Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
Current Report
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
April 24, 2017
Date of Report (Date of earliest event reported)
BB&T Corporation
(Exact name of registrant as specified in its charter)
Commission file number: 1-10853
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North Carolina | 56-0939887 |
(State of incorporation) | (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) |
(336) 733-2000
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
In BB&T Corporation's Annual Report on Form 10-K for the year ended December 31, 2016, the Corporation reported its results of operations through its business segments: Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Holdings, Financial Services and Other Treasury and Corporate. Effective January 1, 2017, several business activities were realigned within the segments. First, certain client relationships with $218 million of loans and $2.0 billion of deposits were no longer included in Financial Services and are only reported in Community Banking. Second, the Mortgage Warehouse Lending and Domestic Factoring businesses within Specialized Lending were moved to Residential Mortgage Banking and Other, Treasury and Corporate, respectively. Third, the International division was restructured with components integrated into Community Banking and Financial Services from Other, Treasury and Corporate.
BB&T is filing this Current Report on Form 8-K to retrospectively revise historical segment information to correspond with this new structure. This Current Report on Form 8-K does not revise nor restate BB&T’s previously reported consolidated financial statements for any period, and all other information in the 2016 Form 10‑K remains unchanged and has not been otherwise updated for events or developments that occurred subsequent to the filing of the 2016 Form 10-K with the SEC. Beginning with the first quarter of 2017, BB&T’s financial statements reflected the realignment of its reportable segments with prior periods adjusted accordingly.
This Current Report on Form 8-K and the exhibits hereto update the business segment information presented in the Annual Report to the extent this information is impacted by the revised business segment reporting methodology. Portions of the following items from the Annual Report have been updated to reflect the revised presentation:
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• | Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (filed as Exhibit 99.1 and incorporated herein by reference). Exhibit 99.1 also includes a Glossary of Defined Terms used throughout the Current Report. |
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• | Part II, Item 8. Financial Statements and Supplementary Data (filed as Exhibit 99.2 and incorporated herein by reference). |
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ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
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EXHIBIT NO. | | DESCRIPTION OF EXHIBIT |
23 | | Consent of PricewaterhouseCoopers LLP |
99.1 | | Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Glossary of Defined Terms |
99.2 | | Part II, Item 8. Financial Statements and Supplementary Data |
101.INS | | XBRL Instance Document |
101.SCH | | XBRL Taxonomy Extension Schema Document |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | | XBRL Taxonomy Extension Definitions Linkbase Document |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| BB&T CORPORATION |
| (Registrant) |
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| By: | /s/ Cynthia B. Powell |
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| Cynthia B. Powell |
| Executive Vice President and Corporate Controller |
| (Principal Accounting Officer) |
Date: April 24, 2017