North Carolina | 56-0939887 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
200 West Second Street Winston-Salem, North Carolina | 27101 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
TABLE OF CONTENTS | ||
FORM 10-Q | ||
September 30, 2017 | ||
Page No. | ||
PART I | ||
Item 1. | Financial Statements | |
Notes to Consolidated Financial Statements (Unaudited) | ||
Note 1. Basis of Presentation | ||
Note 2. Acquisitions and Divestitures | ||
Note 3. Securities | ||
Note 4. Loans and ACL | ||
Note 5. Goodwill | ||
Note 6. Loan Servicing | ||
Note 7. Deposits | ||
Note 8. Long-Term Debt | ||
Note 9. Shareholders' Equity | ||
Note 10. AOCI | ||
Note 11. Income Taxes | ||
Note 12. Benefit Plans | ||
Note 13. Commitments and Contingencies | ||
Note 14. Fair Value Disclosures | ||
Note 15. Derivative Financial Instruments | ||
Note 16. Computation of EPS | ||
Note 17. Operating Segments | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | Defaults Upon Senior Securities - (none.) | |
Item 4. | Mine Safety Disclosures - (not applicable.) | |
Item 5. | Other Information - (none to be reported.) | |
Item 6. |
Term | Definition | |
2015 Repurchase Plan | Plan for the repurchase of up to 50 million shares of BB&T's common stock | |
2017 Repurchase Plan | Plan for the repurchase of up to $1.88 billion of BB&T's common stock | |
ACL | Allowance for credit losses | |
Acquired from FDIC | Assets of Colonial that were formerly covered under loss sharing agreements | |
AFS | Available-for-sale | |
Agency MBS | Mortgage-backed securities issued by a U.S. government agency or GSE | |
ALLL | Allowance for loan and lease losses | |
American Coastal | American Coastal Insurance Company | |
AOCI | Accumulated other comprehensive income (loss) | |
Basel III | Global regulatory standards on bank capital adequacy and liquidity published by the BCBS | |
BB&T | BB&T Corporation and subsidiaries | |
BCBS | Basel Committee on Banking Supervision | |
BHC | Bank holding company | |
BHCA | Bank Holding Company Act of 1956, as amended | |
Branch Bank | Branch Banking and Trust Company | |
BSA/AML | Bank Secrecy Act/Anti-Money Laundering | |
BU | Business Unit | |
CCAR | Comprehensive Capital Analysis and Review | |
CD | Certificate of deposit | |
CDI | Core deposit intangible assets | |
CEO | Chief Executive Officer | |
CET1 | Common equity Tier 1 | |
CFPB | Consumer Financial Protection Bureau | |
CMO | Collateralized mortgage obligation | |
Colonial | Collectively, certain assets and liabilities of Colonial Bank acquired by BB&T in 2009 | |
Company | BB&T Corporation and subsidiaries (interchangeable with "BB&T" above) | |
CRA | Community Reinvestment Act of 1977 | |
CRE | Commercial real estate | |
CRMC | Credit Risk Management Committee | |
CROC | Compliance Risk Oversight Committee | |
DIF | Deposit Insurance Fund administered by the FDIC | |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | |
DOL | United States Department of Labor | |
EPS | Earnings per common share | |
EVE | Economic value of equity | |
Exchange Act | Securities Exchange Act of 1934, as amended | |
FASB | Financial Accounting Standards Board | |
FATCA | Foreign Account Tax Compliance Act | |
FDIC | Federal Deposit Insurance Corporation | |
FHA | Federal Housing Administration | |
FHC | Financial Holding Company | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corporation | |
FINRA | Financial Industry Regulatory Authority | |
FNMA | Federal National Mortgage Association | |
FRB | Board of Governors of the Federal Reserve System | |
FTP | Funds transfer pricing | |
GAAP | Accounting principles generally accepted in the United States of America | |
GNMA | Government National Mortgage Association | |
Grandbridge | Grandbridge Real Estate Capital, LLC | |
GSE | U.S. government-sponsored enterprise | |
HFI | Held for investment | |
HMDA | Home Mortgage Disclosure Act |
Term | Definition | |
HTM | Held-to-maturity | |
IDI | Insured depository institution | |
IPV | Independent price verification | |
IRC | Internal Revenue Code | |
IRS | Internal Revenue Service | |
ISDA | International Swaps and Derivatives Association, Inc. | |
LCR | Liquidity Coverage Ratio | |
LHFS | Loans held for sale | |
LIBOR | London Interbank Offered Rate | |
MBS | Mortgage-backed securities | |
MRLCC | Market Risk, Liquidity and Capital Committee | |
MSR | Mortgage servicing right | |
MSRB | Municipal Securities Rulemaking Board | |
N/A | Not applicable | |
National Penn | National Penn Bancshares, Inc., acquired by BB&T effective April 1, 2016 | |
NIM | Net interest margin, computed on a TE basis | |
NM | Not meaningful | |
NPA | Nonperforming asset | |
NPL | Nonperforming loan | |
NSFR | Net stable funding ratio | |
NYSE | NYSE Euronext, Inc. | |
OAS | Option adjusted spread | |
OCI | Other comprehensive income (loss) | |
OREO | Other real estate owned | |
ORMC | Operational Risk Management Committee | |
OTTI | Other-than-temporary impairment | |
Parent Company | BB&T Corporation, the parent company of Branch Bank and other subsidiaries | |
Patriot Act | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 | |
PCI | Purchased credit impaired loans as well as assets of Colonial Bank acquired from the FDIC during 2009, which were formerly covered under loss sharing agreements | |
Re-REMICs | Re-securitizations of Real Estate Mortgage Investment Conduits | |
RMC | Risk Management Committee | |
RMO | Risk Management Organization | |
RSU | Restricted stock unit | |
RUFC | Reserve for unfunded lending commitments | |
SBIC | Small Business Investment Company | |
SEC | Securities and Exchange Commission | |
Short-Term Borrowings | Federal funds purchased, securities sold under repurchase agreements and other short-term borrowed funds with original maturities of less than one year | |
Simulation | Interest sensitivity simulation analysis | |
Susquehanna | Susquehanna Bancshares, Inc., acquired by BB&T effective August 1, 2015 | |
Swett & Crawford | CGSC North America Holdings Corporation, acquired by BB&T effective April 1, 2016 | |
TBA | To be announced | |
TDR | Troubled debt restructuring | |
TE | Taxable-equivalent | |
U.S. | United States of America | |
U.S. Treasury | United States Department of the Treasury | |
UPB | Unpaid principal balance | |
VaR | Value-at-risk | |
VIE | Variable interest entity |
Unaudited (Dollars in millions, except per share data, shares in thousands) | September 30, 2017 | December 31, 2016 | |||||
Assets | |||||||
Cash and due from banks | $ | 2,195 | $ | 1,897 | |||
Interest-bearing deposits with banks | 428 | 1,895 | |||||
Federal funds sold and other cash equivalents | 75 | 144 | |||||
Restricted cash | 429 | 488 | |||||
AFS securities at fair value | 23,184 | 26,926 | |||||
HTM securities (fair value of $23,392 and $16,546 at September 30, 2017 and December 31, 2016, respectively) | 23,447 | 16,680 | |||||
LHFS at fair value | 1,217 | 1,716 | |||||
Loans and leases | 142,794 | 143,322 | |||||
ALLL | (1,478 | ) | (1,489 | ) | |||
Loans and leases, net of ALLL | 141,316 | 141,833 | |||||
Premises and equipment | 2,043 | 2,107 | |||||
Goodwill | 9,618 | 9,638 | |||||
CDI and other intangible assets | 745 | 854 | |||||
MSRs at fair value | 1,044 | 1,052 | |||||
Other assets | 14,599 | 14,046 | |||||
Total assets | $ | 220,340 | $ | 219,276 | |||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Noninterest-bearing deposits | $ | 54,049 | $ | 50,697 | |||
Interest-bearing deposits | 102,086 | 109,537 | |||||
Total deposits | 156,135 | 160,234 | |||||
Short-term borrowings | 7,916 | 1,406 | |||||
Long-term debt | 20,863 | 21,965 | |||||
Accounts payable and other liabilities | 5,573 | 5,745 | |||||
Total liabilities | 190,487 | 189,350 | |||||
Commitments and contingencies (Note 13) | |||||||
Shareholders' equity: | |||||||
Preferred stock, $5 par, liquidation preference of $25,000 per share | 3,053 | 3,053 | |||||
Common stock, $5 par | 3,945 | 4,047 | |||||
Additional paid-in capital | 8,192 | 9,104 | |||||
Retained earnings | 15,656 | 14,809 | |||||
AOCI, net of deferred income taxes | (1,036 | ) | (1,132 | ) | |||
Noncontrolling interests | 43 | 45 | |||||
Total shareholders' equity | 29,853 | 29,926 | |||||
Total liabilities and shareholders' equity | $ | 220,340 | $ | 219,276 | |||
Common shares outstanding | 788,921 | 809,475 | |||||
Common shares authorized | 2,000,000 | 2,000,000 | |||||
Preferred shares outstanding | 126 | 126 | |||||
Preferred shares authorized | 5,000 | 5,000 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Unaudited | September 30, | September 30, | ||||||||||||||
(Dollars in millions, except per share data, shares in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans and leases | $ | 1,591 | $ | 1,524 | $ | 4,632 | $ | 4,475 | ||||||||
Interest and dividends on securities | 276 | 262 | 806 | 803 | ||||||||||||
Interest on other earning assets | 10 | 9 | 38 | 43 | ||||||||||||
Total interest income | 1,877 | 1,795 | 5,476 | 5,321 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 91 | 62 | 240 | 190 | ||||||||||||
Interest on short-term borrowings | 15 | 2 | 22 | 7 | ||||||||||||
Interest on long-term debt | 124 | 121 | 323 | 368 | ||||||||||||
Total interest expense | 230 | 185 | 585 | 565 | ||||||||||||
Net Interest Income | 1,647 | 1,610 | 4,891 | 4,756 | ||||||||||||
Provision for credit losses | 126 | 148 | 409 | 443 | ||||||||||||
Net Interest Income After Provision for Credit Losses | 1,521 | 1,462 | 4,482 | 4,313 | ||||||||||||
Noninterest Income | ||||||||||||||||
Insurance income | 397 | 410 | 1,336 | 1,294 | ||||||||||||
Service charges on deposits | 179 | 172 | 523 | 492 | ||||||||||||
Mortgage banking income | 114 | 154 | 311 | 356 | ||||||||||||
Investment banking and brokerage fees and commissions | 103 | 101 | 299 | 300 | ||||||||||||
Trust and investment advisory revenues | 68 | 68 | 206 | 197 | ||||||||||||
Bankcard fees and merchant discounts | 70 | 61 | 204 | 177 | ||||||||||||
Checkcard fees | 54 | 50 | 159 | 145 | ||||||||||||
Operating lease income | 36 | 34 | 109 | 103 | ||||||||||||
Income from bank-owned life insurance | 28 | 35 | 89 | 97 | ||||||||||||
FDIC loss share income, net | — | (18 | ) | — | (142 | ) | ||||||||||
Other income | 117 | 97 | 321 | 246 | ||||||||||||
Securities gains (losses), net | ||||||||||||||||
Gross realized gains | 17 | — | 17 | 45 | ||||||||||||
Gross realized losses | (17 | ) | — | (17 | ) | — | ||||||||||
OTTI charges | — | — | — | — | ||||||||||||
Non-credit portion recognized in OCI | — | — | — | — | ||||||||||||
Total securities gains (losses), net | — | — | — | 45 | ||||||||||||
Total noninterest income | 1,166 | 1,164 | 3,557 | 3,310 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Personnel expense | 1,024 | 1,006 | 3,077 | 2,960 | ||||||||||||
Occupancy and equipment expense | 198 | 203 | 589 | 588 | ||||||||||||
Software expense | 62 | 63 | 177 | 167 | ||||||||||||
Outside IT services | 34 | 51 | 122 | 136 | ||||||||||||
Amortization of intangibles | 34 | 38 | 108 | 112 | ||||||||||||
Regulatory charges | 40 | 41 | 115 | 103 | ||||||||||||
Professional services | 27 | 27 | 87 | 75 | ||||||||||||
Loan-related expense | 32 | 33 | 98 | 101 | ||||||||||||
Merger-related and restructuring charges, net | 47 | 43 | 93 | 158 | ||||||||||||
Loss (gain) on early extinguishment of debt | — | — | 392 | (1 | ) | |||||||||||
Other expense | 247 | 206 | 731 | 654 | ||||||||||||
Total noninterest expense | 1,745 | 1,711 | 5,589 | 5,053 | ||||||||||||
Earnings | ||||||||||||||||
Income before income taxes | 942 | 915 | 2,450 | 2,570 | ||||||||||||
Provision for income taxes | 294 | 273 | 702 | 771 | ||||||||||||
Net income | 648 | 642 | 1,748 | 1,799 | ||||||||||||
Noncontrolling interests | 8 | — | 12 | 9 | ||||||||||||
Dividends on preferred stock | 43 | 43 | 130 | 123 | ||||||||||||
Net income available to common shareholders | $ | 597 | $ | 599 | $ | 1,606 | $ | 1,667 | ||||||||
Basic EPS | $ | 0.75 | $ | 0.74 | $ | 2.00 | $ | 2.08 | ||||||||
Diluted EPS | $ | 0.74 | $ | 0.73 | $ | 1.97 | $ | 2.05 | ||||||||
Cash dividends declared per share | $ | 0.33 | $ | 0.30 | $ | 0.93 | $ | 0.85 | ||||||||
Basic weighted average shares outstanding | 794,558 | 812,521 | 804,424 | 802,694 | ||||||||||||
Diluted weighted average shares outstanding | 806,124 | 823,106 | 816,029 | 812,407 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Unaudited | September 30, | September 30, | ||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 648 | $ | 642 | $ | 1,748 | $ | 1,799 | ||||||||
OCI, net of tax: | ||||||||||||||||
Change in unrecognized net pension and postretirement costs | 8 | 2 | 29 | 24 | ||||||||||||
Change in unrealized net gains (losses) on cash flow hedges | 9 | 21 | (27 | ) | (143 | ) | ||||||||||
Change in unrealized net gains (losses) on AFS securities | 18 | (73 | ) | 90 | 224 | |||||||||||
Change in FDIC's share of unrealized gains/losses on AFS securities | — | 137 | — | 169 | ||||||||||||
Other, net | 2 | — | 4 | 4 | ||||||||||||
Total OCI | 37 | 87 | 96 | 278 | ||||||||||||
Total comprehensive income | $ | 685 | $ | 729 | $ | 1,844 | $ | 2,077 | ||||||||
Income Tax Effect of Items Included in OCI: | ||||||||||||||||
Change in unrecognized net pension and postretirement costs | $ | 3 | $ | — | $ | 17 | $ | 14 | ||||||||
Change in unrealized net gains (losses) on cash flow hedges | 5 | 14 | (16 | ) | (84 | ) | ||||||||||
Change in unrealized net gains (losses) on AFS securities | 9 | (43 | ) | 51 | 135 | |||||||||||
Change in FDIC's share of unrealized gains/losses on AFS securities | — | 80 | — | 98 | ||||||||||||
Other, net | — | 1 | — | 1 |
Unaudited (Dollars in millions, shares in thousands) | Shares of Common Stock | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | AOCI | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||
Balance, January 1, 2016 | 780,337 | $ | 2,603 | $ | 3,902 | $ | 8,365 | $ | 13,464 | $ | (1,028 | ) | $ | 34 | $ | 27,340 | ||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,790 | — | 9 | 1,799 | ||||||||||||||||||||||
Net change in AOCI | — | — | — | — | — | 278 | — | 278 | ||||||||||||||||||||||
Stock transactions: | ||||||||||||||||||||||||||||||
Issued in business combinations | 31,666 | — | 158 | 905 | — | — | — | 1,063 | ||||||||||||||||||||||
Issued in connection with equity awards, net | 3,715 | — | 18 | 6 | — | — | — | 24 | ||||||||||||||||||||||
Issued in connection with preferred stock offerings | — | 450 | 450 | |||||||||||||||||||||||||||
Repurchase of common stock | (4,294 | ) | — | (21 | ) | (139 | ) | — | — | — | (160 | ) | ||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (682 | ) | — | — | (682 | ) | ||||||||||||||||||||
Cash dividends declared on preferred stock | — | — | — | — | (123 | ) | — | — | (123 | ) | ||||||||||||||||||||
Equity-based compensation expense | — | — | — | 96 | — | — | — | 96 | ||||||||||||||||||||||
Other, net | — | — | — | — | 10 | — | (4 | ) | 6 | |||||||||||||||||||||
Balance, September 30, 2016 | 811,424 | $ | 3,053 | $ | 4,057 | $ | 9,233 | $ | 14,459 | $ | (750 | ) | $ | 39 | $ | 30,091 | ||||||||||||||
Balance, January 1, 2017 | 809,475 | $ | 3,053 | $ | 4,047 | $ | 9,104 | $ | 14,809 | $ | (1,132 | ) | $ | 45 | $ | 29,926 | ||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,736 | — | 12 | 1,748 | ||||||||||||||||||||||
Net change in AOCI | — | — | — | — | — | 96 | — | 96 | ||||||||||||||||||||||
Stock transactions: | ||||||||||||||||||||||||||||||
Issued in connection with equity awards, net | 7,201 | — | 37 | 67 | — | — | — | 104 | ||||||||||||||||||||||
Repurchase of common stock | (27,755 | ) | — | (139 | ) | (1,101 | ) | — | — | — | (1,240 | ) | ||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (747 | ) | — | — | (747 | ) | ||||||||||||||||||||
Cash dividends declared on preferred stock | — | — | — | — | (130 | ) | — | — | (130 | ) | ||||||||||||||||||||
Equity-based compensation expense | — | — | — | 109 | — | — | — | 109 | ||||||||||||||||||||||
Other, net | — | — | — | 13 | (12 | ) | — | (14 | ) | (13 | ) | |||||||||||||||||||
Balance, September 30, 2017 | 788,921 | $ | 3,053 | $ | 3,945 | $ | 8,192 | $ | 15,656 | $ | (1,036 | ) | $ | 43 | $ | 29,853 |
Unaudited | Nine Months Ended September 30, | |||||||
(Dollars in millions) | 2017 | 2016 | ||||||
Cash Flows From Operating Activities: | ||||||||
Net income | $ | 1,748 | $ | 1,799 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Provision for credit losses | 409 | 443 | ||||||
Depreciation | 305 | 298 | ||||||
Loss (gain) on early extinguishment of debt | 392 | (1 | ) | |||||
Amortization of intangibles | 108 | 112 | ||||||
Equity-based compensation expense | 109 | 96 | ||||||
(Gain) loss on securities, net | — | (45 | ) | |||||
Net change in operating assets and liabilities: | ||||||||
LHFS | 499 | (1,617 | ) | |||||
Trading securities | (341 | ) | 188 | |||||
Other assets, accounts payable and other liabilities | (342 | ) | (369 | ) | ||||
Cash paid to terminate FDIC loss share agreements | — | (230 | ) | |||||
Other, net | 72 | (37 | ) | |||||
Net cash from operating activities | 2,959 | 637 | ||||||
Cash Flows From Investing Activities: | ||||||||
Proceeds from sales of AFS securities | 4,896 | 4,538 | ||||||
Proceeds from maturities, calls and paydowns of AFS securities | 3,707 | 4,039 | ||||||
Purchases of AFS securities | (4,700 | ) | (9,867 | ) | ||||
Proceeds from maturities, calls and paydowns of HTM securities | 1,845 | 5,963 | ||||||
Purchases of HTM securities | (8,640 | ) | (5,122 | ) | ||||
Originations and purchases of loans and leases, net of principal collected | (121 | ) | (1,734 | ) | ||||
Net cash received (paid) for acquisitions and divestitures | — | (789 | ) | |||||
Other, net | (130 | ) | 265 | |||||
Net cash from investing activities | (3,143 | ) | (2,707 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Net change in deposits | (4,084 | ) | 4,183 | |||||
Net change in short-term borrowings | 6,510 | (923 | ) | |||||
Proceeds from issuance of long-term debt | 5,500 | 3,028 | ||||||
Repayment of long-term debt | (6,984 | ) | (4,573 | ) | ||||
Net cash from common stock transactions | (1,148 | ) | (144 | ) | ||||
Net proceeds from preferred stock issued | — | 450 | ||||||
Cash dividends paid on common stock | (747 | ) | (682 | ) | ||||
Cash dividends paid on preferred stock | (130 | ) | (123 | ) | ||||
Other, net | 29 | 115 | ||||||
Net cash from financing activities | (1,054 | ) | 1,331 | |||||
Net Change in Cash and Cash Equivalents | (1,238 | ) | (739 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 3,936 | 3,711 | ||||||
Cash and Cash Equivalents at End of Period | $ | 2,698 | $ | 2,972 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 540 | $ | 569 | ||||
Income taxes | 276 | 706 | ||||||
Noncash investing activities: | ||||||||
Transfers of loans to foreclosed assets | 203 | 189 | ||||||
Stock issued in business combinations | — | 1,063 |
September 30, 2017 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
(Dollars in millions) | Gains | Losses | ||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | 2,170 | $ | — | $ | 59 | $ | 2,111 | ||||||||
GSE | 188 | — | 6 | 182 | ||||||||||||
Agency MBS | 19,096 | 7 | 427 | 18,676 | ||||||||||||
States and political subdivisions | 1,586 | 46 | 33 | 1,599 | ||||||||||||
Non-agency MBS | 402 | 206 | — | 608 | ||||||||||||
Other | 8 | — | — | 8 | ||||||||||||
Total AFS securities | $ | 23,450 | $ | 259 | $ | 525 | $ | 23,184 | ||||||||
HTM securities: | ||||||||||||||||
U.S. Treasury | $ | 1,098 | $ | 18 | $ | — | $ | 1,116 | ||||||||
GSE | 2,197 | 16 | 13 | 2,200 | ||||||||||||
Agency MBS | 20,073 | 62 | 140 | 19,995 | ||||||||||||
States and political subdivisions | 34 | — | — | 34 | ||||||||||||
Other | 45 | 2 | — | 47 | ||||||||||||
Total HTM securities | $ | 23,447 | $ | 98 | $ | 153 | $ | 23,392 |
December 31, 2016 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
(Dollars in millions) | Gains | Losses | ||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | 2,669 | $ | 2 | $ | 84 | $ | 2,587 | ||||||||
GSE | 190 | — | 10 | 180 | ||||||||||||
Agency MBS | 21,819 | 13 | 568 | 21,264 | ||||||||||||
States and political subdivisions | 2,198 | 56 | 49 | 2,205 | ||||||||||||
Non-agency MBS | 446 | 233 | — | 679 | ||||||||||||
Other | 11 | — | — | 11 | ||||||||||||
Total AFS securities | $ | 27,333 | $ | 304 | $ | 711 | $ | 26,926 | ||||||||
HTM securities: | ||||||||||||||||
U.S. Treasury | $ | 1,098 | $ | 20 | $ | — | $ | 1,118 | ||||||||
GSE | 2,197 | 14 | 30 | 2,181 | ||||||||||||
Agency MBS | 13,225 | 40 | 180 | 13,085 | ||||||||||||
States and political subdivisions | 110 | — | — | 110 | ||||||||||||
Other | 50 | 2 | — | 52 | ||||||||||||
Total HTM securities | $ | 16,680 | $ | 76 | $ | 210 | $ | 16,546 |
September 30, 2017 | ||||||||||||||||
AFS | HTM | |||||||||||||||
(Dollars in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 254 | $ | 254 | $ | — | $ | — | ||||||||
Due after one year through five years | 535 | 539 | 1,962 | 1,987 | ||||||||||||
Due after five years through ten years | 2,367 | 2,305 | 1,389 | 1,385 | ||||||||||||
Due after ten years | 20,294 | 20,086 | 20,096 | 20,020 | ||||||||||||
Total debt securities | $ | 23,450 | $ | 23,184 | $ | 23,447 | $ | 23,392 |
September 30, 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 | $ | 459 | $ | 2 | $ | 1,553 | $ | 57 | $ | 2,012 | $ | 59 | ||||||||||||
GSE | 12 | — | 170 | 6 | 182 | 6 | ||||||||||||||||||
Agency MBS | 8,533 | 118 | 9,481 | 309 | 18,014 | 427 | ||||||||||||||||||
States and political subdivisions | 87 | — | 408 | 33 | 495 | 33 | ||||||||||||||||||
Total | $ | 9,091 | $ | 120 | $ | 11,612 | $ | 405 | $ | 20,703 | $ | 525 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE | $ | 1,185 | $ | 9 | $ | 146 | $ | 4 | $ | 1,331 | $ | 13 | ||||||||||||
Agency MBS | 9,178 | 76 | 1,736 | 64 | 10,914 | 140 | ||||||||||||||||||
Total | $ | 10,363 | $ | 85 | $ | 1,882 | $ | 68 | $ | 12,245 | $ | 153 |
December 31, 2016 | ||||||||||||||||||||||||
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 | $ | 2,014 | $ | 84 | $ | — | $ | — | $ | 2,014 | $ | 84 | ||||||||||||
GSE | 180 | 10 | — | — | 180 | 10 | ||||||||||||||||||
Agency MBS | 14,842 | 342 | 5,138 | 226 | 19,980 | 568 | ||||||||||||||||||
States and political subdivisions | 365 | 7 | 314 | 42 | 679 | 49 | ||||||||||||||||||
Total | $ | 17,401 | $ | 443 | $ | 5,452 | $ | 268 | $ | 22,853 | $ | 711 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
GSE | $ | 1,762 | $ | 30 | $ | — | $ | — | $ | 1,762 | $ | 30 | ||||||||||||
Agency MBS | 7,717 | 178 | 305 | 2 | 8,022 | 180 | ||||||||||||||||||
Total | $ | 9,479 | $ | 208 | $ | 305 | $ | 2 | $ | 9,784 | $ | 210 |
September 30, 2017 | ||||||||||||||||||||
Accruing | ||||||||||||||||||||
(Dollars in millions) | Current | 30-89 Days Past Due | 90 Days Or More Past Due | Nonaccrual | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 51,666 | $ | 30 | $ | — | $ | 281 | $ | 51,977 | ||||||||||
CRE-income producing properties | 14,862 | 7 | — | 31 | 14,900 | |||||||||||||||
CRE-construction and development | 4,490 | 1 | — | 10 | 4,501 | |||||||||||||||
Dealer floor plan | 1,607 | — | — | — | 1,607 | |||||||||||||||
Other lending subsidiaries | 8,281 | 17 | — | 9 | 8,307 | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 11,813 | 55 | 9 | 64 | 11,941 | |||||||||||||||
Revolving credit | 2,664 | 22 | 11 | — | 2,697 | |||||||||||||||
Residential mortgage-nonguaranteed | 27,261 | 320 | 43 | 136 | 27,760 | |||||||||||||||
Residential mortgage-government guaranteed | 391 | 135 | 366 | 5 | 897 | |||||||||||||||
Sales finance | 9,380 | 66 | 6 | 5 | 9,457 | |||||||||||||||
Other lending subsidiaries | 7,681 | 293 | — | 65 | 8,039 | |||||||||||||||
PCI | 600 | 41 | 70 | — | 711 | |||||||||||||||
Total | $ | 140,696 | $ | 987 | $ | 505 | $ | 606 | $ | 142,794 |
December 31, 2016 | ||||||||||||||||||||
Accruing | ||||||||||||||||||||
(Dollars in millions) | Current | 30-89 Days Past Due | 90 Days Or More Past Due | Nonaccrual | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 51,329 | $ | 27 | $ | — | $ | 363 | $ | 51,719 | ||||||||||
CRE-income producing properties | 14,492 | 6 | — | 40 | 14,538 | |||||||||||||||
CRE-construction and development | 3,800 | 2 | — | 17 | 3,819 | |||||||||||||||
Dealer floor plan | 1,413 | — | — | — | 1,413 | |||||||||||||||
Other lending subsidiaries | 7,660 | 21 | — | 10 | 7,691 | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 11,963 | 60 | 6 | 63 | 12,092 | |||||||||||||||
Revolving credit | 2,620 | 23 | 12 | — | 2,655 | |||||||||||||||
Residential mortgage-nonguaranteed | 28,378 | 393 | 79 | 172 | 29,022 | |||||||||||||||
Residential mortgage-government guaranteed | 324 | 132 | 443 | — | 899 | |||||||||||||||
Sales finance | 11,179 | 76 | 6 | 6 | 11,267 | |||||||||||||||
Other lending subsidiaries | 6,931 | 301 | — | 65 | 7,297 | |||||||||||||||
PCI | 784 | 36 | 90 | — | 910 | |||||||||||||||
Total | $ | 140,873 | $ | 1,077 | $ | 636 | $ | 736 | $ | 143,322 |
September 30, 2017 | ||||||||||||||||||||
(Dollars in millions) | Commercial & Industrial | CRE - Income Producing Properties | CRE - Construction & Development | Dealer Floor Plan | Other Lending Subsidiaries | |||||||||||||||
Commercial: | ||||||||||||||||||||
Pass | $ | 50,352 | $ | 14,561 | $ | 4,408 | $ | 1,598 | $ | 8,212 | ||||||||||
Special mention | 395 | 63 | 44 | — | 17 | |||||||||||||||
Substandard-performing | 949 | 245 | 39 | 9 | 69 | |||||||||||||||
Nonperforming | 281 | 31 | 10 | — | 9 | |||||||||||||||
Total | $ | 51,977 | $ | 14,900 | $ | 4,501 | $ | 1,607 | $ | 8,307 |
Direct Retail Lending | Revolving Credit | Residential Mortgage | Sales Finance | Other Lending Subsidiaries | ||||||||||||||||
Retail: | ||||||||||||||||||||
Performing | $ | 11,877 | $ | 2,697 | $ | 28,516 | $ | 9,452 | $ | 7,974 | ||||||||||
Nonperforming | 64 | — | 141 | 5 | 65 | |||||||||||||||
Total | $ | 11,941 | $ | 2,697 | $ | 28,657 | $ | 9,457 | $ | 8,039 |
December 31, 2016 | ||||||||||||||||||||
(Dollars in millions) | Commercial & Industrial | CRE - Income Producing Properties | CRE - Construction & Development | Dealer Floor Plan | Other Lending Subsidiaries | |||||||||||||||
Commercial: | ||||||||||||||||||||
Pass | $ | 49,921 | $ | 14,061 | $ | 3,718 | $ | 1,404 | $ | 7,604 | ||||||||||
Special mention | 314 | 124 | 38 | — | 33 | |||||||||||||||
Substandard-performing | 1,121 | 313 | 46 | 9 | 44 | |||||||||||||||
Nonperforming | 363 | 40 | 17 | — | 10 | |||||||||||||||
Total | $ | 51,719 | $ | 14,538 | $ | 3,819 | $ | 1,413 | $ | 7,691 |
Direct Retail Lending | Revolving Credit | Residential Mortgage | Sales Finance | Other Lending Subsidiaries | ||||||||||||||||
Retail: | ||||||||||||||||||||
Performing | $ | 12,029 | $ | 2,655 | $ | 29,749 | $ | 11,261 | $ | 7,232 | ||||||||||
Nonperforming | 63 | — | 172 | 6 | 65 | |||||||||||||||
Total | $ | 12,092 | $ | 2,655 | $ | 29,921 | $ | 11,267 | $ | 7,297 |
Three Months Ended September 30, 2017 | ||||||||||||||||||||
(Dollars in millions) | Beginning Balance | Charge-Offs | Recoveries | Provision (Benefit) | Ending Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 479 | $ | (10 | ) | $ | 7 | $ | 3 | $ | 479 | |||||||||
CRE-income producing properties | 140 | (2 | ) | 1 | — | 139 | ||||||||||||||
CRE-construction and development | 23 | (2 | ) | 2 | (1 | ) | 22 | |||||||||||||
Dealer floor plan | 12 | — | — | 1 | 13 | |||||||||||||||
Other lending subsidiaries | 36 | (5 | ) | 2 | 6 | 39 | ||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 100 | (16 | ) | 6 | 11 | 101 | ||||||||||||||
Revolving credit | 101 | (17 | ) | 4 | 13 | 101 | ||||||||||||||
Residential mortgage-nonguaranteed | 173 | (6 | ) | — | 5 | 172 | ||||||||||||||
Residential mortgage-government guaranteed | 38 | (1 | ) | — | (2 | ) | 35 | |||||||||||||
Sales finance | 39 | (8 | ) | 3 | 3 | 37 | ||||||||||||||
Other lending subsidiaries | 314 | (95 | ) | 11 | 83 | 313 | ||||||||||||||
PCI | 30 | (1 | ) | — | (2 | ) | 27 | |||||||||||||
ALLL | 1,485 | (163 | ) | 36 | 120 | 1,478 | ||||||||||||||
RUFC | 117 | — | — | 6 | 123 | |||||||||||||||
ACL | $ | 1,602 | $ | (163 | ) | $ | 36 | $ | 126 | $ | 1,601 |
Three Months Ended September 30, 2016 | ||||||||||||||||||||
(Dollars in millions) | Beginning Balance | Charge-Offs | Recoveries | Provision (Benefit) | Ending Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 519 | $ | (23 | ) | $ | 6 | $ | 21 | $ | 523 | |||||||||
CRE-income producing properties | 116 | (5 | ) | 3 | (2 | ) | 112 | |||||||||||||
CRE-construction and development | 28 | (1 | ) | 3 | (3 | ) | 27 | |||||||||||||
Dealer floor plan | 10 | — | — | — | 10 | |||||||||||||||
Other lending subsidiaries | 27 | (5 | ) | 1 | 5 | 28 | ||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 105 | (12 | ) | 7 | 3 | 103 | ||||||||||||||
Revolving credit | 98 | (18 | ) | 5 | 14 | 99 | ||||||||||||||
Residential mortgage-nonguaranteed | 194 | (11 | ) | 1 | — | 184 | ||||||||||||||
Residential mortgage-government guaranteed | 30 | (2 | ) | — | 9 | 37 | ||||||||||||||
Sales finance | 36 | (7 | ) | 3 | 4 | 36 | ||||||||||||||
Other lending subsidiaries | 279 | (86 | ) | 11 | 85 | 289 | ||||||||||||||
PCI | 65 | — | — | (2 | ) | 63 | ||||||||||||||
ALLL | 1,507 | (170 | ) | 40 | 134 | 1,511 | ||||||||||||||
RUFC | 96 | — | — | 14 | 110 | |||||||||||||||
ACL | $ | 1,603 | $ | (170 | ) | $ | 40 | $ | 148 | $ | 1,621 |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
(Dollars in millions) | Beginning Balance | Charge-Offs | Recoveries | Provision (Benefit) | Ending Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 500 | $ | (60 | ) | $ | 21 | $ | 18 | $ | 479 | |||||||||
CRE-income producing properties | 117 | (6 | ) | 5 | 23 | 139 | ||||||||||||||
CRE-construction and development | 25 | (2 | ) | 7 | (8 | ) | 22 | |||||||||||||
Dealer floor plan | 11 | (1 | ) | — | 3 | 13 | ||||||||||||||
Other lending subsidiaries | 29 | (15 | ) | 4 | 21 | 39 | ||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 103 | (46 | ) | 19 | 25 | 101 | ||||||||||||||
Revolving credit | 106 | (57 | ) | 14 | 38 | 101 | ||||||||||||||
Residential mortgage-nonguaranteed | 186 | (36 | ) | 1 | 21 | 172 | ||||||||||||||
Residential mortgage-government guaranteed | 41 | (3 | ) | — | (3 | ) | 35 | |||||||||||||
Sales finance | 38 | (23 | ) | 10 | 12 | 37 | ||||||||||||||
Other lending subsidiaries | 289 | (275 | ) | 37 | 262 | 313 | ||||||||||||||
PCI | 44 | (1 | ) | — | (16 | ) | 27 | |||||||||||||
ALLL | 1,489 | (525 | ) | 118 | 396 | 1,478 | ||||||||||||||
RUFC | 110 | — | — | 13 | 123 | |||||||||||||||
ACL | $ | 1,599 | $ | (525 | ) | $ | 118 | $ | 409 | $ | 1,601 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||
(Dollars in millions) | Beginning Balance | Charge-Offs | Recoveries | Provision (Benefit) | Acquisition | Ending Balance | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 466 | $ | (105 | ) | $ | 30 | $ | 132 | $ | — | $ | 523 | |||||||||||
CRE-income producing properties | 135 | (7 | ) | 7 | (23 | ) | — | 112 | ||||||||||||||||
CRE-construction and development | 37 | (1 | ) | 9 | (18 | ) | — | 27 | ||||||||||||||||
Dealer floor plan | 8 | — | — | 2 | — | 10 | ||||||||||||||||||
Other lending subsidiaries | 22 | (17 | ) | 5 | 18 | — | 28 | |||||||||||||||||
Retail: | ||||||||||||||||||||||||
Direct retail lending | 105 | (37 | ) | 20 | 15 | — | 103 | |||||||||||||||||
Revolving credit | 104 | (53 | ) | 15 | 33 | — | 99 | |||||||||||||||||
Residential mortgage-nonguaranteed | 194 | (26 | ) | 3 | 13 | — | 184 | |||||||||||||||||
Residential mortgage-government guaranteed | 23 | (4 | ) | — | 18 | — | 37 | |||||||||||||||||
Sales finance | 40 | (21 | ) | 9 | 8 | — | 36 | |||||||||||||||||
Other lending subsidiaries | 265 | (239 | ) | 31 | 232 | — | 289 | |||||||||||||||||
PCI | 61 | — | — | 2 | — | 63 | ||||||||||||||||||
ALLL | 1,460 | (510 | ) | 129 | 432 | — | 1,511 | |||||||||||||||||
RUFC | 90 | — | — | 11 | 9 | 110 | ||||||||||||||||||
ACL | $ | 1,550 | $ | (510 | ) | $ | 129 | $ | 443 | $ | 9 | $ | 1,621 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in millions) | Recorded Investment | Related ALLL | Recorded Investment | Related ALLL | ||||||||||||
Commercial: | ||||||||||||||||
Commercial and industrial | $ | 51,594 | $ | 451 | $ | 51,253 | $ | 463 | ||||||||
CRE-income producing properties | 14,831 | 134 | 14,455 | 112 | ||||||||||||
CRE-construction and development | 4,479 | 20 | 3,787 | 21 | ||||||||||||
Dealer floor plan | 1,607 | 13 | 1,413 | 11 | ||||||||||||
Other lending subsidiaries | 8,295 | 38 | 7,678 | 28 | ||||||||||||
Retail: | ||||||||||||||||
Direct retail lending | 11,864 | 93 | 12,011 | 93 | ||||||||||||
Revolving credit | 2,668 | 89 | 2,626 | 95 | ||||||||||||
Residential mortgage-nonguaranteed | 27,316 | 137 | 28,488 | 136 | ||||||||||||
Residential mortgage-government guaranteed | 515 | 7 | 466 | 8 | ||||||||||||
Sales finance | 9,443 | 36 | 11,251 | 37 | ||||||||||||
Other lending subsidiaries | 7,767 | 264 | 7,057 | 249 | ||||||||||||
PCI | 711 | 27 | 910 | 44 | ||||||||||||
Total | $ | 141,090 | $ | 1,309 | $ | 141,395 | $ | 1,297 |
Nine Months Ended September 30, 2017 | Recorded Investment | UPB | Related ALLL | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 180 | $ | 207 | $ | — | $ | 193 | $ | — | ||||||||||
CRE-income producing properties | 17 | 20 | — | 26 | — | |||||||||||||||
CRE-construction and development | 7 | 8 | — | 11 | — | |||||||||||||||
Dealer floor plan | — | — | — | 3 | — | |||||||||||||||
Other lending subsidiaries | 3 | 5 | — | 3 | — | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 21 | 45 | — | 16 | 1 | |||||||||||||||
Residential mortgage-nonguaranteed | 119 | 162 | — | 104 | 3 | |||||||||||||||
Residential mortgage-government guaranteed | 4 | 4 | — | 3 | — | |||||||||||||||
Sales finance | 1 | 2 | — | 1 | — | |||||||||||||||
Other lending subsidiaries | 4 | 10 | — | 4 | — | |||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | 203 | 204 | 28 | 236 | 4 | |||||||||||||||
CRE-income producing properties | 52 | 53 | 5 | 56 | 1 | |||||||||||||||
CRE-construction and development | 15 | 15 | 2 | 19 | — | |||||||||||||||
Dealer floor plan | — | — | — | — | — | |||||||||||||||
Other lending subsidiaries | 9 | 9 | 1 | 7 | — | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 56 | 57 | 8 | 63 | 3 | |||||||||||||||
Revolving credit | 29 | 29 | 12 | 29 | 1 | |||||||||||||||
Residential mortgage-nonguaranteed | 325 | 332 | 35 | 407 | 13 | |||||||||||||||
Residential mortgage-government guaranteed | 378 | 379 | 28 | 405 | 12 | |||||||||||||||
Sales finance | 13 | 13 | 1 | 14 | — | |||||||||||||||
Other lending subsidiaries | 268 | 269 | 49 | 243 | 29 | |||||||||||||||
Total | $ | 1,704 | $ | 1,823 | $ | 169 | $ | 1,843 | $ | 67 |
As of / For The Year Ended December 31, 2016 | Recorded Investment | UPB | Related ALLL | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
With no related ALLL recorded: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 201 | $ | 225 | $ | — | $ | 217 | $ | 1 | ||||||||||
CRE-income producing properties | 25 | 27 | — | 16 | — | |||||||||||||||
CRE-construction and development | 10 | 11 | — | 8 | — | |||||||||||||||
Dealer floor plan | — | — | — | — | — | |||||||||||||||
Other lending subsidiaries | 4 | 6 | — | 6 | — | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 13 | 38 | — | 12 | 1 | |||||||||||||||
Residential mortgage-nonguaranteed | 94 | 141 | — | 97 | 4 | |||||||||||||||
Residential mortgage-government guaranteed | 3 | 3 | — | 3 | — | |||||||||||||||
Sales finance | 1 | 2 | — | 1 | — | |||||||||||||||
Other lending subsidiaries | 4 | 9 | — | 4 | — | |||||||||||||||
With an ALLL recorded: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | 265 | 269 | 37 | 259 | 5 | |||||||||||||||
CRE-income producing properties | 58 | 61 | 5 | 68 | 2 | |||||||||||||||
CRE-construction and development | 22 | 22 | 4 | 22 | 1 | |||||||||||||||
Dealer floor plan | — | — | — | — | — | |||||||||||||||
Other lending subsidiaries | 9 | 9 | 1 | 5 | — | |||||||||||||||
Retail: | ||||||||||||||||||||
Direct retail lending | 68 | 69 | 10 | 71 | 4 | |||||||||||||||
Revolving credit | 29 | 29 | 11 | 31 | 1 | |||||||||||||||
Residential mortgage-nonguaranteed | 440 | 451 | 50 | 383 | 16 | |||||||||||||||
Residential mortgage-government guaranteed | 430 | 431 | 33 | 360 | 14 | |||||||||||||||
Sales finance | 15 | 15 | 1 | 16 | 1 | |||||||||||||||
Other lending subsidiaries | 236 | 239 | 40 | 206 | 32 | |||||||||||||||
Total | $ | 1,927 | $ | 2,057 | $ | 192 | $ | 1,785 | $ | 82 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Performing TDRs: | ||||||||
Commercial: | ||||||||
Commercial and industrial | $ | 60 | $ | 55 | ||||
CRE-income producing properties | 13 | 16 | ||||||
CRE-construction and development | 9 | 9 | ||||||
Retail: | ||||||||
Direct retail lending | 63 | 67 | ||||||
Revolving credit | 29 | 29 | ||||||
Residential mortgage-nonguaranteed | 229 | 336 | ||||||
Residential mortgage-government guaranteed | 380 | 433 | ||||||
Sales finance | 13 | 16 | ||||||
Other lending subsidiaries | 256 | 226 | ||||||
Total performing TDRs | 1,052 | 1,187 | ||||||
Nonperforming TDRs (also included in NPL disclosures) | 203 | 184 | ||||||
Total TDRs | $ | 1,255 | $ | 1,371 | ||||
ALLL attributable to TDRs | $ | 140 | $ | 146 |
Three Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Types of Modifications | Impact To ALLL | Types of Modifications | Impact To ALLL | |||||||||||||||||||||
(Dollars in millions) | Rate | Structure | Rate | Structure | ||||||||||||||||||||
Newly Designated TDRs: | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 17 | $ | 36 | $ | 1 | $ | 8 | $ | 23 | $ | 1 | ||||||||||||
CRE-income producing properties | — | 4 | — | — | 1 | — | ||||||||||||||||||
CRE-construction and development | — | 1 | — | — | 3 | — | ||||||||||||||||||
Retail: | ||||||||||||||||||||||||
Direct retail lending | 2 | 1 | — | 5 | — | — | ||||||||||||||||||
Revolving credit | 5 | — | 1 | 4 | — | 1 | ||||||||||||||||||
Residential mortgage-nonguaranteed | 25 | 17 | 2 | 30 | 22 | 2 | ||||||||||||||||||
Residential mortgage-government guaranteed | 54 | — | 3 | 118 | — | 7 | ||||||||||||||||||
Sales finance | — | 1 | — | — | 2 | — | ||||||||||||||||||
Other lending subsidiaries | 62 | — | 8 | 44 | — | 6 | ||||||||||||||||||
Re-modification of Previously Designated TDRs | 63 | 4 | — | 19 | 16 | — |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Types of Modifications | Impact To ALLL | Types of Modifications | Impact To ALLL | |||||||||||||||||||||
(Dollars in millions) | Rate | Structure | Rate | Structure | ||||||||||||||||||||
Newly Designated TDRs: | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 72 | $ | 92 | $ | 3 | $ | 99 | $ | 39 | $ | 3 | ||||||||||||
CRE-income producing properties | 6 | 8 | — | 4 | 8 | — | ||||||||||||||||||
CRE-construction and development | 8 | 2 | 1 | 1 | 4 | — | ||||||||||||||||||
Retail: | ||||||||||||||||||||||||
Direct retail lending | 7 | 3 | — | 10 | 1 | — | ||||||||||||||||||
Revolving credit | 14 | — | 3 | 13 | — | 3 | ||||||||||||||||||
Residential mortgage-nonguaranteed | 119 | 29 | 12 | 65 | 36 | 5 | ||||||||||||||||||
Residential mortgage-government guaranteed | 170 | — | 9 | 217 | — | 12 | ||||||||||||||||||
Sales finance | — | 5 | — | — | 5 | — | ||||||||||||||||||
Other lending subsidiaries | 140 | — | 16 | 118 | — | 16 | ||||||||||||||||||
Re-Modification of Previously Designated TDRs | 148 | 26 | — | 48 | 26 | — |
Nine Months Ended September 30, 2017 | Year Ended December 31, 2016 | |||||||||||||||
(Dollars in millions) | Purchased Impaired | Purchased Nonimpaired | Purchased Impaired | Purchased Nonimpaired | ||||||||||||
Accretable yield at beginning of period | $ | 253 | $ | 155 | $ | 189 | $ | 176 | ||||||||
Additions | — | — | 36 | — | ||||||||||||
Accretion | (67 | ) | (44 | ) | (134 | ) | (73 | ) | ||||||||
Other, net | 25 | 30 | 162 | 52 | ||||||||||||
Accretable yield at end of period | $ | 211 | $ | 141 | $ | 253 | $ | 155 | ||||||||
Carrying value at end of period | $ | 464 | $ | 247 | $ | 614 | $ | 296 | ||||||||
Outstanding UPB at end of period | 719 | 343 | 910 | 423 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Unearned income, discounts and net deferred loan fees and costs, excluding PCI | $ | 143 | $ | 265 | ||||
Residential mortgage loans in process of foreclosure | 305 | 366 |
(Dollars in millions) | Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | Insurance Holdings | Financial Services | Total | |||||||||||||||||||||
Goodwill, January 1, 2017 | $ | 7,032 | $ | 416 | $ | 111 | $ | 113 | $ | 1,752 | $ | 214 | $ | 9,638 | ||||||||||||||
Adjustments | (12 | ) | 6 | — | (9 | ) | (5 | ) | — | (20 | ) | |||||||||||||||||
Goodwill, September 30, 2017 | $ | 7,020 | $ | 422 | $ | 111 | $ | 104 | $ | 1,747 | $ | 214 | $ | 9,618 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
(Dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
CDI | $ | 825 | $ | (614 | ) | $ | 211 | $ | 825 | $ | (565 | ) | $ | 260 | ||||||||||
Other, primarily customer relationship intangibles | 1,246 | (712 | ) | 534 | 1,249 | (655 | ) | 594 | ||||||||||||||||
Total | $ | 2,071 | $ | (1,326 | ) | $ | 745 | $ | 2,074 | $ | (1,220 | ) | $ | 854 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
UPB of residential mortgage and home equity loan servicing portfolio | $ | 118,736 | $ | 121,639 | ||||
UPB of residential mortgage loans serviced for others (primarily agency conforming fixed rate) | 89,391 | 90,325 | ||||||
Mortgage loans sold with recourse | 514 | 578 | ||||||
Maximum recourse exposure from mortgage loans sold with recourse liability | 261 | 282 | ||||||
Indemnification, recourse and repurchase reserves | 39 | 40 |
As of / For The Nine Months Ended September 30, | ||||||||
(Dollars in millions) | 2017 | 2016 | ||||||
UPB of residential mortgage loans sold from LHFS | $ | 9,478 | $ | 11,098 | ||||
Pre-tax gains recognized on mortgage loans sold and held for sale | 114 | 105 | ||||||
Servicing fees recognized from mortgage loans serviced for others | 197 | 201 | ||||||
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 | 4.00 | 4.06 |
Nine Months Ended September 30, | ||||||||
(Dollars in millions) | 2017 | 2016 | ||||||
Residential MSRs, carrying value, beginning of period | $ | 915 | $ | 880 | ||||
Additions | 93 | 99 | ||||||
Change in fair value due to changes in valuation inputs or assumptions: | ||||||||
Prepayment speeds | (56 | ) | (180 | ) | ||||
OAS | 47 | 9 | ||||||
Servicing costs | 9 | 2 | ||||||
Realization of expected net servicing cash flows, passage of time and other | (104 | ) | (103 | ) | ||||
Residential MSRs, carrying value, end of period | $ | 904 | $ | 707 | ||||
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ | 12 | $ | 224 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | |||||||||||||||||
(Dollars in millions) | Min | Max | Min | Max | ||||||||||||||||
Prepayment speed | 7.6 | % | 10.2 | % | 9.3 | % | 7.5 | % | 8.4 | % | 8.1 | % | ||||||||
Effect on fair value of a 10% increase | $ | (32 | ) | $ | (28 | ) | ||||||||||||||
Effect on fair value of a 20% increase | (62 | ) | (54 | ) | ||||||||||||||||
OAS | 8.4 | % | 8.9 | % | 8.5 | % | 9.8 | % | 10.2 | % | 10.0 | % | ||||||||
Effect on fair value of a 10% increase | $ | (28 | ) | $ | (33 | ) | ||||||||||||||
Effect on fair value of a 20% increase | (54 | ) | (64 | ) | ||||||||||||||||
Composition of loans serviced for others: | ||||||||||||||||||||
Fixed-rate residential mortgage loans | 99.1 | % | 99.1 | % | ||||||||||||||||
Adjustable-rate residential mortgage loans | 0.9 | 0.9 | ||||||||||||||||||
Total | 100.0 | % | 100.0 | % | ||||||||||||||||
Weighted average life | 6.4 years | 7.0 years |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | |||||
UPB of CRE mortgages serviced for others | $ | 28,122 | $ | 29,333 | |||
CRE mortgages serviced for others covered by recourse provisions | 4,307 | 4,240 | |||||
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,244 | 1,272 | |||||
Recorded reserves related to recourse exposure | 6 | 7 | |||||
CRE mortgages originated during the year-to-date period | 4,969 | 7,145 | |||||
Commercial MSRs at fair value | 140 | 137 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Noninterest-bearing deposits | $ | 54,049 | $ | 50,697 | ||||
Interest checking | 26,575 | 30,263 | ||||||
Money market and savings | 60,904 | 64,883 | ||||||
Time deposits | 14,607 | 14,391 | ||||||
Total deposits | $ | 156,135 | $ | 160,234 | ||||
Time deposits $100,000 and greater | $ | 6,542 | $ | 5,394 | ||||
Time deposits $250,000 and greater | 3,831 | 2,179 |
Sep 30, 2017 | Dec 31, 2016 | ||||||||||||||||||||
Stated Rate | Effective Rate | Carrying | Carrying | ||||||||||||||||||
(Dollars in millions) | Maturity | Min | Max | Amount | Amount | ||||||||||||||||
BB&T Corporation | |||||||||||||||||||||
Fixed rate senior notes | 2018 | to | 2024 | 1.45 | % | 6.85 | % | 2.63 | % | $ | 7,079 | $ | 7,600 | ||||||||
Floating rate senior notes | 2018 | 2022 | 1.89 | 2.18 | 2.03 | 2,247 | 1,898 | ||||||||||||||
Fixed rate subordinated notes | 2019 | 2022 | 3.95 | 5.25 | 1.71 | 946 | 1,338 | ||||||||||||||
Branch Bank | |||||||||||||||||||||
Fixed rate senior notes | 2018 | 2022 | 1.45 | 2.85 | 2.36 | 4,930 | 4,209 | ||||||||||||||
Floating rate senior notes | 2019 | 2020 | 1.75 | 1.84 | 1.84 | 849 | 250 | ||||||||||||||
Fixed rate subordinated notes | 2025 | 2026 | 3.63 | 3.80 | 3.43 | 2,142 | 2,138 | ||||||||||||||
Floating rate subordinated notes | — | — | — | — | 262 | ||||||||||||||||
FHLB advances (1) | 2017 | 2034 | — | 6.38 | 1.30 | 2,495 | 4,118 | ||||||||||||||
Other long-term debt | 175 | 152 | |||||||||||||||||||
Total long-term debt | $ | 20,863 | $ | 21,965 |
(1) | FHLB advances had a weighted average maturity of 4.1 years at September 30, 2017. |
(Shares in thousands) | Restricted Shares/Units | Wtd. Avg. Grant Date Fair Value | |||||
Nonvested at January 1, 2017 | 13,516 | $ | 29.39 | ||||
Granted | 3,909 | 42.88 | |||||
Vested | (3,832 | ) | 27.18 | ||||
Forfeited | (285 | ) | 33.01 | ||||
Nonvested at September 30, 2017 | 13,308 | 33.92 | |||||
Expected to vest at September 30, 2017 | 12,297 | 33.92 |
Three Months Ended September 30, 2017 | ||||||||||||||||||||
(Dollars in millions) | 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, July 1, 2017 | $ | (743 | ) | $ | (128 | ) | $ | (187 | ) | $ | (15 | ) | $ | (1,073 | ) | |||||
OCI before reclassifications, net of tax | 1 | 1 | 19 | 2 | 23 | |||||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||||||
Before tax (1) | 11 | 13 | (2 | ) | — | 22 | ||||||||||||||
Tax effect | 4 | 5 | (1 | ) | — | 8 | ||||||||||||||
Amounts reclassified, net of tax | 7 | 8 | (1 | ) | — | 14 | ||||||||||||||
Net change in AOCI | 8 | 9 | 18 | 2 | 37 | |||||||||||||||
AOCI balance, September 30, 2017 | $ | (735 | ) | $ | (119 | ) | $ | (169 | ) | $ | (13 | ) | $ | (1,036 | ) |
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||
(Dollars in millions) | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | ||||||||||||||||||
AOCI balance, July 1, 2016 | $ | (701 | ) | $ | (247 | ) | $ | 263 | $ | (137 | ) | $ | (15 | ) | $ | (837 | ) | |||||||
OCI before reclassifications, net of tax | (9 | ) | 23 | (72 | ) | 137 | — | 79 | ||||||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||||||||||
Before tax (1) | 18 | (3 | ) | (2 | ) | — | 1 | 14 | ||||||||||||||||
Tax effect | 7 | (1 | ) | (1 | ) | — | 1 | 6 | ||||||||||||||||
Amounts reclassified, net of tax | 11 | (2 | ) | (1 | ) | — | — | 8 | ||||||||||||||||
Net change in AOCI | 2 | 21 | (73 | ) | 137 | — | 87 | |||||||||||||||||
AOCI balance, September 30, 2016 | $ | (699 | ) | $ | (226 | ) | $ | 190 | $ | — | $ | (15 | ) | $ | (750 | ) |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
(Dollars in millions) | 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 | — | (26 | ) | 99 | 4 | 77 | ||||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||||||
Before tax (1) | 46 | (1 | ) | (15 | ) | — | 30 | |||||||||||||
Tax effect | 17 | — | (6 | ) | — | 11 | ||||||||||||||
Amounts reclassified, net of tax | 29 | (1 | ) | (9 | ) | — | 19 | |||||||||||||
Net change in AOCI | 29 | (27 | ) | 90 | 4 | 96 | ||||||||||||||
AOCI balance, September 30, 2017 | $ | (735 | ) | $ | (119 | ) | $ | (169 | ) | $ | (13 | ) | $ | (1,036 | ) |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
(Dollars in millions) | Unrecognized Net Pension and Postretirement Costs | Unrealized Net Gains (Losses) on Cash Flow Hedges | Unrealized Net Gains (Losses) on AFS Securities | FDIC's Share of Unrealized (Gains) Losses on AFS Securities | Other, net | Total | |||||||||||||||||
AOCI balance, January 1, 2016 | $ | (723 | ) | $ | (83 | ) | $ | (34 | ) | $ | (169 | ) | $ | (19 | ) | $ | (1,028 | ) | |||||
OCI before reclassifications, net of tax | (8 | ) | (154 | ) | 280 | 148 | 3 | 269 | |||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||
Before tax (1) | 51 | 18 | (90 | ) | 33 | 2 | 14 | ||||||||||||||||
Tax effect | 19 | 7 | (34 | ) | 12 | 1 | 5 | ||||||||||||||||
Amounts reclassified, net of tax | 32 | 11 | (56 | ) | 21 | 1 | 9 | ||||||||||||||||
Net change in AOCI | 24 | (143 | ) | 224 | 169 | 4 | 278 | ||||||||||||||||
AOCI balance, September 30, 2016 | $ | (699 | ) | $ | (226 | ) | $ | 190 | $ | — | $ | (15 | ) | $ | (750 | ) |
(1) | Amounts related to unrecognized net pension and postretirement costs are included in personnel expense, amounts related to unrealized net gains (losses) on cash flow hedges are included in net interest income, amounts related to unrealized net gains (losses) on AFS securities are included in net interest income and securities gains/losses when realized, amounts related to FDIC's share of unrealized gains (losses) on AFS securities are included in FDIC loss share income, net and amounts related to other, net are primarily included in net interest income in the Consolidated Statements of Income. |
Three Months Ended September 30, | ||||||||||||||||
Qualified Plans | Nonqualified Plans | |||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 45 | $ | 44 | $ | 2 | $ | 3 | ||||||||
Interest cost | 43 | 41 | 5 | 5 | ||||||||||||
Estimated return on plan assets | (93 | ) | (82 | ) | — | — | ||||||||||
Amortization and other | 14 | 18 | 4 | 3 | ||||||||||||
Net periodic benefit cost | $ | 9 | $ | 21 | $ | 11 | $ | 11 |
Nine Months Ended September 30, | ||||||||||||||||
Qualified Plans | Nonqualified Plans | |||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 143 | $ | 130 | $ | 9 | $ | 9 | ||||||||
Interest cost | 130 | 122 | 14 | 14 | ||||||||||||
Estimated return on plan assets | (278 | ) | (244 | ) | — | — | ||||||||||
Amortization and other | 47 | 51 | 10 | 9 | ||||||||||||
Net periodic benefit cost | $ | 42 | $ | 59 | $ | 33 | $ | 32 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Letters of credit | $ | 2,658 | $ | 2,786 | ||||
Carrying amount of the liability for letters of credit | 22 | 27 | ||||||
Investments in affordable housing and historic building rehabilitation projects: | ||||||||
Carrying amount | 2,018 | 1,719 | ||||||
Amount of future funding commitments included in carrying amount | 971 | 738 | ||||||
Lending exposure | 547 | 495 | ||||||
Tax credits subject to recapture | 450 | 413 | ||||||
Private equity investments | 426 | 362 | ||||||
Future funding commitments to private equity investments | 136 | 197 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Pledged securities | $ | 14,457 | $ | 15,549 | ||||
Pledged loans | 74,411 | 75,015 |
September 30, 2017 | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Trading securities | $ | 1,089 | $ | 346 | $ | 743 | $ | — | ||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | 2,111 | — | 2,111 | — | ||||||||||||
GSE | 182 | — | 182 | — | ||||||||||||
Agency MBS | 18,676 | — | 18,676 | — | ||||||||||||
States and political subdivisions | 1,599 | — | 1,599 | — | ||||||||||||
Non-agency MBS | 608 | — | 151 | 457 | ||||||||||||
Other | 8 | 5 | 3 | — | ||||||||||||
Total AFS securities | 23,184 | 5 | 22,722 | 457 | ||||||||||||
LHFS | 1,217 | — | 1,217 | — | ||||||||||||
MSRs | 1,044 | — | — | 1,044 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | 523 | — | 515 | 8 | ||||||||||||
Foreign exchange contracts | 5 | — | 5 | — | ||||||||||||
Total derivative assets | 528 | — | 520 | 8 | ||||||||||||
Private equity investments | 413 | — | — | 413 | ||||||||||||
Total assets | $ | 27,475 | $ | 351 | $ | 25,202 | $ | 1,922 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | $ | 725 | $ | 1 | $ | 721 | $ | 3 | ||||||||
Foreign exchange contracts | 6 | — | 6 | — | ||||||||||||
Total derivative liabilities | 731 | 1 | 727 | 3 | ||||||||||||
Securities sold short | 82 | — | 82 | — | ||||||||||||
Total liabilities | $ | 813 | $ | 1 | $ | 809 | $ | 3 |
December 31, 2016 | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Trading securities | $ | 748 | $ | 324 | $ | 424 | $ | — | ||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | 2,587 | — | 2,587 | — | ||||||||||||
GSE | 180 | — | 180 | — | ||||||||||||
Agency MBS | 21,264 | — | 21,264 | — | ||||||||||||
States and political subdivisions | 2,205 | — | 2,205 | — | ||||||||||||
Non-agency MBS | 679 | — | 172 | 507 | ||||||||||||
Other | 11 | 8 | 3 | — | ||||||||||||
Total AFS securities | 26,926 | 8 | 26,411 | 507 | ||||||||||||
LHFS | 1,716 | — | 1,716 | — | ||||||||||||
MSRs | 1,052 | — | — | 1,052 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | 814 | — | 807 | 7 | ||||||||||||
Foreign exchange contracts | 8 | — | 8 | — | ||||||||||||
Total derivative assets | 822 | — | 815 | 7 | ||||||||||||
Private equity investments | 362 | — | — | 362 | ||||||||||||
Total assets | $ | 31,626 | $ | 332 | $ | 29,366 | $ | 1,928 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | $ | 998 | $ | — | $ | 978 | $ | 20 | ||||||||
Foreign exchange contracts | 5 | — | 5 | — | ||||||||||||
Total derivative liabilities | 1,003 | — | 983 | 20 | ||||||||||||
Securities sold short | 137 | — | 137 | — | ||||||||||||
Total liabilities | $ | 1,140 | $ | — | $ | 1,120 | $ | 20 |
Three Months Ended September 30, 2017 | ||||||||||||||||
(Dollars in millions) | Non-agency MBS | MSRs | Net Derivatives | Private Equity Investments | ||||||||||||
Balance at July 1, 2017 | $ | 474 | $ | 1,052 | $ | 3 | $ | 394 | ||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||
Included in earnings (1) | 8 | 4 | 11 | 21 | ||||||||||||
Included in unrealized net holding gains (losses) in OCI | (7 | ) | — | — | — | |||||||||||
Purchases | — | — | — | 9 | ||||||||||||
Issuances | — | 30 | 15 | — | ||||||||||||
Sales | — | — | — | (11 | ) | |||||||||||
Settlements | (18 | ) | (42 | ) | (24 | ) | — | |||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Balance at September 30, 2017 | $ | 457 | $ | 1,044 | $ | 5 | $ | 413 | ||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 | $ | 9 | $ | 4 | $ | 5 | $ | 16 |
Three Months Ended September 30, 2016 | ||||||||||||||||
(Dollars in millions) | Non-agency MBS | MSRs | Net Derivatives | Private Equity Investments | ||||||||||||
Balance at July 1, 2016 | $ | 559 | $ | 785 | $ | 33 | $ | 353 | ||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||
Included in earnings (1) | 6 | 42 | 45 | 3 | ||||||||||||
Included in unrealized net holding gains (losses) in OCI | (5 | ) | — | — | — | |||||||||||
Purchases | — | — | — | 15 | ||||||||||||
Issuances | — | 44 | 22 | — | ||||||||||||
Sales | — | — | — | (29 | ) | |||||||||||
Settlements | (21 | ) | (43 | ) | (80 | ) | (2 | ) | ||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Balance at September 30, 2016 | $ | 539 | $ | 828 | $ | 20 | $ | 340 | ||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2016 | $ | 6 | $ | 42 | $ | 20 | $ | 1 |
Nine Months Ended September 30, 2017 | ||||||||||||||||
(Dollars in millions) | Non-agency MBS | MSRs | Net Derivatives | Private Equity Investments | ||||||||||||
Balance at January 1, 2017 | $ | 507 | 1,052 | $ | (13 | ) | $ | 362 | ||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||
Included in earnings (1) | 31 | 24 | 30 | 26 | ||||||||||||
Included in unrealized net holding gains (losses) in OCI | (27 | ) | — | — | — | |||||||||||
Purchases | — | — | — | 84 | ||||||||||||
Issuances | — | 93 | 39 | — | ||||||||||||
Sales | — | — | — | (41 | ) | |||||||||||
Settlements | (54 | ) | (125 | ) | (51 | ) | (5 | ) | ||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | (13 | ) | |||||||||||
Balance at September 30, 2017 | $ | 457 | $ | 1,044 | $ | 5 | $ | 413 | ||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 | $ | 31 | $ | 24 | $ | 5 | $ | 16 |
Nine Months Ended September 30, 2016 | ||||||||||||||||
(Dollars in millions) | Non-agency MBS | MSRs | Net Derivatives | Private Equity Investments | ||||||||||||
Balance at January 1, 2016 | $ | 626 | $ | 880 | $ | 4 | $ | 289 | ||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||
Included in earnings (1) | 38 | (154 | ) | 101 | 6 | |||||||||||
Included in unrealized net holding gains (losses) in OCI | (50 | ) | — | — | — | |||||||||||
Purchases | — | — | — | 89 | ||||||||||||
Issuances | — | 100 | 85 | — | ||||||||||||
Sales | — | — | — | (37 | ) | |||||||||||
Settlements | (75 | ) | (121 | ) | (170 | ) | (7 | ) | ||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Adoption of fair value option for commercial MSRs | — | 123 | — | — | ||||||||||||
Balance at September 30, 2016 | $ | 539 | $ | 828 | $ | 20 | $ | 340 | ||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2016 | $ | 38 | $ | (154 | ) | $ | 20 | $ | 1 |
(1) | Amounts related to non-agency MBS are included in interest income, amounts related to MSRs and net derivatives are primarily included in mortgage banking income and amounts related to private equity investments are included in other income in the Consolidated Statements of Income. |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
(Dollars in millions) | Fair Value | Aggregate UPB | Difference | Fair Value | Aggregate UPB | Difference | ||||||||||||||||||
LHFS reported at fair value | $ | 1,217 | $ | 1,197 | $ | 20 | $ | 1,716 | $ | 1,736 | $ | (20 | ) |
September 30, 2017 | September 30, 2016 | |||||||||||||||||||||||
Valuation Adjustments | Valuation Adjustments | |||||||||||||||||||||||
(Dollars in millions) | Carrying Value | Three Months Ended | Nine Months Ended | Carrying Value | Three Months Ended | Nine Months Ended | ||||||||||||||||||
Impaired loans | $ | 198 | $ | (4 | ) | $ | (18 | ) | $ | 314 | $ | (22 | ) | $ | (76 | ) | ||||||||
Foreclosed real estate | 46 | (66 | ) | (192 | ) | 58 | (59 | ) | (160 | ) |
September 30, 2017 | ||||||||||||||||
(Dollars in millions) | Carrying Amount | Total Fair Value | Level 2 | Level 3 | ||||||||||||
Financial assets: | ||||||||||||||||
HTM securities | $ | 23,447 | $ | 23,392 | $ | 23,392 | $ | — | ||||||||
Loans and leases HFI, net of ALLL | 141,316 | 141,258 | — | 141,258 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | 156,135 | 156,234 | 156,234 | — | ||||||||||||
Long-term debt | 20,863 | 21,117 | 21,117 | — |
December 31, 2016 | ||||||||||||||||
(Dollars in millions) | Carrying Amount | Total Fair Value | Level 2 | Level 3 | ||||||||||||
Financial assets: | ||||||||||||||||
HTM securities | $ | 16,680 | $ | 16,546 | $ | 16,546 | $ | — | ||||||||
Loans and leases HFI, net of ALLL | 141,833 | 142,044 | — | 142,044 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | 160,234 | 160,403 | 160,403 | — | ||||||||||||
Long-term debt | 21,965 | 22,423 | 22,423 | — |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in millions) | Notional/Contract Amount | Fair Value | Notional/Contract Amount | Fair Value | ||||||||||||
Commitments to extend, originate or purchase credit | $ | 67,529 | $ | 274 | $ | 64,395 | $ | 250 | ||||||||
Residential mortgage loans sold with recourse | 514 | 6 | 578 | 7 | ||||||||||||
Other loans sold with recourse | 4,307 | 6 | 4,240 | 7 | ||||||||||||
Letters of credit | 2,658 | 22 | 2,786 | 27 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||
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 | $ | — | $ | (200 | ) | $ | 7,050 | $ | — | $ | (187 | ) | |||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | Long-term debt | 12,827 | 157 | (93 | ) | 12,099 | 202 | (100 | ) | |||||||||||||||||
Options | Long-term debt | 5,337 | — | (1 | ) | 2,790 | — | (1 | ) | |||||||||||||||||
Pay fixed swaps | Commercial loans | 374 | 3 | (1 | ) | 346 | 4 | (2 | ) | |||||||||||||||||
Pay fixed swaps | Municipal securities | 231 | — | (81 | ) | 231 | — | (83 | ) | |||||||||||||||||
Total | 18,769 | 160 | (176 | ) | 15,466 | 206 | (186 | ) | ||||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||||||||
Client-related and other risk management: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | 10,800 | 195 | (37 | ) | 9,989 | 235 | (44 | ) | ||||||||||||||||||
Pay fixed swaps | 10,930 | 35 | (212 | ) | 10,263 | 43 | (252 | ) | ||||||||||||||||||
Other swaps | 1,025 | 2 | (3 | ) | 1,086 | 2 | (5 | ) | ||||||||||||||||||
Other | 792 | 2 | (2 | ) | 709 | 2 | (2 | ) | ||||||||||||||||||
Forward commitments | 6,138 | 8 | (5 | ) | 5,972 | 29 | (28 | ) | ||||||||||||||||||
Foreign exchange contracts | 533 | 5 | (6 | ) | 669 | 8 | (5 | ) | ||||||||||||||||||
Total | 30,218 | 247 | (265 | ) | 28,688 | 319 | (336 | ) | ||||||||||||||||||
Mortgage banking: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Interest rate lock commitments | 1,528 | 8 | (3 | ) | 2,219 | 7 | (20 | ) | ||||||||||||||||||
When issued securities, forward rate agreements and forward commitments | 3,434 | 8 | (3 | ) | 6,683 | 51 | (14 | ) | ||||||||||||||||||
Other | 193 | 2 | — | 449 | 2 | (1 | ) | |||||||||||||||||||
Total | 5,155 | 18 | (6 | ) | 9,351 | 60 | (35 | ) | ||||||||||||||||||
MSRs: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | 4,026 | 48 | (40 | ) | 5,034 | 18 | (236 | ) | ||||||||||||||||||
Pay fixed swaps | 3,080 | 6 | (38 | ) | 3,768 | 56 | (7 | ) | ||||||||||||||||||
Options | 2,930 | 48 | (1 | ) | 5,710 | 160 | (8 | ) | ||||||||||||||||||
When issued securities, forward rate agreements and forward commitments | 1,776 | 1 | (5 | ) | 3,210 | 3 | (8 | ) | ||||||||||||||||||
Other | 30 | — | — | — | — | — | ||||||||||||||||||||
Total | 11,842 | 103 | (84 | ) | 17,722 | 237 | (259 | ) | ||||||||||||||||||
Total derivatives not designated as hedges | 47,215 | 368 | (355 | ) | 55,761 | 616 | (630 | ) | ||||||||||||||||||
Total derivatives | $ | 72,484 | 528 | (731 | ) | $ | 78,277 | 822 | (1,003 | ) | ||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||
Amounts subject to master netting arrangements not offset due to policy election | (306 | ) | 306 | (443 | ) | 443 | ||||||||||||||||||||
Cash collateral (received) posted | (40 | ) | 375 | (119 | ) | 450 | ||||||||||||||||||||
Net amount | $ | 182 | $ | (50 | ) | $ | 260 | $ | (110 | ) |
Three Months Ended September 30, | ||||||||||||||||||
Pre-tax Gain (Loss) Recognized in OCI | Location of Amounts Reclassified from AOCI into Income | Pre-tax Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Cash flow hedges: | ||||||||||||||||||
Interest rate contracts | $ | 1 | $ | 38 | Total interest expense | $ | (13 | ) | $ | 3 | ||||||||
Pre-tax Gain (Loss) Recognized in Income | ||||||||||||||||||
Location of Amounts Recognized in Income | ||||||||||||||||||
2017 | 2016 | |||||||||||||||||
Fair value hedges: | ||||||||||||||||||
Interest rate contracts | Total interest income | $ | (3 | ) | $ | (5 | ) | |||||||||||
Interest rate contracts | Total interest expense | 30 | 58 | |||||||||||||||
Total | $ | 27 | $ | 53 | ||||||||||||||
Not designated as hedges: | ||||||||||||||||||
Client-related and other risk management: | ||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 11 | $ | 15 | |||||||||||||
Foreign exchange contracts | Other noninterest income | 5 | (1 | ) | ||||||||||||||
Mortgage banking: | ||||||||||||||||||
Interest rate contracts | Mortgage banking income | (3 | ) | 17 | ||||||||||||||
MSRs: | ||||||||||||||||||
Interest rate contracts | Mortgage banking income | 10 | 3 | |||||||||||||||
Total | $ | 23 | $ | 34 |
Nine Months Ended September 30, | ||||||||||||||||||
Pre-tax Gain (Loss) Recognized in OCI | Location of Amounts Reclassified from AOCI into Income | Pre-tax Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Interest rate contracts | $ | (42 | ) | $ | (245 | ) | Total interest expense | $ | 1 | $ | (18 | ) | ||||||
Pre-tax Gain (Loss) Recognized in Income | ||||||||||||||||||
Location of Amounts Recognized in Income | ||||||||||||||||||
2017 | 2016 | |||||||||||||||||
Fair Value Hedges: | ||||||||||||||||||
Interest rate contracts | Total interest income | $ | (12 | ) | $ | (13 | ) | |||||||||||
Interest rate contracts | Total interest expense | 118 | 177 | |||||||||||||||
Total | $ | 106 | $ | 164 | ||||||||||||||
Not Designated as Hedges: | ||||||||||||||||||
Client-related and other risk management: | ||||||||||||||||||
Interest rate contracts | Other noninterest income | $ | 38 | $ | 23 | |||||||||||||
Foreign exchange contracts | Other noninterest income | — | 4 | |||||||||||||||
Mortgage Banking: | ||||||||||||||||||
Interest rate contracts | Mortgage banking income | (8 | ) | (2 | ) | |||||||||||||
MSRs: | ||||||||||||||||||
Interest rate contracts | Mortgage banking income | 13 | 232 | |||||||||||||||
Total | $ | 43 | $ | 257 |
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 for portion that is highly effective | Recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. | Recognized in current period income along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. | Entire change in fair value recognized in current period income. | |||
Treatment for portion that is ineffective | Recognized in current period income. | Recognized in current period income. | Not applicable | |||
Treatment if hedge ceases to be highly effective or is terminated | Hedge is dedesignated. Effective changes in value that are recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. | If hedged item remains outstanding, termination proceeds are included in cash flows from financing activities and effective changes in value are reflected as part of the carrying value of the financial instrument and amortized to earnings over its estimated remaining life. | Not applicable | |||
Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter | Hedge accounting is ceased and any gain or loss in AOCI is reported in earnings immediately. | Not applicable | Not applicable |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Cash flow hedges: | ||||||||
Net unrecognized after-tax loss on active hedges recorded in AOCI | $ | (125 | ) | $ | (118 | ) | ||
Net unrecognized after-tax gain on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | 6 | 26 | ||||||
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 | (34 | ) | (4 | ) | ||||
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 | 5 years | 6 years | ||||||
Fair value hedges: | ||||||||
Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2019) | $ | 142 | $ | 169 | ||||
Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months | 50 | 56 |
(Dollars in millions) | Sep 30, 2017 | Dec 31, 2016 | |||||
Dealer Counterparties: | |||||||
Cash collateral received from dealer counterparties | $ | 41 | $ | 123 | |||
Derivatives in a net gain position secured by that collateral | 42 | 123 | |||||
Unsecured positions in a net gain with dealer counterparties after collateral postings | 2 | 4 | |||||
Cash collateral posted to dealer counterparties | 163 | 138 | |||||
Derivatives in a net loss position secured by that collateral | 163 | 144 | |||||
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | 1 | 8 | |||||
Central Clearing Parties: | |||||||
Cash collateral, including initial margin, posted to central clearing parties | 222 | 313 | |||||
Derivatives in a net loss position secured by that collateral | 213 | 318 | |||||
Securities pledged to central clearing parties | 100 | 119 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in millions, except per share data, shares in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income available to common shareholders | $ | 597 | $ | 599 | $ | 1,606 | $ | 1,667 | ||||||||
Weighted average number of common shares | 794,558 | 812,521 | 804,424 | 802,694 | ||||||||||||
Effect of dilutive outstanding equity-based awards | 11,566 | 10,585 | 11,605 | 9,713 | ||||||||||||
Weighted average number of diluted common shares | 806,124 | 823,106 | 816,029 | 812,407 | ||||||||||||
Basic EPS | $ | 0.75 | $ | 0.74 | $ | 2.00 | $ | 2.08 | ||||||||
Diluted EPS | $ | 0.74 | $ | 0.73 | $ | 1.97 | $ | 2.05 | ||||||||
Anti-dilutive awards | 184 | 5,416 | 222 | 6,088 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | |||||||||||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Net interest income (expense) | $ | 647 | $ | 570 | $ | 332 | $ | 359 | $ | 242 | $ | 229 | $ | 189 | $ | 177 | ||||||||||||||||
Net intersegment interest income (expense) | 409 | 411 | (209 | ) | (215 | ) | (46 | ) | (39 | ) | (81 | ) | (68 | ) | ||||||||||||||||||
Segment net interest income | 1,056 | 981 | 123 | 144 | 196 | 190 | 108 | 109 | ||||||||||||||||||||||||
Allocated provision for credit losses | 23 | (3 | ) | 2 | 9 | 78 | 76 | 15 | 18 | |||||||||||||||||||||||
Segment net interest income after provision | 1,033 | 984 | 121 | 135 | 118 | 114 | 93 | 91 | ||||||||||||||||||||||||
Noninterest income | 373 | 360 | 86 | 117 | — | 1 | 71 | 80 | ||||||||||||||||||||||||
Noninterest expense | 789 | 803 | 100 | 40 | 57 | 50 | 94 | 92 | ||||||||||||||||||||||||
Income (loss) before income taxes | 617 | 541 | 107 | 212 | 61 | 65 | 70 | 79 | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 221 | 197 | 40 | 80 | 23 | 25 | 16 | 19 | ||||||||||||||||||||||||
Segment net income (loss) | $ | 396 | $ | 344 | $ | 67 | $ | 132 | $ | 38 | $ | 40 | $ | 54 | $ | 60 | ||||||||||||||||
Identifiable assets (period end) | $ | 74,493 | $ | 73,125 | $ | 33,213 | $ | 36,652 | $ | 15,239 | $ | 15,090 | $ | 18,854 | $ | 17,823 | ||||||||||||||||
Insurance Holdings | Financial Services | Other, Treasury & Corporate (1) | Total BB&T Corporation | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Net interest income (expense) | $ | 1 | $ | 1 | $ | 81 | $ | 65 | $ | 155 | $ | 209 | $ | 1,647 | $ | 1,610 | ||||||||||||||||
Net intersegment interest income (expense) | — | (1 | ) | 80 | 91 | (153 | ) | (179 | ) | — | — | |||||||||||||||||||||
Segment net interest income | 1 | — | 161 | 156 | 2 | 30 | 1,647 | 1,610 | ||||||||||||||||||||||||
Allocated provision for credit losses | — | — | 7 | 32 | 1 | 16 | 126 | 148 | ||||||||||||||||||||||||
Segment net interest income after provision | 1 | — | 154 | 124 | 1 | 14 | 1,521 | 1,462 | ||||||||||||||||||||||||
Noninterest income | 399 | 412 | 251 | 235 | (14 | ) | (41 | ) | 1,166 | 1,164 | ||||||||||||||||||||||
Noninterest expense | 378 | 375 | 237 | 230 | 90 | 121 | 1,745 | 1,711 | ||||||||||||||||||||||||
Income (loss) before income taxes | 22 | 37 | 168 | 129 | (103 | ) | (148 | ) | 942 | 915 | ||||||||||||||||||||||
Provision (benefit) for income taxes | 9 | 16 | 62 | 48 | (77 | ) | (112 | ) | 294 | 273 | ||||||||||||||||||||||
Segment net income (loss) | $ | 13 | $ | 21 | $ | 106 | $ | 81 | $ | (26 | ) | $ | (36 | ) | $ | 648 | $ | 642 | ||||||||||||||
Identifiable assets (period end) | $ | 3,360 | $ | 3,342 | $ | 18,774 | $ | 17,570 | $ | 56,407 | $ | 59,020 | $ | 220,340 | $ | 222,622 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Community Banking | Residential Mortgage Banking | Dealer Financial Services | Specialized Lending | |||||||||||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Net interest income (expense) | $ | 1,852 | $ | 1,631 | $ | 996 | $ | 1,045 | $ | 727 | $ | 684 | $ | 545 | $ | 517 | ||||||||||||||||
Net intersegment interest income (expense) | 1,236 | 1,210 | (633 | ) | (646 | ) | (137 | ) | (118 | ) | (230 | ) | (201 | ) | ||||||||||||||||||
Segment net interest income | 3,088 | 2,841 | 363 | 399 | 590 | 566 | 315 | 316 | ||||||||||||||||||||||||
Allocated provision for credit losses | 111 | 10 | 17 | 31 | 254 | 210 | 43 | 51 | ||||||||||||||||||||||||
Segment net interest income after provision | 2,977 | 2,831 | 346 | 368 | 336 | 356 | 272 | 265 | ||||||||||||||||||||||||
Noninterest income | 1,104 | 1,027 | 234 | 272 | — | 2 | 210 | 212 | ||||||||||||||||||||||||
Noninterest expense | 2,398 | 2,356 | 314 | 259 | 169 | 143 | 278 | 259 | ||||||||||||||||||||||||
Income (loss) before income taxes | 1,683 | 1,502 | 266 | 381 | 167 | 215 | 204 | 218 | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 602 | 547 | 99 | 144 | 62 | 82 | 45 | 50 | ||||||||||||||||||||||||
Segment net income (loss) | $ | 1,081 | $ | 955 | $ | 167 | $ | 237 | $ | 105 | $ | 133 | $ | 159 | $ | 168 | ||||||||||||||||
Identifiable assets (period end) | $ | 74,493 | $ | 73,125 | $ | 33,213 | $ | 36,652 | $ | 15,239 | $ | 15,090 | $ | 18,854 | $ | 17,823 | ||||||||||||||||
Insurance Holdings | Financial Services | Other, Treasury & Corporate (1) | Total BB&T Corporation | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Net interest income (expense) | $ | 2 | $ | 2 | $ | 222 | $ | 196 | $ | 547 | $ | 681 | $ | 4,891 | $ | 4,756 | ||||||||||||||||
Net intersegment interest income (expense) | 1 | (4 | ) | 263 | 256 | (500 | ) | (497 | ) | — | — | |||||||||||||||||||||
Segment net interest income | 3 | (2 | ) | 485 | 452 | 47 | 184 | 4,891 | 4,756 | |||||||||||||||||||||||
Allocated provision for credit losses | — | — | (9 | ) | 128 | (7 | ) | 13 | 409 | 443 | ||||||||||||||||||||||
Segment net interest income after provision | 3 | (2 | ) | 494 | 324 | 54 | 171 | 4,482 | 4,313 | |||||||||||||||||||||||
Noninterest income | 1,344 | 1,298 | 711 | 654 | (46 | ) | (155 | ) | 3,557 | 3,310 | ||||||||||||||||||||||
Noninterest expense | 1,163 | 1,109 | 709 | 677 | 558 | 250 | 5,589 | 5,053 | ||||||||||||||||||||||||
Income (loss) before income taxes | 184 | 187 | 496 | 301 | (550 | ) | (234 | ) | 2,450 | 2,570 | ||||||||||||||||||||||
Provision (benefit) for income taxes | 70 | 72 | 183 | 113 | (359 | ) | (237 | ) | 702 | 771 | ||||||||||||||||||||||
Segment net income (loss) | $ | 114 | $ | 115 | $ | 313 | $ | 188 | $ | (191 | ) | $ | 3 | $ | 1,748 | $ | 1,799 | |||||||||||||||
Identifiable assets (period end) | $ | 3,360 | $ | 3,342 | $ | 18,774 | $ | 17,570 | $ | 56,407 | $ | 59,020 | $ | 220,340 | $ | 222,622 |
(1) | Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit, insurance or other services; |
• | disruptions to the national or global financial markets, including the impact of a downgrade of U.S. government obligations by one of the credit ratings agencies, the economic instability and recessionary conditions in Europe, the potential exit of the United Kingdom from the European Union and the economic slowdown in China; |
• | changes in the interest rate environment, including interest rate changes made by the FRB, as well as cash flow reassessments may reduce NIM and/or the volumes and values of loans made or held as well as the value of other financial assets held; |
• | competitive pressures among depository and other financial institutions may increase significantly; |
• | legislative, regulatory or accounting changes, including changes resulting from the adoption and implementation of the Dodd-Frank Act may adversely affect the businesses in which BB&T is engaged; |
• | local, state or federal taxing authorities may take tax positions that are adverse to BB&T; |
• | a reduction may occur in BB&T's credit ratings; |
• | adverse changes may occur in the securities markets; |
• | competitors of BB&T may have greater financial resources or develop products that enable them to compete more successfully than BB&T and may be subject to different regulatory standards than BB&T; |
• | cybersecurity risks, including "denial of service," "hacking" and "identity theft," could adversely affect BB&T's business and financial performance or reputation, and BB&T could be liable for financial losses incurred by third parties due to breaches of data shared between financial institutions; |
• | natural or other disasters, including acts of terrorism, could have an adverse effect on BB&T in that such events could materially disrupt BB&T's operations or the ability or willingness of customers to access the services BB&T offers; |
• | costs related to the integration of the businesses of BB&T and its merger partners may be greater than expected; |
• | failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions or fully achieve expected cost savings or revenue growth associated with mergers and acquisitions within the expected time frames could adversely impact financial condition and results of operations; |
• | significant litigation and regulatory proceedings could have a material adverse effect on BB&T; |
• | unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries could result in negative publicity, protests, fines, penalties, restrictions on BB&T's operations or ability to expand its business and other negative consequences, all of which could cause reputational damage and adversely impact BB&T's financial conditions and results of operations; |
• | risks resulting from the extensive use of models; |
• | risk management measures may not be fully effective; |
• | deposit attrition, customer loss and/or revenue loss following completed mergers/acquisitions may exceed expectations; |
• | higher than expected costs related to information technology infrastructure or a failure to successfully implement future system enhancements could adversely impact BB&T's financial condition and results of operations and could result in significant additional costs to BB&T; and |
• | widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact BB&T's financial condition and results of operations. |
Table 1-1 | |||||||||||||||||||||||||||||||||||
TE Net Interest Income and Rate / Volume Analysis (1) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 and 2016 | |||||||||||||||||||||||||||||||||||
Average Balances (6) | Annualized Yield/Rate | Income/Expense | Increase | Change due to | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | (Decrease) | Rate | Volume | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Total securities, at amortized cost (2) | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 3,794 | $ | 3,460 | 1.68 | % | 1.63 | % | $ | 16 | $ | 14 | $ | 2 | $ | — | $ | 2 | |||||||||||||||||
GSE | 2,385 | 2,786 | 2.22 | 2.18 | 13 | 16 | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||
Agency MBS | 37,734 | 37,987 | 2.29 | 2.05 | 216 | 195 | 21 | 22 | (1 | ) | |||||||||||||||||||||||||
States and political subdivisions | 1,596 | 2,356 | 5.07 | 5.16 | 20 | 30 | (10 | ) | (1 | ) | (9 | ) | |||||||||||||||||||||||
Non-agency MBS | 405 | 502 | 18.58 | 14.81 | 19 | 19 | — | 4 | (4 | ) | |||||||||||||||||||||||||
Other | 54 | 61 | 2.26 | 1.67 | 1 | — | 1 | 1 | — | ||||||||||||||||||||||||||
Total securities | 45,968 | 47,152 | 2.47 | 2.32 | 285 | 274 | 11 | 26 | (15 | ) | |||||||||||||||||||||||||
Other earning assets (3) | 2,924 | 3,068 | 1.42 | 1.17 | 11 | 9 | 2 | 2 | — | ||||||||||||||||||||||||||
Loans and leases, net of unearned income (4)(5) | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 51,605 | 51,508 | 3.59 | 3.37 | 466 | 436 | 30 | 29 | 1 | ||||||||||||||||||||||||||
CRE-income producing properties | 15,099 | 14,667 | 4.37 | 3.75 | 167 | 138 | 29 | 25 | 4 | ||||||||||||||||||||||||||
CRE-construction and development | 4,181 | 3,802 | 4.19 | 3.74 | 44 | 36 | 8 | 4 | 4 | ||||||||||||||||||||||||||
Dealer floor plan | 1,574 | 1,268 | 2.76 | 2.09 | 11 | 7 | 4 | 2 | 2 | ||||||||||||||||||||||||||
Direct retail lending | 11,960 | 11,994 | 4.73 | 4.30 | 143 | 130 | 13 | 13 | — | ||||||||||||||||||||||||||
Sales finance | 9,780 | 9,339 | 3.23 | 3.04 | 79 | 71 | 8 | 5 | 3 | ||||||||||||||||||||||||||
Revolving credit | 2,668 | 2,537 | 8.92 | 8.80 | 60 | 56 | 4 | 1 | 3 | ||||||||||||||||||||||||||
Residential mortgage | 28,924 | 30,357 | 4.04 | 4.06 | 292 | 308 | (16 | ) | (2 | ) | (14 | ) | |||||||||||||||||||||||
Other lending subsidiaries | 16,158 | 14,742 | 7.72 | 8.05 | 315 | 298 | 17 | (12 | ) | 29 | |||||||||||||||||||||||||
PCI | 742 | 1,052 | 17.15 | 19.68 | 32 | 52 | (20 | ) | (6 | ) | (14 | ) | |||||||||||||||||||||||
Total loans and leases HFI | 142,691 | 141,266 | 4.48 | 4.32 | 1,609 | 1,532 | 77 | 59 | 18 | ||||||||||||||||||||||||||
LHFS | 1,490 | 2,423 | 3.70 | 3.25 | 13 | 20 | (7 | ) | 2 | (9 | ) | ||||||||||||||||||||||||
Total loans and leases | 144,181 | 143,689 | 4.47 | 4.30 | 1,622 | 1,552 | 70 | 61 | 9 | ||||||||||||||||||||||||||
Total earning assets | 193,073 | 193,909 | 3.95 | 3.77 | 1,918 | 1,835 | 83 | 89 | (6 | ) | |||||||||||||||||||||||||
Nonearning assets | 27,659 | 28,156 | |||||||||||||||||||||||||||||||||
Total assets | $ | 220,732 | $ | 222,065 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Interest-checking | $ | 27,000 | $ | 27,754 | 0.29 | 0.15 | 20 | 10 | 10 | 10 | — | ||||||||||||||||||||||||
Money market and savings | 61,450 | 64,335 | 0.32 | 0.19 | 49 | 31 | 18 | 19 | (1 | ) | |||||||||||||||||||||||||
Time deposits | 13,794 | 15,818 | 0.51 | 0.50 | 17 | 20 | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||
Foreign deposits - interest-bearing | 1,681 | 1,037 | 1.14 | 0.38 | 5 | 1 | 4 | 3 | 1 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 103,925 | 108,944 | 0.35 | 0.23 | 91 | 62 | 29 | 32 | (3 | ) | |||||||||||||||||||||||||
Short-term borrowings | 5,983 | 2,128 | 1.03 | 0.34 | 15 | 2 | 13 | 7 | 6 | ||||||||||||||||||||||||||
Long-term debt | 21,459 | 23,428 | 2.29 | 2.05 | 124 | 121 | 3 | 14 | (11 | ) | |||||||||||||||||||||||||
Total interest-bearing liabilities | 131,367 | 134,500 | 0.70 | 0.55 | 230 | 185 | 45 | 53 | (8 | ) | |||||||||||||||||||||||||
Noninterest-bearing deposits | 53,489 | 50,559 | |||||||||||||||||||||||||||||||||
Other liabilities | 5,928 | 7,090 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 29,948 | 29,916 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 220,732 | $ | 222,065 | |||||||||||||||||||||||||||||||
Average interest-rate spread | 3.25 | % | 3.22 | % | |||||||||||||||||||||||||||||||
NIM/net interest income | 3.48 | % | 3.39 | % | $ | 1,688 | $ | 1,650 | $ | 38 | $ | 36 | $ | 2 | |||||||||||||||||||||
Taxable-equivalent adjustment | $ | 41 | $ | 40 |
(1) | Yields are stated on a TE basis utilizing the marginal income tax rates for the periods presented. The change in interest not solely due to changes in yield/rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each. |
(2) | Total securities include AFS and HTM securities. |
(3) | Includes Federal funds sold, securities purchased under resale agreements or similar arrangements, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets. |
(4) | Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes. |
(5) | NPLs are included in the average balances. |
(6) | Excludes basis adjustments for fair value hedges. |
Table 1-2 | |||||||||||||||||||||||||||||||||||
TE Net Interest Income and Rate / Volume Analysis (1) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 and 2016 | |||||||||||||||||||||||||||||||||||
Average Balances (6) | Annualized Yield/Rate | Income/Expense | Increase | Change due to | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | (Decrease) | Rate | Volume | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Total securities, at amortized cost (2) | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 4,425 | $ | 2,832 | 1.71 | % | 1.69 | % | $ | 57 | $ | 36 | $ | 21 | $ | — | $ | 21 | |||||||||||||||||
GSE | 2,386 | 4,012 | 2.22 | 2.11 | 40 | 64 | (24 | ) | 3 | (27 | ) | ||||||||||||||||||||||||
Agency MBS | 36,194 | 36,895 | 2.22 | 2.04 | 603 | 565 | 38 | 49 | (11 | ) | |||||||||||||||||||||||||
States and political subdivisions | 1,854 | 2,392 | 5.17 | 5.25 | 72 | 94 | (22 | ) | (1 | ) | (21 | ) | |||||||||||||||||||||||
Non-agency MBS | 417 | 555 | 20.53 | 19.57 | 64 | 81 | (17 | ) | 4 | (21 | ) | ||||||||||||||||||||||||
Other | 57 | 63 | 2.12 | 1.72 | 1 | 1 | — | — | — | ||||||||||||||||||||||||||
Total securities | 45,333 | 46,749 | 2.46 | 2.40 | 837 | 841 | (4 | ) | 55 | (59 | ) | ||||||||||||||||||||||||
Other earning assets (3) | 3,606 | 3,229 | 1.42 | 1.78 | 38 | 43 | (5 | ) | (10 | ) | 5 | ||||||||||||||||||||||||
Loans and leases, net of unearned income (4)(5) | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 51,543 | 50,393 | 3.51 | 3.34 | 1,355 | 1,261 | 94 | 65 | 29 | ||||||||||||||||||||||||||
CRE-income producing properties | 14,857 | 14,316 | 3.99 | 3.77 | 443 | 404 | 39 | 23 | 16 | ||||||||||||||||||||||||||
CRE-construction and development | 3,978 | 3,697 | 3.91 | 3.75 | 116 | 104 | 12 | 5 | 7 | ||||||||||||||||||||||||||
Dealer floor plan | 1,498 | 1,270 | 2.55 | 2.05 | 29 | 20 | 9 | 5 | 4 | ||||||||||||||||||||||||||
Direct retail lending | 11,991 | 11,712 | 4.54 | 4.29 | 407 | 375 | 32 | 23 | 9 | ||||||||||||||||||||||||||
Sales finance | 10,371 | 9,685 | 3.20 | 3.03 | 248 | 220 | 28 | 13 | 15 | ||||||||||||||||||||||||||
Revolving credit | 2,629 | 2,492 | 8.83 | 8.79 | 174 | 164 | 10 | 1 | 9 | ||||||||||||||||||||||||||
Residential mortgage | 29,337 | 30,231 | 4.02 | 4.08 | 884 | 925 | (41 | ) | (13 | ) | (28 | ) | |||||||||||||||||||||||
Other lending subsidiaries | 15,575 | 14,050 | 7.85 | 8.32 | 915 | 876 | 39 | (51 | ) | 90 | |||||||||||||||||||||||||
PCI | 816 | 1,093 | 18.34 | 19.40 | 112 | 159 | (47 | ) | (8 | ) | (39 | ) | |||||||||||||||||||||||
Total loans and leases HFI | 142,595 | 138,939 | 4.39 | 4.33 | 4,683 | 4,508 | 175 | 63 | 112 | ||||||||||||||||||||||||||
LHFS | 1,475 | 1,876 | 3.61 | 3.42 | 39 | 48 | (9 | ) | 3 | (12 | ) | ||||||||||||||||||||||||
Total loans and leases | 144,070 | 140,815 | 4.38 | 4.32 | 4,722 | 4,556 | 166 | 66 | 100 | ||||||||||||||||||||||||||
Total earning assets | 193,009 | 190,793 | 3.87 | 3.81 | 5,597 | 5,440 | 157 | 111 | 46 | ||||||||||||||||||||||||||
Nonearning assets | 27,564 | 27,742 | |||||||||||||||||||||||||||||||||
Total assets | $ | 220,573 | $ | 218,535 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Interest-checking | $ | 28,465 | $ | 27,246 | 0.22 | 0.14 | 48 | 29 | 19 | 18 | 1 | ||||||||||||||||||||||||
Money market and savings | 63,521 | 62,658 | 0.28 | 0.20 | 133 | 92 | 41 | 40 | 1 | ||||||||||||||||||||||||||
Time deposits | 14,265 | 16,931 | 0.49 | 0.52 | 51 | 66 | (15 | ) | (4 | ) | (11 | ) | |||||||||||||||||||||||
Foreign deposits - interest-bearing | 1,026 | 1,217 | 0.98 | 0.37 | 8 | 3 | 5 | 6 | (1 | ) | |||||||||||||||||||||||||
Total interest-bearing deposits | 107,277 | 108,052 | 0.30 | 0.24 | 240 | 190 | 50 | 60 | (10 | ) | |||||||||||||||||||||||||
Short-term borrowings | 3,626 | 2,615 | 0.83 | 0.35 | 22 | 7 | 15 | 12 | 3 | ||||||||||||||||||||||||||
Long-term debt | 21,330 | 23,203 | 2.01 | 2.12 | 323 | 368 | (45 | ) | (17 | ) | (28 | ) | |||||||||||||||||||||||
Total interest-bearing liabilities | 132,233 | 133,870 | 0.59 | 0.56 | 585 | 565 | 20 | 55 | (35 | ) | |||||||||||||||||||||||||
Noninterest-bearing deposits | 52,395 | 48,528 | |||||||||||||||||||||||||||||||||
Other liabilities | 5,894 | 7,017 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 30,051 | 29,120 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 220,573 | $ | 218,535 | |||||||||||||||||||||||||||||||
Average interest-rate spread | 3.28 | % | 3.25 | % | |||||||||||||||||||||||||||||||
NIM/net interest income | 3.47 | % | 3.41 | % | $ | 5,012 | $ | 4,875 | $ | 137 | $ | 56 | $ | 81 | |||||||||||||||||||||
Taxable-equivalent adjustment | $ | 121 | $ | 119 |
(1) | Yields are stated on a TE basis utilizing the marginal income tax rates for the periods presented. The change in interest not solely due to changes in yield/rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each. |
(2) | Total securities include AFS and HTM securities. |
(3) | Includes Federal funds sold, securities purchased under resale agreements or similar arrangements, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets. |
(4) | Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes. |
(5) | NPLs are included in the average balances. |
(6) | Excludes basis adjustments for fair value hedges. |
Table 2 | ||||||||||||||||
Net Income by Reportable Segment | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Community Banking | $ | 396 | $ | 344 | $ | 1,081 | $ | 955 | ||||||||
Residential Mortgage Banking | 67 | 132 | 167 | 237 | ||||||||||||
Dealer Financial Services | 38 | 40 | 105 | 133 | ||||||||||||
Specialized Lending | 54 | 60 | 159 | 168 | ||||||||||||
Insurance Holdings | 13 | 21 | 114 | 115 | ||||||||||||
Financial Services | 106 | 81 | 313 | 188 | ||||||||||||
Other, Treasury & Corporate | (26 | ) | (36 | ) | (191 | ) | 3 | |||||||||
BB&T Corporation | $ | 648 | $ | 642 | $ | 1,748 | $ | 1,799 |
Table 3 | ||||||||||||||||||||
Composition of Average Loans and Leases | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
(Dollars in millions) | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | |||||||||||||||
Commercial and industrial | $ | 51,605 | $ | 51,900 | $ | 51,119 | $ | 51,306 | $ | 51,508 | ||||||||||
CRE-income producing properties | 15,099 | 14,864 | 14,602 | 14,566 | 14,667 | |||||||||||||||
CRE-construction and development | 4,181 | 3,905 | 3,844 | 3,874 | 3,802 | |||||||||||||||
Dealer floor plan | 1,574 | 1,490 | 1,427 | 1,367 | 1,268 | |||||||||||||||
Direct retail lending | 11,960 | 12,000 | 12,014 | 12,046 | 11,994 | |||||||||||||||
Sales finance | 9,780 | 10,450 | 10,896 | 10,599 | 9,339 | |||||||||||||||
Revolving credit | 2,668 | 2,612 | 2,607 | 2,608 | 2,537 | |||||||||||||||
Residential mortgage | 28,924 | 29,392 | 29,701 | 30,044 | 30,357 | |||||||||||||||
Other lending subsidiaries | 16,158 | 15,636 | 14,919 | 14,955 | 14,742 | |||||||||||||||
PCI | 742 | 825 | 883 | 974 | 1,052 | |||||||||||||||
Total average loans and leases HFI | $ | 142,691 | $ | 143,074 | $ | 142,012 | $ | 142,339 | $ | 141,266 |
Table 4 | ||||||||
Rollforward of NPAs | ||||||||
Nine Months Ended September 30, | ||||||||
(Dollars in millions) | 2017 | 2016 | ||||||
Beginning balance | $ | 813 | $ | 686 | ||||
New NPAs | 976 | 1,311 | ||||||
Advances and principal increases | 215 | 186 | ||||||
Disposals of foreclosed assets (1) | (386 | ) | (382 | ) | ||||
Disposals of NPLs (2) | (168 | ) | (172 | ) | ||||
Charge-offs and losses | (185 | ) | (220 | ) | ||||
Payments | (461 | ) | (475 | ) | ||||
Transfers to performing status | (120 | ) | (111 | ) | ||||
Foreclosed real estate, included as a result of loss share termination | — | 17 | ||||||
Other, net | (4 | ) | 3 | |||||
Ending balance | $ | 680 | $ | 843 |
(1) | Includes charge-offs and losses recorded upon sale of $177 million and $151 million for the nine months ended September 30, 2017 and 2016, respectively. |
(2) | Includes charge-offs and losses recorded upon sale of $29 million and $16 million for the nine months ended September 30, 2017 and 2016, respectively. |
Table 5 | ||||||||||||||||||||
Asset Quality | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(Dollars in millions) | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | |||||||||||||||
NPAs (1) | ||||||||||||||||||||
NPLs: | ||||||||||||||||||||
Commercial and industrial | $ | 281 | $ | 295 | $ | 344 | $ | 363 | $ | 413 | ||||||||||
CRE-income producing properties | 31 | 35 | 43 | 40 | 38 | |||||||||||||||
CRE-construction and development | 10 | 15 | 17 | 17 | 12 | |||||||||||||||
Dealer floor plan | — | — | 7 | — | — | |||||||||||||||
Direct retail lending | 64 | 65 | 66 | 63 | 55 | |||||||||||||||
Sales finance | 5 | 5 | 6 | 6 | 6 | |||||||||||||||
Residential mortgage-nonguaranteed | 136 | 125 | 167 | 172 | 167 | |||||||||||||||
Residential mortgage-government guaranteed | 5 | 6 | 5 | — | — | |||||||||||||||
Other lending subsidiaries | 74 | 66 | 68 | 75 | 66 | |||||||||||||||
Total nonaccrual loans and leases HFI (1)(2) | 606 | 612 | 723 | 736 | 757 | |||||||||||||||
Foreclosed real estate | 46 | 48 | 49 | 50 | 58 | |||||||||||||||
Other foreclosed property | 28 | 30 | 29 | 27 | 28 | |||||||||||||||
Total nonperforming assets (1)(2) | $ | 680 | $ | 690 | $ | 801 | $ | 813 | $ | 843 | ||||||||||
Performing TDRs (3): | ||||||||||||||||||||
Commercial and industrial | $ | 60 | $ | 48 | $ | 48 | $ | 55 | $ | 46 | ||||||||||
CRE-income producing properties | 13 | 15 | 14 | 16 | 14 | |||||||||||||||
CRE-construction and development | 9 | 9 | 11 | 9 | 8 | |||||||||||||||
Direct retail lending | 63 | 63 | 65 | 67 | 69 | |||||||||||||||
Sales finance | 13 | 14 | 15 | 16 | 16 | |||||||||||||||
Revolving credit | 29 | 29 | 29 | 29 | 30 | |||||||||||||||
Residential mortgage-nonguaranteed | 229 | 207 | 347 | 336 | 292 | |||||||||||||||
Residential mortgage-government guaranteed | 380 | 396 | 424 | 433 | 413 | |||||||||||||||
Other lending subsidiaries | 256 | 232 | 232 | 226 | 209 | |||||||||||||||
Total performing TDRs (3)(4) | $ | 1,052 | $ | 1,013 | $ | 1,185 | $ | 1,187 | $ | 1,097 | ||||||||||
Loans 90 days or more past due and still accruing: | ||||||||||||||||||||
Direct retail lending | $ | 9 | $ | 7 | $ | 7 | $ | 6 | $ | 7 | ||||||||||
Sales finance | 6 | 4 | 5 | 6 | 4 | |||||||||||||||
Revolving credit | 11 | 10 | 10 | 12 | 9 | |||||||||||||||
Residential mortgage-nonguaranteed | 43 | 51 | 64 | 79 | 66 | |||||||||||||||
Residential mortgage-government guaranteed (5) | 366 | 350 | 374 | 443 | 414 | |||||||||||||||
PCI | 70 | 71 | 82 | 90 | 92 | |||||||||||||||
Total loans 90 days or more past due and still accruing (5) | $ | 505 | $ | 493 | $ | 542 | $ | 636 | $ | 592 | ||||||||||
Loans 30-89 days past due: | ||||||||||||||||||||
Commercial and industrial | $ | 30 | $ | 18 | $ | 22 | $ | 27 | $ | 34 | ||||||||||
CRE-income producing properties | 7 | 1 | 11 | 6 | 3 | |||||||||||||||
CRE-construction and development | 1 | 2 | 1 | 2 | 2 | |||||||||||||||
Direct retail lending | 55 | 54 | 55 | 60 | 62 | |||||||||||||||
Sales finance | 66 | 57 | 51 | 76 | 60 | |||||||||||||||
Revolving credit | 22 | 20 | 20 | 23 | 20 | |||||||||||||||
Residential mortgage-nonguaranteed | 320 | 265 | 272 | 393 | 354 | |||||||||||||||
Residential mortgage-government guaranteed (6) | 135 | 128 | 129 | 132 | 112 | |||||||||||||||
Other lending subsidiaries | 310 | 300 | 215 | 322 | 288 | |||||||||||||||
PCI | 41 | 29 | 29 | 36 | 45 | |||||||||||||||
Total loans 30-89 days past due (6) | $ | 987 | $ | 874 | $ | 805 | $ | 1,077 | $ | 980 |
(1) | PCI loans are accounted for using the accretion method. |
(2) | Sales of nonperforming loans totaled approximately $19 million, $75 million, $74 million, $130 million and $63 million for the quarter ended September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. |
(3) | Excludes TDRs that are nonperforming totaling $203 million, $214 million, $218 million, $184 million and $138 million at September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. These amounts are included in total NPAs. |
(4) | Sales of performing TDRs, which were primarily residential mortgage loans, totaled $49 million, $203 million, $48 million, $36 million and $30 million for the quarter ended September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. |
(5) | Includes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are 90 days or more past due totaling $45 million, $32 million, $29 million, $48 million and $46 million at September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. |
(6) | Includes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are past due 30-89 days totaling $2 million, $2 million, $2 million, $3 million and $2 million at September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. |
Table 6 | |||||||||||||||
Asset Quality Ratios | |||||||||||||||
As of / For the Three Months Ended | |||||||||||||||
9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | |||||||||||
Asset Quality Ratios: | |||||||||||||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI | 0.69 | % | 0.61 | % | 0.56 | % | 0.75 | % | 0.69 | % | |||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI | 0.35 | 0.34 | 0.38 | 0.44 | 0.42 | ||||||||||
NPLs as a percentage of loans and leases HFI | 0.42 | 0.43 | 0.51 | 0.51 | 0.53 | ||||||||||
NPAs as a percentage of: | |||||||||||||||
Total assets | 0.31 | 0.31 | 0.36 | 0.37 | 0.38 | ||||||||||
Loans and leases HFI plus foreclosed property | 0.48 | 0.48 | 0.56 | 0.57 | 0.59 | ||||||||||
Net charge-offs as a percentage of average loans and leases HFI | 0.35 | 0.37 | 0.42 | 0.42 | 0.37 | ||||||||||
ALLL as a percentage of loans and leases HFI | 1.04 | 1.03 | 1.04 | 1.04 | 1.06 | ||||||||||
Ratio of ALLL to: | |||||||||||||||
Net charge-offs | 2.93x | 2.80x | 2.49x | 2.47x | 2.91x | ||||||||||
NPLs | 2.44x | 2.43x | 2.05x | 2.03x | 2.00x | ||||||||||
Asset Quality Ratios (Excluding Government Guaranteed and PCI): (1) | |||||||||||||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI | 0.05 | % | 0.05 | % | 0.06 | % | 0.07 | % | 0.06 | % |
(1) | This asset quality ratio has been adjusted to remove the impact of government guaranteed mortgage loans and PCI. Appropriate adjustments to the numerator and denominator have been reflected in the calculation of these ratios. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio such that it might not be reflective of asset collectibility or might not be comparable to other periods presented or to other portfolios that do not have government guarantees or were not impacted by purchase accounting. |
Table 7 | ||||||||
Rollforward of Performing TDRs | ||||||||
Nine Months Ended September 30, | ||||||||
(Dollars in millions) | 2017 | 2016 | ||||||
Beginning balance | $ | 1,187 | $ | 982 | ||||
Inflows | 501 | 464 | ||||||
Payments and payoffs | (182 | ) | (139 | ) | ||||
Charge-offs | (41 | ) | (29 | ) | ||||
Transfers to nonperforming TDRs, net | (65 | ) | (51 | ) | ||||
Removal due to the passage of time | (46 | ) | (52 | ) | ||||
Non-concessionary re-modifications | (2 | ) | — | |||||
Sold and transferred to LHFS | (300 | ) | (78 | ) | ||||
Ending balance | $ | 1,052 | $ | 1,097 |
Table 8 | |||||||||||||||||||||||||
Payment Status of TDRs | |||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||
(Dollars in millions) | Current Status | 30-89 Days | 90 Days Or More | Total | |||||||||||||||||||||
Performing TDRs (1): | |||||||||||||||||||||||||
Commercial and industrial | $ | 60 | 100.0 | % | $ | — | — | % | $ | — | — | % | $ | 60 | |||||||||||
CRE—income producing properties | 13 | 100.0 | — | — | — | — | 13 | ||||||||||||||||||
CRE—construction and development | 9 | 100.0 | — | — | — | — | 9 | ||||||||||||||||||
Direct retail lending | 60 | 95.2 | 3 | 4.8 | — | — | 63 | ||||||||||||||||||
Sales finance | 12 | 92.3 | 1 | 7.7 | — | — | 13 | ||||||||||||||||||
Revolving credit | 24 | 82.7 | 4 | 13.8 | 1 | 3.5 | 29 | ||||||||||||||||||
Residential mortgage—nonguaranteed | 181 | 79.0 | 33 | 14.4 | 15 | 6.6 | 229 | ||||||||||||||||||
Residential mortgage—government guaranteed | 143 | 37.6 | 71 | 18.7 | 166 | 43.7 | 380 | ||||||||||||||||||
Other lending subsidiaries | 216 | 84.4 | 40 | 15.6 | — | — | 256 | ||||||||||||||||||
Total performing TDRs | 718 | 68.3 | 152 | 14.4 | 182 | 17.3 | 1,052 | ||||||||||||||||||
Nonperforming TDRs (2) | 107 | 52.7 | 18 | 8.9 | 78 | 38.4 | 203 | ||||||||||||||||||
Total TDRs | $ | 825 | 65.8 | $ | 170 | 13.5 | $ | 260 | 20.7 | $ | 1,255 |
(1) | Past due performing TDRs are included in past due disclosures. |
(2) | Nonperforming TDRs are included in NPL disclosures. |
Table 9 | ||||||||||||||
Allocation of ALLL by Category | ||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||
(Dollars in millions) | Amount | % Loans in each category | Amount | % Loans in each category | ||||||||||
Commercial and industrial | $ | 479 | 36.4 | % | $ | 500 | 36.1 | % | ||||||
CRE-income producing properties | 139 | 10.4 | 117 | 10.1 | ||||||||||
CRE-construction and development | 22 | 3.2 | 25 | 2.7 | ||||||||||
Dealer floor plan | 13 | 1.1 | 11 | 1.0 | ||||||||||
Direct retail lending | 101 | 8.4 | 103 | 8.4 | ||||||||||
Sales finance | 37 | 6.6 | 38 | 7.9 | ||||||||||
Revolving credit | 101 | 1.9 | 106 | 1.9 | ||||||||||
Residential mortgage-nonguaranteed | 172 | 19.4 | 186 | 20.2 | ||||||||||
Residential mortgage-government guaranteed | 35 | 0.6 | 41 | 0.6 | ||||||||||
Other lending subsidiaries | 352 | 11.5 | 318 | 10.5 | ||||||||||
PCI | 27 | 0.5 | 44 | 0.6 | ||||||||||
Total ALLL | 1,478 | 100.0 | % | 1,489 | 100.0 | % | ||||||||
RUFC | 123 | 110 | ||||||||||||
Total ACL | $ | 1,601 | $ | 1,599 |
Table 10-1 | |||||||||||||||||||
Activity in ACL - Quarterly | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
(Dollars in millions) | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | ||||||||||||||
Beginning balance | $ | 1,602 | $ | 1,599 | $ | 1,599 | $ | 1,621 | $ | 1,603 | |||||||||
Provision for credit losses (excluding PCI loans) | 128 | 151 | 146 | 133 | 150 | ||||||||||||||
Provision (benefit) for PCI loans | (2 | ) | (16 | ) | 2 | (4 | ) | (2 | ) | ||||||||||
Charge-offs: | |||||||||||||||||||
Commercial and industrial | (10 | ) | (21 | ) | (29 | ) | (23 | ) | (23 | ) | |||||||||
CRE-income producing properties | (2 | ) | (3 | ) | (1 | ) | (1 | ) | (5 | ) | |||||||||
CRE-construction and development | (2 | ) | — | — | — | (1 | ) | ||||||||||||
Dealer floor plan | — | (1 | ) | — | — | — | |||||||||||||
Direct retail lending | (16 | ) | (16 | ) | (14 | ) | (16 | ) | (12 | ) | |||||||||
Sales finance | (8 | ) | (6 | ) | (9 | ) | (8 | ) | (7 | ) | |||||||||
Revolving credit | (17 | ) | (19 | ) | (21 | ) | (16 | ) | (18 | ) | |||||||||
Residential mortgage-nonguaranteed | (6 | ) | (19 | ) | (11 | ) | (9 | ) | (11 | ) | |||||||||
Residential mortgage-government guaranteed | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (2 | ) | |||||||||
Other lending subsidiaries | (100 | ) | (87 | ) | (103 | ) | (102 | ) | (91 | ) | |||||||||
PCI | (1 | ) | — | — | (15 | ) | — | ||||||||||||
Total charge-offs | (163 | ) | (173 | ) | (189 | ) | (191 | ) | (170 | ) | |||||||||
Recoveries: | |||||||||||||||||||
Commercial and industrial | 7 | 8 | 6 | 10 | 6 | ||||||||||||||
CRE-income producing properties | 1 | — | 4 | 1 | 3 | ||||||||||||||
CRE-construction and development | 2 | 3 | 2 | 2 | 3 | ||||||||||||||
Direct retail lending | 6 | 7 | 6 | 6 | 7 | ||||||||||||||
Sales finance | 3 | 3 | 4 | 3 | 3 | ||||||||||||||
Revolving credit | 4 | 5 | 5 | 5 | 5 | ||||||||||||||
Residential mortgage-nonguaranteed | — | 1 | — | — | 1 | ||||||||||||||
Other lending subsidiaries | 13 | 14 | 14 | 13 | 12 | ||||||||||||||
Total recoveries | 36 | 41 | 41 | 40 | 40 | ||||||||||||||
Net charge-offs | (127 | ) | (132 | ) | (148 | ) | (151 | ) | (130 | ) | |||||||||
Ending balance | $ | 1,601 | $ | 1,602 | $ | 1,599 | $ | 1,599 | $ | 1,621 | |||||||||
ALLL (excluding PCI loans) | $ | 1,451 | $ | 1,455 | $ | 1,441 | $ | 1,445 | $ | 1,448 | |||||||||
ALLL for PCI loans | 27 | 30 | 46 | 44 | 63 | ||||||||||||||
RUFC | 123 | 117 | 112 | 110 | 110 | ||||||||||||||
Total ACL | $ | 1,601 | $ | 1,602 | $ | 1,599 | $ | 1,599 | $ | 1,621 |
Table 10-2 | ||||||||
Activity in ACL - Year-to-Date | ||||||||
Nine Months Ended September 30, | ||||||||
(Dollars in millions) | 2017 | 2016 | ||||||
Beginning balance | $ | 1,599 | $ | 1,550 | ||||
Provision for credit losses (excluding PCI loans) | 425 | 441 | ||||||
Provision (benefit) for PCI loans | (16 | ) | 2 | |||||
Charge-offs: | ||||||||
Commercial and industrial | (60 | ) | (105 | ) | ||||
CRE-income producing properties | (6 | ) | (7 | ) | ||||
CRE-construction and development | (2 | ) | (1 | ) | ||||
Dealer floor plan | (1 | ) | — | |||||
Direct retail lending | (46 | ) | (37 | ) | ||||
Sales finance | (23 | ) | (21 | ) | ||||
Revolving credit | (57 | ) | (53 | ) | ||||
Residential mortgage-nonguaranteed | (36 | ) | (26 | ) | ||||
Residential mortgage-government guaranteed | (3 | ) | (4 | ) | ||||
Other lending subsidiaries | (290 | ) | (256 | ) | ||||
PCI | (1 | ) | — | |||||
Total charge-offs | (525 | ) | (510 | ) | ||||
Recoveries: | ||||||||
Commercial and industrial | 21 | 30 | ||||||
CRE-income producing properties | 5 | 7 | ||||||
CRE-construction and development | 7 | 9 | ||||||
Direct retail lending | 19 | 20 | ||||||
Sales finance | 10 | 9 | ||||||
Revolving credit | 14 | 15 | ||||||
Residential mortgage-nonguaranteed | 1 | 3 | ||||||
Other lending subsidiaries | 41 | 36 | ||||||
Total recoveries | 118 | 129 | ||||||
Net charge-offs | (407 | ) | (381 | ) | ||||
Other | — | 9 | ||||||
Ending balance | $ | 1,601 | $ | 1,621 |
Table 11 | ||||||||||||||||||||
Composition of Average Deposits | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
(Dollars in millions) | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | |||||||||||||||
Noninterest-bearing deposits | $ | 53,489 | $ | 52,573 | $ | 51,095 | $ | 51,421 | $ | 50,559 | ||||||||||
Interest checking | 27,000 | 28,849 | 29,578 | 28,634 | 27,754 | |||||||||||||||
Money market and savings | 61,450 | 64,294 | 64,857 | 63,884 | 64,335 | |||||||||||||||
Time deposits | 13,794 | 14,088 | 14,924 | 15,693 | 15,818 | |||||||||||||||
Foreign office deposits - interest-bearing | 1,681 | 459 | 929 | 486 | 1,037 | |||||||||||||||
Total average deposits | $ | 157,414 | $ | 160,263 | $ | 161,383 | $ | 160,118 | $ | 159,503 |
Table 12 | |||||||||||||||||||||||||||||||
Merger-Related and Restructuring Charges and Related Accruals | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | Beginning Accrual | Expense | Utilized | Ending Accrual | Beginning Accrual | Expense | Utilized | Ending Accrual | |||||||||||||||||||||||
Severance and personnel-related | $ | 20 | $ | 15 | $ | (10 | ) | $ | 25 | $ | 25 | $ | 28 | $ | (28 | ) | $ | 25 | |||||||||||||
Occupancy and equipment (1) | 15 | 26 | (27 | ) | 14 | 21 | 35 | (42 | ) | 14 | |||||||||||||||||||||
Professional services | 1 | — | (1 | ) | — | 1 | 2 | (3 | ) | — | |||||||||||||||||||||
Systems conversion and related costs (1) | — | 5 | (5 | ) | — | 1 | 25 | (26 | ) | — | |||||||||||||||||||||
Other adjustments | 1 | 1 | (2 | ) | — | 1 | 3 | (4 | ) | — | |||||||||||||||||||||
Total | $ | 37 | $ | 47 | $ | (45 | ) | $ | 39 | $ | 49 | $ | 93 | $ | (103 | ) | $ | 39 |
(1) | Includes asset impairment charges. |
Table 13 | ||||||||||||
Interest Sensitivity Simulation Analysis | ||||||||||||
Interest Rate Scenario | Annualized Hypothetical Percentage Change in Net Interest Income September 30, | |||||||||||
Linear Change in Prime Rate | Prime Rate September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Up 200 bps | 6.25 | % | 5.50 | % | 3.86 | % | 4.62 | % | ||||
Up 100 | 5.25 | 4.50 | 2.54 | 3.26 | ||||||||
No Change | 4.25 | 3.50 | — | — | ||||||||
Down 25 | 4.00 | 3.25 | (1.14 | ) | (1.89 | ) | ||||||
Down 100 | 3.25 | N/A | (6.53 | ) | N/A |
• | Maximum negative impact on net interest income of 2% for the next 12 months assuming a 25 basis point change in interest rates each month for four months followed by a flat interest rate scenario for the remaining eight month period. |
• | Maximum negative impact on net interest income of 4% for the next 12 months assuming a 25 basis point change in interest rates each month for eight months followed by a flat interest rate scenario for the remaining four month period. |
Table 14 | |||||||||
Deposit Mix Sensitivity Analysis | |||||||||
Linear Change in Rates | Base Scenario at September 30, 2017 (1) | Results Assuming a Decrease in Noninterest Bearing Demand Deposits | |||||||
$1 Billion | $5 Billion | ||||||||
Up 200 bps | 3.86 | % | 3.65 | % | 2.81 | % | |||
Up 100 | 2.54 | 2.41 | 1.89 |
Table 15 | ||||||||||||
EVE Simulation Analysis | ||||||||||||
EVE/Assets | Hypothetical Percentage Change in EVE | |||||||||||
Change in | September 30, | September 30, | ||||||||||
Interest Rates | 2017 | 2016 | 2017 | 2016 | ||||||||
Up 200 bps | 11.8 | % | 10.6 | % | (2.6 | )% | 6.3 | % | ||||
Up 100 | 12.2 | 10.6 | 0.4 | 6.0 | ||||||||
No Change | 12.1 | 10.0 | — | — | ||||||||
Down 25 | 12.0 | 9.7 | (1.1 | ) | (3.3 | ) | ||||||
Down 100 | 11.0 | N/A | (9.0 | ) | N/A |
Table 16 | |||||||||||||||
Mortgage Indemnification, Recourse and Repurchase Reserves Activity | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Balance, at beginning of period | $ | 39 | $ | 80 | $ | 40 | $ | 79 | |||||||
Payments | — | — | — | (2 | ) | ||||||||||
Expense (benefit) | — | (3 | ) | (1 | ) | — | |||||||||
Balance, at end of period | $ | 39 | $ | 77 | $ | 39 | $ | 77 |
Table 17 | ||||||||||||||||||||
Capital Under Basel III | ||||||||||||||||||||
Minimum Capital | Well-Capitalized | Minimum Capital Plus Capital Conservation Buffer | BB&T Targets | |||||||||||||||||
2017 | 2018 | 2019 (1) | Operating | Stressed | ||||||||||||||||
CET1 capital to risk-weighted assets | 4.5 | % | 6.5 | % | 5.750 | % | 6.375 | % | 7.000 | % | 8.5 | % | 6.0 | % | ||||||
Tier 1 capital to risk-weighted assets | 6.0 | 8.0 | 7.250 | 7.875 | 8.500 | 10.0 | 7.5 | |||||||||||||
Total capital to risk-weighted assets | 8.0 | 10.0 | 9.250 | 9.875 | 10.500 | 12.0 | 9.5 | |||||||||||||
Leverage ratio | 4.0 | 5.0 | N/A | N/A | N/A | 8.0 | 5.5 |
(1) | BB&T's goal is to maintain capital levels above the 2019 requirements. |
Table 18 | ||||||||
Capital Ratios (1) | ||||||||
(Dollars in millions, except per share data, shares in thousands) | Sep 30, 2017 | Dec 31, 2016 | ||||||
Risk-based: | ||||||||
CET1 capital to risk-weighted assets | 10.1 | % | 10.2 | % | ||||
Tier 1 capital to risk-weighted assets | 11.8 | 12.0 | ||||||
Total capital to risk-weighted assets | 13.9 | 14.1 | ||||||
Leverage ratio | 9.9 | 10.0 | ||||||
Non-GAAP capital measure (2): | ||||||||
Tangible common equity per common share | $ | 20.78 | $ | 20.18 | ||||
Calculation of tangible common equity (2): | ||||||||
Total shareholders' equity | $ | 29,853 | $ | 29,926 | ||||
Less: | ||||||||
Preferred stock | 3,053 | 3,053 | ||||||
Noncontrolling interests | 43 | 45 | ||||||
Intangible assets | 10,363 | 10,492 | ||||||
Tangible common equity | $ | 16,394 | $ | 16,336 | ||||
Risk-weighted assets | $ | 176,810 | $ | 176,138 | ||||
Common shares outstanding at end of period | 788,921 | 809,475 |
(1) | Current quarter regulatory capital information is preliminary. |
(2) | Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. BB&T's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These capital measures are not necessarily comparable to similar capital measures that may be presented by other companies. |
Table 19 | |||||||||||||
Share Repurchase Activity | |||||||||||||
(Dollars in millions, except per share data, shares in thousands) | Total Shares Repurchased | Average Price Paid Per Share (1) | Total Shares Repurchased Pursuant to Publicly-Announced Plan | Maximum Remaining Dollar Value of Shares Available for Repurchase Pursuant to Publicly-Announced Plan | |||||||||
July 2017 | 15,910 | $ | 46.63 | 15,910 | $ | 1,138 | |||||||
August 2017 | — | — | — | 1,138 | |||||||||
September 2017 | 3,819 | 46.63 | 3,819 | 960 | |||||||||
Total | 19,729 | 46.63 | 19,729 |
(1) | Excludes commissions. |
ITEM 6. EXHIBITS | ||||
Exhibit No. | Description | Location | ||
12† | Filed herewith. | |||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. | ||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. | ||
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. | ||
101.INS | XBRL Instance Document. | Filed herewith. | ||
101.SCH | XBRL Taxonomy Extension Schema. | Filed herewith. | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | Filed herewith. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. | ||
101.DEF | XBRL Taxonomy Definition Linkbase. | Filed herewith. |
BB&T CORPORATION (Registrant) | ||||
Date: | 10/27/2017 | By: | /s/ Daryl N. Bible | |
Daryl N. Bible Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||
Date: | 10/27/2017 | By: | /s/ Cynthia B. Powell | |
Cynthia B. Powell Executive Vice President and Corporate Controller (Principal Accounting Officer) |
Exhibit 12 | |||||||||||||||||||||||||||
Earnings To Fixed Charges | |||||||||||||||||||||||||||
BB&T Corporation | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before income taxes | $ | 2,450 | $ | 2,570 | $ | 3,500 | $ | 2,917 | $ | 3,127 | $ | 3,283 | $ | 2,945 | |||||||||||||
Plus: | |||||||||||||||||||||||||||
Fixed charges | 662 | 638 | 843 | 819 | 843 | 967 | 1,130 | ||||||||||||||||||||
Distributions from equity method investees | 3 | 3 | 5 | 8 | 9 | 9 | 6 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Capitalized interest | 1 | 2 | 3 | 2 | 1 | — | — | ||||||||||||||||||||
Income (loss) from equity method investees | (8 | ) | (7 | ) | (9 | ) | (3 | ) | — | 9 | 3 | ||||||||||||||||
Earnings | 3,122 | 3,216 | 4,354 | 3,745 | 3,978 | 4,250 | 4,078 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Interest on deposits | 240 | 190 | 251 | 233 | 239 | 301 | 429 | ||||||||||||||||||||
Earnings, excluding interest on deposits | $ | 2,882 | $ | 3,026 | $ | 4,103 | $ | 3,512 | $ | 3,739 | $ | 3,949 | $ | 3,649 | |||||||||||||
Fixed charges: | |||||||||||||||||||||||||||
Interest expense | $ | 585 | $ | 565 | $ | 745 | $ | 735 | $ | 768 | $ | 891 | $ | 1,060 | |||||||||||||
Capitalized interest | 1 | 2 | 3 | 2 | 1 | — | — | ||||||||||||||||||||
Interest portion of rent expense | 76 | 71 | 95 | 82 | 74 | 76 | 70 | ||||||||||||||||||||
Total fixed charges | 662 | 638 | 843 | 819 | 843 | 967 | 1,130 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Interest on deposits | 240 | 190 | 251 | 233 | 239 | 301 | 429 | ||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 422 | 448 | 592 | 586 | 604 | 666 | 701 | ||||||||||||||||||||
Dividends/accretion on preferred stock (1) | 182 | 176 | 239 | 203 | 210 | 222 | 90 | ||||||||||||||||||||
Total fixed charges and preferred dividends | $ | 844 | $ | 814 | $ | 1,082 | $ | 1,022 | $ | 1,053 | $ | 1,189 | $ | 1,220 | |||||||||||||
Total fixed charges and preferred dividends, excluding interest on deposits | $ | 604 | $ | 624 | $ | 831 | $ | 789 | $ | 814 | $ | 888 | $ | 791 | |||||||||||||
Earnings to fixed charges: | |||||||||||||||||||||||||||
Including interest on deposits | 4.72x | 5.04x | 5.16x | 4.57x | 4.72x | 4.40x | 3.61x | ||||||||||||||||||||
Excluding interest on deposits | 6.83x | 6.75x | 6.93x | 5.99x | 6.19x | 5.93x | 5.21x | ||||||||||||||||||||
Earnings to fixed charges and preferred dividends: | |||||||||||||||||||||||||||
Including interest on deposits | 3.70x | 3.95x | 4.02x | 3.66x | 3.78x | 3.57x | 3.34x | ||||||||||||||||||||
Excluding interest on deposits | 4.77x | 4.85x | 4.94x | 4.45x | 4.59x | 4.45x | 4.61x |
(1) | Dividends on preferred stock have been grossed up by the effective tax rate for the period. |
1. | I have reviewed this Quarterly Report on Form 10-Q of BB&T Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Kelly S. King |
Kelly S. King |
Chairman and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of BB&T Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Daryl N. Bible |
Daryl N. Bible |
Senior Executive Vice President and |
Chief Financial Officer |
1. | The Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kelly S. King |
Kelly S. King |
Chairman and Chief Executive Officer |
/s/ Daryl N. Bible |
Daryl N. Bible |
Senior Executive Vice President and |
Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2017
shares
| |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
Entity Registrant Name | BB&T CORP |
Trading Symbol | BBT |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q3 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 788,921,052 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
HTM securities, fair value | $ 23,392 | $ 16,546 |
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 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the consolidated financial statements and related notes of this Form 10-Q. General 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, 2016 should be referred to in connection with these unaudited interim consolidated financial statements. Reclassifications The Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 has been revised to correct errors in the classification of certain transactions related to other assets and other liabilities and were not material to prior consolidated financial statements. The revisions, which had no effect on the net change in cash and cash equivalents, increased cash from operating activities $337 million and decreased cash from investing activities and financing activities $221 million and $116 million, respectively. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. Changes in Accounting Principles and Effects of New Accounting Pronouncements Standards Adopted During Current Period - BB&T adopted the following guidance effective January 1, 2017, none of which were material to the consolidated financial statements: Stock Compensation - eliminated the concept of additional paid-in capital pools for equity-based awards and requires that the related excess tax benefits and tax deficiencies be recognized in earnings and classified as an operating activity in the statement of cash flows. The excess tax benefit for equity-based awards that vested or were exercised during the first quarter of 2017 was $35 million. The guidance also allows entities to make a one-time policy election to account for forfeitures when they occur, which BB&T has elected to do. Additionally, to retain equity classification, the guidance permits tax withholding up to the maximum statutory tax rate instead of the minimum statutory tax rate. Cash paid in lieu of shares for tax withholding purposes is classified as a financing activity in the Statement of Cash Flows. Investments - eliminated the requirement to retroactively adjust the financial statements when a change in ownership or influence causes an existing investment to qualify for the equity method of accounting. The guidance also requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Derivatives and Hedging - clarified that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. An entity performing the assessment will be required to assess the embedded call or put options solely in accordance with the pre-existing decision sequence. Business Combinations - provided clarification on the definition of a business and criteria to aid in the assessment of whether an integrated set of assets and activities constitutes a business. Premium Amortization on Purchased Callable Debt Securities - shortened the amortization period for the premium to the earliest call date. The amortization period for securities purchased at a discount was unaffected. Standards Not Yet Adopted - the adoption of the following guidance is not expected to be material to the consolidated financial statements unless otherwise specified: Statement of Cash Flows - requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance will only affect the Consolidated Statements of Cash Flows. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Statement of Cash Flows - clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Liabilities - requires companies to recognize breakage on prepaid stored-value products in accordance with the recently issued guidance on Revenue from Contracts with Customers. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Revenue from Contracts with Customers - 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. The new guidance does not have an impact on the components of the Consolidated Statement of Income most closely associated with financial instruments, including securities gains/losses and interest income. BB&T's evaluation of the impact of changes for in-scope items within noninterest income has not identified material changes. The Company continues to evaluate the related changes to disclosures that may be required. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, and will be adopted using the modified retrospective approach. Financial Instruments - requires the majority of equity investments to be measured at fair value with changes in fair value recognized in net income, excluding equity investments that are consolidated or accounted for under the equity method of accounting. The new guidance allows equity investments without readily determinable fair values to be measured at cost minus impairment, with a qualitative assessment required to identify impairment. For financial instruments recorded at amortized cost, the new guidance requires public companies to disclose all fair values using an exit price and eliminates the disclosure requirements related to measurement assumptions. The new guidance also requires separate presentation of financial assets and liabilities based on form and measurement category. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Leases - requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet. The new guidance also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. Upon adoption, the Company expects assets and liabilities will likely be significantly higher; however, the Company's implementation efforts are on-going, including the installation of a software solution, which will aid in determining the magnitude of the increases and its impact on the Consolidated Financial Statements. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Credit Losses - replaces the incurred loss impairment methodology in current GAAP 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 account for expected credit losses at the acquisition date that represents a component of the purchase price allocation. For AFS debt securities where the fair value is less than cost, any credit impairment will be recorded through an allowance for expected credit losses. Upon adoption, the Company expects that the ACL will likely be materially higher; however, the Company is still in the process of determining the magnitude of the increase and its impact on the Consolidated Financial Statements. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Intangibles—Goodwill and Other - simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost - 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 will be required to be presented in a separate line item. The guidance also specifies that only the service cost component will be eligible for capitalization. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Derivatives and Hedging - expands the risk management activities that qualify for hedge accounting, and simplifies certain hedge documentation and assessment requirements. Additionally, the guidance eliminates the concept of separately recording hedge ineffectiveness, and expands disclosure requirements of the impact of hedging relationships. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. |
Acquisitions and Divestitures |
9 Months Ended |
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Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures On April 1, 2016, BB&T acquired National Penn, resulting in the addition of $10.1 billion in assets and $6.6 billion of deposits. National Penn had 126 financial centers as of the acquisition date. On April 1, 2016, BB&T purchased insurance broker Swett & Crawford from Cooper Gay Swett & Crawford for $461 million in cash. See the Annual Report on Form 10-K for the year ended December 31, 2016 for additional information related to these transactions. |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables present the amortized cost, gross unrealized gains and losses, and fair values of AFS and HTM securities:
Certain investments in marketable debt securities and MBS issued by FNMA and FHLMC exceeded 10% of shareholders' equity at September 30, 2017. The FNMA investments had total amortized cost and fair value of $14.7 billion and $14.4 billion, respectively. The FHLMC investments had total amortized cost and fair value of $9.6 billion and $9.5 billion, respectively. Changes in credit losses on securities with OTTI where a portion of the unrealized loss was recognized in OCI was 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.
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:
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. At September 30, 2017, the majority of the unrealized losses on states and political subdivisions securities was the result of fair value hedge basis adjustments that are a component of amortized cost. These securities in an unrealized loss position are evaluated for credit impairment through a qualitative analysis of issuer performance and the primary source of repayment. At September 30, 2017, none of these securities had credit impairment. |
Loans and ACL |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and ACL | Loans and ACL During the first quarter of 2017, an other lending subsidiaries portfolio totaling $244 million was acquired. During the second quarter of 2017, residential mortgage loans totaling $300 million were sold, which included $40 million of nonaccrual loans and $199 million of performing TDRs. The following tables present loans and leases HFI by aging category:
The following tables present the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance:
The following tables present activity in the ACL for the periods presented:
The following table provides a summary of loans that are collectively evaluated for impairment:
The following tables set forth certain information regarding impaired loans, excluding PCI and LHFS, that were individually evaluated for impairment:
The following table presents a summary of TDRs, including trial modifications, all of which are considered impaired:
The following table summarizes the primary reason loan modifications were classified as TDRs and includes newly designated TDRs as well as modifications made to existing TDRs. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications include TDRs made with below market interest rates that also include modifications of loan structures.
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 $26 million and $19 million for the three months ended September 30, 2017 and 2016, respectively, and $71 million and $52 million for the nine months ended September 30, 2017 and 2016, respectively. Payment default is defined as movement of the TDR to nonaccrual status, foreclosure or charge-off, whichever occurs first. Information about PCI loans is presented in the following table:
The following table presents additional information about loans and leases:
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Goodwill and Other Intangible Assets |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below:
The adjustments to goodwill were primarily the result of finalizing the purchase price allocation for National Penn and Swett & Crawford. The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:
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Loan Servicing |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing | Loan Servicing Residential Mortgage Banking Activities The following tables summarize residential mortgage banking activities:
During the third quarter of 2016, the Company paid $83 million to settle certain FHA loan origination and quality control matters pursuant to an agreement with the Department of Justice. In addition, the Company separately received recoveries of $71 million, resulting in a net benefit of $73 million for the third quarter of 2016, which was included in other expense on the Consolidated Statements of Income.
The sensitivity of the fair value of the residential MSRs to changes in key assumptions is included in the accompanying table:
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:
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Deposits |
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits A summary of deposits is presented in the accompanying table:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt The following table presents a summary of long-term debt:
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 the first quarter of 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. During October 2017, BB&T issued $2.3 billion of fixed and floating rate debt with maturities ranging from 2021 to 2024. |
Shareholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity The activity relating to restricted shares/units during the period is presented in the following table:
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AOCI |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AOCI | AOCI Activity within AOCI is presented in the following tables:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended September 30, 2017 and 2016 were 31.2% and 29.8%, respectively. The effective tax rates for the nine months ended September 30, 2017 and 2016 were 28.7% and 30.0%, respectively. The effective tax rate for the nine months ended September 30, 2017 was lower than the corresponding period in 2016 primarily due to the excess tax benefits from equity-based compensation plans and the tax benefits associated with using the marginal income tax rate for the loss on the early extinguishment of debt. |
Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans
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 $347 million were made during the nine months ended September 30, 2017. There are no required contributions for the remainder of 2017, though BB&T may elect to make additional discretionary contributions. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies
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 have been excluded from the following table.
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Fair Value Disclosures |
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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:
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. Trading securities: Trading securities include various types of debt and equity securities, primarily consisting of debt securities issued by the U.S. Treasury, GSEs, or states and political subdivisions. The valuation techniques used for these investments are more fully discussed below. U.S. Treasury securities: Treasury securities are valued using quoted prices in active over-the-counter markets. GSE securities and 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 mutual funds and corporate bonds. These securities are valued based on a review of quoted market prices for assets as well as through the various other inputs discussed previously. 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. 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. The following tables summarize activity for Level 3 assets and liabilities:
BB&T’s policy is to recognize transfers between levels as of the end of a reporting period. The non-agency MBS categorized as Level 3 represent ownership interest 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 September 30, 2017, the fair value of Re-REMIC non-agency MBS represented a discount of 18.5% 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 through 2026, is uncertain and dependent on various events such as recapitalizations, refinance transactions and ownership changes among others. Excluding the investment of future funds, BB&T estimates these investments have a weighted average remaining life of approximately three years; however, the timing and amount of distributions may vary significantly. As of September 30, 2017, 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 5x to 12x, with a weighted average of 8x, at September 30, 2017. The following table details the fair value and UPB of LHFS that were elected to be carried at fair value:
Excluding government guaranteed, LHFS that were in nonaccrual status or 90 days or more past due and still accruing interest were not material at September 30, 2017. 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).
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:
The following is a summary of selected information pertaining to off-balance sheet financial instruments:
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The following table presents the notional amount and estimated fair value of derivative instruments:
The fair values of derivatives in a gain or loss position are presented on a gross basis in other assets or other liabilities, respectively, in the Consolidated Balance Sheets. Collateral practices mitigate the potential loss impact to affected parties by requiring liquid collateral to be posted on a scheduled basis to secure the aggregate net unsecured exposure. In addition to collateral, the right of setoff allows counterparties to offset net derivative values with a defaulting party against certain other contractual receivables from or obligations due to the defaulting party in determining the net termination amount. No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The ineffective portion was immaterial for all periods presented. The following tables present the effective portion of hedging derivative instruments on the consolidated statements of income:
The following table provides a summary of derivative strategies and the related accounting treatment:
The following table presents information about BB&T's cash flow and fair value hedges:
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 Certain derivatives are cleared through central clearing parties that require initial margin collateral, as well as collateral for trades in a net loss position. Initial margin collateral requirements are established by central clearing parties on varying bases, with such amounts generally designed to offset the risk of non-payment. Initial margin is generally calculated by applying the maximum loss experienced in value over a specified time horizon to the portfolio of existing trades. The central clearing party used for TBA transactions does not post variation margin to the bank. The following table summarizes collateral positions with counterparties:
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Computation of EPS |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table:
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Operating Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments | Operating Segments The financial information related to National Penn's operations was included in the Other, Treasury & Corporate segment from the date of acquisition until the systems conversion, which occurred during July 2016. The majority of National Penn's operations are now included in Community Banking. During the second quarter of 2017, a change was made in the method for allocation of capital to the operating segments impacting both the allocated balances and funding credit, resulting primarily in an increase to net interest income in the Residential Mortgage segment, offset by the Other, Treasury & Corporate segment. Results for prior periods have been revised to reflect the changes in allocation methodology, which are not considered significant to other segments. Segment Realignment Effective January 2017, several business activities were realigned within the segments. First, certain client relationships with $218 million of loans and $2.0 billion of deposits were no longer included in Financial Services and are only reported in Community Banking as the result of client re-segmentation. Second, the Mortgage Warehouse Lending and Domestic Factoring businesses within Specialized Lending were moved to Residential Mortgage Banking and Other, Treasury & Corporate, respectively, to align with changes in the internal management structure. Third, the International division was restructured with components integrated into Community Banking and Financial Services from Other, Treasury & Corporate also to align with changes in the internal management structure. The segment information presented herein reflects the impact of the realignment. Community Banking Community Banking serves individual and business clients by offering a variety of loan and deposit products and other financial services. Community Banking is primarily responsible for serving client relationships and, therefore, is credited with certain revenue from Residential Mortgage Banking, Financial Services, Insurance Holdings and Specialized Lending, which is reflected in net referral fees. Residential Mortgage Banking Residential Mortgage Banking retains and services mortgage loans originated by BB&T as well as those purchased from various correspondent originators. Mortgage loan products include fixed and adjustable rate government and conventional loans for the purpose of constructing, purchasing or refinancing residential properties. Substantially all of the properties are owner occupied. BB&T generally retains the servicing rights to loans sold. Residential Mortgage Banking earns interest on loans held in the warehouse and portfolio, earns fee income from the origination and servicing of mortgage loans and recognizes gains or losses from the sale of mortgage loans. Residential Mortgage Banking also includes Mortgage Warehouse Lending which provides short-term lending solutions to finance first-lien residential mortgage LHFS by independent mortgage companies. Dealer Financial Services Dealer Financial Services originates loans to consumers on a prime and nonprime basis for the purchase of automobiles. Such loans are originated on an indirect basis through approved franchised and independent automobile dealers throughout the BB&T market area and nationally through Regional Acceptance Corporation. This segment also originates loans for the purchase of boats and recreational vehicles originated through dealers in BB&T’s market area. In addition, financing and servicing to dealers for their inventories is provided through a joint relationship between Dealer Financial Services and Community Banking. Specialized Lending Specialized Lending consists of BUs and subsidiaries that provide specialty finance products to consumers and businesses. The BUs include Sheffield Financial and Governmental Finance. Sheffield Financial is a dealer-based financer of small ticket equipment for both businesses and consumers. Governmental Finance provides tax-exempt financing to meet the capital project needs of local governments. Operating subsidiaries include BB&T Equipment Finance and BB&T Commercial Equipment Capital, which provide equipment leasing for large and small-to-middle market clients primarily within BB&T’s banking footprint; Prime Rate Premium Finance Corporation, which includes AFCO and CAFO, insurance premium finance subsidiaries that provide funding to businesses in the United States and Canada and to consumers in certain markets within BB&T’s banking footprint; and Grandbridge, a full-service commercial mortgage banking lender providing loans on a national basis. Branch Bank clients as well as nonbank clients within and outside BB&T’s primary geographic market area are served by these subsidiaries and BUs. The Community Banking and Financial Services segments receive credit for referrals to these BUs with the corresponding charge retained as part of Other, Treasury & Corporate in the accompanying tables. Insurance Holdings BB&T's insurance agency / brokerage network is the fifth largest in the world. Insurance Holdings provides property and casualty, employee benefits and life insurance to businesses and individuals. It also provides small business and corporate services, such as workers compensation and professional liability, as well as surety coverage and title insurance. Community Banking and Financial Services receive credit for insurance commissions on referred accounts, with the corresponding charge retained as part of Other, Treasury & Corporate in the accompanying tables. Financial Services Financial Services provides personal trust administration, estate planning, investment counseling, wealth management, asset management, corporate retirement services, corporate banking and corporate trust services. Financial Services also offers clients investment alternatives, including discount brokerage services, equities, fixed-rate and variable-rate annuities, mutual funds and governmental and municipal bonds through BB&T Investment Services, Inc. Financial Services includes BB&T Securities, a full-service brokerage and investment banking firm that provides services in retail brokerage, equity and debt underwriting and investment advice and facilitates the origination, trading and distribution of fixed-income securities and equity products in both the public and private capital markets. BB&T Securities also has a public finance department that provides investment banking services, financial advisory services and municipal bond financing to a variety of regional taxable and tax-exempt issuers. Financial Services includes a group of consolidated SBIC private equity and mezzanine investment funds that invest in privately owned middle-market operating companies to facilitate growth or ownership transition. Financial Services also includes the Corporate Banking Division that originates and services large corporate relationships, syndicated lending relationships and client derivatives. Community Banking receives an interoffice credit for referral fees, with the corresponding charge retained as part of Other, Treasury & Corporate in the accompanying tables. Also captured within the net intersegment interest income for Financial Services is the NIM for the loans and deposits associated with client relationships assigned to the Wealth Division that are housed in the Community Bank. Other, Treasury & Corporate Other, Treasury & Corporate is the combination of the Other segment that represents operating entities that do not meet the quantitative or qualitative thresholds for disclosure; BB&T’s Treasury function, which is responsible for the management of the securities portfolios, overall balance sheet funding and liquidity, and overall management of interest rate risk; the corporate support functions that have not been allocated to the business segments; certain merger-related charges or credits that are incurred as part of the acquisition and conversion of acquired entities; certain charges that are considered to be unusual in nature and not reflective of the normal operations of the segments; and intercompany eliminations including intersegment net referral fees and net intersegment interest income (expense). The investment balances and results related to affordable housing investments are included in the Other, Treasury & Corporate segment. PCI loans from the Colonial acquisition and related net interest income are also included in this segment. Performance results of bank acquisitions prior to system conversion are typically reported in this segment and on a post-conversion date are reported in the Community Banking segment and other segments as applicable.
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Basis of Presentation (Policy) |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications The Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 has been revised to correct errors in the classification of certain transactions related to other assets and other liabilities and were not material to prior consolidated financial statements. The revisions, which had no effect on the net change in cash and cash equivalents, increased cash from operating activities $337 million and decreased cash from investing activities and financing activities $221 million and $116 million, respectively. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standards Adopted During Current Period - BB&T adopted the following guidance effective January 1, 2017, none of which were material to the consolidated financial statements: Stock Compensation - eliminated the concept of additional paid-in capital pools for equity-based awards and requires that the related excess tax benefits and tax deficiencies be recognized in earnings and classified as an operating activity in the statement of cash flows. The excess tax benefit for equity-based awards that vested or were exercised during the first quarter of 2017 was $35 million. The guidance also allows entities to make a one-time policy election to account for forfeitures when they occur, which BB&T has elected to do. Additionally, to retain equity classification, the guidance permits tax withholding up to the maximum statutory tax rate instead of the minimum statutory tax rate. Cash paid in lieu of shares for tax withholding purposes is classified as a financing activity in the Statement of Cash Flows. Investments - eliminated the requirement to retroactively adjust the financial statements when a change in ownership or influence causes an existing investment to qualify for the equity method of accounting. The guidance also requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Derivatives and Hedging - clarified that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. An entity performing the assessment will be required to assess the embedded call or put options solely in accordance with the pre-existing decision sequence. Business Combinations - provided clarification on the definition of a business and criteria to aid in the assessment of whether an integrated set of assets and activities constitutes a business. Premium Amortization on Purchased Callable Debt Securities - shortened the amortization period for the premium to the earliest call date. The amortization period for securities purchased at a discount was unaffected. Standards Not Yet Adopted - the adoption of the following guidance is not expected to be material to the consolidated financial statements unless otherwise specified: Statement of Cash Flows - requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance will only affect the Consolidated Statements of Cash Flows. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Statement of Cash Flows - clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Liabilities - requires companies to recognize breakage on prepaid stored-value products in accordance with the recently issued guidance on Revenue from Contracts with Customers. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Revenue from Contracts with Customers - 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. The new guidance does not have an impact on the components of the Consolidated Statement of Income most closely associated with financial instruments, including securities gains/losses and interest income. BB&T's evaluation of the impact of changes for in-scope items within noninterest income has not identified material changes. The Company continues to evaluate the related changes to disclosures that may be required. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, and will be adopted using the modified retrospective approach. Financial Instruments - requires the majority of equity investments to be measured at fair value with changes in fair value recognized in net income, excluding equity investments that are consolidated or accounted for under the equity method of accounting. The new guidance allows equity investments without readily determinable fair values to be measured at cost minus impairment, with a qualitative assessment required to identify impairment. For financial instruments recorded at amortized cost, the new guidance requires public companies to disclose all fair values using an exit price and eliminates the disclosure requirements related to measurement assumptions. The new guidance also requires separate presentation of financial assets and liabilities based on form and measurement category. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Leases - requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet. The new guidance also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. Upon adoption, the Company expects assets and liabilities will likely be significantly higher; however, the Company's implementation efforts are on-going, including the installation of a software solution, which will aid in determining the magnitude of the increases and its impact on the Consolidated Financial Statements. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Credit Losses - replaces the incurred loss impairment methodology in current GAAP 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 account for expected credit losses at the acquisition date that represents a component of the purchase price allocation. For AFS debt securities where the fair value is less than cost, any credit impairment will be recorded through an allowance for expected credit losses. Upon adoption, the Company expects that the ACL will likely be materially higher; however, the Company is still in the process of determining the magnitude of the increase and its impact on the Consolidated Financial Statements. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Intangibles—Goodwill and Other - simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost - 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 will be required to be presented in a separate line item. The guidance also specifies that only the service cost component will be eligible for capitalization. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Derivatives and Hedging - expands the risk management activities that qualify for hedge accounting, and simplifies certain hedge documentation and assessment requirements. Additionally, the guidance eliminates the concept of separately recording hedge ineffectiveness, and expands disclosure requirements of the impact of hedging relationships. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. |
Securities (Tables) |
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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:
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Summary of HTM Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair values of AFS and HTM securities:
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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.
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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:
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Loans and ACL (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aging Analysis of Past Due Loans and Leases | The following tables present loans and leases HFI by aging category:
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Schedule of Carrying Amounts by Risk Rating | The following tables present the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance:
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Summary of Allowance for Credit Losses | The following tables present activity in the ACL for the periods presented:
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Summary Of Loans Collectively Evaluated For Impairment | The following table provides a summary of loans that are collectively evaluated for impairment:
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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:
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Schedule of Performing and Nonperforming TDRs | The following table presents a summary of TDRs, including trial modifications, all of which are considered impaired:
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Summary Of Reason For Classification As TDRs | The following table summarizes the primary reason loan modifications were classified as TDRs and includes newly designated TDRs as well as modifications made to existing TDRs. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications include TDRs made with below market interest rates that also include modifications of loan structures.
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Schedule of Changes in Accretable Yield of PCI Loans | Information about PCI loans is presented in the following table:
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Selected Information About Loans and Leases | The following table presents additional information about loans and leases:
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amounts of Goodwill Attributable to Operating Segments | The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below:
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Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:
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Loan Servicing (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage banking activities:
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Loan Servicing Activity and Data |
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Analysis of Activity in Residential MSRs |
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Residential MSRs Sensitivity | The sensitivity of the fair value of the residential MSRs to changes in key assumptions is included in the accompanying table:
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Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage banking activities for the periods presented:
|
Deposits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | A summary of deposits is presented in the accompanying table:
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | The following table presents a summary of long-term debt:
|
Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Shares and RSUs Activity Roll Forward | The activity relating to restricted shares/units during the period is presented in the following table:
|
AOCI (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI | Activity within AOCI is presented in the following tables:
|
Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost |
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments and Contingencies |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 have been excluded from the following table.
|
Fair Value Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
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Rollforward of Level 3 Assets and Liabilities | The following tables summarize activity for Level 3 assets and liabilities:
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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:
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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).
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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:
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Selected Information Pertaining to Off-Balance Sheet Financial Instruments | The following is a summary of selected information pertaining to off-balance sheet financial instruments:
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative instruments:
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The Effect of Derivative Instruments on the Consolidated Statements of Income | The following tables present the effective portion of hedging derivative instruments on the consolidated statements of income:
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Deferred Gains and Losses from Hedges | The following table presents information about BB&T's cash flow and fair value hedges:
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Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties:
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Computation of EPS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table:
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Operating Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
|
Basis of Presentation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net Change in Cash and Cash Equivalents | $ (1,238) | $ (739) | |||
Net Cash Provided by (Used in) Operating Activities | 2,959 | 637 | |||
Net Cash Provided by (Used in) Investing Activities | (3,143) | (2,707) | |||
Net Cash Provided by (Used in) Financing Activities | (1,054) | 1,331 | |||
Excess tax benefits | $ (294) | $ (273) | $ (702) | (771) | |
Vested or Exercised | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Excess tax benefits | $ 35 | ||||
Effect of Correction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net Change in Cash and Cash Equivalents | 0 | ||||
Net Cash Provided by (Used in) Operating Activities | 337 | ||||
Net Cash Provided by (Used in) Investing Activities | (221) | ||||
Net Cash Provided by (Used in) Financing Activities | $ (116) |
Acquisitions and Divestitures - Narrative (Details) $ in Millions |
Apr. 01, 2016
USD ($)
branch
|
---|---|
Swett & Crawford | |
Business Acquisition [Line Items] | |
Cash paid for acquisition of business | $ 461 |
National Penn Bancshares, Inc. | |
Business Acquisition [Line Items] | |
Assets | 10,100 |
Deposits | $ 6,600 |
Number of financial centers | branch | 126 |
Securities - Narrative (Details) $ in Billions |
Sep. 30, 2017
USD ($)
|
---|---|
FNMA investments | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities, amortized cost | $ 14.7 |
Securities, fair value | 14.4 |
FHLMC investments | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities, amortized cost | 9.6 |
Securities, fair value | $ 9.5 |
Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
AFS, Amortized Cost | ||
Due in one year or less | $ 254 | |
Due after one year through five years | 535 | |
Due after five years through ten years | 2,367 | |
Due after ten years | 20,294 | |
Total debt securities | 23,450 | |
AFS, Fair Value | ||
Due in one year or less | 254 | |
Due after one year through five years | 539 | |
Due after five years through ten years | 2,305 | |
Due after ten years | 20,086 | |
Total debt securities | 23,184 | |
HTM, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 1,962 | |
Due after five years through ten years | 1,389 | |
Due after ten years | 20,096 | |
Total debt securities | 23,447 | $ 16,680 |
HTM, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1,987 | |
Due after five years through ten years | 1,385 | |
Due after ten years | 20,020 | |
Total debt securities | $ 23,392 | $ 16,546 |
Loans and ACL - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Loan Information [Line Items] | ||||||
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $ 26 | $ 19 | $ 71 | $ 52 | ||
Other lending subsidiaries | ||||||
Loan Information [Line Items] | ||||||
Purchased loan portfolio | $ 244 | |||||
Residential mortgage | ||||||
Loan Information [Line Items] | ||||||
Loans sold | $ 300 | |||||
Residential mortgage | Nonaccrual | ||||||
Loan Information [Line Items] | ||||||
Loans sold | 40 | |||||
Residential mortgage | Performing TDRs | ||||||
Loan Information [Line Items] | ||||||
Loans sold | $ 199 |
Loans and ACL - Changes in Accretable Yield for PCI Loans (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Purchased Impaired | ||
Information About PCI Loans | ||
Accretable yield at beginning of period | $ 253 | $ 189 |
Additions | 0 | 36 |
Accretion | (67) | (134) |
Other, net | 25 | 162 |
Accretable yield at end of period | 211 | 253 |
Carrying value at end of period | 464 | 614 |
Outstanding UPB at end of period | 719 | 910 |
Purchased Nonimpaired | ||
Information About PCI Loans | ||
Accretable yield at beginning of period | 155 | 176 |
Additions | 0 | 0 |
Accretion | (44) | (73) |
Other, net | 30 | 52 |
Accretable yield at end of period | 141 | 155 |
Carrying value at end of period | 247 | 296 |
Outstanding UPB at end of period | $ 343 | $ 423 |
Loans and ACL - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Receivables [Abstract] | ||
Unearned income, discounts and net deferred loan fees and costs, excluding PCI | $ 143 | $ 265 |
Residential mortgage loans in process of foreclosure | $ 305 | $ 366 |
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,071 | $ 2,074 |
Accumulated Amortization | (1,326) | (1,220) |
Net Carrying Amount | 745 | 854 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 825 | 825 |
Accumulated Amortization | (614) | (565) |
Net Carrying Amount | 211 | 260 |
Other, primarily customer relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,246 | 1,249 |
Accumulated Amortization | (712) | (655) |
Net Carrying Amount | $ 534 | $ 594 |
Loan Servicing - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Transfers and Servicing [Abstract] | |
Payment for settlement of FHA matters | $ 83 |
Separate recoveries on FHA matter | 71 |
Net benefit related to FHA matter | $ 73 |
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Transfers and Servicing [Abstract] | ||
UPB of residential mortgage and home equity loan servicing portfolio | $ 118,736 | $ 121,639 |
UPB of residential mortgage loans serviced for others (primarily agency conforming fixed rate) | 89,391 | 90,325 |
Mortgage loans sold with recourse | 514 | 578 |
Maximum recourse exposure from mortgage loans sold with recourse liability | 261 | 282 |
Indemnification, recourse and repurchase reserves | $ 39 | $ 40 |
Loan Servicing - Summary of Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Transfers and Servicing [Abstract] | ||
UPB of residential mortgage loans sold from LHFS | $ 9,478 | $ 11,098 |
Pre-tax gains recognized on mortgage loans sold and held for sale | 114 | 105 |
Servicing fees recognized from mortgage loans serviced for others | $ 197 | $ 201 |
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 | 4.00% | 4.06% |
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning of period | $ 1,052 | |
Change in fair value due to changes in valuation inputs or assumptions: | ||
MSRs, carrying value, end of period | 1,044 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning of period | 915 | $ 880 |
Additions | 93 | 99 |
Change in fair value due to changes in valuation inputs or assumptions: | ||
Prepayment speeds | (56) | (180) |
OAS | 47 | 9 |
Servicing Costs | 9 | 2 |
Realization of expected net servicing cash flows, passage of time and other | (104) | (103) |
MSRs, carrying value, end of period | 904 | 707 |
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ 12 | $ 224 |
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 1,044 | $ 1,052 |
UPB of CRE mortgages serviced for others | 28,122 | 29,333 |
CRE mortgages serviced for others covered by recourse provisions | 4,307 | 4,240 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,244 | 1,272 |
Recorded reserves related to recourse exposure | 6 | 7 |
CRE mortgages originated during the year-to-date period | 4,969 | 7,145 |
Commercial Real Estate | ||
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 140 | $ 137 |
Deposits (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 54,049 | $ 50,697 |
Interest checking | 26,575 | 30,263 |
Money market and savings | 60,904 | 64,883 |
Time deposits | 14,607 | 14,391 |
Total deposits | 156,135 | 160,234 |
Time deposits $100,000 and greater | 6,542 | 5,394 |
Time deposits $250,000 and greater | $ 3,831 | $ 2,179 |
Long-Term Debt - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Oct. 31, 2017 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | ||||||
Loss (gain) on early extinguishment of debt | $ 0 | $ 0 | $ 392 | $ (1) | ||
BB&T Corporation | Senior notes | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of debt | $ 2,300 | |||||
Branch Bank | FHLB Advances | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of long-term debt | $ 2,900 | |||||
Loss (gain) on early extinguishment of debt | $ 392 |
Shareholders' Equity - Restricted Shares and RSUs Activity Roll Forward (Details) shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
$ / shares
shares
| |
Restricted Shares/Units | |
Nonvested at beginning of period (in shares) | shares | 13,516 |
Granted (in shares) | shares | 3,909 |
Vested (in shares) | shares | (3,832) |
Forfeited (in shares) | shares | (285) |
Nonvested at end of period (in shares) | shares | 13,308 |
Expected to vest at end of period (in shares) | shares | 12,297 |
Wtd. Avg. Grant Date Fair Value | |
Nonvested at beginning of period (in usd per share) | $ / shares | $ 29.39 |
Granted (in usd per share) | $ / shares | 42.88 |
Vested (in usd per share) | $ / shares | 27.18 |
Forfeited (in usd per share) | $ / shares | 33.01 |
Nonvested at end of period (in usd per share) | $ / shares | 33.92 |
Expected to vest at end of period (in usd per share) | $ / shares | $ 33.92 |
Income Taxes - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 31.20% | 29.80% | 28.70% | 30.00% |
Benefit Plans - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Qualified Plans | |
Qualified Plan Contributions | |
Discretionary contributions | $ 347 |
Benefit Plans - Benefit Plan Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Qualified Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 45 | $ 44 | $ 143 | $ 130 |
Interest cost | 43 | 41 | 130 | 122 |
Estimated return on plan assets | (93) | (82) | (278) | (244) |
Amortization and other | 14 | 18 | 47 | 51 |
Net periodic benefit cost | 9 | 21 | 42 | 59 |
Nonqualified Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 3 | 9 | 9 |
Interest cost | 5 | 5 | 14 | 14 |
Estimated return on plan assets | 0 | 0 | 0 | 0 |
Amortization and other | 4 | 3 | 10 | 9 |
Net periodic benefit cost | $ 11 | $ 11 | $ 33 | $ 32 |
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit | $ 2,658 | $ 2,786 |
Carrying amount of the liability for letters of credit | 22 | 27 |
Investments in affordable housing and historic building rehabilitation projects: | ||
Carrying amount | 2,018 | 1,719 |
Amount of future funding commitments included in carrying amount | 971 | 738 |
Lending exposure | 547 | 495 |
Tax credits subject to recapture | 450 | 413 |
Private equity investments | 426 | 362 |
Future funding commitments to private equity investments | $ 136 | $ 197 |
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Pledged securities | $ 14,457 | $ 15,549 |
Pledged loans | $ 74,411 | $ 75,015 |
Fair Value Disclosures - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Non-agency MBS | Re-REMIC Trusts | 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 vaue of the underlying securities, percentage | 18.50% |
Private Equity Investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average remaining life of private equity and similar investments | 3 years |
Private Equity Investments | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 5 |
Private Equity Investments | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 12 |
Private Equity Investments | Weighted average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 8 |
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets | ||
Trading securities | $ 1,089 | $ 748 |
AFS securities | 23,184 | 26,926 |
LHFS at fair value | 1,217 | 1,716 |
MSRs | 1,044 | 1,052 |
Derivative assets | 528 | 822 |
Private equity investments | 413 | 362 |
Total assets | 27,475 | 31,626 |
Liabilities [Abstract] | ||
Derivative liabilities | 731 | 1,003 |
Securities sold short | 82 | 137 |
Total liabilities | 813 | 1,140 |
Level 1 | ||
Assets | ||
Trading securities | 346 | 324 |
AFS securities | 5 | 8 |
LHFS at fair value | 0 | 0 |
MSRs | 0 | 0 |
Derivative assets | 0 | 0 |
Private equity investments | 0 | 0 |
Total assets | 351 | 332 |
Liabilities [Abstract] | ||
Derivative liabilities | 1 | 0 |
Securities sold short | 0 | 0 |
Total liabilities | 1 | 0 |
Level 2 | ||
Assets | ||
Trading securities | 743 | 424 |
AFS securities | 22,722 | 26,411 |
LHFS at fair value | 1,217 | 1,716 |
MSRs | 0 | 0 |
Derivative assets | 520 | 815 |
Private equity investments | 0 | 0 |
Total assets | 25,202 | 29,366 |
Liabilities [Abstract] | ||
Derivative liabilities | 727 | 983 |
Securities sold short | 82 | 137 |
Total liabilities | 809 | 1,120 |
Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
AFS securities | 457 | 507 |
LHFS at fair value | 0 | 0 |
MSRs | 1,044 | 1,052 |
Derivative assets | 8 | 7 |
Private equity investments | 413 | 362 |
Total assets | 1,922 | 1,928 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 20 |
Securities sold short | 0 | 0 |
Total liabilities | 3 | 20 |
U.S. Treasury | ||
Assets | ||
AFS securities | 2,111 | 2,587 |
U.S. Treasury | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
U.S. Treasury | Level 2 | ||
Assets | ||
AFS securities | 2,111 | 2,587 |
U.S. Treasury | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | ||
Assets | ||
AFS securities | 182 | 180 |
GSE | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | Level 2 | ||
Assets | ||
AFS securities | 182 | 180 |
GSE | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | ||
Assets | ||
AFS securities | 18,676 | 21,264 |
Agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | Level 2 | ||
Assets | ||
AFS securities | 18,676 | 21,264 |
Agency MBS | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | ||
Assets | ||
AFS securities | 1,599 | 2,205 |
States and political subdivisions | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | Level 2 | ||
Assets | ||
AFS securities | 1,599 | 2,205 |
States and political subdivisions | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | ||
Assets | ||
AFS securities | 608 | 679 |
Non-agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | Level 2 | ||
Assets | ||
AFS securities | 151 | 172 |
Non-agency MBS | Level 3 | ||
Assets | ||
AFS securities | 457 | 507 |
Other | ||
Assets | ||
AFS securities | 8 | 11 |
Other | Level 1 | ||
Assets | ||
AFS securities | 5 | 8 |
Other | Level 2 | ||
Assets | ||
AFS securities | 3 | 3 |
Other | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Interest rate contracts | ||
Assets | ||
Derivative assets | 523 | 814 |
Liabilities [Abstract] | ||
Derivative liabilities | 725 | 998 |
Interest rate contracts | Level 1 | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 1 | 0 |
Interest rate contracts | Level 2 | ||
Assets | ||
Derivative assets | 515 | 807 |
Liabilities [Abstract] | ||
Derivative liabilities | 721 | 978 |
Interest rate contracts | Level 3 | ||
Assets | ||
Derivative assets | 8 | 7 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 20 |
Foreign exchange contracts | ||
Assets | ||
Derivative assets | 5 | 8 |
Liabilities [Abstract] | ||
Derivative liabilities | 6 | 5 |
Foreign exchange contracts | Level 1 | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Level 2 | ||
Assets | ||
Derivative assets | 5 | 8 |
Liabilities [Abstract] | ||
Derivative liabilities | 6 | 5 |
Foreign exchange contracts | Level 3 | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
Non-agency MBS | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at beginning of period | $ 474 | $ 559 | $ 507 | $ 626 | |||
Included in earnings | [1] | 8 | 6 | 31 | 38 | ||
Included in unrealized net holding gains (losses) in OCI | (7) | (5) | (27) | (50) | |||
Purchases | 0 | 0 | 0 | 0 | |||
Issuances | 0 | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | 0 | |||
Settlements | (18) | (21) | (54) | (75) | |||
Transfers into Level 3 | 0 | 0 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |||
Adoption of fair value option for commercial MSRs | 0 | ||||||
Balance at end of period | 457 | 539 | 457 | 539 | |||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 9 | 6 | 31 | 38 | |||
MSRs | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at beginning of period | 1,052 | 785 | 1,052 | 880 | |||
Included in earnings | [1] | 4 | 42 | 24 | (154) | ||
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Issuances | 30 | 44 | 93 | 100 | |||
Sales | 0 | 0 | 0 | 0 | |||
Settlements | (42) | (43) | (125) | (121) | |||
Transfers into Level 3 | 0 | 0 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |||
Adoption of fair value option for commercial MSRs | 123 | ||||||
Balance at end of period | 1,044 | 828 | 1,044 | 828 | |||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 4 | 42 | 24 | (154) | |||
Net Derivatives | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at beginning of period | 3 | 33 | (13) | 4 | |||
Included in earnings | [1] | 11 | 45 | 30 | 101 | ||
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Issuances | 15 | 22 | 39 | 85 | |||
Sales | 0 | 0 | 0 | 0 | |||
Settlements | (24) | (80) | (51) | (170) | |||
Transfers into Level 3 | 0 | 0 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |||
Adoption of fair value option for commercial MSRs | 0 | ||||||
Balance at end of period | 5 | 20 | 5 | 20 | |||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 5 | 20 | 5 | 20 | |||
Private Equity Investments | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at beginning of period | 394 | 353 | 362 | 289 | |||
Included in earnings | [1] | 21 | 3 | 26 | 6 | ||
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 9 | 15 | 84 | 89 | |||
Issuances | 0 | 0 | 0 | 0 | |||
Sales | (11) | (29) | (41) | (37) | |||
Settlements | 0 | (2) | (5) | (7) | |||
Transfers into Level 3 | 0 | 0 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | (13) | 0 | |||
Adoption of fair value option for commercial MSRs | 0 | ||||||
Balance at end of period | 413 | 340 | 413 | 340 | |||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 16 | $ 1 | $ 16 | $ 1 | |||
|
Fair Value Disclosures - Loans Held for Sale (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Fair Value | $ 1,217 | $ 1,716 |
Aggregate UPB | 1,197 | 1,736 |
Difference | $ 20 | $ (20) |
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | $ 198 | $ 314 | $ 198 | $ 314 |
Valuation Adjustments | (4) | (22) | (18) | (76) |
Foreclosed real estate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 46 | 58 | 46 | 58 |
Valuation Adjustments | $ (66) | $ (59) | $ (192) | $ (160) |
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financial assets: | ||
HTM securities | $ 23,447 | $ 16,680 |
Loans and leases HFI, net of ALLL | 141,316 | 141,833 |
Financial liabilities: | ||
Deposits | 156,135 | 160,234 |
Long-term debt | 20,863 | 21,965 |
Carrying Amount | ||
Financial assets: | ||
HTM securities | 23,447 | 16,680 |
Loans and leases HFI, net of ALLL | 141,316 | 141,833 |
Financial liabilities: | ||
Deposits | 156,135 | 160,234 |
Long-term debt | 20,863 | 21,965 |
Fair Value | ||
Financial assets: | ||
HTM securities | 23,392 | 16,546 |
Loans and leases HFI, net of ALLL | 141,258 | 142,044 |
Financial liabilities: | ||
Deposits | 156,234 | 160,403 |
Long-term debt | 21,117 | 22,423 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 23,392 | 16,546 |
Loans and leases HFI, net of ALLL | 0 | 0 |
Financial liabilities: | ||
Deposits | 156,234 | 160,403 |
Long-term debt | 21,117 | 22,423 |
Fair Value | Level 3 | ||
Financial assets: | ||
HTM securities | 0 | 0 |
Loans and leases HFI, net of ALLL | 141,258 | 142,044 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 0 | $ 0 |
Fair Value Disclosures - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitments to extend, originate or purchase credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | $ 67,529 | $ 64,395 |
Fair Value | 274 | 250 |
Residential mortgage loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 514 | 578 |
Fair Value | 6 | 7 |
Other loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 4,307 | 4,240 |
Fair Value | 6 | 7 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 2,658 | 2,786 |
Fair Value | $ 22 | $ 27 |
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 72,484 | $ 78,277 |
Fair Value, Gain | 528 | 822 |
Fair Value, Loss | (731) | (1,003) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | (306) | (443) |
Cash collateral (received) posted | (40) | (119) |
Net amount | 182 | 260 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | 306 | 443 |
Cash collateral (received) posted | 375 | 450 |
Net amount | (50) | (110) |
Cash flow hedges | Interest rate contracts | Pay Fixed Swaps [Member] | 3 mo. LIBOR funding | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 6,500 | 7,050 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (200) | (187) |
Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 18,769 | 15,466 |
Fair Value, Gain | 160 | 206 |
Fair Value, Loss | (176) | (186) |
Fair value hedges | Interest rate contracts | Pay Fixed Swaps [Member] | Commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 374 | 346 |
Fair Value, Gain | 3 | 4 |
Fair Value, Loss | (1) | (2) |
Fair value hedges | Interest rate contracts | Pay Fixed Swaps [Member] | Municipal securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 231 | 231 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (81) | (83) |
Fair value hedges | Interest rate contracts | Receive Fixed Swaps [Member] | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 12,827 | 12,099 |
Fair Value, Gain | 157 | 202 |
Fair Value, Loss | (93) | (100) |
Fair value hedges | Interest rate contracts | Options | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 5,337 | 2,790 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (1) | (1) |
Not designated as hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 47,215 | 55,761 |
Fair Value, Gain | 368 | 616 |
Fair Value, Loss | (355) | (630) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 30,218 | 28,688 |
Fair Value, Gain | 247 | 319 |
Fair Value, Loss | (265) | (336) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Pay Fixed Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 10,930 | 10,263 |
Fair Value, Gain | 35 | 43 |
Fair Value, Loss | (212) | (252) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Receive Fixed Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 10,800 | 9,989 |
Fair Value, Gain | 195 | 235 |
Fair Value, Loss | (37) | (44) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,025 | 1,086 |
Fair Value, Gain | 2 | 2 |
Fair Value, Loss | (3) | (5) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 792 | 709 |
Fair Value, Gain | 2 | 2 |
Fair Value, Loss | (2) | (2) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 6,138 | 5,972 |
Fair Value, Gain | 8 | 29 |
Fair Value, Loss | (5) | (28) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 533 | 669 |
Fair Value, Gain | 5 | 8 |
Fair Value, Loss | (6) | (5) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 5,155 | 9,351 |
Fair Value, Gain | 18 | 60 |
Fair Value, Loss | (6) | (35) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest Rate Lock Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,528 | 2,219 |
Fair Value, Gain | 8 | 7 |
Fair Value, Loss | (3) | (20) |
Not designated as hedges | Mortgage banking | Interest rate contracts | When Issued Securities, Forward Rate Agreements And Forward Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,434 | 6,683 |
Fair Value, Gain | 8 | 51 |
Fair Value, Loss | (3) | (14) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 193 | 449 |
Fair Value, Gain | 2 | 2 |
Fair Value, Loss | 0 | (1) |
Not designated as hedges | MSRs | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 11,842 | 17,722 |
Fair Value, Gain | 103 | 237 |
Fair Value, Loss | (84) | (259) |
Not designated as hedges | MSRs | Interest rate contracts | Pay Fixed Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,080 | 3,768 |
Fair Value, Gain | 6 | 56 |
Fair Value, Loss | (38) | (7) |
Not designated as hedges | MSRs | Interest rate contracts | Receive Fixed Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,026 | 5,034 |
Fair Value, Gain | 48 | 18 |
Fair Value, Loss | (40) | (236) |
Not designated as hedges | MSRs | Interest rate contracts | Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,930 | 5,710 |
Fair Value, Gain | 48 | 160 |
Fair Value, Loss | (1) | (8) |
Not designated as hedges | MSRs | Interest rate contracts | When Issued Securities, Forward Rate Agreements And Forward Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,776 | 3,210 |
Fair Value, Gain | 1 | 3 |
Fair Value, Loss | (5) | (8) |
Not designated as hedges | MSRs | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 30 | 0 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | $ 0 | $ 0 |
Derivative Financial Instruments - Effect on the Consolidated Statements of Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedge ineffectiveness | The ineffective portion was immaterial for all periods presented. |
|||
Not designated as hedges | ||||
Not Designated as Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | $ 23 | $ 34 | $ 43 | $ 257 |
Cash flow hedges | Interest rate contracts | ||||
Cash Flow Hedges | ||||
Pre-tax Gain (Loss) Recognized in OCI | 1 | 38 | (42) | (245) |
Cash flow hedges | Interest rate contracts | Total interest expense | ||||
Cash Flow Hedges | ||||
Pre-tax Gain (Loss) Reclassified from AOCI into Income | (13) | 3 | 1 | (18) |
Fair value hedges | Interest rate contracts | ||||
Fair Value Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | 27 | 53 | 106 | 164 |
Fair value hedges | Interest rate contracts | Total interest income | ||||
Fair Value Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | (3) | (5) | (12) | (13) |
Fair value hedges | Interest rate contracts | Total interest expense | ||||
Fair Value Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | 30 | 58 | 118 | 177 |
Client-related and other risk management | Interest rate contracts | Other noninterest income | Not designated as hedges | ||||
Not Designated as Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | 11 | 15 | 38 | 23 |
Client-related and other risk management | Foreign exchange contracts | Other noninterest income | Not designated as hedges | ||||
Not Designated as Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | 5 | (1) | 0 | 4 |
Mortgage banking | Interest rate contracts | Mortgage banking income | Not designated as hedges | ||||
Not Designated as Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | (3) | 17 | (8) | (2) |
MSRs | Interest rate contracts | Mortgage banking income | Not designated as hedges | ||||
Not Designated as Hedges | ||||
Pre-tax Gain (Loss) Recognized in Income | $ 10 | $ 3 | $ 13 | $ 232 |
Derivative Financial Instruments - Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Cash flow hedges | ||
Derivative [Line Items] | ||
Net unrecognized after-tax loss on active hedges recorded in AOCI | $ (125) | $ (118) |
Net unrecognized after-tax gain on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | 6 | 26 |
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 | $ (34) | $ (4) |
Maximum length of time entity has hedged portion of variable cash flows for forecasted transactions (in years) | 5 years | 6 years |
Fair value hedges | ||
Derivative [Line Items] | ||
Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2019) | $ 142 | $ 169 |
Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months | $ 50 | $ 56 |
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | $ 40 | $ 119 |
Cash collateral posted to counterparties | 375 | 450 |
Dealer Counterparties [Member] | ||
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | 41 | 123 |
Derivatives in a net gain position secured by that collateral | 42 | 123 |
Unsecured positions in a net gain with dealer counterparties after collateral postings | 2 | 4 |
Cash collateral posted to counterparties | 163 | 138 |
Derivatives in a net loss position secured by that collateral | 163 | 144 |
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | 1 | 8 |
Central Clearing Parties [Member] | ||
Credit Derivatives [Line Items] | ||
Cash collateral posted to counterparties | 222 | 313 |
Derivatives in a net loss position secured by that collateral | 213 | 318 |
Securities pledged to central clearing parties | $ 100 | $ 119 |
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 597 | $ 599 | $ 1,606 | $ 1,667 |
Weighted average number of common shares (in shares) | 794,558 | 812,521 | 804,424 | 802,694 |
Effect of dilutive outstanding equity-based awards (in shares) | 11,566 | 10,585 | 11,605 | 9,713 |
Weighted average number of diluted common shares (in shares) | 806,124 | 823,106 | 816,029 | 812,407 |
Basic EPS (in dollars per share) | $ 0.75 | $ 0.74 | $ 2.00 | $ 2.08 |
Diluted EPS (in dollars per share) | $ 0.74 | $ 0.73 | $ 1.97 | $ 2.05 |
Anti-dilutive awards (in shares) | 184 | 5,416 | 222 | 6,088 |
Operating Segments - Narrative (Details) - Financial Services $ in Millions |
1 Months Ended |
---|---|
Jan. 31, 2017
USD ($)
| |
Segment Reporting Information [Line Items] | |
Loans transferred | $ 218 |
Deposits transferred | $ 2,000 |
Operating Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | $ 1,647 | $ 1,610 | $ 4,891 | $ 4,756 | ||||
Allocated provision for credit losses | 126 | 148 | 409 | 443 | ||||
Segment net interest income after provision | 1,521 | 1,462 | 4,482 | 4,313 | ||||
Noninterest income | 1,166 | 1,164 | 3,557 | 3,310 | ||||
Noninterest expense | 1,745 | 1,711 | 5,589 | 5,053 | ||||
Income before income taxes | 942 | 915 | 2,450 | 2,570 | ||||
Provision for income taxes | 294 | 273 | 702 | 771 | ||||
Net income | 648 | 642 | 1,748 | 1,799 | ||||
Identifiable assets (period end) | 220,340 | 222,622 | 220,340 | 222,622 | $ 219,276 | |||
Community Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 647 | 570 | 1,852 | 1,631 | ||||
Residential Mortgage Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 332 | 359 | 996 | 1,045 | ||||
Dealer Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 242 | 229 | 727 | 684 | ||||
Specialized Lending | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 189 | 177 | 545 | 517 | ||||
Insurance Holdings | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 1 | 1 | 2 | 2 | ||||
Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 81 | 65 | 222 | 196 | ||||
Other, Treasury & Corporate (1) | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | [1] | 155 | 209 | 547 | 681 | |||
Operating Segments | Community Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 1,056 | 981 | 3,088 | 2,841 | ||||
Allocated provision for credit losses | 23 | (3) | 111 | 10 | ||||
Segment net interest income after provision | 1,033 | 984 | 2,977 | 2,831 | ||||
Noninterest income | 373 | 360 | 1,104 | 1,027 | ||||
Noninterest expense | 789 | 803 | 2,398 | 2,356 | ||||
Income before income taxes | 617 | 541 | 1,683 | 1,502 | ||||
Provision for income taxes | 221 | 197 | 602 | 547 | ||||
Net income | 396 | 344 | 1,081 | 955 | ||||
Identifiable assets (period end) | 74,493 | 73,125 | 74,493 | 73,125 | ||||
Operating Segments | Residential Mortgage Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 123 | 144 | 363 | 399 | ||||
Allocated provision for credit losses | 2 | 9 | 17 | 31 | ||||
Segment net interest income after provision | 121 | 135 | 346 | 368 | ||||
Noninterest income | 86 | 117 | 234 | 272 | ||||
Noninterest expense | 100 | 40 | 314 | 259 | ||||
Income before income taxes | 107 | 212 | 266 | 381 | ||||
Provision for income taxes | 40 | 80 | 99 | 144 | ||||
Net income | 67 | 132 | 167 | 237 | ||||
Identifiable assets (period end) | 33,213 | 36,652 | 33,213 | 36,652 | ||||
Operating Segments | Dealer Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 196 | 190 | 590 | 566 | ||||
Allocated provision for credit losses | 78 | 76 | 254 | 210 | ||||
Segment net interest income after provision | 118 | 114 | 336 | 356 | ||||
Noninterest income | 0 | 1 | 0 | 2 | ||||
Noninterest expense | 57 | 50 | 169 | 143 | ||||
Income before income taxes | 61 | 65 | 167 | 215 | ||||
Provision for income taxes | 23 | 25 | 62 | 82 | ||||
Net income | 38 | 40 | 105 | 133 | ||||
Identifiable assets (period end) | 15,239 | 15,090 | 15,239 | 15,090 | ||||
Operating Segments | Specialized Lending | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 108 | 109 | 315 | 316 | ||||
Allocated provision for credit losses | 15 | 18 | 43 | 51 | ||||
Segment net interest income after provision | 93 | 91 | 272 | 265 | ||||
Noninterest income | 71 | 80 | 210 | 212 | ||||
Noninterest expense | 94 | 92 | 278 | 259 | ||||
Income before income taxes | 70 | 79 | 204 | 218 | ||||
Provision for income taxes | 16 | 19 | 45 | 50 | ||||
Net income | 54 | 60 | 159 | 168 | ||||
Identifiable assets (period end) | 18,854 | 17,823 | 18,854 | 17,823 | ||||
Operating Segments | Insurance Holdings | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 1 | 0 | 3 | (2) | ||||
Allocated provision for credit losses | 0 | 0 | 0 | 0 | ||||
Segment net interest income after provision | 1 | 0 | 3 | (2) | ||||
Noninterest income | 399 | 412 | 1,344 | 1,298 | ||||
Noninterest expense | 378 | 375 | 1,163 | 1,109 | ||||
Income before income taxes | 22 | 37 | 184 | 187 | ||||
Provision for income taxes | 9 | 16 | 70 | 72 | ||||
Net income | 13 | 21 | 114 | 115 | ||||
Identifiable assets (period end) | 3,360 | 3,342 | 3,360 | 3,342 | ||||
Operating Segments | Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 161 | 156 | 485 | 452 | ||||
Allocated provision for credit losses | 7 | 32 | (9) | 128 | ||||
Segment net interest income after provision | 154 | 124 | 494 | 324 | ||||
Noninterest income | 251 | 235 | 711 | 654 | ||||
Noninterest expense | 237 | 230 | 709 | 677 | ||||
Income before income taxes | 168 | 129 | 496 | 301 | ||||
Provision for income taxes | 62 | 48 | 183 | 113 | ||||
Net income | 106 | 81 | 313 | 188 | ||||
Identifiable assets (period end) | 18,774 | 17,570 | 18,774 | 17,570 | ||||
Operating Segments | Other, Treasury & Corporate (1) | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | [1] | 2 | 30 | 47 | 184 | |||
Allocated provision for credit losses | [1] | 1 | 16 | (7) | 13 | |||
Segment net interest income after provision | [1] | 1 | 14 | 54 | 171 | |||
Noninterest income | [1] | (14) | (41) | (46) | (155) | |||
Noninterest expense | [1] | 90 | 121 | 558 | 250 | |||
Income before income taxes | [1] | (103) | (148) | (550) | (234) | |||
Provision for income taxes | [1] | (77) | (112) | (359) | (237) | |||
Net income | [1] | (26) | (36) | (191) | 3 | |||
Identifiable assets (period end) | [1] | 56,407 | 59,020 | 56,407 | 59,020 | |||
Intersegment Eliminations | Community Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 409 | 411 | 1,236 | 1,210 | ||||
Intersegment Eliminations | Residential Mortgage Banking | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | (209) | (215) | (633) | (646) | ||||
Intersegment Eliminations | Dealer Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | (46) | (39) | (137) | (118) | ||||
Intersegment Eliminations | Specialized Lending | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | (81) | (68) | (230) | (201) | ||||
Intersegment Eliminations | Insurance Holdings | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 0 | (1) | 1 | (4) | ||||
Intersegment Eliminations | Financial Services | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | 80 | 91 | 263 | 256 | ||||
Intersegment Eliminations | Other, Treasury & Corporate (1) | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net interest income (expense) | [1] | $ (153) | $ (179) | $ (500) | $ (497) | |||
|
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