BB&T 2012 Annual Report Download - page 148
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126
NOTE 18. Fair Value Disclosures
BB&T carries various assets and liabilities at fair value based on applicable accounting standards, including prime residential
mortgage and commercial mortgage loans originated as LHFS. Accounting standards define fair value as the exchange price
that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most
advantageous market available to the entity in an orderly transaction between market participants. These standards also
established a three level fair value hierarchy that describes the inputs that are used to measure assets and liabilities. Level 1
asset and liability fair values are based on quoted prices in active markets for identical assets and liabilities. Level 2 asset and
liability fair values are based on observable inputs that include: quoted market prices for similar assets or liabilities; quoted
market prices that are not in an active market; or other inputs that are observable in the market and can be corroborated by
observable market data for substantially the full term of the assets or liabilities. Level 3 assets and liabilities are financial
instruments whose value is calculated by the use of pricing models and/or discounted cash flow methodologies, as well as
financial instruments for which the determination of fair value requires significant management judgment or estimation.
These methodologies may result in a significant portion of the fair value being derived from unobservable data.
Assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements for Assets and
Liabilities Measured on a Recurring Basis
12/31/2012 Level 1 Level 2 Level 3
(Dollars in millions)
Assets:
Trading securities $ 497 $ 302 $ 194 $ 1
Securities available for sale:
GSE securities 290 ― 290 ―
RMBS issued by GSE 20,930 ― 20,930 ―
States and political subdivisions 2,011 ― 2,011 ―
N
on-agency RMBS 312 ― 312 ―
Other securities 3 2 1 ―
Covered securities 1,591 ― 597 994
LHFS 3,761 ― 3,761 ―
Residential MSRs 627 ― ― 627
Derivative assets: (1)
Interest rate contracts 1,446 ― 1,391 55
Foreign exchange contracts 5 ― 5 ―
Private equity and similar investments (1)(2) 323 ― ― 323
Total assets $ 31,796 $ 304 $ 29,492 $ 2,000
Liabilities:
Derivative liabilities: (1)
Interest rate contracts $ 1,434 $ ―$ 1,433 $ 1
Foreign exchange contracts 4 ― 4 ―
Short-term borrowed funds (3) 98 ― 98 ―
Total liabilities $ 1,536 $ ―$ 1,535 $ 1