BB&T 2014 Annual Report Download - page 105

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Table of Contents

  
    

AFS securities:
U.S. Treasury $ 1,230 $ 1 $ — $ 1,231
MBS issued by GSE 16,358 93 297 16,154
States and political subdivisions 1,913 120 59 1,974
Non-agency MBS 232 32 — 264
Other 41 — — 41
Securities acquired from FDIC 886 357 — 1,243
Total AFS securities $ 20,660 $ 603 $ 356 $ 20,907
HTM securities:
U.S. Treasury $ 1,096 $ 23 $ — $ 1,119
GSE 5,394 17 108 5,303
MBS issued by GSE 13,120 137 12 13,245
States and political subdivisions 22 2 — 24
Other 608 14 — 622
Total HTM securities $ 20,240 $ 193 $ 120 $ 20,313
  
    

AFS securities:
U.S. Treasury $ 595 $ — $ — $ 595
MBS issued by GSE 18,397 78 546 17,929
States and political subdivisions 1,877 65 91 1,851
Non-agency MBS 264 27 — 291
Other 46 — 1 45
Securities acquired from FDIC 989 404 — 1,393
Total AFS securities $ 22,168 $ 574 $ 638 $ 22,104
HTM securities:
U.S. Treasury $ 392 $ — $ 8 $ 384
GSE 5,603 2 397 5,208
MBS issued by GSE 11,636 38 220 11,454
States and political subdivisions 33 2 — 35
Other 437 12 — 449
Total HTM securities $ 18,101 $ 54 $ 625 $ 17,530
The fair value of securities acquired from the FDIC included non-agency MBS of $931 million and $1.1 billion as of December 31, 2014 and December 31,
2013, respectively, and state and political subdivision securities of $312 million and $314 million as of December 31, 2014 and December 31, 2013.
Effective October 1, 2014, securities subject to the commercial loss sharing agreement with the FDIC related to the Colonial acquisition were no longer
covered by loss sharing; however, any gains on the sale of these securities through September 30, 2017 would be shared with the FDIC. Since these securities
are in a significant unrealized gain position, they continue to be effectively covered as any declines in the unrealized gains of the securities down to a
contractually specified amount would reduce the liability to the FDIC at the applicable percentage. The contractually-specified amount is the acquisition
date fair value less any paydowns, redemptions or maturities and OTTI and totaled approximately $626 million at December 31, 2014. Any further declines
below the contractually-specified amount would not be covered.
Certain investments in marketable debt securities and MBS issued by FNMA and FHLMC exceeded ten percent of shareholders’ equity at December 31,
2014. The FNMA investments had total amortized cost and fair value of $12.5 billion and $12.3 billion, respectively. The FHLMC investments had total
amortized cost and fair value of $5.5 billion.
104
Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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