BB&T 2015 Annual Report Download - page 133

TableofContents
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

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


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





  
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AOCI balance, January 1, 2013 $ (714) $ (173) $ 598 $ (256) $ (14) $ (559)
OCI before reclassifications, net of tax 354 127 (669) (18) (2) (208)
Amounts reclassified from AOCI:
Personnel expense 91 ― ― ― ― 91
Interest income ― ― 97 ― 2 99
Interest expense ― 77 ― ― ― 77
FDIC loss share income, net ― ― ― 63 ― 63
Securities (gains) losses, net ― ― (51) ― ― (51)
Total before income taxes 91 77 46 63 2 279
Less: Income taxes 34 29 17 24 1 105
Net of income taxes 57 48 29 39 1 174
Net change in AOCI 411 175 (640) 21 (1) (34)
AOCI balance, December 31, 2013 $ (303) $ 2 $ (42) $ (235) $ (15) $ (593)
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Effective January 1, 2015, BB&T adopted new guidance related to the accounting for investments in qualified affordable housing projects. For periods prior
to January 1, 2015, amortization expense related to qualifying investments in low income housing tax credits was reclassified from other income to provision
for income taxes, and the amount of amortization and tax benefits recognized was revised as a result of the adoption of the proportional amortization method.
The components of the income tax provision are as follows:
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  

Current expense:
Federal $ 585 $ 706 $ 1,148
State 99 81 98
Total current expense 684 787 1,246
Deferred expense:
Federal 99 122 273
State 11 12 34
Total deferred expense 110 134 307
Provision for income taxes $ 794 $ 921 $ 1,553
The reasons for the difference between the provision for income taxes and the amount computed by applying the statutory Federal income tax rate to income
before income taxes were as follows:
120
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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