BB&T 2009 Annual Report Download - page 109

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Fannie Mae investments had total amortized cost and fair values of $18.1 billion at December 31, 2009, while
Freddie Mac investments had total amortized cost and fair values of $7.4 billion.
At December 31, 2009, non-agency mortgage-backed securities primarily consisted of residential mortgage-
backed securities. Equity securities include investments in stock issued by the FHLB of Atlanta. At
December 31, 2009 and 2008, BB&T held $656 million and $479 million, respectively, of investments in FHLB
stock.
The gross realized gains and losses and other than temporary impairments recognized in net income during
2009, 2008 and 2007 are reflected in the following table:
As of December 31
2009 2008 2007
Gross gains $241 $ 244 $ 22
Gross losses (1) (33) (25)
Net realized gains/(losses) 240 211 (3)
OTTI recognized in net income (41) (104) —
Net securities gains/(losses) $199 $ 107 $ (3)
The amortized cost and estimated fair value of the debt securities portfolio at December 31, 2009, 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 included in maturity groupings based on
the contractual maturity.
December 31, 2009
Available for Sale
Amortized
Cost Fair
Value
(Dollars in millions)
Debt Securities:
Due in one year or less $ 156 $ 157
Due after one year through five years 164 168
Due after five years through ten years 3,662 3,661
Due after ten years 29,431 29,043
Total debt securities 33,413 33,029
Total securities with no stated maturity 859 880
Total securities $34,272 $33,909
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