Exhibit 12 |
BB&T Corporation |
Earnings To Fixed Charges (1) |
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Three Months |
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Ended March 31, |
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Years Ended December 31, |
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2015 |
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2014 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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(Dollars in millions) |
Earnings: |
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Income before income taxes |
$ |
788 |
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$ |
829 |
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$ |
3,127 |
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$ |
3,284 |
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$ |
2,945 |
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$ |
1,732 |
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$ |
1,055 |
Plus: |
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Fixed charges |
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202 |
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218 |
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843 |
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967 |
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1,130 |
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1,442 |
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1,855 |
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Distributions from equity method investees |
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1 |
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3 |
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9 |
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9 |
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6 |
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7 |
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2 |
Less: |
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Capitalized interest |
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1 |
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― |
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1 |
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― |
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― |
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― |
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― |
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Income from equity method investees, net |
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― |
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1 |
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― |
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9 |
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3 |
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3 |
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7 |
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Earnings |
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990 |
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1,049 |
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3,978 |
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4,251 |
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4,078 |
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3,178 |
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2,905 |
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Less: |
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Interest on deposits |
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55 |
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60 |
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239 |
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301 |
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429 |
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610 |
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917 |
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Earnings, excluding interest on deposits |
$ |
935 |
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$ |
989 |
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$ |
3,739 |
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$ |
3,950 |
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$ |
3,649 |
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$ |
2,568 |
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$ |
1,988 |
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Fixed charges: |
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Interest expense |
$ |
181 |
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$ |
199 |
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$ |
768 |
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$ |
891 |
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$ |
1,060 |
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$ |
1,378 |
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$ |
1,795 |
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Capitalized interest |
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1 |
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― |
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1 |
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― |
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― |
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― |
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― |
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Interest portion of rent expense |
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20 |
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19 |
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74 |
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76 |
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70 |
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64 |
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60 |
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Total fixed charges |
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202 |
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218 |
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843 |
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967 |
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1,130 |
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1,442 |
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1,855 |
Less: |
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Interest on deposits |
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55 |
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60 |
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239 |
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301 |
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429 |
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610 |
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917 |
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Total fixed charges, excluding interest on deposits |
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147 |
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158 |
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604 |
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666 |
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701 |
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832 |
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938 |
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Dividends/accretion on preferred stock (2) |
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53 |
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54 |
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199 |
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211 |
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87 |
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― |
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― |
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Total fixed charges and preferred dividends |
$ |
255 |
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$ |
272 |
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$ |
1,042 |
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$ |
1,178 |
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$ |
1,217 |
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$ |
1,442 |
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$ |
1,855 |
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Total fixed charges and preferred dividends, excluding interest on deposits |
$ |
200 |
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$ |
212 |
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$ |
803 |
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$ |
877 |
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$ |
788 |
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$ |
832 |
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$ |
938 |
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Earnings to fixed charges: |
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Including interest on deposits |
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4.90x |
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4.81x |
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4.72x |
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4.40x |
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3.61x |
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2.20x |
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1.57x |
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Excluding interest on deposits |
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6.36x |
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6.26x |
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6.19x |
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5.93x |
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5.21x |
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3.09x |
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2.12x |
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Earnings to fixed charges and preferred dividends: |
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Including interest on deposits |
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3.88x |
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3.86x |
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3.82x |
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3.61x |
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3.35x |
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2.20x |
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1.57x |
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Excluding interest on deposits |
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4.68x |
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4.67x |
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4.66x |
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4.50x |
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4.63x |
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3.09x |
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2.12x |
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(1) |
Prior periods have been revised to reflect the adoption of new accounting guidance related to investments in qualified affordable housing projects. |
(2) |
Dividends on preferred stock have been grossed up by the effective tax rate for the period. |