BB&T 2009 Annual Report Download - page 144

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Assets and liabilities measured at fair value on a recurring basis, including financial instruments for which
BB&T has elected the Fair Value Option are summarized below:
12/31/2009
Fair Value Measurements for Assets and Liabilities
Measured on a Recurring Basis
Level 1 Level 2 Level 3
(Dollars in Millions)
Assets:
Trading securities $ 636 $ 255 $ 288 $ 93
Securities available for sale:
U.S. government-sponsored entities (GSE) 2,035 — 2,035 —
Mortgage-backed securities issued by GSE 26,670 — 26,670 —
States and political subdivisions 2,107 — 1,897 210
Non-agency mortgage-backed securities 1,022 — 1,022 —
Equity and other securities 874 166 699 9
Covered securities 1,201 — 533 668
Loans held for sale 2,551 — 2,551 —
Residential mortgage servicing rights 832 — — 832
Derivative assets (2) 983 1 975 7
Venture capital and similar investments (2) 281 — — 281
Total assets $39,192 $422 $36,670 $2,100
Liabilities:
Derivative liabilities (2) $ 700 $ 5 $ 668 $ 27
Short-term borrowed funds (3) 295 — 295 —
Total liabilities $ 995 $ 5 $ 963 $ 27
12/31/2008
Fair Value Measurements for Assets and Liabilities
Measured on a Recurring Basis
Level 1 Level 2 Level 3
(Dollars in Millions)
Assets:
Trading securities $ 376 $ 204 $ 168 $ 4
Securities available for sale 32,843 170 31,574 1,099
Loans held for sale (1) 1,396 — 1,396 —
Residential mortgage servicing rights 370 — — 370
Derivative assets (2) 1,723 4 1,681 38
Venture capital and similar investments (2) 183 — 1 182
Total assets $36,891 $378 $34,820 $1,693
Liabilities:
Derivative liabilities (2) $ 1,097 $ 11 $ 1,085 $ 1
Short-term borrowed funds (3) 149 — 149 —
Total liabilities $ 1,246 $ 11 $ 1,234 $ 1
(1) There were $28 million in loans held for sale that are accounted for at lower of cost or market at
December 31, 2008.
(2) These amounts are reflected in other assets and other liabilities on the Consolidated Balance Sheets.
(3) Short-term borrowed funds reflect securities sold short positions.
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