BB&T 2011 Annual Report Download - page 117
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NOTE 6. Goodwill and Other Intangible Assets
The changes in the carrying amounts of goodwill attributable to each of BB&T’s operating segments for the years ended
December 31, 2011 and 2010 are reflected in the table below. To date, there have been no goodwill impairments recorded
by BB&T.
Community
Banking
Residential
Mortgage
Banking
Dealer
Financial
Services
Specialized
Lending
Insurance
Services
Financial
Services Total
(Dollars in millions)
Balance, January 1, 2010 $ 4,587 $ 7 $ 111 $ 100 $ 1,056 $ 192 $ 6,053
Contingent consideration ———— 9 — 9
Other adjustments (50) — — (6) 2 — (54)
Balance, December 31, 2010 $ 4,537 $ 7 $ 111 $ 94 $ 1,067 $ 192 $ 6,008
Acquired goodwill, net ————45 —45
Contingent consideration ————20 —20
Other adjustments 5 — — — — — 5
Balance, December 31, 2011 $ 4,542 $ 7 $ 111 $ 94 $ 1,132 $ 192 $ 6,078
The following table presents the gross carrying amounts and accumulated amortization for BB&T’s identifiable intangible
assets subject to amortization at the dates presented:
December 31, 2011 December 31, 2010
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
(Dollars in millions)
Identifiable intangible assets:
Core deposit intangibles $ 626 $ (484) $ 142 $ 626 $ (438) $ 188
Other (1) 787 (485) 302 752 (432) 320
Totals $ 1,413 $ (969) $ 444 $ 1,378 $ (870) $ 508
(1) Other identifiable intangibles are primarily customer relationship intangibles.
During the years ended December 31, 2011, 2010 and 2009, BB&T incurred $99 million, $122 million and $114 million,
respectively, in pre-tax amortization expenses associated with core deposit intangibles and other intangible assets. At
December 31, 2011, the weighted-average remaining life of core deposit intangibles and other identifiable intangibles was
8.1 years and 12.6 years, respectively.
Estimated amortization expense of identifiable intangible assets for each for the next five years total $85 million, $69
million, $56 million, $46 million and $39 million.
NOTE 7. Loan Servicing
Residential Mortgage Banking Activities
The following table includes a summary of residential mortgage loans managed or securitized and related delinquencies
and net charge-offs:
December 31,
2011 2010
(Dollars in millions)
Mortgage loans managed or securitized (1) $ 26,559 $ 23,692
Less: Loans securitized and transferred to securities available for sale 4 4
Loans held for sale 3,394 3,068
Covered mortgage loans 1,264 1,446
Mortgage loans sold with recourse 1,316 1,624
Mortgage loans held for investment $ 20,581 $ 17,550
Mortgage loans on nonaccrual status $ 308 $ 466
Mortgage loans 90 days or more past due and still accruing interest (2) 104 143
Mortgage loans net charge-offs 264 390
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