BB&T 2015 Annual Report Download - page 67

TableofContents
The cost of interest-bearing deposits was 0.24% for the fourth quarter, flat compared to the prior quarter.
The following table provides information regarding the scheduled maturities of time deposits that are $100,000 and greater at December 31, 2015.
 
 
     

 
Three months or less $ 2,682
Over three through six months 1,170
Over six through twelve months 1,734
Over twelve months 1,976
Total $ 7,562
Short-term Borrowings
BB&T also uses various types of short-term borrowings to meet funding needs. While deposits remain the primary source for funding loan originations,
management uses short-term borrowings as a supplementary funding source for loan growth and other balance sheet management purposes. Short-term
borrowings were 1.6% of total funding on average in 2015 as compared to 1.8% in 2014. The types of short-term borrowings that have been, or may be, used
by the Company include Federal funds purchased, securities sold under repurchase agreements, master notes, commercial paper, short-term bank notes and
short-term FHLB advances. Short-term borrowings at the end of 2015 were $3.6 billion, a decrease of $124 million, or 3.3%, compared to year-end 2014.
Average short-term borrowings totaled $3.2 billion during 2015 compared to $3.4 billion last year. The decrease in the average balance of short-term
borrowings during 2015 primarily reflects an increase in deposits as a funding source.
The following table summarizes certain information for the past three years with respect to short-term borrowings:



  

Securities Sold Under Agreements to Repurchase:
Maximum outstanding at any month-end during the year $ 1,327 $ 1,073 $ 1,537
Balance outstanding at end of year 617 317 463
Average outstanding during the year 901 526 662
Average interest rate during the year 0.23 % 0.20 % 0.25 %
Average interest rate at end of year 0.70 0.18 0.28
Federal Funds Purchased and Short-Term Borrowed Funds:
Maximum outstanding at any month-end during the year $ 4,041 $ 4,405 $ 4,722
Balance outstanding at end of year 2,976 3,400 3,675
Average outstanding during the year 2,320 2,895 3,797
Average interest rate during the year 0.11 % 0.12 % 0.13 %
Average interest rate at end of year 0.32 0.08 0.09
Long-term Debt
Long-term debt provides funding and, to a lesser extent, regulatory capital. During 2015, long-term debt represented 11.8% of average total funding
compared to 12.0% during 2014. At December 31, 2015, long-term debt totaled $23.8 billion, an increase of $457 million compared to year-end 2014. The
increase in long-term debt reflects the issuance of $1.0 billion of BB&T Corporation senior notes and $1.2 billion of Branch Bank subordinated notes, as well
as debt assumed through acquisitions, partially offset by the early extinguishment of $931 million of higher-cost FHLB debt and other payments and
maturities. The average cost of long-term debt was 2.13% in 2015, compared to 2.36% in 2014. See Note 9 “Long-Term Debt” in the “Notes to Consolidated
Financial Statements” herein for further disclosure.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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