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 | ¨ | Smaller reporting company | ¨ | |
Emerging growth company | ¨ |
10-Q | ||
TABLE OF CONTENTS | ||
BB&T CORPORATION | ||
FORM 10-Q | ||
March 31, 2019 | ||
Page No. | ||
PART I - Financial Information | ||
Glossary of Defined Terms | ||
Forward-Looking Statements | ||
Item 1. | Financial Statements | |
Consolidated Balance Sheets (Unaudited) | ||
Consolidated Statements of Income (Unaudited) | ||
Consolidated Statements of Comprehensive Income (Unaudited) | ||
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) | ||
Consolidated Statements of Cash Flows (Unaudited) | ||
Notes to Consolidated Financial Statements (Unaudited) | ||
Note 1. Basis of Presentation | ||
Note 2. Business Combinations | ||
Note 3. Securities | ||
Note 4. Loans and ACL | ||
Note 5. Other Assets and Liabilities | ||
Note 6. Goodwill and Other Intangible Assets | ||
Note 7. Loan Servicing | ||
Note 8. Deposits | ||
Note 9. Long-Term Debt | ||
Note 10. Shareholders' Equity | ||
Note 11. AOCI | ||
Note 12. Income Taxes | ||
Note 13. Benefit Plans | ||
Note 14. Commitments and Contingencies | ||
Note 15. Fair Value Disclosures | ||
Note 16. Derivative Financial Instruments | ||
Note 17. Computation of EPS | ||
Note 18. Operating Segments | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk (see Market Risk Management) | |
Item 4. | Controls and Procedures | |
PART II - Other Information | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities - (none) | |
Item 4. | Mine Safety Disclosures - (not applicable) | |
Item 5. | Other Information - (none to be reported) | |
Item 6. | Exhibits |
Term | Definition |
2018 Repurchase Plan | Plan for the repurchase of up to $1.7 billion of BB&T's common stock for the one-year period ended June 30, 2019 |
ACL | Allowance for credit losses |
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 |
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 |
Branch Bank | Branch Banking and Trust Company |
BU | Business Unit |
CB-Commercial | Community Banking Commercial, an operating segment |
CB-Retail | Community Banking Retail and Consumer Finance, an operating segment |
CCAR | Comprehensive Capital Analysis and Review |
CCRC | Culture and Conduct Risk Committee |
CD | Certificate of deposit |
CDI | Core deposit intangible assets |
CEO | Chief Executive Officer |
CFO | Chief Financial Officer |
CET1 | Common equity Tier 1 |
CMO | Collateralized mortgage obligation |
Company | BB&T Corporation and subsidiaries (interchangeable with "BB&T" above) |
CRE | Commercial real estate |
DIF | Deposit Insurance Fund administered by the FDIC |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
EPS | Earnings per common share |
EVE | Economic value of equity |
Exchange Act | Securities Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
FHA | Federal Housing Administration |
FHC | Financial Holding Company |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
FRB | Board of Governors of the Federal Reserve System |
FS&CF | Financial Services and Commercial Finance, an operating segment |
FTE | Full-time equivalent employee |
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 |
HTM | Held-to-maturity |
IH | Insurance Holdings, an operating segment |
IPV | Independent price verification |
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 |
MRM | Model Risk Management |
MSR | Mortgage servicing right |
Term | Definition |
MSRB | Municipal Securities Rulemaking Board |
N/A | Not applicable |
NCCOB | North Carolina Office of the Commissioner of Banks |
NIM | Net interest margin, computed on a TE basis |
NM | Not meaningful |
NPA | Nonperforming asset |
NPL | Nonperforming loan |
NYSE | NYSE Euronext, Inc. |
OAS | Option adjusted spread |
OCI | Other comprehensive income (loss) |
OPEB | Other post-employment benefit |
OREO | Other real estate owned |
ORMC | Operational Risk Management Committee |
OT&C | Other, Treasury and Corporate |
OTTI | Other-than-temporary impairment |
Parent Company | BB&T Corporation, the parent company of Branch Bank and other subsidiaries |
PCI | Purchased credit impaired loans |
Peer Group | Financial holding companies included in the industry peer group index |
PSU | Performance share units |
Re-REMICs | Re-securitizations of Real Estate Mortgage Investment Conduits |
Regions Insurance | Regions Insurance Group, acquired by BB&T effective July 2, 2018 |
ROU Assets | Right-of-use assets |
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 |
SunTrust | SunTrust Banks, Inc. |
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 |
l | risks, uncertainties and other factors relating to the merger of SunTrust with and into BB&T, including the ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval of the merger by BB&T shareholders and SunTrust shareholders and delay in closing the merger; |
l | general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit and/or asset growth, and a deterioration in credit quality and/or a reduced demand for credit, insurance or other services; |
l | 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; |
l | changes in the interest rate environment, including interest rate changes made by the Federal Reserve, the discontinuation of LIBOR as an interest rate benchmark, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans and deposits as well as the value of other financial assets and liabilities; |
l | competitive pressures among depository and other financial institutions may increase significantly; |
l | 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; |
l | local, state or federal taxing authorities may take tax positions that are adverse to BB&T; |
l | a reduction may occur in BB&T's credit ratings; |
l | adverse changes may occur in the securities markets; |
l | 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; |
l | cyber security risks 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; |
l | 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; |
l | natural or other disasters, including acts of terrorism, could have an adverse effect on BB&T, materially disrupting BB&T's operations or the ability or willingness of customers to access BB&T's products and services; |
l | costs related to the integration of the businesses of BB&T and its merger partners may be greater than expected; |
l | 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; |
l | significant litigation and regulatory proceedings could have a material adverse effect on BB&T; |
l | 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; |
l | risks resulting from the extensive use of models; |
l | risk management measures may not be fully effective; |
l | deposit attrition, customer loss and/or revenue loss following completed mergers/acquisitions may exceed expectations; and |
l | 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. |
Unaudited (Dollars in millions, except per share data, shares in thousands) | March 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Cash and due from banks | $ | $ | |||||
Interest-bearing deposits with banks | |||||||
Cash equivalents | |||||||
Restricted cash | |||||||
AFS securities at fair value | |||||||
HTM securities (fair value of $19,886 and $20,047 at March 31, 2019 and December 31, 2018, respectively) | |||||||
LHFS at fair value | |||||||
Loans and leases | |||||||
ALLL | ( | ) | ( | ) | |||
Loans and leases, net of ALLL | |||||||
Premises and equipment | |||||||
Goodwill | |||||||
CDI and other intangible assets | |||||||
MSRs at fair value | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities | |||||||
Deposits | $ | $ | |||||
Short-term borrowings | |||||||
Long-term debt | |||||||
Accounts payable and other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 14) | |||||||
Shareholders' Equity | |||||||
Preferred stock, $5 par, liquidation preference of $25,000 per share | |||||||
Common stock, $5 par | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
AOCI, net of deferred income taxes | ( | ) | ( | ) | |||
Noncontrolling interests | |||||||
Total shareholders' equity | |||||||
Total liabilities and shareholders' equity | $ | $ | |||||
Common shares outstanding | |||||||
Common shares authorized | |||||||
Preferred shares outstanding | |||||||
Preferred shares authorized |
Unaudited Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | |||||
Interest Income | |||||||
Interest and fees on loans and leases | $ | $ | |||||
Interest and dividends on securities | |||||||
Interest on other earning assets | |||||||
Total interest income | |||||||
Interest Expense | |||||||
Interest on deposits | |||||||
Interest on short-term borrowings | |||||||
Interest on long-term debt | |||||||
Total interest expense | |||||||
Net Interest Income | |||||||
Provision for credit losses | |||||||
Net Interest Income After Provision for Credit Losses | |||||||
Noninterest Income | |||||||
Insurance income | |||||||
Service charges on deposits | |||||||
Investment banking and brokerage fees and commissions | |||||||
Mortgage banking income | |||||||
Trust and investment advisory revenues | |||||||
Bankcard fees and merchant discounts | |||||||
Checkcard fees | |||||||
Operating lease income | |||||||
Income from bank-owned life insurance | |||||||
Other income | |||||||
Securities gains (losses), net | |||||||
Gross realized gains | |||||||
Gross realized losses | ( | ) | |||||
Total securities gains (losses), net | |||||||
Total noninterest income | |||||||
Noninterest Expense | |||||||
Personnel expense | |||||||
Occupancy and equipment expense | |||||||
Software expense | |||||||
Outside IT services | |||||||
Regulatory charges | |||||||
Amortization of intangibles | |||||||
Loan-related expense | |||||||
Professional services | |||||||
Merger-related and restructuring charges, net | |||||||
Other expense | |||||||
Total noninterest expense | |||||||
Earnings | |||||||
Income before income taxes | |||||||
Provision for income taxes | |||||||
Net income | |||||||
Noncontrolling interests | |||||||
Dividends on preferred stock | |||||||
Net income available to common shareholders | $ | $ | |||||
Basic EPS | $ | $ | |||||
Diluted EPS | |||||||
Basic weighted average shares outstanding | |||||||
Diluted weighted average shares outstanding |
Unaudited Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | ||||||
Net income | $ | $ | ||||||
OCI, net of tax: | ||||||||
Change in unrecognized net pension and postretirement costs | ||||||||
Change in unrealized net gains (losses) on cash flow hedges | ( | ) | ||||||
Change in unrealized net gains (losses) on AFS securities | ( | ) | ||||||
Other, net | ( | ) | ||||||
Total OCI | ( | ) | ||||||
Total comprehensive income | $ | $ | ||||||
Income Tax Effect of Items Included in OCI: | ||||||||
Change in unrecognized net pension and postretirement costs | $ | $ | ||||||
Change in unrealized net gains (losses) on cash flow hedges | ( | ) | ||||||
Change in unrealized net gains (losses) on AFS securities | ( | ) | ||||||
Other, net |
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, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||
OCI | — | — | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Issued in connection with equity awards, net | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Repurchase of common stock | ( | ) | — | ( | ) | ( | ) | — | — | — | ( | ) | ||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Cash dividends declared on preferred stock | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||
Other, net | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||
Balance, January 1, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||
OCI | — | — | — | — | — | — | ||||||||||||||||||||||||
Issued in connection with equity awards, net | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Cash dividends declared on preferred stock | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | — | ||||||||||||||||||||||||
Other, net | — | — | — | ( | ) | — | ( | ) | ( | ) | ||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ |
Unaudited Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | |||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Provision for credit losses | |||||||
Depreciation | |||||||
Amortization of intangibles | |||||||
Equity-based compensation expense | |||||||
Net change in operating assets and liabilities: | |||||||
LHFS | ( | ) | |||||
Trading and equity securities | ( | ) | |||||
Other assets, accounts payable and other liabilities | ( | ) | ( | ) | |||
Other, net | ( | ) | |||||
Net cash from operating activities | ( | ) | |||||
Cash Flows From Investing Activities: | |||||||
Proceeds from sales of AFS securities | |||||||
Proceeds from maturities, calls and paydowns of AFS securities | |||||||
Purchases of AFS securities | ( | ) | ( | ) | |||
Proceeds from maturities, calls and paydowns of HTM securities | |||||||
Purchases of HTM securities | ( | ) | |||||
Originations and purchases of loans and leases, net of principal collected | ( | ) | |||||
Other, net | |||||||
Net cash from investing activities | ( | ) | |||||
Cash Flows From Financing Activities: | |||||||
Net change in deposits | ( | ) | |||||
Net change in short-term borrowings | ( | ) | |||||
Proceeds from issuance of long-term debt | |||||||
Repayment of long-term debt | ( | ) | ( | ) | |||
Repurchase of common stock | ( | ) | |||||
Cash dividends paid on common stock | ( | ) | ( | ) | |||
Cash dividends paid on preferred stock | ( | ) | ( | ) | |||
Other, net | ( | ) | ( | ) | |||
Net cash from financing activities | ( | ) | |||||
Net Change in Cash, Cash Equivalents and Restricted Cash | ( | ) | |||||
Cash, Cash Equivalents and Restricted Cash, January 1 | |||||||
Cash, Cash Equivalents and Restricted Cash, March 31 | $ | $ | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||
Net cash paid (received) during the period for: | |||||||
Interest expense | $ | $ | |||||
Income taxes |
Standard/Adoption Date | Description | Effects on the Financial Statements |
Standards Adopted During the Current Year | ||
Leases Jan 1, 2019 | Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. | BB&T established ROU assets of $860 million and lease liabilities of $997 million. The net impact to equity was a reduction of $40 million. There was no material impact to its Consolidated Statements of Income. BB&T adopted the guidance on a prospective basis and did not reassess whether any expired or existing contract contains a lease, the classification of leases or the initial direct costs. |
Standards Not Yet Adopted | ||
Credit Losses Jan 1, 2020 | Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. | BB&T expects that the ACL could be materially higher; however, the magnitude of the increase, which is highly dependent on existing and forecasted economic conditions at the time of adoption, has not yet been quantified. Model development and fit-for-purpose testing is substantially complete for most portfolios, and significant progress has been made on testing designed to evaluate the sensitivity of the models to economic forecasts, length of the reasonable and supportable period and reversion to historical loss information. BB&T expects to continue limited parallel testing in the second quarter of 2019, with plans for a more comprehensive parallel testing program in the second half of the year that will include consideration of new or modified internal controls. |
March 31, 2019 (Dollars in millions) | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Non-agency MBS | ||||||||||||||||
Other | ||||||||||||||||
Total AFS securities | $ | $ | $ | $ | ||||||||||||
HTM securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Other | ||||||||||||||||
Total HTM securities | $ | $ | $ | $ | ||||||||||||
December 31, 2018 (Dollars in millions) | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Non-agency MBS | ||||||||||||||||
Other | ||||||||||||||||
Total AFS securities | $ | $ | $ | $ | ||||||||||||
HTM securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Other | ||||||||||||||||
Total HTM securities | $ | $ | $ | $ |
AFS | HTM | |||||||||||||||
March 31, 2019 (Dollars in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||||
Due after one year through five years | ||||||||||||||||
Due after five years through ten years | ||||||||||||||||
Due after ten years | ||||||||||||||||
Total debt securities | $ | $ | $ | $ |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
March 31, 2019 (Dollars in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
GSE | ||||||||||||||||||||||||
Agency MBS | ||||||||||||||||||||||||
States and political subdivisions | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
GSE | ||||||||||||||||||||||||
Agency MBS | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
December 31, 2018 (Dollars in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
GSE | ||||||||||||||||||||||||
Agency MBS | ||||||||||||||||||||||||
States and political subdivisions | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
GSE | ||||||||||||||||||||||||
Agency MBS | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Accruing | ||||||||||||||||||||
March 31, 2019 (Dollars in millions) | Current | 30-89 Days Past Due | 90 Days Or More Past Due | Nonperforming | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | |||||||||||||||
CRE | ||||||||||||||||||||
Lease financing | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Direct | ||||||||||||||||||||
Indirect | ||||||||||||||||||||
Revolving credit | ||||||||||||||||||||
PCI | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
Accruing | ||||||||||||||||||||
December 31, 2018 (Dollars in millions) | Current | 30-89 Days Past Due | 90 Days Or More Past Due | Nonperforming | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | |||||||||||||||
CRE | ||||||||||||||||||||
Lease financing | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Direct | ||||||||||||||||||||
Indirect | ||||||||||||||||||||
Revolving credit | ||||||||||||||||||||
PCI | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
(Dollars in millions) | Commercial & Industrial | CRE | Lease Financing | Commercial & Industrial | CRE | Lease Financing | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||
Substandard-performing | ||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential Mortgage | Direct | Indirect | Residential Mortgage | Direct | Indirect | |||||||||||||||||||
Retail: | ||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(Dollars in millions) | Balance at Jan 1, 2018 | Charge-Offs | Recoveries | Provision (Benefit) | Balance at Mar 31, 2018 | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | $ | ( | ) | $ | $ | $ | |||||||||||||
CRE | ( | ) | ||||||||||||||||||
Lease financing | ( | ) | ||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential mortgage | ( | ) | ||||||||||||||||||
Direct | ( | ) | ||||||||||||||||||
Indirect | ( | ) | ||||||||||||||||||
Revolving credit | ( | ) | ||||||||||||||||||
PCI | ( | ) | ||||||||||||||||||
ALLL | ( | ) | ||||||||||||||||||
RUFC | ( | ) | ||||||||||||||||||
ACL | $ | $ | ( | ) | $ | $ | $ | |||||||||||||
(Dollars in millions) | Balance at Jan 1, 2019 | Charge-Offs | Recoveries | Provision (Benefit) | Balance at Mar 31, 2019 | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | $ | ( | ) | $ | $ | $ | |||||||||||||
CRE | ( | ) | ||||||||||||||||||
Lease financing | ( | ) | ||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential mortgage | ( | ) | ( | ) | ||||||||||||||||
Direct | ( | ) | ||||||||||||||||||
Indirect | ( | ) | ||||||||||||||||||
Revolving credit | ( | ) | ||||||||||||||||||
PCI | ( | ) | ||||||||||||||||||
ALLL | ( | ) | ||||||||||||||||||
RUFC | ||||||||||||||||||||
ACL | $ | $ | ( | ) | $ | $ | $ |
March 31, 2019 | December 31, 2018 | |||||||||||||||
(Dollars in millions) | Recorded Investment | Related ALLL | Recorded Investment | Related ALLL | ||||||||||||
Commercial: | ||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | ||||||||||||
CRE | ||||||||||||||||
Lease financing | ||||||||||||||||
Retail: | ||||||||||||||||
Residential mortgage | ||||||||||||||||
Direct | ||||||||||||||||
Indirect | ||||||||||||||||
Revolving credit | ||||||||||||||||
PCI | ||||||||||||||||
Total | $ | $ | $ | $ |
UPB | Recorded Investment | Related ALLL | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||
As of / For The Three Months Ended March 31, 2019 (Dollars in millions) | Without an ALLL | With an ALLL | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||
CRE | |||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Direct | |||||||||||||||||||||||
Indirect | |||||||||||||||||||||||
Revolving credit | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||
UPB | Recorded Investment | Related ALLL | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||
As of / For The Year Ended December 31, 2018 (Dollars in millions) | Without an ALLL | With an ALLL | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||
CRE | |||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Direct | |||||||||||||||||||||||
Indirect | |||||||||||||||||||||||
Revolving credit | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Performing TDRs: | ||||||||
Commercial: | ||||||||
Commercial and industrial | $ | $ | ||||||
CRE | ||||||||
Retail: | ||||||||
Residential mortgage | ||||||||
Direct | ||||||||
Indirect | ||||||||
Revolving credit | ||||||||
Total performing TDRs | ||||||||
Nonperforming TDRs (also included in NPL disclosures) | ||||||||
Total TDRs | $ | $ | ||||||
ALLL attributable to TDRs | $ | $ |
2019 | 2018 | ||||||||||||||||||||||
Three Months Ended March 31, (Dollars in millions) | Type of Modification | ALLL Impact | Type of Modification | ALLL Impact | |||||||||||||||||||
Rate | Structure | Rate | Structure | ||||||||||||||||||||
Newly designated TDRs: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||
CRE | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Direct | |||||||||||||||||||||||
Indirect | |||||||||||||||||||||||
Revolving credit | |||||||||||||||||||||||
Re-modification of previously designated TDRs |
March 31, 2019 (Dollars in millions) | Operating Leases | Finance Leases | |||||
ROU assets | $ | $ | |||||
Maturities of lease liabilities: | |||||||
2019 | $ | $ | |||||
2020 | |||||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
2024 | |||||||
Thereafter | |||||||
Total lease payments | |||||||
Less: imputed interest | |||||||
Total lease liabilities | $ | $ | |||||
Weighted average remaining term | |||||||
Weighted average discount rate | % | % |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | |||||
Assets held under operating leases | $ | $ | |||||
Accumulated depreciation | ( | ) | ( | ) | |||
Net | $ | $ |
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | |||||
Depreciation expense for assets under operating leases | $ | $ |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
March 31, (Dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
CDI | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Other, primarily customer relationship intangibles | ( | ) | ( | ) | ||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
UPB of residential mortgage loan servicing portfolio | $ | $ | ||||||
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | ||||||||
Mortgage loans sold with recourse | ||||||||
Maximum recourse exposure from mortgage loans sold with recourse liability | ||||||||
Indemnification, recourse and repurchase reserves | ||||||||
As of / For the Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | ||||||
UPB of residential mortgage loans sold from LHFS | $ | $ | ||||||
Pre-tax gains recognized on mortgage loans sold and held for sale | ||||||||
Servicing fees recognized from mortgage loans serviced for others | ||||||||
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | % | % | ||||||
Weighted average interest rate on mortgage loans serviced for others |
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | ||||||
Residential MSRs, carrying value, January 1 | $ | $ | ||||||
Additions | ||||||||
Change in fair value due to changes in valuation inputs or assumptions: | ||||||||
Prepayment speeds | ( | ) | ||||||
OAS | ||||||||
Servicing costs | ||||||||
Realization of expected net servicing cash flows, passage of time and other | ( | ) | ( | ) | ||||
Residential MSRs, carrying value, March 31 | $ | $ | ||||||
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ | $ | ( | ) |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | |||||||||||||||||
(Dollars in millions) | Min | Max | Min | Max | ||||||||||||||||
Prepayment speed | % | % | % | % | % | % | ||||||||||||||
Effect on fair value of a 10% increase | $ | ( | ) | $ | ( | ) | ||||||||||||||
Effect on fair value of a 20% increase | ( | ) | ( | ) | ||||||||||||||||
OAS | % | % | % | % | % | % | ||||||||||||||
Effect on fair value of a 10% increase | $ | ( | ) | $ | ( | ) | ||||||||||||||
Effect on fair value of a 20% increase | ( | ) | ( | ) | ||||||||||||||||
Composition of loans serviced for others: | ||||||||||||||||||||
Fixed-rate residential mortgage loans | % | % | ||||||||||||||||||
Adjustable-rate residential mortgage loans | ||||||||||||||||||||
Total | % | % | ||||||||||||||||||
Weighted average life |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | |||||
UPB of CRE mortgages serviced for others | $ | $ | |||||
CRE mortgages serviced for others covered by recourse provisions | |||||||
Maximum recourse exposure from CRE mortgages sold with recourse liability | |||||||
Recorded reserves related to recourse exposure | |||||||
CRE mortgages originated during the year-to-date period | |||||||
Commercial MSRs at fair value |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Noninterest-bearing deposits | $ | $ | ||||||
Interest checking | ||||||||
Money market and savings | ||||||||
Time deposits | ||||||||
Total deposits | $ | $ | ||||||
Time deposits greater than $250,000 | $ | $ |
Mar 31, 2019 | Dec 31, 2018 | ||||||||||||||||||||
Stated Rate | Effective Rate | Carrying Amount | Carrying Amount | ||||||||||||||||||
(Dollars in millions) | Maturity | Min | Max | ||||||||||||||||||
BB&T Corporation: | |||||||||||||||||||||
Fixed rate senior notes | 2019 | to | 2025 | % | % | % | $ | $ | |||||||||||||
Floating rate senior notes | 2020 | 2022 | |||||||||||||||||||
Fixed rate subordinated notes | 2019 | 2029 | |||||||||||||||||||
Branch Bank: | |||||||||||||||||||||
Fixed rate senior notes | 2019 | 2022 | |||||||||||||||||||
Floating rate senior notes | 2019 | 2020 | |||||||||||||||||||
Fixed rate subordinated notes | 2025 | 2026 | |||||||||||||||||||
FHLB advances (1) | 2019 | 2034 | |||||||||||||||||||
Other long-term debt | |||||||||||||||||||||
Total long-term debt | $ | $ |
(1) |
Three Months Ended March 31, | 2019 | 2018 | ||||||
Cash dividends declared per share | $ | $ |
(Shares in thousands) | Units/Shares | Wtd. Avg. Grant Date Fair Value | |||||
Nonvested at January 1, 2019 | $ | ||||||
Granted | |||||||
Vested | ( | ) | |||||
Forfeited | ( | ) | |||||
Nonvested at March 31, 2019 |
Three Months Ended (Dollars in millions) | Pension and OPEB Costs | Cash Flow Hedges | AFS Securities | Other, net | Total | ||||||||||||||
AOCI balance, January 1, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
OCI before reclassifications, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||
Before tax | |||||||||||||||||||
Tax effect | |||||||||||||||||||
Amounts reclassified, net of tax | |||||||||||||||||||
Total OCI, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
AOCI balance, March 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
AOCI balance, January 1, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
OCI before reclassifications, net of tax | ( | ) | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||
Before tax | ( | ) | ( | ) | |||||||||||||||
Tax effect | ( | ) | ( | ) | |||||||||||||||
Amounts reclassified, net of tax | ( | ) | ( | ) | |||||||||||||||
Total OCI, net of tax | ( | ) | |||||||||||||||||
AOCI balance, March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Primary income statement location of amounts reclassified from AOCI | Other expense | Net interest income | Net interest income | Net interest income |
Three Months Ended March 31, (Dollars in millions) | Location | 2019 | 2018 | |||||
Service cost | Personnel expense | $ | $ | |||||
Interest cost | Other expense | |||||||
Estimated return on plan assets | Other expense | ( | ) | ( | ) | |||
Amortization and other | Other expense | |||||||
Net periodic benefit cost | $ | $ |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Investments in affordable housing projects: | ||||||||
Carrying amount | $ | $ | ||||||
Amount of future funding commitments included in carrying amount | ||||||||
Lending exposure | ||||||||
Tax credits subject to recapture | ||||||||
Private equity investments: | ||||||||
Carrying amount | ||||||||
Amount of future funding commitments not included in carrying amount |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Pledged securities | $ | $ | ||||||
Pledged loans |
March 31, 2019 (Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Non-agency MBS | ||||||||||||||||
Other | ||||||||||||||||
Total AFS securities | ||||||||||||||||
LHFS | ||||||||||||||||
MSRs | ||||||||||||||||
Other assets: | ||||||||||||||||
Trading and equity securities | ||||||||||||||||
Derivative assets | ||||||||||||||||
Private equity investments | ||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | ||||||||||||
Securities sold short | ||||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||
December 31, 2018 (Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
AFS securities: | ||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ||||||||||||
GSE | ||||||||||||||||
Agency MBS | ||||||||||||||||
States and political subdivisions | ||||||||||||||||
Non-agency MBS | ||||||||||||||||
Other | ||||||||||||||||
Total AFS securities | ||||||||||||||||
LHFS | ||||||||||||||||
MSRs | ||||||||||||||||
Other assets: | ||||||||||||||||
Trading and equity securities | ||||||||||||||||
Derivative assets | ||||||||||||||||
Private equity investments | ||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | ||||||||||||
Securities sold short | ||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Three Months Ended (Dollars in millions) | Trading and Equity Securities | Non-agency MBS | MSRs | Net Derivatives | Private Equity Investments | |||||||||||||||
Balance at January 1, 2018 | $ | $ | $ | $ | $ | |||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||
Included in earnings | ( | ) | ||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ||||||||||||||||||||
Purchases | ||||||||||||||||||||
Issuances | ( | ) | ||||||||||||||||||
Sales | ( | ) | ||||||||||||||||||
Settlements | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | $ | |||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | $ | |||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||
Included in earnings | ( | ) | ||||||||||||||||||
Included in unrealized net holding gains (losses) in OCI | ||||||||||||||||||||
Purchases | ||||||||||||||||||||
Issuances | ||||||||||||||||||||
Sales | ( | ) | ( | ) | ||||||||||||||||
Settlements | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | $ | |||||||||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2019 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Primary income statement location of realized gains (losses) included in earnings | Interest income | Interest income | Mortgage banking income | Mortgage banking income | Other income |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
(Dollars in millions) | Fair Value | UPB | Difference | Fair Value | UPB | Difference | ||||||||||||||||||
LHFS at fair value | $ | $ | $ | $ | $ | $ |
2019 | 2018 | |||||||||||||||
As of / For The Three Months Ended March 31, (Dollars in millions) | Carrying Value | Valuation Adjustments | Carrying Value | Valuation Adjustments | ||||||||||||
Impaired loans | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Foreclosed real estate | ( | ) | ( | ) |
March 31, 2019 | December 31, 2018 | |||||||||||||||
(Dollars in millions) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Financial assets: | ||||||||||||||||
HTM securities | Level 2 | $ | $ | $ | $ | |||||||||||
Loans and leases HFI, net of ALLL | Level 3 | |||||||||||||||
Financial liabilities: | ||||||||||||||||
Time deposits | Level 2 | |||||||||||||||
Long-term debt | Level 2 |
March 31, 2019 | December 31, 2018 | ||||||||||||||
(Dollars in millions) | Notional/Contract Amount | Fair Value | Notional/Contract Amount | Fair Value | |||||||||||
Commitments to extend, originate or purchase credit | $ | $ | $ | $ | |||||||||||
Residential mortgage loans sold with recourse | |||||||||||||||
CRE mortgages serviced for others covered by recourse provisions | |||||||||||||||
Letters of credit |
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. For client swaps, hedges are executed with dealer counterparties to offset market risk. |
Treatment during the hedge period | Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. | Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the instrument being hedged. | Entire change in fair value recognized in current period income. |
Treatment if hedge ceases to be highly effective or is terminated | Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. | If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings over the lesser of the designated hedged period or the maturity date of the instrument, and cash flows from terminations are reported in the same category as the cash flows from the hedged item. | Not applicable |
Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter | Hedge accounting ceases and any gain or loss in AOCI is reported in earnings immediately. | Not applicable | Not applicable |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | Long-term debt | ( | ) | ( | ) | |||||||||||||||||||||
Options | Long-term debt | ( | ) | ( | ) | |||||||||||||||||||||
Pay fixed swaps | Commercial loans | |||||||||||||||||||||||||
Pay fixed swaps | Municipal securities | |||||||||||||||||||||||||
Total | ( | ) | ( | ) | ||||||||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||||||||
Client-related and other risk management: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | ( | ) | ( | ) | ||||||||||||||||||||||
Pay fixed swaps | ( | ) | ( | ) | ||||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||||
Forward commitments | ( | ) | ( | ) | ||||||||||||||||||||||
Foreign exchange contracts | ( | ) | ( | ) | ||||||||||||||||||||||
Total | ( | ) | ( | ) | ||||||||||||||||||||||
Mortgage banking: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Interest rate lock commitments | ( | ) | ||||||||||||||||||||||||
When issued securities, forward rate agreements and forward commitments | ( | ) | ( | ) | ||||||||||||||||||||||
Other | ( | ) | ||||||||||||||||||||||||
Total | ( | ) | ( | ) | ||||||||||||||||||||||
MSRs: | ||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Receive fixed swaps | ||||||||||||||||||||||||||
Pay fixed swaps | ( | ) | ||||||||||||||||||||||||
Options | ( | ) | ||||||||||||||||||||||||
When issued securities, forward rate agreements and forward commitments | ( | ) | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | ( | ) | ( | ) | ||||||||||||||||||||||
Total derivatives not designated as hedges | ( | ) | ( | ) | ||||||||||||||||||||||
Total derivatives | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||
Amounts subject to master netting arrangements not offset due to policy election | ( | ) | ( | ) | ||||||||||||||||||||||
Cash collateral (received) posted | ( | ) | ( | ) | ||||||||||||||||||||||
Net amount | $ | $ | ( | ) | $ | $ | ( | ) |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Hedge Basis Adjustment | Hedge Basis Adjustment | |||||||||||||||||||||||
(Dollars in millions) | Hedged Asset / Liability Basis | Items Currently Designated | Items No Longer Designated | Hedged Asset / Liability Basis | Items Currently Designated | Items No Longer Designated | ||||||||||||||||||
AFS securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans and leases | ( | ) | ( | ) | ||||||||||||||||||||
Long-term debt | ( | ) |
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | |||||
Pre-tax gain (loss) recognized in OCI: | |||||||
Deposits | $ | ( | ) | $ | |||
Short-term borrowings | ( | ) | |||||
Long-term debt | ( | ) | |||||
Total | $ | ( | ) | $ | |||
Pre-tax gain (loss) reclassified from AOCI into interest expense: | |||||||
Deposits | $ | $ | ( | ) | |||
Short-term borrowings | |||||||
Long-term debt | ( | ) | |||||
Total | $ | $ | ( | ) |
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | |||||
AFS securities: | |||||||
Amounts related to interest settlements | $ | $ | ( | ) | |||
Recognized on derivatives | ( | ) | |||||
Recognized on hedged items | ( | ) | |||||
Net income (expense) recognized | ( | ) | ( | ) | |||
Loans and leases: | |||||||
Amounts related to interest settlements | |||||||
Recognized on derivatives | ( | ) | |||||
Recognized on hedged items | ( | ) | |||||
Net income (expense) recognized | |||||||
Long-term debt: | |||||||
Amounts related to interest settlements | ( | ) | |||||
Recognized on derivatives | ( | ) | |||||
Recognized on hedged items | ( | ) | |||||
Net income (expense) recognized | ( | ) | |||||
Net income (expense) recognized, total | $ | ( | ) | $ |
Three Months Ended March 31, (Dollars in millions) | Location | 2019 | 2018 | |||||
Client-related and other risk management: | ||||||||
Interest rate contracts | Other noninterest income | $ | $ | |||||
Foreign exchange contracts | Other noninterest income | |||||||
Mortgage banking: | ||||||||
Interest rate contracts | Mortgage banking income | ( | ) | |||||
MSRs: | ||||||||
Interest rate contracts | Mortgage banking income | ( | ) | |||||
Total | $ | $ | ( | ) |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Cash flow hedges: | ||||||||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | $ | ( | ) | $ | ( | ) | ||
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | ( | ) | ( | ) | ||||
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 | ( | ) | ||||||
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 | ||||||||
Fair value hedges: | ||||||||
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) | $ | ( | ) | $ | ( | ) | ||
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months |
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | |||||
Dealer counterparties: | |||||||
Cash collateral received from dealer counterparties | $ | $ | |||||
Derivatives in a net gain position secured by collateral received | |||||||
Unsecured positions in a net gain with dealer counterparties after collateral postings | |||||||
Cash collateral posted to dealer counterparties | |||||||
Derivatives in a net loss position secured by collateral received | |||||||
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | |||||||
Central clearing parties: | |||||||
Cash collateral, including initial margin, posted to central clearing parties | |||||||
Derivatives in a net loss position | |||||||
Securities pledged to central clearing parties |
Three Months Ended March 31, (Dollars in millions, except per share data, shares in thousands) | 2019 | 2018 | |||||
Net income available to common shareholders | $ | $ | |||||
Weighted average number of common shares | |||||||
Effect of dilutive outstanding equity-based awards | |||||||
Weighted average number of diluted common shares | |||||||
Basic EPS | $ | $ | |||||
Diluted EPS | $ | $ | |||||
Anti-dilutive awards |
Three Months Ended March 31, (Dollars in millions) | CB-Retail | CB-Commercial | FS&CF | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net interest income (expense) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Net intersegment interest income (expense) | |||||||||||||||||||||||
Segment net interest income | |||||||||||||||||||||||
Allocated provision for credit losses | ( | ) | |||||||||||||||||||||
Segment net interest income after provision | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Income (loss) before income taxes | |||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||
Segment net income (loss) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Identifiable assets (period end) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
IH | OT&C (1) | Total | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net interest income (expense) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Net intersegment interest income (expense) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Segment net interest income | ( | ) | |||||||||||||||||||||
Allocated provision for credit losses | ( | ) | |||||||||||||||||||||
Segment net interest income after provision | ( | ) | |||||||||||||||||||||
Noninterest income | ( | ) | ( | ) | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||||||||||
Provision (benefit) for income taxes | ( | ) | ( | ) | |||||||||||||||||||
Segment net income (loss) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||
Identifiable assets (period end) | $ | $ | $ | $ | $ | $ |
(1) |
Table 1: TE Net Interest Income and Rate / Volume Analysis (1) | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, (Dollars in millions) | Average Balances (6) | Annualized Yield/Rate | Income/Expense | Incr. (Decr.) | Change due to | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | Rate | Volume | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Total securities, at amortized cost: (2) | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 3,302 | $ | 3,538 | 2.01 | % | 1.77 | % | $ | 16 | $ | 15 | $ | 1 | $ | 2 | $ | (1 | ) | ||||||||||||||
GSE | 2,418 | 2,385 | 2.24 | 2.23 | 14 | 13 | 1 | — | 1 | ||||||||||||||||||||||||
Agency MBS | 40,044 | 40,813 | 2.58 | 2.42 | 258 | 248 | 10 | 15 | (5 | ) | |||||||||||||||||||||||
States and political subdivisions | 620 | 1,215 | 3.73 | 3.78 | 6 | 11 | (5 | ) | — | (5 | ) | ||||||||||||||||||||||
Non-agency MBS | 315 | 375 | 12.51 | 7.73 | 10 | 7 | 3 | 4 | (1 | ) | |||||||||||||||||||||||
Other | 35 | 48 | 3.96 | 2.28 | — | — | — | — | — | ||||||||||||||||||||||||
Total securities | 46,734 | 48,374 | 2.60 | 2.44 | 304 | 294 | 10 | 21 | (11 | ) | |||||||||||||||||||||||
Other earning assets (3) | 2,197 | 2,250 | 6.01 | 4.54 | 33 | 25 | 8 | 9 | (1 | ) | |||||||||||||||||||||||
Loans and leases, net of unearned income: (4)(5) | |||||||||||||||||||||||||||||||||
Commercial and industrial | 61,370 | 58,627 | 4.33 | 3.72 | 656 | 537 | 119 | 93 | 26 | ||||||||||||||||||||||||
CRE | 20,905 | 21,398 | 5.06 | 4.47 | 261 | 234 | 27 | 33 | (6 | ) | |||||||||||||||||||||||
Lease financing | 2,021 | 1,872 | 3.33 | 3.00 | 17 | 14 | 3 | 2 | 1 | ||||||||||||||||||||||||
Residential mortgage | 31,370 | 28,824 | 4.13 | 4.00 | 324 | 289 | 35 | 9 | 26 | ||||||||||||||||||||||||
Direct | 11,493 | 11,791 | 5.75 | 4.90 | 163 | 141 | 22 | 26 | (4 | ) | |||||||||||||||||||||||
Indirect | 17,337 | 16,914 | 7.91 | 7.31 | 338 | 304 | 34 | 26 | 8 | ||||||||||||||||||||||||
Revolving credit | 3,110 | 2,798 | 9.49 | 8.94 | 73 | 67 | 6 | 2 | 4 | ||||||||||||||||||||||||
PCI | 455 | 631 | 17.99 | 19.21 | 20 | 30 | (10 | ) | (2 | ) | (8 | ) | |||||||||||||||||||||
Total loans and leases HFI | 148,061 | 142,855 | 5.06 | 4.57 | 1,852 | 1,616 | 236 | 189 | 47 | ||||||||||||||||||||||||
LHFS | 729 | 1,051 | 4.38 | 3.66 | 8 | 9 | (1 | ) | 2 | (3 | ) | ||||||||||||||||||||||
Total loans and leases | 148,790 | 143,906 | 5.06 | 4.57 | 1,860 | 1,625 | 235 | 191 | 44 | ||||||||||||||||||||||||
Total earning assets | 197,721 | 194,530 | 4.49 | 4.04 | 2,197 | 1,944 | 253 | 221 | 32 | ||||||||||||||||||||||||
Nonearning assets | 27,852 | 26,889 | |||||||||||||||||||||||||||||||
Total assets | $ | 225,573 | $ | 221,419 | |||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||
Interest-checking | $ | 27,622 | $ | 27,270 | 0.59 | 0.37 | 40 | 25 | 15 | 15 | — | ||||||||||||||||||||||
Money market and savings | 63,325 | 61,690 | 0.96 | 0.44 | 150 | 67 | 83 | 81 | 2 | ||||||||||||||||||||||||
Time deposits | 16,393 | 13,847 | 1.50 | 0.68 | 60 | 23 | 37 | 32 | 5 | ||||||||||||||||||||||||
Foreign deposits - interest-bearing | 422 | 935 | 2.43 | 1.42 | 3 | 3 | — | 2 | (2 | ) | |||||||||||||||||||||||
Total interest-bearing deposits (7) | 107,762 | 103,742 | 0.95 | 0.46 | 253 | 118 | 135 | 130 | 5 | ||||||||||||||||||||||||
Short-term borrowings | 5,624 | 5,477 | 2.32 | 1.43 | 32 | 20 | 12 | 11 | 1 | ||||||||||||||||||||||||
Long-term debt | 23,247 | 23,677 | 3.30 | 2.54 | 192 | 150 | 42 | 45 | (3 | ) | |||||||||||||||||||||||
Total interest-bearing liabilities | 136,633 | 132,896 | 1.41 | 0.87 | 477 | 288 | 189 | 186 | 3 | ||||||||||||||||||||||||
Noninterest-bearing deposits (7) | 52,283 | 53,396 | |||||||||||||||||||||||||||||||
Other liabilities | 6,116 | 5,599 | |||||||||||||||||||||||||||||||
Shareholders' equity | 30,541 | 29,528 | |||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 225,573 | $ | 221,419 | |||||||||||||||||||||||||||||
Average interest-rate spread | 3.08 | % | 3.17 | % | |||||||||||||||||||||||||||||
NIM/net interest income | 3.51 | % | 3.44 | % | $ | 1,720 | $ | 1,656 | $ | 64 | $ | 35 | $ | 29 | |||||||||||||||||||
Taxable-equivalent adjustment | $ | 24 | $ | 23 |
(1) | Yields are stated on a TE basis utilizing the marginal income tax rates. The change in interest not solely due to changes in 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 cash equivalents, 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. |
(7) | Total deposit costs were 0.64% and 0.30% for the three months ended March 31, 2019 and 2018, respectively. |
Table 2: Noninterest Income | ||||||||||
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | % Change | |||||||
Insurance income | $ | 510 | $ | 436 | 17.0 | % | ||||
Service charges on deposits | 171 | 165 | 3.6 | |||||||
Investment banking and brokerage fees and commissions | 111 | 113 | (1.8 | ) | ||||||
Mortgage banking income | 63 | 99 | (36.4 | ) | ||||||
Trust and investment advisory revenues | 68 | 72 | (5.6 | ) | ||||||
Bankcard fees and merchant discounts | 70 | 69 | 1.4 | |||||||
Checkcard fees | 55 | 52 | 5.8 | |||||||
Operating lease income | 35 | 37 | (5.4 | ) | ||||||
Income from bank-owned life insurance | 28 | 31 | (9.7 | ) | ||||||
Other income | 91 | 106 | (14.2 | ) | ||||||
Total noninterest income | $ | 1,202 | $ | 1,180 | 1.9 |
Table 3: Noninterest Expense | ||||||||||
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | % Change | |||||||
Personnel expense | $ | 1,087 | $ | 1,039 | 4.6 | % | ||||
Occupancy and equipment expense | 187 | 194 | (3.6 | ) | ||||||
Software expense | 72 | 65 | 10.8 | |||||||
Outside IT services | 30 | 32 | (6.3 | ) | ||||||
Regulatory charges | 18 | 40 | (55.0 | ) | ||||||
Amortization of intangibles | 32 | 33 | (3.0 | ) | ||||||
Loan-related expense | 25 | 29 | (13.8 | ) | ||||||
Professional services | 31 | 30 | 3.3 | |||||||
Merger-related and restructuring charges, net | 80 | 28 | 185.7 | |||||||
Other expense | 206 | 196 | 5.1 | |||||||
Total noninterest expense | $ | 1,768 | $ | 1,686 | 4.9 |
Table 4: Merger-Related and Restructuring Accrual Activity | |||||||||||||||
Three Months Ended March 31, 2019 (Dollars in millions) | Accrual at Jan 1, 2019 | Expense | Utilized | Accrual at Mar 31, 2019 | |||||||||||
Severance and personnel-related | $ | 43 | $ | 16 | $ | (49 | ) | $ | 10 | ||||||
Occupancy and equipment (1) | — | 9 | (9 | ) | — | ||||||||||
Professional services | 1 | 51 | (8 | ) | 44 | ||||||||||
Systems conversion and related costs | — | — | — | — | |||||||||||
Other adjustments | — | 4 | (2 | ) | 2 | ||||||||||
Total | $ | 44 | $ | 80 | $ | (68 | ) | $ | 56 |
Table 5: Net Income by Reportable Segment | ||||||||||
Three Months Ended March 31, (Dollars in millions) | 2019 | 2018 | % Change | |||||||
Community Banking Retail and Consumer Finance | $ | 379 | $ | 334 | 13.5 | % | ||||
Community Banking Commercial | 328 | 271 | 21.0 | |||||||
Financial Services and Commercial Finance | 156 | 144 | 8.3 | |||||||
Insurance Holdings | 88 | 62 | 41.9 | |||||||
Other, Treasury & Corporate | (153 | ) | (20 | ) | NM | |||||
BB&T Corporation | $ | 798 | $ | 791 | 0.9 |
Table 6: Variable Rate Lines of Credit | |||||||||||||||
Home Equity Lines | Other Lines of Credit | ||||||||||||||
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | Mar 31, 2019 | Dec 31, 2018 | |||||||||||
Total variable rate lines | $ | 6,979 | $ | 7,201 | $ | 1,064 | $ | 1,067 | |||||||
Amount in interest-only phase | 5,580 | 5,730 | 952 | 949 | |||||||||||
Percent in interest-only phase that will begin amortizing within 3 years | 10.5 | % | 10.3 | % | 15.0 | % | 15.9 | % |
Table 7: Composition of Average Loans and Leases | ||||||||||||||||||||
For the Three Months Ended (Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 61,370 | $ | 60,553 | $ | 59,900 | $ | 59,548 | $ | 58,627 | ||||||||||
CRE | 20,905 | 21,301 | 21,496 | 21,546 | 21,398 | |||||||||||||||
Lease financing | 2,021 | 1,990 | 1,941 | 1,862 | 1,872 | |||||||||||||||
Retail: | ||||||||||||||||||||
Residential mortgage | 31,370 | 31,103 | 30,500 | 29,272 | 28,824 | |||||||||||||||
Direct | 11,493 | 11,600 | 11,613 | 11,680 | 11,791 | |||||||||||||||
Indirect | 17,337 | 17,436 | 17,282 | 16,804 | 16,914 | |||||||||||||||
Revolving credit | 3,110 | 3,070 | 2,947 | 2,831 | 2,798 | |||||||||||||||
PCI | 455 | 486 | 518 | 559 | 631 | |||||||||||||||
Total average loans and leases HFI | $ | 148,061 | $ | 147,539 | $ | 146,197 | $ | 144,102 | $ | 142,855 |
Table 8: Asset Quality | ||||||||||||||||||||
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||||||
NPAs: | ||||||||||||||||||||
NPLs: | ||||||||||||||||||||
Commercial and industrial | $ | 196 | $ | 200 | $ | 238 | $ | 243 | $ | 257 | ||||||||||
CRE | 75 | 65 | 46 | 61 | 67 | |||||||||||||||
Lease financing | 1 | 3 | 6 | 9 | 13 | |||||||||||||||
Residential mortgage | 121 | 119 | 120 | 119 | 127 | |||||||||||||||
Direct | 53 | 53 | 55 | 58 | 64 | |||||||||||||||
Indirect | 80 | 82 | 72 | 68 | 74 | |||||||||||||||
Total NPLs HFI | 526 | 522 | 537 | 558 | 602 | |||||||||||||||
Foreclosed real estate | 33 | 35 | 39 | 43 | 40 | |||||||||||||||
Other foreclosed property | 25 | 28 | 25 | 23 | 27 | |||||||||||||||
Total nonperforming assets (1) | $ | 584 | $ | 585 | $ | 601 | $ | 624 | $ | 669 | ||||||||||
Performing TDRs: | ||||||||||||||||||||
Commercial and industrial | $ | 63 | $ | 65 | $ | 56 | $ | 44 | $ | 38 | ||||||||||
CRE | 9 | 10 | 12 | 11 | 12 | |||||||||||||||
Residential mortgage | 669 | 656 | 643 | 647 | 627 | |||||||||||||||
Direct | 54 | 55 | 56 | 58 | 59 | |||||||||||||||
Indirect | 306 | 305 | 295 | 284 | 277 | |||||||||||||||
Revolving credit | 29 | 28 | 28 | 29 | 29 | |||||||||||||||
Total performing TDRs (2)(3) | $ | 1,130 | $ | 1,119 | $ | 1,090 | $ | 1,073 | $ | 1,042 | ||||||||||
Loans 90 days or more past due and still accruing: | ||||||||||||||||||||
Residential mortgage | $ | 377 | $ | 405 | $ | 367 | $ | 374 | $ | 420 | ||||||||||
Direct | 7 | 7 | 6 | 4 | 6 | |||||||||||||||
Indirect | 5 | 6 | 6 | 4 | 5 | |||||||||||||||
Revolving credit | 14 | 14 | 12 | 10 | 11 | |||||||||||||||
PCI | 28 | 30 | 40 | 43 | 48 | |||||||||||||||
Total loans 90 days or more past due and still accruing | $ | 431 | $ | 462 | $ | 431 | $ | 435 | $ | 490 | ||||||||||
Loans 30-89 days past due: | ||||||||||||||||||||
Commercial and industrial | $ | 36 | $ | 34 | $ | 35 | $ | 26 | $ | 31 | ||||||||||
CRE | 3 | 5 | 4 | 4 | 10 | |||||||||||||||
Lease financing | 3 | 1 | 1 | 2 | 1 | |||||||||||||||
Residential mortgage | 478 | 456 | 510 | 441 | 400 | |||||||||||||||
Direct | 67 | 61 | 59 | 52 | 55 | |||||||||||||||
Indirect | 316 | 436 | 418 | 337 | 272 | |||||||||||||||
Revolving credit | 27 | 28 | 27 | 21 | 21 | |||||||||||||||
PCI | 18 | 23 | 21 | 22 | 24 | |||||||||||||||
Total loans 30-89 days past due | $ | 948 | $ | 1,044 | $ | 1,075 | $ | 905 | $ | 814 |
(1) | Sales of nonperforming loans totaled $30 million, $30 million, $20 million, $12 million and $33 million for the quarter ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively. |
(2) | Excludes TDRs that are nonperforming totaling $178 million, $176 million, $176 million, $191 million and $196 million at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively. These amounts are included in total nonperforming assets. |
(3) | Sales of performing TDRs, which were primarily residential mortgage loans, totaled $33 million, $15 million, $34 million, $17 million and $29 million for the quarter ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively. |
Table 9: Asset Quality Ratios | ||||||||||||||
As of / For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI | 0.64 | % | 0.70 | % | 0.73 | % | 0.62 | % | 0.57 | % | ||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI | 0.29 | 0.31 | 0.29 | 0.30 | 0.34 | |||||||||
NPLs as a percentage of loans and leases HFI | 0.35 | 0.35 | 0.37 | 0.38 | 0.42 | |||||||||
NPAs as a percentage of: | ||||||||||||||
Total assets | 0.26 | 0.26 | 0.27 | 0.28 | 0.30 | |||||||||
Loans and leases HFI plus foreclosed property | 0.39 | 0.39 | 0.41 | 0.43 | 0.47 | |||||||||
Net charge-offs as a percentage of average loans and leases HFI | 0.40 | 0.38 | 0.35 | 0.30 | 0.41 | |||||||||
ALLL as a percentage of loans and leases HFI | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | |||||||||
Ratio of ALLL to: | ||||||||||||||
Net charge-offs | 2.62x | 2.76x | 3.05x | 3.49x | 2.55x | |||||||||
NPLs | 2.97x | 2.99x | 2.86x | 2.74x | 2.49x | |||||||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI (1) | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % |
(1) | This asset quality ratio has been adjusted to remove the impact of government guaranteed mortgage loans and PCI. 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 collectability or might not be comparable to other periods presented or to other portfolios that do not have government guarantees or were not impacted by PCI accounting requirements. |
Table 10: Rollforward of NPAs | ||||||||
(Dollars in millions) | 2019 | 2018 | ||||||
Balance, January 1 | $ | 585 | $ | 627 | ||||
New NPAs | 294 | 363 | ||||||
Advances and principal increases | 64 | 89 | ||||||
Disposals of foreclosed assets (1) | (122 | ) | (119 | ) | ||||
Disposals of NPLs (2) | (30 | ) | (33 | ) | ||||
Charge-offs and losses | (71 | ) | (64 | ) | ||||
Payments | (106 | ) | (152 | ) | ||||
Transfers to performing status | (30 | ) | (41 | ) | ||||
Other, net | — | (1 | ) | |||||
Ending balance, March 31 | $ | 584 | $ | 669 |
(1) | Includes charge-offs and losses recorded upon sale of $58 million and $23 million for the three months ended March 31, 2019 and 2018, respectively. |
(2) | Includes charge-offs and losses recorded upon sale of $6 million and $10 million for the three months ended March 31, 2019 and 2018, respectively. |
Table 11: Rollforward of Performing TDRs | ||||||||
(Dollars in millions) | 2019 | 2018 | ||||||
Balance, January 1 | $ | 1,119 | $ | 1,043 | ||||
Inflows | 152 | 133 | ||||||
Payments and payoffs | (55 | ) | (42 | ) | ||||
Charge-offs | (16 | ) | (17 | ) | ||||
Transfers to nonperforming TDRs, net | (19 | ) | (27 | ) | ||||
Removal due to the passage of time | (14 | ) | (14 | ) | ||||
Non-concessionary re-modifications | (4 | ) | (5 | ) | ||||
Transferred to LHFS and/or sold | (33 | ) | (29 | ) | ||||
Balance, March 31 | $ | 1,130 | $ | 1,042 |
Table 12: Payment Status of TDRs (1) | |||||||||||||||||||||||||
March 31, 2019 (Dollars in millions) | Current | Past Due 30-89 Days | Past Due 90 Days Or More | Total | |||||||||||||||||||||
Performing TDRs: | |||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial and industrial | $ | 62 | 98.4 | % | $ | 1 | 1.6 | % | $ | — | — | % | $ | 63 | |||||||||||
CRE | 9 | 100.0 | — | — | — | — | 9 | ||||||||||||||||||
Retail: | |||||||||||||||||||||||||
Residential mortgage | 384 | 57.4 | 121 | 18.1 | 164 | 24.5 | 669 | ||||||||||||||||||
Direct | 52 | 96.3 | 2 | 3.7 | — | — | 54 | ||||||||||||||||||
Indirect | 261 | 85.3 | 45 | 14.7 | — | — | 306 | ||||||||||||||||||
Revolving credit | 25 | 86.3 | 3 | 10.3 | 1 | 3.4 | 29 | ||||||||||||||||||
Total performing TDRs | 793 | 70.2 | 172 | 15.2 | 165 | 14.6 | 1,130 | ||||||||||||||||||
Nonperforming TDRs | 85 | 47.8 | 13 | 7.3 | 80 | 44.9 | 178 | ||||||||||||||||||
Total TDRs | $ | 878 | 67.2 | $ | 185 | 14.1 | $ | 245 | 18.7 | $ | 1,308 |
(1) | Past due performing TDRs are included in past due disclosures and nonperforming TDRs are included in NPL disclosures. |
Table 13: Activity in ACL | |||||||||||||||||||
As of / For The Three Months Ended | |||||||||||||||||||
(Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||||||||
Balance, beginning of period | $ | 1,651 | $ | 1,648 | $ | 1,640 | $ | 1,614 | $ | 1,609 | |||||||||
Provision for credit losses (excluding PCI loans) | 156 | 147 | 141 | 142 | 153 | ||||||||||||||
Provision (benefit) for PCI loans | (1 | ) | (1 | ) | (6 | ) | (7 | ) | (3 | ) | |||||||||
Charge-offs: | |||||||||||||||||||
Commercial and industrial | (17 | ) | (18 | ) | (28 | ) | (23 | ) | (23 | ) | |||||||||
CRE | (8 | ) | (5 | ) | — | (2 | ) | (6 | ) | ||||||||||
Lease financing | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
Residential mortgage | (5 | ) | (8 | ) | (4 | ) | (5 | ) | (4 | ) | |||||||||
Direct | (18 | ) | (18 | ) | (17 | ) | (17 | ) | (19 | ) | |||||||||
Indirect | (109 | ) | (108 | ) | (94 | ) | (82 | ) | (107 | ) | |||||||||
Revolving credit | (26 | ) | (22 | ) | (20 | ) | (21 | ) | (21 | ) | |||||||||
PCI | — | — | (2 | ) | — | — | |||||||||||||
Total charge-offs | (184 | ) | (180 | ) | (166 | ) | (151 | ) | (181 | ) | |||||||||
Recoveries: | |||||||||||||||||||
Commercial and industrial | 6 | 7 | 13 | 11 | 8 | ||||||||||||||
CRE | 1 | 4 | 1 | 1 | 2 | ||||||||||||||
Lease financing | — | — | — | 1 | — | ||||||||||||||
Residential mortgage | 1 | 1 | — | 1 | — | ||||||||||||||
Direct | 6 | 5 | 6 | 6 | 6 | ||||||||||||||
Indirect | 17 | 15 | 15 | 17 | 15 | ||||||||||||||
Revolving credit | 6 | 5 | 4 | 5 | 5 | ||||||||||||||
Total recoveries | 37 | 37 | 39 | 42 | 36 | ||||||||||||||
Net charge-offs | (147 | ) | (143 | ) | (127 | ) | (109 | ) | (145 | ) | |||||||||
Balance, end of period | $ | 1,659 | $ | 1,651 | $ | 1,648 | $ | 1,640 | $ | 1,614 | |||||||||
ALLL (excluding PCI loans) | $ | 1,553 | $ | 1,549 | $ | 1,528 | $ | 1,512 | $ | 1,473 | |||||||||
ALLL for PCI loans | 8 | 9 | 10 | 18 | 25 | ||||||||||||||
RUFC | 98 | 93 | 110 | 110 | 116 | ||||||||||||||
Total ACL | $ | 1,659 | $ | 1,651 | $ | 1,648 | $ | 1,640 | $ | 1,614 |
Table 14: Allocation of ALLL by Category | ||||||||||||||
March 31, 2019 | December 31, 2018 | |||||||||||||
(Dollars in millions) | Amount | % Loans in each category | Amount | % Loans in each category | ||||||||||
Commercial and industrial | $ | 548 | 41.5 | % | $ | 546 | 41.5 | % | ||||||
CRE | 196 | 14.0 | 190 | 14.1 | ||||||||||
Lease financing | 11 | 1.4 | 11 | 1.4 | ||||||||||
Residential mortgage | 225 | 21.2 | 232 | 21.1 | ||||||||||
Direct | 96 | 7.7 | 97 | 7.8 | ||||||||||
Indirect | 358 | 11.8 | 356 | 11.7 | ||||||||||
Revolving credit | 119 | 2.1 | 117 | 2.1 | ||||||||||
PCI | 8 | 0.3 | 9 | 0.3 | ||||||||||
Total ALLL | 1,561 | 100.0 | % | 1,558 | 100.0 | % | ||||||||
RUFC | 98 | 93 | ||||||||||||
Total ACL | $ | 1,659 | $ | 1,651 |
Table 15: Composition of Average Deposits | ||||||||||||||||||||
Three Months Ended (Dollars in millions) | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||||||
Noninterest-bearing deposits | $ | 52,283 | $ | 53,732 | $ | 54,174 | $ | 53,963 | $ | 53,396 | ||||||||||
Interest checking | 27,622 | 26,921 | 26,655 | 26,969 | 27,270 | |||||||||||||||
Money market and savings | 63,325 | 62,261 | 62,957 | 62,105 | 61,690 | |||||||||||||||
Time deposits | 16,393 | 14,682 | 13,353 | 13,966 | 13,847 | |||||||||||||||
Foreign office deposits - interest-bearing | 422 | 246 | 132 | 673 | 935 | |||||||||||||||
Total average deposits | $ | 160,045 | $ | 157,842 | $ | 157,271 | $ | 157,676 | $ | 157,138 |
Table 16: Interest Sensitivity Simulation Analysis | ||||||||||||
Interest Rate Scenario | Annualized Hypothetical Percentage Change in Net Interest Income | |||||||||||
Linear Change in Prime Rate | Prime Rate | |||||||||||
Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2019 | Mar 31, 2018 | |||||||||
Up 200 | 7.50 | % | 6.75 | % | 1.33 | % | 3.76 | % | ||||
Up 100 | 6.50 | 5.75 | 1.04 | 2.40 | ||||||||
No Change | 5.50 | 4.75 | — | — | ||||||||
Down 100 | 4.50 | 3.75 | (3.89 | ) | (5.64 | ) | ||||||
Down 200 | 3.50 | N/A | (7.25 | ) | N/A |
Table 17: Deposit Mix Sensitivity Analysis | |||||||||
Linear Change in Rates | Base Scenario at March 31, 2019 (1) | Results Assuming a Decrease in Noninterest-Bearing Demand Deposits | |||||||
$1 Billion | $5 Billion | ||||||||
Up 200 bps | 1.33 | % | 1.13 | % | 0.31 | % | |||
Up 100 | 1.04 | 0.91 | 0.40 |
Table 18: EVE Simulation Analysis | ||||||||||
Change in Interest Rates | EVE/Assets | Hypothetical Percentage Change in EVE | ||||||||
Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2019 | Mar 31, 2018 | |||||||
Up 100 | 11.9 | 12.4 | 1.1 | (2.2 | ) | |||||
No Change | 11.8 | 12.7 | — | — | ||||||
Down 100 | 10.5 | 12.3 | (11.0 | ) | (3.5 | ) |
Table 19: Capital Requirements Under Basel III | ||||||||||||||
Minimum Capital | Well-Capitalized | Minimum Capital Plus Capital Conservation Buffer | BB&T Targets | |||||||||||
Operating (1) | Stressed | |||||||||||||
CET1 capital to risk-weighted assets | 4.5 | % | 6.5 | % | 7.0 | % | 8.5 | % | 6.0 | % | ||||
Tier 1 capital to risk-weighted assets | 6.0 | 8.0 | 8.5 | 10.0 | 7.5 | |||||||||
Total capital to risk-weighted assets | 8.0 | 10.0 | 10.5 | 12.0 | 9.5 | |||||||||
Leverage ratio | 4.0 | 5.0 | N/A | 8.0 | 5.5 |
(1) | BB&T's goal is to maintain capital levels above all regulatory minimums. |
Table 20: Capital Ratios - BB&T Corporation | ||||||||
(Dollars in millions, except per share data, shares in thousands) | Mar 31, 2019 | Dec 31, 2018 | ||||||
Risk-based: | (preliminary) | |||||||
CET1 capital to risk-weighted assets | 10.3 | % | 10.2 | % | ||||
Tier 1 capital to risk-weighted assets | 11.9 | 11.8 | ||||||
Total capital to risk-weighted assets | 14.2 | 13.8 | ||||||
Leverage ratio | 10.1 | 9.9 | ||||||
Non-GAAP capital measure (1): | ||||||||
Tangible common equity per common share | $ | 22.78 | $ | 21.89 | ||||
Calculation of tangible common equity (1): | ||||||||
Total shareholders' equity | $ | 30,883 | $ | 30,178 | ||||
Less: | ||||||||
Preferred stock | 3,053 | 3,053 | ||||||
Noncontrolling interests | 60 | 56 | ||||||
Intangible assets, net of deferred taxes | 10,326 | 10,360 | ||||||
Tangible common equity | $ | 17,444 | $ | 16,709 | ||||
Risk-weighted assets | $ | 183,377 | $ | 181,260 | ||||
Common shares outstanding at end of period | 765,920 | 763,326 |
(1) | Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, 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 21: Share Repurchase Activity | |||||||||||||
(Dollars in millions, except per share data, shares in thousands) | Total Shares Repurchased (1) | Average Price Paid Per Share (2) | Total Shares Repurchased Pursuant to Publicly-Announced Plan (3) | Maximum Remaining Dollar Value of Shares Available for Repurchase Pursuant to Publicly-Announced Plan | |||||||||
January 2019 | 1 | $ | 49.14 | — | $ | 1,125 | |||||||
February 2019 | 26 | 51.41 | — | 1,125 | |||||||||
March 2019 | 48 | 50.13 | — | 1,125 | |||||||||
Total | 75 | 50.56 | — |
(1) | Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under BB&T's equity-based compensation plans. |
(2) | Excludes commissions. |
(3) | Pursuant to the 2018 Repurchase Plan, announced on June 28, 2018, which authorized up to $1.7 billion of share repurchases over the one-year period ending June 30, 2019. |
Exhibit No. | Description | Location | ||
2.1** | Agreement and Plan of Merger, dated as of February 7, 2019, by and between SunTrust Banks, Inc. and BB&T Corporation. | |||
3.1 | Bylaws of the Registrant, as amended and restated January 29, 2019. | |||
10.1* | Form of Restricted Stock Unit Agreement (Non-Employee Directors) for the BB&T 2012 Incentive Plan (effective 2019). | |||
10.2* | Form of LTIP Award Agreement for the BB&T Corporation 2012 Incentive Plan (effective 2019). | |||
10.3* | Form of Performance Unit Award Agreement for the BB&T Corporation 2012 Incentive Plan (effective 2019). | |||
10.4* | Amended and Restated Employment Agreement by and among BB&T Corporation, Branch Banking and Trust Co. and Kelly S. King dated as of February 7, 2019. | |||
10.5* | Form of Notice of Term Non-Renewal under Employment Agreements | |||
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. | |||
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. | |||
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. | |||
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. | ||
* Management compensatory plan or arrangement. | ||||
** Pursuant to Item 601(b)(2) of Regulation S-K, certain schedules and similar attachments have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the SEC upon request. |
BB&T CORPORATION (Registrant) | ||||
Date: | April 29, 2019 | By: | /s/ Daryl N. Bible | |
Daryl N. Bible | ||||
Senior Executive Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Date: | April 29, 2019 | By: | /s/ Cynthia B. Powell | |
Cynthia B. Powell | ||||
Executive Vice President and Corporate Controller | ||||
(Principal Accounting Officer) |
Grant Date: | February 26, 2019 |
Date Vested (Subject to Section 3): | December 31, 2019 |
(i) | Death. In the event that the Participant remains in the continuous service of BB&T or an Affiliate as a Director from the Grant Date until the Participant’s death, the Award shall become fully vested as of the date of death without regard to the vesting schedule set forth in Section 3 herein. |
(ii) | Disability. In the event that the Participant remains in the continuous service of BB&T or an Affiliate as a Director from the Grant Date until the date of the Participant’s disability (as determined by the Administrator or its designee in accordance with the Plan and, if applicable, Section 409A), the Award shall become fully vested as of the Participant’s date of termination of service as a Director on account of disability without regard to the vesting schedule set forth in Section 3 herein. |
(A) | In the event that there is “Change of Control,” as defined in Section 4(b)(iii)(B), of BB&T subsequent to the date hereof, the Award shall be payable in accordance with this Agreement and become fully vested as of the effective date of such event without regard to the vesting schedule set forth in Section 3 herein. |
(B) | For purposes of this Section 4(b)(iii), a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (i) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 |
Name of Participant: | <<First Name>> <<MI>> <<Last Name>> |
Grant Date: | February __, 2019 |
Performance Period: | January 1, 2019 through December 31, 2021 |
(i) | (1) Death or Disability. If the Participant ceases to be a Participant in the Plan during the Performance Period due to the Participant’s termination of employment due to death or Disability, the Participant’s Award for the Performance Period shall be payable in accordance with this Agreement, based upon the attainment of the Absolute Performance Goal and at least the Threshold Level of Achievement and the application of the TSR Modifier as provided in Section 2(c) and Exhibit A herein, and prorated to reflect such |
(ii) | (1) For purposes of Section 2(b)(i)(3) above, a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (A) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing thirty percent (30%) or more of the combined voting power of BB&T’s then outstanding securities; or (B) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Performance Period of the Award constituted BB&T’s Board, plus new directors whose election or nomination for election by BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such twelve- (12-) month period (collectively, the “Continuing Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of directors; (C) the date the shareholders of BB&T approve an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets within the meaning of Section 409A; or (D) the date that any one person, or more than one person acting as a group, acquires ownership of stock of BB&T that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of BB&T within the meaning of Section 409A. |
(i) | Performance Measures and Relative TSR/TSR Modifier: |
(ii) | For purposes of the Relative Performance Goal of the Award, there shall be levels of achievement (“Levels of Achievement”), including, threshold (“Threshold”), target (“Target”), and maximum (“Maximum”). The Threshold Level of Achievement shall be a BB&T ROCE of the twenty-fifth (25th) percentile of the Peer Group ROCE; the Target Level of Achievement shall be a BB&T ROCE of the fiftieth (50th) percentile of the Peer Group ROCE; and the Maximum Level of Achievement shall be a BB&T ROCE of the seventy-fifth (75th) percentile of the Peer Group ROCE. The Levels of Achievement range from the Threshold Level of Achievement to the Maximum Level of Achievement as illustrated in the Level of Achievement Chart attached hereto as Exhibit A and made a part hereof. |
(iii) | For avoidance of doubt in the interpretation of the Exhibit A Level of Achievement Chart, there will not be an Award payout if the Threshold Level of Achievement is not attained for the Performance Period. If the Threshold Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be fifty percent (50%) of the Participant’s Target %. If the Target Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred percent (100%) of the Participant’s Target %. If the Maximum Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred fifty percent (150%) of the Participant’s Target %. |
(iv) | The projected Award payout to the Participant, if either the Target Level of Achievement or if the Maximum Level of Achievement is attained for the |
2019 Base Salary1 | 2020 Base Salary1 | 2021 Base Salary1 | Participant’s Target % | Target Payout (if Target Level of Achievement Attained and Relative TSR is 50th Percentile2 | Maximum Payout (if Maximum Level of Achievement is Attained and Relative TSR is 75th Percentile or greater)2 |
$_________ | $_________ | $_________ | _________% | $________________3 | $____________3 |
(v) | For purposes hereof, the term “Peer Group” means Capital One Financial Corporation; Bank of America Corporation; Fifth-Third Bancorp; Huntington Bancshares, Incorporated; KeyCorp; M&T Bank Corporation; PNC Financial Services Group, Inc.; Regions Financial Corporation; SunTrust Banks, Inc.; U.S. Bancorp; Wells Fargo & Company; and Citizens Financial Group, Inc. |
1 | Solely for illustration purposes, projections assume certain salary increases on April 1st of each year. Projections do not reflect negative discretion reductions by the Administrator. |
2 | The projected payouts will change based upon the Participant’s actual base salary for 2019, 2020 and 2021. |
3 | Pursuant to the terms of the Plan, in the Administrator’s discretion the Award may be payable in cash, in shares of Common Stock, or in a combination of both. |
BB&T CORPORATION | |
By: | |
PARTICIPANT | |
<<First Name>> <<MI>> <<Last Name>> |
Level of Achievement | Percentile Performance (BB&T ROCE Relative to Peer Group ROCE) | Payout Percent of Participant’s Target % |
Threshold | 25th | 50% |
30th | 60% | |
35th | 70% | |
40th | 80% | |
45th | 90% | |
Target | 50th | 100% |
55th | 110% | |
60th | 120% | |
65th | 130% | |
70th | 140% | |
Maximum | 75th or greater | 150% |
Relative TSR (Percentile Performance of BB&T TSR Relative to Peer Group TSR) | TSR Modifier |
Less than 25th | 20% Reduction in Award payout |
50th | 0% Reduction or increase in Award payout |
75th or greater | 20% Increase in Award payout, provided that the maximum Award payout shall be 150% of Participant’s Target % |
Grant Date: | February 26, 2019 |
Performance Period: | January 1, 2019 through December 31, 2021 |
(i) | (1) Death or Disability. If the Participant ceases to be a Participant in the Plan during the Performance Period due to the Participant’s termination of employment due to death or Disability, the Participant’s Award for the |
(ii) | (1) For purposes of Section 2(b)(i)(3) above, a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (A) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing thirty percent (30%) or more of the combined voting power of BB&T’s then outstanding securities; or (B) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Performance Period of the Award constituted BB&T’s Board, plus new directors whose election or nomination for election by BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such twelve- (12-) month period (collectively, the “Continuing Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of directors; (C) the date the shareholders of BB&T approve an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets within the meaning of Section 409A; or (D) the date that any one person, or more than one person acting as a group, acquires ownership of stock of BB&T that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of BB&T within the meaning of Section 409A. |
(i) | Performance Measures and Relative TSR/TSR Modifier: |
(ii) | For purposes of the Relative Performance Goal of the Award, there shall be levels of achievement (“Levels of Achievement”), including, threshold (“Threshold”), target (“Target”), and maximum (“Maximum”). The Threshold Level of Achievement shall be a BB&T ROCE of the twenty-fifth (25th) percentile of the Peer Group ROCE; the Target Level of Achievement shall be a BB&T ROCE of the fiftieth (50th) percentile of the Peer Group ROCE; and the Maximum Level of Achievement shall be a BB&T ROCE of the seventy-fifth (75th) percentile of the Peer Group ROCE. The Levels of Achievement range from the Threshold Level of Achievement to the Maximum Level of Achievement as illustrated in the Level of Achievement Chart attached hereto as Exhibit A and made a part hereof. |
(iii) | For avoidance of doubt in the interpretation of the Exhibit A Level of Achievement Chart, there will not be an Award payout if the Threshold Level of Achievement is not attained for the Performance Period. If the Threshold Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be fifty percent (50%) of the Shares. If the Target Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred percent (100%) of the Shares. If the Maximum Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred fifty percent (150%) of the Shares. |
(iv) | For purposes hereof, the term “Peer Group” means Capital One Financial Corporation; Bank of America Corporation; Fifth-Third Bancorp; Huntington Bancshares, Incorporated; KeyCorp; M&T Bank Corporation; PNC Financial Services Group, Inc.; Regions Financial Corporation; SunTrust Banks, Inc.; U.S. Bancorp; Wells Fargo & Company; and Citizens Financial Group, Inc. |
Level of Achievement | Percentile Performance (BB&T ROCE Relative to Peer Group ROCE) | Payout Percent of Participant’s Shares |
Threshold | 25th | 50% |
30th | 60% | |
35th | 70% | |
40th | 80% | |
45th | 90% | |
Target | 50th | 100% |
55th | 110% | |
60th | 120% | |
65th | 130% | |
70th | 140% | |
Maximum | 75th or greater | 150% |
Relative TSR (Percentile Performance of BB&T TSR Relative to Peer Group TSR) | TSR Modifier |
Less than 25th | 20% Reduction in Award payout |
50th | 0% Reduction or increase in Award payout |
75th or greater | 20% Increase in Award payout, provided that the maximum Award payout shall be 150% of the Participant’s Shares |
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 March 31, 2019 (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 |
3 Months Ended |
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Mar. 31, 2019
shares
| |
Document And Entity Information [Abstract] | |
Entity Registrant Name | BB&T CORPORATION |
Trading Symbol | BBT |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 765,919,922 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 19,886 | $ 20,047 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, liquidation preference (in dollars per share) | 25,000 | 25,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 798 | $ 791 |
OCI, net of tax: | ||
Change in unrecognized net pension and postretirement costs | 17 | 14 |
Change in unrealized net gains (losses) on cash flow hedges | (34) | 78 |
Change in unrealized net gains (losses) on AFS securities | 309 | (268) |
Other, net | 2 | (2) |
Total OCI | 294 | (178) |
Total comprehensive income | 1,092 | 613 |
Income Tax Effect of Items Included in OCI: | ||
Change in unrecognized net pension and postretirement costs | 6 | 4 |
Change in unrealized net gains (losses) on cash flow hedges | (11) | 26 |
Change in unrealized net gains (losses) on AFS securities | 95 | (84) |
Other, net | $ 0 | $ 1 |
Basis of Presentation |
3 Months Ended | |||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||
Basis of Presentation | Basis of PresentationGeneral See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2018 should be referred to in connection with these unaudited interim consolidated financial statements. Reclassifications Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. Leases - Lessee BB&T has operating and finance leases for data centers, corporate offices, branches, retail centers, and certain equipment. BB&T determines if an arrangement is a lease at inception. Operating leases with an original lease term in excess of one year are included in other assets and accounts payable and other liabilities in the Consolidated Balance Sheets. Finance leases are included in premises and equipment and long-term debt in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. BB&T uses an implicit interest rate in determining the present value of lease payments when readily determinable, and a collateralized incremental borrowing rate when an implicit rate is not available. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Rent expense and rental income on operating leases is generally recorded using the straight-line method over the appropriate lease terms. Lease agreements that contain non-lease components are generally accounted for as a single lease component. Variable costs, such as maintenance expenses, property and sales taxes, association dues and index based rate increases, are expensed as they are incurred. Leases - Lessor
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Business Combinations |
3 Months Ended |
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Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Business Combinations |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables summarize AFS and HTM securities:
Certain securities issued by FNMA and FHLMC exceeded 10% of shareholders' equity at March 31, 2019. The FNMA investments had total amortized cost and fair value of $14.2 billion and $13.9 billion, respectively. The FHLMC investments had total amortized cost and fair value of $10.3 billion and $10.2 billion, respectively. 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.
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 |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and ACL | Loans and ACL The following tables present loans and leases HFI by aging category:
The following table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming:
The following tables present activity in the ACL:
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, all of which are considered impaired:
The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures.
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 $18 million and $23 million for the three months ended March 31, 2019 and 2018, respectively. Payment default is defined as movement of the TDR to nonperforming status, foreclosure or charge-off, whichever occurs first. |
Other Assets and Liabilites |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | Other Assets and LiabilitiesLessee Operating and Finance Leases Operating leases costs were $49 million and finance lease costs were immaterial for the three months ended March 31, 2019. The following table presents additional information on operating and finance leases:
Lessor Operating Leases The following tables present a summary of assets under operating leases and activity related to assets under operating leases. These tables exclude subleases on assets included in premises and equipment.
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Goodwill and Other Intangible Assets |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Intangible AssetsThe following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:
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Loan Servicing |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing | Loan Servicing Residential Mortgage Banking Activities The following tables summarize residential mortgage banking activities:
The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:
The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following 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
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Deposits |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits
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Long-Term Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt The following table presents a summary of long-term debt:
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Shareholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity Dividends The following table presents the dividends declared related to common stock. For information related to preferred stock dividends, see Note 10. Shareholders' Equity of the Annual Report on Form 10-K for the year ended December 31, 2018.
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AOCI |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AOCI | AOCI
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Income Taxes |
3 Months Ended |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rates for the three months ended March 31, 2019 and 2018 were 18.2% and 19.0%, respectively. |
Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit PlansThe components of net periodic benefit cost for defined benefit pension plans are summarized in the following table:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and ContingenciesThe following table summarizes certain commitments and contingencies. Refer to Note 15. Fair Value Disclosures for additional disclosures related to off-balance sheet financial instruments.
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. Following the announcement of the proposed merger with SunTrust, five civil actions were filed challenging, among other things, the adequacy of the disclosures contained in the preliminary proxy statement/prospectus filed with the SEC in connection with the proposed transaction. Four of these suits were filed by purported SunTrust stockholders against SunTrust and its board of directors and assert claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 challenging the adequacy of the public disclosures made concerning the proposed transaction. One of these suits asserts a claim against BB&T under Section 20(a). The fifth suit was filed by a purported BB&T stockholder against BB&T and its board of directors and asserts claims under state law challenging, among other things, the adequacy of the public disclosures made concerning the proposed transaction. The plaintiffs in these actions seek, among other things, an injunction preventing consummation of the proposed transaction, rescission of the proposed transaction or damages in the event it is consummated, and the award of attorneys' fees and expenses. BB&T believes the claims asserted in these actions are without merit. 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, excluding assets related to employee benefit plans:
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:
Accounting standards define fair value as the exchange price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three level valuation input hierarchy. The following discussion focuses on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities. A third-party pricing service is generally utilized in determining the fair value of the securities portfolio. Management independently evaluates the fair values provided by the pricing service through comparisons to other external pricing sources, review of additional information provided by the pricing service and other third party sources for selected securities and back-testing to compare the price realized on any security sales to the daily pricing information received from the pricing service. Fair value measurements are derived from market-based pricing matrices that were developed using observable inputs that include benchmark yields, benchmark securities, reported trades, offers, bids, issuer spreads and broker quotes. As described by security type below, additional inputs may be used, or some inputs may not be applicable. In the event that market observable data was not available, which would generally occur due to the lack of an active market for a given security, the valuation of the security would be subjective and may involve substantial judgment by management. U.S. Treasury securities: Treasury securities are valued using quoted prices in active over-the-counter markets. GSE securities and agency MBS: GSE pass-through securities are valued using market-based pricing matrices that reference observable inputs including benchmark TBA security pricing and yield curves that were estimated based on U.S. Treasury yields and certain floating rate indices. The pricing matrices for these securities may also give consideration to pool-specific data supplied directly by the GSE. GSE CMOs are valued using market-based pricing matrices that are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. States and political subdivisions: These securities are valued using market-based pricing matrices that reference observable inputs including MSRB reported trades, issuer spreads, material event notices and benchmark yield curves. Non-agency MBS: Pricing matrices for these securities are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. Non-agency MBS also include investments in Re-REMIC trusts that primarily hold non-agency MBS, which are valued based on broker pricing models that use baseline securities yields and tranche-level yield adjustments to discount cash flows modeled using market convention prepayment speed and default assumptions. Other securities: These securities consist primarily of corporate bonds. These securities are valued based on a review of quoted market prices for assets as well as through the various other inputs discussed previously. LHFS: Certain mortgage loans are originated to be sold to investors, which are carried at fair value. The fair value is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage LHFS. MSRs: Residential MSRs are valued using an OAS valuation model to project cash flows over multiple interest rate scenarios, which are discounted at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. Fair value estimates and assumptions are compared to industry surveys, recent market activity, actual portfolio experience and, when available, other observable market data. Commercial MSRs are valued using a cash flow valuation model that calculates the present value of estimated future net servicing cash flows. BB&T considers actual and expected loan prepayment rates, discount rates, servicing costs and other economic factors that are determined based on current market conditions. Trading and equity securities: Trading and equity securities primarily consist of exchange traded equity securities, and debt securities issued by the U.S. Treasury, GSEs, or states and political subdivisions. The valuation techniques for debt securities are more fully discussed above. Derivative assets and liabilities: The fair values of derivatives are determined based on quoted market prices and internal pricing models that use market observable data. The fair values of interest rate lock commitments, which are related to mortgage loan commitments and are categorized as Level 3, are based on quoted market prices adjusted for commitments that are not expected to fund and include the value attributable to the net servicing fees. Private equity investments: In many cases there are no observable market values for these investments and therefore management must estimate the fair value based on a comparison of the operating performance of the company to multiples in the marketplace for similar entities. This analysis requires significant judgment, and actual values in a sale could differ materially from those estimated. Securities sold short: Securities sold short represent debt securities sold short that are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. Activity for Level 3 assets and liabilities is summarized below:
The non-agency MBS categorized as Level 3 represent ownership interests in various tranches of Re-REMIC trusts. These securities are valued at a discount, which is unobservable in the market, to the fair value of the underlying securities owned by the trusts. The Re-REMIC tranches do not have an active market and therefore are categorized as Level 3. At March 31, 2019, the fair value of Re-REMIC non-agency MBS represented a discount of 20.3% to the fair value of the underlying securities owned by the Re-REMIC trusts. The majority of private equity investments are in SBIC qualified funds, which primarily focus on equity and subordinated debt investments in privately-held middle market companies. The majority of these VIE investments are not redeemable and distributions are received as the underlying assets of the funds liquidate. The timing of distributions, which are expected to occur on various dates on an approximately ratable basis through 2029, is uncertain and dependent on various events such as recapitalizations, refinance transactions and ownership changes among others. As of March 31, 2019, 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 14x, with a weighted average of 9x, at March 31, 2019. 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 nonperforming or 90 days or more past due and still accruing interest were not material at March 31, 2019. 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 and revolving credit commitments have an immaterial fair value as BB&T typically has the ability to cancel such commitments. 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 provides a summary of derivative strategies and the related accounting treatment:
Impact of Derivatives on the Consolidated Balance Sheets The following table presents the notional amount and estimated fair value of derivative instruments:
The following table presents additional information for fair value hedging relationships:
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts.
The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts.
The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:
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 With the exception of the central clearing party used for TBA transactions that does not post variation margin to BB&T, central clearing parties exchange cash on a daily basis to settle changes in exposure. Certain derivatives are cleared through central clearing parties that require initial margin collateral. Initial margin collateral requirements are established on varying bases, with such amounts generally designed to offset the risk of non-payment. Initial margin is generally calculated by applying the maximum loss experienced in value over a specified time horizon to the portfolio of existing trades. Derivatives Credit Risk – Risk Participation Agreements BB&T has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. The notional amount of interest rate derivative risk participation agreements was $674 million at March 31, 2019 and $446 million at December 31, 2018, reported in Other in the table above. Assuming all underlying third party customers referenced in the interest rate contracts defaulted in a zero LIBOR rate environment, the maximum exposure from these agreements would be $38 million at March 31, 2019 and $26 million at December 31, 2018. 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 |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments | Operating Segments
(1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
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Basis of Presentation (Policy) |
3 Months Ended | |||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||
Reclassifications | Reclassifications |
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Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
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Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements
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Lessee, Leases [Policy Text Block] | Leases - Lessee BB&T has operating and finance leases for data centers, corporate offices, branches, retail centers, and certain equipment. BB&T determines if an arrangement is a lease at inception. Operating leases with an original lease term in excess of one year are included in other assets and accounts payable and other liabilities in the Consolidated Balance Sheets. Finance leases are included in premises and equipment and long-term debt in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. BB&T uses an implicit interest rate in determining the present value of lease payments when readily determinable, and a collateralized incremental borrowing rate when an implicit rate is not available. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Rent expense and rental income on operating leases is generally recorded using the straight-line method over the appropriate lease terms. |
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Lessor, Leases [Policy Text Block] | Leases - Lessor |
Basis of Presentation (Tables) |
3 Months Ended | |||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements
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Securities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of AFS Securities | The following tables summarize AFS and HTM securities:
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Summary of HTM Securities | The following tables summarize 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.
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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) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming:
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Summary of Allowance for Credit Losses | The following tables present activity in the ACL:
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Schedule 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 Loans Individually Evaluated for Impairment | 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, all of which are considered impaired:
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Summary Of Primary Reason Loan Modifications Were Classified as TDRs | The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures.
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Other Assets and Liabilites (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Right of Use Assets and Future Maturity of Lease Liabilities | The following table presents additional information on operating and finance leases:
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Schedule of Assets Held Under Operating Leases and Related Activities | The following tables present a summary of assets under operating leases and activity related to assets under operating leases. These tables exclude subleases on assets included in premises and equipment.
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:
|
Loan Servicing (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage banking activities:
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Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:
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Residential MSRs Sensitivity | The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following table:
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Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage banking activities for the periods presented:
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Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | The composition of deposits is presented in the following table:
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt:
(1) FHLB advances had a weighted average maturity of 3.8 years at March 31, 2019.
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Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash Dividends Declared per Share | The following table presents the dividends declared related to common stock. For information related to preferred stock dividends, see Note 10. Shareholders' Equity of the Annual Report on Form 10-K for the year ended December 31, 2018.
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Rollforward of RSUs, PSUs and Restricted Shares | The following table presents the activity related to awards of RSUs, PSUs and restricted shares:
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AOCI (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI | AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans, and unrealized gains and losses on cash flow hedges and AFS securities.
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Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table:
|
Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments and Contingencies | The following table summarizes certain commitments and contingencies. Refer to Note 15. Fair Value Disclosures for additional disclosures related to off-balance sheet financial instruments.
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Schedule of 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, excluding assets related to employee benefit plans:
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Fair Value Disclosures (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | Activity for Level 3 assets and liabilities is summarized below:
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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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Derivative Strategies | The following table provides a summary of derivative strategies and the related accounting treatment:
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Schedule of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative instruments:
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Schedule of Fair Value Hedging Basis Adjustments | The following table presents additional information for fair value hedging relationships:
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Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts.
The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts.
The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:
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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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment:
(1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
|
Basis of Presentation -Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in assets | $ 822 | |||
Increase in liabilities | 959 | |||
Decrease in shareholders' equity | 30,883 | $ 30,178 | $ 29,662 | $ 29,695 |
Estimated Impact of Lease Accounting Standard | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in assets | 860 | |||
Increase in liabilities | 997 | |||
Decrease in shareholders' equity | $ 40 |
Business Combinations - Narative (Details) $ in Billions |
Feb. 07, 2019
USD ($)
shares
|
---|---|
Business Acquisition [Line Items] | |
mutual break-up fee | $ | $ 1.1 |
BB&T Corporation | |
Business Acquisition [Line Items] | |
Business Combination Equity Interest Received | shares | 1.295 |
Securities - Narrative (Details) $ in Billions |
Mar. 31, 2019
USD ($)
|
---|---|
FNMA investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | $ 14.2 |
Securities, fair value | 13.9 |
FHLMC investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 10.3 |
Securities, fair value | $ 10.2 |
Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
AFS, Amortized Cost | ||
Due in one year or less | $ 285 | |
Due after one year through five years | 1,674 | |
Due after five years through ten years | 502 | |
Due after ten years | 24,101 | |
Total debt securities | 26,562 | $ 25,689 |
AFS, Fair Value | ||
Due in one year or less | 285 | |
Due after one year through five years | 1,631 | |
Due after five years through ten years | 503 | |
Due after ten years | 23,896 | |
Total debt securities | 26,315 | 25,038 |
HTM, Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 3,300 | |
Due after five years through ten years | 597 | |
Due after ten years | 16,197 | |
Total debt securities | 20,095 | 20,552 |
HTM, Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 3,289 | |
Due after five years through ten years | 591 | |
Due after ten years | 16,005 | |
Total debt securities | $ 19,886 | $ 20,047 |
Loans and ACL - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Receivables [Abstract] | |||
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $ 18 | $ 23 | |
Residential mortgage loans in process of foreclosure | $ 258 | $ 253 |
Loans and ACL - Collectively Evaluated for Impairment (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Recorded Investment | $ 147,354 | $ 147,329 |
Related ALLL | 1,373 | 1,383 |
Commercial | Commercial and industrial | ||
Recorded Investment | 61,683 | 61,629 |
Related ALLL | 522 | 521 |
Commercial | CRE | ||
Recorded Investment | 20,721 | 20,960 |
Related ALLL | 175 | 181 |
Commercial | Lease financing | ||
Recorded Investment | 2,097 | 2,015 |
Related ALLL | 11 | 11 |
Retail | Residential mortgage | ||
Recorded Investment | 30,697 | 30,539 |
Related ALLL | 159 | 164 |
Retail | Direct | ||
Recorded Investment | 11,398 | 11,517 |
Related ALLL | 91 | 92 |
Retail | Indirect | ||
Recorded Investment | 17,194 | 17,099 |
Related ALLL | 299 | 299 |
Revolving credit | ||
Recorded Investment | 3,123 | 3,104 |
Related ALLL | 108 | 106 |
PCI | ||
Recorded Investment | 441 | 466 |
Related ALLL | $ 8 | $ 9 |
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Financing Receivable [Line Items] | ||
Total TDRs | $ 1,308 | $ 1,295 |
ALLL attributable to TDRs | 146 | 146 |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 1,130 | 1,119 |
Nonperforming TDRs (also included in NPL disclosures) | ||
Financing Receivable [Line Items] | ||
Total TDRs | 178 | 176 |
Commercial | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 63 | 65 |
Commercial | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 9 | 10 |
Retail | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 669 | 656 |
Retail | Direct | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 54 | 55 |
Retail | Indirect | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 306 | 305 |
Revolving credit | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | $ 29 | $ 28 |
Other Assets and Liabilites - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Narrative [Abstract] | |
Operating Lease, Cost | $ 49 |
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Other Assets and Liabilities | |||
Net | $ 2,078 | $ 2,118 | |
Assets held under operating leases | |||
Other Assets and Liabilities | |||
Assets held under operating leases | 1,365 | 1,378 | |
Accumulated depreciation | (389) | (374) | |
Net | 976 | $ 1,004 | |
Depreciation expense for assets under operating leases | $ 29 | $ 30 |
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,923 | $ 1,934 |
Accumulated Amortization | (1,197) | (1,176) |
Net Carrying Amount | 726 | 758 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 605 | 605 |
Accumulated Amortization | (471) | (460) |
Net Carrying Amount | 134 | 145 |
Other, primarily customer relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,318 | 1,329 |
Accumulated Amortization | (726) | (716) |
Net Carrying Amount | $ 592 | $ 613 |
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | $ 1,108 | |
Change in fair value due to changes in valuation inputs or assumptions: | ||
MSRs, carrying value, ending balance | 1,036 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | 957 | $ 914 |
Additions | 15 | 28 |
Change in fair value due to changes in valuation inputs or assumptions: | ||
Prepayment speeds | (55) | 61 |
OAS | 4 | 2 |
Servicing costs | 0 | 0 |
Realization of expected net servicing cash flows, passage of time and other | (33) | (32) |
MSRs, carrying value, ending balance | 888 | 973 |
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ 52 | $ (63) |
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 1,036 | $ 1,108 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 27,749 | 27,761 |
CRE mortgages serviced for others covered by recourse provisions | 4,685 | 4,699 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,312 | 1,317 |
Recorded reserves related to recourse exposure | 6 | 6 |
CRE mortgages originated during the year-to-date period | 1,261 | 7,072 |
MSRs at fair value | $ 148 | $ 151 |
Deposits (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 53,021 | $ 53,025 |
Interest checking | 28,028 | 28,130 |
Money market and savings | 63,739 | 63,467 |
Time deposits | 14,978 | 16,577 |
Total deposits | 159,766 | 161,199 |
Time deposits greater than $250,000 | $ 3,880 | $ 5,713 |
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.405 | $ 0.375 |
Shareholders' Equity - Rollforward of RSUs, PSUs and Restricted Shares (Details) shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
shares
| |
Units/Shares | |
Nonvested, beginning balance (in units/shares) | shares | 12,060 |
Granted (in units/shares) | shares | 3,914 |
Vested (in units/shares) | shares | (3,181) |
Forfeited (in units/shares) | shares | (50) |
Nonvested, ending balance (in units/shares) | shares | 12,743 |
Wtd. Avg. Grant Date Fair Value | |
Nonvested, beginning balance (in usd per units/share) | $ / shares | $ 38.03 |
Granted (in usd per units/share) | $ / shares | 44.39 |
Vested (in usd per units/share) | $ / shares | 35.02 |
Forfeited (in usd per units/share) | $ / shares | 39.73 |
Nonvested, ending balance (in usd per units/share) | $ / shares | $ 40.72 |
Income Taxes - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 18.20% | 19.00% |
Benefit Plans - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Discretionary contributions | $ 549 |
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net periodic pension cost: | ||
Service cost | $ 54 | $ 60 |
Interest cost | 57 | 50 |
Estimated return on plan assets | (113) | (112) |
Amortization and other | 25 | 20 |
Net periodic benefit cost | $ 23 | $ 18 |
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments in affordable housing projects | ||
Other Commitments [Line Items] | ||
Carrying amount | $ 2,152 | $ 2,088 |
Amount of future funding commitments included in carrying amount | 949 | 919 |
Lending exposure | 455 | 460 |
Tax credits subject to recapture | 489 | 523 |
Private equity investments | ||
Other Commitments [Line Items] | ||
Carrying amount | 460 | 458 |
Amount of future funding commitments not included in carrying amount | $ 313 | $ 331 |
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Pledged securities | $ 14,070 | $ 13,237 |
Pledged loans | $ 78,430 | $ 77,847 |
Fair Value Disclosures - Loans Held for Sale (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
LHFS at fair value | $ 834 | $ 988 |
Aggregate UPB | 824 | 975 |
Difference | $ 10 | $ 13 |
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 154 | $ 185 |
Valuation Adjustments | (18) | (12) |
Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 33 | 40 |
Valuation Adjustments | $ (63) | $ (66) |
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Financial assets: | ||
HTM securities | $ 19,886 | $ 20,047 |
Loans and leases HFI, net of ALLL | 147,496 | 147,455 |
Financial liabilities: | ||
Time deposits | 14,978 | 16,577 |
Long-term debt | 24,729 | 23,709 |
Carrying Amount | ||
Financial assets: | ||
HTM securities | 20,095 | 20,552 |
Loans and leases HFI, net of ALLL | 147,496 | 147,455 |
Financial liabilities: | ||
Time deposits | 14,978 | 16,577 |
Long-term debt | 24,729 | 23,709 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 19,886 | 20,047 |
Financial liabilities: | ||
Time deposits | 15,026 | 16,617 |
Long-term debt | 24,977 | 23,723 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 146,077 | $ 145,591 |
Fair Value Disclosures - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Commitments to extend, originate or purchase credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | $ 73,918 | $ 72,435 |
Fair Value | 302 | 280 |
Residential mortgage loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 404 | 419 |
Fair Value | 3 | 3 |
CRE mortgages serviced for others covered by recourse provisions | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 4,685 | 4,699 |
Fair Value | 6 | 6 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 2,267 | 2,389 |
Fair Value | $ 17 | $ 18 |
Derivative Financial Instruments - Narrative (Details) - Risk Participation Agreements Sold - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 674 | $ 446 |
Credit Derivative, Maximum Exposure, Undiscounted | $ 38 | $ 26 |
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - Net interest income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net income (expense) recognized | $ (16) | $ 17 |
AFS securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | 0 | (2) |
Recognized on derivatives | (7) | 11 |
Recognized on hedged items | 5 | (11) |
Net income (expense) recognized | (2) | (2) |
Loans and leases | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | 0 | 0 |
Recognized on derivatives | (8) | 3 |
Recognized on hedged items | 8 | (3) |
Net income (expense) recognized | 0 | 0 |
Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | (22) | 8 |
Recognized on derivatives | 116 | (181) |
Recognized on hedged items | (108) | 192 |
Net income (expense) recognized | $ (14) | $ 19 |
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | $ 50 | $ 53 |
Cash collateral posted | 64 | 82 |
Dealer Counterparties | ||
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | 53 | 56 |
Derivatives in a net gain position secured by collateral received | 52 | 55 |
Unsecured positions in a net gain with dealer counterparties after collateral postings | 2 | 2 |
Cash collateral posted | 56 | 75 |
Derivatives in a net loss position | 59 | 76 |
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | 3 | 1 |
Central Clearing Parties | ||
Credit Derivatives [Line Items] | ||
Cash collateral posted | 14 | 17 |
Derivatives in a net loss position | 22 | 8 |
Securities pledged to central clearing parties | $ 141 | $ 124 |
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 749 | $ 745 |
Weighted average number of common shares (in shares) | 764,135 | 779,617 |
Effect of dilutive outstanding equity-based awards (in shares) | 9,936 | 11,388 |
Weighted average number of diluted common shares (in shares) | 774,071 | 791,005 |
Basic EPS (in dollars per share) | $ 0.98 | $ 0.96 |
Diluted EPS (in dollars per share) | $ 0.97 | $ 0.94 |
Anti-dilutive awards (in shares) | 0 | 90 |
Operating Segments - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Number of Major Reportable Business Segments | 4 |
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