BB&T 2012 Annual Report Download - page 154
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132
Federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds: The carrying
amounts of Federal funds purchased, borrowings under repurchase agreements and short-term borrowed funds approximate
their fair values.
Long-term debt: The fair values of long-term debt are estimated based on quoted market prices for the instrument if available,
or for similar instruments if not available, or by using discounted cash flow analyses, based on BB&T’ s current incremental
borrowing rates for similar types of instruments.
Contractual commitments: The fair values of commitments are estimated using the fees charged to enter into similar
agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties.
For fixed-rate loan commitments, fair values also consider the difference between current levels of interest rates and the
committed rates. The fair values of guarantees and letters of credit are estimated based on the counterparties’
creditworthiness and average default rates for loan products with similar risks. These respective fair value measurements
would be categorized within Level 3 of the fair value hierarchy.
Financial assets and liabilities not recorded at fair value are summarized below:
Carrying Total
December 31, 2012 Amount Fair Value Level 2 Level 3
(Dollars in millions)
Financial assets:
Securities held to maturity (1) $ 13,594 $ 13,848 $ 13,810 $ 38
Loans and leases, net of ALLL excluding covered loans 109,419 109,621 ― 109,621
Covered loans, net of ALLL 3,166 3,661 ― 3,661
FDIC loss share receivable 479 149 ― 149
Financial liabilities:
Deposits 133,075 133,377 133,377 ―
Long-term debt 19,114 20,676 20,676 ―
Carrying
December 31, 2011 Amount Fair Value
(Dollars in millions)
Financial assets:
Securities held to maturity (1) $ 14,094 $ 14,098
Loans and leases, net of ALLL, excluding covered loans 100,495 100,036
Covered loans, net of ALLL 4,718 5,706
FDIC loss share receivable 1,100 910
Financial liabilities:
Deposits 124,939 125,317
Long-term debt 21,803 23,001
(1) Excludes amounts deferred in OCI resulting from the transfer of securities available for sale to held to maturity.
The following is a summary of selected information pertaining to off-balance sheet financial instruments:
December 31,
2012 2011
Notional/ Notional/
Contract Contract
Amount Fair Value Amount Fair Value
(Dollars in millions)
Commitments to extend, originate or purchase credit $ 43,760 $ 81 $ 41,575 $ 73
Residential mortgage loans sold with recourse 1,019 12 1,316 6
Other loans sold with recourse 4,970 13 4,520 15
Letters of credit and financial guarantees written 5,164 30 6,095 27