Average Recorded Investment | 29 | 29 |
Interest Income Recognized | $ 0 | $ 1 |
Loans and ACL - Summary of TDRs
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable [Line Items] | ||
Total TDRs | $ 1,264 | $ 1,232 |
ALLL attributable to TDRs | 153 | 142 |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 1,073 | 1,043 |
Nonperforming TDRs (also included in NPL disclosures) | ||
Financing Receivable [Line Items] | ||
Total TDRs | 191 | 189 |
Commercial | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 44 | 50 |
Commercial | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 11 | 16 |
Commercial | Lease financing | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 0 | 0 |
Retail | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 647 | 605 |
Retail | Direct | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 58 | 62 |
Retail | Indirect | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 284 | 281 |
Revolving credit | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | $ 29 | $ 29 |
Loans and ACL - Types of Modifi
Loans and ACL - Types of Modifications and Impact to Allowance (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Newly Designated TDRs [Member] | Commercial | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | $ 0 | $ 1 | $ 0 | $ 2 |
Newly Designated TDRs [Member] | Commercial | CRE | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 0 | 1 | 0 | 1 |
Newly Designated TDRs [Member] | Retail | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 4 | 10 | 9 | 16 |
Newly Designated TDRs [Member] | Retail | Direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 0 | 0 | 0 | 0 |
Newly Designated TDRs [Member] | Retail | Indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 5 | 4 | 10 | 8 |
Newly Designated TDRs [Member] | Revolving credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 1 | 1 | 2 | 2 |
Newly Designated TDRs [Member] | Rate | Commercial | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 20 | 33 | 30 | 55 |
Newly Designated TDRs [Member] | Rate | Commercial | CRE | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 8 | 8 | 27 | 14 |
Newly Designated TDRs [Member] | Rate | Retail | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 58 | 82 | 140 | 210 |
Newly Designated TDRs [Member] | Rate | Retail | Direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 2 | 2 | 4 | 5 |
Newly Designated TDRs [Member] | Rate | Retail | Indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 45 | 37 | 87 | 78 |
Newly Designated TDRs [Member] | Rate | Revolving credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 4 | 4 | 9 | 9 |
Newly Designated TDRs [Member] | Structure | Commercial | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 33 | 25 | 43 | 56 |
Newly Designated TDRs [Member] | Structure | Commercial | CRE | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 1 | 3 | 2 | 5 |
Newly Designated TDRs [Member] | Structure | Retail | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 5 | 6 | 15 | 12 |
Newly Designated TDRs [Member] | Structure | Retail | Direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 1 | 1 | 1 | 2 |
Newly Designated TDRs [Member] | Structure | Retail | Indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 1 | 2 | 2 | 4 |
Newly Designated TDRs [Member] | Structure | Revolving credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 0 | 0 | 0 | 0 |
Re-Modification of Previously Designated TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
ALLL Impact | 0 | 0 | 0 | 0 |
Re-Modification of Previously Designated TDRs [Member] | Rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | 31 | 40 | 52 | 85 |
Re-Modification of Previously Designated TDRs [Member] | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs | $ 5 | $ 13 | $ 10 | $ 22 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,770 | $ 1,816 |
Accumulated Amortization | (1,123) | (1,105) |
Net Carrying Amount | 647 | 711 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 605 | 605 |
Accumulated Amortization | (436) | (409) |
Net Carrying Amount | 169 | 196 |
Other, primarily customer relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,165 | 1,211 |
Accumulated Amortization | (687) | (696) |
Net Carrying Amount | $ 478 | $ 515 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
Servicing fees recognized from mortgage loans serviced for others | $ 1,222 | $ 1,220 | $ 2,402 | $ 2,391 | |
Residential | |||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
UPB of residential mortgage and home equity loan servicing portfolio | 118,753 | 118,753 | $ 118,424 | ||
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 88,492 | 88,492 | 89,124 | ||
Mortgage loans sold with recourse | 452 | 452 | 490 | ||
Maximum recourse exposure from mortgage loans sold with recourse liability | 237 | 237 | 251 | ||
Indemnification, recourse and repurchase reserves | $ 34 | 34 | $ 37 | ||
UPB of residential mortgage loans sold from LHFS | 5,536 | 6,309 | |||
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 74 | $ 65 | |||
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | 0.28% | 0.28% | 0.28% | 0.28% | |
Weighted average interest rate on mortgage loans serviced for others | 4.01% | 4.00% | 4.01% | 4.00% | |
Bank Servicing | Residential | |||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
Servicing fees recognized from mortgage loans serviced for others | $ 128 | $ 133 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | $ 1,056 | |
Change in fair value due to changes in valuation inputs or assumptions: | ||
MSRs, carrying value, ending balance | 1,143 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | 914 | $ 915 |
Additions | 63 | 63 |
Change in fair value due to changes in valuation inputs or assumptions: | ||
Prepayment speeds | 67 | (45) |
OAS | 17 | 42 |
Servicing costs | 0 | 9 |
Realization of expected net servicing cash flows, passage of time and other | (70) | (69) |
MSRs, carrying value, ending balance | 991 | 915 |
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ (84) | $ 3 |
Loan Servicing - Residential MS
Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Residential MSRs | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 100.00% | 100.00% |
Weighted average life | 7 years | 6 years 4 months 24 days |
Residential MSRs | Min | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 7.80% | 7.10% |
OAS | 7.90% | 8.40% |
Residential MSRs | Max | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 8.90% | 10.10% |
OAS | 8.50% | 8.90% |
Residential MSRs | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 8.10% | 9.10% |
Effect on fair value of a 10% increase | $ (29) | $ (31) |
Effect on fair value of a 20% increase | $ (56) | $ (60) |
OAS | 8.10% | 8.50% |
Effect on fair value of a 10% increase | $ (30) | $ (28) |
Effect on fair value of a 20% increase | $ (57) | $ (54) |
Fixed-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 99.20% | 99.10% |
Adjustable-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 0.80% | 0.90% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 1,143 | $ 1,056 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 27,586 | 28,441 |
CRE mortgages serviced for others covered by recourse provisions | 4,475 | 4,153 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,241 | 1,218 |
Recorded reserves related to recourse exposure | 5 | 5 |
CRE mortgages originated during the year-to-date period | 3,337 | 6,753 |
MSRs at fair value | $ 152 | $ 142 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 54,270 | $ 53,767 |
Interest checking | 27,257 | 27,677 |
Money market and savings | 63,167 | 62,757 |
Time deposits | 14,781 | 13,170 |
Total deposits | 159,475 | 157,371 |
Time deposits greater than $250,000 | $ 4,097 | $ 2,622 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | ||||
Loss (gain) on early extinguishment of debt | $ 0 | $ 0 | $ 0 | $ 392 |
Branch Bank | FHLB Advances | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of long-term debt | 2,900 | |||
Loss (gain) on early extinguishment of debt | $ 392 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instruments [Line Items] | ||
Long-term Debt, Carrying Amount | $ 24,081 | $ 23,648 |
Other long-term debt | ||
Debt Instruments [Line Items] | ||
Long-term Debt, Carrying Amount | $ 169 | 205 |
BB&T Corporation | Senior notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2025 | |
Effective Rate | 3.45% | |
Long-term Debt, Carrying Amount | $ 9,362 | 8,562 |
BB&T Corporation | Senior notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.05% | |
BB&T Corporation | Senior notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 6.85% | |
BB&T Corporation | Senior notes | Floating rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2022 | |
Effective Rate | 2.93% | |
Long-term Debt, Carrying Amount | $ 2,397 | 2,547 |
BB&T Corporation | Senior notes | Floating rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.58% | |
BB&T Corporation | Senior notes | Floating rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.06% | |
BB&T Corporation | Subordinated notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2022 | |
Effective Rate | 2.52% | |
Long-term Debt, Carrying Amount | $ 911 | 933 |
BB&T Corporation | Subordinated notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.95% | |
BB&T Corporation | Subordinated notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 5.25% | |
Branch Bank | Senior notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2018 | |
Maturity Date Range, End | Dec. 31, 2022 | |
Effective Rate | 2.98% | |
Long-term Debt, Carrying Amount | $ 5,609 | 5,653 |
Branch Bank | Senior notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 1.45% | |
Branch Bank | Senior notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.85% | |
Branch Bank | Senior notes | Floating rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2020 | |
Effective Rate | 2.81% | |
Long-term Debt, Carrying Amount | $ 1,149 | 1,149 |
Branch Bank | Senior notes | Floating rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.52% | |
Branch Bank | Senior notes | Floating rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.89% | |
Branch Bank | Subordinated notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2025 | |
Maturity Date Range, End | Dec. 31, 2026 | |
Effective Rate | 4.12% | |
Long-term Debt, Carrying Amount | $ 2,044 | 2,119 |
Branch Bank | Subordinated notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.63% | |
Branch Bank | Subordinated notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.80% | |
Branch Bank | FHLB advances | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2018 | |
Maturity Date Range, End | Dec. 31, 2034 | |
Effective Rate | 2.54% | |
Long-term Debt, Carrying Amount | $ 2,440 | $ 2,480 |
Weighted average maturity of FHLB advances | 3 years 4 months 1 day | |
Branch Bank | FHLB advances | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 0.00% | |
Branch Bank | FHLB advances | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 5.50% |
Shareholders' Equity - Rollforw
Shareholders' Equity - Rollforward of RSUs, PSUs amd Restricted Shares (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Units/Shares | |
Nonvested, beginning balance (in units/shares) | shares | 12,948 |
Granted (in units/shares) | shares | 3,416 |
Vested (in units/shares) | shares | (3,459) |
Forfeited (in units/shares) | shares | (155) |
Nonvested, ending balance (in units/shares) | shares | 12,750 |
Wtd. Avg. Grant Date Fair Value | |
Nonvested, beginning balance (in usd per units/share) | $ / shares | $ 33.90 |
Granted (in usd per units/share) | $ / shares | 49.11 |
Vested (in usd per units/share) | $ / shares | 33.55 |
Forfeited (in usd per units/share) | $ / shares | 36.15 |
Nonvested, ending balance (in usd per units/share) | $ / shares | $ 38.04 |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amounts reclassified from AOCI: | ||||
OCI | $ (61) | $ 52 | $ (239) | $ 59 |
Unrecognized Net Pension and Postretirement Costs | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (990) | (755) | (1,004) | (764) |
OCI before reclassifications, net of tax | 0 | 1 | 0 | (1) |
Amounts reclassified from AOCI: | ||||
OCI | 13 | 12 | 27 | 21 |
AOCI, ending balance | (977) | (743) | (977) | (743) |
Unrecognized Net Pension and Postretirement Costs | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 18 | 18 | 36 | 35 |
Tax effect | 5 | 7 | 9 | 13 |
Amounts reclassified, net of tax | 13 | 11 | 27 | 22 |
Unrealized Net Gains (Losses) on Cash Flow Hedges | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (14) | (94) | (92) | (92) |
OCI before reclassifications, net of tax | 23 | (30) | 93 | (27) |
Amounts reclassified from AOCI: | ||||
OCI | 26 | (34) | 104 | (36) |
AOCI, ending balance | 12 | (128) | 12 | (128) |
Unrealized Net Gains (Losses) on Cash Flow Hedges | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 3 | (6) | 14 | (14) |
Tax effect | 0 | (2) | 3 | (5) |
Amounts reclassified, net of tax | 3 | (4) | 11 | (9) |
Unrealized Net Gains (Losses) on AFS Securities | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (624) | (261) | (356) | (259) |
OCI before reclassifications, net of tax | (100) | 81 | (382) | 80 |
Amounts reclassified from AOCI: | ||||
OCI | (99) | 74 | (367) | 72 |
AOCI, ending balance | (723) | (187) | (723) | (187) |
Unrealized Net Gains (Losses) on AFS Securities | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 1 | (12) | 20 | (13) |
Tax effect | 0 | (5) | 5 | (5) |
Amounts reclassified, net of tax | 1 | (7) | 15 | (8) |
Other, net | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (17) | (15) | (15) | (17) |
OCI before reclassifications, net of tax | (2) | 1 | (4) | 2 |
Amounts reclassified from AOCI: | ||||
OCI | (1) | 0 | (3) | 2 |
AOCI, ending balance | (18) | (15) | (18) | (15) |
Other, net | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 1 | (1) | 1 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Amounts reclassified, net of tax | 1 | (1) | 1 | 0 |
Total | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (1,645) | (1,125) | (1,467) | (1,132) |
OCI before reclassifications, net of tax | (79) | 53 | (293) | 54 |
Amounts reclassified from AOCI: | ||||
OCI | (61) | 52 | (239) | 59 |
AOCI, ending balance | (1,706) | (1,073) | (1,706) | (1,073) |
Total | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 23 | (1) | 71 | 8 |
Tax effect | 5 | 0 | 17 | 3 |
Amounts reclassified, net of tax | $ 18 | $ (1) | $ 54 | $ 5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 19.70% | 31.10% | 19.40% | 27.10% |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Discretionary contributions | $ 144 |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Periodic Pension Cost: | ||||
Service cost | $ 60 | $ 53 | $ 120 | $ 105 |
Interest cost | 50 | 47 | 100 | 96 |
Estimated return on plan assets | (112) | (92) | (224) | (185) |
Amortization and other | 19 | 19 | 39 | 39 |
Net periodic benefit cost | $ 17 | $ 27 | $ 35 | $ 55 |
Income statement location of interest cost | us-gaap:OtherNoninterestExpense | |||
Income statement location of estimated return on plan assets | us-gaap:OtherNoninterestExpense | |||
Income statement location of amortization and other | us-gaap:OtherNoninterestExpense |
Commitments and Contingencies -
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Investments in affordable housing projects: | ||
Carrying amount | $ 2,068 | $ 1,948 |
Amount of future funding commitments included in carrying amount | 947 | 928 |
Lending exposure | 541 | 561 |
Tax credits subject to recapture | 478 | 471 |
Private equity investments | 463 | 471 |
Future funding commitments to private equity investments | $ 128 | $ 143 |
Commitments and Contingencies66
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Pledged securities | $ 12,940 | $ 14,636 |
Pledged loans | $ 75,300 | $ 74,718 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | Jun. 30, 2018Multiple |
Private Equity Investments | Minimum | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 5 |
Private Equity Investments | Maximum | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 14 |
Private Equity Investments | Weighted average | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 9 |
Re-REMIC | Non-agency MBS | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Difference between fair value of securities held and the fair value of the underlying securities, percentage | 16.90% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
AFS securities | $ 23,919 | $ 24,547 |
LHFS at fair value | 1,615 | 1,099 |
MSRs | 1,143 | 1,056 |
Trading and equity securities | 820 | 633 |
Derivative assets | 192 | 443 |
Private equity investments | 399 | 404 |
Total assets | 28,088 | 28,182 |
Liabilities [Abstract] | ||
Derivative liabilities | 395 | 714 |
Securities sold short | 235 | 120 |
Total liabilities | 630 | 834 |
Level 1 | ||
Assets | ||
AFS securities | 0 | 6 |
LHFS at fair value | 0 | 0 |
MSRs | 0 | 0 |
Trading and equity securities | 380 | 363 |
Derivative assets | 0 | 0 |
Private equity investments | 0 | 0 |
Total assets | 380 | 369 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Securities sold short | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Assets | ||
AFS securities | 23,494 | 24,109 |
LHFS at fair value | 1,615 | 1,099 |
MSRs | 0 | 0 |
Trading and equity securities | 440 | 270 |
Derivative assets | 185 | 437 |
Private equity investments | 0 | 0 |
Total assets | 25,734 | 25,915 |
Liabilities [Abstract] | ||
Derivative liabilities | 392 | 711 |
Securities sold short | 235 | 120 |
Total liabilities | 627 | 831 |
Level 3 | ||
Assets | ||
AFS securities | 425 | 432 |
LHFS at fair value | 0 | 0 |
MSRs | 1,143 | 1,056 |
Trading and equity securities | 0 | |
Derivative assets | 7 | 6 |
Private equity investments | 399 | 404 |
Total assets | 1,974 | 1,898 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 3 |
Securities sold short | 0 | 0 |
Total liabilities | 3 | 3 |
U.S. Treasury | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
U.S. Treasury | Level 2 | ||
Assets | ||
AFS securities | 2,323 | 2,291 |
U.S. Treasury | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | Level 2 | ||
Assets | ||
AFS securities | 175 | 179 |
GSE | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | Level 2 | ||
Assets | ||
AFS securities | 19,848 | 20,101 |
Agency MBS | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | Level 2 | ||
Assets | ||
AFS securities | 980 | 1,392 |
States and political subdivisions | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | Level 2 | ||
Assets | ||
AFS securities | 129 | 144 |
Non-agency MBS | Level 3 | ||
Assets | ||
AFS securities | 425 | 432 |
Other | Level 1 | ||
Assets | ||
AFS securities | 6 | |
Other | Level 2 | ||
Assets | ||
AFS securities | 39 | 2 |
Other | Level 3 | ||
Assets | ||
AFS securities | $ 0 | $ 0 |
Fair Value Disclosures - Rollfo
Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Non-agency MBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 441 | $ 480 | $ 432 | $ 507 |
Included in earnings | 7 | 14 | 6 | 23 |
Included in unrealized net holding gains (losses) in OCI | (9) | (2) | 14 | (20) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (14) | (18) | (27) | (36) |
Transfers out of Level 3 | 0 | |||
Ending balance | 425 | 474 | 425 | 474 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 7 | 6 | ||
MSRs | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,119 | 1,088 | 1,056 | 1,052 |
Included in earnings | 23 | (17) | 91 | 20 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 46 | 25 | 83 | 63 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (45) | (44) | (87) | (83) |
Transfers out of Level 3 | 0 | |||
Ending balance | 1,143 | 1,052 | 1,143 | 1,052 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 23 | 91 | ||
Net Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 7 | 10 | 3 | (13) |
Included in earnings | 1 | 23 | 1 | 19 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 11 | 9 | 6 | 24 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (15) | (39) | (6) | (27) |
Transfers out of Level 3 | 0 | |||
Ending balance | 4 | 3 | 4 | 3 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 4 | 4 | ||
Private Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 400 | 400 | 404 | 362 |
Included in earnings | 5 | 0 | 11 | 5 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 |
Purchases | 3 | 7 | 27 | 75 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (12) | (24) | (30) |
Settlements | (9) | (1) | (19) | (5) |
Transfers out of Level 3 | (13) | |||
Ending balance | 399 | $ 394 | 399 | $ 394 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 4 | $ 11 |
Fair Value Disclosures - Loans
Fair Value Disclosures - Loans Held for Sale (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair Value | $ 1,615 | $ 1,099 |
Aggregate UPB | 1,596 | 1,084 |
Difference | $ 19 | $ 15 |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 174 | $ 190 |
Valuation Adjustments | (22) | (14) |
Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 43 | 48 |
Valuation Adjustments | $ (114) | $ (126) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets: | ||
HTM securities | $ 21,080 | $ 22,837 |
Loans and leases HFI, net of ALLL | 144,653 | 142,211 |
Financial liabilities: | ||
Time deposits | 14,781 | 13,170 |
Long-term debt | 24,081 | 23,648 |
Carrying Amount | ||
Financial assets: | ||
HTM securities | 21,749 | 23,027 |
Loans and leases HFI, net of ALLL | 144,653 | 142,211 |
Financial liabilities: | ||
Time deposits | 14,781 | 13,170 |
Long-term debt | 24,081 | 23,648 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 21,080 | 22,837 |
Financial liabilities: | ||
Time deposits | 14,817 | 13,266 |
Long-term debt | 24,155 | 23,885 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 143,345 | $ 141,664 |
Fair Value Disclosures - Off-Ba
Fair Value Disclosures - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments to extend, originate or purchase credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional/Contract Amount | $ 70,601 | $ 67,860 |
Fair Value | 312 | 259 |
Residential mortgage loans sold with recourse | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional/Contract Amount | 452 | 490 |
Fair Value | 5 | 5 |
Other loans sold with recourse | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional/Contract Amount | 4,475 | 4,153 |
Fair Value | 5 | 5 |
Letters of credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional/Contract Amount | 2,465 | 2,466 |
Fair Value | $ 20 | $ 21 |
Derivative Financial Instrume74
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 71,427 | $ 75,172 |
Fair Value, Gain | 192 | 443 |
Fair Value, Loss | (395) | (714) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | (67) | (297) |
Cash collateral (received) posted | (59) | (20) |
Net amount | 66 | 126 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | 67 | 297 |
Cash collateral (received) posted | 120 | 344 |
Net amount | (208) | (73) |
Cash flow hedges | Interest rate contracts | Pay fixed swaps | 3 mo. LIBOR funding | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 6,500 | 6,500 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | 0 | (126) |
Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 19,606 | 22,272 |
Fair Value, Gain | 2 | 123 |
Fair Value, Loss | (131) | (244) |
Fair value hedges | Interest rate contracts | Pay fixed swaps | Commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 549 | 416 |
Fair Value, Gain | 2 | 5 |
Fair Value, Loss | 0 | (1) |
Fair value hedges | Interest rate contracts | Pay fixed swaps | Municipal securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 259 | 231 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | 0 | (76) |
Fair value hedges | Interest rate contracts | Receive fixed swaps | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 13,461 | 15,538 |
Fair Value, Gain | 0 | 118 |
Fair Value, Loss | (130) | (166) |
Fair value hedges | Interest rate contracts | Options | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 5,337 | 6,087 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (1) | (1) |
Not designated as hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 45,321 | 46,400 |
Fair Value, Gain | 190 | 320 |
Fair Value, Loss | (264) | (344) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 28,865 | 27,519 |
Fair Value, Gain | 108 | 210 |
Fair Value, Loss | (239) | (228) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Pay fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 11,157 | 10,962 |
Fair Value, Gain | 38 | 59 |
Fair Value, Loss | (30) | (155) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Receive fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 11,141 | 10,880 |
Fair Value, Gain | 54 | 141 |
Fair Value, Loss | (195) | (61) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,656 | 1,658 |
Fair Value, Gain | 4 | 4 |
Fair Value, Loss | (4) | (4) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,356 | 3,549 |
Fair Value, Gain | 8 | 3 |
Fair Value, Loss | (7) | (2) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 555 | 470 |
Fair Value, Gain | 4 | 3 |
Fair Value, Loss | (3) | (6) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 5,531 | 4,614 |
Fair Value, Gain | 15 | 12 |
Fair Value, Loss | (14) | (6) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,269 | 1,308 |
Fair Value, Gain | 8 | 7 |
Fair Value, Loss | (4) | (3) |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,910 | 3,124 |
Fair Value, Gain | 5 | 4 |
Fair Value, Loss | (10) | (3) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 352 | 182 |
Fair Value, Gain | 2 | 1 |
Fair Value, Loss | 0 | 0 |
Not designated as hedges | MSRs | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 10,925 | 14,267 |
Fair Value, Gain | 67 | 98 |
Fair Value, Loss | (11) | (110) |
Not designated as hedges | MSRs | Interest rate contracts | Pay fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,747 | 3,418 |
Fair Value, Gain | 0 | 32 |
Fair Value, Loss | 0 | (13) |
Not designated as hedges | MSRs | Interest rate contracts | Receive fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,553 | 4,498 |
Fair Value, Gain | 0 | 15 |
Fair Value, Loss | 0 | (86) |
Not designated as hedges | MSRs | Interest rate contracts | Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,565 | 4,535 |
Fair Value, Gain | 63 | 50 |
Fair Value, Loss | (10) | (11) |
Not designated as hedges | MSRs | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,060 | 1,813 |
Fair Value, Gain | 4 | 1 |
Fair Value, Loss | (1) | 0 |
Not designated as hedges | MSRs | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 0 | 3 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | $ 0 | $ 0 |
Derivative Financial Instrume75
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - Fair Value Hedges - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
AFS securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | $ 490 | $ 533 |
AFS securities | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 1 | 64 |
AFS securities | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 57 | 10 |
Loans and leases | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 581 | 511 |
Loans and leases | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | (7) | (5) |
Loans and leases | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | (3) | 0 |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 16,041 | 16,917 |
Long-term debt | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | (314) | (49) |
Long-term debt | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | $ 127 | $ 140 |
Derivative Financial Instrume76
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) recognized in OCI | $ 31 | $ (47) | $ 124 | $ (43) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) reclassified from AOCI into interest expense | (3) | $ 6 | (14) | $ 14 |
Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) recognized in OCI | 8 | 29 | ||
Deposits | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) reclassified from AOCI into interest expense | (1) | (3) | ||
Short-term borrowings | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) recognized in OCI | 2 | 2 | ||
Short-term borrowings | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) reclassified from AOCI into interest expense | 0 | 0 | ||
Long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) recognized in OCI | 21 | 93 | ||
Long-term debt | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax gain (loss) reclassified from AOCI into interest expense | $ (2) | $ (11) |
Derivative Financial Instrume77
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - Net interest income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized | $ 3 | $ 37 | $ 20 | $ 79 |
AFS securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts related to interest settlements | (2) | (4) | ||
Recognized on derivatives | 5 | 16 | ||
Recognized on hedged items | (5) | (16) | ||
Net income (expense) recognized | (2) | (4) | (4) | (8) |
Loans and leases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts related to interest settlements | (1) | (1) | ||
Recognized on derivatives | 3 | 6 | ||
Recognized on hedged items | (3) | (6) | ||
Net income (expense) recognized | (1) | (1) | (1) | (1) |
Long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts related to interest settlements | (7) | 1 | ||
Recognized on derivatives | (62) | (243) | ||
Recognized on hedged items | 75 | 267 | ||
Net income (expense) recognized | $ 6 | $ 42 | $ 25 | $ 88 |
Derivative Financial Instrume78
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | $ (15) | $ 46 | $ (56) | $ 20 |
Client-related and other risk management | Interest rate contracts | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 10 | 16 | 25 | 27 |
Client-related and other risk management | Foreign exchange contracts | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 6 | (3) | 13 | (5) |
Mortgage banking | Interest rate contracts | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | (8) | 10 | (4) | (5) |
MSRs | Interest rate contracts | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | $ (23) | $ 23 | $ (90) | $ 3 |
Derivative Financial Instrume79
Derivative Financial Instruments - Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Cash flow hedges | ||
Derivative [Line Items] | ||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | $ 18 | $ (96) |
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | (5) | 3 |
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months | $ 7 | $ (25) |
Maximum time period over which BB&T has hedged a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments | 4 years | 5 years |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2025) | $ 73 | $ 129 |
Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months | $ 36 | $ 49 |
Derivative Financial Instrume80
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | $ 59 | $ 20 |
Cash collateral posted | 120 | 344 |
Dealer Counterparties [Member] | ||
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | 61 | 21 |
Derivatives in a net gain position secured by that collateral | 59 | 22 |
Unsecured positions in a net gain with dealer counterparties after collateral postings | 1 | 2 |
Cash collateral posted | 113 | 172 |
Derivatives in a net loss position | 115 | 171 |
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | 2 | 0 |
Central Clearing Parties [Member] | ||
Credit Derivatives [Line Items] | ||
Cash collateral posted | 21 | 177 |
Derivatives in a net loss position | 7 | 176 |
Securities pledged to central clearing parties | $ 120 | $ 91 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 775 | $ 631 | $ 1,520 | $ 1,009 |
Weighted average number of common shares (in shares) | 775,836 | 808,980 | 777,716 | 809,439 |
Effect of dilutive outstanding equity-based awards (in shares) | 9,914 | 10,409 | 10,646 | 11,633 |
Weighted average number of diluted common shares (in shares) | 785,750 | 819,389 | 788,362 | 821,072 |
Basic EPS (in dollars per share) | $ 1 | $ 0.78 | $ 1.95 | $ 1.25 |
Diluted EPS (in dollars per share) | $ 0.99 | $ 0.77 | $ 1.93 | $ 1.23 |
Anti-dilutive awards (in shares) | 0 | 187 | 45 | 297 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Number of Major Reportable Business Segments | 4 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | $ 1,657 | $ 1,635 | $ 3,290 | $ 3,244 | ||
Allocated provision for credit losses | 135 | 135 | 285 | 283 | ||
Segment net interest income after provision | 1,522 | 1,500 | 3,005 | 2,961 | ||
Noninterest income | 1,222 | 1,220 | 2,402 | 2,391 | ||
Noninterest expense | 1,720 | 1,742 | 3,406 | 3,844 | ||
Income before income taxes | 1,024 | 978 | 2,001 | 1,508 | ||
Provision for income taxes | 202 | 304 | 388 | 408 | ||
Net income | 822 | 674 | 1,613 | 1,100 | ||
Identifiable assets (period end) | 222,681 | 222,681 | $ 221,642 | |||
CB-Retail | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 853 | 853 | 1,690 | 1,695 | ||
CB-Commercial | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 491 | 430 | 955 | 836 | ||
FS&CF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 169 | 145 | 328 | 275 | ||
IH&PF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 29 | 25 | 55 | 48 | ||
OT&C | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | [1] | 115 | 182 | 262 | 390 | |
Operating Segments | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 1,657 | 1,635 | 3,290 | 3,244 | ||
Allocated provision for credit losses | 135 | 135 | 285 | 283 | ||
Segment net interest income after provision | 1,522 | 1,500 | 3,005 | 2,961 | ||
Noninterest income | 1,222 | 1,220 | 2,402 | 2,391 | ||
Noninterest expense | 1,720 | 1,742 | 3,406 | 3,844 | ||
Income before income taxes | 1,024 | 978 | 2,001 | 1,508 | ||
Provision for income taxes | 202 | 304 | 388 | 408 | ||
Net income | 822 | 674 | 1,613 | 1,100 | ||
Identifiable assets (period end) | 222,681 | 221,192 | 222,681 | 221,192 | ||
Operating Segments | CB-Retail | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 923 | 892 | 1,809 | 1,768 | ||
Allocated provision for credit losses | 110 | 118 | 232 | 247 | ||
Segment net interest income after provision | 813 | 774 | 1,577 | 1,521 | ||
Noninterest income | 354 | 353 | 693 | 684 | ||
Noninterest expense | 667 | 682 | 1,340 | 1,355 | ||
Income before income taxes | 500 | 445 | 930 | 850 | ||
Provision for income taxes | 123 | 166 | 229 | 317 | ||
Net income | 377 | 279 | 701 | 533 | ||
Identifiable assets (period end) | 72,577 | 72,791 | 72,577 | 72,791 | ||
Operating Segments | CB-Commercial | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 545 | 525 | 1,079 | 1,032 | ||
Allocated provision for credit losses | 42 | 46 | 79 | 50 | ||
Segment net interest income after provision | 503 | 479 | 1,000 | 982 | ||
Noninterest income | 108 | 109 | 213 | 211 | ||
Noninterest expense | 254 | 320 | 508 | 627 | ||
Income before income taxes | 357 | 268 | 705 | 566 | ||
Provision for income taxes | 80 | 91 | 158 | 194 | ||
Net income | 277 | 177 | 547 | 372 | ||
Identifiable assets (period end) | 57,009 | 55,680 | 57,009 | 55,680 | ||
Operating Segments | FS&CF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 188 | 183 | 365 | 353 | ||
Allocated provision for credit losses | (4) | (17) | (9) | (11) | ||
Segment net interest income after provision | 192 | 200 | 374 | 364 | ||
Noninterest income | 303 | 297 | 604 | 577 | ||
Noninterest expense | 312 | 300 | 613 | 587 | ||
Income before income taxes | 183 | 197 | 365 | 354 | ||
Provision for income taxes | 38 | 63 | 76 | 111 | ||
Net income | 145 | 134 | 289 | 243 | ||
Identifiable assets (period end) | 30,446 | 29,097 | 30,446 | 29,097 | ||
Operating Segments | IH&PF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 22 | 20 | 42 | 39 | ||
Allocated provision for credit losses | 0 | 1 | 1 | 3 | ||
Segment net interest income after provision | 22 | 19 | 41 | 36 | ||
Noninterest income | 484 | 485 | 923 | 948 | ||
Noninterest expense | 408 | 408 | 783 | 808 | ||
Income before income taxes | 98 | 96 | 181 | 176 | ||
Provision for income taxes | 25 | 36 | 46 | 66 | ||
Net income | 73 | 60 | 135 | 110 | ||
Identifiable assets (period end) | 6,321 | 6,275 | 6,321 | 6,275 | ||
Operating Segments | OT&C | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | [1] | (21) | 15 | (5) | 52 | |
Allocated provision for credit losses | [1] | (13) | (13) | (18) | (6) | |
Segment net interest income after provision | [1] | (8) | 28 | 13 | 58 | |
Noninterest income | [1] | (27) | (24) | (31) | (29) | |
Noninterest expense | [1] | 79 | 32 | 162 | 467 | |
Income before income taxes | [1] | (114) | (28) | (180) | (438) | |
Provision for income taxes | [1] | (64) | (52) | (121) | (280) | |
Net income | [1] | (50) | 24 | (59) | (158) | |
Identifiable assets (period end) | [1] | 56,328 | 57,349 | 56,328 | 57,349 | |
Intersegment Eliminations | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 0 | 0 | 0 | 0 | ||
Intersegment Eliminations | CB-Retail | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 70 | 39 | 119 | 73 | ||
Intersegment Eliminations | CB-Commercial | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 54 | 95 | 124 | 196 | ||
Intersegment Eliminations | FS&CF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | 19 | 38 | 37 | 78 | ||
Intersegment Eliminations | IH&PF | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | (7) | (5) | (13) | (9) | ||
Intersegment Eliminations | OT&C | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest income (expense) | [1] | $ (136) | $ (167) | $ (267) | $ (338) | |
[1] | Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |