BB&T 2012 Annual Report Download - page 161
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139
Services also has a public finance department that provides investment banking services, financial advisory services and
municipal bond financing to a variety of regional taxable and tax-exempt issuers.
Financial Services includes a group of BB&T-sponsored private equity and mezzanine investment funds that invests in
privately owned middle-market operating companies to facilitate growth or ownership transition while leveraging the
Community Banking network for referrals and other bank services. Financial Services also includes the Corporate Banking
Division that originates and services large corporate relationships, syndicated lending relationships and client derivatives.
Community Banking receives an interoffice credit for referral fees, with the corresponding charge reflected as part of Other,
Treasury & Corporate in the accompanying tables. Also captured within the net intersegment interest income for Financial
Services is the NIM for the loans and deposits assigned to the Wealth Management Division that are housed in the
Community Bank.
Other, Treasury & Corporate
Other, Treasury & Corporate is the combination of the Other segment that represents operating entities that do not meet the
quantitative or qualitative thresholds for disclosure; BB&T’ s Treasury function, which is responsible for the management of
the securities portfolios, overall balance sheet funding and liquidity, and overall management of interest rate risk; the
corporate support functions that have not been allocated to the business segments; merger-related charges or credits that are
incurred as part of acquisition and conversion of acquired entities; nonrecurring charges that are considered to be unusual in
nature or infrequent and not reflective of the normal operations of the segments; and intercompany eliminations including
intersegment net referral fees and net intersegment interest income (expense).
The substantial majority of the loan portfolio acquired in the Colonial acquisition is covered by loss sharing agreements with
the FDIC and is managed outside of the Community Banking segment. The assets and related interest income from this loan
portfolio have an expected finite business life and are therefore included in the Other, Treasury & Corporate segment.
Results for BankAtlantic were included in the Other, Treasury & Corporate segment until the system conversion in October
2012. Historically, performance results of bank acquisitions prior to system conversion are reported in this segment and on a
post-conversion date are reported in the Community Banking segment.
The following table discloses selected financial information with respect to BB&T's reportable business segments for the
years indicated: