BB&T 2007 Annual Report Download - page 98

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 9. Federal Funds Purchased, Securities Sold Under Agreements to Repurchase
and Short-Term Borrowed Funds
Federal funds purchased, securities sold under agreements to repurchase and short-term borrowed funds are
summarized as follows:
December 31,
2007 2006
(Dollars in millions)
Federal funds purchased $ 1,190 $2,002
Securities sold under agreements to repurchase 2,530 2,090
Master notes 1,797 1,447
U.S. Treasury tax and loan deposit notes payable 1,809 1,943
Other short-term borrowed funds 3,308 605
Total $10,634 $8,087
Federal funds purchased represent unsecured borrowings from other banks and generally mature daily.
Securities sold under agreements to repurchase are borrowings collateralized primarily by securities of the U.S.
government or its agencies. U.S. Treasury tax and loan deposit notes payable are payable to the U.S. Treasury
upon demand or for periods of less than one month. Master notes are unsecured, non-negotiable obligations of
BB&T Corporation (variable rate commercial paper) that mature in less than one year. Other short-term
borrowed funds consist primarily of unsecured bank notes that mature in less than one year and bank obligations
with a maturity of seven days that are collateralized by municipal securities.
A summary of selected data related to Federal funds purchased, securities sold under agreements to
repurchase and short-term borrowed funds follows:
As of /
For the Year Ended December 31,
2007 2006 2005
(Dollars in millions)
Maximum outstanding at any month-end during the year $11,663 $8,782 $9,452
Balance outstanding at end of year 10,634 8,087 6,562
Average outstanding during the year 9,325 7,006 7,386
Average interest rate during the year 4.39% 4.30% 3.04%
Average interest rate at end of year 3.64 4.67 3.85
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