UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

 

 

 Form 11-K 

 

 

 ANNUAL REPORT PURSUANT TO SECTION 15(d) OF  

THE SECURITIES EXCHANGE ACT OF 1934  

For the fiscal year ended: December 31, 2014 

Commission file number 1-10853 

 

 

 

 

 

BB&T Corporation 401(k) Savings Plan
(Full title of the plan)

 

BB&T Corporation
(Name of issuer of securities)

 

200 West Second Street, Winston-Salem, NC 27101
(Address of issuer's principal executive offices)

 

 

 
 

 

 

BB&T Corporation

401(k) Savings Plan

Financial Statements and Supplemental Schedule

Years Ended December 31, 2014 and 2013

 

 
 

BB&T Corporation 401(k) Savings Plan

Index

December 31, 2014 and 2013

 

 

 

 

    Page(s) 
      
Report of Independent Registered Public Accounting Firm   1 
      
      
Financial Statements     
      
Statements of Net Assets Available for Benefits at December 31, 2014 and 2013   2 
      
Statements of Changes in Net Assets Available for Benefits for the years ended     
December 31, 2014 and 2013   3 
      
Notes to Financial Statements   4-13 
      
      
Supplemental Schedule*     
      
Schedule H, line 4(i) - Schedule of Assets (Held At End of Year) at December 31, 2014   14-26 

 

 

 

*Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.

 
 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

 

To the Administrator of the

BB&T Corporation 401(k) Savings Plan

 

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the BB&T Corporation 401(k) Savings Plan (the “Plan”) at December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

The supplemental Schedule of Assets (Held at End of Year) at December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule of Assets (Held at End of Year) is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

 

 /s/ PricewaterhouseCoopers LLP

 

Greensboro, North Carolina

June 25, 2015

 

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BB&T Corporation 401(k) Savings Plan

Statements of Net Assets Available for Benefits

December 31, 2014 and 2013

 

                2014     2013
                       
Assets                
Investments, at fair value              
  BB&T Corporation common stock    $     614,015,012   $     649,003,619
  Mutual funds      1,960,808,410        1,741,585,414
  Common/collective trust          23,614,911            16,258,668
  Self-directed investments         102,279,386            90,621,623
  Separately managed accounts            4,528,052              4,219,052
  Cash and cash equivalents            3,176,085              3,670,881
  Associate insured deposit account         171,744,219           174,295,695
            Total investments, at fair value      2,880,166,075        2,679,654,952
                       
Receivables:          
  Notes receivable from participants          51,294,155            49,894,797
                       
            Net assets available for benefits $  2,931,460,230   $  2,729,549,749

 

The accompanying notes are an integral part of these financial statements.

 

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BB&T Corporation 401(k) Savings Plan

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2014 and 2013

 

                2014     2013
                       
Additions to (deductions from) net assets attributable to:          
  Investment income          
    Interest   $      1,399,739   $        1,900,605
    Dividends   93,202,971     99,121,895
    Net appreciation in fair value of investments    91,679,952     395,310,481
            Net investment income        186,282,662          496,332,981
                       
  Interest on notes receivable from participants            2,095,426              1,990,097
                       
                       
  Contributions          
    Employer          93,435,212            91,917,715
    Employee        131,720,568          128,873,005
    Rollovers          12,722,008            11,128,193
            Total contributions        237,877,788          231,918,913
            Total additions        426,255,876          730,241,991
                       
  Benefits paid to participants       (237,430,457)         (205,951,181)
  Administrative expenses   (483,491)     (468,558)
            Total deductions   (237,913,948)     (206,419,739)
                       
  Net increase prior to transfers from (to) other plans   188,341,928     523,822,252
                       
Transfers from (to) other plans   13,568,553     (12,759,151)
        Net increase    201,910,481     511,063,101
                       
Net assets available for benefits          
Beginning of year   2,729,549,749     2,218,486,648
End of year $  2,931,460,230   $  2,729,549,749

  

 

The accompanying notes are an integral part of these financial statements.

 

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

 

 

1.   Description of the BB&T Corporation 401(k) Savings Plan

The following description of the BB&T Corporation 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

General

The Plan is a defined contribution plan sponsored by BB&T Corporation (the “Corporation” or “Plan Sponsor”). The Plan, which was established effective July 1, 1982 and amended and restated as of January 1, 2013, is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Board of Directors (“Board”) is responsible for oversight of the Plan, including the appropriateness of the Plan’s investment offerings, and monitoring of investment performance. In accordance with the Plan Document, certain of the Board’s responsibilities have been delegated to the Employee Benefits Plan Committee.

Eligibility for Participation

The Plan covers all employees of participating subsidiaries who meet age and service requirements. Employees are eligible to make salary reduction contributions immediately after employment with the Corporation and are eligible to receive matching contributions after attaining the age of 21 with one year of continuous employment in which they have worked at least 1,000 hours. Participation in the Plan is based on voluntary election by each employee.

Contributions

Participants can elect to contribute between 1 percent and 50 percent, in whole percentages, of their eligible earnings, as defined in the Plan document, on a pre-tax basis subject to certain Internal Revenue Code (“IRC”) limitations. The Plan also has a Roth feature that allows for after-tax contributions. The Corporation matches dollar-for-dollar up to 6 percent of compensation that a participant contributes to the Plan. Participants may make changes in their contribution percentage at any time. Allocations among fund options offered by the Plan may be changed on a daily basis. Participants may also contribute funds from other tax-qualified plans as rollover contributions.

Vesting

Participants are vested immediately in their contributions, employer matching contributions and actual earnings allocated to their account. Nonvested employer matching contributions may occur as a result of participants in predecessor plans that have terminated their employment with their employer.

Notes Receivable from Participants

Participants may borrow from their account balances an amount not to exceed the lesser of $50,000 (less adjustments as required by the Internal Revenue Service (“IRS”)) or 50 percent of their account balance. The minimum loan amount allowed by the Plan is $1,000. Only one loan can be taken during the Plan year and a participant may have only one loan outstanding at any time. The interest rate charged on amounts borrowed is equal to the Corporation’s prime lending rate plus 1 percent at the loan origination date. Principal and interest is paid ratably through payroll deductions. Loans from merged plans are carried at the terms and conditions that were set by the predecessor plans.

Payment of Benefits

Upon termination, a participant may elect to have distributions paid from their account in installments, a lump sum or any combination of the two. Retired participants may elect installment payments to occur over a period not to exceed the participant's life expectancy, or the life expectancy of the participant and beneficiary. Hardship withdrawals are allowed by the Plan in accordance with Plan provisions and IRS regulations.

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

 

Participant Accounts

Each participant’s individual account is credited with the participant’s contributions and allocations of matching contributions, earnings/(losses) on the account and administrative expenses. Allocations of earnings/(losses) and expenses are based upon the market activity and fees of the investment options selected by the participant. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Forfeitures

Forfeitures represent nonvested employer matching contributions of participants in predecessor plans that have terminated their employment with their employer. At December 31, 2014 and 2013, forfeited accounts totalled $13 and $14, respectively. This forfeiture can be used to reduce employer contributions. In 2014 and 2013, contributions by the employer were reduced by $30,592 and $56,493, respectively, from the forfeiture account.

2.   Summary of Significant Accounting Policies

 

Basis of Accounting

The Plan’s financial statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Administrative Expenses and Investment-Related Fees

The Plan Sponsor may elect, but is not required, to pay recordkeeping and other administrative expenses incurred by the Plan. The Plan Sponsor has elected to pay certain administrative fees related to professional services provided to the Plan (see Note 10). Investment-related fees are included in net appreciation of fair value of investments.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when incurred. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.

Cash and Cash Equivalents
Cash and cash equivalents includes interest-bearing deposits with the Corporation so that the carrying value of cash and cash equivalents approximates the fair value of these instruments.

Investment Valuation and Income Recognition

Participants may direct the investment of their contributions as well as employer matching contributions among various mutual funds, BB&T Corporation Stock, a common/collective trust, separately managed accounts consisting primarily of common stock and foreign stock, and an associate insured deposit account, each offering different degrees of risk and return. There is also a self-directed brokerage investment option for Plan participants. The Employee Benefits Plan Committee determines the Plan’s valuation policies utilizing information provided by the custodian. The Plan's investments are stated at fair value. Refer to Note 7 for disclosures of methodologies used to determine the recorded fair value of Plan investments.

Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Morley Stable Value Fund holds investments in fully benefit-responsive guaranteed investment contracts and synthetic guaranteed investment contracts, along with other short term investments. As such, the Statement of Net Assets Available for Benefits presents the Morley Stable Value

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

  

Fund at fair value, based on information provided by the trust regarding the underlying investments, as well as any material adjustment from fair value to contract value. The Statements of Changes in Net Assets Available for Benefits is presented on a contract value basis. There is additional disclosure related to the Morley Stable Value Fund in Note 7.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income on mutual funds is recorded on the ex-dividend date. Capital gain distributions on mutual funds are included in dividend income. Dividend income on BB&T Corporation common stock is recorded on the ex-dividend date. The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation/depreciation in the fair value of its investments, which consists of the realized gains or losses and unrealized appreciation or depreciation on investments held at year end.

The Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurements ("Topic 820"), provides a framework for measuring fair value which requires that an entity determine asset and liability fair values based on the exit price from the principal market for the asset or liability being measured. Fair value measurements are discussed further in Note 7.

Payment of Benefits

Benefits claims are recorded when they have been approved for payment and paid by the Plan.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the dates of the financial statements and the reported changes in net assets available for benefits during the reported periods. Actual results could differ from those estimates.

3.   New Accounting Pronouncements

Effective January 1, 2014, the Plan adopted new guidance related to Investment Companies. The new guidance amends the criteria for an entity to qualify as an investment company and requires an investment company to measure all of its investments at fair value. The adoption of this guidance was not material to the Plan’s financial statements.

In May 2015, the FASB issued new guidance related to Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share.  This guidance modifies the disclosure requirements for certain investments in the Plan’s financial statements.  This guidance is effective for annual reporting periods beginning after December 15, 2015.  The adoption of this guidance is not expected to be material to the Plan’s financial statements.

4.    Associate Insured Deposit Account

The Plan invests in an associate insured deposit account. This is a deposit account with the Plan Sponsor.

The interest rate resets monthly based on market yields for United States Treasury Notes having a one-year maturity. The rate credited is based on the average yield as of the 30th day of each month plus fifty basis points. The crediting interest rates for the period from January 1, 2014 to December 31, 2014 ranged from .59 percent to .63 percent and the average yield rate was .62 percent. The crediting interest rates for the period from January 1, 2013 to December 31, 2013 ranged from .60 percent to .68 percent and the average yield rate was .64 percent.

 

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

5.   Transfers (to) from Other Plans

During 2014 and 2013, BB&T Corporation authorized the transfer of participant accounts from the Plan to a plan for a divested company and from various acquired company plans into the Plan. Participant account balances, including investments and notes receivable from participants, were transferred to and from the various plans at various dates during 2014 and 2013 as follows:

                 
                2014
Precept 401(k) Plan $        12,125,654
BB&T Retirement Plan for Certain Acquired Companies    1,442,899
              $      13,568,553
                 
                 
                2013
Lendmark 401(k) Plan $      (12,759,151)

6.   Investments

The following table presents the fair value of investments that represent five percent or more of the Plan's net assets in one or both years:

                2014     2013
BB&T Corporation Common Stock, 15,788,506 and             
  17,254,039 shares, respectively $ 614,015,012   $   649,003,619
Sterling Capital Select Equity Fund, 12,609,372 and           
  12,721,216 shares, respectively   228,103,537     200,740,790
Sterling Capital Special Opportunities Fund, 9,587,363 and           
  8,773,493 shares, respectively   222,714,434     185,120,708
Sterling Capital Equity Income Fund, 9,520,206 and 9,370,617      
  shares, respectively   177,361,443     175,792,785
Sterling Capital Total Return Bond Fund, 14,227,501 and           
  14,019,332 shares, respectively   152,518,811     147,062,802
Sterling Capital Mid Value Fund, 10,961,571 and 10,567,756          
  shares, respectively   210,900,621     206,071,257
Associate insured deposit account   171,744,219     174,295,695

  

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

  

During 2014 and 2013, the Plan’s investments (including investments bought, sold, and held during the year) appreciated in value as follows:

          2014     2013
Net appreciation (depreciation) in fair value of investments:      
  BB&T Corporation common stock $  28,426,123   $  152,611,258
  Mutual funds   61,576,512     232,344,844
  Common/collective trust   206,546     150,030
  Common Stock   1,582,792     9,818,125
  Foreign Stock   (154,559)     164,961
  Corporate Bonds   42,321     150,073
  US Government Securities   217     6,580
  Other   -     64,610
        $  91,679,952   $ 395,310,481

7.   Fair Value of Financial Instruments

Topic 820 establishes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value and enhances disclosure requirements for fair value measurements. Topic 820 defines fair value as the exchange price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants. Topic 820 also establishes a three-level fair value hierarchy that describes the inputs used to measure assets and liabilities. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). There have been no changes in the methodologies used at December 31, 2014 and 2013.

 

Level 1

Level 1 asset and liability fair values are based on quoted prices in active markets for identical assets and liabilities. Level 1 assets and liabilities include mutual funds, common stock and foreign stock traded on an exchange or listed market. In addition, the Plan offers a self-directed brokerage option that holds mutual funds and common stock and two separately managed accounts that primarily hold common stock and foreign stock, which are traded on an exchange or listed market.

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. Common stock is valued at the closing price reported on the active market on which the individual securities are traded.

Level 2

Level 2 asset and liability fair values are based on observable inputs that include: quoted market prices for similar assets or liabilities in an active market not defined by Level 1; quoted market prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include the associate insured deposit account, common/collective trust and corporate and government bonds in the self-directed brokerage option.

The associate insured deposit account is carried at amortized cost, which approximates fair value. Refer to Note 4 for detailed disclosures related to the Plan’s investment in the associate insured deposit account.

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

The fair value of the common/collective trust is based on NAV, as provided by the trustee. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participants’ transactions (purchase and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

The fair value of government securities and corporate bonds are determined by closing prices at the end of the Plan year. Closing prices are obtained from third party pricing vendors. When quoted prices are unavailable, pricing vendors use various evaluation methodologies, which are based on quoted prices for securities with similar coupons, ratings, and maturities.

Level 3

Level 3 assets and liabilities are financial instruments whose value is calculated by the use of pricing models and/or discounted cash flow methodologies, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation. These methodologies may result in a significant portion of the fair value being derived from unobservable data. As of December 31, 2014 and 2013, there are no level 3 assets or liabilities.

 

The preceding methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

  

Assets and liabilities measured at fair value on a recurring basis are summarized below:

 

          Fair Value Measurements for Assets Measured on a Recurring Basis as of December 31, 2014
                Quoted Prices in Active Markets for Identical Assets and Liabilities     Significant Other Observable Inputs     Significant Unobservable Inputs
          Total     (Level 1)     (Level 2)     (Level 3)
BB&T common stock   $ 614,015,012   $  614,015,012   $       -   $       -
Mutual funds:                        
    Money Market Funds               96,348,578               96,348,578                           -   -
    Stock Funds          1,191,416,498          1,191,416,498                                   -                                   -
    Index Funds             162,707,943             162,707,943                                   -                                   -
    Fixed Income Funds             152,518,811             152,518,811                                   -                                   -
    Life Cycle Funds     357,816,580      357,816,580                                   -                                   -
  Total Mutual Funds          1,960,808,410          1,960,808,410                                   -                                   -
                             
Common/collective trust               23,614,911                                   -               23,614,911                                   -
                             
Self-directed investments:                        
    Common Stock               64,449,242               64,449,242                                   -                                   -
    Mutual funds               36,857,823               36,857,823                                   -                                   -
    Corporate bonds                     967,368                                   -                     967,368                                   -
    US Government Securities                          4,953                                   -                          4,953                                   -
                  102,279,386             101,307,065                     972,321                                   -
                             
Separately Managed Accounts:                  
    Common Stock                  3,985,951                  3,985,951                                   -                                   -
    Foreign Stock                     542,101                     542,101                                   -                                   -
                       4,528,052                  4,528,052                                   -                                   -
                             
Associate insured deposit account             171,744,219                                   -             171,744,219                                   -
Total Investments at fair value, excluding cash and cash equivalents   $  2,876,989,990   $  2,680,658,539   $ 196,331,451   $    -

 

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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

          Fair Value Measurements for Assets Measured on a Recurring Basis as of December 31, 2013
                Quoted Prices in Active Markets for Identical Assets and Liabilities     Significant Other Observable Inputs     Significant Unobservable Inputs
          Total     (Level 1)     (Level 2)     (Level 3)
BB&T common stock   $   649,003,619 $  649,003,619   $      -   $                            -
Mutual funds:                        
    Money Market Funds             103,195,594             103,195,594                -                                   -
    Stock Funds          1,075,635,456          1,075,635,456                                   -                                   -
    Index Funds             127,441,243             127,441,243                                   -                                   -
    Fixed Income Funds             147,062,802             147,062,802                                   -                                   -
    Life Cycle Funds             288,250,319             288,250,319                                   -                                   -
  Total Mutual Funds          1,741,585,414          1,741,585,414                                   -                                   -
                             
Common/collective trust               16,258,668                                   -               16,258,668                                   -
                             
Self-directed investments:                        
    Common Stock               54,255,182               54,255,182                                   -                                   -
    Mutual funds               35,386,474               35,386,474                                   -                                   -
    Corporate bonds                     938,800                                   -                     938,800                                   -
    US Government Securities                       41,167                                   -                       41,167                                   -
                    90,621,623               89,641,656                     979,967                                   -
                             
Separately Managed Accounts:                  
    Common Stock                  3,514,479                  3,514,479                                   -                                   -
    Foreign Stock                     505,350                     505,350                                   -                                   -
    Other                     199,223                       44,208                     155,015                                   -
                       4,219,052                  4,064,037                     155,015                                   -
                             
Associate insured deposit account             174,295,695                                   -             174,295,695                                   -
Total Investments at fair value, excluding cash and cash equivalents   $ 2,675,984,071   $ 2,484,294,726 $ 191,689,345   $                            -

 

There were no transfers between levels during 2014 and 2013.

 

 

 

 

 

11
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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

  

Fair Value of Investments in Entities that Use NAV

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2014 and 2013:

                  Redemption     Redemption
December 31,     Fair     Unfunded     Frequency (if      Notice
2014     Value     Commitments     currently eligible)     Period
Morley  Stable Value Fund (a)   $ 23,614,911   $                     -     Daily     30 days
                         
December 31,                        
2013                        
Morley  Stable Value Fund (a)   $   16,258,668   $       -     Daily     30 days

 

(a) The Morley Stable Value Fund is a Collective Investment Trust maintained by Union Bond and Trust Company, the trustee. Morley Capital Management is the investment adviser. Both Union Bond and Trust Company and Morley Capital Management are wholly-owned subsidiaries of Morley Financial Services, which is a wholly owned subsidiary of the Principal Financial Group. The fund’s objective is to provide preservation of capital, relatively stable returns consistent with its comparatively low risk profile, and liquidity for benefit responsive plan or participant payments. The fund invests in a diversified portfolio of Stable Value Investment Contracts issued by life insurance companies, banks and other financial institutions. The performance of these contracts may be predicated on underlying fixed income investments.  

8.   Tax Status

The IRS has determined and informed the Plan Sponsor by letter dated November 19, 2014, that the Plan is designed in accordance with applicable sections of the IRC. The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS.  The Plan Administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2011.

9.   Plan Termination

Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, assets of the Plan would be distributed in accordance with the Plan document.

 

 

12
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BB&T Corporation 401(k) Savings Plan

Notes to Financial Statements

Years ended December 31, 2014 and 2013

 

 

10. Related Party and Party-In-Interest Transactions

Included in Plan assets are mutual funds sponsored by a subsidiary of the Corporation of $1,057,047,893 and $974,179,436 at December 31, 2014 and 2013, respectively, a BB&T interest-bearing cash account of $3,176,085 and $3,527,071 at December 31, 2014 and 2013, respectively, deposit accounts sponsored by the Corporation of $171,744,219 and $174,295,695 at December 31, 2014 and 2013, respectively, assets held in separately managed accounts that are managed by Sterling Capital, a subsidiary of the Corporation, totalling $4,528,052 and $4,219,052 at December 31, 2014 and 2013, respectively, and BB&T Corporation Common Stock of $614,015,012 and $649,003,619 at December 31, 2014 and 2013, respectively. The Plan received cash dividends of $43,685,324 and $55,270,218 on its investments in BB&T-sponsored mutual funds during 2014 and 2013, respectively, interest of $1,065,881 and $1,077,304 on the deposit account during 2014 and 2013, respectively, and cash dividends of $15,857,178 and $21,184,500 on BB&T common stock investments during 2014 and 2013, respectively.

The costs of administrative services rendered by the Corporation’s Trust Division for the years ended December 31, 2014 and 2013 were $299,265 and $297,225, respectively. The expenses paid through the Plan include only transactional charges such as loan issuance fees, Qualified Domestic Relations Order fees and check reissues. In addition, there are fees charged by TD Ameritrade to participants with self-directed brokerage accounts. These fees were $162,208 and $147,034 for the years ended December 31, 2014 and 2013, respectively.

11. Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

12. Subsequent Event

Effective January 2, 2015, the Plan introduced a new group of investments, the “T. Rowe Price Retirement Date Active Trusts” (Trusts) to replace the “T. Rowe Price Retirement Date Funds” (Funds) previously offered to Plan participants. The Funds were registered mutual funds. The Trusts are common/collective trusts.

 

 

13
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )     ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value     Current Value
* BB&T Corporation     Common Stock   $          614,015,012
               
* Sterling Capital Total Return Bond Fund   Mutual Fund                152,518,811
* Sterling Capital Mid Value Fund   Mutual Fund                210,900,621
* Sterling Capital Select Equity Fund   Mutual Fund                228,103,537
* Sterling Capital Small Value Fund   Mutual Fund                 65,449,047
* Sterling Capital Special Opportunities Fund   Mutual Fund                222,714,434
* Sterling Capital Equity Income Fund   Mutual Fund                177,361,443
  Federated Investors Federated Treasury Obligations Fund Mutual Fund                 96,348,578
  Fidelity  Contrafund   Mutual Fund                 65,274,002
  Vanguard Institutional Index   Mutual Fund                137,288,941
  Vanguard Total International Stock Index Fund Mutual Fund                 25,419,002
  Harbor International Fund   Mutual Fund                 92,104,220
  T. Rowe Price Mid Cap Growth Fund   Mutual Fund                 79,999,745
  T. Rowe Price Retirement Income Fund   Mutual Fund                 49,509,449
  T. Rowe Price Retirement 2005 Fund   Mutual Fund                   2,755,146
  T. Rowe Price Retirement 2010 Fund   Mutual Fund                 25,635,332
  T. Rowe Price Retirement 2015 Fund   Mutual Fund                 28,671,041
  T. Rowe Price Retirement 2020 Fund   Mutual Fund                 76,797,562
  T. Rowe Price Retirement 2025 Fund   Mutual Fund                 46,783,318
  T. Rowe Price Retirement 2030 Fund   Mutual Fund                 48,569,633
  T. Rowe Price Retirement 2035 Fund   Mutual Fund                 30,656,029
  T. Rowe Price Retirement 2040 Fund   Mutual Fund                 54,554,419
  T. Rowe Price Retirement 2045 Fund   Mutual Fund                 22,427,030
  T. Rowe Price Retirement 2050 Fund   Mutual Fund                 11,596,847
  T. Rowe Price Retirement 2055 Fund   Mutual Fund          9,370,223
            $      1,960,808,410

 

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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )     ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value     Current Value
               
  Morley  Stable Value Fund   Common/collective trust   $   23,614,911
               
  Plan Participants     Self-directed investments   $   102,279,386
               
* Notes Receivable from Participants   Participant loans (4.12% to 9% due thru April 2027)   $ 51,294,155
               
* BB&T Corporation     Cash and Cash Equivalents   $   3,176,085
               
* BB&T Corporation     Associate insured deposit account   $  171,744,219
               
Investments in Separately Managed Accounts          
  AAR CORP      Common Stock                         8,834
  AGL RES INC      Common Stock                         7,522
  AG MORTGAGE INVESTMENT TRUST   Common Stock                         8,542
  AOL INC      Common Stock                         8,311
  ARC DOCUMENT SOLUTIONS INC   Common Stock                         5,202
  ABERCROMBIE & FITCH CO CL A   Common Stock                         5,327
  AECOM TECHNOLOGY CORP    Common Stock                         5,922
  ALASKA AIR GROUP INC    Common Stock                        11,713
  ALTISOURCE RESIDENTIAL CORP   Common Stock                         8,361
  AMERCO      Common Stock                         7,675

 

 

 

15
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  AMERICAN EQUITY INVESTMENT LIFE   Common Stock                      15,062
  AMERICAN FINANCIAL GROUP INC   Common Stock                       7,286
  AMKOR TECHNOLOGY INC    Common Stock                       6,397
  AMTRUST FINANCIAL SERVICES INC   Common Stock                      10,013
  THE ANDERSONS INC    Common Stock                       8,662
  ANWORTH MORTGAGE ASSET CORP   Common Stock                       8,689
  ARLINGTON ASSET INVESTMENT CORP   Common Stock                       8,302
  ARROW ELECTRONICS INC    Common Stock                       7,120
  ASSOCIATED ESTATE REALITY CP   Common Stock                      12,766
  ATLANTIC TELE-NETWORK INC    Common Stock                       8,922
  ATLAS AIR WORLDWIDE HOLDINGS   Common Stock                       9,712
  ATMOS ENERGY CORP    Common Stock                       7,692
  BANK OF MARIN BANCORP/CA    Common Stock                       2,892
  BARNES & NOBLE      Common Stock                       9,149
  BARRETT BUSINESS SVCS INC    Common Stock                       1,507
  W.R. BERKLEY CORP    Common Stock                       7,689
  BIG LOTS INC     Common Stock                       6,443
  BLOUNT INTL INC     Common Stock                       8,029
  AMERICAN CAPITAL MTG INVESTMENT   Common Stock                       9,194
  APOLLO COMMERCIAL REAL ESTATE   Common Stock                       7,951
  APOLLO RESIDENTIAL MORTGAGE INC   Common Stock                       8,216
  ARCBEST CORP      Common Stock                      12,520
  ARRIS GROUP INC      Common Stock                       7,910
  ASSURANT INC      Common Stock                       7,459
  AVISTA CORP     Common Stock                      13,822
  BENCHMARK ELECTRONICS    Common Stock                      10,303
  BRIGGS & STRATTON CORP    Common Stock                       5,697
  BROCADE COMMUNICATIONS SYSYEM   Common Stock                       9,342

 

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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  BROOKS AUTOMATION INC    Common Stock                       9,639
  BROWN SHOE COMPANY INC.   Common Stock                       9,967
  BUILD-A-BEAR WORKSHOP INC    Common Stock                       7,337
  CABOT CORP      Common Stock                       5,439
  CAMBREX CORPORATION    Common Stock                       6,810
  CATHAY GENERAL BANCORP    Common Stock                      11,592
  CATO CORP CL A     Common Stock                      11,136
  CHEMICAL FINANCIAL CORP    Common Stock                      10,418
  CHESAPEAKE UTILS CORP   Common Stock                       4,519
  CIRRUS LOGIC      Common Stock                      10,324
  COMMUNITY HEALTH SYSTEMS INC   Common Stock                       7,495
  COMMUNITY TR BANCORP INC    Common Stock                       4,283
  COOPER TIRE & RUBBER CO.    Common Stock                      13,167
  CREDIT ACCEPTANCE CORP    Common Stock                       4,911
  DST SYSTEMS INC      Common Stock                       5,178
  DANA HOLDINGS CORPORATION    Common Stock                      10,109
  DELUXE CORPORATION    Common Stock                      12,014
  DEVRY INC      Common Stock                       8,022
  DIME COMM BANK      Common Stock                       9,052
  DILLARD DEPT STORES INC    Common Stock                       9,389
  DOMTAR CORPORATION    Common Stock                       6,355
  R.R. DONNELLEY & SONS    Common Stock                       6,218
  DUCOMMUN INC      Common Stock                       4,298
  EBIX INC.      Common Stock                       6,745
  ECHOSTAR HOLDING CORP A    Common Stock                       7,665
  EL PASO ELEC CO COM NEW   Common Stock                      11,537
  EMPIRE DISTRICT ELECTRIC COMPANY   Common Stock                      11,093
  EMPLOYERS HOLDINGS INC    Common Stock                       8,981

17
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  ENTERPRISE FINANCIAL SERVICES   Common Stock                       3,157
  FAIRCHILD SEMICONDUCTOR   Common Stock                      12,643
  FIDELITY  SOUTHERN   Common Stock                       8,925
  FIRST MERCHANTS CORPORATION   Common Stock                       6,507
  1ST SOURCE CORPORATION    Common Stock                       9,401
  FLAGSTAR BANCORP INC    Common Stock                       5,301
  FLUSHING FINANCIAL CORP    Common Stock                       3,730
  GLATFELTER P.H. CO.    Common Stock                       6,367
  GRAFTECH INTERNATIONAL LTD   Common Stock                       4,422
  GRAPHIC PACKAGING HOLDING CO   Common Stock                       7,668
  GREAT PLAINS ENERGY INC   Common Stock                       7,841
  GREEN PLAINS RENEWABLE ENERGY   Common Stock                      11,126
  THE GREENBRIAR COMPANIES INC   Common Stock                      10,262
  HCC INSURANCE HOLDINGS    Common Stock                       7,493
  HANMI FINANCIAL CORP    Common Stock                       6,783
  HANOVER INSURANCE GROUP INC   Common Stock                       8,344
  HAWAIIAN HOLDINGS INC    Common Stock                      16,073
  HEALTHSOUTH CORP    Common Stock                       8,154
  HEIDRICK & STRUGGLES INTL INC   Common Stock                       9,059
  HILL-ROM HOLDINGS INC    Common Stock                       7,254
  HORACE MANN EDUCATORS CORP   Common Stock                      10,518
  HUNTINGTON INGALLS INDUSTRIES   Common Stock                       7,760
  HUNTSMAN CORPORATION    Common Stock                       6,697
  IDACORP INC     Common Stock                      16,746
  INGLES MARKETS INCORPORATED   Common Stock                       6,120
  INGREDION INC      Common Stock                       5,599
  JABIL CIRCUIT INC      Common Stock                       2,685

 

 

18
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  JETBLUE AWYS CORP COM   Common Stock                      23,853
  KORN/FERRY INTERNATIONAL    Common Stock                       8,139
  LANNETT COMPANY INC    Common Stock                       4,502
  LATTICE SEMICONDUCTOR CORP   Common Stock                       4,472
  LEAR CORP      Common Stock                       9,808
  LEXMARK INTERNATIONAL INC CLASS   Common Stock                       8,419
  MAGELLAN HEALTH SERVICES INC   Common Stock                      10,205
  MINERALS TECHNOLOGY    Common Stock                      11,876
  MODINE MFG CO.      Common Stock                       7,575
  MONARCH CASINO & RESORT   Common Stock                       1,858
  MURPHY USA INC.      Common Stock                       9,847
  NAVIGATORS GROUP INC    Common Stock                      10,268
  NEENAH PAPER INC    Common Stock                       8,920
  NEW JERSEY RESOURCES CORP    Common Stock                      15,055
  NEW YORK MORTGAGE TRUST INC   Common Stock                       7,841
  NEWPORT CORPORATION    Common Stock                       6,574
  NORTHWEST PIPE COMPANY    Common Stock                       6,566
  NUVASIVE INC      Common Stock                      15,846
  OSI SYSTEMS INC     Common Stock                       9,837
  OLD REPUBLIC INTERNATIONAL CORP.   Common Stock                       6,028
  ORBITAL SCIENCES CORP    Common Stock                      10,971
  OUTERWALL INC      Common Stock                       7,672
  OVERSTOCK.COM      Common Stock                       6,941
  PHH CORP      Common Stock                       9,895
  PARKER DRILLING COMPANY    Common Stock                          599
  PATTERSON UTI ENERGY INC 080101   Common Stock                       4,844
  PENN NATIONAL GAMING INC.   Common Stock                       6,426

 

 

19
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  PERICOM SEMICONDUCTOR CORP   Common Stock                       8,083
  PHOTRONICS INC      Common Stock                       5,302
  PIONEER ENERGY SERVICES CORP   Common Stock                       2,698
  PIPER JAFFRAY COS      Common Stock                       9,933
  PITNEY BOWES INC      Common Stock                       7,408
  PORTLAND GENERAL ELECTRIC CO   Common Stock                      12,446
  POST PROPERTIES INC    Common Stock                       7,346
  RADIAN GROUP INC    Common Stock                      14,630
  REGIS CORPORATION    Common Stock                       8,983
  REINSURANCE GRP OF AMER OF   Common Stock                       7,973
  REX STORES CORPORATION    Common Stock                      10,659
  RITE-AID      Common Stock                       3,158
  RUBY TUESDAY INC      Common Stock                       7,770
  RUTH'S HOSPITALITY GROUP INC.   Common Stock                       4,935
  SJW CORP      Common Stock                       8,865
  SANDERSON FARMS INC    Common Stock                       7,058
  SANMINA CORP      Common Stock                      14,918
  SCHWEITZER MAUDUIT INTL INC   Common Stock                       6,472
  SCIENCE APPLICATIONS INTE    Common Stock                       8,618
  SELECTIVE INS GRP INC    Common Stock                      11,248
  SKYWEST INC      Common Stock                       7,437
  STANCORP FINANCIAL GROUP INC   Common Stock                       9,291
  STANDARD MTR PRODS INC    Common Stock                       7,662
  STRAYER EDUCATION INC    Common Stock                      10,771
  SYKES ENTERPRISES INC    Common Stock                      10,585
  TAKE-TWO INTERACTIVE SOFTWRE   Common Stock                      12,922
  THE TIMKEN COMPANY    Common Stock                       7,554
  TOWER INTERNATIONAL INC    Common Stock                       6,362

 

20
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  TRIPLE S MANAGEMENT CORP    Common Stock                       8,608
  TRUSTMARK CORP      Common Stock                      11,779
  UNIFI INC      Common Stock                       9,484
  UNITED FIRE GROUP INC    Common Stock                       3,300
  UNITED INSURANCE HOLDINGS CO   Common Stock                      11,875
  UNITED STATES STEEL CORPORATION   Common Stock                       6,899
  UNIVERSAL ELECTRONICS INC    Common Stock                       7,804
  VISHAY INTERTECHNOLOGY    Common Stock                       6,622
  WSFS FINANCIAL CORP    Common Stock                       9,227
  WABASH NAT'L CORP    Common Stock                       8,467
  WASHINGTON FEDERAL INC   Common Stock                       6,401
  WEBSTER FINANCIAL CORP    Common Stock                      14,769
  WEIGHT WATCHERS INTL INC   Common Stock                       6,806
  WEST CORPORATION    Common Stock                       9,570
  WESTERN REFINING INC    Common Stock                       1,738
  WESTMORELAND COAL    Common Stock                       4,782
  WORLD ACCEPTANCE CORP    Common Stock                       5,482
  ZIONS BANCORPORATION   Common Stock                       5,930
  CNO FINANCIAL GROUP INC    Common Stock                      16,445
  HCI GROUP INC      Common Stock                       8,605
  ARGAN INC      Common Stock                       7,535
  CRA INTERNATIONAL INC    Common Stock                       9,763
  CVR ENERGY INC      Common Stock                       7,200
  CYS INVESTMENTS INC.    Common Stock                      11,013
  CABLEVISION SYS CORP.    Common Stock                       7,596
  CAPSTEAD MORTGAGE CORP. NEW   Common Stock                       9,112
  CENTENE CORP     Common Stock                      11,216
  CHATHAM LODGING TRUST    Common Stock                      10,922

 

21
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  CHIMERA INVESTMENT CORPORATION   Common Stock                       6,697
  CLEARWATER PAPER CORP    Common Stock                       7,472
  CLOUD PEAK ENERGY INC.    Common Stock                       5,021
  CUSTOMERS BANCORP INC.    Common Stock                       8,640
  DYNEX CAPITAL INC    Common Stock                       8,234
  EARTHLINK HOLDINGS CORP    Common Stock                       7,050
  EAST WEST BANCORP INC    Common Stock                       7,781
  EXTERRAN HOLDINGS INC    Common Stock                       3,291
  FBL FINANCIAL GROUP INC - CL A   Common Stock                      10,736
  FBR CAPITAL MARKETS CORP    Common Stock                       7,008
  FEDERATED NATIONAL HOLDING CO   Common Stock                       7,272
  FIRST NBC BANK HOLDING COMPANY   Common Stock                       8,835
  GAMESTOP CORPORATION CL A    Common Stock                       6,794
  GRAMERCY PROPERTY TRUST INC   Common Stock                      10,343
  HEALTH NET INC      Common Stock                       7,869
  HHGREGG INC      Common Stock                       2,528
  INSIGHT ENTERPRISES    Common Stock                      10,796
  INTELIQUENT INC      Common Stock                       9,540
  INVESTMENT TECH GROUP INC    Common Stock                       9,619
  IRIDIUM COMMUNICATIONS INC   Common Stock                      10,725
  KADANT INC. COM      Common Stock                       3,671
  KAPSTONE PAPER AND PACKAGING   Common Stock                       7,796
  LIFEPOINT HOSPITALS INC    Common Stock                       8,557
  MFA MORTGAGE INVESTMENTS INC.   Common Stock                       6,696
  MYR GROUP INC      Common Stock                       6,192
  MARRIOTT VACATIONS WORLDWIDE   Common Stock                      15,206
  MATSON INC-W/I ALEXANDER &   Common Stock                      11,944
  MERITOR INC      Common Stock                       9,635

 

 

22
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  MOLINA HEALTHCARE INC    Common Stock                       7,762
  NAVIGANT CONSULTING INC    Common Stock                       5,349
  NELNET INC CL A      Common Stock                      11,536
  NEW RESIDENTIAL INVESTMENT CORP   Common Stock                      11,940
  OFG BANCORP      Common Stock                       7,842
  ORITANI FINANCIAL CORPORATION   Common Stock                       9,486
  PBF ENERGY INC.      Common Stock                       7,459
  PACIFIC ETHANOL INC NEW    Common Stock                       5,310
  PENNYMAC MORTGAGE INVESTMENT   Common Stock                      10,882
  PILGRIM'S PRIDE CORP    Common Stock                      14,165
  POLYCOM INC COM     Common Stock                       4,509
  PRIMERICA INC      Common Stock                      15,627
  PROASSURANCE CORP    Common Stock                       5,915
  RPX CORP      Common Stock                       5,774
  RENEWABLE ENERGY GROUP INC   Common Stock                       6,010
  RESOLUTE FOREST PRODUCTS    Common Stock                      10,830
  RESOURCE CAPITAL CORP    Common Stock                       6,602
  SAFETY INSURANCE GROUP INC   Common Stock                      10,498
  SAIA INC.      Common Stock                       7,418
  SELECT INCOME REIT    Common Stock                       9,495
  SELECT MEDICAL HOLDINGS CORP   Common Stock                       7,632
  SPRINGLEAF HOLDINGS INC    Common Stock                       9,404
  STARZ-LIBERTY CAPITAL    Common Stock                       7,603
  SYMETRA FINANCIAL CORP    Common Stock                      14,383
  SYNOVUS FINANCIAL  CORP   Common Stock                       7,179
  TWO HARBORS INVESTMENT   Common Stock                       7,194
  UNITED COMMUNITY BANK INC    Common Stock                       9,148
  UNITED THERAPEUTICS CORP DEL COM   Common Stock                       7,251

 

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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  UNIVERSAL INSURANCE HOLDINGS INC   Common Stock                      14,111
  VAALCO ENERGY INC    Common Stock                       1,810
  WALKER & DUNLOP INC    Common Stock                       8,612
  WESTAR ENERGY INC.  STOCK   Common Stock                       8,413
  WESTERN ASSET MORTGAGE CAPITAL   Common Stock                       8,482
  WINTRUST CORP     Common Stock                      11,176
  EQUITY WEALTH      Common Stock                              5
  MARVELL TECHNOLOGY GROUP LTDORD   Common Stock                       2,465
  FIRST BANCORP PUERTO RICO    Foreign Stock                       9,363
  AGRO GROUP INTERNATIONAL   Foreign Stock                      12,092
  ASPEN INSURANCE HOLDINGS LIMITED   Foreign Stock                       7,310
  ASSURED GUARANTY LTD   Foreign Stock                       8,057
  AXIS CAPITAL HOLDINGS LTD   Foreign Stock                       7,204
  ENDURANCE SPECIALTY HOLDINGS LTD   Foreign Stock                       8,916
  ENSTAR GROUP LTD     Foreign Stock                      10,855
  FABRINET     Foreign Stock                       5,056
  MAIDEN HOLDINGS LTD   Foreign Stock                       9,337
  MONTPELIER RE HOLDINGS LTD    Foreign Stock                      12,179
  NABORS INDUSTRIES LTD. COMMON   Foreign Stock                       4,919
  HOME LOAN SERVICING SOLUTIONS   Foreign Stock                       9,819
  PARTNERRE HOLDINGS LTD   Foreign Stock                       7,647
  RENAISSANCE HOLDINGS LTD COMMON   Foreign Stock                       7,583
  VALIDUS HOLDINGS LTD   Foreign Stock                       7,398
  ALLIED WORLD ASSURANCE COMPANY    Foreign Stock                       7,167
  AVG TECHNOLOGIES    Foreign Stock                       1,678
  BANCO LATINOAMERICANO DE   Foreign Stock                       9,241
  AGCO CORPORATION    Common Stock                      29,380
  ANNALY CAPITAL MANAGEMENT    Common Stock                      58,374

 

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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )   ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value   Current Value
  ANTHEM INC      Common Stock                      72,260
  ASCENA RETAIL GROUP INC    Common Stock                      58,906
  BECTON DICKINSON & CO.    Common Stock                      67,632
  CHEMTURA CORP      Common Stock                      47,605
  CHICO'S FAS INC      Common Stock                      47,009
  CIVEO CORP      Common Stock                      11,303
  DST SYSTEMS INC      Common Stock                      30,599
  DICE HOLDINGS INC    Common Stock                      34,995
  E TRADE FINANCIAL CORP    Common Stock                    102,962
  FIDELITY NATIONAL INFORMATION SERVICES INC  Common Stock                      58,468
  FIDELITY NATIONAL  FNFV GROUP   Common Stock                       9,838
  GLOBAL PAYMENTS INC    Common Stock                      60,548
  HERTZ GLOBAL HOLDINGS INC    Common Stock                      38,034
  INTERPUBLIC GROUP    Common Stock                      71,137
  KNOWLES CORP      Common Stock                      59,464
  KOHLS CORP      Common Stock                      77,521
  LABORATORY CORP OF AMERICAN HOLDINGS    Common Stock                      68,517
  LEUCADIA NATIONAL CORP    Common Stock                    103,782
  LINCOLN NATIONAL CORP.    Common Stock                      57,670
  MARKEL CORPORATION    Common Stock                    103,792
  MICROSTRATEGY INC CL A   Common Stock                      44,822
  NCR CORP NEW      Common Stock                      36,425
  NEUSTAR INC      Common Stock                       9,730
  NEWS CORP  NEW CL B   Common Stock                      74,194
  OMNICOM GROUP      Common Stock                    110,007
  T ROWE PRICE GROUP INC   Common Stock                      51,516
  RAYONIER ADVANCED MATERIALS    Common Stock                      26,203
  RYMAN HOSPITALITY PROPERTIES INC    Common Stock                      63,288

 

25
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BB&T Corporation 401(k) Savings Plan

Schedule H, line 4(i)—Schedule of Assets (Held At End of Year)

December 31, 2014

 

(a) ( b )   ( c )     ( e )
  Identity of Issue, Borrower, Lessor or Similar Party   Description of Investment, Including Maturity Date, Rate of Contract, Collateral, Par or Maturity Value     Current Value
  SYMANTEC CORP      Common Stock                        42,331
  TETRA TECH INC     Common Stock                        46,752
  II-VI INC      Common Stock                        31,395
  UNIVERSAL TECHNICAL INSTITUTE INC    Common Stock                         8,915
  VIACOM INC      Common Stock                        41,764
  WESTERN UNION COMPANY    Common Stock                        42,536
  ZIMMER HOLDINGS INC    Common Stock                        51,606
  UTI WORLDWIDE INC   Common Stock                        28,087
  ASPEN INSURANCE HOLDINGS LIMITED   Foreign Stock                        45,959
  ASSURED GUARANTY LTD   Foreign Stock                        37,530
  COVIDIEN PLC     Foreign Stock                        72,107
  ENDURANCE SPECIALTY HOLDINGS LTD   Foreign Stock                        85,272
  ENSTAR GROUP LTD     Foreign Stock                        55,040
  WILLIS GROUP HOLDINGS   Foreign Stock         100,374
                  4,528,052
               
            $       2,931,460,230

 

 

             
  *  Party in interest  
     Cost is omitted because plan investments are participant-directed.

 

 

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Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the BB&T Corporation Employee Benefit Plans Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. 

 

BB&T Corporation 401(k) Savings Plan

 

June 25, 2015

 

/s/ Steven L. Reeder

Senior Vice President & Benefits Manager