Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | BB&T CORPORATION |
Trading Symbol | BBT |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 765,919,922 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 1,873 | $ 2,753 |
Interest-bearing deposits with banks | 751 | 984 |
Cash equivalents | 252 | 143 |
Restricted cash | 96 | 107 |
AFS securities at fair value | 26,315 | 25,038 |
HTM securities (fair value of $19,886 and $20,047 at March 31, 2019 and December 31, 2018, respectively) | 20,095 | 20,552 |
LHFS at fair value | 834 | 988 |
Loans and leases | 149,057 | 149,013 |
ALLL | (1,561) | (1,558) |
Loans and leases, net of ALLL | 147,496 | 147,455 |
Premises and equipment | 2,078 | 2,118 |
Goodwill | 9,818 | 9,818 |
CDI and other intangible assets | 726 | 758 |
MSRs at fair value | 1,036 | 1,108 |
Other assets | 16,313 | 13,875 |
Total assets | 227,683 | 225,697 |
Liabilities | ||
Deposits | 159,766 | 161,199 |
Short-term borrowings | 6,305 | 5,178 |
Long-term debt | 24,729 | 23,709 |
Accounts payable and other liabilities | 6,000 | 5,433 |
Total liabilities | 196,800 | 195,519 |
Commitments and contingencies (Note 14) | ||
Shareholders' Equity | ||
Preferred stock, $5 par, liquidation preference of $25,000 per share | 3,053 | 3,053 |
Common stock, $5 par | 3,830 | 3,817 |
Additional paid-in capital | 6,843 | 6,849 |
Retained earnings | 18,518 | 18,118 |
AOCI, net of deferred income taxes | (1,421) | (1,715) |
Noncontrolling interests | 60 | 56 |
Total shareholders' equity | 30,883 | 30,178 |
Total liabilities and shareholders' equity | $ 227,683 | $ 225,697 |
Common shares outstanding (in shares) | 765,920,000 | 763,326,000 |
Common shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Preferred shares outstanding (in shares) | 126,000 | 126,000 |
Preferred shares authorized (in shares) | 5,000,000 | 5,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 19,886 | $ 20,047 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, liquidation preference (in dollars per share) | 25,000 | 25,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Income | ||
Interest and fees on loans and leases | $ 1,839 | $ 1,605 |
Interest and dividends on securities | 302 | 291 |
Interest on other earning assets | 32 | 25 |
Total interest income | 2,173 | 1,921 |
Interest Expense | ||
Interest on deposits | 253 | 118 |
Interest on short-term borrowings | 32 | 20 |
Interest on long-term debt | 192 | 150 |
Total interest expense | 477 | 288 |
Net Interest Income | 1,696 | 1,633 |
Provision for credit losses | 155 | 150 |
Net Interest Income After Provision for Credit Losses | 1,541 | 1,483 |
Noninterest Income | ||
Total noninterest income | 1,202 | 1,180 |
Noninterest Expense | ||
Personnel expense | 1,087 | 1,039 |
Occupancy and equipment expense | 187 | 194 |
Software expense | 72 | 65 |
Outside IT services | 30 | 32 |
Regulatory charges | 18 | 40 |
Amortization of intangibles | 32 | 33 |
Loan-related expense | 25 | 29 |
Professional services | 31 | 30 |
Merger-related and restructuring charges, net | 80 | 28 |
Other expense | 206 | 196 |
Total noninterest expense | 1,768 | 1,686 |
Earnings | ||
Income before income taxes | 975 | 977 |
Provision for income taxes | 177 | 186 |
Net income | 798 | 791 |
Noncontrolling interests | 6 | 3 |
Dividends on preferred stock | 43 | 43 |
Net income available to common shareholders | $ 749 | $ 745 |
Basic EPS (in dollars per share) | $ 0.98 | $ 0.96 |
Diluted EPS (in dollars per share) | $ 0.97 | $ 0.94 |
Basic weighted average shares outstanding (in shares) | 764,135 | 779,617 |
Diluted weighted average shares outstanding (in shares) | 774,071 | 791,005 |
Insurance income | ||
Noninterest Income | ||
Total noninterest income | $ 510 | $ 436 |
Service charges on deposits | ||
Noninterest Income | ||
Total noninterest income | 171 | 165 |
Investment banking and brokerage fees and commissions | ||
Noninterest Income | ||
Total noninterest income | 111 | 113 |
Mortgage banking income | ||
Noninterest Income | ||
Total noninterest income | 63 | 99 |
Trust and investment advisory revenues | ||
Noninterest Income | ||
Total noninterest income | 68 | 72 |
Bankcard fees and merchant discounts | ||
Noninterest Income | ||
Total noninterest income | 70 | 69 |
Checkcard fees | ||
Noninterest Income | ||
Total noninterest income | 55 | 52 |
Operating lease income | ||
Noninterest Income | ||
Total noninterest income | 35 | 37 |
Income from bank-owned life insurance | ||
Noninterest Income | ||
Total noninterest income | 28 | 31 |
Other income | ||
Noninterest Income | ||
Total noninterest income | 91 | 106 |
Securities gains (losses), net | ||
Noninterest Income | ||
Total noninterest income | 0 | 0 |
Securities gains (losses), net | ||
Gross realized gains | 22 | 0 |
Gross realized losses | $ (22) | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 798 | $ 791 |
OCI, net of tax: | ||
Change in unrecognized net pension and postretirement costs | 17 | 14 |
Change in unrealized net gains (losses) on cash flow hedges | (34) | 78 |
Change in unrealized net gains (losses) on AFS securities | 309 | (268) |
Other, net | 2 | (2) |
Total OCI | 294 | (178) |
Total comprehensive income | 1,092 | 613 |
Income Tax Effect of Items Included in OCI: | ||
Change in unrecognized net pension and postretirement costs | 6 | 4 |
Change in unrealized net gains (losses) on cash flow hedges | (11) | 26 |
Change in unrealized net gains (losses) on AFS securities | 95 | (84) |
Other, net | $ 0 | $ 1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI | Noncontrolling Interests |
Beginning balance at Dec. 31, 2017 | $ 29,695 | $ 3,910 | $ 3,053 | $ 7,893 | $ 16,259 | $ (1,467) | $ 47 |
Beginning balance (in shares) at Dec. 31, 2017 | 782,006 | ||||||
Add (Deduct): | |||||||
Net income | 791 | 788 | 3 | ||||
OCI | (178) | (178) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (13) | $ 18 | (31) | ||||
Issued in connection with equity awards, net (in shares) | 3,599 | ||||||
Repurchase of common stock (in shares) | (5,853) | ||||||
Repurchase of common stock | (320) | $ (29) | (291) | ||||
Cash dividends declared on common stock | (292) | (292) | |||||
Cash dividends declared on preferred stock | (43) | (43) | |||||
Equity-based compensation expense | 31 | 31 | |||||
Other, net | (9) | (9) | |||||
Ending balance at Mar. 31, 2018 | 29,662 | $ 3,899 | 3,053 | 7,593 | 16,712 | (1,645) | 50 |
Ending balance (in shares) at Mar. 31, 2018 | 779,752 | ||||||
Beginning balance at Dec. 31, 2018 | $ 30,178 | $ 3,817 | 3,053 | 6,849 | 18,118 | (1,715) | 56 |
Beginning balance (in shares) at Dec. 31, 2018 | 763,326 | 763,326 | |||||
Add (Deduct): | |||||||
Net income | $ 798 | 792 | 6 | ||||
OCI | 294 | 294 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (28) | $ 13 | (41) | ||||
Issued in connection with equity awards, net (in shares) | 2,594 | ||||||
Cash dividends declared on common stock | (309) | (309) | |||||
Cash dividends declared on preferred stock | (43) | (43) | |||||
Equity-based compensation expense | 32 | 32 | |||||
Other, net | (39) | 3 | (40) | (2) | |||
Ending balance at Mar. 31, 2019 | $ 30,883 | $ 3,830 | $ 3,053 | $ 6,843 | $ 18,518 | $ (1,421) | $ 60 |
Ending balance (in shares) at Mar. 31, 2019 | 765,920 | 765,920 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net income | $ 798 | $ 791 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 155 | 150 |
Depreciation | 105 | 105 |
Amortization of intangibles | 32 | 33 |
Equity-based compensation expense | 32 | 31 |
Net change in operating assets and liabilities: | ||
LHFS | 77 | (90) |
Trading and equity securities | (1,131) | 10 |
Other assets, accounts payable and other liabilities | (1,006) | (583) |
Other, net | 193 | (139) |
Net cash from operating activities | (745) | 308 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of AFS securities | 1,797 | 95 |
Proceeds from maturities, calls and paydowns of AFS securities | 861 | 959 |
Purchases of AFS securities | (3,525) | (1,863) |
Proceeds from maturities, calls and paydowns of HTM securities | 450 | 626 |
Purchases of HTM securities | 0 | (39) |
Originations and purchases of loans and leases, net of principal collected | (193) | 385 |
Other, net | 133 | 40 |
Net cash from investing activities | (477) | 203 |
Cash Flows From Financing Activities: | ||
Net change in deposits | (1,432) | 830 |
Net change in short-term borrowings | 1,127 | (617) |
Proceeds from issuance of long-term debt | 2,015 | 7 |
Repayment of long-term debt | (1,103) | (41) |
Repurchase of common stock | 0 | (320) |
Cash dividends paid on common stock | (309) | (292) |
Cash dividends paid on preferred stock | (43) | (43) |
Other, net | (48) | (7) |
Net cash from financing activities | 207 | (483) |
Net Change in Cash, Cash Equivalents and Restricted Cash | (1,015) | 28 |
Cash and Cash Equivalents at Beginning of Period | 3,987 | 3,083 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 2,972 | 3,111 |
Supplemental Disclosure of Cash Flow Information: | ||
Net cash paid (received) during the period for interest expense | 419 | 256 |
Net cash paid (received) during the period for income taxes | $ 62 | $ 15 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2018 should be referred to in connection with these unaudited interim consolidated financial statements. Reclassifications Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, determination of fair value for financial instruments, valuation of MSRs, goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. Leases - Lessee BB&T has operating and finance leases for data centers, corporate offices, branches, retail centers, and certain equipment. BB&T determines if an arrangement is a lease at inception. Operating leases with an original lease term in excess of one year are included in other assets and accounts payable and other liabilities in the Consolidated Balance Sheets. Finance leases are included in premises and equipment and long-term debt in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. BB&T uses an implicit interest rate in determining the present value of lease payments when readily determinable, and a collateralized incremental borrowing rate when an implicit rate is not available. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Rent expense and rental income on operating leases is generally recorded using the straight-line method over the appropriate lease terms. Lease agreements that contain non-lease components are generally accounted for as a single lease component. Variable costs, such as maintenance expenses, property and sales taxes, association dues and index based rate increases, are expensed as they are incurred. Leases - Lessor Standard/Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. BB&T established ROU assets of $860 million and lease liabilities of $997 million. The net impact to equity was a reduction of $40 million. There was no material impact to its Consolidated Statements of Income. BB&T adopted the guidance on a prospective basis and did not reassess whether any expired or existing contract contains a lease, the classification of leases or the initial direct costs. Standards Not Yet Adopted Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase, which is highly dependent on existing and forecasted economic conditions at the time of adoption, has not yet been quantified. Model development and fit-for-purpose testing is substantially complete for most portfolios, and significant progress has been made on testing designed to evaluate the sensitivity of the models to economic forecasts, length of the reasonable and supportable period and reversion to historical loss information. BB&T expects to continue limited parallel testing in the second quarter of 2019, with plans for a more comprehensive parallel testing program in the second half of the year that will include consideration of new or modified internal controls. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Business Combinations On February 7, 2019, BB&T and SunTrust announced that both companies' Boards of Directors unanimously approved an agreement to combine in an all-stock merger of equals. Upon closing, each SunTrust share will be exchanged for 1.295 shares of BB&T stock. The merger is expected to close late in the third or fourth quarter of 2019, subject to satisfaction of closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company. The merger is subject to a break-up fee of approximately $1.1 billion |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables summarize AFS and HTM securities: March 31, 2019 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 1,920 $ 1 $ 43 $ 1,878 GSE 238 1 6 233 Agency MBS 23,450 65 468 23,047 States and political subdivisions 607 31 12 626 Non-agency MBS 313 184 — 497 Other 34 — — 34 Total AFS securities $ 26,562 $ 282 $ 529 $ 26,315 HTM securities: U.S. Treasury $ 1,099 $ — $ 2 $ 1,097 GSE 2,199 6 15 2,190 Agency MBS 16,792 25 223 16,594 States and political subdivisions 4 — — 4 Other 1 — — 1 Total HTM securities $ 20,095 $ 31 $ 240 $ 19,886 December 31, 2018 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 3,503 $ 22 $ 84 $ 3,441 GSE 209 — 9 200 Agency MBS 20,927 15 787 20,155 States and political subdivisions 694 25 18 701 Non-agency MBS 321 184 — 505 Other 35 1 — 36 Total AFS securities $ 25,689 $ 247 $ 898 $ 25,038 HTM securities: U.S. Treasury $ 1,099 $ — $ 6 $ 1,093 GSE 2,199 4 43 2,160 Agency MBS 17,248 27 487 16,788 States and political subdivisions 5 — — 5 Other 1 — — 1 Total HTM securities $ 20,552 $ 31 $ 536 $ 20,047 Certain securities issued by FNMA and FHLMC exceeded 10% of shareholders' equity at March 31, 2019 . The FNMA investments had total amortized cost and fair value of $14.2 billion and $13.9 billion , respectively. The FHLMC investments had total amortized cost and fair value of $10.3 billion and $10.2 billion , respectively. The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may differ from contractual maturities because borrowers have the right to prepay the underlying mortgage loans. AFS HTM March 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 285 $ 285 $ 1 $ 1 Due after one year through five years 1,674 1,631 3,300 3,289 Due after five years through ten years 502 503 597 591 Due after ten years 24,101 23,896 16,197 16,005 Total debt securities $ 26,562 $ 26,315 $ 20,095 $ 19,886 The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total March 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 49 $ — $ 1,442 $ 43 $ 1,491 $ 43 GSE 12 — 179 6 191 6 Agency MBS 1,165 2 16,679 466 17,844 468 States and political subdivisions 44 — 241 12 285 12 Total $ 1,270 $ 2 $ 18,541 $ 527 $ 19,811 $ 529 HTM securities: U.S. Treasury $ 400 $ — $ 496 $ 2 $ 896 $ 2 GSE — — 1,768 15 1,768 15 Agency MBS 1,121 5 13,748 218 14,869 223 Total $ 1,521 $ 5 $ 16,012 $ 235 $ 17,533 $ 240 Less than 12 months 12 months or more Total December 31, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 111 $ — $ 2,121 $ 84 $ 2,232 $ 84 GSE 3 — 176 9 179 9 Agency MBS 322 2 18,478 785 18,800 787 States and political subdivisions 100 1 288 17 388 18 Total $ 536 $ 3 $ 21,063 $ 895 $ 21,599 $ 898 HTM securities: U.S. Treasury $ 698 $ 3 $ 395 $ 3 $ 1,093 $ 6 GSE — — 1,749 43 1,749 43 Agency MBS 264 3 14,976 484 15,240 487 Total $ 962 $ 6 $ 17,120 $ 530 $ 18,082 $ 536 |
Loans and ACL
Loans and ACL | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL The following tables present loans and leases HFI by aging category: Accruing March 31, 2019 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 61,746 $ 36 $ — $ 196 $ 61,978 CRE 20,751 3 — 75 20,829 Lease financing 2,094 3 — 1 2,098 Retail: Residential mortgage 30,596 478 377 121 31,572 Direct 11,337 67 7 53 11,464 Indirect 17,122 316 5 80 17,523 Revolving credit 3,111 27 14 — 3,152 PCI 395 18 28 — 441 Total $ 147,152 $ 948 $ 431 $ 526 $ 149,057 Accruing December 31, 2018 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 61,701 $ 34 $ — $ 200 $ 61,935 CRE 20,990 5 — 65 21,060 Lease financing 2,014 1 — 3 2,018 Retail: Residential mortgage 30,413 456 405 119 31,393 Direct 11,463 61 7 53 11,584 Indirect 16,901 436 6 82 17,425 Revolving credit 3,090 28 14 — 3,132 PCI 413 23 30 — 466 Total $ 146,985 $ 1,044 $ 462 $ 522 $ 149,013 The following table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming: March 31, 2019 December 31, 2018 (Dollars in millions) Commercial & Industrial CRE Lease Financing Commercial & Industrial CRE Lease Financing Commercial: Pass $ 60,514 $ 20,460 $ 2,082 $ 60,655 $ 20,712 $ 2,012 Special mention 395 71 3 216 61 — Substandard-performing 873 223 12 864 222 3 Nonperforming 196 75 1 200 65 3 Total $ 61,978 $ 20,829 $ 2,098 $ 61,935 $ 21,060 $ 2,018 Residential Mortgage Direct Indirect Residential Mortgage Direct Indirect Retail: Performing $ 31,451 $ 11,411 $ 17,443 $ 31,274 $ 11,531 $ 17,343 Nonperforming 121 53 80 119 53 82 Total $ 31,572 $ 11,464 $ 17,523 $ 31,393 $ 11,584 $ 17,425 The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2018 Charge-Offs Recoveries Provision (Benefit) Balance at Mar 31, 2018 Commercial: Commercial and industrial $ 522 $ (23 ) $ 8 $ 15 $ 522 CRE 160 (6 ) 2 19 175 Lease financing 9 (1 ) — 2 10 Retail: Residential mortgage 209 (4 ) — 11 216 Direct 106 (19 ) 6 6 99 Indirect 348 (107 ) 15 91 347 Revolving credit 108 (21 ) 5 12 104 PCI 28 — — (3 ) 25 ALLL 1,490 (181 ) 36 153 1,498 RUFC 119 — — (3 ) 116 ACL $ 1,609 $ (181 ) $ 36 $ 150 $ 1,614 (Dollars in millions) Balance at Jan 1, 2019 Charge-Offs Recoveries Provision (Benefit) Balance at Mar 31, 2019 Commercial: Commercial and industrial $ 546 $ (17 ) $ 6 $ 13 $ 548 CRE 190 (8 ) 1 13 196 Lease financing 11 (1 ) — 1 11 Retail: Residential mortgage 232 (5 ) 1 (3 ) 225 Direct 97 (18 ) 6 11 96 Indirect 356 (109 ) 17 94 358 Revolving credit 117 (26 ) 6 22 119 PCI 9 — — (1 ) 8 ALLL 1,558 (184 ) 37 150 1,561 RUFC 93 — — 5 98 ACL $ 1,651 $ (184 ) $ 37 $ 155 $ 1,659 The following table provides a summary of loans that are collectively evaluated for impairment: March 31, 2019 December 31, 2018 (Dollars in millions) Recorded Investment Related ALLL Recorded Investment Related ALLL Commercial: Commercial and industrial $ 61,683 $ 522 $ 61,629 $ 521 CRE 20,721 175 20,960 181 Lease financing 2,097 11 2,015 11 Retail: Residential mortgage 30,697 159 30,539 164 Direct 11,398 91 11,517 92 Indirect 17,194 299 17,099 299 Revolving credit 3,123 108 3,104 106 PCI 441 8 466 9 Total $ 147,354 $ 1,373 $ 147,329 $ 1,383 The following tables set forth certain information regarding impaired loans, excluding PCI and LHFS, that were individually evaluated for impairment: UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized As of / For The Three Months Ended March 31, 2019 Without an ALLL With an ALLL Commercial: Commercial and industrial $ 308 $ 90 $ 205 $ 26 $ 308 $ 1 CRE 113 18 90 21 112 — Lease financing 2 — 1 — 2 — Retail: Residential mortgage 927 126 749 66 869 8 Direct 84 26 40 5 66 1 Indirect 339 5 324 59 328 12 Revolving credit 29 — 29 11 29 — Total $ 1,802 $ 265 $ 1,438 $ 188 $ 1,714 $ 22 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized As of / For The Year Ended December 31, 2018 Without an ALLL With an ALLL Commercial: Commercial and industrial $ 318 $ 95 $ 211 $ 25 $ 343 $ 6 CRE 102 29 71 9 97 2 Lease financing 3 — 3 — 6 — Retail: Residential mortgage 904 122 732 68 841 34 Direct 86 26 41 5 72 4 Indirect 335 6 320 57 306 46 Revolving credit 28 — 28 11 29 1 Total $ 1,776 $ 278 $ 1,406 $ 175 $ 1,694 $ 93 The following table presents a summary of TDRs, all of which are considered impaired: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Performing TDRs: Commercial: Commercial and industrial $ 63 $ 65 CRE 9 10 Retail: Residential mortgage 669 656 Direct 54 55 Indirect 306 305 Revolving credit 29 28 Total performing TDRs 1,130 1,119 Nonperforming TDRs (also included in NPL disclosures) 178 176 Total TDRs $ 1,308 $ 1,295 ALLL attributable to TDRs $ 146 $ 146 The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. 2019 2018 Three Months Ended March 31, Type of Modification ALLL Impact Type of Modification ALLL Impact Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ 26 $ 3 $ 1 $ 10 $ 10 $ — CRE 1 — — 19 1 — Retail: Residential mortgage 73 8 4 82 10 5 Direct 3 1 — 2 — — Indirect 48 1 6 42 1 5 Revolving credit 6 — 1 5 — 1 Re-modification of previously designated TDRs 23 5 — 21 5 — Charge-offs and forgiveness of principal and interest for TDRs were immaterial for all periods presented. The pre-default balance for modifications that had been classified as TDRs during the previous 12 months that experienced a payment default was $18 million and $23 million for the three months ended March 31, 2019 and 2018, respectively. Payment default is defined as movement of the TDR to nonperforming status, foreclosure or charge-off, whichever occurs first. Unearned income, discounts and net deferred loan fees and costs were immaterial for all periods presented. Residential mortgage loans in the process of foreclosure were $258 million at March 31, 2019 and $253 million at December 31, 2018 |
Other Assets and Liabilites
Other Assets and Liabilites | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Other Assets and Liabilities | Other Assets and Liabilities Operating leases costs were $49 million and finance lease costs were immaterial for the three months ended March 31, 2019 . The following table presents additional information on operating and finance leases: March 31, 2019 Operating Leases Finance Leases ROU assets $ 822 $ 19 Maturities of lease liabilities: 2019 $ 138 $ 6 2020 188 7 2021 164 6 2022 139 5 2023 109 3 2024 85 2 Thereafter 264 3 Total lease payments 1,087 32 Less: imputed interest 128 5 Total lease liabilities $ 959 $ 27 Weighted average remaining term 7.5 years 5.1 years Weighted average discount rate 3.1 % 7.0 % Lessor Operating Leases The following tables present a summary of assets under operating leases and activity related to assets under operating leases. These tables exclude subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Assets held under operating leases $ 1,365 $ 1,378 Accumulated depreciation (389 ) (374 ) Net $ 976 $ 1,004 Three Months Ended March 31, 2019 2018 Depreciation expense for assets under operating leases $ 29 $ 30 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets March 31, 2019 December 31, 2018 March 31, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 605 $ (471 ) $ 134 $ 605 $ (460 ) $ 145 Other, primarily customer relationship intangibles 1,318 (726 ) 592 1,329 (716 ) 613 Total $ 1,923 $ (1,197 ) $ 726 $ 1,934 $ (1,176 ) $ 758 |
Loan Servicing
Loan Servicing | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Loan Servicing Residential Mortgage Banking Activities The following tables summarize residential mortgage banking activities: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 UPB of residential mortgage loan servicing portfolio $ 117,980 $ 118,605 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 86,119 87,270 Mortgage loans sold with recourse 404 419 Maximum recourse exposure from mortgage loans sold with recourse liability 217 223 Indemnification, recourse and repurchase reserves 22 24 As of / For the Three Months Ended March 31, 2019 2018 UPB of residential mortgage loans sold from LHFS $ 1,300 $ 2,553 Pre-tax gains recognized on mortgage loans sold and held for sale 17 39 Servicing fees recognized from mortgage loans serviced for others 61 65 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 4.06 4.00 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Three Months Ended March 31, 2019 2018 Residential MSRs, carrying value, January 1 $ 957 $ 914 Additions 15 28 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds (55 ) 61 OAS 4 2 Servicing costs — — Realization of expected net servicing cash flows, passage of time and other (33 ) (32 ) Residential MSRs, carrying value, March 31 $ 888 $ 973 Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value $ 52 $ (63 ) The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following table: March 31, 2019 December 31, 2018 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 9.7 % 12.0 % 11.2 % 9.1 % 10.5 % 9.9 % Effect on fair value of a 10% increase $ (36 ) $ (34 ) Effect on fair value of a 20% increase (70 ) (66 ) OAS 6.5 % 8.2 % 6.8 % 6.6 % 8.3 % 7.0 % Effect on fair value of a 10% increase $ (22 ) $ (24 ) Effect on fair value of a 20% increase (42 ) (47 ) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.2 % 99.2 % Adjustable-rate residential mortgage loans 0.8 0.8 Total 100.0 % 100.0 % Weighted average life 5.6 years 6.1 years The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. Commercial Mortgage Banking Activities The following table summarizes commercial mortgage banking activities for the periods presented: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 UPB of CRE mortgages serviced for others $ 27,749 $ 27,761 CRE mortgages serviced for others covered by recourse provisions 4,685 4,699 Maximum recourse exposure from CRE mortgages sold with recourse liability 1,312 1,317 Recorded reserves related to recourse exposure 6 6 CRE mortgages originated during the year-to-date period 1,261 7,072 Commercial MSRs at fair value 148 151 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits The composition of deposits is presented in the following table: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Noninterest-bearing deposits $ 53,021 $ 53,025 Interest checking 28,028 28,130 Money market and savings 63,739 63,467 Time deposits 14,978 16,577 Total deposits $ 159,766 $ 161,199 Time deposits greater than $250,000 $ 3,880 $ 5,713 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table presents a summary of long-term debt: Mar 31, 2019 Dec 31, 2018 Stated Rate Effective Rate Carrying Amount Carrying Amount (Dollars in millions) Maturity Min Max BB&T Corporation: Fixed rate senior notes 2019 to 2025 2.05 % 6.85 % 3.28 % $ 11,147 $ 10,408 Floating rate senior notes 2020 2022 2.95 3.50 3.26 1,948 2,398 Fixed rate subordinated notes 2019 2029 3.88 5.25 2.90 1,562 903 Branch Bank: Fixed rate senior notes 2019 2022 1.45 2.85 3.02 4,918 4,895 Floating rate senior notes 2019 2020 2.85 3.27 3.22 1,149 1,149 Fixed rate subordinated notes 2025 2026 3.63 3.80 3.61 2,114 2,075 FHLB advances (1) 2019 2034 — 5.50 2.98 1,746 1,749 Other long-term debt 145 132 Total long-term debt $ 24,729 $ 23,709 (1) FHLB advances had a weighted average maturity of 3.8 years at March 31, 2019 . |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Dividends The following table presents the dividends declared related to common stock. For information related to preferred stock dividends, see Note 10. Shareholders' Equity of the Annual Report on Form 10-K for the year ended December 31, 2018 . Three Months Ended March 31, 2019 2018 Cash dividends declared per share $ 0.405 $ 0.375 (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2019 12,060 $ 38.03 Granted 3,914 44.39 Vested (3,181 ) 35.02 Forfeited (50 ) 39.73 Nonvested at March 31, 2019 12,743 40.72 |
AOCI
AOCI | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
AOCI | AOCI AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans, and unrealized gains and losses on cash flow hedges and AFS securities. Three Months Ended Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, January 1, 2018 $ (1,004 ) $ (92 ) $ (356 ) $ (15 ) $ (1,467 ) OCI before reclassifications, net of tax — 70 (282 ) (2 ) (214 ) Amounts reclassified from AOCI: Before tax 18 11 19 — 48 Tax effect 4 3 5 — 12 Amounts reclassified, net of tax 14 8 14 — 36 Total OCI, net of tax 14 78 (268 ) (2 ) (178 ) AOCI balance, March 31, 2018 $ (990 ) $ (14 ) $ (624 ) $ (17 ) $ (1,645 ) AOCI balance, January 1, 2019 $ (1,164 ) $ (31 ) $ (500 ) $ (20 ) $ (1,715 ) OCI before reclassifications, net of tax — (30 ) 314 2 286 Amounts reclassified from AOCI: Before tax 23 (5 ) (6 ) — 12 Tax effect 6 (1 ) (1 ) — 4 Amounts reclassified, net of tax 17 (4 ) (5 ) — 8 Total OCI, net of tax 17 (34 ) 309 2 294 AOCI balance, March 31, 2019 $ (1,147 ) $ (65 ) $ (191 ) $ (18 ) $ (1,421 ) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income Net interest income Net interest income |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes three months ended March 31, 2019 and 2018 were 18.2% and 19.0% |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Three Months Ended March 31, Location 2019 2018 Service cost Personnel expense $ 54 $ 60 Interest cost Other expense 57 50 Estimated return on plan assets Other expense (113 ) (112 ) Amortization and other Other expense 25 20 Net periodic benefit cost $ 23 $ 18 BB&T makes contributions to the qualified pension plans in amounts between the minimum required for funding and the maximum deductible for federal income tax purposes. Discretionary contributions totaling $549 million were made during the three months ended March 31, 2019 . There are no required contributions for the remainder of 2019 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies . Refer to Note 15. Fair Value Disclosures for additional disclosures related to off-balance sheet financial instruments. (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Investments in affordable housing projects: Carrying amount $ 2,152 $ 2,088 Amount of future funding commitments included in carrying amount 949 919 Lending exposure 455 460 Tax credits subject to recapture 489 523 Private equity investments: Carrying amount 460 458 Amount of future funding commitments not included in carrying amount 313 331 The nature of BB&T's business ordinarily results in a certain amount of claims, litigation, investigations and legal and administrative cases and proceedings, all of which are considered incidental to the normal conduct of business. BB&T believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management's judgment as to what is in the best interests of BB&T and its shareholders. On at least a quarterly basis, liabilities and contingencies in connection with outstanding legal proceedings are assessed utilizing the latest information available. For those matters where it is probable that BB&T will incur a loss and the amount of the loss can be reasonably estimated, and is more than nominal, a liability is recorded in the consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on at least a quarterly basis. For other matters, where a loss is not probable or the amount of the loss is not estimable, legal reserves are not accrued. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel and available insurance coverage, management believes that the established legal reserves are adequate and the liabilities arising from legal proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of BB&T. Following the announcement of the proposed merger with SunTrust, five civil actions were filed challenging, among other things, the adequacy of the disclosures contained in the preliminary proxy statement/prospectus filed with the SEC in connection with the proposed transaction. Four of these suits were filed by purported SunTrust stockholders against SunTrust and its board of directors and assert claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 challenging the adequacy of the public disclosures made concerning the proposed transaction. One of these suits asserts a claim against BB&T under Section 20(a). The fifth suit was filed by a purported BB&T stockholder against BB&T and its board of directors and asserts claims under state law challenging, among other things, the adequacy of the public disclosures made concerning the proposed transaction. The plaintiffs in these actions seek, among other things, an injunction preventing consummation of the proposed transaction, rescission of the proposed transaction or damages in the event it is consummated, and the award of attorneys' fees and expenses. BB&T believes the claims asserted in these actions are without merit. Pledged Assets Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, borrowings and borrowing capacity, subject to any applicable asset discount, at the FHLB and FRB as well as for other purposes as required or permitted by law. The following table provides the total carrying amount of pledged assets by asset type, of which the majority are pursuant to agreements that do not permit the other party to sell or repledge the collateral, excluding assets related to employee benefit plans: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Pledged securities $ 14,070 $ 13,237 Pledged loans 78,430 77,847 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: March 31, 2019 Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 1,878 $ — $ 1,878 $ — GSE 233 — 233 — Agency MBS 23,047 — 23,047 — States and political subdivisions 626 — 626 — Non-agency MBS 497 — 111 386 Other 34 — 34 — Total AFS securities 26,315 — 25,929 386 LHFS 834 — 834 — MSRs 1,036 — — 1,036 Other assets: Trading and equity securities 1,898 371 1,516 11 Derivative assets 338 1 327 10 Private equity investments 388 — — 388 Total assets $ 30,809 $ 372 $ 28,606 $ 1,831 Liabilities: Derivative liabilities $ 180 $ — $ 177 $ 3 Securities sold short 250 — 250 — Total liabilities $ 430 $ — $ 427 $ 3 December 31, 2018 Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 3,441 $ — $ 3,441 $ — GSE 200 — 200 — Agency MBS 20,155 — 20,155 — States and political subdivisions 701 — 701 — Non-agency MBS 505 — 114 391 Other 36 — 36 — Total AFS securities 25,038 — 24,647 391 LHFS 988 — 988 — MSRs 1,108 — — 1,108 Other assets: Trading and equity securities 767 374 390 3 Derivative assets 246 — 234 12 Private equity investments 393 — — 393 Total assets $ 28,540 $ 374 $ 26,259 $ 1,907 Liabilities: Derivative liabilities $ 247 $ 1 $ 246 $ — Securities sold short 145 — 145 — Total liabilities $ 392 $ 1 $ 391 $ — Accounting standards define fair value as the exchange price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three level valuation input hierarchy. The following discussion focuses on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities. A third-party pricing service is generally utilized in determining the fair value of the securities portfolio. Management independently evaluates the fair values provided by the pricing service through comparisons to other external pricing sources, review of additional information provided by the pricing service and other third party sources for selected securities and back-testing to compare the price realized on any security sales to the daily pricing information received from the pricing service. Fair value measurements are derived from market-based pricing matrices that were developed using observable inputs that include benchmark yields, benchmark securities, reported trades, offers, bids, issuer spreads and broker quotes. As described by security type below, additional inputs may be used, or some inputs may not be applicable. In the event that market observable data was not available, which would generally occur due to the lack of an active market for a given security, the valuation of the security would be subjective and may involve substantial judgment by management. U.S. Treasury securities: Treasury securities are valued using quoted prices in active over-the-counter markets. GSE securities and agency MBS: GSE pass-through securities are valued using market-based pricing matrices that reference observable inputs including benchmark TBA security pricing and yield curves that were estimated based on U.S. Treasury yields and certain floating rate indices. The pricing matrices for these securities may also give consideration to pool-specific data supplied directly by the GSE. GSE CMOs are valued using market-based pricing matrices that are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. States and political subdivisions: These securities are valued using market-based pricing matrices that reference observable inputs including MSRB reported trades, issuer spreads, material event notices and benchmark yield curves. Non-agency MBS: Pricing matrices for these securities are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. Non-agency MBS also include investments in Re-REMIC trusts that primarily hold non-agency MBS, which are valued based on broker pricing models that use baseline securities yields and tranche-level yield adjustments to discount cash flows modeled using market convention prepayment speed and default assumptions. Other securities: These securities consist primarily of corporate bonds. These securities are valued based on a review of quoted market prices for assets as well as through the various other inputs discussed previously. LHFS: Certain mortgage loans are originated to be sold to investors, which are carried at fair value. The fair value is primarily based on quoted market prices for securities backed by similar types of loans. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage LHFS. MSRs: Residential MSRs are valued using an OAS valuation model to project cash flows over multiple interest rate scenarios, which are discounted at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. Fair value estimates and assumptions are compared to industry surveys, recent market activity, actual portfolio experience and, when available, other observable market data. Commercial MSRs are valued using a cash flow valuation model that calculates the present value of estimated future net servicing cash flows. BB&T considers actual and expected loan prepayment rates, discount rates, servicing costs and other economic factors that are determined based on current market conditions. Trading and equity securities: Trading and equity securities primarily consist of exchange traded equity securities, and debt securities issued by the U.S. Treasury, GSEs, or states and political subdivisions. The valuation techniques for debt securities are more fully discussed above. Derivative assets and liabilities: The fair values of derivatives are determined based on quoted market prices and internal pricing models that use market observable data. The fair values of interest rate lock commitments, which are related to mortgage loan commitments and are categorized as Level 3, are based on quoted market prices adjusted for commitments that are not expected to fund and include the value attributable to the net servicing fees. Private equity investments: In many cases there are no observable market values for these investments and therefore management must estimate the fair value based on a comparison of the operating performance of the company to multiples in the marketplace for similar entities. This analysis requires significant judgment, and actual values in a sale could differ materially from those estimated. Securities sold short: Securities sold short represent debt securities sold short that are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. Activity for Level 3 assets and liabilities is summarized below: Three Months Ended Trading and Equity Securities Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at January 1, 2018 $ — $ 432 $ 1,056 $ 3 $ 404 Total realized and unrealized gains (losses): Included in earnings — (1 ) 68 — 6 Included in unrealized net holding gains (losses) in OCI — 23 — — — Purchases — — — — 24 Issuances — — 37 (5 ) — Sales — — — — (24 ) Settlements — (13 ) (42 ) 9 (10 ) Balance at March 31, 2018 $ — $ 441 $ 1,119 $ 7 $ 400 Balance at January 1, 2019 $ 3 $ 391 $ 1,108 $ 12 $ 393 Total realized and unrealized gains (losses): Included in earnings — 2 (54 ) 8 23 Included in unrealized net holding gains (losses) in OCI — 1 — — — Purchases 15 — — — 7 Issuances — — 22 17 — Sales (7 ) — — — (33 ) Settlements — (8 ) (40 ) (30 ) (2 ) Balance at March 31, 2019 $ 11 $ 386 $ 1,036 $ 7 $ 388 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2019 $ — $ 2 $ (54 ) $ 7 $ 4 Primary income statement location of realized gains (losses) included in earnings Interest income Interest income Mortgage banking income Mortgage banking income Other income The non-agency MBS categorized as Level 3 represent ownership interests in various tranches of Re-REMIC trusts. These securities are valued at a discount, which is unobservable in the market, to the fair value of the underlying securities owned by the trusts. The Re-REMIC tranches do not have an active market and therefore are categorized as Level 3. At March 31, 2019 , the fair value of Re-REMIC non-agency MBS represented a discount of 20.3% to the fair value of the underlying securities owned by the Re-REMIC trusts. The majority of private equity investments are in SBIC qualified funds, which primarily focus on equity and subordinated debt investments in privately-held middle market companies. The majority of these VIE investments are not redeemable and distributions are received as the underlying assets of the funds liquidate. The timing of distributions, which are expected to occur on various dates on an approximately ratable basis through 2029, is uncertain and dependent on various events such as recapitalizations, refinance transactions and ownership changes among others. As of March 31, 2019 , restrictions on the ability to sell the investments include, but are not limited to, consent of a majority member or general partner approval for transfer of ownership. These investments are spread over numerous privately-held middle market companies, and thus the sensitivity to a change in fair value for any single investment is limited. The significant unobservable inputs for these investments are EBITDA multiples that ranged from 5 x to 14 x, with a weighted average of 9 x, at March 31, 2019 . The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: March 31, 2019 December 31, 2018 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference LHFS at fair value $ 834 $ 824 $ 10 $ 988 $ 975 $ 13 Excluding government guaranteed, LHFS that were nonperforming or 90 days or more past due and still accruing interest were not material at March 31, 2019 . The following table provides information about certain assets measured at fair value on a nonrecurring basis, which are primarily collateral dependent and may be subject to liquidity adjustments. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. These assets are considered to be Level 3 assets (excludes PCI). 2019 2018 As of / For The Three Months Ended March 31, Carrying Value Valuation Adjustments Carrying Value Valuation Adjustments Impaired loans $ 154 $ (18 ) $ 185 $ (12 ) Foreclosed real estate 33 (63 ) 40 (66 ) For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instrument. Values obtained relate to one trading unit without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales or the relationship between various instruments. An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions, currency and interest rate risk characteristics, loss experience and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. In addition, changes in assumptions could significantly affect these fair value estimates. The following assumptions were used to estimate the fair value of these financial instruments. Cash and cash equivalents and restricted cash : For these short-term instruments, the carrying amounts are a reasonable estimate of fair values. HTM securities: The fair values of HTM securities are based on a market approach using observable inputs such as benchmark yields and securities, TBA prices, reported trades, issuer spreads, current bids and offers, monthly payment information and collateral performance. Loans receivable : The fair values for loans are estimated using discounted cash flow analyses, applying interest rates currently being offered for loans with similar terms and credit quality, which are deemed to be indicative of orderly transactions in the current market. For commercial loans and leases, discount rates may be adjusted to address additional credit risk on lower risk grade instruments. For residential mortgage and other consumer loans, internal prepayment risk models are used to adjust contractual cash flows. Loans are aggregated into pools of similar terms and credit quality and discounted using a LIBOR based rate. The carrying amounts of accrued interest approximate fair values. Deposit liabilities : The fair values for demand deposits are equal to the amount payable on demand. Fair values for CDs are estimated using a discounted cash flow calculation that applies current interest rates to aggregate expected maturities. BB&T has developed long-term relationships with its deposit customers, commonly referred to as CDIs, that have not been considered in the determination of the deposit liabilities' fair value. Short-term borrowings : The carrying amounts of short-term borrowings, excluding securities sold short, approximate their fair values. Long-term debt : The fair values of long-term debt instruments are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments. Contractual commitments : The fair values of commitments are estimated using the fees charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. The fair values of guarantees and letters of credit are estimated based on the counterparties' creditworthiness and average default rates for loan products with similar risks. These respective fair value measurements are categorized within Level 3 of the fair value hierarchy. Retail lending and revolving credit commitments have an immaterial fair value as BB&T typically has the ability to cancel such commitments. Financial assets and liabilities not recorded at fair value are summarized below: March 31, 2019 December 31, 2018 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 20,095 $ 19,886 $ 20,552 $ 20,047 Loans and leases HFI, net of ALLL Level 3 147,496 146,077 147,455 145,591 Financial liabilities: Time deposits Level 2 14,978 15,026 16,577 16,617 Long-term debt Level 2 24,729 24,977 23,709 23,723 The following is a summary of selected information pertaining to off-balance sheet financial instruments: March 31, 2019 December 31, 2018 (Dollars in millions) Notional/Contract Amount Fair Value Notional/Contract Amount Fair Value Commitments to extend, originate or purchase credit $ 73,918 $ 302 $ 72,435 $ 280 Residential mortgage loans sold with recourse 404 3 419 3 CRE mortgages serviced for others covered by recourse provisions 4,685 6 4,699 6 Letters of credit 2,267 17 2,389 18 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table provides a summary of derivative strategies and the related accounting treatment: Cash Flow Hedges Fair Value Hedges Derivatives Not Designated as Hedges Risk exposure Variability in cash flows of interest payments on floating rate business loans, overnight funding and various LIBOR funding instruments. Changes in value on fixed rate long-term debt, CDs, FHLB advances, loans and state and political subdivision securities due to changes in interest rates. Risk associated with an asset or liability, including mortgage banking operations and MSRs, or for client needs. Includes exposure to changes in market rates and conditions subsequent to the interest rate lock and funding date for mortgage loans originated for sale. Risk management objective Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest. Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps. For interest rate lock commitment derivatives and LHFS, use mortgage-based derivatives such as forward commitments and options to mitigate market risk. For MSRs, mitigate the income statement effect of changes in the fair value of the MSRs. For client swaps, hedges are executed with dealer counterparties to offset market risk. Treatment during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the instrument being hedged. Entire change in fair value recognized in current period income. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings over the lesser of the designated hedged period or the maturity date of the instrument, and cash flows from terminations are reported in the same category as the cash flows from the hedged item. Not applicable Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is reported in earnings immediately. Not applicable Not applicable Impact of Derivatives on the Consolidated Balance Sheets The following table presents the notional amount and estimated fair value of derivative instruments: March 31, 2019 December 31, 2018 Hedged Item or Transaction Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Gain Loss Gain Loss Cash flow hedges: Interest rate contracts: Pay fixed swaps 3 mo. LIBOR funding $ 6,500 $ — $ — $ 6,500 $ — $ — Fair value hedges: Interest rate contracts: Receive fixed swaps Long-term debt 13,029 40 (54 ) 12,908 5 (74 ) Options Long-term debt 4,785 — (2 ) 4,785 — (2 ) Pay fixed swaps Commercial loans 499 1 — 505 2 — Pay fixed swaps Municipal securities 259 — — 259 — — Total 18,572 41 (56 ) 18,457 7 (76 ) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Receive fixed swaps 12,452 228 (46 ) 11,577 128 (98 ) Pay fixed swaps 11,774 9 (43 ) 11,523 19 (32 ) Other 1,384 1 (2 ) 1,143 2 (3 ) Forward commitments 5,042 12 (11 ) 2,883 11 (13 ) Foreign exchange contracts 568 3 (2 ) 529 5 (2 ) Total 31,220 253 (104 ) 27,655 165 (148 ) Mortgage banking: Interest rate contracts: Interest rate lock commitments 1,092 10 (3 ) 702 12 — When issued securities, forward rate agreements and forward commitments 2,314 1 (15 ) 1,753 2 (20 ) Other 198 1 — 271 2 (1 ) Total 3,604 12 (18 ) 2,726 16 (21 ) MSRs: Interest rate contracts: Receive fixed swaps 4,629 1 — 4,328 — — Pay fixed swaps 3,822 — (1 ) 3,224 — — Options 2,080 25 — 3,155 48 (2 ) When issued securities, forward rate agreements and forward commitments 2,517 6 (1 ) 1,590 10 — Other 54 — — 103 — — Total 13,102 32 (2 ) 12,400 58 (2 ) Total derivatives not designated as hedges 47,926 297 (124 ) 42,781 239 (171 ) Total derivatives $ 72,998 338 (180 ) $ 67,738 246 (247 ) Gross amounts not offset in the Consolidated Balance Sheets: Amounts subject to master netting arrangements not offset due to policy election (44 ) 44 (47 ) 47 Cash collateral (received) posted (50 ) 64 (53 ) 82 Net amount $ 244 $ (72 ) $ 146 $ (118 ) The following table presents additional information for fair value hedging relationships: March 31, 2019 December 31, 2018 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Items No Longer Designated Hedged Asset / Liability Basis Items Currently Designated Items No Longer Designated AFS securities $ 497 $ 12 $ 53 $ 493 $ 5 $ 54 Loans and leases 563 8 (2 ) 562 — (3 ) Long-term debt 15,505 18 5 15,397 (98 ) 12 Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Three Months Ended March 31, 2019 2018 Pre-tax gain (loss) recognized in OCI: Deposits $ (10 ) $ 21 Short-term borrowings (10 ) — Long-term debt (20 ) 72 Total $ (40 ) $ 93 Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ 2 $ (2 ) Short-term borrowings 1 — Long-term debt 2 (9 ) Total $ 5 $ (11 ) The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts. Three Months Ended March 31, 2019 2018 AFS securities: Amounts related to interest settlements $ — $ (2 ) Recognized on derivatives (7 ) 11 Recognized on hedged items 5 (11 ) Net income (expense) recognized (2 ) (2 ) Loans and leases: Amounts related to interest settlements — — Recognized on derivatives (8 ) 3 Recognized on hedged items 8 (3 ) Net income (expense) recognized — — Long-term debt: Amounts related to interest settlements (22 ) 8 Recognized on derivatives 116 (181 ) Recognized on hedged items (108 ) 192 Net income (expense) recognized (14 ) 19 Net income (expense) recognized, total $ (16 ) $ 17 The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended March 31, Location 2019 2018 Client-related and other risk management: Interest rate contracts Other noninterest income $ 10 $ 15 Foreign exchange contracts Other noninterest income 2 7 Mortgage banking: Interest rate contracts Mortgage banking income (3 ) 4 MSRs: Interest rate contracts Mortgage banking income 54 (67 ) Total $ 63 $ (41 ) The following table presents information about BB&T's cash flow and fair value hedges: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (49 ) $ (18 ) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) (16 ) (13 ) 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 (10 ) 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 3 years 4 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) $ (46 ) $ (39 ) Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 7 15 Derivatives Credit Risk – Dealer Counterparties Credit risk related to derivatives arises when amounts receivable from a counterparty exceed those payable to the same counterparty. The risk of loss is addressed by subjecting dealer counterparties to credit reviews and approvals similar to those used in making loans or other extensions of credit and by requiring collateral. Dealer counterparties operate under agreements to provide cash and/or liquid collateral when unsecured loss positions exceed minimal limits. Derivative contracts with dealer counterparties settle on a monthly, quarterly or semiannual basis, with daily movement of collateral between counterparties required within established netting agreements. BB&T only transacts with dealer counterparties with strong credit standings. Derivatives Credit Risk – Central Clearing Parties With the exception of the central clearing party used for TBA transactions that does not post variation margin to BB&T, central clearing parties exchange cash on a daily basis to settle changes in exposure. Certain derivatives are cleared through central clearing parties that require initial margin collateral. Initial margin collateral requirements are established on varying bases, with such amounts generally designed to offset the risk of non-payment. Initial margin is generally calculated by applying the maximum loss experienced in value over a specified time horizon to the portfolio of existing trades. Derivatives Credit Risk – Risk Participation Agreements BB&T has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. The notional amount of interest rate derivative risk participation agreements was $674 million at March 31, 2019 and $446 million at December 31, 2018, reported in Other in the table above. Assuming all underlying third party customers referenced in the interest rate contracts defaulted in a zero LIBOR rate environment, the maximum exposure from these agreements would be $38 million at March 31, 2019 and $26 million at December 31, 2018. The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Dealer counterparties: Cash collateral received from dealer counterparties $ 53 $ 56 Derivatives in a net gain position secured by collateral received 52 55 Unsecured positions in a net gain with dealer counterparties after collateral postings 2 2 Cash collateral posted to dealer counterparties 56 75 Derivatives in a net loss position secured by collateral received 59 76 Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade 3 1 Central clearing parties: Cash collateral, including initial margin, posted to central clearing parties 14 17 Derivatives in a net loss position 22 8 Securities pledged to central clearing parties 141 124 |
Computation of EPS
Computation of EPS | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, 2019 2018 Net income available to common shareholders $ 749 $ 745 Weighted average number of common shares 764,135 779,617 Effect of dilutive outstanding equity-based awards 9,936 11,388 Weighted average number of diluted common shares 774,071 791,005 Basic EPS $ 0.98 $ 0.96 Diluted EPS $ 0.97 $ 0.94 Anti-dilutive awards — 90 |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments BB&T's business segment structure aligns with how management reviews performance and makes decisions by client, segment and business unit. There are four major reportable business segments: CB-Retail, CB-Commercial, FS&CF and IH. In addition, there is an OT&C segment. For additional information, see Note 19. Operating Segments of the Annual Report on Form 10-K for the year ended December 31, 2018. Three Months Ended March 31, CB-Retail CB-Commercial FS&CF 2019 2018 2019 2018 2019 2018 Net interest income (expense) $ 843 $ 837 $ 536 $ 464 $ 189 $ 159 Net intersegment interest income (expense) 109 48 44 70 21 18 Segment net interest income 952 885 580 534 210 177 Allocated provision for credit losses 130 122 19 37 1 (5 ) Segment net interest income after provision 822 763 561 497 209 182 Noninterest income 322 340 109 106 284 301 Noninterest expense 645 660 251 253 297 301 Income (loss) before income taxes 499 443 419 350 196 182 Provision (benefit) for income taxes 120 109 91 79 40 38 Segment net income (loss) $ 379 $ 334 $ 328 $ 271 $ 156 $ 144 Identifiable assets (period end) $ 73,379 $ 70,102 $ 56,702 $ 56,438 $ 33,141 $ 29,766 IH OT&C (1) Total 2019 2018 2019 2018 2019 2018 Net interest income (expense) $ 34 $ 26 $ 94 $ 147 $ 1,696 $ 1,633 Net intersegment interest income (expense) (11 ) (6 ) (163 ) (130 ) — — Segment net interest income 23 20 (69 ) 17 1,696 1,633 Allocated provision for credit losses 3 1 2 (5 ) 155 150 Segment net interest income after provision 20 19 (71 ) 22 1,541 1,483 Noninterest income 515 439 (28 ) (6 ) 1,202 1,180 Noninterest expense 417 375 158 97 1,768 1,686 Income (loss) before income taxes 118 83 (257 ) (81 ) 975 977 Provision (benefit) for income taxes 30 21 (104 ) (61 ) 177 186 Segment net income (loss) $ 88 $ 62 $ (153 ) $ (20 ) $ 798 $ 791 Identifiable assets (period end) $ 6,376 $ 5,789 $ 58,085 $ 58,634 $ 227,683 $ 220,729 (1) |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard/Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. BB&T established ROU assets of $860 million and lease liabilities of $997 million. The net impact to equity was a reduction of $40 million. There was no material impact to its Consolidated Statements of Income. BB&T adopted the guidance on a prospective basis and did not reassess whether any expired or existing contract contains a lease, the classification of leases or the initial direct costs. Standards Not Yet Adopted Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase, which is highly dependent on existing and forecasted economic conditions at the time of adoption, has not yet been quantified. Model development and fit-for-purpose testing is substantially complete for most portfolios, and significant progress has been made on testing designed to evaluate the sensitivity of the models to economic forecasts, length of the reasonable and supportable period and reversion to historical loss information. BB&T expects to continue limited parallel testing in the second quarter of 2019, with plans for a more comprehensive parallel testing program in the second half of the year that will include consideration of new or modified internal controls. |
Lessee, Leases [Policy Text Block] | Leases - Lessee BB&T has operating and finance leases for data centers, corporate offices, branches, retail centers, and certain equipment. BB&T determines if an arrangement is a lease at inception. Operating leases with an original lease term in excess of one year are included in other assets and accounts payable and other liabilities in the Consolidated Balance Sheets. Finance leases are included in premises and equipment and long-term debt in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. BB&T uses an implicit interest rate in determining the present value of lease payments when readily determinable, and a collateralized incremental borrowing rate when an implicit rate is not available. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Rent expense and rental income on operating leases is generally recorded using the straight-line method over the appropriate lease terms. |
Lessor, Leases [Policy Text Block] | Leases - Lessor |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard/Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Leases Jan 1, 2019 Requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet, requires additional disclosures by lessees, and contains targeted changes to accounting by lessors. BB&T established ROU assets of $860 million and lease liabilities of $997 million. The net impact to equity was a reduction of $40 million. There was no material impact to its Consolidated Statements of Income. BB&T adopted the guidance on a prospective basis and did not reassess whether any expired or existing contract contains a lease, the classification of leases or the initial direct costs. Standards Not Yet Adopted Credit Losses Jan 1, 2020 Replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance for expected credit losses. Any credit impairment on AFS debt securities for which the fair value is less than cost will be recorded through an allowance for expected credit losses. The standard also requires expanded disclosures related to credit losses and asset quality. BB&T expects that the ACL could be materially higher; however, the magnitude of the increase, which is highly dependent on existing and forecasted economic conditions at the time of adoption, has not yet been quantified. Model development and fit-for-purpose testing is substantially complete for most portfolios, and significant progress has been made on testing designed to evaluate the sensitivity of the models to economic forecasts, length of the reasonable and supportable period and reversion to historical loss information. BB&T expects to continue limited parallel testing in the second quarter of 2019, with plans for a more comprehensive parallel testing program in the second half of the year that will include consideration of new or modified internal controls. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS Securities | The following tables summarize AFS and HTM securities: March 31, 2019 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 1,920 $ 1 $ 43 $ 1,878 GSE 238 1 6 233 Agency MBS 23,450 65 468 23,047 States and political subdivisions 607 31 12 626 Non-agency MBS 313 184 — 497 Other 34 — — 34 Total AFS securities $ 26,562 $ 282 $ 529 $ 26,315 HTM securities: U.S. Treasury $ 1,099 $ — $ 2 $ 1,097 GSE 2,199 6 15 2,190 Agency MBS 16,792 25 223 16,594 States and political subdivisions 4 — — 4 Other 1 — — 1 Total HTM securities $ 20,095 $ 31 $ 240 $ 19,886 December 31, 2018 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 3,503 $ 22 $ 84 $ 3,441 GSE 209 — 9 200 Agency MBS 20,927 15 787 20,155 States and political subdivisions 694 25 18 701 Non-agency MBS 321 184 — 505 Other 35 1 — 36 Total AFS securities $ 25,689 $ 247 $ 898 $ 25,038 HTM securities: U.S. Treasury $ 1,099 $ — $ 6 $ 1,093 GSE 2,199 4 43 2,160 Agency MBS 17,248 27 487 16,788 States and political subdivisions 5 — — 5 Other 1 — — 1 Total HTM securities $ 20,552 $ 31 $ 536 $ 20,047 |
Summary of HTM Securities | The following tables summarize AFS and HTM securities: March 31, 2019 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 1,920 $ 1 $ 43 $ 1,878 GSE 238 1 6 233 Agency MBS 23,450 65 468 23,047 States and political subdivisions 607 31 12 626 Non-agency MBS 313 184 — 497 Other 34 — — 34 Total AFS securities $ 26,562 $ 282 $ 529 $ 26,315 HTM securities: U.S. Treasury $ 1,099 $ — $ 2 $ 1,097 GSE 2,199 6 15 2,190 Agency MBS 16,792 25 223 16,594 States and political subdivisions 4 — — 4 Other 1 — — 1 Total HTM securities $ 20,095 $ 31 $ 240 $ 19,886 December 31, 2018 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 3,503 $ 22 $ 84 $ 3,441 GSE 209 — 9 200 Agency MBS 20,927 15 787 20,155 States and political subdivisions 694 25 18 701 Non-agency MBS 321 184 — 505 Other 35 1 — 36 Total AFS securities $ 25,689 $ 247 $ 898 $ 25,038 HTM securities: U.S. Treasury $ 1,099 $ — $ 6 $ 1,093 GSE 2,199 4 43 2,160 Agency MBS 17,248 27 487 16,788 States and political subdivisions 5 — — 5 Other 1 — — 1 Total HTM securities $ 20,552 $ 31 $ 536 $ 20,047 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may differ from contractual maturities because borrowers have the right to prepay the underlying mortgage loans. AFS HTM March 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 285 $ 285 $ 1 $ 1 Due after one year through five years 1,674 1,631 3,300 3,289 Due after five years through ten years 502 503 597 591 Due after ten years 24,101 23,896 16,197 16,005 Total debt securities $ 26,562 $ 26,315 $ 20,095 $ 19,886 |
Schedule of Fair Values and Gross Unrealized Losses | The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total March 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 49 $ — $ 1,442 $ 43 $ 1,491 $ 43 GSE 12 — 179 6 191 6 Agency MBS 1,165 2 16,679 466 17,844 468 States and political subdivisions 44 — 241 12 285 12 Total $ 1,270 $ 2 $ 18,541 $ 527 $ 19,811 $ 529 HTM securities: U.S. Treasury $ 400 $ — $ 496 $ 2 $ 896 $ 2 GSE — — 1,768 15 1,768 15 Agency MBS 1,121 5 13,748 218 14,869 223 Total $ 1,521 $ 5 $ 16,012 $ 235 $ 17,533 $ 240 Less than 12 months 12 months or more Total December 31, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 111 $ — $ 2,121 $ 84 $ 2,232 $ 84 GSE 3 — 176 9 179 9 Agency MBS 322 2 18,478 785 18,800 787 States and political subdivisions 100 1 288 17 388 18 Total $ 536 $ 3 $ 21,063 $ 895 $ 21,599 $ 898 HTM securities: U.S. Treasury $ 698 $ 3 $ 395 $ 3 $ 1,093 $ 6 GSE — — 1,749 43 1,749 43 Agency MBS 264 3 14,976 484 15,240 487 Total $ 962 $ 6 $ 17,120 $ 530 $ 18,082 $ 536 |
Loans and ACL (Tables)
Loans and ACL (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Aging Analysis of Past Due Loans and Leases | The following tables present loans and leases HFI by aging category: Accruing March 31, 2019 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 61,746 $ 36 $ — $ 196 $ 61,978 CRE 20,751 3 — 75 20,829 Lease financing 2,094 3 — 1 2,098 Retail: Residential mortgage 30,596 478 377 121 31,572 Direct 11,337 67 7 53 11,464 Indirect 17,122 316 5 80 17,523 Revolving credit 3,111 27 14 — 3,152 PCI 395 18 28 — 441 Total $ 147,152 $ 948 $ 431 $ 526 $ 149,057 Accruing December 31, 2018 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 61,701 $ 34 $ — $ 200 $ 61,935 CRE 20,990 5 — 65 21,060 Lease financing 2,014 1 — 3 2,018 Retail: Residential mortgage 30,413 456 405 119 31,393 Direct 11,463 61 7 53 11,584 Indirect 16,901 436 6 82 17,425 Revolving credit 3,090 28 14 — 3,132 PCI 413 23 30 — 466 Total $ 146,985 $ 1,044 $ 462 $ 522 $ 149,013 |
Schedule of Carrying Amounts by Risk Rating | The following table presents the carrying amount of loans by risk rating. PCI loans are excluded because their related ALLL is determined by loan pool performance and revolving credit loans are excluded as the loans are charged-off rather than reclassifying to nonperforming: March 31, 2019 December 31, 2018 (Dollars in millions) Commercial & Industrial CRE Lease Financing Commercial & Industrial CRE Lease Financing Commercial: Pass $ 60,514 $ 20,460 $ 2,082 $ 60,655 $ 20,712 $ 2,012 Special mention 395 71 3 216 61 — Substandard-performing 873 223 12 864 222 3 Nonperforming 196 75 1 200 65 3 Total $ 61,978 $ 20,829 $ 2,098 $ 61,935 $ 21,060 $ 2,018 Residential Mortgage Direct Indirect Residential Mortgage Direct Indirect Retail: Performing $ 31,451 $ 11,411 $ 17,443 $ 31,274 $ 11,531 $ 17,343 Nonperforming 121 53 80 119 53 82 Total $ 31,572 $ 11,464 $ 17,523 $ 31,393 $ 11,584 $ 17,425 |
Summary of Allowance for Credit Losses | The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2018 Charge-Offs Recoveries Provision (Benefit) Balance at Mar 31, 2018 Commercial: Commercial and industrial $ 522 $ (23 ) $ 8 $ 15 $ 522 CRE 160 (6 ) 2 19 175 Lease financing 9 (1 ) — 2 10 Retail: Residential mortgage 209 (4 ) — 11 216 Direct 106 (19 ) 6 6 99 Indirect 348 (107 ) 15 91 347 Revolving credit 108 (21 ) 5 12 104 PCI 28 — — (3 ) 25 ALLL 1,490 (181 ) 36 153 1,498 RUFC 119 — — (3 ) 116 ACL $ 1,609 $ (181 ) $ 36 $ 150 $ 1,614 (Dollars in millions) Balance at Jan 1, 2019 Charge-Offs Recoveries Provision (Benefit) Balance at Mar 31, 2019 Commercial: Commercial and industrial $ 546 $ (17 ) $ 6 $ 13 $ 548 CRE 190 (8 ) 1 13 196 Lease financing 11 (1 ) — 1 11 Retail: Residential mortgage 232 (5 ) 1 (3 ) 225 Direct 97 (18 ) 6 11 96 Indirect 356 (109 ) 17 94 358 Revolving credit 117 (26 ) 6 22 119 PCI 9 — — (1 ) 8 ALLL 1,558 (184 ) 37 150 1,561 RUFC 93 — — 5 98 ACL $ 1,651 $ (184 ) $ 37 $ 155 $ 1,659 |
Schedule Of Loans Collectively Evaluated For Impairment | The following table provides a summary of loans that are collectively evaluated for impairment: March 31, 2019 December 31, 2018 (Dollars in millions) Recorded Investment Related ALLL Recorded Investment Related ALLL Commercial: Commercial and industrial $ 61,683 $ 522 $ 61,629 $ 521 CRE 20,721 175 20,960 181 Lease financing 2,097 11 2,015 11 Retail: Residential mortgage 30,697 159 30,539 164 Direct 11,398 91 11,517 92 Indirect 17,194 299 17,099 299 Revolving credit 3,123 108 3,104 106 PCI 441 8 466 9 Total $ 147,354 $ 1,373 $ 147,329 $ 1,383 |
Schedule of Loans Individually Evaluated for Impairment | The following tables set forth certain information regarding impaired loans, excluding PCI and LHFS, that were individually evaluated for impairment: UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized As of / For The Three Months Ended March 31, 2019 Without an ALLL With an ALLL Commercial: Commercial and industrial $ 308 $ 90 $ 205 $ 26 $ 308 $ 1 CRE 113 18 90 21 112 — Lease financing 2 — 1 — 2 — Retail: Residential mortgage 927 126 749 66 869 8 Direct 84 26 40 5 66 1 Indirect 339 5 324 59 328 12 Revolving credit 29 — 29 11 29 — Total $ 1,802 $ 265 $ 1,438 $ 188 $ 1,714 $ 22 UPB Recorded Investment Related ALLL Average Recorded Investment Interest Income Recognized As of / For The Year Ended December 31, 2018 Without an ALLL With an ALLL Commercial: Commercial and industrial $ 318 $ 95 $ 211 $ 25 $ 343 $ 6 CRE 102 29 71 9 97 2 Lease financing 3 — 3 — 6 — Retail: Residential mortgage 904 122 732 68 841 34 Direct 86 26 41 5 72 4 Indirect 335 6 320 57 306 46 Revolving credit 28 — 28 11 29 1 Total $ 1,776 $ 278 $ 1,406 $ 175 $ 1,694 $ 93 |
Schedule of Performing and Nonperforming TDRs | The following table presents a summary of TDRs, all of which are considered impaired: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Performing TDRs: Commercial: Commercial and industrial $ 63 $ 65 CRE 9 10 Retail: Residential mortgage 669 656 Direct 54 55 Indirect 306 305 Revolving credit 29 28 Total performing TDRs 1,130 1,119 Nonperforming TDRs (also included in NPL disclosures) 178 176 Total TDRs $ 1,308 $ 1,295 ALLL attributable to TDRs $ 146 $ 146 |
Summary Of Primary Reason Loan Modifications Were Classified as TDRs | The primary reason loan modifications were classified as TDRs is summarized below. Balances represent the recorded investment at the end of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. 2019 2018 Three Months Ended March 31, Type of Modification ALLL Impact Type of Modification ALLL Impact Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ 26 $ 3 $ 1 $ 10 $ 10 $ — CRE 1 — — 19 1 — Retail: Residential mortgage 73 8 4 82 10 5 Direct 3 1 — 2 — — Indirect 48 1 6 42 1 5 Revolving credit 6 — 1 5 — 1 Re-modification of previously designated TDRs 23 5 — 21 5 — |
Other Assets and Liabilites (Ta
Other Assets and Liabilites (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets and Liabilities | |
Schedule of Right of Use Assets and Future Maturity of Lease Liabilities | The following table presents additional information on operating and finance leases: March 31, 2019 Operating Leases Finance Leases ROU assets $ 822 $ 19 Maturities of lease liabilities: 2019 $ 138 $ 6 2020 188 7 2021 164 6 2022 139 5 2023 109 3 2024 85 2 Thereafter 264 3 Total lease payments 1,087 32 Less: imputed interest 128 5 Total lease liabilities $ 959 $ 27 Weighted average remaining term 7.5 years 5.1 years Weighted average discount rate 3.1 % 7.0 % |
Schedule of Assets Held Under Operating Leases and Related Activities | The following tables present a summary of assets under operating leases and activity related to assets under operating leases. These tables exclude subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Assets held under operating leases $ 1,365 $ 1,378 Accumulated depreciation (389 ) (374 ) Net $ 976 $ 1,004 Three Months Ended March 31, 2019 2018 Depreciation expense for assets under operating leases $ 29 $ 30 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: March 31, 2019 December 31, 2018 March 31, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 605 $ (471 ) $ 134 $ 605 $ (460 ) $ 145 Other, primarily customer relationship intangibles 1,318 (726 ) 592 1,329 (716 ) 613 Total $ 1,923 $ (1,197 ) $ 726 $ 1,934 $ (1,176 ) $ 758 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage banking activities: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 UPB of residential mortgage loan servicing portfolio $ 117,980 $ 118,605 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 86,119 87,270 Mortgage loans sold with recourse 404 419 Maximum recourse exposure from mortgage loans sold with recourse liability 217 223 Indemnification, recourse and repurchase reserves 22 24 As of / For the Three Months Ended March 31, 2019 2018 UPB of residential mortgage loans sold from LHFS $ 1,300 $ 2,553 Pre-tax gains recognized on mortgage loans sold and held for sale 17 39 Servicing fees recognized from mortgage loans serviced for others 61 65 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 4.06 4.00 |
Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Three Months Ended March 31, 2019 2018 Residential MSRs, carrying value, January 1 $ 957 $ 914 Additions 15 28 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds (55 ) 61 OAS 4 2 Servicing costs — — Realization of expected net servicing cash flows, passage of time and other (33 ) (32 ) Residential MSRs, carrying value, March 31 $ 888 $ 973 Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value $ 52 $ (63 ) |
Residential MSRs Sensitivity | The sensitivity of the fair value of the residential MSRs to changes in key assumptions is presented in the following table: March 31, 2019 December 31, 2018 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 9.7 % 12.0 % 11.2 % 9.1 % 10.5 % 9.9 % Effect on fair value of a 10% increase $ (36 ) $ (34 ) Effect on fair value of a 20% increase (70 ) (66 ) OAS 6.5 % 8.2 % 6.8 % 6.6 % 8.3 % 7.0 % Effect on fair value of a 10% increase $ (22 ) $ (24 ) Effect on fair value of a 20% increase (42 ) (47 ) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.2 % 99.2 % Adjustable-rate residential mortgage loans 0.8 0.8 Total 100.0 % 100.0 % Weighted average life 5.6 years 6.1 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage banking activities for the periods presented: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 UPB of CRE mortgages serviced for others $ 27,749 $ 27,761 CRE mortgages serviced for others covered by recourse provisions 4,685 4,699 Maximum recourse exposure from CRE mortgages sold with recourse liability 1,312 1,317 Recorded reserves related to recourse exposure 6 6 CRE mortgages originated during the year-to-date period 1,261 7,072 Commercial MSRs at fair value 148 151 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Summary of Deposits | The composition of deposits is presented in the following table: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Noninterest-bearing deposits $ 53,021 $ 53,025 Interest checking 28,028 28,130 Money market and savings 63,739 63,467 Time deposits 14,978 16,577 Total deposits $ 159,766 $ 161,199 Time deposits greater than $250,000 $ 3,880 $ 5,713 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt: Mar 31, 2019 Dec 31, 2018 Stated Rate Effective Rate Carrying Amount Carrying Amount (Dollars in millions) Maturity Min Max BB&T Corporation: Fixed rate senior notes 2019 to 2025 2.05 % 6.85 % 3.28 % $ 11,147 $ 10,408 Floating rate senior notes 2020 2022 2.95 3.50 3.26 1,948 2,398 Fixed rate subordinated notes 2019 2029 3.88 5.25 2.90 1,562 903 Branch Bank: Fixed rate senior notes 2019 2022 1.45 2.85 3.02 4,918 4,895 Floating rate senior notes 2019 2020 2.85 3.27 3.22 1,149 1,149 Fixed rate subordinated notes 2025 2026 3.63 3.80 3.61 2,114 2,075 FHLB advances (1) 2019 2034 — 5.50 2.98 1,746 1,749 Other long-term debt 145 132 Total long-term debt $ 24,729 $ 23,709 (1) FHLB advances had a weighted average maturity of 3.8 years at March 31, 2019 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Cash Dividends Declared per Share | The following table presents the dividends declared related to common stock. For information related to preferred stock dividends, see Note 10. Shareholders' Equity of the Annual Report on Form 10-K for the year ended December 31, 2018 . Three Months Ended March 31, 2019 2018 Cash dividends declared per share $ 0.405 $ 0.375 |
Rollforward of RSUs, PSUs and Restricted Shares | The following table presents the activity related to awards of RSUs, PSUs and restricted shares: (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2019 12,060 $ 38.03 Granted 3,914 44.39 Vested (3,181 ) 35.02 Forfeited (50 ) 39.73 Nonvested at March 31, 2019 12,743 40.72 |
AOCI (Tables)
AOCI (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in AOCI | AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans, and unrealized gains and losses on cash flow hedges and AFS securities. Three Months Ended Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, January 1, 2018 $ (1,004 ) $ (92 ) $ (356 ) $ (15 ) $ (1,467 ) OCI before reclassifications, net of tax — 70 (282 ) (2 ) (214 ) Amounts reclassified from AOCI: Before tax 18 11 19 — 48 Tax effect 4 3 5 — 12 Amounts reclassified, net of tax 14 8 14 — 36 Total OCI, net of tax 14 78 (268 ) (2 ) (178 ) AOCI balance, March 31, 2018 $ (990 ) $ (14 ) $ (624 ) $ (17 ) $ (1,645 ) AOCI balance, January 1, 2019 $ (1,164 ) $ (31 ) $ (500 ) $ (20 ) $ (1,715 ) OCI before reclassifications, net of tax — (30 ) 314 2 286 Amounts reclassified from AOCI: Before tax 23 (5 ) (6 ) — 12 Tax effect 6 (1 ) (1 ) — 4 Amounts reclassified, net of tax 17 (4 ) (5 ) — 8 Total OCI, net of tax 17 (34 ) 309 2 294 AOCI balance, March 31, 2019 $ (1,147 ) $ (65 ) $ (191 ) $ (18 ) $ (1,421 ) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income Net interest income Net interest income |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table: Three Months Ended March 31, Location 2019 2018 Service cost Personnel expense $ 54 $ 60 Interest cost Other expense 57 50 Estimated return on plan assets Other expense (113 ) (112 ) Amortization and other Other expense 25 20 Net periodic benefit cost $ 23 $ 18 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Contingencies | The following table summarizes certain commitments and contingencies . Refer to Note 15. Fair Value Disclosures for additional disclosures related to off-balance sheet financial instruments. (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Investments in affordable housing projects: Carrying amount $ 2,152 $ 2,088 Amount of future funding commitments included in carrying amount 949 919 Lending exposure 455 460 Tax credits subject to recapture 489 523 Private equity investments: Carrying amount 460 458 Amount of future funding commitments not included in carrying amount 313 331 |
Schedule of Pledged Assets | Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, borrowings and borrowing capacity, subject to any applicable asset discount, at the FHLB and FRB as well as for other purposes as required or permitted by law. The following table provides the total carrying amount of pledged assets by asset type, of which the majority are pursuant to agreements that do not permit the other party to sell or repledge the collateral, excluding assets related to employee benefit plans: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Pledged securities $ 14,070 $ 13,237 Pledged loans 78,430 77,847 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: March 31, 2019 Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 1,878 $ — $ 1,878 $ — GSE 233 — 233 — Agency MBS 23,047 — 23,047 — States and political subdivisions 626 — 626 — Non-agency MBS 497 — 111 386 Other 34 — 34 — Total AFS securities 26,315 — 25,929 386 LHFS 834 — 834 — MSRs 1,036 — — 1,036 Other assets: Trading and equity securities 1,898 371 1,516 11 Derivative assets 338 1 327 10 Private equity investments 388 — — 388 Total assets $ 30,809 $ 372 $ 28,606 $ 1,831 Liabilities: Derivative liabilities $ 180 $ — $ 177 $ 3 Securities sold short 250 — 250 — Total liabilities $ 430 $ — $ 427 $ 3 December 31, 2018 Total Level 1 Level 2 Level 3 Assets: AFS securities: U.S. Treasury $ 3,441 $ — $ 3,441 $ — GSE 200 — 200 — Agency MBS 20,155 — 20,155 — States and political subdivisions 701 — 701 — Non-agency MBS 505 — 114 391 Other 36 — 36 — Total AFS securities 25,038 — 24,647 391 LHFS 988 — 988 — MSRs 1,108 — — 1,108 Other assets: Trading and equity securities 767 374 390 3 Derivative assets 246 — 234 12 Private equity investments 393 — — 393 Total assets $ 28,540 $ 374 $ 26,259 $ 1,907 Liabilities: Derivative liabilities $ 247 $ 1 $ 246 $ — Securities sold short 145 — 145 — Total liabilities $ 392 $ 1 $ 391 $ — |
Rollforward of Level 3 Assets and Liabilities | Activity for Level 3 assets and liabilities is summarized below: Three Months Ended Trading and Equity Securities Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at January 1, 2018 $ — $ 432 $ 1,056 $ 3 $ 404 Total realized and unrealized gains (losses): Included in earnings — (1 ) 68 — 6 Included in unrealized net holding gains (losses) in OCI — 23 — — — Purchases — — — — 24 Issuances — — 37 (5 ) — Sales — — — — (24 ) Settlements — (13 ) (42 ) 9 (10 ) Balance at March 31, 2018 $ — $ 441 $ 1,119 $ 7 $ 400 Balance at January 1, 2019 $ 3 $ 391 $ 1,108 $ 12 $ 393 Total realized and unrealized gains (losses): Included in earnings — 2 (54 ) 8 23 Included in unrealized net holding gains (losses) in OCI — 1 — — — Purchases 15 — — — 7 Issuances — — 22 17 — Sales (7 ) — — — (33 ) Settlements — (8 ) (40 ) (30 ) (2 ) Balance at March 31, 2019 $ 11 $ 386 $ 1,036 $ 7 $ 388 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2019 $ — $ 2 $ (54 ) $ 7 $ 4 Primary income statement location of realized gains (losses) included in earnings Interest income Interest income Mortgage banking income Mortgage banking income Other income |
Fair Value and UPB of LHFS | The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: March 31, 2019 December 31, 2018 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference LHFS at fair value $ 834 $ 824 $ 10 $ 988 $ 975 $ 13 |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table provides information about certain assets measured at fair value on a nonrecurring basis, which are primarily collateral dependent and may be subject to liquidity adjustments. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. These assets are considered to be Level 3 assets (excludes PCI). 2019 2018 As of / For The Three Months Ended March 31, Carrying Value Valuation Adjustments Carrying Value Valuation Adjustments Impaired loans $ 154 $ (18 ) $ 185 $ (12 ) Foreclosed real estate 33 (63 ) 40 (66 ) |
Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value | Financial assets and liabilities not recorded at fair value are summarized below: March 31, 2019 December 31, 2018 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 20,095 $ 19,886 $ 20,552 $ 20,047 Loans and leases HFI, net of ALLL Level 3 147,496 146,077 147,455 145,591 Financial liabilities: Time deposits Level 2 14,978 15,026 16,577 16,617 Long-term debt Level 2 24,729 24,977 23,709 23,723 |
Selected Information Pertaining to Off-Balance Sheet Financial Instruments | The following is a summary of selected information pertaining to off-balance sheet financial instruments: March 31, 2019 December 31, 2018 (Dollars in millions) Notional/Contract Amount Fair Value Notional/Contract Amount Fair Value Commitments to extend, originate or purchase credit $ 73,918 $ 302 $ 72,435 $ 280 Residential mortgage loans sold with recourse 404 3 419 3 CRE mortgages serviced for others covered by recourse provisions 4,685 6 4,699 6 Letters of credit 2,267 17 2,389 18 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Strategies | The following table provides a summary of derivative strategies and the related accounting treatment: Cash Flow Hedges Fair Value Hedges Derivatives Not Designated as Hedges Risk exposure Variability in cash flows of interest payments on floating rate business loans, overnight funding and various LIBOR funding instruments. Changes in value on fixed rate long-term debt, CDs, FHLB advances, loans and state and political subdivision securities due to changes in interest rates. Risk associated with an asset or liability, including mortgage banking operations and MSRs, or for client needs. Includes exposure to changes in market rates and conditions subsequent to the interest rate lock and funding date for mortgage loans originated for sale. Risk management objective Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest. Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps. For interest rate lock commitment derivatives and LHFS, use mortgage-based derivatives such as forward commitments and options to mitigate market risk. For MSRs, mitigate the income statement effect of changes in the fair value of the MSRs. For client swaps, hedges are executed with dealer counterparties to offset market risk. Treatment during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the instrument being hedged. Entire change in fair value recognized in current period income. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings over the lesser of the designated hedged period or the maturity date of the instrument, and cash flows from terminations are reported in the same category as the cash flows from the hedged item. Not applicable Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is reported in earnings immediately. Not applicable Not applicable |
Schedule of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative instruments: March 31, 2019 December 31, 2018 Hedged Item or Transaction Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Gain Loss Gain Loss Cash flow hedges: Interest rate contracts: Pay fixed swaps 3 mo. LIBOR funding $ 6,500 $ — $ — $ 6,500 $ — $ — Fair value hedges: Interest rate contracts: Receive fixed swaps Long-term debt 13,029 40 (54 ) 12,908 5 (74 ) Options Long-term debt 4,785 — (2 ) 4,785 — (2 ) Pay fixed swaps Commercial loans 499 1 — 505 2 — Pay fixed swaps Municipal securities 259 — — 259 — — Total 18,572 41 (56 ) 18,457 7 (76 ) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Receive fixed swaps 12,452 228 (46 ) 11,577 128 (98 ) Pay fixed swaps 11,774 9 (43 ) 11,523 19 (32 ) Other 1,384 1 (2 ) 1,143 2 (3 ) Forward commitments 5,042 12 (11 ) 2,883 11 (13 ) Foreign exchange contracts 568 3 (2 ) 529 5 (2 ) Total 31,220 253 (104 ) 27,655 165 (148 ) Mortgage banking: Interest rate contracts: Interest rate lock commitments 1,092 10 (3 ) 702 12 — When issued securities, forward rate agreements and forward commitments 2,314 1 (15 ) 1,753 2 (20 ) Other 198 1 — 271 2 (1 ) Total 3,604 12 (18 ) 2,726 16 (21 ) MSRs: Interest rate contracts: Receive fixed swaps 4,629 1 — 4,328 — — Pay fixed swaps 3,822 — (1 ) 3,224 — — Options 2,080 25 — 3,155 48 (2 ) When issued securities, forward rate agreements and forward commitments 2,517 6 (1 ) 1,590 10 — Other 54 — — 103 — — Total 13,102 32 (2 ) 12,400 58 (2 ) Total derivatives not designated as hedges 47,926 297 (124 ) 42,781 239 (171 ) Total derivatives $ 72,998 338 (180 ) $ 67,738 246 (247 ) Gross amounts not offset in the Consolidated Balance Sheets: Amounts subject to master netting arrangements not offset due to policy election (44 ) 44 (47 ) 47 Cash collateral (received) posted (50 ) 64 (53 ) 82 Net amount $ 244 $ (72 ) $ 146 $ (118 ) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents additional information for fair value hedging relationships: March 31, 2019 December 31, 2018 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Items No Longer Designated Hedged Asset / Liability Basis Items Currently Designated Items No Longer Designated AFS securities $ 497 $ 12 $ 53 $ 493 $ 5 $ 54 Loans and leases 563 8 (2 ) 562 — (3 ) Long-term debt 15,505 18 5 15,397 (98 ) 12 |
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Three Months Ended March 31, 2019 2018 Pre-tax gain (loss) recognized in OCI: Deposits $ (10 ) $ 21 Short-term borrowings (10 ) — Long-term debt (20 ) 72 Total $ (40 ) $ 93 Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ 2 $ (2 ) Short-term borrowings 1 — Long-term debt 2 (9 ) Total $ 5 $ (11 ) The following table summarizes the impact on net interest income related to fair value hedges, which consist of interest rate contracts. Three Months Ended March 31, 2019 2018 AFS securities: Amounts related to interest settlements $ — $ (2 ) Recognized on derivatives (7 ) 11 Recognized on hedged items 5 (11 ) Net income (expense) recognized (2 ) (2 ) Loans and leases: Amounts related to interest settlements — — Recognized on derivatives (8 ) 3 Recognized on hedged items 8 (3 ) Net income (expense) recognized — — Long-term debt: Amounts related to interest settlements (22 ) 8 Recognized on derivatives 116 (181 ) Recognized on hedged items (108 ) 192 Net income (expense) recognized (14 ) 19 Net income (expense) recognized, total $ (16 ) $ 17 The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended March 31, Location 2019 2018 Client-related and other risk management: Interest rate contracts Other noninterest income $ 10 $ 15 Foreign exchange contracts Other noninterest income 2 7 Mortgage banking: Interest rate contracts Mortgage banking income (3 ) 4 MSRs: Interest rate contracts Mortgage banking income 54 (67 ) Total $ 63 $ (41 ) |
Deferred Gains and Losses from Hedges | The following table presents information about BB&T's cash flow and fair value hedges: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (49 ) $ (18 ) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) (16 ) (13 ) 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 (10 ) 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 3 years 4 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) $ (46 ) $ (39 ) Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 7 15 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2019 Dec 31, 2018 Dealer counterparties: Cash collateral received from dealer counterparties $ 53 $ 56 Derivatives in a net gain position secured by collateral received 52 55 Unsecured positions in a net gain with dealer counterparties after collateral postings 2 2 Cash collateral posted to dealer counterparties 56 75 Derivatives in a net loss position secured by collateral received 59 76 Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade 3 1 Central clearing parties: Cash collateral, including initial margin, posted to central clearing parties 14 17 Derivatives in a net loss position 22 8 Securities pledged to central clearing parties 141 124 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, 2019 2018 Net income available to common shareholders $ 749 $ 745 Weighted average number of common shares 764,135 779,617 Effect of dilutive outstanding equity-based awards 9,936 11,388 Weighted average number of diluted common shares 774,071 791,005 Basic EPS $ 0.98 $ 0.96 Diluted EPS $ 0.97 $ 0.94 Anti-dilutive awards — 90 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment: Three Months Ended March 31, CB-Retail CB-Commercial FS&CF 2019 2018 2019 2018 2019 2018 Net interest income (expense) $ 843 $ 837 $ 536 $ 464 $ 189 $ 159 Net intersegment interest income (expense) 109 48 44 70 21 18 Segment net interest income 952 885 580 534 210 177 Allocated provision for credit losses 130 122 19 37 1 (5 ) Segment net interest income after provision 822 763 561 497 209 182 Noninterest income 322 340 109 106 284 301 Noninterest expense 645 660 251 253 297 301 Income (loss) before income taxes 499 443 419 350 196 182 Provision (benefit) for income taxes 120 109 91 79 40 38 Segment net income (loss) $ 379 $ 334 $ 328 $ 271 $ 156 $ 144 Identifiable assets (period end) $ 73,379 $ 70,102 $ 56,702 $ 56,438 $ 33,141 $ 29,766 IH OT&C (1) Total 2019 2018 2019 2018 2019 2018 Net interest income (expense) $ 34 $ 26 $ 94 $ 147 $ 1,696 $ 1,633 Net intersegment interest income (expense) (11 ) (6 ) (163 ) (130 ) — — Segment net interest income 23 20 (69 ) 17 1,696 1,633 Allocated provision for credit losses 3 1 2 (5 ) 155 150 Segment net interest income after provision 20 19 (71 ) 22 1,541 1,483 Noninterest income 515 439 (28 ) (6 ) 1,202 1,180 Noninterest expense 417 375 158 97 1,768 1,686 Income (loss) before income taxes 118 83 (257 ) (81 ) 975 977 Provision (benefit) for income taxes 30 21 (104 ) (61 ) 177 186 Segment net income (loss) $ 88 $ 62 $ (153 ) $ (20 ) $ 798 $ 791 Identifiable assets (period end) $ 6,376 $ 5,789 $ 58,085 $ 58,634 $ 227,683 $ 220,729 (1) |
Basis of Presentation -Narrativ
Basis of Presentation -Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in assets | $ 822 | |||
Increase in liabilities | 959 | |||
Decrease in shareholders' equity | 30,883 | $ 30,178 | $ 29,662 | $ 29,695 |
Estimated Impact of Lease Accounting Standard | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in assets | 860 | |||
Increase in liabilities | 997 | |||
Decrease in shareholders' equity | $ 40 |
Business Combinations - Narativ
Business Combinations - Narative (Details) $ in Billions | Feb. 07, 2019USD ($)shares |
Business Acquisition [Line Items] | |
mutual break-up fee | $ | $ 1.1 |
BB&T Corporation | |
Business Acquisition [Line Items] | |
Business Combination Equity Interest Received | shares | 1.295 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Billions | Mar. 31, 2019USD ($) |
FNMA investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | $ 14.2 |
Securities, fair value | 13.9 |
FHLMC investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 10.3 |
Securities, fair value | $ 10.2 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
AFS securities | ||
AFS securities, Amortized Cost | $ 26,562 | $ 25,689 |
Gross Unrealized Gains | 282 | 247 |
Gross Unrealized Losses | 529 | 898 |
AFS securities, Fair Value | 26,315 | 25,038 |
HTM securities | ||
HTM securities, Amortized Cost | 20,095 | 20,552 |
Gross Unrealized Gains | 31 | 31 |
Gross Unrealized Losses | 240 | 536 |
HTM securities, Fair Value | 19,886 | 20,047 |
U.S. Treasury | ||
AFS securities | ||
AFS securities, Amortized Cost | 1,920 | 3,503 |
Gross Unrealized Gains | 1 | 22 |
Gross Unrealized Losses | 43 | 84 |
AFS securities, Fair Value | 1,878 | 3,441 |
HTM securities | ||
HTM securities, Amortized Cost | 1,099 | 1,099 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 6 |
HTM securities, Fair Value | 1,097 | 1,093 |
GSE | ||
AFS securities | ||
AFS securities, Amortized Cost | 238 | 209 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 6 | 9 |
AFS securities, Fair Value | 233 | 200 |
HTM securities | ||
HTM securities, Amortized Cost | 2,199 | 2,199 |
Gross Unrealized Gains | 6 | 4 |
Gross Unrealized Losses | 15 | 43 |
HTM securities, Fair Value | 2,190 | 2,160 |
Agency MBS | ||
AFS securities | ||
AFS securities, Amortized Cost | 23,450 | 20,927 |
Gross Unrealized Gains | 65 | 15 |
Gross Unrealized Losses | 468 | 787 |
AFS securities, Fair Value | 23,047 | 20,155 |
HTM securities | ||
HTM securities, Amortized Cost | 16,792 | 17,248 |
Gross Unrealized Gains | 25 | 27 |
Gross Unrealized Losses | 223 | 487 |
HTM securities, Fair Value | 16,594 | 16,788 |
States and political subdivisions | ||
AFS securities | ||
AFS securities, Amortized Cost | 607 | 694 |
Gross Unrealized Gains | 31 | 25 |
Gross Unrealized Losses | 12 | 18 |
AFS securities, Fair Value | 626 | 701 |
HTM securities | ||
HTM securities, Amortized Cost | 4 | 5 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
HTM securities, Fair Value | 4 | 5 |
Non-agency MBS | ||
AFS securities | ||
AFS securities, Amortized Cost | 313 | 321 |
Gross Unrealized Gains | 184 | 184 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | 497 | 505 |
Other | ||
AFS securities | ||
AFS securities, Amortized Cost | 34 | 35 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | 34 | 36 |
HTM securities | ||
HTM securities, Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
HTM securities, Fair Value | $ 1 | $ 1 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
AFS, Amortized Cost | ||
Due in one year or less | $ 285 | |
Due after one year through five years | 1,674 | |
Due after five years through ten years | 502 | |
Due after ten years | 24,101 | |
Total debt securities | 26,562 | $ 25,689 |
AFS, Fair Value | ||
Due in one year or less | 285 | |
Due after one year through five years | 1,631 | |
Due after five years through ten years | 503 | |
Due after ten years | 23,896 | |
Total debt securities | 26,315 | 25,038 |
HTM, Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 3,300 | |
Due after five years through ten years | 597 | |
Due after ten years | 16,197 | |
Total debt securities | 20,095 | 20,552 |
HTM, Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 3,289 | |
Due after five years through ten years | 591 | |
Due after ten years | 16,005 | |
Total debt securities | $ 19,886 | $ 20,047 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
AFS securities, Fair Value | ||
Less than 12 months | $ 1,270 | $ 536 |
12 months or more | 18,541 | 21,063 |
Total | 19,811 | 21,599 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 2 | 3 |
12 months or more | 527 | 895 |
Total | 529 | 898 |
HTM securities, Fair Value | ||
Less than 12 months | 1,521 | 962 |
12 months or more | 16,012 | 17,120 |
Total | 17,533 | 18,082 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 5 | 6 |
12 months or more | 235 | 530 |
Total | 240 | 536 |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 49 | 111 |
12 months or more | 1,442 | 2,121 |
Total | 1,491 | 2,232 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 43 | 84 |
Total | 43 | 84 |
HTM securities, Fair Value | ||
Less than 12 months | 400 | 698 |
12 months or more | 496 | 395 |
Total | 896 | 1,093 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 0 | 3 |
12 months or more | 2 | 3 |
Total | 2 | 6 |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 12 | 3 |
12 months or more | 179 | 176 |
Total | 191 | 179 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 6 | 9 |
Total | 6 | 9 |
HTM securities, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 1,768 | 1,749 |
Total | 1,768 | 1,749 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 15 | 43 |
Total | 15 | 43 |
Agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 1,165 | 322 |
12 months or more | 16,679 | 18,478 |
Total | 17,844 | 18,800 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 2 | 2 |
12 months or more | 466 | 785 |
Total | 468 | 787 |
HTM securities, Fair Value | ||
Less than 12 months | 1,121 | 264 |
12 months or more | 13,748 | 14,976 |
Total | 14,869 | 15,240 |
HTM securities, Unrealized Losses | ||
Less than 12 months | 5 | 3 |
12 months or more | 218 | 484 |
Total | 223 | 487 |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 44 | 100 |
12 months or more | 241 | 288 |
Total | 285 | 388 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 1 |
12 months or more | 12 | 17 |
Total | $ 12 | $ 18 |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Modifications that defaulted during the period that had been classified as a TDR during the previous 12 months | $ 18 | $ 23 | |
Residential mortgage loans in process of foreclosure | $ 258 | $ 253 |
Loans and ACL - Aging Analysis
Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable [Line Items] | ||
Current | $ 147,152 | $ 146,985 |
30-89 Days Past Due | 948 | 1,044 |
90 Days Or More Past Due | 431 | 462 |
Nonperforming | 526 | 522 |
Total | 149,057 | 149,013 |
Commercial | Commercial and industrial | ||
Financing Receivable [Line Items] | ||
Current | 61,746 | 61,701 |
30-89 Days Past Due | 36 | 34 |
90 Days Or More Past Due | 0 | 0 |
Nonperforming | 196 | 200 |
Total | 61,978 | 61,935 |
Commercial | CRE | ||
Financing Receivable [Line Items] | ||
Current | 20,751 | 20,990 |
30-89 Days Past Due | 3 | 5 |
90 Days Or More Past Due | 0 | 0 |
Nonperforming | 75 | 65 |
Total | 20,829 | 21,060 |
Commercial | Lease financing | ||
Financing Receivable [Line Items] | ||
Current | 2,094 | 2,014 |
30-89 Days Past Due | 3 | 1 |
90 Days Or More Past Due | 0 | 0 |
Nonperforming | 1 | 3 |
Total | 2,098 | 2,018 |
Retail | Residential mortgage | ||
Financing Receivable [Line Items] | ||
Current | 30,596 | 30,413 |
30-89 Days Past Due | 478 | 456 |
90 Days Or More Past Due | 377 | 405 |
Nonperforming | 121 | 119 |
Total | 31,572 | 31,393 |
Retail | Direct | ||
Financing Receivable [Line Items] | ||
Current | 11,337 | 11,463 |
30-89 Days Past Due | 67 | 61 |
90 Days Or More Past Due | 7 | 7 |
Nonperforming | 53 | 53 |
Total | 11,464 | 11,584 |
Retail | Indirect | ||
Financing Receivable [Line Items] | ||
Current | 17,122 | 16,901 |
30-89 Days Past Due | 316 | 436 |
90 Days Or More Past Due | 5 | 6 |
Nonperforming | 80 | 82 |
Total | 17,523 | 17,425 |
Revolving credit | ||
Financing Receivable [Line Items] | ||
Current | 3,111 | 3,090 |
30-89 Days Past Due | 27 | 28 |
90 Days Or More Past Due | 14 | 14 |
Nonperforming | 0 | 0 |
Total | 3,152 | 3,132 |
PCI | ||
Financing Receivable [Line Items] | ||
Current | 395 | 413 |
30-89 Days Past Due | 18 | 23 |
90 Days Or More Past Due | 28 | 30 |
Nonperforming | 0 | 0 |
Total | $ 441 | $ 466 |
Loans and ACL - Risk Rating (De
Loans and ACL - Risk Rating (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loans and leases | $ 149,057 | $ 149,013 |
Commercial | Commercial & Industrial | ||
Loans and leases | 61,978 | 61,935 |
Commercial | Commercial & Industrial | Pass | ||
Loans and leases | 60,514 | 60,655 |
Commercial | Commercial & Industrial | Special mention | ||
Loans and leases | 395 | 216 |
Commercial | Commercial & Industrial | Substandard-performing | ||
Loans and leases | 873 | 864 |
Commercial | Commercial & Industrial | Nonperforming | ||
Loans and leases | 196 | 200 |
Commercial | CRE | ||
Loans and leases | 20,829 | 21,060 |
Commercial | CRE | Pass | ||
Loans and leases | 20,460 | 20,712 |
Commercial | CRE | Special mention | ||
Loans and leases | 71 | 61 |
Commercial | CRE | Substandard-performing | ||
Loans and leases | 223 | 222 |
Commercial | CRE | Nonperforming | ||
Loans and leases | 75 | 65 |
Commercial | Lease Financing | ||
Loans and leases | 2,098 | 2,018 |
Commercial | Lease Financing | Pass | ||
Loans and leases | 2,082 | 2,012 |
Commercial | Lease Financing | Special mention | ||
Loans and leases | 3 | 0 |
Commercial | Lease Financing | Substandard-performing | ||
Loans and leases | 12 | 3 |
Commercial | Lease Financing | Nonperforming | ||
Loans and leases | 1 | 3 |
Retail | Residential mortgage | ||
Loans and leases | 31,572 | 31,393 |
Retail | Residential mortgage | Performing | ||
Loans and leases | 31,451 | 31,274 |
Retail | Residential mortgage | Nonperforming | ||
Loans and leases | 121 | 119 |
Retail | Direct | ||
Loans and leases | 11,464 | 11,584 |
Retail | Direct | Performing | ||
Loans and leases | 11,411 | 11,531 |
Retail | Direct | Nonperforming | ||
Loans and leases | 53 | 53 |
Retail | Indirect | ||
Loans and leases | 17,523 | 17,425 |
Retail | Indirect | Performing | ||
Loans and leases | 17,443 | 17,343 |
Retail | Indirect | Nonperforming | ||
Loans and leases | $ 80 | $ 82 |
Loans and ACL - Allowance for C
Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Provision for credit losses | $ 155 | $ 150 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 546 | 522 |
Charge-Offs | (17) | (23) |
Recoveries | 6 | 8 |
Provision for credit losses | 13 | 15 |
ACL, ending balance | 548 | 522 |
Commercial | CRE | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 190 | 160 |
Charge-Offs | (8) | (6) |
Recoveries | 1 | 2 |
Provision for credit losses | 13 | 19 |
ACL, ending balance | 196 | 175 |
Commercial | Lease financing | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 11 | 9 |
Charge-Offs | (1) | (1) |
Recoveries | 0 | 0 |
Provision for credit losses | 1 | 2 |
ACL, ending balance | 11 | 10 |
Retail | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 232 | 209 |
Charge-Offs | (5) | (4) |
Recoveries | 1 | 0 |
Provision for credit losses | (3) | 11 |
ACL, ending balance | 225 | 216 |
Retail | Direct | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 97 | 106 |
Charge-Offs | (18) | (19) |
Recoveries | 6 | 6 |
Provision for credit losses | 11 | 6 |
ACL, ending balance | 96 | 99 |
Retail | Indirect | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 356 | 348 |
Charge-Offs | (109) | (107) |
Recoveries | 17 | 15 |
Provision for credit losses | 94 | 91 |
ACL, ending balance | 358 | 347 |
Revolving credit | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 117 | 108 |
Charge-Offs | (26) | (21) |
Recoveries | 6 | 5 |
Provision for credit losses | 22 | 12 |
ACL, ending balance | 119 | 104 |
PCI | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 9 | 28 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | (1) | (3) |
ACL, ending balance | 8 | 25 |
ALLL | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 1,558 | 1,490 |
Charge-Offs | (184) | (181) |
Recoveries | 37 | 36 |
Provision for credit losses | 150 | 153 |
ACL, ending balance | 1,561 | 1,498 |
RUFC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 93 | 119 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 5 | (3) |
ACL, ending balance | 98 | 116 |
ACL | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
ACL, beginning balance | 1,651 | 1,609 |
Charge-Offs | (184) | (181) |
Recoveries | 37 | 36 |
Provision for credit losses | 155 | 150 |
ACL, ending balance | $ 1,659 | $ 1,614 |
Loans and ACL - Collectively Ev
Loans and ACL - Collectively Evaluated for Impairment (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Recorded Investment | $ 147,354 | $ 147,329 |
Related ALLL | 1,373 | 1,383 |
Commercial | Commercial and industrial | ||
Recorded Investment | 61,683 | 61,629 |
Related ALLL | 522 | 521 |
Commercial | CRE | ||
Recorded Investment | 20,721 | 20,960 |
Related ALLL | 175 | 181 |
Commercial | Lease financing | ||
Recorded Investment | 2,097 | 2,015 |
Related ALLL | 11 | 11 |
Retail | Residential mortgage | ||
Recorded Investment | 30,697 | 30,539 |
Related ALLL | 159 | 164 |
Retail | Direct | ||
Recorded Investment | 11,398 | 11,517 |
Related ALLL | 91 | 92 |
Retail | Indirect | ||
Recorded Investment | 17,194 | 17,099 |
Related ALLL | 299 | 299 |
Revolving credit | ||
Recorded Investment | 3,123 | 3,104 |
Related ALLL | 108 | 106 |
PCI | ||
Recorded Investment | 441 | 466 |
Related ALLL | $ 8 | $ 9 |
Loans and ACL - Individually Ev
Loans and ACL - Individually Evaluated for Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
UPB | $ 1,802 | $ 1,776 |
Recorded Investment Without an ALLL | 265 | 278 |
Recorded Investment With an ALLL | 1,438 | 1,406 |
Related ALLL | 188 | 175 |
Average Recorded Investment | 1,714 | 1,694 |
Interest Income Recognized | 22 | 93 |
Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 308 | 318 |
Recorded Investment Without an ALLL | 90 | 95 |
Recorded Investment With an ALLL | 205 | 211 |
Related ALLL | 26 | 25 |
Average Recorded Investment | 308 | 343 |
Interest Income Recognized | 1 | 6 |
Commercial | CRE | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 113 | 102 |
Recorded Investment Without an ALLL | 18 | 29 |
Recorded Investment With an ALLL | 90 | 71 |
Related ALLL | 21 | 9 |
Average Recorded Investment | 112 | 97 |
Interest Income Recognized | 0 | 2 |
Commercial | Lease financing | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 2 | 3 |
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 1 | 3 |
Related ALLL | 0 | 0 |
Average Recorded Investment | 2 | 6 |
Interest Income Recognized | 0 | 0 |
Retail | Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 927 | 904 |
Recorded Investment Without an ALLL | 126 | 122 |
Recorded Investment With an ALLL | 749 | 732 |
Related ALLL | 66 | 68 |
Average Recorded Investment | 869 | 841 |
Interest Income Recognized | 8 | 34 |
Retail | Direct | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 84 | 86 |
Recorded Investment Without an ALLL | 26 | 26 |
Recorded Investment With an ALLL | 40 | 41 |
Related ALLL | 5 | 5 |
Average Recorded Investment | 66 | 72 |
Interest Income Recognized | 1 | 4 |
Retail | Indirect | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 339 | 335 |
Recorded Investment Without an ALLL | 5 | 6 |
Recorded Investment With an ALLL | 324 | 320 |
Related ALLL | 59 | 57 |
Average Recorded Investment | 328 | 306 |
Interest Income Recognized | 12 | 46 |
Revolving credit | ||
Financing Receivable, Impaired [Line Items] | ||
UPB | 29 | 28 |
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 29 | 28 |
Related ALLL | 11 | 11 |
Average Recorded Investment | 29 | 29 |
Interest Income Recognized | $ 0 | $ 1 |
Loans and ACL - Summary of TDRs
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable [Line Items] | ||
Total TDRs | $ 1,308 | $ 1,295 |
ALLL attributable to TDRs | 146 | 146 |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 1,130 | 1,119 |
Nonperforming TDRs (also included in NPL disclosures) | ||
Financing Receivable [Line Items] | ||
Total TDRs | 178 | 176 |
Commercial | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 63 | 65 |
Commercial | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 9 | 10 |
Retail | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 669 | 656 |
Retail | Direct | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 54 | 55 |
Retail | Indirect | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | 306 | 305 |
Revolving credit | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Total TDRs | $ 29 | $ 28 |
Loans and ACL - Types of Modifi
Loans and ACL - Types of Modifications and Impact to Allowance (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Newly Designated TDRs | Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | $ 1 | $ 0 |
Newly Designated TDRs | Commercial | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 0 | 0 |
Newly Designated TDRs | Retail | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 4 | 5 |
Newly Designated TDRs | Retail | Direct | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 0 | 0 |
Newly Designated TDRs | Retail | Indirect | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 6 | 5 |
Newly Designated TDRs | Revolving credit | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 1 | 1 |
Newly Designated TDRs | Rate | Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 26 | 10 |
Newly Designated TDRs | Rate | Commercial | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1 | 19 |
Newly Designated TDRs | Rate | Retail | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 73 | 82 |
Newly Designated TDRs | Rate | Retail | Direct | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3 | 2 |
Newly Designated TDRs | Rate | Retail | Indirect | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 48 | 42 |
Newly Designated TDRs | Rate | Revolving credit | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 6 | 5 |
Newly Designated TDRs | Structure | Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3 | 10 |
Newly Designated TDRs | Structure | Commercial | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 0 | 1 |
Newly Designated TDRs | Structure | Retail | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8 | 10 |
Newly Designated TDRs | Structure | Retail | Direct | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1 | 0 |
Newly Designated TDRs | Structure | Retail | Indirect | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1 | 1 |
Newly Designated TDRs | Structure | Revolving credit | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 0 | 0 |
Re-Modification of Previously Designated TDRs | ||
Financing Receivable, Modifications [Line Items] | ||
ALLL Impact | 0 | 0 |
Re-Modification of Previously Designated TDRs | Rate | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 23 | 21 |
Re-Modification of Previously Designated TDRs | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 5 | $ 5 |
Other Assets and Liabilites - N
Other Assets and Liabilites - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Narrative [Abstract] | |
Operating Lease, Cost | $ 49 |
Other Assets and Liabilites - S
Other Assets and Liabilites - Schedule of Right of Use Assets and Future Maturities of Lease Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Right of Use Assets | |
Right-of-Use Asset, Operating Lease | $ 822 |
Right-of-Use Asset, Finance Lease | 19 |
Operating Lease Liabilities, Payments Due | |
2019, Operating Leases | 138 |
2020, Operating Leases | 188 |
2021, Operating Leases | 164 |
2022, Operating Leases | 139 |
2023, Operating Lease | 109 |
2024, Operating Leases | 85 |
Thereafter, Operating Leases | 264 |
Total lease payments, Operating Leases | 1,087 |
Less: imputed interest, Operating Lease | 128 |
Total lease liabilities, Operating Leases | $ 959 |
Weighted Average Remaining Lease Term, Operating Lease | 7 years 6 months |
Weighted Average Discount Rate, Percent, Operating Lease | 3.10% |
Finance Lease Liabilities, Payments, Due | |
2019, Finance Leases | $ 6 |
2020, Finance Leases | 7 |
2021, Finance Leases | 6 |
2022, Finance Leases | 5 |
2023, Finance Lease | 3 |
2024, Finance Leases | 2 |
Thereafter, Finance Leases | 3 |
Total lease payments, Finance Leases | 32 |
Less: imputed interest, Finance Leases | 5 |
Total lease liabilities, Finance Leases | $ 27 |
Weighted Average Remaining Lease Term, Finance Lease | 5 years 1 month 6 days |
Weighted Average Discount Rate, Percent, Finance Lease | 7.00% |
Other Assets and Liabilites -_2
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Other Assets and Liabilities | |||
Net | $ 2,078 | $ 2,118 | |
Assets held under operating leases | |||
Other Assets and Liabilities | |||
Assets held under operating leases | 1,365 | 1,378 | |
Accumulated depreciation | (389) | (374) | |
Net | 976 | $ 1,004 | |
Depreciation expense for assets under operating leases | $ 29 | $ 30 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,923 | $ 1,934 |
Accumulated Amortization | (1,197) | (1,176) |
Net Carrying Amount | 726 | 758 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 605 | 605 |
Accumulated Amortization | (471) | (460) |
Net Carrying Amount | 134 | 145 |
Other, primarily customer relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,318 | 1,329 |
Accumulated Amortization | (726) | (716) |
Net Carrying Amount | $ 592 | $ 613 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 1,202 | $ 1,180 | |
Residential | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
UPB of residential mortgage loan servicing portfolio | 117,980 | $ 118,605 | |
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 86,119 | 87,270 | |
Mortgage loans sold with recourse | 404 | 419 | |
Maximum recourse exposure from mortgage loans sold with recourse liability | 217 | 223 | |
Indemnification, recourse and repurchase reserves | 22 | $ 24 | |
UPB of residential mortgage loans sold from LHFS | 1,300 | 2,553 | |
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 17 | $ 39 | |
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 | 4.06% | 4.00% | |
Bank Servicing | Residential | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 61 | $ 65 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | $ 1,108 | |
Change in fair value due to changes in valuation inputs or assumptions: | ||
MSRs, carrying value, ending balance | 1,036 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | 957 | $ 914 |
Additions | 15 | 28 |
Change in fair value due to changes in valuation inputs or assumptions: | ||
Prepayment speeds | (55) | 61 |
OAS | 4 | 2 |
Servicing costs | 0 | 0 |
Realization of expected net servicing cash flows, passage of time and other | (33) | (32) |
MSRs, carrying value, ending balance | 888 | 973 |
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value | $ 52 | $ (63) |
Loan Servicing - Residential MS
Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Residential MSRs | |||
Servicing Assets at Fair Value [Line Items] | |||
Composition of loans serviced for others | 100.00% | 100.00% | |
Weighted average life | 5 years 7 months 6 days | 6 years 1 month 6 days | |
Residential MSRs | Min | |||
Servicing Assets at Fair Value [Line Items] | |||
Prepayment speed | 9.70% | 9.10% | |
OAS | 6.50% | 6.60% | |
Residential MSRs | Max | |||
Servicing Assets at Fair Value [Line Items] | |||
Prepayment speed | 12.00% | 10.50% | |
OAS | 8.20% | 8.30% | |
Residential MSRs | Weighted Average | |||
Servicing Assets at Fair Value [Line Items] | |||
Prepayment speed | 11.20% | 9.90% | |
Effect on fair value of a 10% increase | $ (36) | $ (34) | |
Effect on fair value of a 20% increase | $ (70) | $ (66) | |
OAS | 6.80% | 7.00% | |
Effect on fair value of a 10% increase | $ (22) | $ (24) | |
Effect on fair value of a 20% increase | $ (42) | $ (47) | |
Fixed-rate residential mortgage loans | |||
Servicing Assets at Fair Value [Line Items] | |||
Composition of loans serviced for others | 99.20% | 99.20% | |
Adjustable-rate residential mortgage loans | |||
Servicing Assets at Fair Value [Line Items] | |||
Composition of loans serviced for others | 0.80% | 0.80% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 1,036 | $ 1,108 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 27,749 | 27,761 |
CRE mortgages serviced for others covered by recourse provisions | 4,685 | 4,699 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 1,312 | 1,317 |
Recorded reserves related to recourse exposure | 6 | 6 |
CRE mortgages originated during the year-to-date period | 1,261 | 7,072 |
MSRs at fair value | $ 148 | $ 151 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 53,021 | $ 53,025 |
Interest checking | 28,028 | 28,130 |
Money market and savings | 63,739 | 63,467 |
Time deposits | 14,978 | 16,577 |
Total deposits | 159,766 | 161,199 |
Time deposits greater than $250,000 | $ 3,880 | $ 5,713 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instruments [Line Items] | ||
Long-term Debt, Carrying Amount | $ 24,729 | $ 23,709 |
Other long-term debt | ||
Debt Instruments [Line Items] | ||
Long-term Debt, Carrying Amount | $ 145 | 132 |
BB&T Corporation | Senior notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2025 | |
Effective Rate | 3.28% | |
Long-term Debt, Carrying Amount | $ 11,147 | 10,408 |
BB&T Corporation | Senior notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.05% | |
BB&T Corporation | Senior notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 6.85% | |
BB&T Corporation | Senior notes | Floating rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2020 | |
Maturity Date Range, End | Dec. 31, 2022 | |
Effective Rate | 3.26% | |
Long-term Debt, Carrying Amount | $ 1,948 | 2,398 |
BB&T Corporation | Senior notes | Floating rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.95% | |
BB&T Corporation | Senior notes | Floating rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.50% | |
BB&T Corporation | Subordinated notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2029 | |
Effective Rate | 2.90% | |
Long-term Debt, Carrying Amount | $ 1,562 | 903 |
BB&T Corporation | Subordinated notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.88% | |
BB&T Corporation | Subordinated notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 5.25% | |
Branch Bank | Senior notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2022 | |
Effective Rate | 3.02% | |
Long-term Debt, Carrying Amount | $ 4,918 | 4,895 |
Branch Bank | Senior notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 1.45% | |
Branch Bank | Senior notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.85% | |
Branch Bank | Senior notes | Floating rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2020 | |
Effective Rate | 3.22% | |
Long-term Debt, Carrying Amount | $ 1,149 | 1,149 |
Branch Bank | Senior notes | Floating rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 2.85% | |
Branch Bank | Senior notes | Floating rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.27% | |
Branch Bank | Subordinated notes | Fixed rate | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2025 | |
Maturity Date Range, End | Dec. 31, 2026 | |
Effective Rate | 3.61% | |
Long-term Debt, Carrying Amount | $ 2,114 | 2,075 |
Branch Bank | Subordinated notes | Fixed rate | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.63% | |
Branch Bank | Subordinated notes | Fixed rate | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 3.80% | |
Branch Bank | FHLB advances | ||
Debt Instruments [Line Items] | ||
Maturity Date Range, Start | Jan. 1, 2019 | |
Maturity Date Range, End | Dec. 31, 2034 | |
Effective Rate | 2.98% | |
Long-term Debt, Carrying Amount | $ 1,746 | $ 1,749 |
Weighted average maturity of FHLB advances | 3 years 9 months 18 days | |
Branch Bank | FHLB advances | Min | ||
Debt Instruments [Line Items] | ||
Stated Rate | 0.00% | |
Branch Bank | FHLB advances | Max | ||
Debt Instruments [Line Items] | ||
Stated Rate | 5.50% |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.405 | $ 0.375 |
Shareholders' Equity - Rollforw
Shareholders' Equity - Rollforward of RSUs, PSUs and Restricted Shares (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Units/Shares | |
Nonvested, beginning balance (in units/shares) | shares | 12,060 |
Granted (in units/shares) | shares | 3,914 |
Vested (in units/shares) | shares | (3,181) |
Forfeited (in units/shares) | shares | (50) |
Nonvested, ending balance (in units/shares) | shares | 12,743 |
Wtd. Avg. Grant Date Fair Value | |
Nonvested, beginning balance (in usd per units/share) | $ / shares | $ 38.03 |
Granted (in usd per units/share) | $ / shares | 44.39 |
Vested (in usd per units/share) | $ / shares | 35.02 |
Forfeited (in usd per units/share) | $ / shares | 39.73 |
Nonvested, ending balance (in usd per units/share) | $ / shares | $ 40.72 |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amounts reclassified from AOCI: | ||
OCI | $ 294 | $ (178) |
Pension and OPEB Costs | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (1,164) | (1,004) |
OCI before reclassifications, net of tax | 0 | 0 |
Amounts reclassified from AOCI: | ||
OCI | 17 | 14 |
AOCI, ending balance | (1,147) | (990) |
Pension and OPEB Costs | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 23 | 18 |
Tax effect | 6 | 4 |
Amounts reclassified, net of tax | 17 | 14 |
Cash Flow Hedges | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (31) | (92) |
OCI before reclassifications, net of tax | (30) | 70 |
Amounts reclassified from AOCI: | ||
OCI | (34) | 78 |
AOCI, ending balance | (65) | (14) |
Cash Flow Hedges | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | (5) | 11 |
Tax effect | (1) | 3 |
Amounts reclassified, net of tax | (4) | 8 |
AFS Securities | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (500) | (356) |
OCI before reclassifications, net of tax | 314 | (282) |
Amounts reclassified from AOCI: | ||
OCI | 309 | (268) |
AOCI, ending balance | (191) | (624) |
AFS Securities | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | (6) | 19 |
Tax effect | (1) | 5 |
Amounts reclassified, net of tax | (5) | 14 |
Other, net | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (20) | (15) |
OCI before reclassifications, net of tax | 2 | (2) |
Amounts reclassified from AOCI: | ||
OCI | 2 | (2) |
AOCI, ending balance | (18) | (17) |
Other, net | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 0 | 0 |
Tax effect | 0 | 0 |
Amounts reclassified, net of tax | 0 | 0 |
Total | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (1,715) | (1,467) |
OCI before reclassifications, net of tax | 286 | (214) |
Amounts reclassified from AOCI: | ||
OCI | 294 | (178) |
AOCI, ending balance | (1,421) | (1,645) |
Total | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 12 | 48 |
Tax effect | 4 | 12 |
Amounts reclassified, net of tax | $ 8 | $ 36 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 18.20% | 19.00% |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Discretionary contributions | $ 549 |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net periodic pension cost: | ||
Service cost | $ 54 | $ 60 |
Interest cost | 57 | 50 |
Estimated return on plan assets | (113) | (112) |
Amortization and other | 25 | 20 |
Net periodic benefit cost | $ 23 | $ 18 |
Commitments and Contingencies -
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investments in affordable housing projects | ||
Other Commitments [Line Items] | ||
Carrying amount | $ 2,152 | $ 2,088 |
Amount of future funding commitments included in carrying amount | 949 | 919 |
Lending exposure | 455 | 460 |
Tax credits subject to recapture | 489 | 523 |
Private equity investments | ||
Other Commitments [Line Items] | ||
Carrying amount | 460 | 458 |
Amount of future funding commitments not included in carrying amount | $ 313 | $ 331 |
Commitments and Contingencies_2
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Pledged securities | $ 14,070 | $ 13,237 |
Pledged loans | $ 78,430 | $ 77,847 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | Mar. 31, 2019Multiple |
Private Equity Investments | Minimum | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 5 |
Private Equity Investments | Maximum | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 14 |
Private Equity Investments | Weighted average | EBITDA Multiple | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable inputs, EBITDA multiples | 9 |
Re-REMIC | Non-agency MBS | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Difference between fair value of securities held and the fair value of the underlying securities, percentage | 20.30% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
AFS securities | $ 26,315 | $ 25,038 |
LHFS at fair value | 834 | 988 |
MSRs | 1,036 | 1,108 |
Trading and equity securities | 1,898 | 767 |
Derivative assets | 338 | 246 |
Private equity investments | 388 | 393 |
Total assets | 30,809 | 28,540 |
Liabilities | ||
Derivative liabilities | 180 | 247 |
Securities sold short | 250 | 145 |
Total liabilities | 430 | 392 |
Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
LHFS at fair value | 0 | 0 |
MSRs | 0 | 0 |
Trading and equity securities | 371 | 374 |
Derivative assets | 1 | 0 |
Private equity investments | 0 | 0 |
Total assets | 372 | 374 |
Liabilities | ||
Derivative liabilities | 0 | 1 |
Securities sold short | 0 | 0 |
Total liabilities | 0 | 1 |
Level 2 | ||
Assets | ||
AFS securities | 25,929 | 24,647 |
LHFS at fair value | 834 | 988 |
MSRs | 0 | 0 |
Trading and equity securities | 1,516 | 390 |
Derivative assets | 327 | 234 |
Private equity investments | 0 | 0 |
Total assets | 28,606 | 26,259 |
Liabilities | ||
Derivative liabilities | 177 | 246 |
Securities sold short | 250 | 145 |
Total liabilities | 427 | 391 |
Level 3 | ||
Assets | ||
AFS securities | 386 | 391 |
LHFS at fair value | 0 | 0 |
MSRs | 1,036 | 1,108 |
Trading and equity securities | 11 | 3 |
Derivative assets | 10 | 12 |
Private equity investments | 388 | 393 |
Total assets | 1,831 | 1,907 |
Liabilities | ||
Derivative liabilities | 3 | 0 |
Securities sold short | 0 | 0 |
Total liabilities | 3 | 0 |
U.S. Treasury | ||
Assets | ||
AFS securities | 1,878 | 3,441 |
U.S. Treasury | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
U.S. Treasury | Level 2 | ||
Assets | ||
AFS securities | 1,878 | 3,441 |
U.S. Treasury | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | ||
Assets | ||
AFS securities | 233 | 200 |
GSE | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
GSE | Level 2 | ||
Assets | ||
AFS securities | 233 | 200 |
GSE | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | ||
Assets | ||
AFS securities | 23,047 | 20,155 |
Agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Agency MBS | Level 2 | ||
Assets | ||
AFS securities | 23,047 | 20,155 |
Agency MBS | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | ||
Assets | ||
AFS securities | 626 | 701 |
States and political subdivisions | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
States and political subdivisions | Level 2 | ||
Assets | ||
AFS securities | 626 | 701 |
States and political subdivisions | Level 3 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | ||
Assets | ||
AFS securities | 497 | 505 |
Non-agency MBS | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Non-agency MBS | Level 2 | ||
Assets | ||
AFS securities | 111 | 114 |
Non-agency MBS | Level 3 | ||
Assets | ||
AFS securities | 386 | 391 |
Other | ||
Assets | ||
AFS securities | 34 | 36 |
Other | Level 1 | ||
Assets | ||
AFS securities | 0 | 0 |
Other | Level 2 | ||
Assets | ||
AFS securities | 34 | 36 |
Other | Level 3 | ||
Assets | ||
AFS securities | $ 0 | $ 0 |
Fair Value Disclosures - Rollfo
Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Trading and equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 3 | $ 0 |
Included in earnings | 0 | 0 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 |
Purchases | 15 | 0 |
Issuances | 0 | 0 |
Sales | (7) | 0 |
Settlements | 0 | 0 |
Ending balance | 11 | 0 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 0 | |
Non-agency MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 391 | 432 |
Included in earnings | 2 | (1) |
Included in unrealized net holding gains (losses) in OCI | 1 | 23 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (8) | (13) |
Ending balance | 386 | 441 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 2 | |
MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,108 | 1,056 |
Included in earnings | (54) | 68 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 22 | 37 |
Sales | 0 | 0 |
Settlements | (40) | (42) |
Ending balance | 1,036 | 1,119 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (54) | |
Net Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 12 | 3 |
Included in earnings | 8 | 0 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 17 | (5) |
Sales | 0 | 0 |
Settlements | (30) | 9 |
Ending balance | 7 | 7 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 7 | |
Private Equity Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 393 | 404 |
Included in earnings | 23 | 6 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 |
Purchases | 7 | 24 |
Issuances | 0 | 0 |
Sales | (33) | (24) |
Settlements | (2) | (10) |
Ending balance | 388 | $ 400 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 4 |
Fair Value Disclosures - Loans
Fair Value Disclosures - Loans Held for Sale (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
LHFS at fair value | $ 834 | $ 988 |
Aggregate UPB | 824 | 975 |
Difference | $ 10 | $ 13 |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 154 | $ 185 |
Valuation Adjustments | (18) | (12) |
Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 33 | 40 |
Valuation Adjustments | $ (63) | $ (66) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
HTM securities | $ 19,886 | $ 20,047 |
Loans and leases HFI, net of ALLL | 147,496 | 147,455 |
Financial liabilities: | ||
Time deposits | 14,978 | 16,577 |
Long-term debt | 24,729 | 23,709 |
Carrying Amount | ||
Financial assets: | ||
HTM securities | 20,095 | 20,552 |
Loans and leases HFI, net of ALLL | 147,496 | 147,455 |
Financial liabilities: | ||
Time deposits | 14,978 | 16,577 |
Long-term debt | 24,729 | 23,709 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 19,886 | 20,047 |
Financial liabilities: | ||
Time deposits | 15,026 | 16,617 |
Long-term debt | 24,977 | 23,723 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 146,077 | $ 145,591 |
Fair Value Disclosures - Off-Ba
Fair Value Disclosures - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments to extend, originate or purchase credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | $ 73,918 | $ 72,435 |
Fair Value | 302 | 280 |
Residential mortgage loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 404 | 419 |
Fair Value | 3 | 3 |
CRE mortgages serviced for others covered by recourse provisions | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 4,685 | 4,699 |
Fair Value | 6 | 6 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional/Contract Amount | 2,267 | 2,389 |
Fair Value | $ 17 | $ 18 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - Risk Participation Agreements Sold - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 674 | $ 446 |
Credit Derivative, Maximum Exposure, Undiscounted | $ 38 | $ 26 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 72,998 | $ 67,738 |
Fair Value, Gain | 338 | 246 |
Fair Value, Loss | (180) | (247) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | (44) | (47) |
Cash collateral (received) posted | (50) | (53) |
Net amount | 244 | 146 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements not offset due to policy election | 44 | 47 |
Cash collateral (received) posted | 64 | 82 |
Net amount | (72) | (118) |
Cash flow hedges | Interest rate contracts | Pay fixed swaps | 3 mo. LIBOR funding | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 6,500 | 6,500 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | 0 | 0 |
Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 18,572 | 18,457 |
Fair Value, Gain | 41 | 7 |
Fair Value, Loss | (56) | (76) |
Fair value hedges | Interest rate contracts | Pay fixed swaps | Commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 499 | 505 |
Fair Value, Gain | 1 | 2 |
Fair Value, Loss | 0 | 0 |
Fair value hedges | Interest rate contracts | Pay fixed swaps | Municipal securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 259 | 259 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | 0 | 0 |
Fair value hedges | Interest rate contracts | Receive fixed swaps | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 13,029 | 12,908 |
Fair Value, Gain | 40 | 5 |
Fair Value, Loss | (54) | (74) |
Fair value hedges | Interest rate contracts | Options | Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,785 | 4,785 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (2) | (2) |
Not designated as hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 47,926 | 42,781 |
Fair Value, Gain | 297 | 239 |
Fair Value, Loss | (124) | (171) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 31,220 | 27,655 |
Fair Value, Gain | 253 | 165 |
Fair Value, Loss | (104) | (148) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Pay fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 11,774 | 11,523 |
Fair Value, Gain | 9 | 19 |
Fair Value, Loss | (43) | (32) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Receive fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 12,452 | 11,577 |
Fair Value, Gain | 228 | 128 |
Fair Value, Loss | (46) | (98) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,384 | 1,143 |
Fair Value, Gain | 1 | 2 |
Fair Value, Loss | (2) | (3) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 5,042 | 2,883 |
Fair Value, Gain | 12 | 11 |
Fair Value, Loss | (11) | (13) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 568 | 529 |
Fair Value, Gain | 3 | 5 |
Fair Value, Loss | (2) | (2) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,604 | 2,726 |
Fair Value, Gain | 12 | 16 |
Fair Value, Loss | (18) | (21) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,092 | 702 |
Fair Value, Gain | 10 | 12 |
Fair Value, Loss | (3) | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,314 | 1,753 |
Fair Value, Gain | 1 | 2 |
Fair Value, Loss | (15) | (20) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 198 | 271 |
Fair Value, Gain | 1 | 2 |
Fair Value, Loss | 0 | (1) |
Not designated as hedges | MSRs | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 13,102 | 12,400 |
Fair Value, Gain | 32 | 58 |
Fair Value, Loss | (2) | (2) |
Not designated as hedges | MSRs | Interest rate contracts | Pay fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,822 | 3,224 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | (1) | 0 |
Not designated as hedges | MSRs | Interest rate contracts | Receive fixed swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,629 | 4,328 |
Fair Value, Gain | 1 | 0 |
Fair Value, Loss | 0 | 0 |
Not designated as hedges | MSRs | Interest rate contracts | Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,080 | 3,155 |
Fair Value, Gain | 25 | 48 |
Fair Value, Loss | 0 | (2) |
Not designated as hedges | MSRs | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,517 | 1,590 |
Fair Value, Gain | 6 | 10 |
Fair Value, Loss | (1) | 0 |
Not designated as hedges | MSRs | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 54 | 103 |
Fair Value, Gain | 0 | 0 |
Fair Value, Loss | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - Fair Value Hedges - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
AFS securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset / Liability Basis | $ 497 | $ 493 |
AFS securities | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 12 | 5 |
AFS securities | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 53 | 54 |
Loans and leases | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset / Liability Basis | 563 | 562 |
Loans and leases | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 8 | 0 |
Loans and leases | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | (2) | (3) |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset / Liability Basis | 15,505 | 15,397 |
Long-term debt | Items Currently Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | 18 | (98) |
Long-term debt | Items No Longer Designated | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge Basis Adjustment | $ 5 | $ 12 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) recognized in OCI | $ (40) | $ 93 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) reclassified from AOCI into interest expense | 5 | (11) |
Deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) recognized in OCI | (10) | 21 |
Deposits | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) reclassified from AOCI into interest expense | 2 | (2) |
Short-term borrowings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) recognized in OCI | (10) | 0 |
Short-term borrowings | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) reclassified from AOCI into interest expense | 1 | 0 |
Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) recognized in OCI | (20) | 72 |
Long-term debt | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax gain (loss) reclassified from AOCI into interest expense | $ 2 | $ (9) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - Net interest income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net income (expense) recognized | $ (16) | $ 17 |
AFS securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | 0 | (2) |
Recognized on derivatives | (7) | 11 |
Recognized on hedged items | 5 | (11) |
Net income (expense) recognized | (2) | (2) |
Loans and leases | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | 0 | 0 |
Recognized on derivatives | (8) | 3 |
Recognized on hedged items | 8 | (3) |
Net income (expense) recognized | 0 | 0 |
Long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts related to interest settlements | (22) | 8 |
Recognized on derivatives | 116 | (181) |
Recognized on hedged items | (108) | 192 |
Net income (expense) recognized | $ (14) | $ 19 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ 63 | $ (41) |
Client-related and other risk management | Interest rate contracts | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 10 | 15 |
Client-related and other risk management | Foreign exchange contracts | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 2 | 7 |
Mortgage banking | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (3) | 4 |
MSRs | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ 54 | $ (67) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Cash flow hedges | ||
Derivative [Line Items] | ||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | $ (49) | $ (18) |
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | (16) | (13) |
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 | $ (10) | $ 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 | 3 years | 4 years |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) | $ (46) | $ (39) |
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months | $ 7 | $ 15 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | $ 50 | $ 53 |
Cash collateral posted | 64 | 82 |
Dealer Counterparties | ||
Credit Derivatives [Line Items] | ||
Cash collateral received from dealer counterparties | 53 | 56 |
Derivatives in a net gain position secured by collateral received | 52 | 55 |
Unsecured positions in a net gain with dealer counterparties after collateral postings | 2 | 2 |
Cash collateral posted | 56 | 75 |
Derivatives in a net loss position | 59 | 76 |
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade | 3 | 1 |
Central Clearing Parties | ||
Credit Derivatives [Line Items] | ||
Cash collateral posted | 14 | 17 |
Derivatives in a net loss position | 22 | 8 |
Securities pledged to central clearing parties | $ 141 | $ 124 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 749 | $ 745 |
Weighted average number of common shares (in shares) | 764,135 | 779,617 |
Effect of dilutive outstanding equity-based awards (in shares) | 9,936 | 11,388 |
Weighted average number of diluted common shares (in shares) | 774,071 | 791,005 |
Basic EPS (in dollars per share) | $ 0.98 | $ 0.96 |
Diluted EPS (in dollars per share) | $ 0.97 | $ 0.94 |
Anti-dilutive awards (in shares) | 0 | 90 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Number of Major Reportable Business Segments | 4 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | $ 1,696 | $ 1,633 | ||
Allocated provision for credit losses | 155 | 150 | ||
Segment net interest income after provision | 1,541 | 1,483 | ||
Noninterest income | 1,202 | 1,180 | ||
Noninterest expense | 1,768 | 1,686 | ||
Income before income taxes | 975 | 977 | ||
Provision for income taxes | 177 | 186 | ||
Net income | 798 | 791 | ||
Identifiable assets (period end) | 227,683 | $ 225,697 | ||
CB-Retail | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 843 | 837 | ||
CB-Commercial | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 536 | 464 | ||
FS&CF | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 189 | 159 | ||
IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 34 | 26 | ||
OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | 94 | 147 | |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 1,696 | 1,633 | ||
Allocated provision for credit losses | 155 | 150 | ||
Segment net interest income after provision | 1,541 | 1,483 | ||
Noninterest income | 1,202 | 1,180 | ||
Noninterest expense | 1,768 | 1,686 | ||
Income before income taxes | 975 | 977 | ||
Provision for income taxes | 177 | 186 | ||
Net income | 798 | 791 | ||
Identifiable assets (period end) | 227,683 | 220,729 | ||
Operating Segments | CB-Retail | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 952 | 885 | ||
Allocated provision for credit losses | 130 | 122 | ||
Segment net interest income after provision | 822 | 763 | ||
Noninterest income | 322 | 340 | ||
Noninterest expense | 645 | 660 | ||
Income before income taxes | 499 | 443 | ||
Provision for income taxes | 120 | 109 | ||
Net income | 379 | 334 | ||
Identifiable assets (period end) | 73,379 | 70,102 | ||
Operating Segments | CB-Commercial | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 580 | 534 | ||
Allocated provision for credit losses | 19 | 37 | ||
Segment net interest income after provision | 561 | 497 | ||
Noninterest income | 109 | 106 | ||
Noninterest expense | 251 | 253 | ||
Income before income taxes | 419 | 350 | ||
Provision for income taxes | 91 | 79 | ||
Net income | 328 | 271 | ||
Identifiable assets (period end) | 56,702 | 56,438 | ||
Operating Segments | FS&CF | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 210 | 177 | ||
Allocated provision for credit losses | 1 | (5) | ||
Segment net interest income after provision | 209 | 182 | ||
Noninterest income | 284 | 301 | ||
Noninterest expense | 297 | 301 | ||
Income before income taxes | 196 | 182 | ||
Provision for income taxes | 40 | 38 | ||
Net income | 156 | 144 | ||
Identifiable assets (period end) | 33,141 | 29,766 | ||
Operating Segments | IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 23 | 20 | ||
Allocated provision for credit losses | 3 | 1 | ||
Segment net interest income after provision | 20 | 19 | ||
Noninterest income | 515 | 439 | ||
Noninterest expense | 417 | 375 | ||
Income before income taxes | 118 | 83 | ||
Provision for income taxes | 30 | 21 | ||
Net income | 88 | 62 | ||
Identifiable assets (period end) | 6,376 | 5,789 | ||
Operating Segments | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | (69) | 17 | |
Allocated provision for credit losses | [1] | 2 | (5) | |
Segment net interest income after provision | [1] | (71) | 22 | |
Noninterest income | [1] | (28) | (6) | |
Noninterest expense | [1] | 158 | 97 | |
Income before income taxes | [1] | (257) | (81) | |
Provision for income taxes | [1] | (104) | (61) | |
Net income | [1] | (153) | (20) | |
Identifiable assets (period end) | [1] | 58,085 | $ 58,634 | |
Intersegment Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 0 | 0 | ||
Intersegment Eliminations | CB-Retail | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 109 | 48 | ||
Intersegment Eliminations | CB-Commercial | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 44 | 70 | ||
Intersegment Eliminations | FS&CF | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | 21 | 18 | ||
Intersegment Eliminations | IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | (11) | (6) | ||
Intersegment Eliminations | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | $ (163) | $ (130) | |
[1] | Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |