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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The amortized cost and estimated fair value of the debt securities portfolio at December 31, 2008, by
contractual maturity, are shown in the accompanying table. The expected life of mortgage-backed securities will
differ from contractual maturities because borrowers may have the right to call or prepay the underlying
mortgage loans with or without call or prepayment penalties. For purposes of the maturity table, mortgage-
backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based
on the weighted average contractual maturities of underlying collateral.
December 31, 2008
Available for Sale
Amortized
Cost Fair
Value
(Dollars in millions)
Debt Securities:
Due in one year or less $ 365 $ 367
Due after one year through five years 1,339 1,339
Due after five years through ten years 1,360 1,362
Due after ten years 29,594 29,093
Total debt securities 32,658 32,161
Total equity securities 702 682
Total securities $33,360 $32,843
The following tables reflect the gross unrealized losses and fair value of BB&T’s investments at
December 31, 2008 and 2007, aggregated by investment category and length of time that individual securities
have been in a continuous unrealized loss position.
December 31, 2008
Less than 12 months 12 months or more Total
Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses
(Dollars in millions)
Securities:
Mortgage-backed securities issued by GSE $4,388 $ 24 $ 191 $ 1 $ 4,579 $ 25
States and political subdivisions 1,174 174 328 170 1,502 344
Non-agency mortgage-backed securities 629 235 469 240 1,098 475
Equity and other securities 159 33 20 1 179 34
Total temporarily impaired securities $6,350 $466 $1,008 $412 $ 7,358 $878
December 31, 2007
Less than 12 months 12 months or more Total
Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses
(Dollars in millions)
Securities:
U.S. government-sponsored entities (GSE) $1,537 $ 16 $3,701 $ 19 $ 5,238 $ 35
Mortgage-backed securities issued by GSE 3,236 39 797 16 4,033 55
States and political subdivisions 354 51 1 — 355 51
Non-agency mortgage-backed securities 1,111 28 24 — 1,135 28
Equity and other securities 412 18 61 1 473 19
Total temporarily impaired securities $6,650 $152 $4,584 $ 36 $11,234 $188
BB&T periodically evaluates available-for-sale securities for other-than-temporary impairment. Based on its
evaluations during 2008, BB&T recorded $104 million of other-than-temporary impairments related to certain
debt and equity securities. No other-than-temporary impairments were recorded during 2007 and 2006.
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