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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Assets and Liabilities Measured at Fair Value

					Fair Value Measurements for Assets and
					Liabilities Measured on a Recurring Basis
			6/30/2012		Level 1		Level 2		Level 3

					(Dollars in millions)
Assets:
	Trading securities		$	533	$	200	$	332	$	1
	Securities available for sale:
		GSE securities		348		―		348		―
		Mortgage-backed securities issued by GSE		20,856		―		20,856		―
		States and political subdivisions		1,982		―		1,982		―
		Non-agency mortgage-backed securities		302		―		302		―
		Other securities		1		―		1		―
		Covered securities		1,578		―		596		982
	Loans held for sale			2,736		―		2,736		―
	Residential mortgage servicing rights			578		―		―		578
	Derivative assets: (1)
		Interest rate contracts		1,566		―		1,498		68
		Foreign exchange contracts		10		―		10		―
	Private equity and similar investments (1)(2)			301		―		―		301
		Total assets	$	30,791	$	200	$	28,661	$	1,930

Liabilities:
	Derivative liabilities: (1)
		Interest rate contracts	$	1,622	$	―	$	1,622	$	―
		Foreign exchange contracts		6		―		6		―
	Short-term borrowed funds (3)			235		―		235		―
		Total liabilities	$	1,863	$	―	$	1,863	$	―

						Fair Value Measurements for Assets and
						Liabilities Measured on a Recurring Basis
				12/31/2011		Level 1		Level 2		Level 3

						(Dollars in millions)
	Assets:
		Trading securities		$	534	$	298	$	235	$	1
		Securities available for sale:
			GSE securities		306		―		306		―
			Mortgage-backed securities issued by GSE		18,132		―		18,132		―
			States and political subdivisions		1,923		―		1,923		―
			Non-agency mortgage-backed securities		368		―		368		―
			Other securities		7		6		1		―
			Covered securities		1,577		―		593		984
		Loans held for sale			3,736		―		3,736		―
		Residential mortgage servicing rights			563		―		―		563
		Derivative assets: (1)
			Interest rate contracts		1,518		1		1,457		60
			Foreign exchange contracts		7		―		7		―
		Private equity and similar investments (1)(2)			261		―		―		261
			Total assets	$	28,932	$	305	$	26,758	$	1,869

	Liabilities:
		Derivative liabilities: (1)
			Interest rate contracts	$	1,498	$	―	$	1,497	$	1
			Foreign exchange contracts		8		―		8		―
		Short-term borrowed funds (3)			118		―		118		―
			Total liabilities	$	1,624	$	―	$	1,623	$	1


(1)	These amounts are reflected in other assets and other liabilities on the Consolidated Balance Sheets.
(2)	Based on an analysis of the nature and risks of these investments, BB&T has determined that presenting these investments as a single class is appropriate.
(3)	Short-term borrowed funds reflect securities sold short positions.

Roll Forward of Level 3 Assets and Liabilities

Fair Value Measurements Using Significant Unobservable Inputs

Residential Mortgage

Private Equity

Covered

Servicing

Net

and Similar

Three Months Ended June 30, 2012

Trading

Securities

Rights

Derivatives

Investments

(Dollars in millions)

Balance at April 1, 2012

1,023

696

281

Total realized and unrealized gains or losses:

Included in earnings:

Interest income

―

Mortgage banking income

―

(168)

―

Other noninterest income

―

(1)

Included in unrealized net holding gains (losses) in other

comprehensive income (loss)

―

(22)

―

Purchases

―

Issuances

―

Sales

―

(6)

Settlements

―

(33)

―

(128)

(1)

Transfers into Level 3

―

Transfers out of Level 3

―

Balance at June 30, 2012

982

578

301

Change in unrealized gains (losses) included in

earnings for the period, attributable to assets

and liabilities still held at June 30, 2012

―

(130)

(2)

Fair Value Measurements Using Significant Unobservable Inputs

States &

Residential Mortgage

Private Equity

Political

Covered

Servicing

Net

and Similar

Three Months Ended June 30, 2011

Trading

Subdivisions

Securities

Rights

Derivatives

Investments

(Dollars in millions)

Balance at April 1, 2011

1,059

928

272

Total realized and unrealized gains or losses:

Included in earnings:

Interest income

―

Mortgage banking income

―

(89)

―

Other noninterest income

―

Included in unrealized net holding gains

(losses) in other comprehensive

income (loss)

―

(4)

―

Purchases

―

Issuances

―

Sales

(9)

―

(30)

Settlements

(52)

―

(57)

(6)

Transfers into Level 3

―

Transfers out of Level 3

―

(4)

Balance at June 30, 2011

―

1,063

879

247

Change in unrealized gains (losses) included in

earnings for the period, attributable to assets

and liabilities still held at June 30, 2011

―

(60)

Fair Value Measurements Using Significant Unobservable Inputs

Residential Mortgage

Private Equity

Covered

Servicing

Net

and Similar

Six Months Ended June 30, 2012

Trading

Securities

Rights

Derivatives

Investments

(Dollars in millions)

Balance at January 1, 2012

984

563

261

Total realized and unrealized gains or losses:

Included in earnings:

Interest income

―

Mortgage banking income

―

(119)

185

―

Other noninterest income

―

Included in unrealized net holding gains (losses) in other

comprehensive income (loss)

―

Purchases

―

Issuances

―

134

138

―

Sales

―

(18)

Settlements

―

(60)

―

(314)

Transfers into Level 3

―

Transfers out of Level 3

―

Balance at June 30, 2012

982

578

301

Change in unrealized gains (losses) included in

earnings for the period, attributable to assets

and liabilities still held at June 30, 2012

―

(38)

Fair Value Measurements Using Significant Unobservable Inputs

States &

Residential Mortgage

Private Equity

Political

Other

Covered

Servicing

Net

and Similar

Six Months Ended June 30, 2011

Trading

Subdivisions

Securities

Rights

Derivatives

Investments

(Dollars in millions)

Balance at January 1, 2011

119

954

830

(25)

266

Total realized and unrealized gains or losses:

Included in earnings:

Interest income

―

Mortgage banking income

―

(77)

―

Other noninterest income

(3)

―

Included in unrealized net holding gains

(losses) in other comprehensive income (loss)

―

(9)

(1)

―

Purchases

―

Issuances

―

126

―

Sales

(9)

―

(36)

Settlements

―

(53)

(1)

―

(19)

(7)

Transfers into Level 3

―

Transfers out of Level 3

―

(57)

(5)

―

(4)

Balance at June 30, 2011

―

1,063

879

247

Change in unrealized gains (losses) included in

earnings for the period, attributable to assets

and liabilities still held at June 30, 2011

―

(20)

Fair Value and Unpaid Principal Balance of Loans Held for Sale

June 30, 2012

December 31, 2011

Fair Value

Less

Aggregate

Unpaid

Fair

Principal

Fair

Principal

Value

Balance

Value

Balance

(Dollars in millions)

Loans held for sale reported at fair value:

Total (1)

2,736

2,640

3,736

3,652

(1)

The change in fair value is reflected in mortgage banking income. Excluding government guaranteed loans, there were no nonaccrual loans or loans 90 days or more past due and still accruing interest.

Carrying Amounts and Fair Values of Financial Assets and Liabilities Not Recorded at Fair Value

		Carrying		Total
June 30, 2012		Amount		Fair Value		Level 2		Level 3

		(Dollars in millions)
Financial assets:
	Securities held to maturity (1)	$	12,576	$	12,744	$	12,705	$	39
	Loans and leases, excluding covered loans (2)		105,133		105,429		―		105,429
	Covered loans (2)		3,816		4,653		―		4,653
	FDIC loss share receivable		831		454		―		454

Financial liabilities:
	Deposits		126,059		126,369		126,369		―
	Long-term debt		22,561		24,030		24,030		―

			Carrying
	December 31, 2011		Amount		Fair Value

			(Dollars in millions)
	Financial assets:
		Securities held to maturity (1)	$	14,094	$	14,098
		Loans and leases, excluding covered loans (2)		100,495		100,036
		Covered loans (2)		4,718		5,706
		FDIC loss share receivable		1,100		910

	Financial liabilities:
		Deposits		124,939		125,317
		Long-term debt		21,803		23,001


(1)	The carrying value excludes amounts deferred in other comprehensive income resulting from the transfer of securities available for sale to securities held to maturity.
(2)	The carrying value is net of the allowance for loan and lease losses.

Notional or Contractual Amounts and Fair Values of Off Balance-Sheet Financial Instruments

		June 30, 2012				December 31, 2011
		Notional/				Notional/
		Contract				Contract
		Amount		Fair Value		Amount		Fair Value

		(Dollars in millions)
Contractual commitments:
	Commitments to extend, originate or purchase credit	$	44,170	$	81	$	40,249	$	71
	Residential mortgage loans sold with recourse		1,149		12		1,316		6
	Other loans sold with recourse		4,762		14		4,520		15
	Letters of credit and financial guarantees written		5,784		33		6,095		27

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition.

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-Publisher FASB

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-Number 159

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