BB&T 2013 Annual Report Download - page 112
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112
NOTE 5. Goodwill and Other Intangible Assets
The changes in the carrying amounts of goodwill attributable to BB&T’s operating segments are reflected in the table below.
There have been no goodwill impairments recorded to date.
Residential Dealer
Community Mortgage Financial Specialized Insurance Financial
Banking Banking Services Lending Services Services Total
(Dollars in millions)
Goodwill balance, January 1, 2012 $ 4,542 $ 7 $ 111 $ 94 $ 1,132 $ 192 $ 6,078
Acquired goodwill, net 358 ― ― 5 358 ― 721
Contingent consideration ― ― ― ― 3 ― 3
Other adjustments ― ― ― ― 2 ― 2
Goodwill balance, December 31, 2012 $ 4,900 $ 7 $ 111 $ 99 $ 1,495 $ 192 $ 6,804
Contingent consideration ― ― ― ― 6 ― 6
Other adjustments 24 ― ― (11) (9) ― 4
Goodwill balance, December 31, 2013 $ 4,924 $ 7 $ 111 $ 88 $ 1,492 $ 192 $ 6,814
During 2012, BB&T completed the acquisition of Fort Lauderdale, Florida-based BankAtlantic. BB&T acquired
approximately $1.7 billion in loans and assumed approximately $3.5 billion in deposits. The net purchase price received,
excluding cash held by BankAtlantic, was $45 million, which consisted of net liabilities assumed less a deposit premium of
$316 million. The 2012 change in Community Banking goodwill was primarily the result of this acquisition. Also during
2012, BB&T acquired the life and property and casualty insurance divisions of Crump Group Inc. The 2012 changes in
Insurance Services goodwill and other identifiable intangibles is primarily due to this acquisition.
The 2013 adjustments to goodwill within Community Banking and Insurance Services reflect the finalization of valuations
for certain assets and liabilities of the above acquisitions. The 2013 adjustment to Specialized Lending primarily represents
the goodwill associated with a subsidiary that was sold.
The following table presents information for identifiable intangible assets subject to amortization:
December 31, 2013 December 31, 2012
Wtd. Avg. Gross Net Gross Net
Remaining Carrying Accumulated Carrying Carrying Accumulated Carrying
Life Amount Amortization Amount Amount Amortization Amount
(Years) (Dollars in millions)
CDI 7.1 $ 672 $ (555) $ 117 $ 672 $ (522) $ 150
Other, primarily customer relationship
intangibles 15.3 1,082 (630) 452 1,080 (557) 523
Total $ 1,754 $ (1,185) $ 569 $ 1,752 $ (1,079) $ 673
2014 2015 2016 2017 2018
(Dollars in millions)
Estimated amortization expense of identifiable intangibles $ 89 $ 76 $ 65 $ 56 $ 49