BB&T 2007 Annual Report Download - page 119

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
between current levels of interest rates and the committed rates. 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. The fair values of commitments to fund affordable housing investments are estimated using
the net present value of future commitments.
The following is a summary of the carrying amounts and fair values of BB&T’s financial assets and liabilities
as of the period indicated:
December 31,
2007 2006
Carrying
Amount Fair
Value Carrying
Amount Fair
Value
(Dollars in millions)
Financial assets:
Cash and cash equivalents $ 3,117 $ 3,117 $ 2,712 $ 2,712
Segregated cash due from banks 208 208 153 153
Trading securities 1,009 1,009 2,147 2,147
Securities available for sale 22,419 22,419 20,721 20,721
Derivative assets 409 409 135 135
Loans and leases, net of unearned income:
Loans (1) 90,035 89,967 81,342 81,002
Leases 1,651 NA 2,249 NA
Allowance for loan and lease losses (1,004) NA (888) NA
Net loans and leases $90,682 $82,703
Financial liabilities:
Deposits $86,766 84,445 $80,971 77,696
Federal funds purchased, securities sold under repurchase agreements
and short-term borrowed funds 10,634 10,634 8,087 8,087
Derivative liabilities 228 228 180 180
Long-term debt 18,687 18,662 15,901 16,252
Capitalized leases 6 NA 3 NA
(1) Includes loans held for sale.
NA—not applicable
The following is a summary of the notional or contractual amounts and fair values of BB&T’s off-balance
sheet instruments as of the period indicated:
December 31,
2007 2006
Notional/
Contract
Amount Fair
Value
Notional/
Contract
Amount Fair
Value
(Dollars in millions)
Contractual commitments:
Commitments to extend, originate or purchase credit $34,295 $ 52 $32,978 $ 50
Mortgage loans sold with recourse 170 — 214 1
Other assets sold with recourse 2,140 5 — —
Standby and commercial letters of credit and financial guarantees written 3,408 5 3,222 3
Commitments to fund affordable housing investments 444 402 183 161
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