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|
North Carolina
|
56-0939887
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
200 West Second Street
Winston-Salem, North Carolina
|
27101
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
ý
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
Emerging growth company
|
¨
|
|
TABLE OF CONTENTS
|
||
FORM 10-Q
|
||
September 30, 2017
|
||
|
||
|
|
Page No.
|
PART I
|
||
|
||
Item 1.
|
Financial Statements
|
|
|
||
|
||
|
||
|
||
|
||
|
Notes to Consolidated Financial Statements (Unaudited)
|
|
|
Note 1.
Basis of Presentation
|
|
|
Note 2.
Acquisitions and Divestitures
|
|
|
Note 3.
Securities
|
|
|
Note 4.
Loans and ACL
|
|
|
Note 5.
Goodwill
|
|
|
Note 6.
Loan Servicing
|
|
|
Note 7.
Deposits
|
|
|
Note 8.
Long-Term Debt
|
|
|
Note 9.
Shareholders' Equity
|
|
|
Note 10.
AOCI
|
|
|
Note 11.
Income Taxes
|
|
|
Note 12.
Benefit Plans
|
|
|
Note 13.
Commitments and Contingencies
|
|
|
Note 14.
Fair Value Disclosures
|
|
|
Note 15.
Derivative Financial Instruments
|
|
|
Note 16.
Computation of EPS
|
|
|
Note 17.
Operating Segments
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
PART II
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
Defaults Upon Senior Securities - (none.)
|
|
Item 4.
|
Mine Safety Disclosures - (not applicable.)
|
|
Item 5.
|
Other Information - (none to be reported.)
|
|
Item 6.
|
Term
|
|
Definition
|
2015 Repurchase Plan
|
|
Plan for the repurchase of up to 50 million shares of BB&T's common stock
|
2017 Repurchase Plan
|
|
Plan for the repurchase of up to $1.88 billion of BB&T's common stock
|
ACL
|
|
Allowance for credit losses
|
Acquired from FDIC
|
|
Assets of Colonial that were formerly covered under loss sharing agreements
|
AFS
|
|
Available-for-sale
|
Agency MBS
|
|
Mortgage-backed securities issued by a U.S. government agency or GSE
|
ALLL
|
|
Allowance for loan and lease losses
|
American Coastal
|
|
American Coastal Insurance Company
|
AOCI
|
|
Accumulated other comprehensive income (loss)
|
Basel III
|
|
Global regulatory standards on bank capital adequacy and liquidity published by the BCBS
|
BB&T
|
|
BB&T Corporation and subsidiaries
|
BCBS
|
|
Basel Committee on Banking Supervision
|
BHC
|
|
Bank holding company
|
BHCA
|
|
Bank Holding Company Act of 1956, as amended
|
Branch Bank
|
|
Branch Banking and Trust Company
|
BSA/AML
|
|
Bank Secrecy Act/Anti-Money Laundering
|
BU
|
|
Business Unit
|
CCAR
|
|
Comprehensive Capital Analysis and Review
|
CD
|
|
Certificate of deposit
|
CDI
|
|
Core deposit intangible assets
|
CEO
|
|
Chief Executive Officer
|
CET1
|
|
Common equity Tier 1
|
CFPB
|
|
Consumer Financial Protection Bureau
|
CMO
|
|
Collateralized mortgage obligation
|
Colonial
|
|
Collectively, certain assets and liabilities of Colonial Bank acquired by BB&T in 2009
|
Company
|
|
BB&T Corporation and subsidiaries (interchangeable with "BB&T" above)
|
CRA
|
|
Community Reinvestment Act of 1977
|
CRE
|
|
Commercial real estate
|
CRMC
|
|
Credit Risk Management Committee
|
CROC
|
|
Compliance Risk Oversight Committee
|
DIF
|
|
Deposit Insurance Fund administered by the FDIC
|
Dodd-Frank Act
|
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
DOL
|
|
United States Department of Labor
|
EPS
|
|
Earnings per common share
|
EVE
|
|
Economic value of equity
|
Exchange Act
|
|
Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FATCA
|
|
Foreign Account Tax Compliance Act
|
FDIC
|
|
Federal Deposit Insurance Corporation
|
FHA
|
|
Federal Housing Administration
|
FHC
|
|
Financial Holding Company
|
FHLB
|
|
Federal Home Loan Bank
|
FHLMC
|
|
Federal Home Loan Mortgage Corporation
|
FINRA
|
|
Financial Industry Regulatory Authority
|
FNMA
|
|
Federal National Mortgage Association
|
FRB
|
|
Board of Governors of the Federal Reserve System
|
FTP
|
|
Funds transfer pricing
|
GAAP
|
|
Accounting principles generally accepted in the United States of America
|
GNMA
|
|
Government National Mortgage Association
|
Grandbridge
|
|
Grandbridge Real Estate Capital, LLC
|
GSE
|
|
U.S. government-sponsored enterprise
|
HFI
|
|
Held for investment
|
HMDA
|
|
Home Mortgage Disclosure Act
|
Term
|
|
Definition
|
HTM
|
|
Held-to-maturity
|
IDI
|
|
Insured depository institution
|
IPV
|
|
Independent price verification
|
IRC
|
|
Internal Revenue Code
|
IRS
|
|
Internal Revenue Service
|
ISDA
|
|
International Swaps and Derivatives Association, Inc.
|
LCR
|
|
Liquidity Coverage Ratio
|
LHFS
|
|
Loans held for sale
|
LIBOR
|
|
London Interbank Offered Rate
|
MBS
|
|
Mortgage-backed securities
|
MRLCC
|
|
Market Risk, Liquidity and Capital Committee
|
MSR
|
|
Mortgage servicing right
|
MSRB
|
|
Municipal Securities Rulemaking Board
|
N/A
|
|
Not applicable
|
National Penn
|
|
National Penn Bancshares, Inc., acquired by BB&T effective April 1, 2016
|
NIM
|
|
Net interest margin, computed on a TE basis
|
NM
|
|
Not meaningful
|
NPA
|
|
Nonperforming asset
|
NPL
|
|
Nonperforming loan
|
NSFR
|
|
Net stable funding ratio
|
NYSE
|
|
NYSE Euronext, Inc.
|
OAS
|
|
Option adjusted spread
|
OCI
|
|
Other comprehensive income (loss)
|
OREO
|
|
Other real estate owned
|
ORMC
|
|
Operational Risk Management Committee
|
OTTI
|
|
Other-than-temporary impairment
|
Parent Company
|
|
BB&T Corporation, the parent company of Branch Bank and other subsidiaries
|
Patriot Act
|
|
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
|
PCI
|
|
Purchased credit impaired loans as well as assets of Colonial Bank acquired from the FDIC during 2009, which were formerly covered under loss sharing agreements
|
Re-REMICs
|
|
Re-securitizations of Real Estate Mortgage Investment Conduits
|
RMC
|
|
Risk Management Committee
|
RMO
|
|
Risk Management Organization
|
RSU
|
|
Restricted stock unit
|
RUFC
|
|
Reserve for unfunded lending commitments
|
SBIC
|
|
Small Business Investment Company
|
SEC
|
|
Securities and Exchange Commission
|
Short-Term Borrowings
|
|
Federal funds purchased, securities sold under repurchase agreements and other short-term borrowed funds with original maturities of less than one year
|
Simulation
|
|
Interest sensitivity simulation analysis
|
Susquehanna
|
|
Susquehanna Bancshares, Inc., acquired by BB&T effective August 1, 2015
|
Swett & Crawford
|
|
CGSC North America Holdings Corporation, acquired by BB&T effective April 1, 2016
|
TBA
|
|
To be announced
|
TDR
|
|
Troubled debt restructuring
|
TE
|
|
Taxable-equivalent
|
U.S.
|
|
United States of America
|
U.S. Treasury
|
|
United States Department of the Treasury
|
UPB
|
|
Unpaid principal balance
|
VaR
|
|
Value-at-risk
|
VIE
|
|
Variable interest entity
|
Unaudited
(Dollars in millions, except per share data, shares in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
2,195
|
|
|
$
|
1,897
|
|
Interest-bearing deposits with banks
|
428
|
|
|
1,895
|
|
||
Federal funds sold and other cash equivalents
|
75
|
|
|
144
|
|
||
Restricted cash
|
429
|
|
|
488
|
|
||
AFS securities at fair value
|
23,184
|
|
|
26,926
|
|
||
HTM securities (fair value of $23,392 and $16,546 at September 30, 2017 and December 31, 2016, respectively)
|
23,447
|
|
|
16,680
|
|
||
LHFS at fair value
|
1,217
|
|
|
1,716
|
|
||
Loans and leases
|
142,794
|
|
|
143,322
|
|
||
ALLL
|
(1,478
|
)
|
|
(1,489
|
)
|
||
Loans and leases, net of ALLL
|
141,316
|
|
|
141,833
|
|
||
|
|
|
|
||||
Premises and equipment
|
2,043
|
|
|
2,107
|
|
||
Goodwill
|
9,618
|
|
|
9,638
|
|
||
CDI and other intangible assets
|
745
|
|
|
854
|
|
||
MSRs at fair value
|
1,044
|
|
|
1,052
|
|
||
Other assets
|
14,599
|
|
|
14,046
|
|
||
Total assets
|
$
|
220,340
|
|
|
$
|
219,276
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing deposits
|
$
|
54,049
|
|
|
$
|
50,697
|
|
Interest-bearing deposits
|
102,086
|
|
|
109,537
|
|
||
Total deposits
|
156,135
|
|
|
160,234
|
|
||
|
|
|
|
||||
Short-term borrowings
|
7,916
|
|
|
1,406
|
|
||
Long-term debt
|
20,863
|
|
|
21,965
|
|
||
Accounts payable and other liabilities
|
5,573
|
|
|
5,745
|
|
||
Total liabilities
|
190,487
|
|
|
189,350
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
||||
Preferred stock, $5 par, liquidation preference of $25,000 per share
|
3,053
|
|
|
3,053
|
|
||
Common stock, $5 par
|
3,945
|
|
|
4,047
|
|
||
Additional paid-in capital
|
8,192
|
|
|
9,104
|
|
||
Retained earnings
|
15,656
|
|
|
14,809
|
|
||
AOCI, net of deferred income taxes
|
(1,036
|
)
|
|
(1,132
|
)
|
||
Noncontrolling interests
|
43
|
|
|
45
|
|
||
Total shareholders' equity
|
29,853
|
|
|
29,926
|
|
||
Total liabilities and shareholders' equity
|
$
|
220,340
|
|
|
$
|
219,276
|
|
|
|
|
|
||||
Common shares outstanding
|
788,921
|
|
|
809,475
|
|
||
Common shares authorized
|
2,000,000
|
|
|
2,000,000
|
|
||
Preferred shares outstanding
|
126
|
|
|
126
|
|
||
Preferred shares authorized
|
5,000
|
|
|
5,000
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Unaudited
|
|
September 30,
|
|
September 30,
|
||||||||||||
(Dollars in millions, except per share data, shares in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest Income
|
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans and leases
|
|
$
|
1,591
|
|
|
$
|
1,524
|
|
|
$
|
4,632
|
|
|
$
|
4,475
|
|
Interest and dividends on securities
|
|
276
|
|
|
262
|
|
|
806
|
|
|
803
|
|
||||
Interest on other earning assets
|
|
10
|
|
|
9
|
|
|
38
|
|
|
43
|
|
||||
Total interest income
|
|
1,877
|
|
|
1,795
|
|
|
5,476
|
|
|
5,321
|
|
||||
Interest Expense
|
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
|
91
|
|
|
62
|
|
|
240
|
|
|
190
|
|
||||
Interest on short-term borrowings
|
|
15
|
|
|
2
|
|
|
22
|
|
|
7
|
|
||||
Interest on long-term debt
|
|
124
|
|
|
121
|
|
|
323
|
|
|
368
|
|
||||
Total interest expense
|
|
230
|
|
|
185
|
|
|
585
|
|
|
565
|
|
||||
Net Interest Income
|
|
1,647
|
|
|
1,610
|
|
|
4,891
|
|
|
4,756
|
|
||||
Provision for credit losses
|
|
126
|
|
|
148
|
|
|
409
|
|
|
443
|
|
||||
Net Interest Income After Provision for Credit Losses
|
|
1,521
|
|
|
1,462
|
|
|
4,482
|
|
|
4,313
|
|
||||
Noninterest Income
|
|
|
|
|
|
|
|
|
||||||||
Insurance income
|
|
397
|
|
|
410
|
|
|
1,336
|
|
|
1,294
|
|
||||
Service charges on deposits
|
|
179
|
|
|
172
|
|
|
523
|
|
|
492
|
|
||||
Mortgage banking income
|
|
114
|
|
|
154
|
|
|
311
|
|
|
356
|
|
||||
Investment banking and brokerage fees and commissions
|
|
103
|
|
|
101
|
|
|
299
|
|
|
300
|
|
||||
Trust and investment advisory revenues
|
|
68
|
|
|
68
|
|
|
206
|
|
|
197
|
|
||||
Bankcard fees and merchant discounts
|
|
70
|
|
|
61
|
|
|
204
|
|
|
177
|
|
||||
Checkcard fees
|
|
54
|
|
|
50
|
|
|
159
|
|
|
145
|
|
||||
Operating lease income
|
|
36
|
|
|
34
|
|
|
109
|
|
|
103
|
|
||||
Income from bank-owned life insurance
|
|
28
|
|
|
35
|
|
|
89
|
|
|
97
|
|
||||
FDIC loss share income, net
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(142
|
)
|
||||
Other income
|
|
117
|
|
|
97
|
|
|
321
|
|
|
246
|
|
||||
Securities gains (losses), net
|
|
|
|
|
|
|
|
|
||||||||
Gross realized gains
|
|
17
|
|
|
—
|
|
|
17
|
|
|
45
|
|
||||
Gross realized losses
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
||||
OTTI charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Non-credit portion recognized in OCI
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total securities gains (losses), net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
||||
Total noninterest income
|
|
1,166
|
|
|
1,164
|
|
|
3,557
|
|
|
3,310
|
|
||||
Noninterest Expense
|
|
|
|
|
|
|
|
|
||||||||
Personnel expense
|
|
1,024
|
|
|
1,006
|
|
|
3,077
|
|
|
2,960
|
|
||||
Occupancy and equipment expense
|
|
198
|
|
|
203
|
|
|
589
|
|
|
588
|
|
||||
Software expense
|
|
62
|
|
|
63
|
|
|
177
|
|
|
167
|
|
||||
Outside IT services
|
|
34
|
|
|
51
|
|
|
122
|
|
|
136
|
|
||||
Amortization of intangibles
|
|
34
|
|
|
38
|
|
|
108
|
|
|
112
|
|
||||
Regulatory charges
|
|
40
|
|
|
41
|
|
|
115
|
|
|
103
|
|
||||
Professional services
|
|
27
|
|
|
27
|
|
|
87
|
|
|
75
|
|
||||
Loan-related expense
|
|
32
|
|
|
33
|
|
|
98
|
|
|
101
|
|
||||
Merger-related and restructuring charges, net
|
|
47
|
|
|
43
|
|
|
93
|
|
|
158
|
|
||||
Loss (gain) on early extinguishment of debt
|
|
—
|
|
|
—
|
|
|
392
|
|
|
(1
|
)
|
||||
Other expense
|
|
247
|
|
|
206
|
|
|
731
|
|
|
654
|
|
||||
Total noninterest expense
|
|
1,745
|
|
|
1,711
|
|
|
5,589
|
|
|
5,053
|
|
||||
Earnings
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
942
|
|
|
915
|
|
|
2,450
|
|
|
2,570
|
|
||||
Provision for income taxes
|
|
294
|
|
|
273
|
|
|
702
|
|
|
771
|
|
||||
Net income
|
|
648
|
|
|
642
|
|
|
1,748
|
|
|
1,799
|
|
||||
Noncontrolling interests
|
|
8
|
|
|
—
|
|
|
12
|
|
|
9
|
|
||||
Dividends on preferred stock
|
|
43
|
|
|
43
|
|
|
130
|
|
|
123
|
|
||||
Net income available to common shareholders
|
|
$
|
597
|
|
|
$
|
599
|
|
|
$
|
1,606
|
|
|
$
|
1,667
|
|
Basic EPS
|
|
$
|
0.75
|
|
|
$
|
0.74
|
|
|
$
|
2.00
|
|
|
$
|
2.08
|
|
Diluted EPS
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
|
$
|
1.97
|
|
|
$
|
2.05
|
|
Cash dividends declared per share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.93
|
|
|
$
|
0.85
|
|
Basic weighted average shares outstanding
|
|
794,558
|
|
|
812,521
|
|
|
804,424
|
|
|
802,694
|
|
||||
Diluted weighted average shares outstanding
|
|
806,124
|
|
|
823,106
|
|
|
816,029
|
|
|
812,407
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Unaudited
|
|
September 30,
|
|
September 30,
|
||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
|
$
|
648
|
|
|
$
|
642
|
|
|
$
|
1,748
|
|
|
$
|
1,799
|
|
OCI, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in unrecognized net pension and postretirement costs
|
|
8
|
|
|
2
|
|
|
29
|
|
|
24
|
|
||||
Change in unrealized net gains (losses) on cash flow hedges
|
|
9
|
|
|
21
|
|
|
(27
|
)
|
|
(143
|
)
|
||||
Change in unrealized net gains (losses) on AFS securities
|
|
18
|
|
|
(73
|
)
|
|
90
|
|
|
224
|
|
||||
Change in FDIC's share of unrealized gains/losses on AFS securities
|
|
—
|
|
|
137
|
|
|
—
|
|
|
169
|
|
||||
Other, net
|
|
2
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||
Total OCI
|
|
37
|
|
|
87
|
|
|
96
|
|
|
278
|
|
||||
Total comprehensive income
|
|
$
|
685
|
|
|
$
|
729
|
|
|
$
|
1,844
|
|
|
$
|
2,077
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Effect of Items Included in OCI:
|
|
|
|
|
|
|
|
|
||||||||
Change in unrecognized net pension and postretirement costs
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
14
|
|
Change in unrealized net gains (losses) on cash flow hedges
|
|
5
|
|
|
14
|
|
|
(16
|
)
|
|
(84
|
)
|
||||
Change in unrealized net gains (losses) on AFS securities
|
|
9
|
|
|
(43
|
)
|
|
51
|
|
|
135
|
|
||||
Change in FDIC's share of unrealized gains/losses on AFS securities
|
|
—
|
|
|
80
|
|
|
—
|
|
|
98
|
|
||||
Other, net
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Unaudited
(Dollars in millions, shares in thousands)
|
Shares of
Common
Stock
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
AOCI
|
|
Noncontrolling
Interests
|
|
Total
Shareholders' Equity |
|||||||||||||||
Balance, January 1, 2016
|
780,337
|
|
|
$
|
2,603
|
|
|
$
|
3,902
|
|
|
$
|
8,365
|
|
|
$
|
13,464
|
|
|
$
|
(1,028
|
)
|
|
$
|
34
|
|
|
$
|
27,340
|
|
Add (Deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,790
|
|
|
—
|
|
|
9
|
|
|
1,799
|
|
|||||||
Net change in AOCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
278
|
|
|
—
|
|
|
278
|
|
|||||||
Stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issued in business combinations
|
31,666
|
|
|
—
|
|
|
158
|
|
|
905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,063
|
|
|||||||
Issued in connection with equity awards, net
|
3,715
|
|
|
—
|
|
|
18
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|||||||
Issued in connection with preferred stock offerings
|
—
|
|
|
450
|
|
|
|
|
|
|
|
|
|
|
|
|
450
|
|
||||||||||||
Repurchase of common stock
|
(4,294
|
)
|
|
—
|
|
|
(21
|
)
|
|
(139
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(160
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(682
|
)
|
|
—
|
|
|
—
|
|
|
(682
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(123
|
)
|
|
—
|
|
|
—
|
|
|
(123
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
(4
|
)
|
|
6
|
|
|||||||
Balance, September 30, 2016
|
811,424
|
|
|
$
|
3,053
|
|
|
$
|
4,057
|
|
|
$
|
9,233
|
|
|
$
|
14,459
|
|
|
$
|
(750
|
)
|
|
$
|
39
|
|
|
$
|
30,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, January 1, 2017
|
809,475
|
|
|
$
|
3,053
|
|
|
$
|
4,047
|
|
|
$
|
9,104
|
|
|
$
|
14,809
|
|
|
$
|
(1,132
|
)
|
|
$
|
45
|
|
|
$
|
29,926
|
|
Add (Deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|
—
|
|
|
12
|
|
|
1,748
|
|
|||||||
Net change in AOCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
|||||||
Stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Issued in connection with equity awards, net
|
7,201
|
|
|
—
|
|
|
37
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|||||||
Repurchase of common stock
|
(27,755
|
)
|
|
—
|
|
|
(139
|
)
|
|
(1,101
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,240
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(747
|
)
|
|
—
|
|
|
—
|
|
|
(747
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
(12
|
)
|
|
—
|
|
|
(14
|
)
|
|
(13
|
)
|
|||||||
Balance, September 30, 2017
|
788,921
|
|
|
$
|
3,053
|
|
|
$
|
3,945
|
|
|
$
|
8,192
|
|
|
$
|
15,656
|
|
|
$
|
(1,036
|
)
|
|
$
|
43
|
|
|
$
|
29,853
|
|
Unaudited
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
1,748
|
|
|
$
|
1,799
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|||
Provision for credit losses
|
|
409
|
|
|
443
|
|
||
Depreciation
|
|
305
|
|
|
298
|
|
||
Loss (gain) on early extinguishment of debt
|
|
392
|
|
|
(1
|
)
|
||
Amortization of intangibles
|
|
108
|
|
|
112
|
|
||
Equity-based compensation expense
|
|
109
|
|
|
96
|
|
||
(Gain) loss on securities, net
|
|
—
|
|
|
(45
|
)
|
||
Net change in operating assets and liabilities:
|
|
|
|
|
|
|||
LHFS
|
|
499
|
|
|
(1,617
|
)
|
||
Trading securities
|
|
(341
|
)
|
|
188
|
|
||
Other assets, accounts payable and other liabilities
|
|
(342
|
)
|
|
(369
|
)
|
||
Cash paid to terminate FDIC loss share agreements
|
|
—
|
|
|
(230
|
)
|
||
Other, net
|
|
72
|
|
|
(37
|
)
|
||
Net cash from operating activities
|
|
2,959
|
|
|
637
|
|
||
|
|
|
|
|
||||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|||
Proceeds from sales of AFS securities
|
|
4,896
|
|
|
4,538
|
|
||
Proceeds from maturities, calls and paydowns of AFS securities
|
|
3,707
|
|
|
4,039
|
|
||
Purchases of AFS securities
|
|
(4,700
|
)
|
|
(9,867
|
)
|
||
Proceeds from maturities, calls and paydowns of HTM securities
|
|
1,845
|
|
|
5,963
|
|
||
Purchases of HTM securities
|
|
(8,640
|
)
|
|
(5,122
|
)
|
||
Originations and purchases of loans and leases, net of principal collected
|
|
(121
|
)
|
|
(1,734
|
)
|
||
Net cash received (paid) for acquisitions and divestitures
|
|
—
|
|
|
(789
|
)
|
||
Other, net
|
|
(130
|
)
|
|
265
|
|
||
Net cash from investing activities
|
|
(3,143
|
)
|
|
(2,707
|
)
|
||
|
|
|
|
|
||||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|||
Net change in deposits
|
|
(4,084
|
)
|
|
4,183
|
|
||
Net change in short-term borrowings
|
|
6,510
|
|
|
(923
|
)
|
||
Proceeds from issuance of long-term debt
|
|
5,500
|
|
|
3,028
|
|
||
Repayment of long-term debt
|
|
(6,984
|
)
|
|
(4,573
|
)
|
||
Net cash from common stock transactions
|
|
(1,148
|
)
|
|
(144
|
)
|
||
Net proceeds from preferred stock issued
|
|
—
|
|
|
450
|
|
||
Cash dividends paid on common stock
|
|
(747
|
)
|
|
(682
|
)
|
||
Cash dividends paid on preferred stock
|
|
(130
|
)
|
|
(123
|
)
|
||
Other, net
|
|
29
|
|
|
115
|
|
||
Net cash from financing activities
|
|
(1,054
|
)
|
|
1,331
|
|
||
Net Change in Cash and Cash Equivalents
|
|
(1,238
|
)
|
|
(739
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
|
3,936
|
|
|
3,711
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
2,698
|
|
|
$
|
2,972
|
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest
|
|
$
|
540
|
|
|
$
|
569
|
|
Income taxes
|
|
276
|
|
|
706
|
|
||
Noncash investing activities:
|
|
|
|
|
|
|||
Transfers of loans to foreclosed assets
|
|
203
|
|
|
189
|
|
||
Stock issued in business combinations
|
|
—
|
|
|
1,063
|
|
|
|
September 30, 2017
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
(Dollars in millions)
|
|
|
Gains
|
|
Losses
|
|
||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
2,170
|
|
|
$
|
—
|
|
|
$
|
59
|
|
|
$
|
2,111
|
|
GSE
|
|
188
|
|
|
—
|
|
|
6
|
|
|
182
|
|
||||
Agency MBS
|
|
19,096
|
|
|
7
|
|
|
427
|
|
|
18,676
|
|
||||
States and political subdivisions
|
|
1,586
|
|
|
46
|
|
|
33
|
|
|
1,599
|
|
||||
Non-agency MBS
|
|
402
|
|
|
206
|
|
|
—
|
|
|
608
|
|
||||
Other
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
Total AFS securities
|
|
$
|
23,450
|
|
|
$
|
259
|
|
|
$
|
525
|
|
|
$
|
23,184
|
|
|
|
|
|
|
|
|
|
|
||||||||
HTM securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
1,098
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
1,116
|
|
GSE
|
|
2,197
|
|
|
16
|
|
|
13
|
|
|
2,200
|
|
||||
Agency MBS
|
|
20,073
|
|
|
62
|
|
|
140
|
|
|
19,995
|
|
||||
States and political subdivisions
|
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||
Other
|
|
45
|
|
|
2
|
|
|
—
|
|
|
47
|
|
||||
Total HTM securities
|
|
$
|
23,447
|
|
|
$
|
98
|
|
|
$
|
153
|
|
|
$
|
23,392
|
|
|
|
December 31, 2016
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
(Dollars in millions)
|
|
|
Gains
|
|
Losses
|
|
||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
2,669
|
|
|
$
|
2
|
|
|
$
|
84
|
|
|
$
|
2,587
|
|
GSE
|
|
190
|
|
|
—
|
|
|
10
|
|
|
180
|
|
||||
Agency MBS
|
|
21,819
|
|
|
13
|
|
|
568
|
|
|
21,264
|
|
||||
States and political subdivisions
|
|
2,198
|
|
|
56
|
|
|
49
|
|
|
2,205
|
|
||||
Non-agency MBS
|
|
446
|
|
|
233
|
|
|
—
|
|
|
679
|
|
||||
Other
|
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||
Total AFS securities
|
|
$
|
27,333
|
|
|
$
|
304
|
|
|
$
|
711
|
|
|
$
|
26,926
|
|
|
|
|
|
|
|
|
|
|
||||||||
HTM securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
$
|
1,098
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
1,118
|
|
GSE
|
|
2,197
|
|
|
14
|
|
|
30
|
|
|
2,181
|
|
||||
Agency MBS
|
|
13,225
|
|
|
40
|
|
|
180
|
|
|
13,085
|
|
||||
States and political subdivisions
|
|
110
|
|
|
—
|
|
|
—
|
|
|
110
|
|
||||
Other
|
|
50
|
|
|
2
|
|
|
—
|
|
|
52
|
|
||||
Total HTM securities
|
|
$
|
16,680
|
|
|
$
|
76
|
|
|
$
|
210
|
|
|
$
|
16,546
|
|
|
|
September 30, 2017
|
||||||||||||||
|
|
AFS
|
|
HTM
|
||||||||||||
(Dollars in millions)
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Due in one year or less
|
|
$
|
254
|
|
|
$
|
254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
|
535
|
|
|
539
|
|
|
1,962
|
|
|
1,987
|
|
||||
Due after five years through ten years
|
|
2,367
|
|
|
2,305
|
|
|
1,389
|
|
|
1,385
|
|
||||
Due after ten years
|
|
20,294
|
|
|
20,086
|
|
|
20,096
|
|
|
20,020
|
|
||||
Total debt securities
|
|
$
|
23,450
|
|
|
$
|
23,184
|
|
|
$
|
23,447
|
|
|
$
|
23,392
|
|
|
|
September 30, 2017
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
|
$
|
459
|
|
|
$
|
2
|
|
|
$
|
1,553
|
|
|
$
|
57
|
|
|
$
|
2,012
|
|
|
$
|
59
|
|
GSE
|
|
12
|
|
|
—
|
|
|
170
|
|
|
6
|
|
|
182
|
|
|
6
|
|
||||||
Agency MBS
|
|
8,533
|
|
|
118
|
|
|
9,481
|
|
|
309
|
|
|
18,014
|
|
|
427
|
|
||||||
States and political subdivisions
|
|
87
|
|
|
—
|
|
|
408
|
|
|
33
|
|
|
495
|
|
|
33
|
|
||||||
Total
|
|
$
|
9,091
|
|
|
$
|
120
|
|
|
$
|
11,612
|
|
|
$
|
405
|
|
|
$
|
20,703
|
|
|
$
|
525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
HTM securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GSE
|
|
$
|
1,185
|
|
|
$
|
9
|
|
|
$
|
146
|
|
|
$
|
4
|
|
|
$
|
1,331
|
|
|
$
|
13
|
|
Agency MBS
|
|
9,178
|
|
|
76
|
|
|
1,736
|
|
|
64
|
|
|
10,914
|
|
|
140
|
|
||||||
Total
|
|
$
|
10,363
|
|
|
$
|
85
|
|
|
$
|
1,882
|
|
|
$
|
68
|
|
|
$
|
12,245
|
|
|
$
|
153
|
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
|
$
|
2,014
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,014
|
|
|
$
|
84
|
|
GSE
|
|
180
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
10
|
|
||||||
Agency MBS
|
|
14,842
|
|
|
342
|
|
|
5,138
|
|
|
226
|
|
|
19,980
|
|
|
568
|
|
||||||
States and political subdivisions
|
|
365
|
|
|
7
|
|
|
314
|
|
|
42
|
|
|
679
|
|
|
49
|
|
||||||
Total
|
|
$
|
17,401
|
|
|
$
|
443
|
|
|
$
|
5,452
|
|
|
$
|
268
|
|
|
$
|
22,853
|
|
|
$
|
711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
HTM securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GSE
|
|
$
|
1,762
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,762
|
|
|
$
|
30
|
|
Agency MBS
|
|
7,717
|
|
|
178
|
|
|
305
|
|
|
2
|
|
|
8,022
|
|
|
180
|
|
||||||
Total
|
|
$
|
9,479
|
|
|
$
|
208
|
|
|
$
|
305
|
|
|
$
|
2
|
|
|
$
|
9,784
|
|
|
$
|
210
|
|
|
|
September 30, 2017
|
||||||||||||||||||
|
|
Accruing
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
|
Current
|
|
30-89 Days Past Due
|
|
90 Days Or More Past Due
|
|
Nonaccrual
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
51,666
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
281
|
|
|
$
|
51,977
|
|
CRE-income producing properties
|
|
14,862
|
|
|
7
|
|
|
—
|
|
|
31
|
|
|
14,900
|
|
|||||
CRE-construction and development
|
|
4,490
|
|
|
1
|
|
|
—
|
|
|
10
|
|
|
4,501
|
|
|||||
Dealer floor plan
|
|
1,607
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,607
|
|
|||||
Other lending subsidiaries
|
|
8,281
|
|
|
17
|
|
|
—
|
|
|
9
|
|
|
8,307
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Direct retail lending
|
|
11,813
|
|
|
55
|
|
|
9
|
|
|
64
|
|
|
11,941
|
|
|||||
Revolving credit
|
|
2,664
|
|
|
22
|
|
|
11
|
|
|
—
|
|
|
2,697
|
|
|||||
Residential mortgage-nonguaranteed
|
|
27,261
|
|
|
320
|
|
|
43
|
|
|
136
|
|
|
27,760
|
|
|||||
Residential mortgage-government guaranteed
|
|
391
|
|
|
135
|
|
|
366
|
|
|
5
|
|
|
897
|
|
|||||
Sales finance
|
|
9,380
|
|
|
66
|
|
|
6
|
|
|
5
|
|
|
9,457
|
|
|||||
Other lending subsidiaries
|
|
7,681
|
|
|
293
|
|
|
—
|
|
|
65
|
|
|
8,039
|
|
|||||
PCI
|
|
600
|
|
|
41
|
|
|
70
|
|
|
—
|
|
|
711
|
|
|||||
Total
|
|
$
|
140,696
|
|
|
$
|
987
|
|
|
$
|
505
|
|
|
$
|
606
|
|
|
$
|
142,794
|
|
|
|
December 31, 2016
|
||||||||||||||||||
|
|
Accruing
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
|
Current
|
|
30-89 Days Past Due
|
|
90 Days Or More Past Due
|
|
Nonaccrual
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
51,329
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
363
|
|
|
$
|
51,719
|
|
CRE-income producing properties
|
|
14,492
|
|
|
6
|
|
|
—
|
|
|
40
|
|
|
14,538
|
|
|||||
CRE-construction and development
|
|
3,800
|
|
|
2
|
|
|
—
|
|
|
17
|
|
|
3,819
|
|
|||||
Dealer floor plan
|
|
1,413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,413
|
|
|||||
Other lending subsidiaries
|
|
7,660
|
|
|
21
|
|
|
—
|
|
|
10
|
|
|
7,691
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct retail lending
|
|
11,963
|
|
|
60
|
|
|
6
|
|
|
63
|
|
|
12,092
|
|
|||||
Revolving credit
|
|
2,620
|
|
|
23
|
|
|
12
|
|
|
—
|
|
|
2,655
|
|
|||||
Residential mortgage-nonguaranteed
|
|
28,378
|
|
|
393
|
|
|
79
|
|
|
172
|
|
|
29,022
|
|
|||||
Residential mortgage-government guaranteed
|
|
324
|
|
|
132
|
|
|
443
|
|
|
—
|
|
|
899
|
|
|||||
Sales finance
|
|
11,179
|
|
|
76
|
|
|
6
|
|
|
6
|
|
|
11,267
|
|
|||||
Other lending subsidiaries
|
|
6,931
|
|
|
301
|
|
|
—
|
|
|
65
|
|
|
7,297
|
|
|||||
PCI
|
|
784
|
|
|
36
|
|
|
90
|
|
|
—
|
|
|
910
|
|
|||||
Total
|
|
$
|
140,873
|
|
|
$
|
1,077
|
|
|
$
|
636
|
|
|
$
|
736
|
|
|
$
|
143,322
|
|
|
|
September 30, 2017
|
||||||||||||||||||
(Dollars in millions)
|
|
Commercial & Industrial
|
|
CRE - Income Producing Properties
|
|
CRE - Construction & Development
|
|
Dealer Floor Plan
|
|
Other Lending Subsidiaries
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
|
$
|
50,352
|
|
|
$
|
14,561
|
|
|
$
|
4,408
|
|
|
$
|
1,598
|
|
|
$
|
8,212
|
|
Special mention
|
|
395
|
|
|
63
|
|
|
44
|
|
|
—
|
|
|
17
|
|
|||||
Substandard-performing
|
|
949
|
|
|
245
|
|
|
39
|
|
|
9
|
|
|
69
|
|
|||||
Nonperforming
|
|
281
|
|
|
31
|
|
|
10
|
|
|
—
|
|
|
9
|
|
|||||
Total
|
|
$
|
51,977
|
|
|
$
|
14,900
|
|
|
$
|
4,501
|
|
|
$
|
1,607
|
|
|
$
|
8,307
|
|
|
|
Direct Retail Lending
|
|
Revolving Credit
|
|
Residential Mortgage
|
|
Sales Finance
|
|
Other Lending Subsidiaries
|
||||||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
|
$
|
11,877
|
|
|
$
|
2,697
|
|
|
$
|
28,516
|
|
|
$
|
9,452
|
|
|
$
|
7,974
|
|
Nonperforming
|
|
64
|
|
|
—
|
|
|
141
|
|
|
5
|
|
|
65
|
|
|||||
Total
|
|
$
|
11,941
|
|
|
$
|
2,697
|
|
|
$
|
28,657
|
|
|
$
|
9,457
|
|
|
$
|
8,039
|
|
|
|
December 31, 2016
|
||||||||||||||||||
(Dollars in millions)
|
|
Commercial & Industrial
|
|
CRE - Income Producing Properties
|
|
CRE - Construction & Development
|
|
Dealer Floor Plan
|
|
Other Lending Subsidiaries
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
|
$
|
49,921
|
|
|
$
|
14,061
|
|
|
$
|
3,718
|
|
|
$
|
1,404
|
|
|
$
|
7,604
|
|
Special mention
|
|
314
|
|
|
124
|
|
|
38
|
|
|
—
|
|
|
33
|
|
|||||
Substandard-performing
|
|
1,121
|
|
|
313
|
|
|
46
|
|
|
9
|
|
|
44
|
|
|||||
Nonperforming
|
|
363
|
|
|
40
|
|
|
17
|
|
|
—
|
|
|
10
|
|
|||||
Total
|
|
$
|
51,719
|
|
|
$
|
14,538
|
|
|
$
|
3,819
|
|
|
$
|
1,413
|
|
|
$
|
7,691
|
|
|
|
Direct Retail Lending
|
|
Revolving Credit
|
|
Residential Mortgage
|
|
Sales Finance
|
|
Other Lending Subsidiaries
|
||||||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing
|
|
$
|
12,029
|
|
|
$
|
2,655
|
|
|
$
|
29,749
|
|
|
$
|
11,261
|
|
|
$
|
7,232
|
|
Nonperforming
|
|
63
|
|
|
—
|
|
|
172
|
|
|
6
|
|
|
65
|
|
|||||
Total
|
|
$
|
12,092
|
|
|
$
|
2,655
|
|
|
$
|
29,921
|
|
|
$
|
11,267
|
|
|
$
|
7,297
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
(Dollars in millions)
|
|
Beginning Balance
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Ending Balance
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
479
|
|
|
$
|
(10
|
)
|
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
479
|
|
CRE-income producing properties
|
|
140
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
139
|
|
|||||
CRE-construction and development
|
|
23
|
|
|
(2
|
)
|
|
2
|
|
|
(1
|
)
|
|
22
|
|
|||||
Dealer floor plan
|
|
12
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
13
|
|
|||||
Other lending subsidiaries
|
|
36
|
|
|
(5
|
)
|
|
2
|
|
|
6
|
|
|
39
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Direct retail lending
|
|
100
|
|
|
(16
|
)
|
|
6
|
|
|
11
|
|
|
101
|
|
|||||
Revolving credit
|
|
101
|
|
|
(17
|
)
|
|
4
|
|
|
13
|
|
|
101
|
|
|||||
Residential mortgage-nonguaranteed
|
|
173
|
|
|
(6
|
)
|
|
—
|
|
|
5
|
|
|
172
|
|
|||||
Residential mortgage-government guaranteed
|
|
38
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
35
|
|
|||||
Sales finance
|
|
39
|
|
|
(8
|
)
|
|
3
|
|
|
3
|
|
|
37
|
|
|||||
Other lending subsidiaries
|
|
314
|
|
|
(95
|
)
|
|
11
|
|
|
83
|
|
|
313
|
|
|||||
PCI
|
|
30
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
27
|
|
|||||
ALLL
|
|
1,485
|
|
|
(163
|
)
|
|
36
|
|
|
120
|
|
|
1,478
|
|
|||||
RUFC
|
|
117
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
123
|
|
|||||
ACL
|
|
$
|
1,602
|
|
|
$
|
(163
|
)
|
|
$
|
36
|
|
|
$
|
126
|
|
|
$
|
1,601
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(Dollars in millions)
|
|
Beginning Balance
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Ending Balance
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
519
|
|
|
$
|
(23
|
)
|
|
$
|
6
|
|
|
$
|
21
|
|
|
$
|
523
|
|
CRE-income producing properties
|
|
116
|
|
|
(5
|
)
|
|
3
|
|
|
(2
|
)
|
|
112
|
|
|||||
CRE-construction and development
|
|
28
|
|
|
(1
|
)
|
|
3
|
|
|
(3
|
)
|
|
27
|
|
|||||
Dealer floor plan
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Other lending subsidiaries
|
|
27
|
|
|
(5
|
)
|
|
1
|
|
|
5
|
|
|
28
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Direct retail lending
|
|
105
|
|
|
(12
|
)
|
|
7
|
|
|
3
|
|
|
103
|
|
|||||
Revolving credit
|
|
98
|
|
|
(18
|
)
|
|
5
|
|
|
14
|
|
|
99
|
|
|||||
Residential mortgage-nonguaranteed
|
|
194
|
|
|
(11
|
)
|
|
1
|
|
|
—
|
|
|
184
|
|
|||||
Residential mortgage-government guaranteed
|
|
30
|
|
|
(2
|
)
|
|
—
|
|
|
9
|
|
|
37
|
|
|||||
Sales finance
|
|
36
|
|
|
(7
|
)
|
|
3
|
|
|
4
|
|
|
36
|
|
|||||
Other lending subsidiaries
|
|
279
|
|
|
(86
|
)
|
|
11
|
|
|
85
|
|
|
289
|
|
|||||
PCI
|
|
65
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
63
|
|
|||||
ALLL
|
|
1,507
|
|
|
(170
|
)
|
|
40
|
|
|
134
|
|
|
1,511
|
|
|||||
RUFC
|
|
96
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
110
|
|
|||||
ACL
|
|
$
|
1,603
|
|
|
$
|
(170
|
)
|
|
$
|
40
|
|
|
$
|
148
|
|
|
$
|
1,621
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
(Dollars in millions)
|
|
Beginning Balance
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Ending Balance
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
500
|
|
|
$
|
(60
|
)
|
|
$
|
21
|
|
|
$
|
18
|
|
|
$
|
479
|
|
CRE-income producing properties
|
|
117
|
|
|
(6
|
)
|
|
5
|
|
|
23
|
|
|
139
|
|
|||||
CRE-construction and development
|
|
25
|
|
|
(2
|
)
|
|
7
|
|
|
(8
|
)
|
|
22
|
|
|||||
Dealer floor plan
|
|
11
|
|
|
(1
|
)
|
|
—
|
|
|
3
|
|
|
13
|
|
|||||
Other lending subsidiaries
|
|
29
|
|
|
(15
|
)
|
|
4
|
|
|
21
|
|
|
39
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct retail lending
|
|
103
|
|
|
(46
|
)
|
|
19
|
|
|
25
|
|
|
101
|
|
|||||
Revolving credit
|
|
106
|
|
|
(57
|
)
|
|
14
|
|
|
38
|
|
|
101
|
|
|||||
Residential mortgage-nonguaranteed
|
|
186
|
|
|
(36
|
)
|
|
1
|
|
|
21
|
|
|
172
|
|
|||||
Residential mortgage-government guaranteed
|
|
41
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
35
|
|
|||||
Sales finance
|
|
38
|
|
|
(23
|
)
|
|
10
|
|
|
12
|
|
|
37
|
|
|||||
Other lending subsidiaries
|
|
289
|
|
|
(275
|
)
|
|
37
|
|
|
262
|
|
|
313
|
|
|||||
PCI
|
|
44
|
|
|
(1
|
)
|
|
—
|
|
|
(16
|
)
|
|
27
|
|
|||||
ALLL
|
|
1,489
|
|
|
(525
|
)
|
|
118
|
|
|
396
|
|
|
1,478
|
|
|||||
RUFC
|
|
110
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
123
|
|
|||||
ACL
|
|
$
|
1,599
|
|
|
$
|
(525
|
)
|
|
$
|
118
|
|
|
$
|
409
|
|
|
$
|
1,601
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
(Dollars in millions)
|
|
Beginning Balance
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Acquisition
|
|
Ending Balance
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
466
|
|
|
$
|
(105
|
)
|
|
$
|
30
|
|
|
$
|
132
|
|
|
$
|
—
|
|
|
$
|
523
|
|
CRE-income producing properties
|
|
135
|
|
|
(7
|
)
|
|
7
|
|
|
(23
|
)
|
|
—
|
|
|
112
|
|
||||||
CRE-construction and development
|
|
37
|
|
|
(1
|
)
|
|
9
|
|
|
(18
|
)
|
|
—
|
|
|
27
|
|
||||||
Dealer floor plan
|
|
8
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
10
|
|
||||||
Other lending subsidiaries
|
|
22
|
|
|
(17
|
)
|
|
5
|
|
|
18
|
|
|
—
|
|
|
28
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct retail lending
|
|
105
|
|
|
(37
|
)
|
|
20
|
|
|
15
|
|
|
—
|
|
|
103
|
|
||||||
Revolving credit
|
|
104
|
|
|
(53
|
)
|
|
15
|
|
|
33
|
|
|
—
|
|
|
99
|
|
||||||
Residential mortgage-nonguaranteed
|
|
194
|
|
|
(26
|
)
|
|
3
|
|
|
13
|
|
|
—
|
|
|
184
|
|
||||||
Residential mortgage-government guaranteed
|
|
23
|
|
|
(4
|
)
|
|
—
|
|
|
18
|
|
|
—
|
|
|
37
|
|
||||||
Sales finance
|
|
40
|
|
|
(21
|
)
|
|
9
|
|
|
8
|
|
|
—
|
|
|
36
|
|
||||||
Other lending subsidiaries
|
|
265
|
|
|
(239
|
)
|
|
31
|
|
|
232
|
|
|
—
|
|
|
289
|
|
||||||
PCI
|
|
61
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
63
|
|
||||||
ALLL
|
|
1,460
|
|
|
(510
|
)
|
|
129
|
|
|
432
|
|
|
—
|
|
|
1,511
|
|
||||||
RUFC
|
|
90
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
9
|
|
|
110
|
|
||||||
ACL
|
|
$
|
1,550
|
|
|
$
|
(510
|
)
|
|
$
|
129
|
|
|
$
|
443
|
|
|
$
|
9
|
|
|
$
|
1,621
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in millions)
|
|
Recorded Investment
|
|
Related ALLL
|
|
Recorded Investment
|
|
Related ALLL
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
$
|
51,594
|
|
|
$
|
451
|
|
|
$
|
51,253
|
|
|
$
|
463
|
|
CRE-income producing properties
|
|
14,831
|
|
|
134
|
|
|
14,455
|
|
|
112
|
|
||||
CRE-construction and development
|
|
4,479
|
|
|
20
|
|
|
3,787
|
|
|
21
|
|
||||
Dealer floor plan
|
|
1,607
|
|
|
13
|
|
|
1,413
|
|
|
11
|
|
||||
Other lending subsidiaries
|
|
8,295
|
|
|
38
|
|
|
7,678
|
|
|
28
|
|
||||
Retail:
|
|
|
|
|
|
|
|
|
||||||||
Direct retail lending
|
|
11,864
|
|
|
93
|
|
|
12,011
|
|
|
93
|
|
||||
Revolving credit
|
|
2,668
|
|
|
89
|
|
|
2,626
|
|
|
95
|
|
||||
Residential mortgage-nonguaranteed
|
|
27,316
|
|
|
137
|
|
|
28,488
|
|
|
136
|
|
||||
Residential mortgage-government guaranteed
|
|
515
|
|
|
7
|
|
|
466
|
|
|
8
|
|
||||
Sales finance
|
|
9,443
|
|
|
36
|
|
|
11,251
|
|
|
37
|
|
||||
Other lending subsidiaries
|
|
7,767
|
|
|
264
|
|
|
7,057
|
|
|
249
|
|
||||
PCI
|
|
711
|
|
|
27
|
|
|
910
|
|
|
44
|
|
||||
Total
|
|
$
|
141,090
|
|
|
$
|
1,309
|
|
|
$
|
141,395
|
|
|
$
|
1,297
|
|
Nine Months Ended September 30, 2017
|
|
Recorded Investment
|
|
UPB
|
|
Related ALLL
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in millions)
|
|
|
|
|
|
|||||||||||||||
With no related ALLL recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
180
|
|
|
$
|
207
|
|
|
$
|
—
|
|
|
$
|
193
|
|
|
$
|
—
|
|
CRE-income producing properties
|
|
17
|
|
|
20
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|||||
CRE-construction and development
|
|
7
|
|
|
8
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|||||
Dealer floor plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
3
|
|
|
5
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct retail lending
|
|
21
|
|
|
45
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|||||
Residential mortgage-nonguaranteed
|
|
119
|
|
|
162
|
|
|
—
|
|
|
104
|
|
|
3
|
|
|||||
Residential mortgage-government guaranteed
|
|
4
|
|
|
4
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||
Sales finance
|
|
1
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
4
|
|
|
10
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||||
With an ALLL recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
203
|
|
|
204
|
|
|
28
|
|
|
236
|
|
|
4
|
|
|||||
CRE-income producing properties
|
|
52
|
|
|
53
|
|
|
5
|
|
|
56
|
|
|
1
|
|
|||||
CRE-construction and development
|
|
15
|
|
|
15
|
|
|
2
|
|
|
19
|
|
|
—
|
|
|||||
Dealer floor plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
9
|
|
|
9
|
|
|
1
|
|
|
7
|
|
|
—
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct retail lending
|
|
56
|
|
|
57
|
|
|
8
|
|
|
63
|
|
|
3
|
|
|||||
Revolving credit
|
|
29
|
|
|
29
|
|
|
12
|
|
|
29
|
|
|
1
|
|
|||||
Residential mortgage-nonguaranteed
|
|
325
|
|
|
332
|
|
|
35
|
|
|
407
|
|
|
13
|
|
|||||
Residential mortgage-government guaranteed
|
|
378
|
|
|
379
|
|
|
28
|
|
|
405
|
|
|
12
|
|
|||||
Sales finance
|
|
13
|
|
|
13
|
|
|
1
|
|
|
14
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
268
|
|
|
269
|
|
|
49
|
|
|
243
|
|
|
29
|
|
|||||
Total
|
|
$
|
1,704
|
|
|
$
|
1,823
|
|
|
$
|
169
|
|
|
$
|
1,843
|
|
|
$
|
67
|
|
As of / For The Year Ended December 31, 2016
|
|
Recorded Investment
|
|
UPB
|
|
Related ALLL
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in millions)
|
|
|
|
|
|
|||||||||||||||
With no related ALLL recorded:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
201
|
|
|
$
|
225
|
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
1
|
|
CRE-income producing properties
|
|
25
|
|
|
27
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|||||
CRE-construction and development
|
|
10
|
|
|
11
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||
Dealer floor plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
4
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct retail lending
|
|
13
|
|
|
38
|
|
|
—
|
|
|
12
|
|
|
1
|
|
|||||
Residential mortgage-nonguaranteed
|
|
94
|
|
|
141
|
|
|
—
|
|
|
97
|
|
|
4
|
|
|||||
Residential mortgage-government guaranteed
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||
Sales finance
|
|
1
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
4
|
|
|
9
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||||
With an ALLL recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
265
|
|
|
269
|
|
|
37
|
|
|
259
|
|
|
5
|
|
|||||
CRE-income producing properties
|
|
58
|
|
|
61
|
|
|
5
|
|
|
68
|
|
|
2
|
|
|||||
CRE-construction and development
|
|
22
|
|
|
22
|
|
|
4
|
|
|
22
|
|
|
1
|
|
|||||
Dealer floor plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
9
|
|
|
9
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct retail lending
|
|
68
|
|
|
69
|
|
|
10
|
|
|
71
|
|
|
4
|
|
|||||
Revolving credit
|
|
29
|
|
|
29
|
|
|
11
|
|
|
31
|
|
|
1
|
|
|||||
Residential mortgage-nonguaranteed
|
|
440
|
|
|
451
|
|
|
50
|
|
|
383
|
|
|
16
|
|
|||||
Residential mortgage-government guaranteed
|
|
430
|
|
|
431
|
|
|
33
|
|
|
360
|
|
|
14
|
|
|||||
Sales finance
|
|
15
|
|
|
15
|
|
|
1
|
|
|
16
|
|
|
1
|
|
|||||
Other lending subsidiaries
|
|
236
|
|
|
239
|
|
|
40
|
|
|
206
|
|
|
32
|
|
|||||
Total
|
|
$
|
1,927
|
|
|
$
|
2,057
|
|
|
$
|
192
|
|
|
$
|
1,785
|
|
|
$
|
82
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Performing TDRs:
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
60
|
|
|
$
|
55
|
|
CRE-income producing properties
|
|
13
|
|
|
16
|
|
||
CRE-construction and development
|
|
9
|
|
|
9
|
|
||
Retail:
|
|
|
|
|
||||
Direct retail lending
|
|
63
|
|
|
67
|
|
||
Revolving credit
|
|
29
|
|
|
29
|
|
||
Residential mortgage-nonguaranteed
|
|
229
|
|
|
336
|
|
||
Residential mortgage-government guaranteed
|
|
380
|
|
|
433
|
|
||
Sales finance
|
|
13
|
|
|
16
|
|
||
Other lending subsidiaries
|
|
256
|
|
|
226
|
|
||
Total performing TDRs
|
|
1,052
|
|
|
1,187
|
|
||
Nonperforming TDRs (also included in NPL disclosures)
|
|
203
|
|
|
184
|
|
||
Total TDRs
|
|
$
|
1,255
|
|
|
$
|
1,371
|
|
ALLL attributable to TDRs
|
|
$
|
140
|
|
|
$
|
146
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Types of Modifications
|
|
Impact To ALLL
|
|
Types of Modifications
|
|
Impact To ALLL
|
||||||||||||||||
(Dollars in millions)
|
|
Rate
|
|
Structure
|
|
|
Rate
|
|
Structure
|
|
||||||||||||||
Newly Designated TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
17
|
|
|
$
|
36
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
23
|
|
|
$
|
1
|
|
CRE-income producing properties
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
CRE-construction and development
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct retail lending
|
|
2
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
Revolving credit
|
|
5
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
—
|
|
|
1
|
|
||||||
Residential mortgage-nonguaranteed
|
|
25
|
|
|
17
|
|
|
2
|
|
|
30
|
|
|
22
|
|
|
2
|
|
||||||
Residential mortgage-government guaranteed
|
|
54
|
|
|
—
|
|
|
3
|
|
|
118
|
|
|
—
|
|
|
7
|
|
||||||
Sales finance
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Other lending subsidiaries
|
|
62
|
|
|
—
|
|
|
8
|
|
|
44
|
|
|
—
|
|
|
6
|
|
||||||
Re-modification of Previously Designated TDRs
|
|
63
|
|
|
4
|
|
|
—
|
|
|
19
|
|
|
16
|
|
|
—
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Types of Modifications
|
|
Impact To ALLL
|
|
Types of Modifications
|
|
Impact To ALLL
|
||||||||||||||||
(Dollars in millions)
|
|
Rate
|
|
Structure
|
|
|
Rate
|
|
Structure
|
|
||||||||||||||
Newly Designated TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
72
|
|
|
$
|
92
|
|
|
$
|
3
|
|
|
$
|
99
|
|
|
$
|
39
|
|
|
$
|
3
|
|
CRE-income producing properties
|
|
6
|
|
|
8
|
|
|
—
|
|
|
4
|
|
|
8
|
|
|
—
|
|
||||||
CRE-construction and development
|
|
8
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct retail lending
|
|
7
|
|
|
3
|
|
|
—
|
|
|
10
|
|
|
1
|
|
|
—
|
|
||||||
Revolving credit
|
|
14
|
|
|
—
|
|
|
3
|
|
|
13
|
|
|
—
|
|
|
3
|
|
||||||
Residential mortgage-nonguaranteed
|
|
119
|
|
|
29
|
|
|
12
|
|
|
65
|
|
|
36
|
|
|
5
|
|
||||||
Residential mortgage-government guaranteed
|
|
170
|
|
|
—
|
|
|
9
|
|
|
217
|
|
|
—
|
|
|
12
|
|
||||||
Sales finance
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||||
Other lending subsidiaries
|
|
140
|
|
|
—
|
|
|
16
|
|
|
118
|
|
|
—
|
|
|
16
|
|
||||||
Re-Modification of Previously Designated TDRs
|
|
148
|
|
|
26
|
|
|
—
|
|
|
48
|
|
|
26
|
|
|
—
|
|
|
|
Nine Months Ended September 30, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||
(Dollars in millions)
|
|
Purchased Impaired
|
|
Purchased Nonimpaired
|
|
Purchased Impaired
|
|
Purchased Nonimpaired
|
||||||||
Accretable yield at beginning of period
|
|
$
|
253
|
|
|
$
|
155
|
|
|
$
|
189
|
|
|
$
|
176
|
|
Additions
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
||||
Accretion
|
|
(67
|
)
|
|
(44
|
)
|
|
(134
|
)
|
|
(73
|
)
|
||||
Other, net
|
|
25
|
|
|
30
|
|
|
162
|
|
|
52
|
|
||||
Accretable yield at end of period
|
|
$
|
211
|
|
|
$
|
141
|
|
|
$
|
253
|
|
|
$
|
155
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carrying value at end of period
|
|
$
|
464
|
|
|
$
|
247
|
|
|
$
|
614
|
|
|
$
|
296
|
|
Outstanding UPB at end of period
|
|
719
|
|
|
343
|
|
|
910
|
|
|
423
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Unearned income, discounts and net deferred loan fees and costs, excluding PCI
|
|
$
|
143
|
|
|
$
|
265
|
|
Residential mortgage loans in process of foreclosure
|
|
305
|
|
|
366
|
|
(Dollars in millions)
|
|
Community Banking
|
|
Residential Mortgage Banking
|
|
Dealer Financial Services
|
|
Specialized Lending
|
|
Insurance Holdings
|
|
Financial Services
|
|
Total
|
||||||||||||||
Goodwill, January 1, 2017
|
|
$
|
7,032
|
|
|
$
|
416
|
|
|
$
|
111
|
|
|
$
|
113
|
|
|
$
|
1,752
|
|
|
$
|
214
|
|
|
$
|
9,638
|
|
Adjustments
|
|
(12
|
)
|
|
6
|
|
|
—
|
|
|
(9
|
)
|
|
(5
|
)
|
|
—
|
|
|
(20
|
)
|
|||||||
Goodwill, September 30, 2017
|
|
$
|
7,020
|
|
|
$
|
422
|
|
|
$
|
111
|
|
|
$
|
104
|
|
|
$
|
1,747
|
|
|
$
|
214
|
|
|
$
|
9,618
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
CDI
|
|
$
|
825
|
|
|
$
|
(614
|
)
|
|
$
|
211
|
|
|
$
|
825
|
|
|
$
|
(565
|
)
|
|
$
|
260
|
|
Other, primarily customer relationship intangibles
|
|
1,246
|
|
|
(712
|
)
|
|
534
|
|
|
1,249
|
|
|
(655
|
)
|
|
594
|
|
||||||
Total
|
|
$
|
2,071
|
|
|
$
|
(1,326
|
)
|
|
$
|
745
|
|
|
$
|
2,074
|
|
|
$
|
(1,220
|
)
|
|
$
|
854
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
UPB of residential mortgage and home equity loan servicing portfolio
|
|
$
|
118,736
|
|
|
$
|
121,639
|
|
UPB of residential mortgage loans serviced for others (primarily agency conforming fixed rate)
|
|
89,391
|
|
|
90,325
|
|
||
Mortgage loans sold with recourse
|
|
514
|
|
|
578
|
|
||
Maximum recourse exposure from mortgage loans sold with recourse liability
|
|
261
|
|
|
282
|
|
||
Indemnification, recourse and repurchase reserves
|
|
39
|
|
|
40
|
|
|
|
As of / For The
Nine Months Ended September 30, |
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
UPB of residential mortgage loans sold from LHFS
|
|
$
|
9,478
|
|
|
$
|
11,098
|
|
Pre-tax gains recognized on mortgage loans sold and held for sale
|
|
114
|
|
|
105
|
|
||
Servicing fees recognized from mortgage loans serviced for others
|
|
197
|
|
|
201
|
|
||
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
|
|
0.28
|
%
|
|
0.28
|
%
|
||
Weighted average interest rate on mortgage loans serviced for others
|
|
4.00
|
|
|
4.06
|
|
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
Residential MSRs, carrying value, beginning of period
|
|
$
|
915
|
|
|
$
|
880
|
|
Additions
|
|
93
|
|
|
99
|
|
||
Change in fair value due to changes in valuation inputs or assumptions:
|
|
|
|
|
||||
Prepayment speeds
|
|
(56
|
)
|
|
(180
|
)
|
||
OAS
|
|
47
|
|
|
9
|
|
||
Servicing costs
|
|
9
|
|
|
2
|
|
||
Realization of expected net servicing cash flows, passage of time and other
|
|
(104
|
)
|
|
(103
|
)
|
||
Residential MSRs, carrying value, end of period
|
|
$
|
904
|
|
|
$
|
707
|
|
|
|
|
|
|
||||
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value
|
|
$
|
12
|
|
|
$
|
224
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
|
Range
|
|
Weighted
Average |
|
Range
|
|
Weighted
Average |
||||||||||||
(Dollars in millions)
|
|
Min
|
|
Max
|
|
|
Min
|
|
Max
|
|
||||||||||
Prepayment speed
|
|
7.6
|
%
|
|
10.2
|
%
|
|
9.3
|
%
|
|
7.5
|
%
|
|
8.4
|
%
|
|
8.1
|
%
|
||
Effect on fair value of a 10% increase
|
|
|
|
|
|
$
|
(32
|
)
|
|
|
|
|
|
$
|
(28
|
)
|
||||
Effect on fair value of a 20% increase
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
(54
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OAS
|
|
8.4
|
%
|
|
8.9
|
%
|
|
8.5
|
%
|
|
9.8
|
%
|
|
10.2
|
%
|
|
10.0
|
%
|
||
Effect on fair value of a 10% increase
|
|
|
|
|
|
$
|
(28
|
)
|
|
|
|
|
|
$
|
(33
|
)
|
||||
Effect on fair value of a 20% increase
|
|
|
|
|
|
(54
|
)
|
|
|
|
|
|
(64
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Composition of loans serviced for others:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed-rate residential mortgage loans
|
|
|
|
|
|
99.1
|
%
|
|
|
|
|
|
99.1
|
%
|
||||||
Adjustable-rate residential mortgage loans
|
|
|
|
|
|
0.9
|
|
|
|
|
|
|
0.9
|
|
||||||
Total
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
100.0
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average life
|
|
|
|
|
|
|
|
6.4 years
|
|
|
|
|
|
|
7.0 years
|
|
(Dollars in millions)
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
UPB of CRE mortgages serviced for others
|
$
|
28,122
|
|
|
$
|
29,333
|
|
CRE mortgages serviced for others covered by recourse provisions
|
4,307
|
|
|
4,240
|
|
||
Maximum recourse exposure from CRE mortgages sold with recourse liability
|
1,244
|
|
|
1,272
|
|
||
Recorded reserves related to recourse exposure
|
6
|
|
|
7
|
|
||
CRE mortgages originated during the year-to-date period
|
4,969
|
|
|
7,145
|
|
||
Commercial MSRs at fair value
|
140
|
|
|
137
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Noninterest-bearing deposits
|
|
$
|
54,049
|
|
|
$
|
50,697
|
|
Interest checking
|
|
26,575
|
|
|
30,263
|
|
||
Money market and savings
|
|
60,904
|
|
|
64,883
|
|
||
Time deposits
|
|
14,607
|
|
|
14,391
|
|
||
Total deposits
|
|
$
|
156,135
|
|
|
$
|
160,234
|
|
|
|
|
|
|
||||
Time deposits $100,000 and greater
|
|
$
|
6,542
|
|
|
$
|
5,394
|
|
Time deposits $250,000 and greater
|
|
3,831
|
|
|
2,179
|
|
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
|||||||||||||||||
|
|
|
|
|
|
Stated Rate
|
|
Effective Rate
|
|
Carrying
|
|
Carrying
|
|||||||||
(Dollars in millions)
|
|
Maturity
|
|
Min
|
|
Max
|
|
|
Amount
|
|
Amount
|
||||||||||
BB&T Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate senior notes
|
|
2018
|
to
|
2024
|
|
1.45
|
%
|
|
6.85
|
%
|
|
2.63
|
%
|
|
$
|
7,079
|
|
|
$
|
7,600
|
|
Floating rate senior notes
|
|
2018
|
|
2022
|
|
1.89
|
|
|
2.18
|
|
|
2.03
|
|
|
2,247
|
|
|
1,898
|
|
||
Fixed rate subordinated notes
|
|
2019
|
|
2022
|
|
3.95
|
|
|
5.25
|
|
|
1.71
|
|
|
946
|
|
|
1,338
|
|
||
Branch Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate senior notes
|
|
2018
|
|
2022
|
|
1.45
|
|
|
2.85
|
|
|
2.36
|
|
|
4,930
|
|
|
4,209
|
|
||
Floating rate senior notes
|
|
2019
|
|
2020
|
|
1.75
|
|
|
1.84
|
|
|
1.84
|
|
|
849
|
|
|
250
|
|
||
Fixed rate subordinated notes
|
|
2025
|
|
2026
|
|
3.63
|
|
|
3.80
|
|
|
3.43
|
|
|
2,142
|
|
|
2,138
|
|
||
Floating rate subordinated notes
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262
|
|
||||
FHLB advances (1)
|
|
2017
|
|
2034
|
|
—
|
|
|
6.38
|
|
|
1.30
|
|
|
2,495
|
|
|
4,118
|
|
||
Other long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
175
|
|
|
152
|
|
|||||
Total long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,863
|
|
|
$
|
21,965
|
|
(1)
|
FHLB advances had a weighted average maturity of
4.1 years
at
September 30, 2017
.
|
(Shares in thousands)
|
|
Restricted Shares/Units
|
|
Wtd. Avg. Grant Date Fair Value
|
|||
Nonvested at January 1, 2017
|
|
13,516
|
|
|
$
|
29.39
|
|
Granted
|
|
3,909
|
|
|
42.88
|
|
|
Vested
|
|
(3,832
|
)
|
|
27.18
|
|
|
Forfeited
|
|
(285
|
)
|
|
33.01
|
|
|
Nonvested at September 30, 2017
|
|
13,308
|
|
|
33.92
|
|
|
Expected to vest at September 30, 2017
|
|
12,297
|
|
|
33.92
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
(Dollars in millions)
|
|
Unrecognized Net Pension and Postretirement Costs
|
|
Unrealized Net Gains (Losses) on Cash Flow Hedges
|
|
Unrealized Net Gains (Losses) on AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||
AOCI balance, July 1, 2017
|
|
$
|
(743
|
)
|
|
$
|
(128
|
)
|
|
$
|
(187
|
)
|
|
$
|
(15
|
)
|
|
$
|
(1,073
|
)
|
OCI before reclassifications, net of tax
|
|
1
|
|
|
1
|
|
|
19
|
|
|
2
|
|
|
23
|
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax (1)
|
|
11
|
|
|
13
|
|
|
(2
|
)
|
|
—
|
|
|
22
|
|
|||||
Tax effect
|
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
—
|
|
|
8
|
|
|||||
Amounts reclassified, net of tax
|
|
7
|
|
|
8
|
|
|
(1
|
)
|
|
—
|
|
|
14
|
|
|||||
Net change in AOCI
|
|
8
|
|
|
9
|
|
|
18
|
|
|
2
|
|
|
37
|
|
|||||
AOCI balance, September 30, 2017
|
|
$
|
(735
|
)
|
|
$
|
(119
|
)
|
|
$
|
(169
|
)
|
|
$
|
(13
|
)
|
|
$
|
(1,036
|
)
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||
(Dollars in millions)
|
|
Unrecognized Net Pension and Postretirement Costs
|
|
Unrealized Net Gains (Losses) on Cash Flow Hedges
|
|
Unrealized Net Gains (Losses) on AFS Securities
|
|
FDIC's Share of Unrealized (Gains) Losses on AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||||
AOCI balance, July 1, 2016
|
|
$
|
(701
|
)
|
|
$
|
(247
|
)
|
|
$
|
263
|
|
|
$
|
(137
|
)
|
|
$
|
(15
|
)
|
|
$
|
(837
|
)
|
OCI before reclassifications, net of tax
|
|
(9
|
)
|
|
23
|
|
|
(72
|
)
|
|
137
|
|
|
—
|
|
|
79
|
|
||||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Before tax (1)
|
|
18
|
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
14
|
|
||||||
Tax effect
|
|
7
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
6
|
|
||||||
Amounts reclassified, net of tax
|
|
11
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Net change in AOCI
|
|
2
|
|
|
21
|
|
|
(73
|
)
|
|
137
|
|
|
—
|
|
|
87
|
|
||||||
AOCI balance, September 30, 2016
|
|
$
|
(699
|
)
|
|
$
|
(226
|
)
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
|
$
|
(750
|
)
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
(Dollars in millions)
|
|
Unrecognized Net Pension and Postretirement Costs
|
|
Unrealized Net Gains (Losses) on Cash Flow Hedges
|
|
Unrealized Net Gains (Losses) on AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||
AOCI balance, January 1, 2017
|
|
$
|
(764
|
)
|
|
$
|
(92
|
)
|
|
$
|
(259
|
)
|
|
$
|
(17
|
)
|
|
$
|
(1,132
|
)
|
OCI before reclassifications, net of tax
|
|
—
|
|
|
(26
|
)
|
|
99
|
|
|
4
|
|
|
77
|
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax (1)
|
|
46
|
|
|
(1
|
)
|
|
(15
|
)
|
|
—
|
|
|
30
|
|
|||||
Tax effect
|
|
17
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
11
|
|
|||||
Amounts reclassified, net of tax
|
|
29
|
|
|
(1
|
)
|
|
(9
|
)
|
|
—
|
|
|
19
|
|
|||||
Net change in AOCI
|
|
29
|
|
|
(27
|
)
|
|
90
|
|
|
4
|
|
|
96
|
|
|||||
AOCI balance, September 30, 2017
|
|
$
|
(735
|
)
|
|
$
|
(119
|
)
|
|
$
|
(169
|
)
|
|
$
|
(13
|
)
|
|
$
|
(1,036
|
)
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
(Dollars in millions)
|
Unrecognized Net Pension and Postretirement Costs
|
|
Unrealized Net Gains (Losses) on Cash Flow Hedges
|
|
Unrealized Net Gains (Losses) on AFS Securities
|
|
FDIC's Share of Unrealized (Gains) Losses on AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||||
AOCI balance, January 1, 2016
|
$
|
(723
|
)
|
|
$
|
(83
|
)
|
|
$
|
(34
|
)
|
|
$
|
(169
|
)
|
|
$
|
(19
|
)
|
|
$
|
(1,028
|
)
|
OCI before reclassifications, net of tax
|
(8
|
)
|
|
(154
|
)
|
|
280
|
|
|
148
|
|
|
3
|
|
|
269
|
|
||||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Before tax (1)
|
51
|
|
|
18
|
|
|
(90
|
)
|
|
33
|
|
|
2
|
|
|
14
|
|
||||||
Tax effect
|
19
|
|
|
7
|
|
|
(34
|
)
|
|
12
|
|
|
1
|
|
|
5
|
|
||||||
Amounts reclassified, net of tax
|
32
|
|
|
11
|
|
|
(56
|
)
|
|
21
|
|
|
1
|
|
|
9
|
|
||||||
Net change in AOCI
|
24
|
|
|
(143
|
)
|
|
224
|
|
|
169
|
|
|
4
|
|
|
278
|
|
||||||
AOCI balance, September 30, 2016
|
$
|
(699
|
)
|
|
$
|
(226
|
)
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
|
$
|
(750
|
)
|
(1)
|
Amounts related to unrecognized net pension and postretirement costs are included in personnel expense, amounts related to unrealized net gains (losses) on cash flow hedges are included in net interest income, amounts related to unrealized net gains (losses) on AFS securities are included in net interest income and securities gains/losses when realized, amounts related to FDIC's share of unrealized gains (losses) on AFS securities are included in FDIC loss share income, net and amounts related to other, net are primarily included in net interest income in the Consolidated Statements of Income.
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
Qualified Plans
|
|
Nonqualified Plans
|
||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
|
$
|
45
|
|
|
$
|
44
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
|
43
|
|
|
41
|
|
|
5
|
|
|
5
|
|
||||
Estimated return on plan assets
|
|
(93
|
)
|
|
(82
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization and other
|
|
14
|
|
|
18
|
|
|
4
|
|
|
3
|
|
||||
Net periodic benefit cost
|
|
$
|
9
|
|
|
$
|
21
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
Qualified Plans
|
|
Nonqualified Plans
|
||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
|
$
|
143
|
|
|
$
|
130
|
|
|
$
|
9
|
|
|
$
|
9
|
|
Interest cost
|
|
130
|
|
|
122
|
|
|
14
|
|
|
14
|
|
||||
Estimated return on plan assets
|
|
(278
|
)
|
|
(244
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization and other
|
|
47
|
|
|
51
|
|
|
10
|
|
|
9
|
|
||||
Net periodic benefit cost
|
|
$
|
42
|
|
|
$
|
59
|
|
|
$
|
33
|
|
|
$
|
32
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Letters of credit
|
|
$
|
2,658
|
|
|
$
|
2,786
|
|
Carrying amount of the liability for letters of credit
|
|
22
|
|
|
27
|
|
||
|
|
|
|
|
||||
Investments in affordable housing and historic building rehabilitation projects:
|
|
|
|
|
||||
Carrying amount
|
|
2,018
|
|
|
1,719
|
|
||
Amount of future funding commitments included in carrying amount
|
|
971
|
|
|
738
|
|
||
Lending exposure
|
|
547
|
|
|
495
|
|
||
Tax credits subject to recapture
|
|
450
|
|
|
413
|
|
||
|
|
|
|
|
||||
Private equity investments
|
|
426
|
|
|
362
|
|
||
Future funding commitments to private equity investments
|
|
136
|
|
|
197
|
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Pledged securities
|
|
$
|
14,457
|
|
|
$
|
15,549
|
|
Pledged loans
|
|
74,411
|
|
|
75,015
|
|
|
|
September 30, 2017
|
||||||||||||||
(Dollars in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trading securities
|
|
$
|
1,089
|
|
|
$
|
346
|
|
|
$
|
743
|
|
|
$
|
—
|
|
AFS securities:
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Treasury
|
|
2,111
|
|
|
—
|
|
|
2,111
|
|
|
—
|
|
||||
GSE
|
|
182
|
|
|
—
|
|
|
182
|
|
|
—
|
|
||||
Agency MBS
|
|
18,676
|
|
|
—
|
|
|
18,676
|
|
|
—
|
|
||||
States and political subdivisions
|
|
1,599
|
|
|
—
|
|
|
1,599
|
|
|
—
|
|
||||
Non-agency MBS
|
|
608
|
|
|
—
|
|
|
151
|
|
|
457
|
|
||||
Other
|
|
8
|
|
|
5
|
|
|
3
|
|
|
—
|
|
||||
Total AFS securities
|
|
23,184
|
|
|
5
|
|
|
22,722
|
|
|
457
|
|
||||
LHFS
|
|
1,217
|
|
|
—
|
|
|
1,217
|
|
|
—
|
|
||||
MSRs
|
|
1,044
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|||||||
Interest rate contracts
|
|
523
|
|
|
—
|
|
|
515
|
|
|
8
|
|
||||
Foreign exchange contracts
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Total derivative assets
|
|
528
|
|
|
—
|
|
|
520
|
|
|
8
|
|
||||
Private equity investments
|
|
413
|
|
|
—
|
|
|
—
|
|
|
413
|
|
||||
Total assets
|
|
$
|
27,475
|
|
|
$
|
351
|
|
|
$
|
25,202
|
|
|
$
|
1,922
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
725
|
|
|
$
|
1
|
|
|
$
|
721
|
|
|
$
|
3
|
|
Foreign exchange contracts
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Total derivative liabilities
|
|
731
|
|
|
1
|
|
|
727
|
|
|
3
|
|
||||
Securities sold short
|
|
82
|
|
|
—
|
|
|
82
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
813
|
|
|
$
|
1
|
|
|
$
|
809
|
|
|
$
|
3
|
|
|
|
December 31, 2016
|
||||||||||||||
(Dollars in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Trading securities
|
|
$
|
748
|
|
|
$
|
324
|
|
|
$
|
424
|
|
|
$
|
—
|
|
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
2,587
|
|
|
—
|
|
|
2,587
|
|
|
—
|
|
||||
GSE
|
|
180
|
|
|
—
|
|
|
180
|
|
|
—
|
|
||||
Agency MBS
|
|
21,264
|
|
|
—
|
|
|
21,264
|
|
|
—
|
|
||||
States and political subdivisions
|
|
2,205
|
|
|
—
|
|
|
2,205
|
|
|
—
|
|
||||
Non-agency MBS
|
|
679
|
|
|
—
|
|
|
172
|
|
|
507
|
|
||||
Other
|
|
11
|
|
|
8
|
|
|
3
|
|
|
—
|
|
||||
Total AFS securities
|
|
26,926
|
|
|
8
|
|
|
26,411
|
|
|
507
|
|
||||
LHFS
|
|
1,716
|
|
|
—
|
|
|
1,716
|
|
|
—
|
|
||||
MSRs
|
|
1,052
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
814
|
|
|
—
|
|
|
807
|
|
|
7
|
|
||||
Foreign exchange contracts
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||
Total derivative assets
|
|
822
|
|
|
—
|
|
|
815
|
|
|
7
|
|
||||
Private equity investments
|
|
362
|
|
|
—
|
|
|
—
|
|
|
362
|
|
||||
Total assets
|
|
$
|
31,626
|
|
|
$
|
332
|
|
|
$
|
29,366
|
|
|
$
|
1,928
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
978
|
|
|
$
|
20
|
|
Foreign exchange contracts
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Total derivative liabilities
|
|
1,003
|
|
|
—
|
|
|
983
|
|
|
20
|
|
||||
Securities sold short
|
|
137
|
|
|
—
|
|
|
137
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
1,140
|
|
|
$
|
—
|
|
|
$
|
1,120
|
|
|
$
|
20
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||
(Dollars in millions)
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||
Balance at July 1, 2017
|
|
$
|
474
|
|
|
$
|
1,052
|
|
|
$
|
3
|
|
|
$
|
394
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings (1)
|
|
8
|
|
|
4
|
|
|
11
|
|
|
21
|
|
||||
Included in unrealized net holding gains (losses) in OCI
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||
Issuances
|
|
—
|
|
|
30
|
|
|
15
|
|
|
—
|
|
||||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||
Settlements
|
|
(18
|
)
|
|
(42
|
)
|
|
(24
|
)
|
|
—
|
|
||||
Transfers into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at September 30, 2017
|
|
$
|
457
|
|
|
$
|
1,044
|
|
|
$
|
5
|
|
|
$
|
413
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017
|
|
$
|
9
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
(Dollars in millions)
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||
Balance at July 1, 2016
|
|
$
|
559
|
|
|
$
|
785
|
|
|
$
|
33
|
|
|
$
|
353
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings (1)
|
|
6
|
|
|
42
|
|
|
45
|
|
|
3
|
|
||||
Included in unrealized net holding gains (losses) in OCI
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Issuances
|
|
—
|
|
|
44
|
|
|
22
|
|
|
—
|
|
||||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
||||
Settlements
|
|
(21
|
)
|
|
(43
|
)
|
|
(80
|
)
|
|
(2
|
)
|
||||
Transfers into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at September 30, 2016
|
|
$
|
539
|
|
|
$
|
828
|
|
|
$
|
20
|
|
|
$
|
340
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2016
|
|
$
|
6
|
|
|
$
|
42
|
|
|
$
|
20
|
|
|
$
|
1
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||
(Dollars in millions)
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||
Balance at January 1, 2017
|
|
$
|
507
|
|
|
1,052
|
|
|
$
|
(13
|
)
|
|
$
|
362
|
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings (1)
|
|
31
|
|
|
24
|
|
|
30
|
|
|
26
|
|
||||
Included in unrealized net holding gains (losses) in OCI
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||
Issuances
|
|
—
|
|
|
93
|
|
|
39
|
|
|
—
|
|
||||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Settlements
|
|
(54
|
)
|
|
(125
|
)
|
|
(51
|
)
|
|
(5
|
)
|
||||
Transfers into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
||||
Balance at September 30, 2017
|
|
$
|
457
|
|
|
$
|
1,044
|
|
|
$
|
5
|
|
|
$
|
413
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017
|
|
$
|
31
|
|
|
$
|
24
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
(Dollars in millions)
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||
Balance at January 1, 2016
|
|
$
|
626
|
|
|
$
|
880
|
|
|
$
|
4
|
|
|
$
|
289
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings (1)
|
|
38
|
|
|
(154
|
)
|
|
101
|
|
|
6
|
|
||||
Included in unrealized net holding gains (losses) in OCI
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
||||
Issuances
|
|
—
|
|
|
100
|
|
|
85
|
|
|
—
|
|
||||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
||||
Settlements
|
|
(75
|
)
|
|
(121
|
)
|
|
(170
|
)
|
|
(7
|
)
|
||||
Transfers into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adoption of fair value option for commercial MSRs
|
|
—
|
|
|
123
|
|
|
—
|
|
|
—
|
|
||||
Balance at September 30, 2016
|
|
$
|
539
|
|
|
$
|
828
|
|
|
$
|
20
|
|
|
$
|
340
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2016
|
|
$
|
38
|
|
|
$
|
(154
|
)
|
|
$
|
20
|
|
|
$
|
1
|
|
(1)
|
Amounts related to non-agency MBS are included in interest income, amounts related to MSRs and net derivatives are primarily included in mortgage banking income and amounts related to private equity investments are included in other income in the Consolidated Statements of Income.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
|
Fair Value
|
|
Aggregate UPB
|
|
Difference
|
|
Fair Value
|
|
Aggregate UPB
|
|
Difference
|
||||||||||||
LHFS reported at fair value
|
|
$
|
1,217
|
|
|
$
|
1,197
|
|
|
$
|
20
|
|
|
$
|
1,716
|
|
|
$
|
1,736
|
|
|
$
|
(20
|
)
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
|
|
|
Valuation Adjustments
|
|
|
|
Valuation Adjustments
|
||||||||||||||||
(Dollars in millions)
|
|
Carrying Value
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Carrying Value
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Impaired loans
|
|
$
|
198
|
|
|
$
|
(4
|
)
|
|
$
|
(18
|
)
|
|
$
|
314
|
|
|
$
|
(22
|
)
|
|
$
|
(76
|
)
|
Foreclosed real estate
|
|
46
|
|
|
(66
|
)
|
|
(192
|
)
|
|
58
|
|
|
(59
|
)
|
|
(160
|
)
|
|
|
September 30, 2017
|
||||||||||||||
(Dollars in millions)
|
|
Carrying Amount
|
|
Total Fair Value
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||||||
HTM securities
|
|
$
|
23,447
|
|
|
$
|
23,392
|
|
|
$
|
23,392
|
|
|
$
|
—
|
|
Loans and leases HFI, net of ALLL
|
|
141,316
|
|
|
141,258
|
|
|
—
|
|
|
141,258
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
|
156,135
|
|
|
156,234
|
|
|
156,234
|
|
|
—
|
|
||||
Long-term debt
|
|
20,863
|
|
|
21,117
|
|
|
21,117
|
|
|
—
|
|
|
|
December 31, 2016
|
||||||||||||||
(Dollars in millions)
|
|
Carrying Amount
|
|
Total Fair Value
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||||||
HTM securities
|
|
$
|
16,680
|
|
|
$
|
16,546
|
|
|
$
|
16,546
|
|
|
$
|
—
|
|
Loans and leases HFI, net of ALLL
|
|
141,833
|
|
|
142,044
|
|
|
—
|
|
|
142,044
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
160,234
|
|
|
160,403
|
|
|
160,403
|
|
|
—
|
|
||||
Long-term debt
|
|
21,965
|
|
|
22,423
|
|
|
22,423
|
|
|
—
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in millions)
|
|
Notional/Contract Amount
|
|
Fair Value
|
|
Notional/Contract Amount
|
|
Fair Value
|
||||||||
Commitments to extend, originate or purchase credit
|
|
$
|
67,529
|
|
|
$
|
274
|
|
|
$
|
64,395
|
|
|
$
|
250
|
|
Residential mortgage loans sold with recourse
|
|
514
|
|
|
6
|
|
|
578
|
|
|
7
|
|
||||
Other loans sold with recourse
|
|
4,307
|
|
|
6
|
|
|
4,240
|
|
|
7
|
|
||||
Letters of credit
|
|
2,658
|
|
|
22
|
|
|
2,786
|
|
|
27
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
Hedged Item or Transaction
|
|
Notional
Amount
|
|
Fair Value
|
|
Notional
Amount
|
|
Fair Value
|
||||||||||||||||
(Dollars in millions)
|
|
|
|
Gain
|
|
Loss
|
|
|
Gain
|
|
Loss
|
|||||||||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay fixed swaps
|
|
3 mo. LIBOR funding
|
|
$
|
6,500
|
|
|
$
|
—
|
|
|
$
|
(200
|
)
|
|
$
|
7,050
|
|
|
$
|
—
|
|
|
$
|
(187
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed swaps
|
|
Long-term debt
|
|
12,827
|
|
|
157
|
|
|
(93
|
)
|
|
12,099
|
|
|
202
|
|
|
(100
|
)
|
||||||
Options
|
|
Long-term debt
|
|
5,337
|
|
|
—
|
|
|
(1
|
)
|
|
2,790
|
|
|
—
|
|
|
(1
|
)
|
||||||
Pay fixed swaps
|
|
Commercial loans
|
|
374
|
|
|
3
|
|
|
(1
|
)
|
|
346
|
|
|
4
|
|
|
(2
|
)
|
||||||
Pay fixed swaps
|
|
Municipal securities
|
|
231
|
|
|
—
|
|
|
(81
|
)
|
|
231
|
|
|
—
|
|
|
(83
|
)
|
||||||
Total
|
|
|
|
18,769
|
|
|
160
|
|
|
(176
|
)
|
|
15,466
|
|
|
206
|
|
|
(186
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Not designated as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Client-related and other risk management:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed swaps
|
|
|
|
10,800
|
|
|
195
|
|
|
(37
|
)
|
|
9,989
|
|
|
235
|
|
|
(44
|
)
|
||||||
Pay fixed swaps
|
|
|
|
10,930
|
|
|
35
|
|
|
(212
|
)
|
|
10,263
|
|
|
43
|
|
|
(252
|
)
|
||||||
Other swaps
|
|
|
|
1,025
|
|
|
2
|
|
|
(3
|
)
|
|
1,086
|
|
|
2
|
|
|
(5
|
)
|
||||||
Other
|
|
|
|
792
|
|
|
2
|
|
|
(2
|
)
|
|
709
|
|
|
2
|
|
|
(2
|
)
|
||||||
Forward commitments
|
|
|
|
6,138
|
|
|
8
|
|
|
(5
|
)
|
|
5,972
|
|
|
29
|
|
|
(28
|
)
|
||||||
Foreign exchange contracts
|
|
533
|
|
|
5
|
|
|
(6
|
)
|
|
669
|
|
|
8
|
|
|
(5
|
)
|
||||||||
Total
|
|
|
|
30,218
|
|
|
247
|
|
|
(265
|
)
|
|
28,688
|
|
|
319
|
|
|
(336
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate lock commitments
|
|
1,528
|
|
|
8
|
|
|
(3
|
)
|
|
2,219
|
|
|
7
|
|
|
(20
|
)
|
||||||||
When issued securities, forward rate agreements and forward commitments
|
|
3,434
|
|
|
8
|
|
|
(3
|
)
|
|
6,683
|
|
|
51
|
|
|
(14
|
)
|
||||||||
Other
|
|
|
|
193
|
|
|
2
|
|
|
—
|
|
|
449
|
|
|
2
|
|
|
(1
|
)
|
||||||
Total
|
|
|
|
5,155
|
|
|
18
|
|
|
(6
|
)
|
|
9,351
|
|
|
60
|
|
|
(35
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed swaps
|
|
|
|
4,026
|
|
|
48
|
|
|
(40
|
)
|
|
5,034
|
|
|
18
|
|
|
(236
|
)
|
||||||
Pay fixed swaps
|
|
|
|
3,080
|
|
|
6
|
|
|
(38
|
)
|
|
3,768
|
|
|
56
|
|
|
(7
|
)
|
||||||
Options
|
|
|
|
2,930
|
|
|
48
|
|
|
(1
|
)
|
|
5,710
|
|
|
160
|
|
|
(8
|
)
|
||||||
When issued securities, forward rate agreements and forward commitments
|
|
1,776
|
|
|
1
|
|
|
(5
|
)
|
|
3,210
|
|
|
3
|
|
|
(8
|
)
|
||||||||
Other
|
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
11,842
|
|
|
103
|
|
|
(84
|
)
|
|
17,722
|
|
|
237
|
|
|
(259
|
)
|
||||||
Total derivatives not designated as hedges
|
|
47,215
|
|
|
368
|
|
|
(355
|
)
|
|
55,761
|
|
|
616
|
|
|
(630
|
)
|
||||||||
Total derivatives
|
|
|
|
$
|
72,484
|
|
|
528
|
|
|
(731
|
)
|
|
$
|
78,277
|
|
|
822
|
|
|
(1,003
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amounts subject to master netting arrangements not offset due to policy election
|
|
|
|
(306
|
)
|
|
306
|
|
|
|
|
|
(443
|
)
|
|
443
|
|
|||||||||
Cash collateral (received) posted
|
|
|
|
|
(40
|
)
|
|
375
|
|
|
|
|
|
(119
|
)
|
|
450
|
|
||||||||
Net amount
|
|
|
|
|
|
|
$
|
182
|
|
|
$
|
(50
|
)
|
|
|
|
|
$
|
260
|
|
|
$
|
(110
|
)
|
|
|
Three Months Ended September 30,
|
||||||||||||||||
|
|
Pre-tax Gain (Loss) Recognized in OCI
|
|
Location of Amounts Reclassified from AOCI into Income
|
|
Pre-tax Gain (Loss) Reclassified from AOCI into Income
|
||||||||||||
|
|
|
|
|||||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
$
|
1
|
|
|
$
|
38
|
|
|
Total interest expense
|
|
$
|
(13
|
)
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
Pre-tax Gain (Loss) Recognized in Income
|
||||||||||
|
|
|
|
|
|
Location of Amounts Recognized in Income
|
|
|||||||||||
|
|
|
|
|
|
|
2017
|
|
2016
|
|||||||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
Total interest income
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
||||
Interest rate contracts
|
|
|
|
|
|
Total interest expense
|
|
30
|
|
|
58
|
|
||||||
Total
|
|
|
|
|
|
|
|
$
|
27
|
|
|
$
|
53
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Client-related and other risk management:
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
|
|
|
|
Other noninterest income
|
|
$
|
11
|
|
|
$
|
15
|
|
||||
Foreign exchange contracts
|
|
|
|
Other noninterest income
|
|
5
|
|
|
(1
|
)
|
||||||||
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
Mortgage banking income
|
|
(3
|
)
|
|
17
|
|
||||||
MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
Mortgage banking income
|
|
10
|
|
|
3
|
|
||||||
Total
|
|
|
|
|
|
|
|
$
|
23
|
|
|
$
|
34
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
|
Pre-tax Gain (Loss) Recognized in OCI
|
|
Location of Amounts Reclassified from AOCI into Income
|
|
Pre-tax Gain (Loss) Reclassified from AOCI into Income
|
||||||||||||
|
|
|
|
|||||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
$
|
(42
|
)
|
|
$
|
(245
|
)
|
|
Total interest expense
|
|
$
|
1
|
|
|
$
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
Pre-tax Gain (Loss) Recognized in Income
|
||||||||||
|
|
|
|
|
|
Location of Amounts Recognized in Income
|
|
|||||||||||
|
|
|
|
|
|
|
2017
|
|
2016
|
|||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
Total interest income
|
|
$
|
(12
|
)
|
|
$
|
(13
|
)
|
||||
Interest rate contracts
|
|
|
|
|
|
Total interest expense
|
|
118
|
|
|
177
|
|
||||||
Total
|
|
|
|
|
|
|
|
$
|
106
|
|
|
$
|
164
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not Designated as Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Client-related and other risk management:
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
|
|
|
|
Other noninterest income
|
|
$
|
38
|
|
|
$
|
23
|
|
||||
Foreign exchange contracts
|
|
|
|
Other noninterest income
|
|
—
|
|
|
4
|
|
||||||||
Mortgage Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest rate contracts
|
|
|
|
|
|
Mortgage banking income
|
|
(8
|
)
|
|
(2
|
)
|
||||||
MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
Mortgage banking income
|
|
13
|
|
|
232
|
|
||||||
Total
|
|
|
|
|
|
|
|
$
|
43
|
|
|
$
|
257
|
|
|
|
Cash Flow Hedges
|
|
Fair Value Hedges
|
|
Derivatives Not Designated as Hedges
|
Risk exposure
|
|
Variability in cash flows of interest payments on floating rate business loans, overnight funding and various LIBOR funding instruments.
|
|
Changes in value on fixed rate long-term debt, CDs, FHLB advances, loans and state and political subdivision securities due to changes in interest rates.
|
|
Risk associated with an asset or liability, including mortgage banking operations and MSRs, or for client needs. Includes exposure to changes in market rates and conditions subsequent to the interest rate lock and funding date for mortgage loans originated for sale.
|
Risk management objective
|
|
Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest.
|
|
Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps.
|
|
For interest rate lock commitment derivatives and LHFS, use mortgage-based derivatives such as forward commitments and options to mitigate market risk. For MSRs, mitigate the income statement effect of changes in the fair value of the MSRs.
|
Treatment for portion that is highly effective
|
|
Recognized in AOCI until the related cash flows from the hedged item are recognized in earnings.
|
|
Recognized in current period income along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged.
|
|
Entire change in fair value recognized in current period income.
|
Treatment for portion that is ineffective
|
|
Recognized in current period income.
|
|
Recognized in current period income.
|
|
Not applicable
|
Treatment if hedge ceases to be highly effective or is terminated
|
|
Hedge is dedesignated. Effective changes in value that are recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings.
|
|
If hedged item remains outstanding, termination proceeds are included in cash flows from financing activities and effective changes in value are reflected as part of the carrying value of the financial instrument and amortized to earnings over its estimated remaining life.
|
|
Not applicable
|
Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter
|
|
Hedge accounting is ceased and any gain or loss in AOCI is reported in earnings immediately.
|
|
Not applicable
|
|
Not applicable
|
(Dollars in millions)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Cash flow hedges:
|
|
|
|
|
|
|||
Net unrecognized after-tax loss on active hedges recorded in AOCI
|
|
$
|
(125
|
)
|
|
$
|
(118
|
)
|
Net unrecognized after-tax gain on terminated hedges recorded in AOCI (to be recognized in earnings through 2022)
|
|
6
|
|
|
26
|
|
||
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months
|
|
(34
|
)
|
|
(4
|
)
|
||
Maximum time period over which BB&T has hedged a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
|
|
5 years
|
|
|
6 years
|
|
||
Fair value hedges:
|
|
|
|
|
|
|||
Unrecognized pre-tax net gain on terminated hedges (to be recognized as interest primarily through 2019)
|
|
$
|
142
|
|
|
$
|
169
|
|
Portion of pre-tax net gain on terminated hedges to be recognized as a change in interest during the next 12 months
|
|
50
|
|
|
56
|
|
(Dollars in millions)
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Dealer Counterparties:
|
|
|
|
||||
Cash collateral received from dealer counterparties
|
$
|
41
|
|
|
$
|
123
|
|
Derivatives in a net gain position secured by that collateral
|
42
|
|
|
123
|
|
||
Unsecured positions in a net gain with dealer counterparties after collateral postings
|
2
|
|
|
4
|
|
||
|
|
|
|
||||
Cash collateral posted to dealer counterparties
|
163
|
|
|
138
|
|
||
Derivatives in a net loss position secured by that collateral
|
163
|
|
|
144
|
|
||
|
|
|
|
||||
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade
|
1
|
|
|
8
|
|
||
|
|
|
|
||||
Central Clearing Parties:
|
|
|
|
||||
Cash collateral, including initial margin, posted to central clearing parties
|
222
|
|
|
313
|
|
||
Derivatives in a net loss position secured by that collateral
|
213
|
|
|
318
|
|
||
Securities pledged to central clearing parties
|
100
|
|
|
119
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions, except per share data, shares in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income available to common shareholders
|
|
$
|
597
|
|
|
$
|
599
|
|
|
$
|
1,606
|
|
|
$
|
1,667
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares
|
|
794,558
|
|
|
812,521
|
|
|
804,424
|
|
|
802,694
|
|
||||
Effect of dilutive outstanding equity-based awards
|
|
11,566
|
|
|
10,585
|
|
|
11,605
|
|
|
9,713
|
|
||||
Weighted average number of diluted common shares
|
|
806,124
|
|
|
823,106
|
|
|
816,029
|
|
|
812,407
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
|
$
|
0.75
|
|
|
$
|
0.74
|
|
|
$
|
2.00
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
|
$
|
1.97
|
|
|
$
|
2.05
|
|
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive awards
|
|
184
|
|
|
5,416
|
|
|
222
|
|
|
6,088
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
|
Community
Banking
|
|
Residential
Mortgage Banking
|
|
Dealer
Financial Services
|
|
Specialized
Lending
|
||||||||||||||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net interest income (expense)
|
|
$
|
647
|
|
|
$
|
570
|
|
|
$
|
332
|
|
|
$
|
359
|
|
|
$
|
242
|
|
|
$
|
229
|
|
|
$
|
189
|
|
|
$
|
177
|
|
Net intersegment interest income (expense)
|
|
409
|
|
|
411
|
|
|
(209
|
)
|
|
(215
|
)
|
|
(46
|
)
|
|
(39
|
)
|
|
(81
|
)
|
|
(68
|
)
|
||||||||
Segment net interest income
|
|
1,056
|
|
|
981
|
|
|
123
|
|
|
144
|
|
|
196
|
|
|
190
|
|
|
108
|
|
|
109
|
|
||||||||
Allocated provision for credit losses
|
|
23
|
|
|
(3
|
)
|
|
2
|
|
|
9
|
|
|
78
|
|
|
76
|
|
|
15
|
|
|
18
|
|
||||||||
Segment net interest income after provision
|
|
1,033
|
|
|
984
|
|
|
121
|
|
|
135
|
|
|
118
|
|
|
114
|
|
|
93
|
|
|
91
|
|
||||||||
Noninterest income
|
|
373
|
|
|
360
|
|
|
86
|
|
|
117
|
|
|
—
|
|
|
1
|
|
|
71
|
|
|
80
|
|
||||||||
Noninterest expense
|
|
789
|
|
|
803
|
|
|
100
|
|
|
40
|
|
|
57
|
|
|
50
|
|
|
94
|
|
|
92
|
|
||||||||
Income (loss) before income taxes
|
|
617
|
|
|
541
|
|
|
107
|
|
|
212
|
|
|
61
|
|
|
65
|
|
|
70
|
|
|
79
|
|
||||||||
Provision (benefit) for income taxes
|
|
221
|
|
|
197
|
|
|
40
|
|
|
80
|
|
|
23
|
|
|
25
|
|
|
16
|
|
|
19
|
|
||||||||
Segment net income (loss)
|
|
$
|
396
|
|
|
$
|
344
|
|
|
$
|
67
|
|
|
$
|
132
|
|
|
$
|
38
|
|
|
$
|
40
|
|
|
$
|
54
|
|
|
$
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Identifiable assets (period end)
|
|
$
|
74,493
|
|
|
$
|
73,125
|
|
|
$
|
33,213
|
|
|
$
|
36,652
|
|
|
$
|
15,239
|
|
|
$
|
15,090
|
|
|
$
|
18,854
|
|
|
$
|
17,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Insurance Holdings
|
|
Financial Services
|
|
Other, Treasury & Corporate (1)
|
|
Total BB&T
Corporation
|
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net interest income (expense)
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
81
|
|
|
$
|
65
|
|
|
$
|
155
|
|
|
$
|
209
|
|
|
$
|
1,647
|
|
|
$
|
1,610
|
|
Net intersegment interest income (expense)
|
|
—
|
|
|
(1
|
)
|
|
80
|
|
|
91
|
|
|
(153
|
)
|
|
(179
|
)
|
|
—
|
|
|
—
|
|
||||||||
Segment net interest income
|
|
1
|
|
|
—
|
|
|
161
|
|
|
156
|
|
|
2
|
|
|
30
|
|
|
1,647
|
|
|
1,610
|
|
||||||||
Allocated provision for credit losses
|
|
—
|
|
|
—
|
|
|
7
|
|
|
32
|
|
|
1
|
|
|
16
|
|
|
126
|
|
|
148
|
|
||||||||
Segment net interest income after provision
|
|
1
|
|
|
—
|
|
|
154
|
|
|
124
|
|
|
1
|
|
|
14
|
|
|
1,521
|
|
|
1,462
|
|
||||||||
Noninterest income
|
|
399
|
|
|
412
|
|
|
251
|
|
|
235
|
|
|
(14
|
)
|
|
(41
|
)
|
|
1,166
|
|
|
1,164
|
|
||||||||
Noninterest expense
|
|
378
|
|
|
375
|
|
|
237
|
|
|
230
|
|
|
90
|
|
|
121
|
|
|
1,745
|
|
|
1,711
|
|
||||||||
Income (loss) before income taxes
|
|
22
|
|
|
37
|
|
|
168
|
|
|
129
|
|
|
(103
|
)
|
|
(148
|
)
|
|
942
|
|
|
915
|
|
||||||||
Provision (benefit) for income taxes
|
|
9
|
|
|
16
|
|
|
62
|
|
|
48
|
|
|
(77
|
)
|
|
(112
|
)
|
|
294
|
|
|
273
|
|
||||||||
Segment net income (loss)
|
|
$
|
13
|
|
|
$
|
21
|
|
|
$
|
106
|
|
|
$
|
81
|
|
|
$
|
(26
|
)
|
|
$
|
(36
|
)
|
|
$
|
648
|
|
|
$
|
642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Identifiable assets (period end)
|
|
$
|
3,360
|
|
|
$
|
3,342
|
|
|
$
|
18,774
|
|
|
$
|
17,570
|
|
|
$
|
56,407
|
|
|
$
|
59,020
|
|
|
$
|
220,340
|
|
|
$
|
222,622
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
|
Community
Banking
|
|
Residential
Mortgage Banking
|
|
Dealer
Financial Services
|
|
Specialized
Lending
|
||||||||||||||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net interest income (expense)
|
|
$
|
1,852
|
|
|
$
|
1,631
|
|
|
$
|
996
|
|
|
$
|
1,045
|
|
|
$
|
727
|
|
|
$
|
684
|
|
|
$
|
545
|
|
|
$
|
517
|
|
Net intersegment interest income (expense)
|
|
1,236
|
|
|
1,210
|
|
|
(633
|
)
|
|
(646
|
)
|
|
(137
|
)
|
|
(118
|
)
|
|
(230
|
)
|
|
(201
|
)
|
||||||||
Segment net interest income
|
|
3,088
|
|
|
2,841
|
|
|
363
|
|
|
399
|
|
|
590
|
|
|
566
|
|
|
315
|
|
|
316
|
|
||||||||
Allocated provision for credit losses
|
|
111
|
|
|
10
|
|
|
17
|
|
|
31
|
|
|
254
|
|
|
210
|
|
|
43
|
|
|
51
|
|
||||||||
Segment net interest income after provision
|
|
2,977
|
|
|
2,831
|
|
|
346
|
|
|
368
|
|
|
336
|
|
|
356
|
|
|
272
|
|
|
265
|
|
||||||||
Noninterest income
|
|
1,104
|
|
|
1,027
|
|
|
234
|
|
|
272
|
|
|
—
|
|
|
2
|
|
|
210
|
|
|
212
|
|
||||||||
Noninterest expense
|
|
2,398
|
|
|
2,356
|
|
|
314
|
|
|
259
|
|
|
169
|
|
|
143
|
|
|
278
|
|
|
259
|
|
||||||||
Income (loss) before income taxes
|
|
1,683
|
|
|
1,502
|
|
|
266
|
|
|
381
|
|
|
167
|
|
|
215
|
|
|
204
|
|
|
218
|
|
||||||||
Provision (benefit) for income taxes
|
|
602
|
|
|
547
|
|
|
99
|
|
|
144
|
|
|
62
|
|
|
82
|
|
|
45
|
|
|
50
|
|
||||||||
Segment net income (loss)
|
|
$
|
1,081
|
|
|
$
|
955
|
|
|
$
|
167
|
|
|
$
|
237
|
|
|
$
|
105
|
|
|
$
|
133
|
|
|
$
|
159
|
|
|
$
|
168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Identifiable assets (period end)
|
|
$
|
74,493
|
|
|
$
|
73,125
|
|
|
$
|
33,213
|
|
|
$
|
36,652
|
|
|
$
|
15,239
|
|
|
$
|
15,090
|
|
|
$
|
18,854
|
|
|
$
|
17,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Insurance Holdings
|
|
Financial Services
|
|
Other, Treasury & Corporate (1)
|
|
Total BB&T
Corporation
|
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net interest income (expense)
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
222
|
|
|
$
|
196
|
|
|
$
|
547
|
|
|
$
|
681
|
|
|
$
|
4,891
|
|
|
$
|
4,756
|
|
Net intersegment interest income (expense)
|
|
1
|
|
|
(4
|
)
|
|
263
|
|
|
256
|
|
|
(500
|
)
|
|
(497
|
)
|
|
—
|
|
|
—
|
|
||||||||
Segment net interest income
|
|
3
|
|
|
(2
|
)
|
|
485
|
|
|
452
|
|
|
47
|
|
|
184
|
|
|
4,891
|
|
|
4,756
|
|
||||||||
Allocated provision for credit losses
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
128
|
|
|
(7
|
)
|
|
13
|
|
|
409
|
|
|
443
|
|
||||||||
Segment net interest income after provision
|
|
3
|
|
|
(2
|
)
|
|
494
|
|
|
324
|
|
|
54
|
|
|
171
|
|
|
4,482
|
|
|
4,313
|
|
||||||||
Noninterest income
|
|
1,344
|
|
|
1,298
|
|
|
711
|
|
|
654
|
|
|
(46
|
)
|
|
(155
|
)
|
|
3,557
|
|
|
3,310
|
|
||||||||
Noninterest expense
|
|
1,163
|
|
|
1,109
|
|
|
709
|
|
|
677
|
|
|
558
|
|
|
250
|
|
|
5,589
|
|
|
5,053
|
|
||||||||
Income (loss) before income taxes
|
|
184
|
|
|
187
|
|
|
496
|
|
|
301
|
|
|
(550
|
)
|
|
(234
|
)
|
|
2,450
|
|
|
2,570
|
|
||||||||
Provision (benefit) for income taxes
|
|
70
|
|
|
72
|
|
|
183
|
|
|
113
|
|
|
(359
|
)
|
|
(237
|
)
|
|
702
|
|
|
771
|
|
||||||||
Segment net income (loss)
|
|
$
|
114
|
|
|
$
|
115
|
|
|
$
|
313
|
|
|
$
|
188
|
|
|
$
|
(191
|
)
|
|
$
|
3
|
|
|
$
|
1,748
|
|
|
$
|
1,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Identifiable assets (period end)
|
|
$
|
3,360
|
|
|
$
|
3,342
|
|
|
$
|
18,774
|
|
|
$
|
17,570
|
|
|
$
|
56,407
|
|
|
$
|
59,020
|
|
|
$
|
220,340
|
|
|
$
|
222,622
|
|
(1)
|
Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit, insurance or other services;
|
•
|
disruptions to the national or global financial markets, including the impact of a downgrade of U.S. government obligations by one of the credit ratings agencies, the economic instability and recessionary conditions in Europe, the potential exit of the United Kingdom from the European Union and the economic slowdown in China;
|
•
|
changes in the interest rate environment, including interest rate changes made by the FRB, as well as cash flow reassessments may reduce NIM and/or the volumes and values of loans made or held as well as the value of other financial assets held;
|
•
|
competitive pressures among depository and other financial institutions may increase significantly;
|
•
|
legislative, regulatory or accounting changes, including changes resulting from the adoption and implementation of the Dodd-Frank Act may adversely affect the businesses in which BB&T is engaged;
|
•
|
local, state or federal taxing authorities may take tax positions that are adverse to BB&T;
|
•
|
a reduction may occur in BB&T's credit ratings;
|
•
|
adverse changes may occur in the securities markets;
|
•
|
competitors of BB&T may have greater financial resources or develop products that enable them to compete more successfully than BB&T and may be subject to different regulatory standards than BB&T;
|
•
|
cybersecurity risks, including "denial of service," "hacking" and "identity theft," could adversely affect BB&T's business and financial performance or reputation, and BB&T could be liable for financial losses incurred by third parties due to breaches of data shared between financial institutions;
|
•
|
natural or other disasters, including acts of terrorism, could have an adverse effect on BB&T in that such events could materially disrupt BB&T's operations or the ability or willingness of customers to access the services BB&T offers;
|
•
|
costs related to the integration of the businesses of BB&T and its merger partners may be greater than expected;
|
•
|
failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions or fully achieve expected cost savings or revenue growth associated with mergers and acquisitions within the expected time frames could adversely impact financial condition and results of operations;
|
•
|
significant litigation and regulatory proceedings could have a material adverse effect on BB&T;
|
•
|
unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries could result in negative publicity, protests, fines, penalties, restrictions on BB&T's operations or ability to expand its business and other negative consequences, all of which could cause reputational damage and adversely impact BB&T's financial conditions and results of operations;
|
•
|
risks resulting from the extensive use of models;
|
•
|
risk management measures may not be fully effective;
|
•
|
deposit attrition, customer loss and/or revenue loss following completed mergers/acquisitions may exceed expectations;
|
•
|
higher than expected costs related to information technology infrastructure or a failure to successfully implement future system enhancements could adversely impact BB&T's financial condition and results of operations and could result in significant additional costs to BB&T; and
|
•
|
widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact BB&T's financial condition and results of operations.
|
Table 1-1
|
|||||||||||||||||||||||||||||||||||
TE Net Interest Income and Rate / Volume Analysis (1)
|
|||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 and 2016
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Average Balances (6)
|
|
Annualized Yield/Rate
|
|
Income/Expense
|
|
Increase
|
|
Change due to
|
||||||||||||||||||||||||
(Dollars in millions)
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
Rate
|
|
Volume
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total securities, at amortized cost (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
3,794
|
|
|
$
|
3,460
|
|
|
1.68
|
%
|
|
1.63
|
%
|
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
GSE
|
|
2,385
|
|
|
2,786
|
|
|
2.22
|
|
|
2.18
|
|
|
13
|
|
|
16
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Agency MBS
|
|
37,734
|
|
|
37,987
|
|
|
2.29
|
|
|
2.05
|
|
|
216
|
|
|
195
|
|
|
21
|
|
|
22
|
|
|
(1
|
)
|
||||||||
States and political subdivisions
|
|
1,596
|
|
|
2,356
|
|
|
5.07
|
|
|
5.16
|
|
|
20
|
|
|
30
|
|
|
(10
|
)
|
|
(1
|
)
|
|
(9
|
)
|
||||||||
Non-agency MBS
|
|
405
|
|
|
502
|
|
|
18.58
|
|
|
14.81
|
|
|
19
|
|
|
19
|
|
|
—
|
|
|
4
|
|
|
(4
|
)
|
||||||||
Other
|
|
54
|
|
|
61
|
|
|
2.26
|
|
|
1.67
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||||||
Total securities
|
|
45,968
|
|
|
47,152
|
|
|
2.47
|
|
|
2.32
|
|
|
285
|
|
|
274
|
|
|
11
|
|
|
26
|
|
|
(15
|
)
|
||||||||
Other earning assets (3)
|
|
2,924
|
|
|
3,068
|
|
|
1.42
|
|
|
1.17
|
|
|
11
|
|
|
9
|
|
|
2
|
|
|
2
|
|
|
—
|
|
||||||||
Loans and leases, net of unearned income (4)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
|
51,605
|
|
|
51,508
|
|
|
3.59
|
|
|
3.37
|
|
|
466
|
|
|
436
|
|
|
30
|
|
|
29
|
|
|
1
|
|
||||||||
CRE-income producing properties
|
|
15,099
|
|
|
14,667
|
|
|
4.37
|
|
|
3.75
|
|
|
167
|
|
|
138
|
|
|
29
|
|
|
25
|
|
|
4
|
|
||||||||
CRE-construction and development
|
|
4,181
|
|
|
3,802
|
|
|
4.19
|
|
|
3.74
|
|
|
44
|
|
|
36
|
|
|
8
|
|
|
4
|
|
|
4
|
|
||||||||
Dealer floor plan
|
|
1,574
|
|
|
1,268
|
|
|
2.76
|
|
|
2.09
|
|
|
11
|
|
|
7
|
|
|
4
|
|
|
2
|
|
|
2
|
|
||||||||
Direct retail lending
|
|
11,960
|
|
|
11,994
|
|
|
4.73
|
|
|
4.30
|
|
|
143
|
|
|
130
|
|
|
13
|
|
|
13
|
|
|
—
|
|
||||||||
Sales finance
|
|
9,780
|
|
|
9,339
|
|
|
3.23
|
|
|
3.04
|
|
|
79
|
|
|
71
|
|
|
8
|
|
|
5
|
|
|
3
|
|
||||||||
Revolving credit
|
|
2,668
|
|
|
2,537
|
|
|
8.92
|
|
|
8.80
|
|
|
60
|
|
|
56
|
|
|
4
|
|
|
1
|
|
|
3
|
|
||||||||
Residential mortgage
|
|
28,924
|
|
|
30,357
|
|
|
4.04
|
|
|
4.06
|
|
|
292
|
|
|
308
|
|
|
(16
|
)
|
|
(2
|
)
|
|
(14
|
)
|
||||||||
Other lending subsidiaries
|
|
16,158
|
|
|
14,742
|
|
|
7.72
|
|
|
8.05
|
|
|
315
|
|
|
298
|
|
|
17
|
|
|
(12
|
)
|
|
29
|
|
||||||||
PCI
|
|
742
|
|
|
1,052
|
|
|
17.15
|
|
|
19.68
|
|
|
32
|
|
|
52
|
|
|
(20
|
)
|
|
(6
|
)
|
|
(14
|
)
|
||||||||
Total loans and leases HFI
|
|
142,691
|
|
|
141,266
|
|
|
4.48
|
|
|
4.32
|
|
|
1,609
|
|
|
1,532
|
|
|
77
|
|
|
59
|
|
|
18
|
|
||||||||
LHFS
|
|
1,490
|
|
|
2,423
|
|
|
3.70
|
|
|
3.25
|
|
|
13
|
|
|
20
|
|
|
(7
|
)
|
|
2
|
|
|
(9
|
)
|
||||||||
Total loans and leases
|
|
144,181
|
|
|
143,689
|
|
|
4.47
|
|
|
4.30
|
|
|
1,622
|
|
|
1,552
|
|
|
70
|
|
|
61
|
|
|
9
|
|
||||||||
Total earning assets
|
|
193,073
|
|
|
193,909
|
|
|
3.95
|
|
|
3.77
|
|
|
1,918
|
|
|
1,835
|
|
|
83
|
|
|
89
|
|
|
(6
|
)
|
||||||||
Nonearning assets
|
|
27,659
|
|
|
28,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
|
$
|
220,732
|
|
|
$
|
222,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-checking
|
|
$
|
27,000
|
|
|
$
|
27,754
|
|
|
0.29
|
|
|
0.15
|
|
|
20
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
—
|
|
||||||
Money market and savings
|
|
61,450
|
|
|
64,335
|
|
|
0.32
|
|
|
0.19
|
|
|
49
|
|
|
31
|
|
|
18
|
|
|
19
|
|
|
(1
|
)
|
||||||||
Time deposits
|
|
13,794
|
|
|
15,818
|
|
|
0.51
|
|
|
0.50
|
|
|
17
|
|
|
20
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Foreign deposits - interest-bearing
|
|
1,681
|
|
|
1,037
|
|
|
1.14
|
|
|
0.38
|
|
|
5
|
|
|
1
|
|
|
4
|
|
|
3
|
|
|
1
|
|
||||||||
Total interest-bearing deposits
|
|
103,925
|
|
|
108,944
|
|
|
0.35
|
|
|
0.23
|
|
|
91
|
|
|
62
|
|
|
29
|
|
|
32
|
|
|
(3
|
)
|
||||||||
Short-term borrowings
|
|
5,983
|
|
|
2,128
|
|
|
1.03
|
|
|
0.34
|
|
|
15
|
|
|
2
|
|
|
13
|
|
|
7
|
|
|
6
|
|
||||||||
Long-term debt
|
|
21,459
|
|
|
23,428
|
|
|
2.29
|
|
|
2.05
|
|
|
124
|
|
|
121
|
|
|
3
|
|
|
14
|
|
|
(11
|
)
|
||||||||
Total interest-bearing liabilities
|
|
131,367
|
|
|
134,500
|
|
|
0.70
|
|
|
0.55
|
|
|
230
|
|
|
185
|
|
|
45
|
|
|
53
|
|
|
(8
|
)
|
||||||||
Noninterest-bearing deposits
|
|
53,489
|
|
|
50,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
|
5,928
|
|
|
7,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
29,948
|
|
|
29,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
|
$
|
220,732
|
|
|
$
|
222,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average interest-rate spread
|
|
|
|
|
|
|
3.25
|
%
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NIM/net interest income
|
|
|
|
|
|
|
3.48
|
%
|
|
3.39
|
%
|
|
$
|
1,688
|
|
|
$
|
1,650
|
|
|
$
|
38
|
|
|
$
|
36
|
|
|
$
|
2
|
|
||||
Taxable-equivalent adjustment
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41
|
|
|
$
|
40
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Yields are stated on a TE basis utilizing the marginal income tax rates for the periods presented. The change in interest not solely due to changes in yield/rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each.
|
(2)
|
Total securities include AFS and HTM securities.
|
(3)
|
Includes Federal funds sold, securities purchased under resale agreements or similar arrangements, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets.
|
(4)
|
Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes.
|
(5)
|
NPLs are included in the average balances.
|
(6)
|
Excludes basis adjustments for fair value hedges.
|
Table 1-2
|
|||||||||||||||||||||||||||||||||||
TE Net Interest Income and Rate / Volume Analysis (1)
|
|||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Average Balances (6)
|
|
Annualized Yield/Rate
|
|
Income/Expense
|
|
Increase
|
|
Change due to
|
||||||||||||||||||||||||
(Dollars in millions)
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
Rate
|
|
Volume
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total securities, at amortized cost (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
4,425
|
|
|
$
|
2,832
|
|
|
1.71
|
%
|
|
1.69
|
%
|
|
$
|
57
|
|
|
$
|
36
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
GSE
|
|
2,386
|
|
|
4,012
|
|
|
2.22
|
|
|
2.11
|
|
|
40
|
|
|
64
|
|
|
(24
|
)
|
|
3
|
|
|
(27
|
)
|
||||||||
Agency MBS
|
|
36,194
|
|
|
36,895
|
|
|
2.22
|
|
|
2.04
|
|
|
603
|
|
|
565
|
|
|
38
|
|
|
49
|
|
|
(11
|
)
|
||||||||
States and political subdivisions
|
|
1,854
|
|
|
2,392
|
|
|
5.17
|
|
|
5.25
|
|
|
72
|
|
|
94
|
|
|
(22
|
)
|
|
(1
|
)
|
|
(21
|
)
|
||||||||
Non-agency MBS
|
|
417
|
|
|
555
|
|
|
20.53
|
|
|
19.57
|
|
|
64
|
|
|
81
|
|
|
(17
|
)
|
|
4
|
|
|
(21
|
)
|
||||||||
Other
|
|
57
|
|
|
63
|
|
|
2.12
|
|
|
1.72
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
|
45,333
|
|
|
46,749
|
|
|
2.46
|
|
|
2.40
|
|
|
837
|
|
|
841
|
|
|
(4
|
)
|
|
55
|
|
|
(59
|
)
|
||||||||
Other earning assets (3)
|
|
3,606
|
|
|
3,229
|
|
|
1.42
|
|
|
1.78
|
|
|
38
|
|
|
43
|
|
|
(5
|
)
|
|
(10
|
)
|
|
5
|
|
||||||||
Loans and leases, net of unearned income (4)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
|
51,543
|
|
|
50,393
|
|
|
3.51
|
|
|
3.34
|
|
|
1,355
|
|
|
1,261
|
|
|
94
|
|
|
65
|
|
|
29
|
|
||||||||
CRE-income producing properties
|
|
14,857
|
|
|
14,316
|
|
|
3.99
|
|
|
3.77
|
|
|
443
|
|
|
404
|
|
|
39
|
|
|
23
|
|
|
16
|
|
||||||||
CRE-construction and development
|
|
3,978
|
|
|
3,697
|
|
|
3.91
|
|
|
3.75
|
|
|
116
|
|
|
104
|
|
|
12
|
|
|
5
|
|
|
7
|
|
||||||||
Dealer floor plan
|
|
1,498
|
|
|
1,270
|
|
|
2.55
|
|
|
2.05
|
|
|
29
|
|
|
20
|
|
|
9
|
|
|
5
|
|
|
4
|
|
||||||||
Direct retail lending
|
|
11,991
|
|
|
11,712
|
|
|
4.54
|
|
|
4.29
|
|
|
407
|
|
|
375
|
|
|
32
|
|
|
23
|
|
|
9
|
|
||||||||
Sales finance
|
|
10,371
|
|
|
9,685
|
|
|
3.20
|
|
|
3.03
|
|
|
248
|
|
|
220
|
|
|
28
|
|
|
13
|
|
|
15
|
|
||||||||
Revolving credit
|
|
2,629
|
|
|
2,492
|
|
|
8.83
|
|
|
8.79
|
|
|
174
|
|
|
164
|
|
|
10
|
|
|
1
|
|
|
9
|
|
||||||||
Residential mortgage
|
|
29,337
|
|
|
30,231
|
|
|
4.02
|
|
|
4.08
|
|
|
884
|
|
|
925
|
|
|
(41
|
)
|
|
(13
|
)
|
|
(28
|
)
|
||||||||
Other lending subsidiaries
|
|
15,575
|
|
|
14,050
|
|
|
7.85
|
|
|
8.32
|
|
|
915
|
|
|
876
|
|
|
39
|
|
|
(51
|
)
|
|
90
|
|
||||||||
PCI
|
|
816
|
|
|
1,093
|
|
|
18.34
|
|
|
19.40
|
|
|
112
|
|
|
159
|
|
|
(47
|
)
|
|
(8
|
)
|
|
(39
|
)
|
||||||||
Total loans and leases HFI
|
|
142,595
|
|
|
138,939
|
|
|
4.39
|
|
|
4.33
|
|
|
4,683
|
|
|
4,508
|
|
|
175
|
|
|
63
|
|
|
112
|
|
||||||||
LHFS
|
|
1,475
|
|
|
1,876
|
|
|
3.61
|
|
|
3.42
|
|
|
39
|
|
|
48
|
|
|
(9
|
)
|
|
3
|
|
|
(12
|
)
|
||||||||
Total loans and leases
|
|
144,070
|
|
|
140,815
|
|
|
4.38
|
|
|
4.32
|
|
|
4,722
|
|
|
4,556
|
|
|
166
|
|
|
66
|
|
|
100
|
|
||||||||
Total earning assets
|
|
193,009
|
|
|
190,793
|
|
|
3.87
|
|
|
3.81
|
|
|
5,597
|
|
|
5,440
|
|
|
157
|
|
|
111
|
|
|
46
|
|
||||||||
Nonearning assets
|
|
27,564
|
|
|
27,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
220,573
|
|
|
$
|
218,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-checking
|
|
$
|
28,465
|
|
|
$
|
27,246
|
|
|
0.22
|
|
|
0.14
|
|
|
48
|
|
|
29
|
|
|
19
|
|
|
18
|
|
|
1
|
|
||||||
Money market and savings
|
|
63,521
|
|
|
62,658
|
|
|
0.28
|
|
|
0.20
|
|
|
133
|
|
|
92
|
|
|
41
|
|
|
40
|
|
|
1
|
|
||||||||
Time deposits
|
|
14,265
|
|
|
16,931
|
|
|
0.49
|
|
|
0.52
|
|
|
51
|
|
|
66
|
|
|
(15
|
)
|
|
(4
|
)
|
|
(11
|
)
|
||||||||
Foreign deposits - interest-bearing
|
|
1,026
|
|
|
1,217
|
|
|
0.98
|
|
|
0.37
|
|
|
8
|
|
|
3
|
|
|
5
|
|
|
6
|
|
|
(1
|
)
|
||||||||
Total interest-bearing deposits
|
|
107,277
|
|
|
108,052
|
|
|
0.30
|
|
|
0.24
|
|
|
240
|
|
|
190
|
|
|
50
|
|
|
60
|
|
|
(10
|
)
|
||||||||
Short-term borrowings
|
|
3,626
|
|
|
2,615
|
|
|
0.83
|
|
|
0.35
|
|
|
22
|
|
|
7
|
|
|
15
|
|
|
12
|
|
|
3
|
|
||||||||
Long-term debt
|
|
21,330
|
|
|
23,203
|
|
|
2.01
|
|
|
2.12
|
|
|
323
|
|
|
368
|
|
|
(45
|
)
|
|
(17
|
)
|
|
(28
|
)
|
||||||||
Total interest-bearing liabilities
|
|
132,233
|
|
|
133,870
|
|
|
0.59
|
|
|
0.56
|
|
|
585
|
|
|
565
|
|
|
20
|
|
|
55
|
|
|
(35
|
)
|
||||||||
Noninterest-bearing deposits
|
|
52,395
|
|
|
48,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
|
5,894
|
|
|
7,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
30,051
|
|
|
29,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
|
$
|
220,573
|
|
|
$
|
218,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average interest-rate spread
|
|
|
|
|
|
|
3.28
|
%
|
|
3.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NIM/net interest income
|
|
|
|
|
|
|
3.47
|
%
|
|
3.41
|
%
|
|
$
|
5,012
|
|
|
$
|
4,875
|
|
|
$
|
137
|
|
|
$
|
56
|
|
|
$
|
81
|
|
||||
Taxable-equivalent adjustment
|
|
|
|
|
|
|
|
|
|
|
|
$
|
121
|
|
|
$
|
119
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Yields are stated on a TE basis utilizing the marginal income tax rates for the periods presented. The change in interest not solely due to changes in yield/rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each.
|
(2)
|
Total securities include AFS and HTM securities.
|
(3)
|
Includes Federal funds sold, securities purchased under resale agreements or similar arrangements, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets.
|
(4)
|
Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes.
|
(5)
|
NPLs are included in the average balances.
|
(6)
|
Excludes basis adjustments for fair value hedges.
|
Table 2
|
||||||||||||||||
Net Income by Reportable Segment
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Community Banking
|
|
$
|
396
|
|
|
$
|
344
|
|
|
$
|
1,081
|
|
|
$
|
955
|
|
Residential Mortgage Banking
|
|
67
|
|
|
132
|
|
|
167
|
|
|
237
|
|
||||
Dealer Financial Services
|
|
38
|
|
|
40
|
|
|
105
|
|
|
133
|
|
||||
Specialized Lending
|
|
54
|
|
|
60
|
|
|
159
|
|
|
168
|
|
||||
Insurance Holdings
|
|
13
|
|
|
21
|
|
|
114
|
|
|
115
|
|
||||
Financial Services
|
|
106
|
|
|
81
|
|
|
313
|
|
|
188
|
|
||||
Other, Treasury & Corporate
|
|
(26
|
)
|
|
(36
|
)
|
|
(191
|
)
|
|
3
|
|
||||
BB&T Corporation
|
|
$
|
648
|
|
|
$
|
642
|
|
|
$
|
1,748
|
|
|
$
|
1,799
|
|
Table 3
|
||||||||||||||||||||
Composition of Average Loans and Leases
|
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
For the Three Months Ended
|
||||||||||||||||||
(Dollars in millions)
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
||||||||||
Commercial and industrial
|
|
$
|
51,605
|
|
|
$
|
51,900
|
|
|
$
|
51,119
|
|
|
$
|
51,306
|
|
|
$
|
51,508
|
|
CRE-income producing properties
|
|
15,099
|
|
|
14,864
|
|
|
14,602
|
|
|
14,566
|
|
|
14,667
|
|
|||||
CRE-construction and development
|
|
4,181
|
|
|
3,905
|
|
|
3,844
|
|
|
3,874
|
|
|
3,802
|
|
|||||
Dealer floor plan
|
|
1,574
|
|
|
1,490
|
|
|
1,427
|
|
|
1,367
|
|
|
1,268
|
|
|||||
Direct retail lending
|
|
11,960
|
|
|
12,000
|
|
|
12,014
|
|
|
12,046
|
|
|
11,994
|
|
|||||
Sales finance
|
|
9,780
|
|
|
10,450
|
|
|
10,896
|
|
|
10,599
|
|
|
9,339
|
|
|||||
Revolving credit
|
|
2,668
|
|
|
2,612
|
|
|
2,607
|
|
|
2,608
|
|
|
2,537
|
|
|||||
Residential mortgage
|
|
28,924
|
|
|
29,392
|
|
|
29,701
|
|
|
30,044
|
|
|
30,357
|
|
|||||
Other lending subsidiaries
|
|
16,158
|
|
|
15,636
|
|
|
14,919
|
|
|
14,955
|
|
|
14,742
|
|
|||||
PCI
|
|
742
|
|
|
825
|
|
|
883
|
|
|
974
|
|
|
1,052
|
|
|||||
Total average loans and leases HFI
|
|
$
|
142,691
|
|
|
$
|
143,074
|
|
|
$
|
142,012
|
|
|
$
|
142,339
|
|
|
$
|
141,266
|
|
Table 4
|
||||||||
Rollforward of NPAs
|
||||||||
|
|
|
||||||
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
Beginning balance
|
|
$
|
813
|
|
|
$
|
686
|
|
New NPAs
|
|
976
|
|
|
1,311
|
|
||
Advances and principal increases
|
|
215
|
|
|
186
|
|
||
Disposals of foreclosed assets (1)
|
|
(386
|
)
|
|
(382
|
)
|
||
Disposals of NPLs (2)
|
|
(168
|
)
|
|
(172
|
)
|
||
Charge-offs and losses
|
|
(185
|
)
|
|
(220
|
)
|
||
Payments
|
|
(461
|
)
|
|
(475
|
)
|
||
Transfers to performing status
|
|
(120
|
)
|
|
(111
|
)
|
||
Foreclosed real estate, included as a result of loss share termination
|
|
—
|
|
|
17
|
|
||
Other, net
|
|
(4
|
)
|
|
3
|
|
||
Ending balance
|
|
$
|
680
|
|
|
$
|
843
|
|
(1)
|
Includes charge-offs and losses recorded upon sale of $177 million and $151 million
for the nine months ended September 30, 2017
and
2016
, respectively.
|
(2)
|
Includes charge-offs and losses recorded upon sale of $29 million and $16 million
for the nine months ended September 30, 2017
and
2016
, respectively.
|
Table 5
|
||||||||||||||||||||
Asset Quality
|
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
(Dollars in millions)
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
||||||||||
NPAs (1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NPLs:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
281
|
|
|
$
|
295
|
|
|
$
|
344
|
|
|
$
|
363
|
|
|
$
|
413
|
|
CRE-income producing properties
|
|
31
|
|
|
35
|
|
|
43
|
|
|
40
|
|
|
38
|
|
|||||
CRE-construction and development
|
|
10
|
|
|
15
|
|
|
17
|
|
|
17
|
|
|
12
|
|
|||||
Dealer floor plan
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||||
Direct retail lending
|
|
64
|
|
|
65
|
|
|
66
|
|
|
63
|
|
|
55
|
|
|||||
Sales finance
|
|
5
|
|
|
5
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|||||
Residential mortgage-nonguaranteed
|
|
136
|
|
|
125
|
|
|
167
|
|
|
172
|
|
|
167
|
|
|||||
Residential mortgage-government guaranteed
|
|
5
|
|
|
6
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|||||
Other lending subsidiaries
|
|
74
|
|
|
66
|
|
|
68
|
|
|
75
|
|
|
66
|
|
|||||
Total nonaccrual loans and leases HFI (1)(2)
|
|
606
|
|
|
612
|
|
|
723
|
|
|
736
|
|
|
757
|
|
|||||
Foreclosed real estate
|
|
46
|
|
|
48
|
|
|
49
|
|
|
50
|
|
|
58
|
|
|||||
Other foreclosed property
|
|
28
|
|
|
30
|
|
|
29
|
|
|
27
|
|
|
28
|
|
|||||
Total nonperforming assets (1)(2)
|
|
$
|
680
|
|
|
$
|
690
|
|
|
$
|
801
|
|
|
$
|
813
|
|
|
$
|
843
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing TDRs (3):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
60
|
|
|
$
|
48
|
|
|
$
|
48
|
|
|
$
|
55
|
|
|
$
|
46
|
|
CRE-income producing properties
|
|
13
|
|
|
15
|
|
|
14
|
|
|
16
|
|
|
14
|
|
|||||
CRE-construction and development
|
|
9
|
|
|
9
|
|
|
11
|
|
|
9
|
|
|
8
|
|
|||||
Direct retail lending
|
|
63
|
|
|
63
|
|
|
65
|
|
|
67
|
|
|
69
|
|
|||||
Sales finance
|
|
13
|
|
|
14
|
|
|
15
|
|
|
16
|
|
|
16
|
|
|||||
Revolving credit
|
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
|
|
30
|
|
|||||
Residential mortgage-nonguaranteed
|
|
229
|
|
|
207
|
|
|
347
|
|
|
336
|
|
|
292
|
|
|||||
Residential mortgage-government guaranteed
|
|
380
|
|
|
396
|
|
|
424
|
|
|
433
|
|
|
413
|
|
|||||
Other lending subsidiaries
|
|
256
|
|
|
232
|
|
|
232
|
|
|
226
|
|
|
209
|
|
|||||
Total performing TDRs (3)(4)
|
|
$
|
1,052
|
|
|
$
|
1,013
|
|
|
$
|
1,185
|
|
|
$
|
1,187
|
|
|
$
|
1,097
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans 90 days or more past due and still accruing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct retail lending
|
|
$
|
9
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
7
|
|
Sales finance
|
|
6
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
4
|
|
|||||
Revolving credit
|
|
11
|
|
|
10
|
|
|
10
|
|
|
12
|
|
|
9
|
|
|||||
Residential mortgage-nonguaranteed
|
|
43
|
|
|
51
|
|
|
64
|
|
|
79
|
|
|
66
|
|
|||||
Residential mortgage-government guaranteed (5)
|
|
366
|
|
|
350
|
|
|
374
|
|
|
443
|
|
|
414
|
|
|||||
PCI
|
|
70
|
|
|
71
|
|
|
82
|
|
|
90
|
|
|
92
|
|
|||||
Total loans 90 days or more past due and still accruing (5)
|
|
$
|
505
|
|
|
$
|
493
|
|
|
$
|
542
|
|
|
$
|
636
|
|
|
$
|
592
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans 30-89 days past due:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
30
|
|
|
$
|
18
|
|
|
$
|
22
|
|
|
$
|
27
|
|
|
$
|
34
|
|
CRE-income producing properties
|
|
7
|
|
|
1
|
|
|
11
|
|
|
6
|
|
|
3
|
|
|||||
CRE-construction and development
|
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|||||
Direct retail lending
|
|
55
|
|
|
54
|
|
|
55
|
|
|
60
|
|
|
62
|
|
|||||
Sales finance
|
|
66
|
|
|
57
|
|
|
51
|
|
|
76
|
|
|
60
|
|
|||||
Revolving credit
|
|
22
|
|
|
20
|
|
|
20
|
|
|
23
|
|
|
20
|
|
|||||
Residential mortgage-nonguaranteed
|
|
320
|
|
|
265
|
|
|
272
|
|
|
393
|
|
|
354
|
|
|||||
Residential mortgage-government guaranteed (6)
|
|
135
|
|
|
128
|
|
|
129
|
|
|
132
|
|
|
112
|
|
|||||
Other lending subsidiaries
|
|
310
|
|
|
300
|
|
|
215
|
|
|
322
|
|
|
288
|
|
|||||
PCI
|
|
41
|
|
|
29
|
|
|
29
|
|
|
36
|
|
|
45
|
|
|||||
Total loans 30-89 days past due (6)
|
|
$
|
987
|
|
|
$
|
874
|
|
|
$
|
805
|
|
|
$
|
1,077
|
|
|
$
|
980
|
|
(1)
|
PCI loans are accounted for using the accretion method.
|
(2)
|
Sales of nonperforming loans totaled approximately $19 million, $75 million, $74 million, $130 million and $63 million for the quarter ended
September 30, 2017
,
June 30, 2017
,
March 31, 2017
,
December 31, 2016
and
September 30, 2016
, respectively.
|
(3)
|
Excludes TDRs that are nonperforming totaling $203 million, $214 million, $218 million, $184 million and $138 million at
September 30, 2017
,
June 30, 2017
,
March 31, 2017
,
December 31, 2016
and
September 30, 2016
, respectively. These amounts are included in total NPAs.
|
(4)
|
Sales of performing TDRs, which were primarily residential mortgage loans, totaled $49 million, $203 million, $48 million, $36 million and $30 million for the quarter ended
September 30, 2017
,
June 30, 2017
,
March 31, 2017
,
December 31, 2016
and
September 30, 2016
, respectively.
|
(5)
|
Includes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are 90 days or more past due totaling $45 million, $32 million, $29 million, $48 million and $46 million at
September 30, 2017
,
June 30, 2017
,
March 31, 2017
,
December 31, 2016
and
September 30, 2016
, respectively.
|
(6)
|
Includes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are past due 30-89 days totaling $2 million, $2 million, $2 million, $3 million and $2 million at
September 30, 2017
,
June 30, 2017
,
March 31, 2017
,
December 31, 2016
and
September 30, 2016
, respectively.
|
Table 6
|
|||||||||||||||
Asset Quality Ratios
|
|||||||||||||||
|
|
|
|||||||||||||
|
|
As of / For the Three Months Ended
|
|||||||||||||
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI
|
|
0.69
|
%
|
|
0.61
|
%
|
|
0.56
|
%
|
|
0.75
|
%
|
|
0.69
|
%
|
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
|
|
0.35
|
|
|
0.34
|
|
|
0.38
|
|
|
0.44
|
|
|
0.42
|
|
NPLs as a percentage of loans and leases HFI
|
|
0.42
|
|
|
0.43
|
|
|
0.51
|
|
|
0.51
|
|
|
0.53
|
|
NPAs as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
|
0.31
|
|
|
0.31
|
|
|
0.36
|
|
|
0.37
|
|
|
0.38
|
|
Loans and leases HFI plus foreclosed property
|
|
0.48
|
|
|
0.48
|
|
|
0.56
|
|
|
0.57
|
|
|
0.59
|
|
Net charge-offs as a percentage of average loans and leases HFI
|
|
0.35
|
|
|
0.37
|
|
|
0.42
|
|
|
0.42
|
|
|
0.37
|
|
ALLL as a percentage of loans and leases HFI
|
|
1.04
|
|
|
1.03
|
|
|
1.04
|
|
|
1.04
|
|
|
1.06
|
|
Ratio of ALLL to:
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs
|
|
2.93x
|
|
|
2.80x
|
|
|
2.49x
|
|
|
2.47x
|
|
|
2.91x
|
|
NPLs
|
|
2.44x
|
|
|
2.43x
|
|
|
2.05x
|
|
|
2.03x
|
|
|
2.00x
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Ratios (Excluding Government Guaranteed and PCI): (1)
|
|||||||||||||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
|
|
0.05
|
%
|
|
0.05
|
%
|
|
0.06
|
%
|
|
0.07
|
%
|
|
0.06
|
%
|
(1)
|
This asset quality ratio has been adjusted to remove the impact of government guaranteed mortgage loans and PCI. Appropriate adjustments to the numerator and denominator have been reflected in the calculation of these ratios. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio such that it might not be reflective of asset collectibility or might not be comparable to other periods presented or to other portfolios that do not have government guarantees or were not impacted by purchase accounting.
|
Table 7
|
||||||||
Rollforward of Performing TDRs
|
||||||||
|
|
|
||||||
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
Beginning balance
|
|
$
|
1,187
|
|
|
$
|
982
|
|
Inflows
|
|
501
|
|
|
464
|
|
||
Payments and payoffs
|
|
(182
|
)
|
|
(139
|
)
|
||
Charge-offs
|
|
(41
|
)
|
|
(29
|
)
|
||
Transfers to nonperforming TDRs, net
|
|
(65
|
)
|
|
(51
|
)
|
||
Removal due to the passage of time
|
|
(46
|
)
|
|
(52
|
)
|
||
Non-concessionary re-modifications
|
|
(2
|
)
|
|
—
|
|
||
Sold and transferred to LHFS
|
|
(300
|
)
|
|
(78
|
)
|
||
Ending balance
|
|
$
|
1,052
|
|
|
$
|
1,097
|
|
Table 8
|
|||||||||||||||||||||||||
Payment Status of TDRs
|
|||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
|
September 30, 2017
|
|||||||||||||||||||||||
|
|
|
|
|
|
Past Due
|
|
Past Due
|
|
|
|||||||||||||||
(Dollars in millions)
|
|
Current Status
|
|
30-89 Days
|
|
90 Days Or More
|
|
Total
|
|||||||||||||||||
Performing TDRs (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
60
|
|
|
100.0
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
60
|
|
CRE—income producing properties
|
|
13
|
|
|
100.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
CRE—construction and development
|
|
9
|
|
|
100.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||
Direct retail lending
|
|
60
|
|
|
95.2
|
|
|
3
|
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
Sales finance
|
|
12
|
|
|
92.3
|
|
|
1
|
|
|
7.7
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
Revolving credit
|
|
24
|
|
|
82.7
|
|
|
4
|
|
|
13.8
|
|
|
1
|
|
|
3.5
|
|
|
29
|
|
||||
Residential mortgage—nonguaranteed
|
|
181
|
|
|
79.0
|
|
|
33
|
|
|
14.4
|
|
|
15
|
|
|
6.6
|
|
|
229
|
|
||||
Residential mortgage—government guaranteed
|
|
143
|
|
|
37.6
|
|
|
71
|
|
|
18.7
|
|
|
166
|
|
|
43.7
|
|
|
380
|
|
||||
Other lending subsidiaries
|
|
216
|
|
|
84.4
|
|
|
40
|
|
|
15.6
|
|
|
—
|
|
|
—
|
|
|
256
|
|
||||
Total performing TDRs
|
|
718
|
|
|
68.3
|
|
|
152
|
|
|
14.4
|
|
|
182
|
|
|
17.3
|
|
|
1,052
|
|
||||
Nonperforming TDRs (2)
|
|
107
|
|
|
52.7
|
|
|
18
|
|
|
8.9
|
|
|
78
|
|
|
38.4
|
|
|
203
|
|
||||
Total TDRs
|
|
$
|
825
|
|
|
65.8
|
|
|
$
|
170
|
|
|
13.5
|
|
|
$
|
260
|
|
|
20.7
|
|
|
$
|
1,255
|
|
(1)
|
Past due performing TDRs are included in past due disclosures.
|
(2)
|
Nonperforming TDRs are included in NPL disclosures.
|
Table 9
|
||||||||||||||
Allocation of ALLL by Category
|
||||||||||||||
|
|
|
|
|
||||||||||
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
(Dollars in millions)
|
|
Amount
|
|
% Loans in each category
|
|
Amount
|
|
% Loans in each category
|
||||||
Commercial and industrial
|
|
$
|
479
|
|
|
36.4
|
%
|
|
$
|
500
|
|
|
36.1
|
%
|
CRE-income producing properties
|
|
139
|
|
|
10.4
|
|
|
117
|
|
|
10.1
|
|
||
CRE-construction and development
|
|
22
|
|
|
3.2
|
|
|
25
|
|
|
2.7
|
|
||
Dealer floor plan
|
|
13
|
|
|
1.1
|
|
|
11
|
|
|
1.0
|
|
||
Direct retail lending
|
|
101
|
|
|
8.4
|
|
|
103
|
|
|
8.4
|
|
||
Sales finance
|
|
37
|
|
|
6.6
|
|
|
38
|
|
|
7.9
|
|
||
Revolving credit
|
|
101
|
|
|
1.9
|
|
|
106
|
|
|
1.9
|
|
||
Residential mortgage-nonguaranteed
|
|
172
|
|
|
19.4
|
|
|
186
|
|
|
20.2
|
|
||
Residential mortgage-government guaranteed
|
|
35
|
|
|
0.6
|
|
|
41
|
|
|
0.6
|
|
||
Other lending subsidiaries
|
|
352
|
|
|
11.5
|
|
|
318
|
|
|
10.5
|
|
||
PCI
|
|
27
|
|
|
0.5
|
|
|
44
|
|
|
0.6
|
|
||
Total ALLL
|
|
1,478
|
|
|
100.0
|
%
|
|
1,489
|
|
|
100.0
|
%
|
||
RUFC
|
|
123
|
|
|
|
|
|
110
|
|
|
|
|
||
Total ACL
|
|
$
|
1,601
|
|
|
|
|
|
$
|
1,599
|
|
|
|
|
Table 10-1
|
|||||||||||||||||||
Activity in ACL - Quarterly
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||
(Dollars in millions)
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
||||||||||
Beginning balance
|
$
|
1,602
|
|
|
$
|
1,599
|
|
|
$
|
1,599
|
|
|
$
|
1,621
|
|
|
$
|
1,603
|
|
Provision for credit losses (excluding PCI loans)
|
128
|
|
|
151
|
|
|
146
|
|
|
133
|
|
|
150
|
|
|||||
Provision (benefit) for PCI loans
|
(2
|
)
|
|
(16
|
)
|
|
2
|
|
|
(4
|
)
|
|
(2
|
)
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
(10
|
)
|
|
(21
|
)
|
|
(29
|
)
|
|
(23
|
)
|
|
(23
|
)
|
|||||
CRE-income producing properties
|
(2
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|||||
CRE-construction and development
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Dealer floor plan
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Direct retail lending
|
(16
|
)
|
|
(16
|
)
|
|
(14
|
)
|
|
(16
|
)
|
|
(12
|
)
|
|||||
Sales finance
|
(8
|
)
|
|
(6
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(7
|
)
|
|||||
Revolving credit
|
(17
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|||||
Residential mortgage-nonguaranteed
|
(6
|
)
|
|
(19
|
)
|
|
(11
|
)
|
|
(9
|
)
|
|
(11
|
)
|
|||||
Residential mortgage-government guaranteed
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||||
Other lending subsidiaries
|
(100
|
)
|
|
(87
|
)
|
|
(103
|
)
|
|
(102
|
)
|
|
(91
|
)
|
|||||
PCI
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|||||
Total charge-offs
|
(163
|
)
|
|
(173
|
)
|
|
(189
|
)
|
|
(191
|
)
|
|
(170
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
7
|
|
|
8
|
|
|
6
|
|
|
10
|
|
|
6
|
|
|||||
CRE-income producing properties
|
1
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|||||
CRE-construction and development
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|||||
Direct retail lending
|
6
|
|
|
7
|
|
|
6
|
|
|
6
|
|
|
7
|
|
|||||
Sales finance
|
3
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
3
|
|
|||||
Revolving credit
|
4
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|||||
Residential mortgage-nonguaranteed
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Other lending subsidiaries
|
13
|
|
|
14
|
|
|
14
|
|
|
13
|
|
|
12
|
|
|||||
Total recoveries
|
36
|
|
|
41
|
|
|
41
|
|
|
40
|
|
|
40
|
|
|||||
Net charge-offs
|
(127
|
)
|
|
(132
|
)
|
|
(148
|
)
|
|
(151
|
)
|
|
(130
|
)
|
|||||
Ending balance
|
$
|
1,601
|
|
|
$
|
1,602
|
|
|
$
|
1,599
|
|
|
$
|
1,599
|
|
|
$
|
1,621
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALLL (excluding PCI loans)
|
$
|
1,451
|
|
|
$
|
1,455
|
|
|
$
|
1,441
|
|
|
$
|
1,445
|
|
|
$
|
1,448
|
|
ALLL for PCI loans
|
27
|
|
|
30
|
|
|
46
|
|
|
44
|
|
|
63
|
|
|||||
RUFC
|
123
|
|
|
117
|
|
|
112
|
|
|
110
|
|
|
110
|
|
|||||
Total ACL
|
$
|
1,601
|
|
|
$
|
1,602
|
|
|
$
|
1,599
|
|
|
$
|
1,599
|
|
|
$
|
1,621
|
|
Table 10-2
|
||||||||
Activity in ACL - Year-to-Date
|
||||||||
|
|
|
|
|
||||
|
|
Nine Months Ended September 30,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
||||
Beginning balance
|
|
$
|
1,599
|
|
|
$
|
1,550
|
|
Provision for credit losses (excluding PCI loans)
|
|
425
|
|
|
441
|
|
||
Provision (benefit) for PCI loans
|
|
(16
|
)
|
|
2
|
|
||
Charge-offs:
|
|
|
|
|
|
|
||
Commercial and industrial
|
|
(60
|
)
|
|
(105
|
)
|
||
CRE-income producing properties
|
|
(6
|
)
|
|
(7
|
)
|
||
CRE-construction and development
|
|
(2
|
)
|
|
(1
|
)
|
||
Dealer floor plan
|
|
(1
|
)
|
|
—
|
|
||
Direct retail lending
|
|
(46
|
)
|
|
(37
|
)
|
||
Sales finance
|
|
(23
|
)
|
|
(21
|
)
|
||
Revolving credit
|
|
(57
|
)
|
|
(53
|
)
|
||
Residential mortgage-nonguaranteed
|
|
(36
|
)
|
|
(26
|
)
|
||
Residential mortgage-government guaranteed
|
|
(3
|
)
|
|
(4
|
)
|
||
Other lending subsidiaries
|
|
(290
|
)
|
|
(256
|
)
|
||
PCI
|
|
(1
|
)
|
|
—
|
|
||
Total charge-offs
|
|
(525
|
)
|
|
(510
|
)
|
||
|
|
|
|
|
||||
Recoveries:
|
|
|
|
|
|
|
||
Commercial and industrial
|
|
21
|
|
|
30
|
|
||
CRE-income producing properties
|
|
5
|
|
|
7
|
|
||
CRE-construction and development
|
|
7
|
|
|
9
|
|
||
Direct retail lending
|
|
19
|
|
|
20
|
|
||
Sales finance
|
|
10
|
|
|
9
|
|
||
Revolving credit
|
|
14
|
|
|
15
|
|
||
Residential mortgage-nonguaranteed
|
|
1
|
|
|
3
|
|
||
Other lending subsidiaries
|
|
41
|
|
|
36
|
|
||
Total recoveries
|
|
118
|
|
|
129
|
|
||
Net charge-offs
|
|
(407
|
)
|
|
(381
|
)
|
||
Other
|
|
—
|
|
|
9
|
|
||
Ending balance
|
|
$
|
1,601
|
|
|
$
|
1,621
|
|
Table 11
|
||||||||||||||||||||
Composition of Average Deposits
|
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
For the Three Months Ended
|
||||||||||||||||||
(Dollars in millions)
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
||||||||||
Noninterest-bearing deposits
|
|
$
|
53,489
|
|
|
$
|
52,573
|
|
|
$
|
51,095
|
|
|
$
|
51,421
|
|
|
$
|
50,559
|
|
Interest checking
|
|
27,000
|
|
|
28,849
|
|
|
29,578
|
|
|
28,634
|
|
|
27,754
|
|
|||||
Money market and savings
|
|
61,450
|
|
|
64,294
|
|
|
64,857
|
|
|
63,884
|
|
|
64,335
|
|
|||||
Time deposits
|
|
13,794
|
|
|
14,088
|
|
|
14,924
|
|
|
15,693
|
|
|
15,818
|
|
|||||
Foreign office deposits - interest-bearing
|
|
1,681
|
|
|
459
|
|
|
929
|
|
|
486
|
|
|
1,037
|
|
|||||
Total average deposits
|
|
$
|
157,414
|
|
|
$
|
160,263
|
|
|
$
|
161,383
|
|
|
$
|
160,118
|
|
|
$
|
159,503
|
|
Table 12
|
|||||||||||||||||||||||||||||||
Merger-Related and Restructuring Charges and Related Accruals
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
Beginning Accrual
|
|
Expense
|
|
Utilized
|
|
Ending Accrual
|
|
Beginning Accrual
|
|
Expense
|
|
Utilized
|
|
Ending Accrual
|
||||||||||||||||
Severance and personnel-related
|
$
|
20
|
|
|
$
|
15
|
|
|
$
|
(10
|
)
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
28
|
|
|
$
|
(28
|
)
|
|
$
|
25
|
|
Occupancy and equipment (1)
|
15
|
|
|
26
|
|
|
(27
|
)
|
|
14
|
|
|
21
|
|
|
35
|
|
|
(42
|
)
|
|
14
|
|
||||||||
Professional services
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
2
|
|
|
(3
|
)
|
|
—
|
|
||||||||
Systems conversion and related costs (1)
|
—
|
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|
1
|
|
|
25
|
|
|
(26
|
)
|
|
—
|
|
||||||||
Other adjustments
|
1
|
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
(4
|
)
|
|
—
|
|
||||||||
Total
|
$
|
37
|
|
|
$
|
47
|
|
|
$
|
(45
|
)
|
|
$
|
39
|
|
|
$
|
49
|
|
|
$
|
93
|
|
|
$
|
(103
|
)
|
|
$
|
39
|
|
(1)
|
Includes asset impairment charges.
|
Table 13
|
||||||||||||
Interest Sensitivity Simulation Analysis
|
||||||||||||
|
|
|
|
|
|
|
||||||
Interest Rate Scenario
|
|
Annualized Hypothetical Percentage Change in Net Interest Income September 30,
|
||||||||||
Linear Change in Prime Rate
|
|
Prime Rate September 30,
|
|
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Up 200 bps
|
|
6.25
|
%
|
|
5.50
|
%
|
|
3.86
|
%
|
|
4.62
|
%
|
Up 100
|
|
5.25
|
|
|
4.50
|
|
|
2.54
|
|
|
3.26
|
|
No Change
|
|
4.25
|
|
|
3.50
|
|
|
—
|
|
|
—
|
|
Down 25
|
|
4.00
|
|
|
3.25
|
|
|
(1.14
|
)
|
|
(1.89
|
)
|
Down 100
|
|
3.25
|
|
|
N/A
|
|
|
(6.53
|
)
|
|
N/A
|
|
•
|
Maximum negative impact on net interest income of 2% for the next 12 months assuming a 25 basis point change in interest rates each month for four months followed by a flat interest rate scenario for the remaining eight month period.
|
•
|
Maximum negative impact on net interest income of 4% for the next 12 months assuming a 25 basis point change in interest rates each month for eight months followed by a flat interest rate scenario for the remaining four month period.
|
Table 14
|
|||||||||
Deposit Mix Sensitivity Analysis
|
|||||||||
|
|
|
|
|
|||||
Linear Change in Rates
|
|
Base Scenario at September 30, 2017 (1)
|
|
Results Assuming a Decrease in
Noninterest Bearing Demand Deposits
|
|||||
|
|
||||||||
|
|
$1 Billion
|
|
$5 Billion
|
|||||
Up 200 bps
|
|
3.86
|
%
|
|
3.65
|
%
|
|
2.81
|
%
|
Up 100
|
|
2.54
|
|
|
2.41
|
|
|
1.89
|
|
Table 15
|
||||||||||||
EVE Simulation Analysis
|
||||||||||||
|
|
|
|
|
||||||||
|
|
EVE/Assets
|
|
Hypothetical Percentage
Change in EVE
|
||||||||
Change in
|
|
September 30,
|
|
September 30,
|
||||||||
Interest Rates
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Up 200 bps
|
|
11.8
|
%
|
|
10.6
|
%
|
|
(2.6
|
)%
|
|
6.3
|
%
|
Up 100
|
|
12.2
|
|
|
10.6
|
|
|
0.4
|
|
|
6.0
|
|
No Change
|
|
12.1
|
|
|
10.0
|
|
|
—
|
|
|
—
|
|
Down 25
|
|
12.0
|
|
|
9.7
|
|
|
(1.1
|
)
|
|
(3.3
|
)
|
Down 100
|
|
11.0
|
|
|
N/A
|
|
|
(9.0
|
)
|
|
N/A
|
|
Table 16
|
|||||||||||||||
Mortgage Indemnification, Recourse and Repurchase Reserves Activity
|
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, at beginning of period
|
$
|
39
|
|
|
$
|
80
|
|
|
$
|
40
|
|
|
$
|
79
|
|
Payments
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Expense (benefit)
|
—
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
||||
Balance, at end of period
|
$
|
39
|
|
|
$
|
77
|
|
|
$
|
39
|
|
|
$
|
77
|
|
Table 17
|
||||||||||||||||||||
Capital Under Basel III
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Minimum Capital
|
|
Well-Capitalized
|
|
Minimum Capital Plus Capital Conservation Buffer
|
|
BB&T Targets
|
|||||||||||||
|
|
|
2017
|
|
2018
|
|
2019 (1)
|
|
Operating
|
|
Stressed
|
|||||||||
CET1 capital to risk-weighted assets
|
4.5
|
%
|
|
6.5
|
%
|
|
5.750
|
%
|
|
6.375
|
%
|
|
7.000
|
%
|
|
8.5
|
%
|
|
6.0
|
%
|
Tier 1 capital to risk-weighted assets
|
6.0
|
|
|
8.0
|
|
|
7.250
|
|
|
7.875
|
|
|
8.500
|
|
|
10.0
|
|
|
7.5
|
|
Total capital to risk-weighted assets
|
8.0
|
|
|
10.0
|
|
|
9.250
|
|
|
9.875
|
|
|
10.500
|
|
|
12.0
|
|
|
9.5
|
|
Leverage ratio
|
4.0
|
|
|
5.0
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|
8.0
|
|
|
5.5
|
|
(1)
|
BB&T's goal is to maintain capital levels above the 2019 requirements.
|
Table 18
|
||||||||
Capital Ratios (1)
|
||||||||
|
|
|
|
|
||||
(Dollars in millions, except per share data, shares in thousands)
|
|
Sep 30, 2017
|
|
Dec 31, 2016
|
||||
Risk-based:
|
|
|
|
|
||||
CET1 capital to risk-weighted assets
|
|
10.1
|
%
|
|
10.2
|
%
|
||
Tier 1 capital to risk-weighted assets
|
|
11.8
|
|
|
12.0
|
|
||
Total capital to risk-weighted assets
|
|
13.9
|
|
|
14.1
|
|
||
Leverage ratio
|
|
9.9
|
|
|
10.0
|
|
||
|
|
|
|
|
||||
Non-GAAP capital measure (2):
|
|
|
|
|
|
|||
Tangible common equity per common share
|
|
$
|
20.78
|
|
|
$
|
20.18
|
|
|
|
|
|
|
||||
Calculation of tangible common equity (2):
|
|
|
|
|
||||
Total shareholders' equity
|
|
$
|
29,853
|
|
|
$
|
29,926
|
|
Less:
|
|
|
|
|
||||
Preferred stock
|
|
3,053
|
|
|
3,053
|
|
||
Noncontrolling interests
|
|
43
|
|
|
45
|
|
||
Intangible assets
|
|
10,363
|
|
|
10,492
|
|
||
Tangible common equity
|
|
$
|
16,394
|
|
|
$
|
16,336
|
|
|
|
|
|
|
||||
Risk-weighted assets
|
|
$
|
176,810
|
|
|
$
|
176,138
|
|
Common shares outstanding at end of period
|
|
788,921
|
|
|
809,475
|
|
(1)
|
Current quarter regulatory capital information is preliminary.
|
(2)
|
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. BB&T's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation.
These capital measures are not necessarily comparable to similar capital measures that may be presented by other companies.
|
Table 19
|
|||||||||||||
Share Repurchase Activity
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share data, shares in thousands)
|
Total Shares Repurchased
|
|
Average Price Paid Per Share (1)
|
|
Total Shares Repurchased Pursuant to Publicly-Announced Plan
|
|
Maximum Remaining Dollar Value of Shares Available for Repurchase Pursuant to Publicly-Announced Plan
|
||||||
July 2017
|
15,910
|
|
|
$
|
46.63
|
|
|
15,910
|
|
|
$
|
1,138
|
|
August 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
1,138
|
|
||
September 2017
|
3,819
|
|
|
46.63
|
|
|
3,819
|
|
|
960
|
|
||
Total
|
19,729
|
|
|
46.63
|
|
|
19,729
|
|
|
|
(1)
|
Excludes commissions.
|
ITEM 6. EXHIBITS
|
||||
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Location
|
12†
|
|
|
Filed herewith.
|
|
31.1
|
|
Certification of Chief Executive Officer
pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed herewith.
|
31.2
|
|
Certification of Chief Financial Officer
pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed herewith.
|
32
|
|
Certification of Chief Executive Officer and Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Furnished herewith.
|
101.INS
|
|
XBRL Instance Document.
|
|
Filed herewith.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema.
|
|
Filed herewith.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase.
|
|
Filed herewith.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase.
|
|
Filed herewith.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase.
|
|
Filed herewith.
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase.
|
|
Filed herewith.
|
|
|
|
BB&T CORPORATION
(Registrant)
|
|
|
|
|
|
|
Date:
|
10/27/2017
|
|
By:
|
/s/ Daryl N. Bible
|
|
|
|
|
Daryl N. Bible
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
Date:
|
10/27/2017
|
|
By:
|
/s/ Cynthia B. Powell
|
|
|
|
|
Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Delta Air Lines, Inc. | DAL |
Simon Property Group, Inc. | SPG |
Suppliers
Supplier name | Ticker |
---|---|
Mastercard Incorporated | MA |
Visa Inc. | V |
Equifax Inc. | EFX |
Cigna Corporation | CI |
Intercontinental Exchange, Inc. | ICE |
Moody's Corporation | MCO |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|