Long-Term Debt

12 Months Ended

Dec. 31, 2015

NOTE 9. Long-Term Debt

			December 31,
			2015		2014

			(Dollars in millions)
BB&T Corporation:
	3.95% senior notes due 2016		$	500	$	500
	3.20% senior notes due 2016			1,000		1,000
	2.15% senior notes due 2017			749		749
	1.60% senior notes due 2017			749		749
	1.45% senior notes due 2018			500		500
	Floating rate senior notes due 2018 (LIBOR-based, 1.37% at December 31, 2015)			400		400
	2.05% senior notes due 2018			600		599
	6.85% senior notes due 2019			540		539
	2.25% senior notes due 2019			648		648
	Floating rate senior notes due 2019 (LIBOR-based, 0.99% at December 31, 2015)			450		450
	2.45% senior notes due 2020			1,298		1,298
	2.63% senior notes due 2020			999		―
	Floating rate senior notes due 2020 (LIBOR-based, 1.04% at December 31, 2015)			200		200
	5.38% senior notes due 2022			166		―
	5.20% subordinated notes due 2015			―		933
	4.90% subordinated notes due 2017			356		353
	5.25% subordinated notes due 2019			586		586
	3.95% subordinated notes due 2022			299		298

Branch Bank:
	1.45% senior notes due 2016			750		750
	Floating rate senior notes due 2016 (LIBOR-based, 0.84% at December 31, 2015)			375		500
	1.05% senior notes due 2016			500		500
	1.00% senior notes due 2017			599		599
	1.35% senior notes due 2017			750		750
	2.30% senior notes due 2018			750		750
	2.85% senior notes due 2021			700		699
	5.63% subordinated notes due 2016			386		386
	Floating rate subordinated notes due 2016 (LIBOR-based, 0.82% at December 31, 2015)			350		350
	Floating rate subordinated note due 2017 (LIBOR-based, 0.68% at December 31, 2015)			262		262
	3.63% subordinated notes due 2025			1,249		―
	3.80% subordinated notes due 2026			848		848

FHLB advances to Branch Bank:
	Varying maturities to 2034			5,582		6,496

Other long-term debt				154		119

Fair value hedge-related basis adjustments				474		501
		Total long-term debt	$	23,769	$	23,312

The following table reflects the carrying amounts and effective interest rates for long-term debt:

		December 31, 2015				December 31, 2014
		Carrying		Effective		Carrying		Effective
		Amount		Rate		Amount		Rate

		(Dollars in millions)
BB&T Corporation fixed rate senior notes		$	7,831	2.35	%	$	6,669	2.39	%
BB&T Corporation floating rate senior notes			1,050	1.20			1,050	1.07
BB&T Corporation fixed rate subordinated notes			1,382	1.52			2,362	2.30
Branch Bank fixed rate senior notes			4,071	1.62			4,060	1.72
Branch Bank floating rate senior notes			375	0.92			500	0.72
Branch Bank fixed rate subordinated notes			2,562	3.13			1,299	2.86
Branch Bank floating rate subordinated notes			612	3.24			612	3.27
FHLB advances (weighted average maturity of 4.8 years at December 31, 2015)			5,732	4.02			6,641	4.03
Other long-term debt			154				119
	Total long-term debt	$	23,769			$	23,312

The effective rates above reflect the impact of cash flow and fair value hedges, as applicable. Subordinated notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

During the second quarter of 2015, BB&T terminated FHLB advances totaling $931 million, which resulted in a pre-tax loss on early extinguishment of $172 million. During the third quarter of 2014, BB&T terminated FHLB advances totaling $1.1 billion, resulting in a pre-tax loss on early extinguishment of $122 million.

	Year Ended December 31,											2021
	2016		2017		2018		2019		2020		and later

		(Dollars in millions)
Future debt maturities (excluding capital leases)	$	5,574	$	3,854	$	2,324	$	2,282	$	2,524	$	7,170