SUNTRUST BANKS INC | 2013 | FY | 3


Recurring Fair Value Measurements
The following tables present certain information regarding assets and liabilities measured at fair value on a recurring basis and the changes in fair value for those specific financial instruments in which fair value has been elected.
 
December 31, 2013
 
Fair Value Measurements
 
 
 
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
 Adjustments 1
 
Assets/Liabilities
at Fair Value
Assets
 
 
 
 
 
 
 
 
 
Trading assets and derivatives:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$219

 

$—

 

$—

 

$—

 

$219

Federal agency securities
—

 
426

 
—

 
—

 
426

U.S. states and political subdivisions
—

 
65

 
—

 
—

 
65

MBS - agency
—

 
323

 
—

 
—

 
323

CDO/CLO securities
—

 
3

 
54

 
—

 
57

ABS
—

 
—

 
6

 
—

 
6

Corporate and other debt securities
—

 
534

 
—

 
—

 
534

CP
—

 
29

 
—

 
—

 
29

Equity securities
109

 
—

 
—

 
—

 
109

Derivative contracts 2
828

 
5,285

 
12

 
(4,741
)
 
1,384

Trading loans
—

 
1,888

 
—

 
—

 
1,888

Total trading assets and derivatives
1,156

 
8,553

 
72

 
(4,741
)
 
5,040

Securities AFS:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
1,293

 
—

 
—

 
—

 
1,293

Federal agency securities
—

 
984

 
—

 
—

 
984

U.S. states and political subdivisions
—

 
203

 
34

 
—

 
237

MBS - agency
—

 
18,911

 
—

 
—

 
18,911

MBS - private
—

 
—

 
154

 
—

 
154

ABS
—

 
58

 
21

 
—

 
79

Corporate and other debt securities
—

 
37

 
5

 
—

 
42

Other equity securities 3
103

 
—

 
739

 
—

 
842

Total securities AFS
1,396

 
20,193

 
953

 
—

 
22,542

LHFS:
 
 
 
 
 
 
 
 
 
Residential loans
—

 
1,114

 
3

 
—

 
1,117

Corporate and other loans
—

 
261

 
—

 
—

 
261

Total LHFS
—

 
1,375

 
3

 
—

 
1,378

LHFI
—

 
—

 
302

 
—

 
302

MSRs
—

 
—

 
1,300

 
—

 
1,300

Liabilities
 
 
 
 
 
 
 
 
 
Trading liabilities and derivatives:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
472

 
—

 
—

 
—

 
472

Corporate and other debt securities
—

 
179

 
—

 
—

 
179

Equity securities
5

 
—

 
—

 
—

 
5

Derivative contracts 2
502

 
5,167

 
4

 
(5,148
)
 
525

Total trading liabilities and derivatives
979

 
5,346

 
4

 
(5,148
)
 
1,181

Brokered time deposits
—

 
764

 
—

 
—

 
764

Long-term debt
—

 
1,556

 
—

 
—

 
1,556

Other liabilities 4
—

 
—

 
29

 
—

 
29


1 Amounts represent offsetting cash collateral received from and paid to the same derivative counterparties and the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement or similar agreement exists.
2 These amounts include IRLCs and derivative financial instruments entered into by the Mortgage Banking segment to hedge its interest rate risk. See Note 16, "Derivative Financial Instruments," for further disaggregation of derivative assets and liabilities.
3 Includes $336 million of FHLB of Atlanta stock, $402 million of Federal Reserve Bank stock, $103 million in mutual fund investments, and $1 million of other.
4 Includes contingent consideration obligations related to acquisitions, as well as the derivative associated with the Company's sale of Visa shares during the year ended December 31, 2009.










 
December 31, 2012
 
Fair Value Measurements
 
 
 
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Netting
 Adjustments 1
 
Assets/Liabilities
at Fair Value
Assets
 
 
 
 
 
 
 
 
 
Trading assets and derivatives:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$111

 

$—

 

$—

 

$—

 

$111

Federal agency securities
—

 
462

 
—

 
—

 
462

U.S. states and political subdivisions
—

 
34

 
—

 
—

 
34

MBS - agency
—

 
432

 
—

 
—

 
432

CDO/CLO securities
—

 
3

 
52

 
—

 
55

ABS
—

 
31

 
5

 
—

 
36

Corporate and other debt securities
—

 
566

 
1

 
—

 
567

CP
—

 
28

 
—

 
—

 
28

Equity securities
100

 
—

 
—

 
—

 
100

Derivative contracts 2, 3
485

 
8,039

 
132

 
(6,573
)
 
2,083

Trading loans
—

 
2,319

 
—

 
—

 
2,319

Total trading assets and derivatives
696

 
11,914

 
190

 
(6,573
)
 
6,227

Securities AFS:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
222

 
—

 
—

 
—

 
222

Federal agency securities
—

 
2,069

 
—

 
—

 
2,069

U.S. states and political subdivisions
—

 
274

 
46

 
—

 
320

MBS - agency
—

 
18,169

 
—

 
—

 
18,169

MBS - private
—

 
—

 
209

 
—

 
209

ABS
—

 
195

 
21

 
—

 
216

Corporate and other debt securities
—

 
41

 
5

 
—

 
46

Other equity securities 4
69

 
—

 
633

 
—

 
702

Total securities AFS
291

 
20,748

 
914

 
—

 
21,953

LHFS:
 
 
 
 
 
 
 
 
 
Residential loans
—

 
2,916

 
8

 
—

 
2,924

Corporate and other loans
—

 
319

 
—

 
—

 
319

Total LHFS
—

 
3,235

 
8

 
—

 
3,243

LHFI
—

 
—

 
379

 
—

 
379

MSRs
—

 
—

 
899

 
—

 
899

Liabilities
 
 
 
 
 
 
 
 
 
Trading liabilities and derivatives:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
582

 
—

 
—

 
—

 
582

Corporate and other debt securities
—

 
173

 
—

 
—

 
173

Equity securities
9

 
—

 
—

 
—

 
9

Derivative contracts 2, 3
300

 
7,214

 
—

 
(7,102
)
 
412

Total trading liabilities and derivatives
891

 
7,387

 
—

 
(7,102
)
 
1,176

Brokered time deposits
—

 
832

 
—

 
—

 
832

Long-term debt
—

 
1,622

 
—

 
—

 
1,622

Other liabilities 5
—

 
—

 
31

 
—

 
31


1 Amounts represent offsetting cash collateral received from and paid to the same derivative counterparties and the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement or similar agreement exists.
2 These amounts include IRLCs and derivative financial instruments entered into by the Mortgage Banking segment to hedge its interest rate risk. See Note 16, "Derivative Financial Instruments," for further disaggregation of derivative assets and liabilities.
3 Certain derivative assets of $178 million and derivative liabilities of $15 million have been reclassified to trading assets and derivatives and trading liabilities and derivatives, respectively, at December 31, 2012, for comparability to the same classification of these assets and liabilities at December 31, 2013. Previously, these derivative assets and liabilities were recorded in other assets and other liabilities, respectively.
4 Includes $229 million of FHLB of Atlanta stock, $402 million of Federal Reserve Bank stock, $69 million in mutual fund investments, and $2 million of other.
5 Includes contingent consideration obligations related to acquisitions, as well as the derivative associated with the Company's sale of Visa shares during the year ended December 31, 2009.

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