WINSTON-SALEM, N.C., Jan. 22 /PRNewswire-FirstCall/ -- BB&T Corporation (NYSE:BBT) reported today earnings for the fourth quarter and the full year 2008. For the fourth quarter, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share, compared with $411 million, or $.75 per diluted common share, earned during the fourth quarter of 2007.

"The year 2008 was very challenging and credit deterioration remains a significant concern; however, BB&T's performance ranks among the top performers in the financial services industry," said Chief Executive Officer Kelly S. King. "Even though the cost of the current credit cycle has depressed earnings, our overall results reflect a number of positive developments and demonstrate that BB&T is gaining market share and growing. We are implementing initial plans to deploy the capital invested in BB&T in connection with the U.S. Treasury's Capital Purchase Program, which include specific lending programs where we are actively seeking new borrowers. In addition, our pretax pre-provision earnings increased 10.6% in the fourth quarter compared to the same period last year and we generated positive operating leverage for the year. These indicators demonstrate solid underlying performance and consistent earnings power.

"Other positives from the quarter include an improvement in the net interest margin compared to the third quarter, solid production from lending and deposit gathering efforts as we continue to benefit from a flight to quality in our markets, healthy growth in many of our fee income producing businesses, industry-leading capital levels, and an improvement in efficiency."

Operating earnings available to common shareholders for the fourth quarter of 2008 totaled $243 million, or $.44 per diluted common share, compared with $415 million, or $.75 per diluted common share for the fourth quarter 2007. The 2008 results exclude $66 million in after-tax securities gains, $39 million in after-tax other than temporary impairment charges, $17 million in net after-tax gains related to a settlement with the Internal Revenue Service in connection with leveraged lease transactions and $3 million in net after- tax merger-related and restructuring charges.

Cash basis performance measures exclude the unamortized balances of intangibles from assets and shareholders' equity, and exclude the amortization of intangibles, the net amortization of purchase accounting mark-to-market adjustments, merger-related and restructuring charges or credits and nonrecurring items from earnings. Cash basis basic earnings per common share were $.47 for the fourth quarter compared to $.79 earned in the fourth quarter last year. Cash basis operating results for the fourth quarter of 2008 produced annualized returns on average tangible assets and average common tangible shareholders' equity of .81% and 13.45%, respectively, compared to prior year returns of 1.37% and 24.03%, respectively.

GAAP and operating results for the fourth quarter of 2008 include a $528 million provision for credit losses, which exceeds net charge-offs by $214 million. The provision resulted in an increase in the allowance for loan and lease losses as a percentage of loans and leases held for investment to 1.62% at Dec. 31, 2008 compared to 1.45% at Sept. 30, 2008.

For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%. Diluted earnings per common share for 2008 totaled $2.71, a decrease of 13.7% compared to $3.14 earned in 2007. Excluding net after-tax merger- related and restructuring charges or credits and nonrecurring items from 2008 and 2007, operating results for 2008 totaled $1.38 billion, a decrease of 21.3% compared to $1.75 billion earned in 2007. Diluted operating earnings per common share totaled $2.49 in 2008, a decrease of 21.5% compared to $3.17 earned in 2007.

Nonperforming Assets and Credit Losses Increase

"As anticipated, levels of nonperforming assets and credit losses increased further during the quarter as a result of the distressed residential real estate markets and economic recession," said King. "These credit issues required an increase in the allowance for loan and lease losses which reduced fourth quarter earnings. While it is difficult to know the full extent of the economic downturn and the resulting impact on BB&T's credit quality, we expect further increases in nonperforming assets and net charge-offs into 2009."

Nonperforming assets, as a percentage of total assets, increased to 1.34% at Dec. 31, 2008, compared to 1.20% at Sept. 30, 2008. Annualized net charge- offs were 1.29% of average loans and leases for the fourth quarter of 2008, up from 1.00% in the third quarter. Excluding losses incurred by BB&T's specialized lending subsidiaries, annualized net charge-offs for the current quarter were 1.06% of average loans and leases compared to .82% in the third quarter of 2008.

The provision for credit losses totaled $528 million in the fourth quarter of 2008, an increase of $344 million compared to the same quarter last year, and exceeded net charge-offs by $214 million. The higher provision increased the allowance for loan and lease losses as a percentage of loans held for investment to 1.62% at Dec. 31, 2008, compared to 1.45% at Sept. 30, 2008, and 1.10% at Dec. 31, 2007. The increases in net charge-offs, nonperforming assets and the provision for credit losses were driven by continued deterioration in residential real estate markets and the overall economy with the largest concentration of credit issues occurring in Georgia, Florida and metro Washington, D.C.

BB&T Begins Efforts to Effectively Deploy Treasury Capital Investment

During the fourth quarter of 2008, the U.S. Treasury invested $3.1 billion in BB&T through the Capital Purchase Program ("CPP"). In compliance with the terms and conditions of the program, BB&T has incrementally increased loans and investments, as evidenced by significant balance sheet growth, which totaled $10.8 billion excluding trade date accounting for investments at Dec. 31, 2008. The additional lending programs include efforts in corporate banking, consumer lending, insurance premium finance and equipment leasing. Loans and leases increased $2.0 billion during the fourth quarter and the pace of loan growth accelerated late in the quarter. BB&T will continue to provide incremental lending to qualified borrowers.

Capital Levels Grow Significantly in 4th Quarter

BB&T's regulatory capital levels increased significantly at Dec. 31, 2008. BB&T's leverage ratio was 9.7%, up from 7.6% last quarter. In addition, BB&T's Tier 1 risk-based capital and total risk-based capital ratios were 12.0% and 17.1%, respectively, up from 9.4% and 14.4%, respectively, at Sept. 30, 2008. These increases reflect the $3.1 billion of capital invested by the U.S. Treasury in the fourth quarter of 2008. BB&T's risk-based capital ratios are significantly higher than an average of its peers and remain well above regulatory standards for well-capitalized banks.

During the fourth quarter, BB&T declared a quarterly cash dividend of $.47 per share, up 2.2% compared to the fourth quarter of 2007. BB&T has increased the cash dividend for 37 consecutive years and has paid a dividend every year since 1903.

Strong Balance Sheet Growth

Average loans and leases totaled $97.2 billion for the fourth quarter of 2008, reflecting an increase of $6.4 billion, or 7.1%, compared to the fourth quarter of 2007. This increase was led by growth in average commercial loans and leases, which increased $5.5 billion, or 12.4%; average sales finance loans, which increased $310 million, or 5.1%; average revolving credit loans, which increased $189 million, or 12.2%; and growth in average loans originated by BB&T's specialized lending subsidiaries, which increased $543 million, or 10.2%, compared to the fourth quarter last year. For the full year 2008, average loans and leases were $95.2 billion, an increase of 8.2% compared to the same period last year.

Average deposits totaled $92.0 billion for the fourth quarter of 2008, an increase of $6.7 billion, or 7.9%, compared to the fourth quarter of last year. The growth rate in average client deposits was 6.3% compared to the fourth quarter of 2007 and accelerated to 8.1%, on an annualized basis, compared to the third quarter of 2008. The pace of deposit growth accelerated throughout the fourth quarter.

Average securities available for sale totaled $26.6 billion for the fourth quarter of 2008, an increase of 10.9% compared to the fourth quarter of 2007. The increase in the securities portfolio reflects the initial deployment of the capital invested by the U.S. Treasury in connection with the CPP.

Core net interest margin improves to 3.68%

BB&T's fully taxable equivalent net interest income totaled $1.2 billion for the fourth quarter on an operating basis, an increase of 14.6% compared to the same quarter of 2007. The operating net interest margin was 3.68% for the current quarter, up 2 basis points from 3.66% for the third quarter of 2008 and up 22 basis points from 3.46% in the fourth quarter last year. On a GAAP basis, the net interest margin was reduced by BB&T's settlement with the Internal Revenue Service related to leveraged lease transactions. The settlement increased fourth quarter net income by $17 million as a result of an $84 million benefit to the tax provision; however, it reduced net interest income by $67 million and reduced the margin by 21 basis points.

BB&T's Fee Based Businesses Produce Solid Quarterly Growth Rates

Noninterest income, excluding securities gains and losses, increased $49 million, or 6.8%, during the fourth quarter of 2008 compared to 2007. These increases were composed of higher revenues from BB&T's insurance operations, which increased $26 million, or 11.8%, and record revenues from BB&T's investment banking and brokerage operations, which increased $11 million, or 12.9%, compared to the fourth quarter last year. Revenue from both service charges on deposit accounts and other nondeposit fees and commissions increased slightly as compared to the fourth quarter of 2007, while trust and investment advisory revenues declined $10 million. The decline in trust and investment advisory revenues was due to lower asset values, which are the basis for these revenues.

These increases also include a solid performance from mortgage banking operations during the quarter. Revenues from mortgage banking operations totaled $76 million for the fourth quarter of 2008, an increase of 181.5% compared to the fourth quarter of 2007. This increase reflects the adoption of fair value accounting standards and the net change in the mortgage servicing rights valuation. Fair value accounting increased mortgage banking income by $11 million, but was neutral to earnings because it also resulted in an $11 million increase in personnel expense during the quarter. The net change in the valuation of mortgage servicing rights resulted in an increase of $31 million compared to the fourth quarter of 2007. The increase was the result of the mortgage servicing rights hedge outperforming the decline in the value of the asset. Excluding the impact of these items, mortgage banking income increased $7 million, or 21.9%, compared to the same period last year. The growth in mortgage banking income includes strong production revenues from residential mortgage banking operations.

Other noninterest income totaled $7 million for the fourth quarter of 2008, down substantially compared to $44 million earned in the same quarter last year. This decrease primarily resulted from $25 million in losses on trading, hedging and other market-related activities as well as reduced earnings of $10 million from investments in low income housing partnerships that generate tax benefits.

BB&T Continues to Expand Through Acquisitions

On Dec. 12, 2008, BB&T announced the acquisition of $506 million in deposits of Haven Trust Bank of Duluth, Ga., through an agreement with the Federal Deposit Insurance Corporation (FDIC).

In December, Grandbridge Real Estate Capital, LLC, a commercial mortgage banking subsidiary of BB&T, announced the acquisition of Live Oak Capital Ltd. Live Oak Capital specializes in debt and equity placement and loan servicing for the commercial real estate industry.

In addition, BB&T Insurance Services continued to expand with the acquisitions of J. Rolfe Davis Insurance Agency Inc. of Maitland, Fla., and TAPCO Underwriters Inc. of Burlington, N.C. These acquisitions were completed on Dec. 31, 2008.

At Dec. 31, 2008, BB&T had $152.0 billion in assets and operated 1,511 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT.

For additional information about BB&T's financial performance, company news, products and services, please visit our website athttp://www.bbt.com/.

Earnings Webcast

To hear a live webcast of BB&T's fourth quarter 2008 earnings conference call at 11:00 a.m. (EST) today, please visit our website at

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). BB&T's management uses these "non-GAAP" measures in their analysis of the Corporation's performance. Non-GAAP measures typically adjust GAAP performance measures to exclude the effects of charges, expenses and gains related to the consummation of mergers and acquisitions, and costs related to the integration of merged entities, as well as the amortization of intangibles and purchase accounting mark-to-market adjustments in the case of "cash basis" performance measures. These non-GAAP measures may also exclude other significant gains, losses or expenses that are unusual in nature and not expected to recur. Since these items and their impact on BB&T's performance are difficult to predict, management believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of BB&T's core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results may differ materially from current projections. Please refer to BB&T's filings with the Securities and Exchange Commission for a summary of important factors that may affect BB&T's forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this press release.

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Three Months Percent Ended Increase 12/31/08 12/31/07 (Decrease) OPERATING EARNINGS STATEMENTS (1)

Interest income - taxable equivalent $1,824 $2,037 (10.5)% Interest expense 669 1,029 (35.0)

Net interest income - taxable equivalent 1,155 1,008 14.6

Less: Taxable equivalent adjustment 23 17 35.3

Net interest income 1,132 991 14.2

Provision for credit losses 528 184 187.0

Net interest income after provision for credit losses 604 807 (25.2)

Noninterest income 766 718 6.7

Noninterest expense 1,010 925 9.2

Operating earnings before income taxes 360 600 (40.0)

Provision for income taxes 96 185 (48.1)

Operating earnings (1) 264 415 (36.4)

Dividends and accretion on preferred stock 21 - 100.0

Operating earnings available to common shareholders (1) $243 $415 (41.4)%

PER COMMON SHARE DATA BASED ON OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

Basic Earnings $.44 $.76 (42.1)% Diluted Earnings .44 .75 (41.3)

Weighted average common shares (in thousands) - Basic 552,732 547,795 Diluted 556,746 551,078 Dividends paid per common share $.47 $.46 2.2 %

PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)

Return on average assets .74 % 1.26 % Return on average common equity (2) 7.26 13.00 Net yield on earning assets (taxable equivalent) 3.68 3.46 Noninterest income as a percentage of total income (taxable equivalent) (3) 39.0 41.7 Efficiency ratio (taxable equivalent) (3) 51.9 52.8 CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)

Cash basis operating earnings available to common shareholders $257 $432 (40.5)% Basic earnings per common share .47 .79 (40.5) Diluted earnings per common share .46 .78 (41.0) Return on average tangible assets .81 % 1.37 % Return on average common tangible equity (2) 13.45 24.03 Efficiency ratio (taxable equivalent) (3) 50.6 51.3

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Three Months Percent Ended Increase 12/31/08 12/31/07 (Decrease) INCOME STATEMENTS Interest Income $1,729 $2,012 (14.1)% Interest Expense 664 1,021 (35.0)

Net interest income 1,065 991 7.5

Provision for credit losses 528 184 187.0

Net interest income after provision for credit losses 537 807 (33.5)

Noninterest income 807 718 12.4 Noninterest expense 1,014 942 7.6 Income before income taxes 330 583 (43.4) Provision for income taxes 25 172 (85.5) Net income 305 411 (25.8) Dividends and accretion on preferred stock 21 - 100.0 Net income available to common shareholders $284 $411 (30.9)%

PER COMMON SHARE DATA

Basic earnings $.51 $.75 (32.0)% Diluted earnings .51 .75 (32.0) Weighted average common shares (in thousands) - Basic 552,732 547,795 Diluted 556,746 551,078 PERFORMANCE RATIOS BASED ON NET INCOME

Return on average assets .86 % 1.24 % Return on average common equity (2) 8.47 12.89 Efficiency ratio (taxable equivalent) (3) 54.0 53.8

NOTES: Applicable ratios are annualized.

(1) Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(41 million) and $4 million, net of tax, in the fourth quarters of 2008 and 2007, respectively. See Reconciliation Tables included herein.

(2) Based on earnings available to common shareholders.

(3) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives.

Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.

(4) Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles from assets and equity, net of deferred taxes, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Twelve Months Percent Ended Increase 12/31/08 12/31/07 (Decrease) OPERATING EARNINGS STATEMENTS (1)

Interest income - taxable equivalent $7,380 $7,977 (7.5)% Interest expense 2,992 4,029 (25.7)

Net interest income - taxable equivalent 4,388 3,948 11.1

Less: Taxable equivalent adjustment 83 68 22.1

Net interest income 4,305 3,880 11.0

Provision for credit losses 1,445 448 222.5

Net interest income after provision for credit losses 2,860 3,432 (16.7)

Noninterest income 3,060 2,774 10.3

Noninterest expense 3,952 3,601 9.7

Operating earnings before income taxes 1,968 2,605 (24.5)

Provision for income taxes 571 856 (33.3)

Operating earnings (1) 1,397 1,749 (20.1)

Dividends and accretion on preferred stock 21 - 100.0

Operating earnings available to common shareholders (1) $1,376 $1,749 (21.3)%

PER COMMON SHARE DATA BASED ON OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

Basic Earnings $2.51 $3.20 (21.6)% Diluted Earnings 2.49 3.17 (21.5)

Weighted average common shares (in thousands) - Basic 548,847 547,184 Diluted 552,498 551,755 Dividends paid per common share $1.86 $1.76 5.7 %

PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)

Return on average assets 1.02 % 1.38 % Return on average common equity (2) 10.51 14.37 Net yield on earning assets (taxable equivalent) 3.63 3.52 Noninterest income as a percentage of total income (taxable equivalent) (3) 40.3 41.3 Efficiency ratio (taxable equivalent) (3) 52.6 53.1 CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)

Cash basis operating earnings available to common shareholders $1,438 $1,816 (20.8)% Basic earnings per common share 2.62 3.32 (21.1) Diluted earnings per common share 2.60 3.29 (21.0) Return on average tangible assets 1.11 % 1.50 % Return on average common tangible equity (2) 19.30 26.82 Efficiency ratio (taxable equivalent) (3) 51.3 51.6

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Twelve Months Percent Ended Increase 12/31/08 12/31/07 (Decrease) INCOME STATEMENTS Interest Income $7,207 $7,894 (8.7)% Interest Expense 2,969 4,014 (26.0)

Net interest income 4,238 3,880 9.2

Provision for credit losses 1,445 448 222.5

Net interest income after provision for credit losses 2,793 3,432 (18.6)

Noninterest income 3,197 2,774 15.2 Noninterest expense 3,921 3,636 7.8 Income before income taxes 2,069 2,570 (19.5) Provision for income taxes 550 836 (34.2) Net income 1,519 1,734 (12.4) Dividends and accretion on preferred stock 21 - 100.0 Net income available to common shareholders $1,498 $1,734 (13.6)%

PER COMMON SHARE DATA

Basic earnings $2.73 $3.17 (13.9)% Diluted earnings 2.71 3.14 (13.7) Weighted average common shares (in thousands) - Basic 548,847 547,184 Diluted 552,498 551,755 PERFORMANCE RATIOS BASED ON NET INCOME

Return on average assets 1.11 % 1.37 % Return on average common equity (2) 11.44 14.25 Efficiency ratio (taxable equivalent) (3) 52.1 53.7

NOTES: Applicable ratios are annualized.

(1) Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(122 million) and $15 million, net of tax, in 2008 and 2007, respectively. See Reconciliation Tables included herein.

(2) Based on earnings available to common shareholders.

(3) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives.

Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.

(4) Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles from assets and equity, net of deferred taxes, and the net amortization of purchase accounting mark- to-market adjustments. See Reconciliation Tables included herein.

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions) As of / For the Percent Twelve Months Ended Increase 12/31/08 12/31/07 (Decrease) CONSOLIDATED BALANCE SHEETS

End of period balances

Cash and due from banks $1,687 $2,054 (17.9)% Interest-bearing deposits with banks 1,082 592 82.8 Federal funds sold and other earning assets 396 715 (44.6)

Securities available for sale 32,843 22,419 46.5 Trading securities 376 1,009 (62.7)

Total securities 33,219 23,428 41.8

Commercial loans and leases 50,480 44,870 12.5 Direct retail loans 15,454 15,691 (1.5) Sales finance loans 6,354 6,021 5.5 Revolving credit loans 1,777 1,618 9.8 Mortgage loans 17,091 17,467 (2.2) Specialized lending 6,089 5,240 16.2

Total loans and leases held for investment 97,245 90,907 7.0

Loans held for sale 1,424 779 82.8

Total loans and leases 98,669 91,686 7.6

Allowance for loan and lease losses 1,574 1,004 56.8

Total earning assets 133,735 116,466 14.8

Premises and equipment, net 1,580 1,529 3.3 Goodwill 5,483 5,194 5.6 Core deposit and other intangibles 542 489 10.8 Other assets 10,931 7,935 37.8

Total assets 152,015 132,618 14.6

Noninterest-bearing deposits 13,649 13,059 4.5 Interest checking 2,576 1,201 114.5 Other client deposits 39,413 35,504 11.0 Client certificates of deposit 27,937 26,972 3.6

Total client deposits 83,575 76,736 8.9

Other interest-bearing deposits 15,038 10,030 49.9

Total deposits 98,613 86,766 13.7

Fed funds purchased, repos and other borrowings 10,788 10,634 1.4 Long-term debt 18,032 18,693 (3.5)

Total interest-bearing liabilities 113,784 103,034 10.4

Other liabilities 8,545 3,893 119.5

Total liabilities 135,978 119,986 13.3

Total shareholders' equity $16,037 $12,632 27.0 %

Average balances

Securities, at amortized cost $24,497 $23,311 5.1 %

Commercial loans and leases 47,559 42,475 12.0 Direct retail loans 15,580 15,471 0.7 Sales finance loans 6,216 5,903 5.3 Revolving credit loans 1,664 1,460 14.0 Mortgage loans 18,577 17,489 6.2 Specialized lending 5,599 5,154 8.6

Total loans and leases 95,195 87,952 8.2

Allowance for loan and lease losses 1,209 922 31.1 Other earning assets 1,160 1,042 11.3

Total earning assets 120,852 112,305 7.6

Total assets 136,881 126,420 8.3

Noninterest-bearing deposits 13,061 13,151 (0.7) Interest checking 2,376 2,297 3.4 Other client deposits 36,676 34,273 7.0 Client certificates of deposit 26,908 26,039 3.3

Total client deposits 79,021 75,760 4.3

Other interest-bearing deposits 9,810 7,741 26.7

Total deposits 88,831 83,501 6.4

Fed funds purchased, repos and other borrowings 10,580 9,325 13.5 Long-term debt 19,839 18,045 9.9

Total interest-bearing liabilities 106,189 97,720 8.7

Total shareholders' equity $13,495 $12,166 10.9 %

NOTES: All items referring to average loans and leases include loans held for sale.

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Three Months Ended 12/31/08 12/31/07 RECONCILIATION TABLE Net income available to common shareholders $284 $411 Merger-related and restructuring items, net of tax 3 2 Other, net of tax (3) (44) 2 Operating earnings available to common shareholders 243 415 Amortization of intangibles, net of tax 14 16 Amortization of mark-to-market adjustments, net of tax - 1 Cash basis operating earnings available to common shareholders 257 432

Return on average assets .86 % 1.24 % Effect of merger-related and restructuring items, net of tax - .01 Effect of other, net of tax (3) (.12) .01 Operating return on average assets .74 1.26 Effect of amortization of intangibles, net of tax (1) .07 .11 Effect of amortization of mark- to-market adjustments, net of tax - - Cash basis operating return on average tangible assets .81 1.37

Return on average common equity 8.47 % 12.89 % Effect of merger-related and restructuring items, net of tax .08 .05 Effect of other, net of tax (3) (1.29) .06 Operating return on average common equity 7.26 13.00 Effect of amortization of intangibles, net of tax (1) 6.19 10.99 Effect of amortization of mark- to-market adjustments, net of tax - .04 Cash basis operating return on average common tangible equity 13.45 24.03

Efficiency ratio (taxable equivalent) (2) 54.0 % 53.8 % Effect of merger-related and restructuring items (.2) (.2) Effect of other (3) (1.9) (.8) Operating efficiency ratio (2) 51.9 52.8 Effect of amortization of intangibles (1.3) (1.5) Effect of amortization of mark- to-market adjustments - - Cash basis operating efficiency ratio (2) 50.6 51.3

Fee income ratio (2) 40.5 % 41.7 % Effect of other (3) (1.5) - Operating fee income ratio (2) 39.0 41.7

Net yield on earning assets 3.47 % 3.46 % Effect of other (3) .21 - Operating net yield on earning assets 3.68 3.46

Basic earnings per common share $.51 $.75 Effect of merger-related and restructuring items, net of tax .01 .01 Effect of other, net of tax (3) (.08) - Operating basic earnings per common share .44 .76 Effect of amortization of intangibles, net of tax .03 .03 Effect of amortization of mark- to-market adjustments, net of tax - - Cash basis operating diluted earnings per common share .47 .79 Diluted earnings per common share $.51 $.75 Effect of merger-related and restructuring items, net of tax .01 - Effect of other, net of tax (3) (.08) - Operating diluted earnings per common share .44 .75 Effect of amortization of intangibles, net of tax .02 .03 Effect of amortization of mark- to-market adjustments, net of tax - - Cash basis operating diluted earnings per common share .46 .78

NOTES: Applicable ratios are annualized.

(1) Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.

(2) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.

(3) The fourth quarter of 2008 reflects net securities gains, other-than- temporary impairment losses and an adjustment related to leveraged leases collectively totaling $44 million, net of tax. The fourth quarter of 2007 reflects a reserve charge relating to the Visa, Inc.

settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes related to leveraged leases.

QUARTERLY PERFORMANCE SUMMARY BB&T Corporation (NYSE:BBT) (Dollars in millions, except per share data)

For the Twelve Months Ended 12/31/08 12/31/07 RECONCILIATION TABLE Net income available to common shareholders $1,498 $1,734 Merger-related and restructuring items, net of tax 10 13 Other, net of tax (3) (132) 2 Operating earnings available to common shareholders 1,376 1,749 Amortization of intangibles, net of tax 61 65 Amortization of mark-to-market adjustments, net of tax 1 2 Cash basis operating earnings available to common shareholders 1,438 1,816

Return on average assets 1.11 % 1.37 % Effect of merger-related and restructuring items, net of tax .01 .01 Effect of other, net of tax (3) (.10) - Operating return on average assets 1.02 1.38 Effect of amortization of intangibles, net of tax (1) .09 .12 Effect of amortization of mark-to- market adjustments, net of tax - - Cash basis operating return on average tangible assets 1.11 1.50

Return on average common equity 11.44 % 14.25 % Effect of merger-related and restructuring items, net of tax .08 .10 Effect of other, net of tax (3) (1.01) .02 Operating return on average common equity 10.51 14.37 Effect of amortization of intangibles, net of tax (1) 8.79 12.42 Effect of amortization of mark-to- market adjustments, net of tax - .03 Cash basis operating return on average common tangible equity 19.30 26.82

Efficiency ratio (taxable equivalent) (2) 52.1 % 53.7 % Effect of merger-related and restructuring items (.2) (.3) Effect of other (3) .7 (.3) Operating efficiency ratio (2) 52.6 53.1 Effect of amortization of intangibles (1.3) (1.5) Effect of amortization of mark-to- market adjustments - - Cash basis operating efficiency ratio (2) 51.3 51.6

Fee income ratio (2) 41.4 % 41.3 % Effect of other (3) (1.1) - Operating fee income ratio (2) 40.3 41.3

Net yield on earning assets 3.58 % 3.52 % Effect of other (3) .05 - Operating net yield on earning assets 3.63 3.52

Basic earnings per common share $2.73 $3.17 Effect of merger-related and restructuring items, net of tax .02 .02 Effect of other, net of tax (3) (.24) .01 Operating basic earnings per common share 2.51 3.20 Effect of amortization of intangibles, net of tax .11 .12 Effect of amortization of mark-to- market adjustments, net of tax - - Cash basis operating diluted earnings per common share 2.62 3.32 Diluted earnings per common share $2.71 $3.14 Effect of merger-related and restructuring items, net of tax .02 .02 Effect of other, net of tax (3) (.24) .01 Operating diluted earnings per common share 2.49 3.17 Effect of amortization of intangibles, net of tax .11 .12 Effect of amortization of mark-to- market adjustments, net of tax - - Cash basis operating diluted earnings per common share 2.60 3.29

NOTES: Applicable ratios are annualized.

(1) Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.

(2) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives.

Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.

(3) 2008 reflects net securities gains, other-than-temporary impairments, gains from the initial

shares, a reversal of a reserve charge relating to the Visa, Inc.

settlement, gains from the early extinguishment of certain FHLB advances, an adjustment related to leveraged leases and nonrecurring professional expenses collectively totaling $132 million, net of tax.

2007 reflects a reserve charge relating to the Visa, Inc. settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes related to leveraged leases.

DATASOURCE: BB&T Corporation

CONTACT: ANALYSTS, Tamera Gjesdal, Senior Vice President, Investor

Relations, +1-336-733-3058, Daryl Bible, Sr. Exec. Vice President, Chief

Financial Officer, +1-336-733-3031, MEDIA, Bob Denham, Senior Vice President,

Corporate Communications, +1-336-733-1475

Web site:http://www.bbt.com/