|
|
|
|
|
North Carolina
|
56-0939887
|
||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
||
|
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|
|
200 West Second Street
|
|
|
|
Winston-Salem,
|
North Carolina
|
27101
|
|
(Address of principal executive offices)
|
(Zip Code)
|
||
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|
|
|
Registrant's telephone number, including area code:
|
(336)
|
733-2000
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common Stock, $5 par value
|
|
BBT
|
|
New York Stock Exchange
|
Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock
|
|
BBT PrF
|
|
New York Stock Exchange
|
Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock
|
|
BBT PrG
|
|
New York Stock Exchange
|
Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock
|
|
BBT PrH
|
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
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|
TABLE OF CONTENTS
|
||
BB&T CORPORATION
|
||
FORM 10-Q
|
||
September 30, 2019
|
||
|
|
Page No.
|
PART I - Financial Information
|
||
|
Glossary of Defined Terms
|
|
|
Forward-Looking Statements
|
|
Item 1.
|
Financial Statements
|
|
|
Consolidated Balance Sheets (Unaudited)
|
|
|
Consolidated Statements of Income (Unaudited)
|
|
|
Consolidated Statements of Comprehensive Income (Unaudited)
|
|
|
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
|
|
|
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
Notes to Consolidated Financial Statements (Unaudited)
|
|
|
Note 1. Basis of Presentation
|
|
|
Note 2. Business Combinations
|
|
|
Note 3. Securities
|
|
|
Note 4. Loans and ACL
|
|
|
Note 5. Other Assets and Liabilities
|
|
|
Note 6. Goodwill and Other Intangible Assets
|
|
|
Note 7. Loan Servicing
|
|
|
Note 8. Deposits
|
|
|
Note 9. Long-Term Debt
|
|
|
Note 10. Shareholders' Equity
|
|
|
Note 11. AOCI
|
|
|
Note 12. Income Taxes
|
|
|
Note 13. Benefit Plans
|
|
|
Note 14. Commitments and Contingencies
|
|
|
Note 15. Fair Value Disclosures
|
|
|
Note 16. Derivative Financial Instruments
|
|
|
Note 17. Computation of EPS
|
|
|
Note 18. Operating Segments
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk (see Market Risk Management)
|
|
Item 4.
|
Controls and Procedures
|
|
PART II - Other Information
|
||
Item 1.
|
Legal Proceedings
|
|
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 3.
|
Defaults Upon Senior Securities - (none)
|
|
Item 4.
|
Mine Safety Disclosures - (not applicable)
|
|
Item 5.
|
Other Information - (none to be reported)
|
|
Item 6.
|
Exhibits
|
Term
|
Definition
|
ACL
|
Allowance for credit losses
|
AFS
|
Available-for-sale
|
Agency MBS
|
Mortgage-backed securities issued by a U.S. government agency or GSE
|
ALLL
|
Allowance for loan and lease losses
|
ARRC
|
Alternative Reference Rates Committee of the FRB and the Federal Reserve Bank of New York
|
AOCI
|
Accumulated other comprehensive income (loss)
|
Basel III
|
Global regulatory standards on bank capital adequacy and liquidity published by the BCBS
|
BB&T
|
BB&T Corporation and subsidiaries
|
BCBS
|
Basel Committee on Banking Supervision
|
BHC
|
Bank holding company
|
Branch Bank
|
Branch Banking and Trust Company
|
BU
|
Business Unit
|
CB-Commercial
|
Community Banking Commercial, an operating segment
|
CB-Retail
|
Community Banking Retail and Consumer Finance, an operating segment
|
CCAR
|
Comprehensive Capital Analysis and Review
|
CCRC
|
Culture and Conduct Risk Committee
|
CD
|
Certificate of deposit
|
CDI
|
Core deposit intangible assets
|
CEO
|
Chief Executive Officer
|
CFO
|
Chief Financial Officer
|
CET1
|
Common equity Tier 1
|
CMO
|
Collateralized mortgage obligation
|
Company
|
BB&T Corporation and subsidiaries (interchangeable with "BB&T" above)
|
CRE
|
Commercial real estate
|
DIF
|
Deposit Insurance Fund administered by the FDIC
|
EGRRCPA
|
Economic Growth, Regulatory Relief, and Consumer Protection Act
|
EPS
|
Earnings per common share
|
EVE
|
Economic value of equity
|
Exchange Act
|
Securities Exchange Act of 1934, as amended
|
FASB
|
Financial Accounting Standards Board
|
FDIC
|
Federal Deposit Insurance Corporation
|
FHA
|
Federal Housing Administration
|
FHC
|
Financial Holding Company
|
FHLB
|
Federal Home Loan Bank
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
FNMA
|
Federal National Mortgage Association
|
FRB
|
Board of Governors of the Federal Reserve System
|
FS&CF
|
Financial Services and Commercial Finance, an operating segment
|
FTE
|
Full-time equivalent employee
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
GNMA
|
Government National Mortgage Association
|
Grandbridge
|
Grandbridge Real Estate Capital, LLC
|
GSE
|
U.S. government-sponsored enterprise
|
HFI
|
Held for investment
|
HQLA
|
High-quality liquid assets
|
HTM
|
Held-to-maturity
|
IDI
|
Insured depository institution
|
IH
|
Insurance Holdings, an operating segment
|
IPV
|
Independent price verification
|
LCR
|
Liquidity Coverage Ratio
|
LHFS
|
Loans held for sale
|
LIBOR
|
London Interbank Offered Rate
|
MBS
|
Mortgage-backed securities
|
MRLCC
|
Market Risk, Liquidity and Capital Committee
|
Term
|
Definition
|
MRM
|
Model Risk Management
|
MSR
|
Mortgage servicing right
|
MSRB
|
Municipal Securities Rulemaking Board
|
N/A
|
Not applicable
|
NCCOB
|
North Carolina Office of the Commissioner of Banks
|
NIM
|
Net interest margin, computed on a TE basis
|
NM
|
Not meaningful
|
NPA
|
Nonperforming asset
|
NPL
|
Nonperforming loan
|
NYSE
|
NYSE Euronext, Inc.
|
OAS
|
Option adjusted spread
|
OCI
|
Other comprehensive income (loss)
|
OPEB
|
Other post-employment benefit
|
OREO
|
Other real estate owned
|
ORMC
|
Operational Risk Management Committee
|
OT&C
|
Other, Treasury and Corporate
|
OTTI
|
Other-than-temporary impairment
|
Parent Company
|
BB&T Corporation, the parent company of Branch Bank and other subsidiaries
|
PCI
|
Purchased credit impaired loans
|
Peer Group
|
Financial holding companies included in the industry peer group index
|
PSU
|
Performance share units
|
Re-REMICs
|
Re-securitizations of Real Estate Mortgage Investment Conduits
|
Regions Insurance
|
Regions Insurance Group, acquired by BB&T effective July 2, 2018
|
ROU Assets
|
Right-of-use assets
|
RSU
|
Restricted stock unit
|
RUFC
|
Reserve for unfunded lending commitments
|
SBIC
|
Small Business Investment Company
|
SEC
|
Securities and Exchange Commission
|
Short-Term Borrowings
|
Federal funds purchased, securities sold under repurchase agreements and other short-term borrowed funds with original maturities of less than one year
|
Simulation
|
Interest sensitivity simulation analysis
|
SunTrust
|
SunTrust Banks, Inc.
|
TBA
|
To be announced
|
TDR
|
Troubled debt restructuring
|
TE
|
Taxable-equivalent
|
Truist
|
Truist Financial Corporation
|
U.S.
|
United States of America
|
U.S. Treasury
|
United States Department of the Treasury
|
UPB
|
Unpaid principal balance
|
VaR
|
Value-at-risk
|
VIE
|
Variable interest entity
|
l
|
risks, uncertainties and other factors relating to the merger of SunTrust with and into BB&T, including the ability to obtain regulatory approvals and meet other closing conditions to the merger, and delay in closing the merger;
|
l
|
general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit and/or asset growth, and a deterioration in credit quality and/or a reduced demand for credit, insurance or other services;
|
l
|
disruptions to the national or global financial markets, including the impact of a downgrade of U.S. government obligations by one of the credit ratings agencies, the economic instability and recessionary conditions in Europe;
|
l
|
changes in the interest rate environment, including interest rate changes made by the Federal Reserve, the discontinuation of LIBOR as an interest rate benchmark, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans and deposits as well as the value of other financial assets and liabilities;
|
l
|
competitive pressures among depository and other financial institutions may increase significantly;
|
l
|
legislative, regulatory or accounting changes may adversely affect the businesses in which BB&T is engaged;
|
l
|
local, state or federal taxing authorities may take tax positions that are adverse to BB&T;
|
l
|
a reduction may occur in BB&T's credit ratings;
|
l
|
adverse changes may occur in the securities markets;
|
l
|
competitors of BB&T may have greater financial resources or develop products that enable them to compete more successfully than BB&T and may be subject to different regulatory standards than BB&T;
|
l
|
cyber security risks could adversely affect BB&T's business and financial performance or reputation, and BB&T could be liable for financial losses incurred by third parties due to breaches of data shared between financial institutions;
|
l
|
higher-than-expected costs related to information technology infrastructure or a failure to successfully implement future system enhancements could adversely impact BB&T's financial condition and results of operations and could result in significant additional costs to BB&T;
|
l
|
natural or other disasters, including acts of terrorism, could have an adverse effect on BB&T, materially disrupting BB&T's operations or the ability or willingness of customers to access BB&T's products and services;
|
l
|
costs related to the integration of the businesses of BB&T and its merger partners may be greater than expected;
|
l
|
failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions or fully achieve expected cost savings or revenue growth associated with mergers and acquisitions within the expected time frames could adversely impact financial condition and results of operations;
|
l
|
significant litigation and regulatory proceedings could have a material adverse effect on BB&T;
|
l
|
unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries could result in negative publicity, protests, fines, penalties, restrictions on BB&T's operations or ability to expand its business and other negative consequences, all of which could cause reputational damage and adversely impact BB&T's financial conditions and results of operations;
|
l
|
risks resulting from the extensive use of models;
|
l
|
risk management measures may not be fully effective;
|
l
|
fraud or misconduct by internal or external parties, which BB&T may not be able to prevent, detect or mitigate;
|
l
|
deposit attrition, customer loss and/or revenue loss following completed mergers/acquisitions may exceed expectations; and
|
l
|
widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact BB&T's financial condition and results of operations.
|
Unaudited
(Dollars in millions, except per share data, shares in thousands) |
September 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
2,027
|
|
|
$
|
2,753
|
|
Interest-bearing deposits with banks
|
866
|
|
|
984
|
|
||
Cash equivalents
|
114
|
|
|
143
|
|
||
Restricted cash
|
11
|
|
|
107
|
|
||
AFS securities at fair value
|
35,997
|
|
|
25,038
|
|
||
HTM securities (fair value of $18,970 and $20,047 at September 30, 2019 and December 31, 2018, respectively)
|
18,768
|
|
|
20,552
|
|
||
LHFS at fair value
|
1,442
|
|
|
988
|
|
||
Loans and leases
|
149,413
|
|
|
149,013
|
|
||
ALLL
|
(1,573
|
)
|
|
(1,558
|
)
|
||
Loans and leases, net of ALLL
|
147,840
|
|
|
147,455
|
|
||
Premises and equipment
|
2,022
|
|
|
2,118
|
|
||
Goodwill
|
9,832
|
|
|
9,818
|
|
||
CDI and other intangible assets
|
678
|
|
|
758
|
|
||
MSRs at fair value
|
919
|
|
|
1,108
|
|
||
Other assets
|
16,234
|
|
|
13,875
|
|
||
Total assets
|
$
|
236,750
|
|
|
$
|
225,697
|
|
Liabilities
|
|
|
|
||||
Deposits
|
$
|
162,280
|
|
|
$
|
161,199
|
|
Short-term borrowings
|
10,405
|
|
|
5,178
|
|
||
Long-term debt
|
25,520
|
|
|
23,709
|
|
||
Accounts payable and other liabilities
|
6,242
|
|
|
5,433
|
|
||
Total liabilities
|
204,447
|
|
|
195,519
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
||||
Shareholders' Equity
|
|
|
|
||||
Preferred stock, $5 par, liquidation preference of $25,000 per share
|
3,057
|
|
|
3,053
|
|
||
Common stock, $5 par
|
3,832
|
|
|
3,817
|
|
||
Additional paid-in capital
|
6,931
|
|
|
6,849
|
|
||
Retained earnings
|
19,440
|
|
|
18,118
|
|
||
AOCI, net of deferred income taxes
|
(1,026
|
)
|
|
(1,715
|
)
|
||
Noncontrolling interests
|
69
|
|
|
56
|
|
||
Total shareholders' equity
|
32,303
|
|
|
30,178
|
|
||
Total liabilities and shareholders' equity
|
$
|
236,750
|
|
|
$
|
225,697
|
|
Common shares outstanding
|
766,303
|
|
|
763,326
|
|
||
Common shares authorized
|
2,000,000
|
|
|
2,000,000
|
|
||
Preferred shares outstanding
|
125
|
|
|
126
|
|
||
Preferred shares authorized
|
5,000
|
|
|
5,000
|
|
Unaudited
(Dollars in millions, except per share data, shares in thousands) |
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Interest Income
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans and leases
|
$
|
1,886
|
|
|
$
|
1,772
|
|
|
$
|
5,611
|
|
|
$
|
5,064
|
|
Interest and dividends on securities
|
315
|
|
|
283
|
|
|
917
|
|
|
868
|
|
||||
Interest on other earning assets
|
17
|
|
|
14
|
|
|
69
|
|
|
52
|
|
||||
Total interest income
|
2,218
|
|
|
2,069
|
|
|
6,597
|
|
|
5,984
|
|
||||
Interest Expense
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
271
|
|
|
172
|
|
|
797
|
|
|
438
|
|
||||
Interest on short-term borrowings
|
54
|
|
|
29
|
|
|
136
|
|
|
72
|
|
||||
Interest on long-term debt
|
193
|
|
|
181
|
|
|
578
|
|
|
497
|
|
||||
Total interest expense
|
518
|
|
|
382
|
|
|
1,511
|
|
|
1,007
|
|
||||
Net Interest Income
|
1,700
|
|
|
1,687
|
|
|
5,086
|
|
|
4,977
|
|
||||
Provision for credit losses
|
117
|
|
|
135
|
|
|
444
|
|
|
420
|
|
||||
Net Interest Income After Provision for Credit Losses
|
1,583
|
|
|
1,552
|
|
|
4,642
|
|
|
4,557
|
|
||||
Noninterest Income
|
|
|
|
|
|
|
|
||||||||
Insurance income
|
487
|
|
|
448
|
|
|
1,563
|
|
|
1,365
|
|
||||
Service charges on deposits
|
188
|
|
|
183
|
|
|
540
|
|
|
527
|
|
||||
Investment banking and brokerage fees and commissions
|
130
|
|
|
116
|
|
|
372
|
|
|
338
|
|
||||
Mortgage banking income
|
112
|
|
|
79
|
|
|
288
|
|
|
272
|
|
||||
Trust and investment advisory revenues
|
71
|
|
|
71
|
|
|
209
|
|
|
215
|
|
||||
Bankcard fees and merchant discounts
|
72
|
|
|
72
|
|
|
219
|
|
|
213
|
|
||||
Checkcard fees
|
57
|
|
|
56
|
|
|
171
|
|
|
165
|
|
||||
Operating lease income
|
36
|
|
|
37
|
|
|
106
|
|
|
110
|
|
||||
Income from bank-owned life insurance
|
29
|
|
|
27
|
|
|
91
|
|
|
88
|
|
||||
Other income
|
121
|
|
|
150
|
|
|
298
|
|
|
347
|
|
||||
Securities gains (losses), net
|
|
|
|
|
|
|
|
||||||||
Gross realized gains
|
—
|
|
|
—
|
|
|
42
|
|
|
1
|
|
||||
Gross realized losses
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
||||
Total securities gains (losses), net
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Total noninterest income
|
1,303
|
|
|
1,239
|
|
|
3,857
|
|
|
3,641
|
|
||||
Noninterest Expense
|
|
|
|
|
|
|
|
||||||||
Personnel expense
|
1,161
|
|
|
1,104
|
|
|
3,368
|
|
|
3,217
|
|
||||
Occupancy and equipment expense
|
186
|
|
|
189
|
|
|
557
|
|
|
570
|
|
||||
Software expense
|
77
|
|
|
70
|
|
|
220
|
|
|
202
|
|
||||
Outside IT services
|
28
|
|
|
33
|
|
|
87
|
|
|
97
|
|
||||
Regulatory charges
|
20
|
|
|
37
|
|
|
57
|
|
|
116
|
|
||||
Amortization of intangibles
|
29
|
|
|
33
|
|
|
93
|
|
|
97
|
|
||||
Loan-related expense
|
26
|
|
|
28
|
|
|
81
|
|
|
83
|
|
||||
Professional services
|
47
|
|
|
33
|
|
|
109
|
|
|
95
|
|
||||
Merger-related and restructuring charges, net
|
34
|
|
|
18
|
|
|
137
|
|
|
70
|
|
||||
Other expense
|
232
|
|
|
197
|
|
|
650
|
|
|
601
|
|
||||
Total noninterest expense
|
1,840
|
|
|
1,742
|
|
|
5,359
|
|
|
5,148
|
|
||||
Earnings
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
1,046
|
|
|
1,049
|
|
|
3,140
|
|
|
3,050
|
|
||||
Provision for income taxes
|
218
|
|
|
210
|
|
|
629
|
|
|
598
|
|
||||
Net income
|
828
|
|
|
839
|
|
|
2,511
|
|
|
2,452
|
|
||||
Noncontrolling interests
|
3
|
|
|
7
|
|
|
8
|
|
|
13
|
|
||||
Dividends on preferred stock
|
90
|
|
|
43
|
|
|
177
|
|
|
130
|
|
||||
Net income available to common shareholders
|
$
|
735
|
|
|
$
|
789
|
|
|
$
|
2,326
|
|
|
$
|
2,309
|
|
Basic EPS
|
$
|
0.96
|
|
|
$
|
1.02
|
|
|
$
|
3.04
|
|
|
$
|
2.98
|
|
Diluted EPS
|
0.95
|
|
|
1.01
|
|
|
3.00
|
|
|
2.94
|
|
||||
Basic weighted average shares outstanding
|
766,167
|
|
|
771,562
|
|
|
765,428
|
|
|
775,642
|
|
||||
Diluted weighted average shares outstanding
|
775,791
|
|
|
781,867
|
|
|
774,907
|
|
|
786,140
|
|
Unaudited
(Dollars in millions) |
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Net income
|
$
|
828
|
|
|
$
|
839
|
|
|
$
|
2,511
|
|
|
$
|
2,452
|
|
OCI, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in unrecognized net pension and postretirement costs
|
(38
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
15
|
|
||||
Change in unrealized net gains (losses) on cash flow hedges
|
13
|
|
|
20
|
|
|
(80
|
)
|
|
124
|
|
||||
Change in unrealized net gains (losses) on AFS securities
|
118
|
|
|
(155
|
)
|
|
769
|
|
|
(522
|
)
|
||||
Other, net
|
—
|
|
|
1
|
|
|
2
|
|
|
(2
|
)
|
||||
Total OCI
|
93
|
|
|
(146
|
)
|
|
689
|
|
|
(385
|
)
|
||||
Total comprehensive income
|
$
|
921
|
|
|
$
|
693
|
|
|
$
|
3,200
|
|
|
$
|
2,067
|
|
Income Tax Effect of Items Included in OCI:
|
|
|
|
|
|
|
|
||||||||
Change in unrecognized net pension and postretirement costs
|
$
|
(11
|
)
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
4
|
|
Change in unrealized net gains (losses) on cash flow hedges
|
4
|
|
|
6
|
|
|
(25
|
)
|
|
40
|
|
||||
Change in unrealized net gains (losses) on AFS securities
|
37
|
|
|
(48
|
)
|
|
237
|
|
|
(163
|
)
|
||||
Other, net
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
Unaudited
(Dollars in millions, shares in thousands) |
Shares of Common Stock
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
AOCI
|
|
Noncontrolling Interests
|
|
Total Shareholders' Equity
|
|||||||||||||||
Balance, July 1, 2018
|
774,447
|
|
|
$
|
3,053
|
|
|
$
|
3,872
|
|
|
$
|
7,364
|
|
|
$
|
17,197
|
|
|
$
|
(1,706
|
)
|
|
$
|
52
|
|
|
$
|
29,832
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
832
|
|
|
—
|
|
|
7
|
|
|
839
|
|
|||||||
OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(146
|
)
|
|
—
|
|
|
(146
|
)
|
|||||||
Issued in connection with equity awards, net
|
108
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Repurchase of common stock
|
(3,935
|
)
|
|
—
|
|
|
(20
|
)
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||||
Balance, September 30, 2018
|
770,620
|
|
|
$
|
3,053
|
|
|
$
|
3,853
|
|
|
$
|
7,221
|
|
|
$
|
17,673
|
|
|
$
|
(1,852
|
)
|
|
$
|
59
|
|
|
$
|
30,007
|
|
Balance, July 1, 2019
|
766,010
|
|
|
$
|
3,053
|
|
|
$
|
3,830
|
|
|
$
|
6,889
|
|
|
$
|
19,050
|
|
|
$
|
(1,119
|
)
|
|
$
|
61
|
|
|
$
|
31,764
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
825
|
|
|
—
|
|
|
3
|
|
|
828
|
|
|||||||
OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
—
|
|
|
93
|
|
|||||||
Issued in connection with equity awards, net
|
368
|
|
|
—
|
|
|
2
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||||
Issued in connection with preferred stock offerings
|
—
|
|
|
1,683
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
|||||||
Repurchase of common stock
|
(75
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||
Redemption of preferred stock
|
—
|
|
|
(1,679
|
)
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(1,725
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(345
|
)
|
|
—
|
|
|
—
|
|
|
(345
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|||||||
Balance, September 30, 2019
|
766,303
|
|
|
$
|
3,057
|
|
|
$
|
3,832
|
|
|
$
|
6,931
|
|
|
$
|
19,440
|
|
|
$
|
(1,026
|
)
|
|
$
|
69
|
|
|
$
|
32,303
|
|
Balance, January 1, 2018
|
782,006
|
|
|
$
|
3,053
|
|
|
$
|
3,910
|
|
|
$
|
7,893
|
|
|
$
|
16,259
|
|
|
$
|
(1,467
|
)
|
|
$
|
47
|
|
|
$
|
29,695
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,439
|
|
|
—
|
|
|
13
|
|
|
2,452
|
|
|||||||
OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
—
|
|
|
(385
|
)
|
|||||||
Issued in connection with equity awards, net
|
4,163
|
|
|
—
|
|
|
21
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Repurchase of common stock
|
(15,549
|
)
|
|
—
|
|
|
(78
|
)
|
|
(752
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(830
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(895
|
)
|
|
—
|
|
|
—
|
|
|
(895
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(12
|
)
|
|||||||
Balance, September 30, 2018
|
770,620
|
|
|
$
|
3,053
|
|
|
$
|
3,853
|
|
|
$
|
7,221
|
|
|
$
|
17,673
|
|
|
$
|
(1,852
|
)
|
|
$
|
59
|
|
|
$
|
30,007
|
|
Balance, January 1, 2019
|
763,326
|
|
|
$
|
3,053
|
|
|
$
|
3,817
|
|
|
$
|
6,849
|
|
|
$
|
18,118
|
|
|
$
|
(1,715
|
)
|
|
$
|
56
|
|
|
$
|
30,178
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,503
|
|
|
—
|
|
|
8
|
|
|
2,511
|
|
|||||||
OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
689
|
|
|
—
|
|
|
689
|
|
|||||||
Issued in connection with equity awards, net
|
3,052
|
|
|
—
|
|
|
15
|
|
|
(37
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|||||||
Issued in connection with preferred stock offerings
|
—
|
|
|
1,683
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
|||||||
Repurchase of common stock
|
(75
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||
Redemption of preferred stock
|
—
|
|
|
(1,679
|
)
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(1,725
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(964
|
)
|
|
—
|
|
|
—
|
|
|
(964
|
)
|
|||||||
Cash dividends declared on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(131
|
)
|
|
—
|
|
|
—
|
|
|
(131
|
)
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(40
|
)
|
|
—
|
|
|
5
|
|
|
(32
|
)
|
|||||||
Balance, September 30, 2019
|
766,303
|
|
|
$
|
3,057
|
|
|
$
|
3,832
|
|
|
$
|
6,931
|
|
|
$
|
19,440
|
|
|
$
|
(1,026
|
)
|
|
$
|
69
|
|
|
$
|
32,303
|
|
Unaudited
Nine Months Ended September 30, (Dollars in millions) |
2019
|
|
2018
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
2,511
|
|
|
$
|
2,452
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|||
Provision for credit losses
|
444
|
|
|
420
|
|
||
Depreciation
|
324
|
|
|
316
|
|
||
Amortization of intangibles
|
93
|
|
|
97
|
|
||
Equity-based compensation expense
|
119
|
|
|
113
|
|
||
(Gain) loss on securities, net
|
—
|
|
|
(1
|
)
|
||
Net change in operating assets and liabilities:
|
|
|
|
|
|||
LHFS
|
(531
|
)
|
|
77
|
|
||
Trading and equity securities
|
(104
|
)
|
|
(503
|
)
|
||
Other assets, accounts payable and other liabilities
|
(1,458
|
)
|
|
221
|
|
||
Other, net
|
566
|
|
|
(214
|
)
|
||
Net cash from operating activities
|
1,964
|
|
|
2,978
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
|||
Proceeds from sales of AFS securities
|
4,255
|
|
|
294
|
|
||
Proceeds from maturities, calls and paydowns of AFS securities
|
3,051
|
|
|
2,919
|
|
||
Purchases of AFS securities
|
(17,220
|
)
|
|
(3,630
|
)
|
||
Proceeds from maturities, calls and paydowns of HTM securities
|
1,762
|
|
|
1,919
|
|
||
Purchases of HTM securities
|
—
|
|
|
(39
|
)
|
||
Originations and purchases of loans and leases, net of sales and principal collected
|
(1,060
|
)
|
|
(3,657
|
)
|
||
Other, net
|
(188
|
)
|
|
(539
|
)
|
||
Net cash from investing activities
|
(9,400
|
)
|
|
(2,733
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
|||
Net change in deposits
|
1,096
|
|
|
(2,806
|
)
|
||
Net change in short-term borrowings
|
5,317
|
|
|
4,714
|
|
||
Proceeds from issuance of long-term debt
|
5,653
|
|
|
1,770
|
|
||
Repayment of long-term debt
|
(4,259
|
)
|
|
(1,845
|
)
|
||
Repurchase of common stock
|
(3
|
)
|
|
(830
|
)
|
||
Net proceeds from preferred stock issued
|
1,683
|
|
|
—
|
|
||
Redemption of preferred stock
|
(1,725
|
)
|
|
—
|
|
||
Cash dividends paid on common stock
|
(964
|
)
|
|
(895
|
)
|
||
Cash dividends paid on preferred stock
|
(131
|
)
|
|
(130
|
)
|
||
Other, net
|
(200
|
)
|
|
(153
|
)
|
||
Net cash from financing activities
|
6,467
|
|
|
(175
|
)
|
||
Net Change in Cash, Cash Equivalents and Restricted Cash
|
(969
|
)
|
|
70
|
|
||
Cash, Cash Equivalents and Restricted Cash, January 1
|
3,987
|
|
|
3,083
|
|
||
Cash, Cash Equivalents and Restricted Cash, September 30
|
$
|
3,018
|
|
|
$
|
3,153
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
||||
Net cash paid (received) during the period for:
|
|
|
|
||||
Interest expense
|
$
|
1,486
|
|
|
$
|
948
|
|
Income taxes
|
409
|
|
|
(34
|
)
|
September 30, 2019
(Dollars in millions) |
|
Amortized Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
|
|
Gains
|
|
Losses
|
|
|||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
1,142
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
1,138
|
|
GSE
|
|
251
|
|
|
4
|
|
|
1
|
|
|
254
|
|
||||
Agency MBS
|
|
33,457
|
|
|
283
|
|
|
133
|
|
|
33,607
|
|
||||
States and political subdivisions
|
|
564
|
|
|
35
|
|
|
6
|
|
|
593
|
|
||||
Non-agency MBS
|
|
197
|
|
|
177
|
|
|
—
|
|
|
374
|
|
||||
Other
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
||||
Total AFS securities
|
|
$
|
35,642
|
|
|
$
|
500
|
|
|
$
|
145
|
|
|
$
|
35,997
|
|
HTM securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
1,100
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
1,105
|
|
GSE
|
|
2,200
|
|
|
36
|
|
|
—
|
|
|
2,236
|
|
||||
Agency MBS
|
|
15,467
|
|
|
185
|
|
|
24
|
|
|
15,628
|
|
||||
States and political subdivisions
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Total HTM securities
|
|
$
|
18,768
|
|
|
$
|
226
|
|
|
$
|
24
|
|
|
$
|
18,970
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
(Dollars in millions) |
|
Amortized Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
|
|
Gains
|
|
Losses
|
|
|||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
3,503
|
|
|
$
|
22
|
|
|
$
|
84
|
|
|
$
|
3,441
|
|
GSE
|
|
209
|
|
|
—
|
|
|
9
|
|
|
200
|
|
||||
Agency MBS
|
|
20,927
|
|
|
15
|
|
|
787
|
|
|
20,155
|
|
||||
States and political subdivisions
|
|
694
|
|
|
25
|
|
|
18
|
|
|
701
|
|
||||
Non-agency MBS
|
|
321
|
|
|
184
|
|
|
—
|
|
|
505
|
|
||||
Other
|
|
35
|
|
|
1
|
|
|
—
|
|
|
36
|
|
||||
Total AFS securities
|
|
$
|
25,689
|
|
|
$
|
247
|
|
|
$
|
898
|
|
|
$
|
25,038
|
|
HTM securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
1,099
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
1,093
|
|
GSE
|
|
2,199
|
|
|
4
|
|
|
43
|
|
|
2,160
|
|
||||
Agency MBS
|
|
17,248
|
|
|
27
|
|
|
487
|
|
|
16,788
|
|
||||
States and political subdivisions
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Other
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Total HTM securities
|
|
$
|
20,552
|
|
|
$
|
31
|
|
|
$
|
536
|
|
|
$
|
20,047
|
|
|
|
AFS
|
|
HTM
|
||||||||||||
September 30, 2019
(Dollars in millions) |
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Due in one year or less
|
|
$
|
255
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
|
1,178
|
|
|
1,174
|
|
|
3,300
|
|
|
3,342
|
|
||||
Due after five years through ten years
|
|
258
|
|
|
272
|
|
|
529
|
|
|
530
|
|
||||
Due after ten years
|
|
33,951
|
|
|
34,295
|
|
|
14,939
|
|
|
15,098
|
|
||||
Total debt securities
|
|
$
|
35,642
|
|
|
$
|
35,997
|
|
|
$
|
18,768
|
|
|
$
|
18,970
|
|
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
September 30, 2019
(Dollars in millions) |
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
|
$
|
791
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
791
|
|
|
$
|
5
|
|
GSE
|
|
46
|
|
|
—
|
|
|
78
|
|
|
1
|
|
|
124
|
|
|
1
|
|
||||||
Agency MBS
|
|
7,285
|
|
|
42
|
|
|
4,299
|
|
|
91
|
|
|
11,584
|
|
|
133
|
|
||||||
States and political subdivisions
|
|
79
|
|
|
1
|
|
|
144
|
|
|
5
|
|
|
223
|
|
|
6
|
|
||||||
Total
|
|
$
|
8,201
|
|
|
$
|
48
|
|
|
$
|
4,521
|
|
|
$
|
97
|
|
|
$
|
12,722
|
|
|
$
|
145
|
|
HTM securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Agency MBS
|
|
$
|
1,622
|
|
|
$
|
9
|
|
|
$
|
1,274
|
|
|
$
|
15
|
|
|
$
|
2,896
|
|
|
$
|
24
|
|
Total
|
|
$
|
1,622
|
|
|
$
|
9
|
|
|
$
|
1,274
|
|
|
$
|
15
|
|
|
$
|
2,896
|
|
|
$
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
December 31, 2018
(Dollars in millions) |
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
|
$
|
111
|
|
|
$
|
—
|
|
|
$
|
2,121
|
|
|
$
|
84
|
|
|
$
|
2,232
|
|
|
$
|
84
|
|
GSE
|
|
3
|
|
|
—
|
|
|
176
|
|
|
9
|
|
|
179
|
|
|
9
|
|
||||||
Agency MBS
|
|
322
|
|
|
2
|
|
|
18,478
|
|
|
785
|
|
|
18,800
|
|
|
787
|
|
||||||
States and political subdivisions
|
|
100
|
|
|
1
|
|
|
288
|
|
|
17
|
|
|
388
|
|
|
18
|
|
||||||
Total
|
|
$
|
536
|
|
|
$
|
3
|
|
|
$
|
21,063
|
|
|
$
|
895
|
|
|
$
|
21,599
|
|
|
$
|
898
|
|
HTM securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury
|
|
$
|
698
|
|
|
$
|
3
|
|
|
$
|
395
|
|
|
$
|
3
|
|
|
$
|
1,093
|
|
|
$
|
6
|
|
GSE
|
|
—
|
|
|
—
|
|
|
1,749
|
|
|
43
|
|
|
1,749
|
|
|
43
|
|
||||||
Agency MBS
|
|
264
|
|
|
3
|
|
|
14,976
|
|
|
484
|
|
|
15,240
|
|
|
487
|
|
||||||
Total
|
|
$
|
962
|
|
|
$
|
6
|
|
|
$
|
17,120
|
|
|
$
|
530
|
|
|
$
|
18,082
|
|
|
$
|
536
|
|
|
|
Accruing
|
|
|
|
|
||||||||||||||
September 30, 2019
(Dollars in millions) |
|
Current
|
|
30-89 Days Past Due
|
|
90 Days Or More Past Due
|
|
Nonperforming
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
64,118
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
172
|
|
|
$
|
64,324
|
|
CRE
|
|
20,854
|
|
|
1
|
|
|
—
|
|
|
29
|
|
|
20,884
|
|
|||||
Lease financing
|
|
2,353
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
2,356
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
27,412
|
|
|
432
|
|
|
347
|
|
|
106
|
|
|
28,297
|
|
|||||
Direct
|
|
11,346
|
|
|
54
|
|
|
7
|
|
|
56
|
|
|
11,463
|
|
|||||
Indirect
|
|
17,947
|
|
|
423
|
|
|
9
|
|
|
82
|
|
|
18,461
|
|
|||||
Revolving credit
|
|
3,194
|
|
|
31
|
|
|
16
|
|
|
—
|
|
|
3,241
|
|
|||||
PCI
|
|
347
|
|
|
16
|
|
|
24
|
|
|
—
|
|
|
387
|
|
|||||
Total
|
|
$
|
147,571
|
|
|
$
|
992
|
|
|
$
|
403
|
|
|
$
|
447
|
|
|
$
|
149,413
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Accruing
|
|
|
|
|
||||||||||||||
December 31, 2018
(Dollars in millions) |
|
Current
|
|
30-89 Days Past Due
|
|
90 Days Or More Past Due
|
|
Nonperforming
|
|
Total
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
61,701
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
$
|
61,935
|
|
CRE
|
|
20,990
|
|
|
5
|
|
|
—
|
|
|
65
|
|
|
21,060
|
|
|||||
Lease financing
|
|
2,014
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
2,018
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
|
30,413
|
|
|
456
|
|
|
405
|
|
|
119
|
|
|
31,393
|
|
|||||
Direct
|
|
11,463
|
|
|
61
|
|
|
7
|
|
|
53
|
|
|
11,584
|
|
|||||
Indirect
|
|
16,901
|
|
|
436
|
|
|
6
|
|
|
82
|
|
|
17,425
|
|
|||||
Revolving credit
|
|
3,090
|
|
|
28
|
|
|
14
|
|
|
—
|
|
|
3,132
|
|
|||||
PCI
|
|
413
|
|
|
23
|
|
|
30
|
|
|
—
|
|
|
466
|
|
|||||
Total
|
|
$
|
146,985
|
|
|
$
|
1,044
|
|
|
$
|
462
|
|
|
$
|
522
|
|
|
$
|
149,013
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
|
Commercial & Industrial
|
|
CRE
|
|
Lease Financing
|
|
Commercial & Industrial
|
|
CRE
|
|
Lease Financing
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
|
$
|
62,968
|
|
|
$
|
20,491
|
|
|
$
|
2,344
|
|
|
$
|
60,655
|
|
|
$
|
20,712
|
|
|
$
|
2,012
|
|
Special mention
|
|
332
|
|
|
59
|
|
|
1
|
|
|
216
|
|
|
61
|
|
|
—
|
|
||||||
Substandard-performing
|
|
852
|
|
|
305
|
|
|
9
|
|
|
864
|
|
|
222
|
|
|
3
|
|
||||||
Nonperforming
|
|
172
|
|
|
29
|
|
|
2
|
|
|
200
|
|
|
65
|
|
|
3
|
|
||||||
Total
|
|
$
|
64,324
|
|
|
$
|
20,884
|
|
|
$
|
2,356
|
|
|
$
|
61,935
|
|
|
$
|
21,060
|
|
|
$
|
2,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Residential Mortgage
|
|
Direct
|
|
Indirect
|
|
Residential Mortgage
|
|
Direct
|
|
Indirect
|
||||||||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Performing
|
|
$
|
28,191
|
|
|
$
|
11,407
|
|
|
$
|
18,379
|
|
|
$
|
31,274
|
|
|
$
|
11,531
|
|
|
$
|
17,343
|
|
Nonperforming
|
|
106
|
|
|
56
|
|
|
82
|
|
|
119
|
|
|
53
|
|
|
82
|
|
||||||
Total
|
|
$
|
28,297
|
|
|
$
|
11,463
|
|
|
$
|
18,461
|
|
|
$
|
31,393
|
|
|
$
|
11,584
|
|
|
$
|
17,425
|
|
(Dollars in millions)
|
|
Balance at Jul 1, 2018
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Balance at Sep 30, 2018
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
535
|
|
|
$
|
(28
|
)
|
|
$
|
13
|
|
|
$
|
21
|
|
|
$
|
541
|
|
CRE
|
|
191
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
191
|
|
|||||
Lease financing
|
|
10
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
10
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
221
|
|
|
(4
|
)
|
|
—
|
|
|
8
|
|
|
225
|
|
|||||
Direct
|
|
97
|
|
|
(17
|
)
|
|
6
|
|
|
11
|
|
|
97
|
|
|||||
Indirect
|
|
353
|
|
|
(94
|
)
|
|
15
|
|
|
79
|
|
|
353
|
|
|||||
Revolving credit
|
|
105
|
|
|
(20
|
)
|
|
4
|
|
|
22
|
|
|
111
|
|
|||||
PCI
|
|
18
|
|
|
(2
|
)
|
|
—
|
|
|
(6
|
)
|
|
10
|
|
|||||
ALLL
|
|
1,530
|
|
|
(166
|
)
|
|
39
|
|
|
135
|
|
|
1,538
|
|
|||||
RUFC
|
|
110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|||||
ACL
|
|
$
|
1,640
|
|
|
$
|
(166
|
)
|
|
$
|
39
|
|
|
$
|
135
|
|
|
$
|
1,648
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
|
Balance at Jul 1, 2019
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Balance at Sep 30, 2019
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
574
|
|
|
$
|
(28
|
)
|
|
$
|
5
|
|
|
$
|
25
|
|
|
$
|
576
|
|
CRE
|
|
201
|
|
|
(2
|
)
|
|
3
|
|
|
(6
|
)
|
|
196
|
|
|||||
Lease financing
|
|
10
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
10
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
224
|
|
|
(3
|
)
|
|
—
|
|
|
(22
|
)
|
|
199
|
|
|||||
Direct
|
|
99
|
|
|
(22
|
)
|
|
6
|
|
|
17
|
|
|
100
|
|
|||||
Indirect
|
|
359
|
|
|
(106
|
)
|
|
15
|
|
|
94
|
|
|
362
|
|
|||||
Revolving credit
|
|
120
|
|
|
(27
|
)
|
|
6
|
|
|
23
|
|
|
122
|
|
|||||
PCI
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
ALLL
|
|
1,595
|
|
|
(189
|
)
|
|
36
|
|
|
131
|
|
|
1,573
|
|
|||||
RUFC
|
|
94
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
80
|
|
|||||
ACL
|
|
$
|
1,689
|
|
|
$
|
(189
|
)
|
|
$
|
36
|
|
|
$
|
117
|
|
|
$
|
1,653
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
|
Balance at Jan 1, 2018
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Balance at Sep 30, 2018
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
522
|
|
|
$
|
(74
|
)
|
|
$
|
32
|
|
|
$
|
61
|
|
|
$
|
541
|
|
CRE
|
|
160
|
|
|
(8
|
)
|
|
4
|
|
|
35
|
|
|
191
|
|
|||||
Lease financing
|
|
9
|
|
|
(3
|
)
|
|
1
|
|
|
3
|
|
|
10
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
|
209
|
|
|
(13
|
)
|
|
1
|
|
|
28
|
|
|
225
|
|
|||||
Direct
|
|
106
|
|
|
(53
|
)
|
|
18
|
|
|
26
|
|
|
97
|
|
|||||
Indirect
|
|
348
|
|
|
(283
|
)
|
|
47
|
|
|
241
|
|
|
353
|
|
|||||
Revolving credit
|
|
108
|
|
|
(62
|
)
|
|
14
|
|
|
51
|
|
|
111
|
|
|||||
PCI
|
|
28
|
|
|
(2
|
)
|
|
—
|
|
|
(16
|
)
|
|
10
|
|
|||||
ALLL
|
|
1,490
|
|
|
(498
|
)
|
|
117
|
|
|
429
|
|
|
1,538
|
|
|||||
RUFC
|
|
119
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
110
|
|
|||||
ACL
|
|
$
|
1,609
|
|
|
$
|
(498
|
)
|
|
$
|
117
|
|
|
$
|
420
|
|
|
$
|
1,648
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
Balance at Jan 1, 2019
|
|
Charge-Offs
|
|
Recoveries
|
|
Provision (Benefit)
|
|
Balance at Sep 30, 2019
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
546
|
|
|
$
|
(67
|
)
|
|
$
|
19
|
|
|
$
|
78
|
|
|
$
|
576
|
|
CRE
|
|
190
|
|
|
(28
|
)
|
|
7
|
|
|
27
|
|
|
196
|
|
|||||
Lease financing
|
|
11
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
10
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
|
232
|
|
|
(13
|
)
|
|
1
|
|
|
(21
|
)
|
|
199
|
|
|||||
Direct
|
|
97
|
|
|
(62
|
)
|
|
19
|
|
|
46
|
|
|
100
|
|
|||||
Indirect
|
|
356
|
|
|
(306
|
)
|
|
51
|
|
|
261
|
|
|
362
|
|
|||||
Revolving credit
|
|
117
|
|
|
(78
|
)
|
|
16
|
|
|
67
|
|
|
122
|
|
|||||
PCI
|
|
9
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
8
|
|
|||||
ALLL
|
|
1,558
|
|
|
(556
|
)
|
|
114
|
|
|
457
|
|
|
1,573
|
|
|||||
RUFC
|
|
93
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
80
|
|
|||||
ACL
|
|
$
|
1,651
|
|
|
$
|
(556
|
)
|
|
$
|
114
|
|
|
$
|
444
|
|
|
$
|
1,653
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in millions)
|
|
Recorded Investment
|
|
Related ALLL
|
|
Recorded Investment
|
|
Related ALLL
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
$
|
64,050
|
|
|
$
|
551
|
|
|
$
|
61,629
|
|
|
$
|
521
|
|
CRE
|
|
20,834
|
|
|
192
|
|
|
20,960
|
|
|
181
|
|
||||
Lease financing
|
|
2,354
|
|
|
10
|
|
|
2,015
|
|
|
11
|
|
||||
Retail:
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
|
27,542
|
|
|
143
|
|
|
30,539
|
|
|
164
|
|
||||
Direct
|
|
11,400
|
|
|
96
|
|
|
11,517
|
|
|
92
|
|
||||
Indirect
|
|
18,110
|
|
|
299
|
|
|
17,099
|
|
|
299
|
|
||||
Revolving credit
|
|
3,210
|
|
|
110
|
|
|
3,104
|
|
|
106
|
|
||||
PCI
|
|
387
|
|
|
8
|
|
|
466
|
|
|
9
|
|
||||
Total
|
|
$
|
147,887
|
|
|
$
|
1,409
|
|
|
$
|
147,329
|
|
|
$
|
1,383
|
|
|
UPB
|
|
Recorded Investment
|
|
Related ALLL
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||||||
As of / For The Nine Months Ended September 30, 2019
(Dollars in millions) |
|
Without an ALLL
|
|
With an ALLL
|
|
|
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
286
|
|
|
$
|
76
|
|
|
$
|
198
|
|
|
$
|
25
|
|
|
$
|
302
|
|
|
$
|
5
|
|
CRE
|
51
|
|
|
8
|
|
|
42
|
|
|
4
|
|
|
85
|
|
|
1
|
|
||||||
Lease financing
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
803
|
|
|
118
|
|
|
637
|
|
|
56
|
|
|
824
|
|
|
26
|
|
||||||
Direct
|
79
|
|
|
26
|
|
|
37
|
|
|
4
|
|
|
65
|
|
|
3
|
|
||||||
Indirect
|
361
|
|
|
5
|
|
|
346
|
|
|
63
|
|
|
333
|
|
|
39
|
|
||||||
Revolving credit
|
31
|
|
|
—
|
|
|
31
|
|
|
12
|
|
|
29
|
|
|
1
|
|
||||||
Total
|
$
|
1,613
|
|
|
$
|
233
|
|
|
$
|
1,293
|
|
|
$
|
164
|
|
|
$
|
1,640
|
|
|
$
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
UPB
|
|
Recorded Investment
|
|
Related ALLL
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||||||
As of / For The Year Ended December 31, 2018
(Dollars in millions) |
|
Without an ALLL
|
|
With an ALLL
|
|
|
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
318
|
|
|
$
|
95
|
|
|
$
|
211
|
|
|
$
|
25
|
|
|
$
|
343
|
|
|
$
|
6
|
|
CRE
|
102
|
|
|
29
|
|
|
71
|
|
|
9
|
|
|
97
|
|
|
2
|
|
||||||
Lease financing
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
904
|
|
|
122
|
|
|
732
|
|
|
68
|
|
|
841
|
|
|
34
|
|
||||||
Direct
|
86
|
|
|
26
|
|
|
41
|
|
|
5
|
|
|
72
|
|
|
4
|
|
||||||
Indirect
|
335
|
|
|
6
|
|
|
320
|
|
|
57
|
|
|
306
|
|
|
46
|
|
||||||
Revolving credit
|
28
|
|
|
—
|
|
|
28
|
|
|
11
|
|
|
29
|
|
|
1
|
|
||||||
Total
|
$
|
1,776
|
|
|
$
|
278
|
|
|
$
|
1,406
|
|
|
$
|
175
|
|
|
$
|
1,694
|
|
|
$
|
93
|
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Performing TDRs:
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
69
|
|
|
$
|
65
|
|
CRE
|
|
7
|
|
|
10
|
|
||
Retail:
|
|
|
|
|
||||
Residential mortgage
|
|
570
|
|
|
656
|
|
||
Direct
|
|
52
|
|
|
55
|
|
||
Indirect
|
|
328
|
|
|
305
|
|
||
Revolving credit
|
|
31
|
|
|
28
|
|
||
Total performing TDRs
|
|
1,057
|
|
|
1,119
|
|
||
Nonperforming TDRs (also included in NPL disclosures)
|
|
115
|
|
|
176
|
|
||
Total TDRs
|
|
$
|
1,172
|
|
|
$
|
1,295
|
|
ALLL attributable to TDRs
|
|
$
|
138
|
|
|
$
|
146
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
Three Months Ended September 30,
(Dollars in millions) |
Type of Modification
|
|
ALLL Impact
|
|
Type of Modification
|
|
ALLL Impact
|
||||||||||||||||
Rate
|
|
Structure
|
|
|
Rate
|
|
Structure
|
|
|||||||||||||||
Newly designated TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
3
|
|
|
$
|
—
|
|
CRE
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
51
|
|
|
7
|
|
|
3
|
|
|
53
|
|
|
7
|
|
|
3
|
|
||||||
Direct
|
2
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
||||||
Indirect
|
61
|
|
|
1
|
|
|
7
|
|
|
52
|
|
|
1
|
|
|
6
|
|
||||||
Revolving credit
|
6
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
—
|
|
|
1
|
|
||||||
Re-modification of previously designated TDRs
|
12
|
|
|
2
|
|
|
—
|
|
|
13
|
|
|
1
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
Nine Months Ended September 30,
(Dollars in millions) |
Type of Modification
|
|
ALLL Impact
|
|
Type of Modification
|
|
ALLL Impact
|
||||||||||||||||
Rate
|
|
Structure
|
|
|
Rate
|
|
Structure
|
|
|||||||||||||||
Newly designated TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
52
|
|
|
$
|
11
|
|
|
$
|
2
|
|
|
$
|
69
|
|
|
$
|
46
|
|
|
$
|
—
|
|
CRE
|
1
|
|
|
1
|
|
|
—
|
|
|
27
|
|
|
3
|
|
|
—
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
173
|
|
|
21
|
|
|
10
|
|
|
193
|
|
|
22
|
|
|
12
|
|
||||||
Direct
|
7
|
|
|
3
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
—
|
|
||||||
Indirect
|
159
|
|
|
3
|
|
|
19
|
|
|
139
|
|
|
3
|
|
|
16
|
|
||||||
Revolving credit
|
17
|
|
|
—
|
|
|
3
|
|
|
13
|
|
|
—
|
|
|
3
|
|
||||||
Re-modification of previously designated TDRs
|
49
|
|
|
18
|
|
|
—
|
|
|
65
|
|
|
11
|
|
|
—
|
|
September 30, 2019
(Dollars in millions) |
Operating Leases
|
|
Finance Leases
|
||||
ROU assets
|
$
|
841
|
|
|
$
|
17
|
|
Maturities of lease liabilities:
|
|
|
|
||||
2019
|
$
|
32
|
|
|
$
|
2
|
|
2020
|
209
|
|
|
7
|
|
||
2021
|
180
|
|
|
6
|
|
||
2022
|
154
|
|
|
5
|
|
||
2023
|
123
|
|
|
3
|
|
||
2024
|
97
|
|
|
2
|
|
||
Thereafter
|
312
|
|
|
3
|
|
||
Total lease payments
|
1,107
|
|
|
28
|
|
||
Less: imputed interest
|
139
|
|
|
5
|
|
||
Total lease liabilities
|
$
|
968
|
|
|
$
|
23
|
|
Weighted average remaining term
|
7.6 years
|
|
|
4.9 years
|
|
||
Weighted average discount rate
|
3.1
|
%
|
|
7.2
|
%
|
(Dollars in millions)
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Assets held under operating leases
|
$
|
1,381
|
|
|
$
|
1,378
|
|
Accumulated depreciation
|
(403
|
)
|
|
(374
|
)
|
||
Net
|
$
|
978
|
|
|
$
|
1,004
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Depreciation expense for assets under operating leases
|
$
|
35
|
|
|
$
|
30
|
|
|
$
|
93
|
|
|
$
|
90
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
CDI
|
|
$
|
436
|
|
|
$
|
(322
|
)
|
|
$
|
114
|
|
|
$
|
605
|
|
|
$
|
(460
|
)
|
|
$
|
145
|
|
Other, primarily customer relationship intangibles
|
|
1,324
|
|
|
(760
|
)
|
|
564
|
|
|
1,329
|
|
|
(716
|
)
|
|
613
|
|
||||||
Total
|
|
$
|
1,760
|
|
|
$
|
(1,082
|
)
|
|
$
|
678
|
|
|
$
|
1,934
|
|
|
$
|
(1,176
|
)
|
|
$
|
758
|
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
UPB of residential mortgage loan servicing portfolio
|
|
$
|
116,269
|
|
|
$
|
118,605
|
|
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
|
|
87,147
|
|
|
87,270
|
|
||
Mortgage loans sold with recourse
|
|
369
|
|
|
419
|
|
||
Maximum recourse exposure from mortgage loans sold with recourse liability
|
|
200
|
|
|
223
|
|
||
Indemnification, recourse and repurchase reserves
|
|
27
|
|
|
24
|
|
||
|
|
|
|
|
|
|
||
As of / For the Nine Months Ended September 30,
(Dollars in millions) |
|
2019
|
|
2018
|
||||
UPB of residential mortgage loans sold from LHFS
|
|
$
|
11,108
|
|
|
$
|
8,436
|
|
Pre-tax gains recognized on mortgage loans sold and held for sale
|
|
90
|
|
|
98
|
|
||
Servicing fees recognized from mortgage loans serviced for others
|
|
187
|
|
|
191
|
|
||
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
|
|
0.28
|
%
|
|
0.28
|
%
|
||
Weighted average interest rate on mortgage loans serviced for others
|
|
4.09
|
|
|
4.03
|
|
Nine Months Ended September 30,
(Dollars in millions) |
|
2019
|
|
2018
|
||||
Residential MSRs, carrying value, January 1
|
|
$
|
957
|
|
|
$
|
914
|
|
Additions
|
|
101
|
|
|
96
|
|
||
Change in fair value due to changes in valuation inputs or assumptions:
|
|
|
|
|
||||
Prepayment speeds
|
|
(213
|
)
|
|
47
|
|
||
OAS
|
|
36
|
|
|
70
|
|
||
Servicing costs
|
|
—
|
|
|
—
|
|
||
Realization of expected net servicing cash flows, passage of time and other
|
|
(105
|
)
|
|
(104
|
)
|
||
Residential MSRs, carrying value, September 30
|
|
$
|
776
|
|
|
$
|
1,023
|
|
Gains (losses) on derivative financial instruments used to mitigate the income statement effect of changes in residential MSR fair value
|
|
$
|
211
|
|
|
$
|
(119
|
)
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
|
|
Range
|
|
Weighted Average
|
|
Range
|
|
Weighted Average
|
||||||||||||
(Dollars in millions)
|
|
Min
|
|
Max
|
|
|
Min
|
|
Max
|
|
||||||||||
Prepayment speed
|
|
10.7
|
%
|
|
16.6
|
%
|
|
15.4
|
%
|
|
9.1
|
%
|
|
10.5
|
%
|
|
9.9
|
%
|
||
Effect on fair value of a 10% increase
|
|
|
|
|
|
$
|
(41
|
)
|
|
|
|
|
|
$
|
(34
|
)
|
||||
Effect on fair value of a 20% increase
|
|
|
|
|
|
(78
|
)
|
|
|
|
|
|
(66
|
)
|
||||||
OAS
|
|
5.3
|
%
|
|
7.9
|
%
|
|
6.0
|
%
|
|
6.6
|
%
|
|
8.3
|
%
|
|
7.0
|
%
|
||
Effect on fair value of a 10% increase
|
|
|
|
|
|
$
|
(16
|
)
|
|
|
|
|
|
$
|
(24
|
)
|
||||
Effect on fair value of a 20% increase
|
|
|
|
|
|
(30
|
)
|
|
|
|
|
|
(47
|
)
|
||||||
Composition of loans serviced for others:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed-rate residential mortgage loans
|
|
|
|
|
|
99.3
|
%
|
|
|
|
|
|
99.2
|
%
|
||||||
Adjustable-rate residential mortgage loans
|
|
|
|
|
|
0.7
|
|
|
|
|
|
|
0.8
|
|
||||||
Total
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
100.0
|
%
|
||||
Weighted average life
|
|
|
|
|
|
|
|
4.5 years
|
|
|
|
|
|
|
6.1 years
|
|
(Dollars in millions)
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
UPB of CRE mortgages serviced for others
|
$
|
27,951
|
|
|
$
|
27,761
|
|
CRE mortgages serviced for others covered by recourse provisions
|
4,748
|
|
|
4,699
|
|
||
Maximum recourse exposure from CRE mortgages sold with recourse liability
|
1,331
|
|
|
1,317
|
|
||
Recorded reserves related to recourse exposure
|
6
|
|
|
6
|
|
||
CRE mortgages originated during the year-to-date period
|
5,505
|
|
|
7,072
|
|
||
Commercial MSRs at fair value
|
143
|
|
|
151
|
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Noninterest-bearing deposits
|
|
$
|
52,667
|
|
|
$
|
53,025
|
|
Interest checking
|
|
27,723
|
|
|
28,130
|
|
||
Money market and savings
|
|
64,454
|
|
|
63,467
|
|
||
Time deposits
|
|
16,526
|
|
|
16,577
|
|
||
Foreign office deposits - interest-bearing
|
|
910
|
|
|
—
|
|
||
Total deposits
|
|
$
|
162,280
|
|
|
$
|
161,199
|
|
Time deposits greater than $250,000
|
|
$
|
5,215
|
|
|
$
|
5,713
|
|
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
|||||||||||||||||
|
|
|
|
|
|
Stated Rate
|
|
Effective Rate
|
|
Carrying Amount
|
|
Carrying Amount
|
|||||||||
(Dollars in millions)
|
|
Maturity
|
|
Min
|
|
Max
|
|
|
|
||||||||||||
BB&T Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate senior notes
|
|
2020
|
to
|
2025
|
|
2.05
|
%
|
|
5.38
|
%
|
|
2.69
|
%
|
|
$
|
12,844
|
|
|
$
|
10,408
|
|
Floating rate senior notes
|
|
2020
|
|
2022
|
|
2.46
|
|
|
3.02
|
|
|
2.77
|
|
|
1,948
|
|
|
2,398
|
|
||
Fixed rate subordinated notes
|
|
2019
|
|
2029
|
|
3.88
|
|
|
5.25
|
|
|
2.32
|
|
|
1,603
|
|
|
903
|
|
||
Branch Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate senior notes
|
|
2020
|
|
2022
|
|
2.10
|
|
|
2.85
|
|
|
2.43
|
|
|
3,456
|
|
|
4,895
|
|
||
Floating rate senior notes
|
|
2020
|
|
2020
|
|
2.35
|
|
|
2.75
|
|
|
2.68
|
|
|
900
|
|
|
1,149
|
|
||
Fixed rate subordinated notes
|
|
2025
|
|
2029
|
|
2.64
|
|
|
3.80
|
|
|
2.78
|
|
|
2,961
|
|
|
2,075
|
|
||
FHLB advances (1)
|
|
2019
|
|
2034
|
|
—
|
|
|
5.50
|
|
|
1.65
|
|
|
1,640
|
|
|
1,749
|
|
||
Other long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
168
|
|
|
132
|
|
|||||
Total long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,520
|
|
|
$
|
23,709
|
|
(1)
|
FHLB advances had a weighted average maturity of 4.1 years at September 30, 2019.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash dividends declared per share
|
|
$
|
0.450
|
|
|
$
|
0.405
|
|
|
$
|
1.260
|
|
|
$
|
1.155
|
|
(Shares in thousands)
|
|
Units/Shares
|
|
Wtd. Avg. Grant Date Fair Value
|
|||
Nonvested at January 1, 2019
|
|
12,060
|
|
|
$
|
38.03
|
|
Granted
|
|
3,919
|
|
|
44.39
|
|
|
Vested
|
|
(3,394
|
)
|
|
35.27
|
|
|
Forfeited
|
|
(345
|
)
|
|
42.43
|
|
|
Nonvested at September 30, 2019
|
|
12,240
|
|
|
40.70
|
|
Three Months Ended
(Dollars in millions) |
Pension and OPEB Costs
|
|
Cash Flow Hedges
|
|
AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||
AOCI balance, July 1, 2018
|
$
|
(977
|
)
|
|
$
|
12
|
|
|
$
|
(723
|
)
|
|
$
|
(18
|
)
|
|
$
|
(1,706
|
)
|
OCI before reclassifications, net of tax
|
(27
|
)
|
|
20
|
|
|
(162
|
)
|
|
1
|
|
|
(168
|
)
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax
|
19
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
28
|
|
|||||
Tax effect
|
4
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|||||
Amounts reclassified, net of tax
|
15
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
22
|
|
|||||
Total OCI, net of tax
|
(12
|
)
|
|
20
|
|
|
(155
|
)
|
|
1
|
|
|
(146
|
)
|
|||||
AOCI balance, September 30, 2018
|
$
|
(989
|
)
|
|
$
|
32
|
|
|
$
|
(878
|
)
|
|
$
|
(17
|
)
|
|
$
|
(1,852
|
)
|
AOCI balance, July 1, 2019
|
$
|
(1,128
|
)
|
|
$
|
(124
|
)
|
|
$
|
151
|
|
|
$
|
(18
|
)
|
|
$
|
(1,119
|
)
|
OCI before reclassifications, net of tax
|
(58
|
)
|
|
3
|
|
|
116
|
|
|
—
|
|
|
61
|
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax
|
27
|
|
|
14
|
|
|
2
|
|
|
—
|
|
|
43
|
|
|||||
Tax effect
|
7
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|||||
Amounts reclassified, net of tax
|
20
|
|
|
10
|
|
|
2
|
|
|
—
|
|
|
32
|
|
|||||
Total OCI, net of tax
|
(38
|
)
|
|
13
|
|
|
118
|
|
|
—
|
|
|
93
|
|
|||||
AOCI balance, September 30, 2019
|
$
|
(1,166
|
)
|
|
$
|
(111
|
)
|
|
$
|
269
|
|
|
$
|
(18
|
)
|
|
$
|
(1,026
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2019 and 2018
(Dollars in millions) |
Pension and OPEB Costs
|
|
Cash Flow Hedges
|
|
AFS Securities
|
|
Other, net
|
|
Total
|
||||||||||
AOCI balance, January 1, 2018
|
$
|
(1,004
|
)
|
|
$
|
(92
|
)
|
|
$
|
(356
|
)
|
|
$
|
(15
|
)
|
|
$
|
(1,467
|
)
|
OCI before reclassifications, net of tax
|
(27
|
)
|
|
113
|
|
|
(544
|
)
|
|
(3
|
)
|
|
(461
|
)
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax
|
55
|
|
|
14
|
|
|
29
|
|
|
1
|
|
|
99
|
|
|||||
Tax effect
|
13
|
|
|
3
|
|
|
7
|
|
|
—
|
|
|
23
|
|
|||||
Amounts reclassified, net of tax
|
42
|
|
|
11
|
|
|
22
|
|
|
1
|
|
|
76
|
|
|||||
Total OCI, net of tax
|
15
|
|
|
124
|
|
|
(522
|
)
|
|
(2
|
)
|
|
(385
|
)
|
|||||
AOCI balance, September 30, 2018
|
(989
|
)
|
|
32
|
|
|
(878
|
)
|
|
(17
|
)
|
|
(1,852
|
)
|
|||||
AOCI balance, January 1, 2019
|
$
|
(1,164
|
)
|
|
$
|
(31
|
)
|
|
$
|
(500
|
)
|
|
$
|
(20
|
)
|
|
$
|
(1,715
|
)
|
OCI before reclassifications, net of tax
|
(58
|
)
|
|
(88
|
)
|
|
776
|
|
|
2
|
|
|
632
|
|
|||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before tax
|
74
|
|
|
11
|
|
|
(10
|
)
|
|
—
|
|
|
75
|
|
|||||
Tax effect
|
18
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
18
|
|
|||||
Amounts reclassified, net of tax
|
56
|
|
|
8
|
|
|
(7
|
)
|
|
—
|
|
|
57
|
|
|||||
Total OCI, net of tax
|
(2
|
)
|
|
(80
|
)
|
|
769
|
|
|
2
|
|
|
689
|
|
|||||
AOCI balance, September 30, 2019
|
$
|
(1,166
|
)
|
|
$
|
(111
|
)
|
|
$
|
269
|
|
|
$
|
(18
|
)
|
|
$
|
(1,026
|
)
|
Primary income statement location of amounts reclassified from AOCI
|
Other expense
|
|
Net interest income
|
|
Net interest income
|
|
Net interest income
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
Location
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
Personnel expense
|
$
|
52
|
|
|
$
|
59
|
|
|
$
|
161
|
|
|
$
|
179
|
|
Interest cost
|
Other expense
|
58
|
|
|
50
|
|
|
169
|
|
|
150
|
|
||||
Estimated return on plan assets
|
Other expense
|
(116
|
)
|
|
(112
|
)
|
|
(343
|
)
|
|
(336
|
)
|
||||
Amortization and other
|
Other expense
|
29
|
|
|
21
|
|
|
80
|
|
|
60
|
|
||||
Net periodic benefit cost
|
|
$
|
23
|
|
|
$
|
18
|
|
|
$
|
67
|
|
|
$
|
53
|
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Investments in affordable housing projects:
|
|
|
|
|
||||
Carrying amount
|
|
$
|
2,179
|
|
|
$
|
2,088
|
|
Amount of future funding commitments included in carrying amount
|
|
864
|
|
|
919
|
|
||
Lending exposure
|
|
402
|
|
|
460
|
|
||
Tax credits subject to recapture
|
|
537
|
|
|
523
|
|
||
Private equity and certain other equity method investments:
|
|
|
|
|
||||
Carrying amount
|
|
544
|
|
|
458
|
|
||
Amount of future funding commitments not included in carrying amount
|
|
322
|
|
|
331
|
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Pledged securities
|
|
$
|
11,881
|
|
|
$
|
13,237
|
|
Pledged loans
|
|
74,458
|
|
|
77,847
|
|
September 30, 2019
(Dollars in millions) |
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments (1)
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury
|
|
$
|
1,138
|
|
|
$
|
—
|
|
|
$
|
1,138
|
|
|
$
|
—
|
|
|
$
|
—
|
|
GSE
|
|
254
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
—
|
|
|||||
Agency MBS
|
|
33,607
|
|
|
—
|
|
|
33,607
|
|
|
—
|
|
|
—
|
|
|||||
States and political subdivisions
|
|
593
|
|
|
—
|
|
|
593
|
|
|
—
|
|
|
—
|
|
|||||
Non-agency MBS
|
|
374
|
|
|
—
|
|
|
—
|
|
|
374
|
|
|
—
|
|
|||||
Other
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|||||
Total AFS securities
|
|
35,997
|
|
|
—
|
|
|
35,623
|
|
|
374
|
|
|
—
|
|
|||||
LHFS
|
|
1,442
|
|
|
—
|
|
|
1,442
|
|
|
—
|
|
|
—
|
|
|||||
MSRs
|
|
919
|
|
|
—
|
|
|
—
|
|
|
919
|
|
|
—
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading and equity securities
|
|
871
|
|
|
464
|
|
|
407
|
|
|
—
|
|
|
—
|
|
|||||
Derivative assets
|
|
680
|
|
|
—
|
|
|
892
|
|
|
20
|
|
|
(232
|
)
|
|||||
Private equity investments
|
|
467
|
|
|
—
|
|
|
—
|
|
|
467
|
|
|
—
|
|
|||||
Total assets
|
|
$
|
40,376
|
|
|
$
|
464
|
|
|
$
|
38,364
|
|
|
$
|
1,780
|
|
|
$
|
(232
|
)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
150
|
|
|
$
|
16
|
|
|
$
|
(128
|
)
|
Securities sold short
|
|
113
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|||||
Total liabilities
|
|
$
|
152
|
|
|
$
|
1
|
|
|
$
|
263
|
|
|
$
|
16
|
|
|
$
|
(128
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
(Dollars in millions) |
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments (1)
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury
|
|
$
|
3,441
|
|
|
$
|
—
|
|
|
$
|
3,441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
GSE
|
|
200
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|||||
Agency MBS
|
|
20,155
|
|
|
—
|
|
|
20,155
|
|
|
—
|
|
|
—
|
|
|||||
States and political subdivisions
|
|
701
|
|
|
—
|
|
|
701
|
|
|
—
|
|
|
—
|
|
|||||
Non-agency MBS
|
|
505
|
|
|
—
|
|
|
114
|
|
|
391
|
|
|
—
|
|
|||||
Other
|
|
36
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|||||
Total AFS securities
|
|
25,038
|
|
|
—
|
|
|
24,647
|
|
|
391
|
|
|
—
|
|
|||||
LHFS
|
|
988
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|||||
MSRs
|
|
1,108
|
|
|
—
|
|
|
—
|
|
|
1,108
|
|
|
—
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading and equity securities
|
|
767
|
|
|
374
|
|
|
390
|
|
|
3
|
|
|
—
|
|
|||||
Derivative assets
|
|
246
|
|
|
—
|
|
|
234
|
|
|
12
|
|
|
—
|
|
|||||
Private equity investments
|
|
393
|
|
|
—
|
|
|
—
|
|
|
393
|
|
|
—
|
|
|||||
Total assets
|
|
$
|
28,540
|
|
|
$
|
374
|
|
|
$
|
26,259
|
|
|
$
|
1,907
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
|
$
|
247
|
|
|
$
|
1
|
|
|
$
|
246
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities sold short
|
|
145
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|||||
Total liabilities
|
|
$
|
392
|
|
|
$
|
1
|
|
|
$
|
391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Three Months Ended
(Dollars in millions) |
|
Trading and Equity Securities
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||||
Balance at July 1, 2018
|
|
$
|
—
|
|
|
$
|
425
|
|
|
$
|
1,143
|
|
|
$
|
4
|
|
|
$
|
399
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
|
—
|
|
|
2
|
|
|
36
|
|
|
6
|
|
|
35
|
|
|||||
Included in unrealized net holding gains (losses) in OCI
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchases
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Issuances
|
|
—
|
|
|
—
|
|
|
42
|
|
|
5
|
|
|
—
|
|
|||||
Sales
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|||||
Settlements
|
|
—
|
|
|
(13
|
)
|
|
(42
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|||||
Balance at September 30, 2018
|
|
$
|
—
|
|
|
$
|
407
|
|
|
$
|
1,179
|
|
|
$
|
(1
|
)
|
|
$
|
427
|
|
Balance at July 1, 2019
|
|
$
|
—
|
|
|
$
|
382
|
|
|
$
|
970
|
|
|
$
|
7
|
|
|
$
|
449
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
|
—
|
|
|
15
|
|
|
(79
|
)
|
|
53
|
|
|
6
|
|
|||||
Included in unrealized net holding gains (losses) in OCI
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchases
|
|
4
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
34
|
|
|||||
Issuances
|
|
—
|
|
|
—
|
|
|
69
|
|
|
30
|
|
|
—
|
|
|||||
Sales
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Settlements
|
|
—
|
|
|
(15
|
)
|
|
(41
|
)
|
|
(85
|
)
|
|
(21
|
)
|
|||||
Balance at September 30, 2019
|
|
$
|
—
|
|
|
$
|
374
|
|
|
$
|
919
|
|
|
$
|
4
|
|
|
$
|
467
|
|
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
(79
|
)
|
|
$
|
13
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2019 and 2018
(Dollars in millions) |
|
Trading and Equity Securities
|
|
Non-agency MBS
|
|
MSRs
|
|
Net Derivatives
|
|
Private Equity Investments
|
||||||||||
Balance at January 1, 2018
|
|
$
|
—
|
|
|
$
|
432
|
|
|
$
|
1,056
|
|
|
$
|
3
|
|
|
$
|
404
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
|
—
|
|
|
8
|
|
|
127
|
|
|
7
|
|
|
46
|
|
|||||
Included in unrealized net holding gains (losses) in OCI
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchases
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|||||
Issuances
|
|
—
|
|
|
—
|
|
|
125
|
|
|
11
|
|
|
—
|
|
|||||
Sales
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|||||
Settlements
|
|
—
|
|
|
(40
|
)
|
|
(129
|
)
|
|
(22
|
)
|
|
(37
|
)
|
|||||
Balance at September 30, 2018
|
|
$
|
—
|
|
|
$
|
407
|
|
|
$
|
1,179
|
|
|
$
|
(1
|
)
|
|
$
|
427
|
|
Balance at January 1, 2019
|
|
$
|
3
|
|
|
$
|
391
|
|
|
$
|
1,108
|
|
|
$
|
12
|
|
|
$
|
393
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
|
—
|
|
|
10
|
|
|
(184
|
)
|
|
74
|
|
|
30
|
|
|||||
Included in unrealized net holding gains (losses) in OCI
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchases
|
|
19
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
102
|
|
|||||
Issuances
|
|
—
|
|
|
—
|
|
|
121
|
|
|
64
|
|
|
—
|
|
|||||
Sales
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||
Settlements
|
|
—
|
|
|
(31
|
)
|
|
(126
|
)
|
|
(135
|
)
|
|
(23
|
)
|
|||||
Transfers into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|||||
Balance at September 30, 2019
|
|
$
|
—
|
|
|
$
|
374
|
|
|
$
|
919
|
|
|
$
|
4
|
|
|
$
|
467
|
|
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
(184
|
)
|
|
$
|
13
|
|
|
$
|
8
|
|
Primary income statement location of realized gains (losses) included in earnings
|
|
Interest income
|
|
Interest income
|
|
Mortgage banking income
|
|
Mortgage banking income
|
|
Other income
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
|
Fair Value
|
|
UPB
|
|
Difference
|
|
Fair Value
|
|
UPB
|
|
Difference
|
||||||||||||
LHFS at fair value
|
|
$
|
1,442
|
|
|
$
|
1,430
|
|
|
$
|
12
|
|
|
$
|
988
|
|
|
$
|
975
|
|
|
$
|
13
|
|
|
|
2019
|
|
2018
|
||||||||||||
As of / For The Nine Months Ended September 30,
(Dollars in millions) |
|
Carrying Value
|
|
Valuation Adjustments
|
|
Carrying Value
|
|
Valuation Adjustments
|
||||||||
Impaired loans
|
|
$
|
98
|
|
|
$
|
(21
|
)
|
|
$
|
185
|
|
|
$
|
(31
|
)
|
Foreclosed real estate
|
|
33
|
|
|
(180
|
)
|
|
39
|
|
|
(171
|
)
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in millions)
|
Fair Value Hierarchy
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||||||
HTM securities
|
Level 2
|
$
|
18,768
|
|
|
$
|
18,970
|
|
|
$
|
20,552
|
|
|
$
|
20,047
|
|
Loans and leases HFI, net of ALLL
|
Level 3
|
147,840
|
|
|
148,172
|
|
|
147,455
|
|
|
145,591
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time deposits
|
Level 2
|
16,526
|
|
|
16,587
|
|
|
16,577
|
|
|
16,617
|
|
||||
Long-term debt
|
Level 2
|
25,520
|
|
|
25,861
|
|
|
23,709
|
|
|
23,723
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in millions)
|
Notional/Contract Amount
|
|
Fair Value
|
|
Notional/Contract Amount
|
|
Fair Value
|
||||||||
Commitments to extend, originate or purchase credit
|
$
|
76,603
|
|
|
$
|
299
|
|
|
$
|
72,435
|
|
|
$
|
280
|
|
Residential mortgage loans sold with recourse
|
369
|
|
|
3
|
|
|
419
|
|
|
3
|
|
||||
CRE mortgages serviced for others covered by recourse provisions
|
4,748
|
|
|
6
|
|
|
4,699
|
|
|
6
|
|
||||
Letters of credit
|
2,139
|
|
|
13
|
|
|
2,389
|
|
|
18
|
|
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
Hedged Item or Transaction
|
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||||||||||
(Dollars in millions)
|
|
|
|
Gain
|
|
Loss
|
|
|
Gain
|
|
Loss
|
|||||||||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay fixed swaps
|
|
3 mo. LIBOR funding
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Receive fixed swaps
|
|
Long-term debt
|
|
17,934
|
|
|
195
|
|
|
(29
|
)
|
|
12,908
|
|
|
5
|
|
|
(74
|
)
|
||||||
Options
|
|
Long-term debt
|
|
4,785
|
|
|
—
|
|
|
(3
|
)
|
|
4,785
|
|
|
—
|
|
|
(2
|
)
|
||||||
Pay fixed swaps
|
|
Commercial loans
|
|
44
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
2
|
|
|
—
|
|
||||||
Pay fixed swaps
|
|
Municipal securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
22,763
|
|
|
195
|
|
|
(32
|
)
|
|
18,457
|
|
|
7
|
|
|
(76
|
)
|
||||||
Not designated as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Client-related and other risk management:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed swaps
|
|
|
|
14,210
|
|
|
657
|
|
|
(1
|
)
|
|
11,577
|
|
|
128
|
|
|
(98
|
)
|
||||||
Pay fixed swaps
|
|
|
|
13,512
|
|
|
—
|
|
|
(84
|
)
|
|
11,523
|
|
|
19
|
|
|
(32
|
)
|
||||||
Other
|
|
|
|
1,336
|
|
|
3
|
|
|
(3
|
)
|
|
1,143
|
|
|
2
|
|
|
(3
|
)
|
||||||
Forward commitments
|
|
|
|
6,171
|
|
|
7
|
|
|
(16
|
)
|
|
2,883
|
|
|
11
|
|
|
(13
|
)
|
||||||
Foreign exchange contracts
|
|
651
|
|
|
4
|
|
|
(2
|
)
|
|
529
|
|
|
5
|
|
|
(2
|
)
|
||||||||
Total
|
|
|
|
35,880
|
|
|
671
|
|
|
(106
|
)
|
|
27,655
|
|
|
165
|
|
|
(148
|
)
|
||||||
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate lock commitments
|
|
2,376
|
|
|
20
|
|
|
(5
|
)
|
|
702
|
|
|
12
|
|
|
—
|
|
||||||||
When issued securities, forward rate agreements and forward commitments
|
|
3,183
|
|
|
6
|
|
|
(16
|
)
|
|
1,753
|
|
|
2
|
|
|
(20
|
)
|
||||||||
Other
|
|
|
|
75
|
|
|
—
|
|
|
(1
|
)
|
|
271
|
|
|
2
|
|
|
(1
|
)
|
||||||
Total
|
|
|
|
5,634
|
|
|
26
|
|
|
(22
|
)
|
|
2,726
|
|
|
16
|
|
|
(21
|
)
|
||||||
MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed swaps
|
|
|
|
3,338
|
|
|
—
|
|
|
—
|
|
|
4,328
|
|
|
—
|
|
|
—
|
|
||||||
Pay fixed swaps
|
|
|
|
2,245
|
|
|
—
|
|
|
—
|
|
|
3,224
|
|
|
—
|
|
|
—
|
|
||||||
Options
|
|
|
|
884
|
|
|
17
|
|
|
—
|
|
|
3,155
|
|
|
48
|
|
|
(2
|
)
|
||||||
When issued securities, forward rate agreements and forward commitments
|
|
1,199
|
|
|
3
|
|
|
(7
|
)
|
|
1,590
|
|
|
10
|
|
|
—
|
|
||||||||
Other
|
|
|
|
157
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
|
|
7,823
|
|
|
20
|
|
|
(7
|
)
|
|
12,400
|
|
|
58
|
|
|
(2
|
)
|
||||||
Total derivatives not designated as hedges
|
|
49,337
|
|
|
717
|
|
|
(135
|
)
|
|
42,781
|
|
|
239
|
|
|
(171
|
)
|
||||||||
Total derivatives
|
|
|
|
$
|
72,100
|
|
|
912
|
|
|
(167
|
)
|
|
$
|
67,738
|
|
|
246
|
|
|
(247
|
)
|
||||
Gross amounts in the Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amounts subject to master netting arrangements
|
|
|
|
(49
|
)
|
|
49
|
|
|
|
|
|
(47
|
)
|
|
47
|
|
|||||||||
Cash collateral (received) posted for amounts subject to master netting arrangements
|
|
|
|
|
(183
|
)
|
|
79
|
|
|
|
|
|
(53
|
)
|
|
82
|
|
||||||||
Net amount
|
|
|
|
|
|
|
$
|
680
|
|
|
$
|
(39
|
)
|
|
|
|
|
$
|
146
|
|
|
$
|
(118
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative instruments under master netting agreements
|
|
|
|
$
|
233
|
|
|
$
|
(137
|
)
|
|
|
|
$
|
102
|
|
|
$
|
(131
|
)
|
||||||
Derivative instruments not under master netting agreements
|
|
|
|
679
|
|
|
(30
|
)
|
|
|
|
144
|
|
|
(116
|
)
|
||||||||||
Total derivatives
|
|
|
|
|
|
$
|
912
|
|
|
$
|
(167
|
)
|
|
|
|
$
|
246
|
|
|
$
|
(247
|
)
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
|
|
Hedge Basis Adjustment
|
|
|
|
Hedge Basis Adjustment
|
||||||||||||||||
(Dollars in millions)
|
|
Hedged Asset / Liability Basis
|
|
Items Currently Designated
|
|
Items No Longer Designated
|
|
Hedged Asset / Liability Basis
|
|
Items Currently Designated
|
|
Items No Longer Designated
|
||||||||||||
AFS securities
|
|
$
|
474
|
|
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
493
|
|
|
$
|
5
|
|
|
$
|
54
|
|
Loans and leases
|
|
559
|
|
|
3
|
|
|
15
|
|
|
562
|
|
|
—
|
|
|
(3
|
)
|
||||||
Long-term debt
|
|
20,750
|
|
|
347
|
|
|
(8
|
)
|
|
15,397
|
|
|
(98
|
)
|
|
12
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Pre-tax gain (loss) recognized in OCI:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
(42
|
)
|
|
$
|
35
|
|
Short-term borrowings
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
||||
Long-term debt
|
2
|
|
|
18
|
|
|
(76
|
)
|
|
111
|
|
||||
Total
|
$
|
3
|
|
|
$
|
26
|
|
|
(116
|
)
|
|
$
|
150
|
|
|
Pre-tax gain (loss) reclassified from AOCI into interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
$
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(2
|
)
|
|||
Short-term borrowings
|
(5
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
Long-term debt
|
(8
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(12
|
)
|
||||
Total
|
$
|
(14
|
)
|
|
$
|
—
|
|
|
$
|
(11
|
)
|
|
$
|
(14
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
AFS securities:
|
|
|
|
|
|
|
|
|
|||||||
Amounts related to interest settlements
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Recognized on derivatives
|
1
|
|
|
4
|
|
|
(16
|
)
|
|
20
|
|
||||
Recognized on hedged items
|
(3
|
)
|
|
(6
|
)
|
|
10
|
|
|
(22
|
)
|
||||
Net income (expense) recognized
|
(2
|
)
|
|
(2
|
)
|
|
(6
|
)
|
|
$
|
(6
|
)
|
|||
Loans and leases:
|
|
|
|
|
|
|
|
||||||||
Amounts related to interest settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Recognized on derivatives
|
—
|
|
|
4
|
|
|
(22
|
)
|
|
10
|
|
||||
Recognized on hedged items
|
(1
|
)
|
|
(4
|
)
|
|
21
|
|
|
(10
|
)
|
||||
Net income (expense) recognized
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amounts related to interest settlements
|
(17
|
)
|
|
(13
|
)
|
|
(55
|
)
|
|
(12
|
)
|
||||
Recognized on derivatives
|
35
|
|
|
(50
|
)
|
|
343
|
|
|
(293
|
)
|
||||
Recognized on hedged items
|
(30
|
)
|
|
62
|
|
|
(326
|
)
|
|
329
|
|
||||
Net income (expense) recognized
|
(12
|
)
|
|
(1
|
)
|
|
(38
|
)
|
|
24
|
|
||||
Net income (expense) recognized, total
|
$
|
(15
|
)
|
|
$
|
(3
|
)
|
|
$
|
(45
|
)
|
|
$
|
17
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Client-related and other risk management:
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
Other noninterest income
|
$
|
33
|
|
|
$
|
11
|
|
|
$
|
59
|
|
|
$
|
36
|
|
Foreign exchange contracts
|
Other noninterest income
|
7
|
|
|
1
|
|
|
8
|
|
|
14
|
|
||||
Equity
|
Other noninterest income
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
Mortgage banking income
|
10
|
|
|
7
|
|
|
5
|
|
|
3
|
|
||||
MSRs:
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
Mortgage banking income
|
84
|
|
|
(36
|
)
|
|
221
|
|
|
(126
|
)
|
||||
Total
|
|
$
|
132
|
|
|
$
|
(17
|
)
|
|
$
|
291
|
|
|
$
|
(73
|
)
|
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Cash flow hedges:
|
|
|
|
|
|
|||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022)
|
|
(111
|
)
|
|
(13
|
)
|
||
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months
|
|
(41
|
)
|
|
4
|
|
||
Maximum time period over which BB&T is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
|
|
N/A
|
|
|
4 years
|
|
||
Fair value hedges:
|
|
|
|
|
|
|||
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029)
|
|
(90
|
)
|
|
(39
|
)
|
||
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months
|
|
(10
|
)
|
|
15
|
|
(Dollars in millions)
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Notional amount
|
$
|
819
|
|
|
$
|
446
|
|
Maximum exposure assuming all underlying third party customers referenced in the interest rate contracts defaulted in a zero LIBOR rate environment
|
52
|
|
|
26
|
|
(Dollars in millions)
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Dealer counterparties:
|
|
|
|
||||
Cash collateral received from dealer counterparties
|
$
|
186
|
|
|
$
|
56
|
|
Derivatives in a net gain position secured by collateral received
|
184
|
|
|
55
|
|
||
Unsecured positions in a net gain with dealer counterparties after collateral postings
|
1
|
|
|
2
|
|
||
Cash collateral posted to dealer counterparties
|
75
|
|
|
75
|
|
||
Derivatives in a net loss position secured by collateral received
|
74
|
|
|
76
|
|
||
Additional collateral that would have been posted had BB&T's credit ratings dropped below investment grade
|
—
|
|
|
1
|
|
||
Central clearing parties:
|
|
|
|
||||
Cash collateral, including initial margin, posted to central clearing parties
|
17
|
|
|
17
|
|
||
Derivatives in a net loss position
|
15
|
|
|
8
|
|
||
Securities pledged to central clearing parties
|
155
|
|
|
124
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in millions, except per share data, shares in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income available to common shareholders
|
$
|
735
|
|
|
$
|
789
|
|
|
$
|
2,326
|
|
|
$
|
2,309
|
|
Weighted average number of common shares
|
766,167
|
|
|
771,562
|
|
|
765,428
|
|
|
775,642
|
|
||||
Effect of dilutive outstanding equity-based awards
|
9,624
|
|
|
10,305
|
|
|
9,479
|
|
|
10,498
|
|
||||
Weighted average number of diluted common shares
|
775,791
|
|
|
781,867
|
|
|
774,907
|
|
|
786,140
|
|
||||
Basic EPS
|
$
|
0.96
|
|
|
$
|
1.02
|
|
|
$
|
3.04
|
|
|
$
|
2.98
|
|
Diluted EPS
|
$
|
0.95
|
|
|
$
|
1.01
|
|
|
$
|
3.00
|
|
|
$
|
2.94
|
|
Anti-dilutive awards
|
—
|
|
|
61
|
|
|
—
|
|
|
80
|
|
Three Months Ended September 30,
(Dollars in millions) |
CB-Retail
|
|
CB-Commercial
|
|
FS&CF
|
||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Net interest income (expense)
|
$
|
871
|
|
|
$
|
880
|
|
|
$
|
519
|
|
|
$
|
513
|
|
|
$
|
196
|
|
|
$
|
171
|
|
Net intersegment interest income (expense)
|
141
|
|
|
76
|
|
|
69
|
|
|
58
|
|
|
18
|
|
|
26
|
|
||||||
Segment net interest income
|
1,012
|
|
|
956
|
|
|
588
|
|
|
571
|
|
|
214
|
|
|
197
|
|
||||||
Allocated provision for credit losses
|
115
|
|
|
121
|
|
|
12
|
|
|
18
|
|
|
3
|
|
|
5
|
|
||||||
Segment net interest income after provision
|
897
|
|
|
835
|
|
|
576
|
|
|
553
|
|
|
211
|
|
|
192
|
|
||||||
Noninterest income
|
372
|
|
|
347
|
|
|
116
|
|
|
110
|
|
|
351
|
|
|
308
|
|
||||||
Noninterest expense
|
681
|
|
|
657
|
|
|
259
|
|
|
262
|
|
|
327
|
|
|
312
|
|
||||||
Income (loss) before income taxes
|
588
|
|
|
525
|
|
|
433
|
|
|
401
|
|
|
235
|
|
|
188
|
|
||||||
Provision (benefit) for income taxes
|
142
|
|
|
129
|
|
|
95
|
|
|
90
|
|
|
50
|
|
|
39
|
|
||||||
Segment net income (loss)
|
$
|
446
|
|
|
$
|
396
|
|
|
$
|
338
|
|
|
$
|
311
|
|
|
$
|
185
|
|
|
$
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
IH
|
|
OT&C (1)
|
|
Total
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Net interest income (expense)
|
$
|
39
|
|
|
$
|
32
|
|
|
$
|
75
|
|
|
$
|
91
|
|
|
$
|
1,700
|
|
|
$
|
1,687
|
|
Net intersegment interest income (expense)
|
(11
|
)
|
|
(9
|
)
|
|
(217
|
)
|
|
(151
|
)
|
|
—
|
|
|
—
|
|
||||||
Segment net interest income
|
28
|
|
|
23
|
|
|
(142
|
)
|
|
(60
|
)
|
|
1,700
|
|
|
1,687
|
|
||||||
Allocated provision for credit losses
|
2
|
|
|
1
|
|
|
(15
|
)
|
|
(10
|
)
|
|
117
|
|
|
135
|
|
||||||
Segment net interest income after provision
|
26
|
|
|
22
|
|
|
(127
|
)
|
|
(50
|
)
|
|
1,583
|
|
|
1,552
|
|
||||||
Noninterest income
|
491
|
|
|
452
|
|
|
(27
|
)
|
|
22
|
|
|
1,303
|
|
|
1,239
|
|
||||||
Noninterest expense
|
435
|
|
|
416
|
|
|
138
|
|
|
95
|
|
|
1,840
|
|
|
1,742
|
|
||||||
Income (loss) before income taxes
|
82
|
|
|
58
|
|
|
(292
|
)
|
|
(123
|
)
|
|
1,046
|
|
|
1,049
|
|
||||||
Provision (benefit) for income taxes
|
21
|
|
|
15
|
|
|
(90
|
)
|
|
(63
|
)
|
|
218
|
|
|
210
|
|
||||||
Segment net income (loss)
|
$
|
61
|
|
|
$
|
43
|
|
|
$
|
(202
|
)
|
|
$
|
(60
|
)
|
|
$
|
828
|
|
|
$
|
839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended September 30,
(Dollars in millions) |
CB-Retail
|
|
CB-Commercial
|
|
FS&CF
|
||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Net interest income (expense)
|
$
|
2,564
|
|
|
$
|
2,570
|
|
|
$
|
1,596
|
|
|
$
|
1,467
|
|
|
$
|
582
|
|
|
$
|
499
|
|
Net intersegment interest income (expense)
|
376
|
|
|
194
|
|
|
160
|
|
|
182
|
|
|
52
|
|
|
64
|
|
||||||
Segment net interest income
|
2,940
|
|
|
2,764
|
|
|
1,756
|
|
|
1,649
|
|
|
634
|
|
|
563
|
|
||||||
Allocated provision for credit losses
|
368
|
|
|
354
|
|
|
70
|
|
|
97
|
|
|
18
|
|
|
(3
|
)
|
||||||
Segment net interest income after provision
|
2,572
|
|
|
2,410
|
|
|
1,686
|
|
|
1,552
|
|
|
616
|
|
|
566
|
|
||||||
Noninterest income
|
1,081
|
|
|
1,042
|
|
|
339
|
|
|
325
|
|
|
964
|
|
|
912
|
|
||||||
Noninterest expense
|
1,981
|
|
|
1,978
|
|
|
765
|
|
|
769
|
|
|
935
|
|
|
924
|
|
||||||
Income (loss) before income taxes
|
1,672
|
|
|
1,474
|
|
|
1,260
|
|
|
1,108
|
|
|
645
|
|
|
554
|
|
||||||
Provision (benefit) for income taxes
|
403
|
|
|
362
|
|
|
275
|
|
|
249
|
|
|
135
|
|
|
116
|
|
||||||
Segment net income (loss)
|
$
|
1,269
|
|
|
$
|
1,112
|
|
|
$
|
985
|
|
|
$
|
859
|
|
|
$
|
510
|
|
|
$
|
438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Identifiable assets (period end)
|
$
|
72,843
|
|
|
$
|
73,117
|
|
|
$
|
56,489
|
|
|
$
|
56,687
|
|
|
$
|
32,754
|
|
|
$
|
30,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
IH
|
|
OT&C (1)
|
|
Total
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Net interest income (expense)
|
$
|
108
|
|
|
$
|
87
|
|
|
$
|
236
|
|
|
$
|
354
|
|
|
$
|
5,086
|
|
|
$
|
4,977
|
|
Net intersegment interest income (expense)
|
(32
|
)
|
|
(23
|
)
|
|
(556
|
)
|
|
(417
|
)
|
|
—
|
|
|
—
|
|
||||||
Segment net interest income
|
76
|
|
|
64
|
|
|
(320
|
)
|
|
(63
|
)
|
|
5,086
|
|
|
4,977
|
|
||||||
Allocated provision for credit losses
|
7
|
|
|
2
|
|
|
(19
|
)
|
|
(30
|
)
|
|
444
|
|
|
420
|
|
||||||
Segment net interest income after provision
|
69
|
|
|
62
|
|
|
(301
|
)
|
|
(33
|
)
|
|
4,642
|
|
|
4,557
|
|
||||||
Noninterest income
|
1,576
|
|
|
1,375
|
|
|
(103
|
)
|
|
(13
|
)
|
|
3,857
|
|
|
3,641
|
|
||||||
Noninterest expense
|
1,296
|
|
|
1,199
|
|
|
382
|
|
|
278
|
|
|
5,359
|
|
|
5,148
|
|
||||||
Income (loss) before income taxes
|
349
|
|
|
238
|
|
|
(786
|
)
|
|
(324
|
)
|
|
3,140
|
|
|
3,050
|
|
||||||
Provision (benefit) for income taxes
|
89
|
|
|
61
|
|
|
(273
|
)
|
|
(190
|
)
|
|
629
|
|
|
598
|
|
||||||
Segment net income (loss)
|
$
|
260
|
|
|
$
|
177
|
|
|
$
|
(513
|
)
|
|
$
|
(134
|
)
|
|
$
|
2,511
|
|
|
$
|
2,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Identifiable assets (period end)
|
$
|
6,744
|
|
|
$
|
6,455
|
|
|
$
|
67,920
|
|
|
$
|
56,040
|
|
|
$
|
236,750
|
|
|
$
|
222,885
|
|
(1)
|
Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
|
•
|
On July 10, 2019, BB&T received regulatory approval from the NCCOB for the pending merger-of-equals with SunTrust. Management is continuing to work with regulators on the remaining approvals.
|
•
|
On July 16, 2019, BB&T and SunTrust announced the Truist Bank Community Benefits Plan under which the combined company will lend or invest $60 billion to low and moderate-income borrowers and communities over a three-year period from 2020 to 2022.
|
•
|
Management agreed on a one-time bonus to be paid to certain associates of Truist following the closing of the merger. The estimated bonus payments total approximately $70 million.
|
•
|
On July 24, 2019, the U.S. House Committee on Financial Services held a hearing on the merger. BB&T and SunTrust executives delivered testimony and responded to questions from Committee members.
|
•
|
On July 30, 2019, BB&T and SunTrust shareholders approved the merger. In addition, BB&T's shareholders approved Truist Financial Corporation to be the name of the combined company.
|
•
|
In September 2019, BB&T and SunTrust named approximately 75% of Truist leadership roles, finalized a vast majority of key technology ecosystem decisions and completed a legal day one readiness testing exercise for key workstreams.
|
Table 1-1: TE Net Interest Income and Rate / Volume Analysis (1)
|
|||||||||||||||||||||||||||||||||
Three Months Ended September 30,
(Dollars in millions) |
Average Balances (6)
|
|
Annualized Yield/Rate
|
|
Income/Expense
|
|
Incr.
(Decr.)
|
|
Change due to
|
||||||||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
Rate
|
|
Volume
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total securities, at amortized cost: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Treasury
|
$
|
2,240
|
|
|
$
|
3,561
|
|
|
2.04
|
%
|
|
1.80
|
%
|
|
$
|
11
|
|
|
$
|
15
|
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
$
|
(6
|
)
|
GSE
|
2,449
|
|
|
2,399
|
|
|
2.25
|
|
|
2.23
|
|
|
14
|
|
|
13
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Agency MBS
|
43,415
|
|
|
39,111
|
|
|
2.57
|
|
|
2.45
|
|
|
279
|
|
|
239
|
|
|
40
|
|
|
12
|
|
|
28
|
|
|||||||
States and political subdivisions
|
566
|
|
|
849
|
|
|
3.44
|
|
|
3.50
|
|
|
5
|
|
|
10
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||||||
Non-agency MBS
|
198
|
|
|
340
|
|
|
18.77
|
|
|
11.32
|
|
|
9
|
|
|
8
|
|
|
1
|
|
|
5
|
|
|
(4
|
)
|
|||||||
Other
|
32
|
|
|
39
|
|
|
3.67
|
|
|
3.79
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
Total securities
|
48,900
|
|
|
46,299
|
|
|
2.60
|
|
|
2.47
|
|
|
318
|
|
|
286
|
|
|
32
|
|
|
19
|
|
|
13
|
|
|||||||
Other earning assets (3)
|
2,466
|
|
|
2,412
|
|
|
2.67
|
|
|
2.52
|
|
|
17
|
|
|
15
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|||||||
Loans and leases, net of unearned income: (4)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
63,768
|
|
|
59,900
|
|
|
4.18
|
|
|
4.04
|
|
|
671
|
|
|
612
|
|
|
59
|
|
|
21
|
|
|
38
|
|
|||||||
CRE
|
20,767
|
|
|
21,496
|
|
|
4.88
|
|
|
4.80
|
|
|
256
|
|
|
260
|
|
|
(4
|
)
|
|
4
|
|
|
(8
|
)
|
|||||||
Lease financing
|
2,260
|
|
|
1,941
|
|
|
3.17
|
|
|
3.04
|
|
|
18
|
|
|
17
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Residential mortgage
|
28,410
|
|
|
30,500
|
|
|
4.02
|
|
|
4.08
|
|
|
285
|
|
|
313
|
|
|
(28
|
)
|
|
(5
|
)
|
|
(23
|
)
|
|||||||
Direct
|
11,468
|
|
|
11,613
|
|
|
5.75
|
|
|
5.34
|
|
|
166
|
|
|
155
|
|
|
11
|
|
|
13
|
|
|
(2
|
)
|
|||||||
Indirect
|
18,362
|
|
|
17,282
|
|
|
8.04
|
|
|
7.56
|
|
|
372
|
|
|
335
|
|
|
37
|
|
|
19
|
|
|
18
|
|
|||||||
Revolving credit
|
3,218
|
|
|
2,947
|
|
|
9.61
|
|
|
9.47
|
|
|
78
|
|
|
63
|
|
|
15
|
|
|
2
|
|
|
13
|
|
|||||||
PCI
|
411
|
|
|
518
|
|
|
24.23
|
|
|
20.14
|
|
|
25
|
|
|
26
|
|
|
(1
|
)
|
|
5
|
|
|
(6
|
)
|
|||||||
Total loans and leases HFI
|
148,664
|
|
|
146,197
|
|
|
5.00
|
|
|
4.83
|
|
|
1,871
|
|
|
1,781
|
|
|
90
|
|
|
59
|
|
|
31
|
|
|||||||
LHFS
|
3,378
|
|
|
1,292
|
|
|
4.16
|
|
|
4.28
|
|
|
35
|
|
|
14
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||||
Total loans and leases
|
152,042
|
|
|
147,489
|
|
|
4.98
|
|
|
4.83
|
|
|
1,906
|
|
|
1,795
|
|
|
111
|
|
|
59
|
|
|
52
|
|
|||||||
Total earning assets
|
203,408
|
|
|
196,200
|
|
|
4.38
|
|
|
4.24
|
|
|
2,241
|
|
|
2,096
|
|
|
145
|
|
|
80
|
|
|
65
|
|
|||||||
Nonearning assets
|
29,012
|
|
|
26,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
232,420
|
|
|
$
|
222,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-checking
|
$
|
27,664
|
|
|
$
|
26,655
|
|
|
0.67
|
|
|
0.45
|
|
|
47
|
|
|
28
|
|
|
19
|
|
|
18
|
|
|
1
|
|
|||||
Money market and savings
|
64,920
|
|
|
62,957
|
|
|
0.95
|
|
|
0.68
|
|
|
156
|
|
|
109
|
|
|
47
|
|
|
44
|
|
|
3
|
|
|||||||
Time deposits
|
16,643
|
|
|
13,353
|
|
|
1.62
|
|
|
0.98
|
|
|
67
|
|
|
34
|
|
|
33
|
|
|
24
|
|
|
9
|
|
|||||||
Foreign office deposits - interest-bearing
|
265
|
|
|
132
|
|
|
2.13
|
|
|
1.93
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total interest-bearing deposits (7)
|
109,492
|
|
|
103,097
|
|
|
0.99
|
|
|
0.66
|
|
|
271
|
|
|
172
|
|
|
99
|
|
|
86
|
|
|
13
|
|
|||||||
Short-term borrowings
|
8,307
|
|
|
6,023
|
|
|
2.55
|
|
|
1.94
|
|
|
54
|
|
|
29
|
|
|
25
|
|
|
11
|
|
|
14
|
|
|||||||
Long-term debt
|
22,608
|
|
|
24,211
|
|
|
3.42
|
|
|
2.99
|
|
|
193
|
|
|
181
|
|
|
12
|
|
|
25
|
|
|
(13
|
)
|
|||||||
Total interest-bearing liabilities
|
140,407
|
|
|
133,331
|
|
|
1.47
|
|
|
1.14
|
|
|
518
|
|
|
382
|
|
|
136
|
|
|
122
|
|
|
14
|
|
|||||||
Noninterest-bearing deposits (7)
|
52,500
|
|
|
54,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other liabilities
|
6,769
|
|
|
5,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shareholders' equity
|
32,744
|
|
|
29,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total liabilities and shareholders' equity
|
$
|
232,420
|
|
|
$
|
222,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average interest-rate spread
|
|
|
|
|
|
2.91
|
%
|
|
3.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NIM/net interest income
|
|
|
|
|
|
3.37
|
%
|
|
3.47
|
%
|
|
$
|
1,723
|
|
|
$
|
1,714
|
|
|
$
|
9
|
|
|
$
|
(42
|
)
|
|
$
|
51
|
|
|||
Taxable-equivalent adjustment
|
|
|
|
|
|
|
|
|
|
|
$
|
23
|
|
|
$
|
27
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Yields are stated on a TE basis utilizing the marginal income tax rates. The change in interest not solely due to changes in rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each.
|
(2)
|
Total securities include AFS and HTM securities.
|
(3)
|
Includes cash equivalents, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets.
|
(4)
|
Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes.
|
(5)
|
NPLs are included in the average balances.
|
(6)
|
Excludes basis adjustments for fair value hedges.
|
(7)
|
Total deposit costs were 0.67% and 0.43% for the three months ended September 30, 2019 and 2018, respectively.
|
Table 1-2: TE Net Interest Income and Rate / Volume Analysis (1)
|
|||||||||||||||||||||||||||||||||
Nine Months Ended September 30,
(Dollars in millions) |
Average Balances (6)
|
|
Annualized Yield/Rate
|
|
Income/Expense
|
|
Incr.
(Decr.) |
|
Change due to
|
||||||||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
Rate
|
|
Volume
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total securities, at amortized cost: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Treasury
|
$
|
2,731
|
|
|
$
|
3,546
|
|
|
2.03
|
%
|
|
1.79
|
%
|
|
$
|
41
|
|
|
$
|
47
|
|
|
$
|
(6
|
)
|
|
$
|
6
|
|
|
$
|
(12
|
)
|
GSE
|
2,436
|
|
|
2,390
|
|
|
2.25
|
|
|
2.23
|
|
|
41
|
|
|
40
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Agency MBS
|
41,202
|
|
|
39,894
|
|
|
2.57
|
|
|
2.44
|
|
|
795
|
|
|
728
|
|
|
67
|
|
|
42
|
|
|
25
|
|
|||||||
States and political subdivisions
|
583
|
|
|
1,036
|
|
|
3.85
|
|
|
3.71
|
|
|
17
|
|
|
29
|
|
|
(12
|
)
|
|
1
|
|
|
(13
|
)
|
|||||||
Non-agency MBS
|
271
|
|
|
356
|
|
|
14.34
|
|
|
12.06
|
|
|
29
|
|
|
32
|
|
|
(3
|
)
|
|
5
|
|
|
(8
|
)
|
|||||||
Other
|
34
|
|
|
43
|
|
|
3.83
|
|
|
3.05
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total securities
|
47,257
|
|
|
47,265
|
|
|
2.61
|
|
|
2.48
|
|
|
924
|
|
|
877
|
|
|
47
|
|
|
54
|
|
|
(7
|
)
|
|||||||
Other earning assets (3)
|
2,612
|
|
|
2,287
|
|
|
3.57
|
|
|
3.09
|
|
|
70
|
|
|
53
|
|
|
17
|
|
|
9
|
|
|
8
|
|
|||||||
Loans and leases, net of unearned income: (4)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial and industrial
|
62,576
|
|
|
59,363
|
|
|
4.28
|
|
|
3.89
|
|
|
2,006
|
|
|
1,729
|
|
|
277
|
|
|
180
|
|
|
97
|
|
|||||||
CRE
|
20,806
|
|
|
21,480
|
|
|
4.99
|
|
|
4.64
|
|
|
777
|
|
|
746
|
|
|
31
|
|
|
55
|
|
|
(24
|
)
|
|||||||
Lease financing
|
2,135
|
|
|
1,892
|
|
|
3.26
|
|
|
3.03
|
|
|
52
|
|
|
43
|
|
|
9
|
|
|
3
|
|
|
6
|
|
|||||||
Residential mortgage
|
30,604
|
|
|
29,538
|
|
|
4.05
|
|
|
4.03
|
|
|
930
|
|
|
893
|
|
|
37
|
|
|
4
|
|
|
33
|
|
|||||||
Direct
|
11,489
|
|
|
11,694
|
|
|
5.77
|
|
|
5.11
|
|
|
495
|
|
|
446
|
|
|
49
|
|
|
57
|
|
|
(8
|
)
|
|||||||
Indirect
|
17,863
|
|
|
17,002
|
|
|
7.98
|
|
|
7.45
|
|
|
1,066
|
|
|
950
|
|
|
116
|
|
|
68
|
|
|
48
|
|
|||||||
Revolving credit
|
3,160
|
|
|
2,859
|
|
|
9.50
|
|
|
9.19
|
|
|
225
|
|
|
197
|
|
|
28
|
|
|
7
|
|
|
21
|
|
|||||||
PCI
|
433
|
|
|
569
|
|
|
21.20
|
|
|
19.40
|
|
|
69
|
|
|
82
|
|
|
(13
|
)
|
|
7
|
|
|
(20
|
)
|
|||||||
Total loans and leases HFI
|
149,066
|
|
|
144,397
|
|
|
5.04
|
|
|
4.71
|
|
|
5,620
|
|
|
5,086
|
|
|
534
|
|
|
381
|
|
|
153
|
|
|||||||
LHFS
|
1,742
|
|
|
1,332
|
|
|
4.17
|
|
|
4.01
|
|
|
54
|
|
|
40
|
|
|
14
|
|
|
2
|
|
|
12
|
|
|||||||
Total loans and leases
|
150,808
|
|
|
145,729
|
|
|
5.03
|
|
|
4.70
|
|
|
5,674
|
|
|
5,126
|
|
|
548
|
|
|
383
|
|
|
165
|
|
|||||||
Total earning assets
|
200,677
|
|
|
195,281
|
|
|
4.44
|
|
|
4.14
|
|
|
6,668
|
|
|
6,056
|
|
|
612
|
|
|
446
|
|
|
166
|
|
|||||||
Nonearning assets
|
28,429
|
|
|
26,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total assets
|
$
|
229,106
|
|
|
$
|
221,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest-checking
|
$
|
27,665
|
|
|
$
|
26,962
|
|
|
0.64
|
|
|
0.41
|
|
|
132
|
|
|
82
|
|
|
50
|
|
|
48
|
|
|
2
|
|
|||||
Money market and savings
|
63,885
|
|
|
62,256
|
|
|
0.98
|
|
|
0.56
|
|
|
469
|
|
|
262
|
|
|
207
|
|
|
200
|
|
|
7
|
|
|||||||
Time deposits
|
16,256
|
|
|
13,720
|
|
|
1.57
|
|
|
0.84
|
|
|
190
|
|
|
87
|
|
|
103
|
|
|
85
|
|
|
18
|
|
|||||||
Foreign office deposits - interest-bearing
|
355
|
|
|
577
|
|
|
2.36
|
|
|
1.60
|
|
|
6
|
|
|
7
|
|
|
(1
|
)
|
|
3
|
|
|
(4
|
)
|
|||||||
Total interest-bearing deposits (7)
|
108,161
|
|
|
103,515
|
|
|
0.99
|
|
|
0.57
|
|
|
797
|
|
|
438
|
|
|
359
|
|
|
336
|
|
|
23
|
|
|||||||
Short-term borrowings
|
7,443
|
|
|
5,609
|
|
|
2.44
|
|
|
1.72
|
|
|
136
|
|
|
72
|
|
|
64
|
|
|
36
|
|
|
28
|
|
|||||||
Long-term debt
|
23,027
|
|
|
23,845
|
|
|
3.35
|
|
|
2.78
|
|
|
578
|
|
|
497
|
|
|
81
|
|
|
99
|
|
|
(18
|
)
|
|||||||
Total interest-bearing liabilities
|
138,631
|
|
|
132,969
|
|
|
1.46
|
|
|
1.01
|
|
|
1,511
|
|
|
1,007
|
|
|
504
|
|
|
471
|
|
|
33
|
|
|||||||
Noninterest-bearing deposits (7)
|
52,489
|
|
|
53,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other liabilities
|
6,449
|
|
|
5,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shareholders' equity
|
31,537
|
|
|
29,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total liabilities and shareholders' equity
|
$
|
229,106
|
|
|
$
|
221,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average interest-rate spread
|
|
|
|
|
|
2.98
|
%
|
|
3.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NIM/net interest income
|
|
|
|
|
|
3.43
|
%
|
|
3.45
|
%
|
|
$
|
5,157
|
|
|
$
|
5,049
|
|
|
$
|
108
|
|
|
$
|
(25
|
)
|
|
$
|
133
|
|
|||
Taxable-equivalent adjustment
|
|
|
|
|
|
|
|
|
|
|
$
|
71
|
|
|
$
|
72
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Yields are stated on a TE basis utilizing the marginal income tax rates. The change in interest not solely due to changes in rate or volume has been allocated on a pro-rata basis based on the absolute dollar amount of each.
|
(2)
|
Total securities include AFS and HTM securities.
|
(3)
|
Includes cash equivalents, interest-bearing deposits with banks, trading securities, FHLB stock and other earning assets.
|
(4)
|
Loan fees, which are not material for any of the periods shown, are included for rate calculation purposes.
|
(5)
|
NPLs are included in the average balances.
|
(6)
|
Excludes basis adjustments for fair value hedges.
|
(7)
|
Total deposit costs were 0.66% and 0.37% for the nine months ended September 30, 2019 and 2018, respectively.
|
Table 2: Noninterest Income
|
|||||||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Insurance income
|
$
|
487
|
|
|
$
|
448
|
|
|
8.7
|
%
|
|
$
|
1,563
|
|
|
$
|
1,365
|
|
|
14.5
|
%
|
Service charges on deposits
|
188
|
|
|
183
|
|
|
2.7
|
|
|
540
|
|
|
527
|
|
|
2.5
|
|
||||
Investment banking and brokerage fees and commissions
|
130
|
|
|
116
|
|
|
12.1
|
|
|
372
|
|
|
338
|
|
|
10.1
|
|
||||
Mortgage banking income
|
112
|
|
|
79
|
|
|
41.8
|
|
|
288
|
|
|
272
|
|
|
5.9
|
|
||||
Trust and investment advisory revenues
|
71
|
|
|
71
|
|
|
—
|
|
|
209
|
|
|
215
|
|
|
(2.8
|
)
|
||||
Bankcard fees and merchant discounts
|
72
|
|
|
72
|
|
|
—
|
|
|
219
|
|
|
213
|
|
|
2.8
|
|
||||
Checkcard fees
|
57
|
|
|
56
|
|
|
1.8
|
|
|
171
|
|
|
165
|
|
|
3.6
|
|
||||
Operating lease income
|
36
|
|
|
37
|
|
|
(2.7
|
)
|
|
106
|
|
|
110
|
|
|
(3.6
|
)
|
||||
Income from bank-owned life insurance
|
29
|
|
|
27
|
|
|
7.4
|
|
|
91
|
|
|
88
|
|
|
3.4
|
|
||||
Securities gains (losses), net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
||||
Other income
|
121
|
|
|
150
|
|
|
(19.3
|
)
|
|
298
|
|
|
347
|
|
|
(14.1
|
)
|
||||
Total noninterest income
|
$
|
1,303
|
|
|
$
|
1,239
|
|
|
5.2
|
|
|
$
|
3,857
|
|
|
$
|
3,641
|
|
|
5.9
|
|
Table 3: Noninterest Expense
|
|||||||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Personnel expense
|
$
|
1,161
|
|
|
$
|
1,104
|
|
|
5.2
|
%
|
|
$
|
3,368
|
|
|
$
|
3,217
|
|
|
4.7
|
%
|
Occupancy and equipment expense
|
186
|
|
|
189
|
|
|
(1.6
|
)
|
|
557
|
|
|
570
|
|
|
(2.3
|
)
|
||||
Software expense
|
77
|
|
|
70
|
|
|
10.0
|
|
|
220
|
|
|
202
|
|
|
8.9
|
|
||||
Outside IT services
|
28
|
|
|
33
|
|
|
(15.2
|
)
|
|
87
|
|
|
97
|
|
|
(10.3
|
)
|
||||
Regulatory charges
|
20
|
|
|
37
|
|
|
(45.9
|
)
|
|
57
|
|
|
116
|
|
|
(50.9
|
)
|
||||
Amortization of intangibles
|
29
|
|
|
33
|
|
|
(12.1
|
)
|
|
93
|
|
|
97
|
|
|
(4.1
|
)
|
||||
Loan-related expense
|
26
|
|
|
28
|
|
|
(7.1
|
)
|
|
81
|
|
|
83
|
|
|
(2.4
|
)
|
||||
Professional services
|
47
|
|
|
33
|
|
|
42.4
|
|
|
109
|
|
|
95
|
|
|
14.7
|
|
||||
Merger-related and restructuring charges, net
|
34
|
|
|
18
|
|
|
88.9
|
|
|
137
|
|
|
70
|
|
|
95.7
|
|
||||
Other expense
|
232
|
|
|
197
|
|
|
17.8
|
|
|
650
|
|
|
601
|
|
|
8.2
|
|
||||
Total noninterest expense
|
$
|
1,840
|
|
|
$
|
1,742
|
|
|
5.6
|
|
|
$
|
5,359
|
|
|
$
|
5,148
|
|
|
4.1
|
|
Table 4: Merger-Related and Restructuring Accrual Activity
|
|||||||||||||||||||||||||||||||
(Dollars in millions)
|
Accrual at Jul 1, 2019
|
|
Expense
|
|
Utilized
|
|
Accrual at Sep 30, 2019
|
|
Accrual at Jan 1, 2019
|
|
Expense
|
|
Utilized
|
|
Accrual at Sep 30, 2019
|
||||||||||||||||
Severance and personnel-related
|
$
|
8
|
|
|
$
|
14
|
|
|
$
|
(10
|
)
|
|
$
|
12
|
|
|
$
|
43
|
|
|
$
|
35
|
|
|
$
|
(66
|
)
|
|
$
|
12
|
|
Occupancy and equipment (1)
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
13
|
|
|
(13
|
)
|
|
—
|
|
||||||||
Professional services
|
53
|
|
|
15
|
|
|
(6
|
)
|
|
62
|
|
|
1
|
|
|
75
|
|
|
(14
|
)
|
|
62
|
|
||||||||
Other adjustments
|
1
|
|
|
4
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
14
|
|
|
(14
|
)
|
|
—
|
|
||||||||
Total
|
$
|
62
|
|
|
$
|
34
|
|
|
$
|
(22
|
)
|
|
$
|
74
|
|
|
$
|
44
|
|
|
$
|
137
|
|
|
$
|
(107
|
)
|
|
$
|
74
|
|
Table 5: Net Income by Reportable Segment
|
|||||||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Community Banking Retail and Consumer Finance
|
$
|
446
|
|
|
$
|
396
|
|
|
12.6
|
%
|
|
$
|
1,269
|
|
|
$
|
1,112
|
|
|
14.1
|
%
|
Community Banking Commercial
|
338
|
|
|
311
|
|
|
8.7
|
|
|
985
|
|
|
859
|
|
|
14.7
|
|
||||
Financial Services and Commercial Finance
|
185
|
|
|
149
|
|
|
24.2
|
|
|
510
|
|
|
438
|
|
|
16.4
|
|
||||
Insurance Holdings
|
61
|
|
|
43
|
|
|
41.9
|
|
|
260
|
|
|
177
|
|
|
46.9
|
|
||||
Other, Treasury & Corporate
|
(202
|
)
|
|
(60
|
)
|
|
NM
|
|
|
(513
|
)
|
|
(134
|
)
|
|
NM
|
|
||||
BB&T Corporation
|
$
|
828
|
|
|
$
|
839
|
|
|
(1.3
|
)
|
|
$
|
2,511
|
|
|
$
|
2,452
|
|
|
2.4
|
|
Table 6: Variable Rate Lines of Credit
|
|
|
|
|
|
|
|
||||||||
|
Home Equity Lines
|
|
Other Lines of Credit
|
||||||||||||
(Dollars in millions)
|
Sep 30, 2019
|
|
Dec 31, 2018
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||||||
Total variable rate lines
|
$
|
6,672
|
|
|
$
|
7,201
|
|
|
$
|
1,080
|
|
|
$
|
1,067
|
|
Amount in interest-only phase
|
5,384
|
|
|
5,730
|
|
|
978
|
|
|
949
|
|
||||
Percent in interest-only phase that will begin amortizing within 3 years
|
11.1
|
%
|
|
10.3
|
%
|
|
13.4
|
%
|
|
15.9
|
%
|
Table 8: Asset Quality
|
||||||||||||||||||||
(Dollars in millions)
|
Sep 30, 2019
|
|
Jun 30, 2019
|
|
Mar 31, 2019
|
|
Dec 31, 2018
|
|
Sep 30, 2018
|
|||||||||||
NPAs:
|
|
|
|
|
|
|
|
|
|
|||||||||||
NPLs:
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial and industrial
|
$
|
172
|
|
|
$
|
193
|
|
|
$
|
196
|
|
|
$
|
200
|
|
|
$
|
238
|
|
|
CRE
|
29
|
|
|
33
|
|
|
75
|
|
|
65
|
|
|
46
|
|
||||||
Lease financing
|
2
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
6
|
|
||||||
Residential mortgage
|
106
|
|
|
104
|
|
|
121
|
|
|
119
|
|
|
120
|
|
||||||
Direct
|
56
|
|
|
54
|
|
|
53
|
|
|
53
|
|
|
55
|
|
||||||
Indirect
|
82
|
|
|
75
|
|
|
80
|
|
|
82
|
|
|
72
|
|
||||||
Total NPLs HFI
|
447
|
|
|
461
|
|
|
526
|
|
|
522
|
|
|
537
|
|
||||||
Foreclosed real estate
|
33
|
|
|
36
|
|
|
33
|
|
|
35
|
|
|
39
|
|
||||||
Other foreclosed property
|
29
|
|
|
26
|
|
|
25
|
|
|
28
|
|
|
25
|
|
||||||
Total nonperforming assets (1)
|
$
|
509
|
|
|
$
|
523
|
|
|
$
|
584
|
|
|
$
|
585
|
|
|
$
|
601
|
|
|
Performing TDRs:
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial and industrial
|
$
|
69
|
|
|
$
|
84
|
|
|
$
|
63
|
|
|
$
|
65
|
|
|
$
|
56
|
|
|
CRE
|
7
|
|
|
8
|
|
|
9
|
|
|
10
|
|
|
12
|
|
||||||
Residential mortgage
|
570
|
|
|
581
|
|
|
669
|
|
|
656
|
|
|
643
|
|
||||||
Direct
|
52
|
|
|
53
|
|
|
54
|
|
|
55
|
|
|
56
|
|
||||||
Indirect
|
328
|
|
|
315
|
|
|
306
|
|
|
305
|
|
|
295
|
|
||||||
Revolving credit
|
31
|
|
|
29
|
|
|
29
|
|
|
28
|
|
|
28
|
|
||||||
Total performing TDRs (2)(3)
|
$
|
1,057
|
|
|
$
|
1,070
|
|
|
$
|
1,130
|
|
|
$
|
1,119
|
|
|
$
|
1,090
|
|
|
Loans 90 days or more past due and still accruing:
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
$
|
347
|
|
|
$
|
350
|
|
|
$
|
377
|
|
|
$
|
405
|
|
|
$
|
367
|
|
|
Direct
|
7
|
|
|
10
|
|
|
7
|
|
|
7
|
|
|
6
|
|
||||||
Indirect
|
9
|
|
|
7
|
|
|
5
|
|
|
6
|
|
|
6
|
|
||||||
Revolving credit
|
16
|
|
|
14
|
|
|
14
|
|
|
14
|
|
|
12
|
|
||||||
PCI
|
24
|
|
|
26
|
|
|
28
|
|
|
30
|
|
|
40
|
|
||||||
Total loans 90 days or more past due and still accruing
|
$
|
403
|
|
|
$
|
407
|
|
|
$
|
431
|
|
|
$
|
462
|
|
|
$
|
431
|
|
|
Loans 30-89 days past due:
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial and industrial
|
$
|
34
|
|
|
$
|
32
|
|
|
$
|
36
|
|
|
$
|
34
|
|
|
$
|
35
|
|
|
CRE
|
1
|
|
|
3
|
|
|
3
|
|
|
5
|
|
|
4
|
|
||||||
Lease financing
|
1
|
|
|
5
|
|
|
3
|
|
|
1
|
|
|
1
|
|
||||||
Residential mortgage
|
432
|
|
|
480
|
|
|
478
|
|
|
456
|
|
|
510
|
|
||||||
Direct
|
54
|
|
|
58
|
|
|
67
|
|
|
61
|
|
|
59
|
|
||||||
Indirect
|
423
|
|
|
393
|
|
|
316
|
|
|
436
|
|
|
418
|
|
||||||
Revolving credit
|
31
|
|
|
28
|
|
|
27
|
|
|
28
|
|
|
27
|
|
||||||
PCI
|
16
|
|
|
17
|
|
|
18
|
|
|
23
|
|
|
21
|
|
||||||
Total loans 30-89 days past due
|
$
|
992
|
|
|
$
|
1,016
|
|
|
$
|
948
|
|
|
$
|
1,044
|
|
|
$
|
1,075
|
|
(1)
|
Sales of nonperforming loans totaled $42 million, $48 million, $30 million, $30 million and $20 million for the quarter ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively.
|
(2)
|
Excludes TDRs that are nonperforming totaling $115 million, $135 million, $178 million, $176 million and $176 million at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively. These amounts are included in total nonperforming assets.
|
(3)
|
Sales of performing TDRs, which were primarily residential mortgage loans, totaled $39 million, $120 million, $33 million, $15 million and $34 million for the quarter ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively.
|
Table 9: Asset Quality Ratios
|
||||||||||||||
As of / For the Three Months Ended
|
Sep 30, 2019
|
|
Jun 30, 2019
|
|
Mar 31, 2019
|
|
Dec 31, 2018
|
|
Sep 30, 2018
|
|||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI
|
0.66
|
%
|
|
0.67
|
%
|
|
0.64
|
%
|
|
0.70
|
%
|
|
0.73
|
%
|
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
|
0.27
|
|
|
0.27
|
|
|
0.29
|
|
|
0.31
|
|
|
0.29
|
|
NPLs as a percentage of loans and leases HFI
|
0.30
|
|
|
0.30
|
|
|
0.35
|
|
|
0.35
|
|
|
0.37
|
|
NPAs as a percentage of:
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
0.22
|
|
|
0.23
|
|
|
0.26
|
|
|
0.26
|
|
|
0.27
|
|
Loans and leases HFI plus foreclosed property
|
0.34
|
|
|
0.34
|
|
|
0.39
|
|
|
0.39
|
|
|
0.41
|
|
Net charge-offs as a percentage of average loans and leases HFI
|
0.41
|
|
|
0.38
|
|
|
0.40
|
|
|
0.38
|
|
|
0.35
|
|
ALLL as a percentage of loans and leases HFI
|
1.05
|
|
|
1.05
|
|
|
1.05
|
|
|
1.05
|
|
|
1.05
|
|
Ratio of ALLL to:
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs
|
2.59x
|
|
|
2.80x
|
|
|
2.62x
|
|
|
2.76x
|
|
|
3.05x
|
|
NPLs
|
3.52x
|
|
|
3.46x
|
|
|
2.97x
|
|
|
2.99x
|
|
|
2.86x
|
|
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI (1)
|
0.04
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
(1)
|
This asset quality ratio has been adjusted to remove the impact of government guaranteed mortgage loans and PCI. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio such that it might not be reflective of asset collectability or might not be comparable to other periods presented or to other portfolios that do not have government guarantees or were not impacted by PCI accounting requirements.
|
Table 10: Rollforward of NPAs
|
||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Balance, January 1
|
|
$
|
585
|
|
|
$
|
627
|
|
New NPAs
|
|
904
|
|
|
881
|
|
||
Advances and principal increases
|
|
127
|
|
|
336
|
|
||
Disposals of foreclosed assets (1)
|
|
(354
|
)
|
|
(337
|
)
|
||
Disposals of NPLs (2)
|
|
(120
|
)
|
|
(65
|
)
|
||
Charge-offs and losses
|
|
(215
|
)
|
|
(180
|
)
|
||
Payments
|
|
(312
|
)
|
|
(542
|
)
|
||
Transfers to performing status
|
|
(106
|
)
|
|
(117
|
)
|
||
Other, net
|
|
—
|
|
|
(2
|
)
|
||
Ending balance, September 30
|
|
$
|
509
|
|
|
$
|
601
|
|
(1)
|
Includes charge-offs and losses recorded upon sale of $165 million and $159 million for the nine months ended September 30, 2019 and 2018, respectively.
|
(2)
|
Includes charge-offs and losses recorded upon sale of $20 million and $22 million for the nine months ended September 30, 2019 and 2018, respectively.
|
(1)
|
Past due performing TDRs are included in past due disclosures and nonperforming TDRs are included in NPL disclosures.
|
Table 13: Activity in ACL
|
|||||||||||||||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||||||
(Dollars in millions)
|
Sep 30, 2019
|
|
Jun 30, 2019
|
|
Mar 31, 2019
|
|
Dec 31, 2018
|
|
Sep 30, 2018
|
|
2019
|
|
2018
|
||||||||||||||
Balance, beginning of period
|
$
|
1,689
|
|
|
$
|
1,659
|
|
|
$
|
1,651
|
|
|
$
|
1,648
|
|
|
$
|
1,640
|
|
|
$
|
1,651
|
|
|
$
|
1,609
|
|
Provision for credit losses (excluding PCI loans)
|
117
|
|
|
172
|
|
|
156
|
|
|
147
|
|
|
141
|
|
|
445
|
|
|
436
|
|
|||||||
Provision (benefit) for PCI loans
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|||||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and industrial
|
(28
|
)
|
|
(22
|
)
|
|
(17
|
)
|
|
(18
|
)
|
|
(28
|
)
|
|
(67
|
)
|
|
(74
|
)
|
|||||||
CRE
|
(2
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(5
|
)
|
|
—
|
|
|
(28
|
)
|
|
(8
|
)
|
|||||||
Lease financing
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|||||||
Residential mortgage
|
(3
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(8
|
)
|
|
(4
|
)
|
|
(13
|
)
|
|
(13
|
)
|
|||||||
Direct
|
(22
|
)
|
|
(22
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|
(17
|
)
|
|
(62
|
)
|
|
(53
|
)
|
|||||||
Indirect
|
(106
|
)
|
|
(91
|
)
|
|
(109
|
)
|
|
(108
|
)
|
|
(94
|
)
|
|
(306
|
)
|
|
(283
|
)
|
|||||||
Revolving credit
|
(27
|
)
|
|
(25
|
)
|
|
(26
|
)
|
|
(22
|
)
|
|
(20
|
)
|
|
(78
|
)
|
|
(62
|
)
|
|||||||
PCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||||
Total charge-offs
|
(189
|
)
|
|
(183
|
)
|
|
(184
|
)
|
|
(180
|
)
|
|
(166
|
)
|
|
(556
|
)
|
|
(498
|
)
|
|||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and industrial
|
5
|
|
|
8
|
|
|
6
|
|
|
7
|
|
|
13
|
|
|
19
|
|
|
32
|
|
|||||||
CRE
|
3
|
|
|
3
|
|
|
1
|
|
|
4
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|||||||
Lease financing
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||
Residential mortgage
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||
Direct
|
6
|
|
|
7
|
|
|
6
|
|
|
5
|
|
|
6
|
|
|
19
|
|
|
18
|
|
|||||||
Indirect
|
15
|
|
|
19
|
|
|
17
|
|
|
15
|
|
|
15
|
|
|
51
|
|
|
47
|
|
|||||||
Revolving credit
|
6
|
|
|
4
|
|
|
6
|
|
|
5
|
|
|
4
|
|
|
16
|
|
|
14
|
|
|||||||
Total recoveries
|
36
|
|
|
41
|
|
|
37
|
|
|
37
|
|
|
39
|
|
|
114
|
|
|
117
|
|
|||||||
Net charge-offs
|
(153
|
)
|
|
(142
|
)
|
|
(147
|
)
|
|
(143
|
)
|
|
(127
|
)
|
|
(442
|
)
|
|
(381
|
)
|
|||||||
Balance, end of period
|
$
|
1,653
|
|
|
$
|
1,689
|
|
|
$
|
1,659
|
|
|
$
|
1,651
|
|
|
$
|
1,648
|
|
|
$
|
1,653
|
|
|
$
|
1,648
|
|
ALLL (excluding PCI loans)
|
$
|
1,565
|
|
|
$
|
1,587
|
|
|
$
|
1,553
|
|
|
$
|
1,549
|
|
|
$
|
1,528
|
|
|
|
|
|
||||
ALLL for PCI loans
|
8
|
|
|
8
|
|
|
8
|
|
|
9
|
|
|
10
|
|
|
|
|
|
|||||||||
RUFC
|
80
|
|
|
94
|
|
|
98
|
|
|
93
|
|
|
110
|
|
|
|
|
|
|||||||||
Total ACL
|
$
|
1,653
|
|
|
$
|
1,689
|
|
|
$
|
1,659
|
|
|
$
|
1,651
|
|
|
$
|
1,648
|
|
|
|
|
|
Table 14: Allocation of ALLL by Category
|
||||||||||||||
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
(Dollars in millions)
|
|
Amount
|
|
% Loans in each category
|
|
Amount
|
|
% Loans in each category
|
||||||
Commercial and industrial
|
|
$
|
576
|
|
|
42.9
|
%
|
|
$
|
546
|
|
|
41.5
|
%
|
CRE
|
|
196
|
|
|
14.0
|
|
|
190
|
|
|
14.1
|
|
||
Lease financing
|
|
10
|
|
|
1.6
|
|
|
11
|
|
|
1.4
|
|
||
Residential mortgage
|
|
199
|
|
|
18.9
|
|
|
232
|
|
|
21.1
|
|
||
Direct
|
|
100
|
|
|
7.7
|
|
|
97
|
|
|
7.8
|
|
||
Indirect
|
|
362
|
|
|
12.4
|
|
|
356
|
|
|
11.7
|
|
||
Revolving credit
|
|
122
|
|
|
2.2
|
|
|
117
|
|
|
2.1
|
|
||
PCI
|
|
8
|
|
|
0.3
|
|
|
9
|
|
|
0.3
|
|
||
Total ALLL
|
|
1,573
|
|
|
100.0
|
%
|
|
1,558
|
|
|
100.0
|
%
|
||
RUFC
|
|
80
|
|
|
|
|
|
93
|
|
|
|
|
||
Total ACL
|
|
$
|
1,653
|
|
|
|
|
|
$
|
1,651
|
|
|
|
|
Table 15: Composition of Average Deposits
|
||||||||||||||||||||
Three Months Ended
(Dollars in millions)
|
|
Sep 30, 2019
|
|
Jun 30, 2019
|
|
Mar 31, 2019
|
|
Dec 31, 2018
|
|
Sep 30, 2018
|
||||||||||
Noninterest-bearing deposits
|
|
$
|
52,500
|
|
|
$
|
52,680
|
|
|
$
|
52,283
|
|
|
$
|
53,732
|
|
|
$
|
54,174
|
|
Interest checking
|
|
27,664
|
|
|
27,708
|
|
|
27,622
|
|
|
26,921
|
|
|
26,655
|
|
|||||
Money market and savings
|
|
64,920
|
|
|
63,394
|
|
|
63,325
|
|
|
62,261
|
|
|
62,957
|
|
|||||
Time deposits
|
|
16,643
|
|
|
15,730
|
|
|
16,393
|
|
|
14,682
|
|
|
13,353
|
|
|||||
Foreign office deposits - interest-bearing
|
|
265
|
|
|
379
|
|
|
422
|
|
|
246
|
|
|
132
|
|
|||||
Total average deposits
|
|
$
|
161,992
|
|
|
$
|
159,891
|
|
|
$
|
160,045
|
|
|
$
|
157,842
|
|
|
$
|
157,271
|
|
(1)
|
BB&T's goal is to maintain capital levels above all regulatory minimums.
|
Table 20: Capital Ratios - BB&T Corporation
|
||||||||
(Dollars in millions, except per share data, shares in thousands)
|
|
Sep 30, 2019
|
|
Dec 31, 2018
|
||||
Risk-based:
|
|
(preliminary)
|
|
|
||||
CET1 capital to risk-weighted assets
|
|
10.6
|
%
|
|
10.2
|
%
|
||
Tier 1 capital to risk-weighted assets
|
|
12.2
|
|
|
11.8
|
|
||
Total capital to risk-weighted assets
|
|
14.7
|
|
|
13.8
|
|
||
Leverage ratio
|
|
10.3
|
|
|
9.9
|
|
||
Non-GAAP capital measure (1):
|
|
|
|
|
|
|||
Tangible common equity per common share
|
|
$
|
24.66
|
|
|
$
|
21.89
|
|
Calculation of tangible common equity (1):
|
|
|
|
|
||||
Total shareholders' equity
|
|
$
|
32,303
|
|
|
$
|
30,178
|
|
Less:
|
|
|
|
|
||||
Preferred stock
|
|
3,057
|
|
|
3,053
|
|
||
Noncontrolling interests
|
|
69
|
|
|
56
|
|
||
Intangible assets, net of deferred taxes
|
|
10,281
|
|
|
10,360
|
|
||
Tangible common equity
|
|
$
|
18,896
|
|
|
$
|
16,709
|
|
Risk-weighted assets
|
|
$
|
187,623
|
|
|
$
|
181,260
|
|
Common shares outstanding at end of period
|
|
766,303
|
|
|
763,326
|
|
(1)
|
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. BB&T's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These capital measures are not necessarily comparable to similar capital measures that may be presented by other companies.
|
Exhibit No.
|
|
Description
|
|
Location
|
3(i)
|
|
Articles of Incorporation of the Registrant, as amended and restated April 30, 2014.
|
|
|
3(ii)
|
|
Articles of Amendment of the Registrant, dated as of March 4, 2016
|
|
|
3(iii)
|
|
Articles of Amendment of the Company with respect to 4.800% Series N Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock filed July 24, 2019.
|
|
|
4.1
|
|
Deposit Agreement, dated as of July 29, 2019, between the Company and Computershare Inc. and Computershare Trust Company, N.A., jointly as depositary.
|
|
|
4.2
|
|
Form of Depositary Receipt.
|
|
|
11
|
|
Statement re computation of earnings per share.
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
101.INS
|
|
XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
|
|
Filed herewith.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema.
|
|
Filed herewith.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase.
|
|
Filed herewith.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase.
|
|
Filed herewith.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase.
|
|
Filed herewith.
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase.
|
|
Filed herewith.
|
104
|
|
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits101).
|
|
Filed herewith.
|
|
|
|
BB&T CORPORATION
(Registrant)
|
|
|
|
|
|
|
Date:
|
October 25, 2019
|
|
By:
|
/s/ Daryl N. Bible
|
|
|
|
|
Daryl N. Bible
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
Date:
|
October 25, 2019
|
|
By:
|
/s/ Cynthia B. Powell
|
|
|
|
|
Cynthia B. Powell
|
|
|
|
|
Executive Vice President and Corporate Controller
|
|
|
|
|
(Principal Accounting Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of BB&T Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Kelly S. King
|
Kelly S. King
|
Chairman and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of BB&T Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Daryl N. Bible
|
Daryl N. Bible
|
Senior Executive Vice President and
|
Chief Financial Officer
|
1.
|
The Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2019 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Kelly S. King
|
Kelly S. King
|
Chairman and Chief Executive Officer
|
|
/s/ Daryl N. Bible
|
Daryl N. Bible
|
Senior Executive Vice President and
|
Chief Financial Officer
|