Truist Financial (TFC) 8-K Results of Operations and Financial Condition

Octboer 14, 2005

FOR IMMEDIATE RELEASE

Contacts:
ANALYSTS		MEDIA
Tom A. Nicholson	Christopher L. Henson	Bob Denham
Executive Vice President	Senior Executive Vice President	Senior Vice President
Investor Relations	Chief Financial Officer	Public Relations
(336) 733-3058	(336) 733-3008	(910) 914-9073

BB&T announces record net income of $442.0 million;
Earnings per share total $.80, an increase of 8.1%

Year-to-date operating earnings per share up 9.7%

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today third quarter net income totaling $442.0 million, or $.80 per diluted share. Net income increased 7.1% compared with $412.9 million earned in the third quarter of 2004. Diluted earnings per share for the quarter increased 8.1% compared to $.74 earned during the third quarter last year.

          Operating earnings for the third quarter of 2005 totaled $440.9 million, or $.80 per diluted share, excluding the impact of net after-tax merger-related credits. Excluding the effects of merger-related items from both 2005 and 2004, operating earnings for the third quarter of 2005 increased 7.3% compared with the third quarter last year, while diluted operating earnings per share increased 8.1% compared to the same quarter last year.

          BB&T’s third quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.65% and 15.69%, respectively, compared to prior year returns of 1.69% and 15.42%, respectively.

          Cash basis operating results 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 items and nonrecurring items from earnings. Cash basis operating earnings totaled $462.4 million for the third quarter of 2005, an increase of 7.5% compared to the third quarter of 2004. Cash basis operating diluted earnings per share were $.84 for the third quarter of 2005, an increase of 9.1% compared to $.77 earned during the same period in 2004. Cash basis operating earnings for the third quarter of 2005 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.81% and 28.56%, respectively, compared to prior year returns of 1.85% and 28.50%, respectively.

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          “I am very pleased to report strong results for the third quarter of 2005,” said Chairman and Chief Executive Officer John A. Allison. “Our results were driven by very healthy growth in our loan portfolios, which accelerated across all loan categories during the quarter, a solid performance from our noninterest income generating businesses and continued excellent asset quality. We continue to build earnings momentum through the improved execution of our sales efforts and are in position to meet substantially all our strategic and financial objectives for 2005.”

          For the first nine months of 2005, BB&T’s net income was $1.22 billion, an increase of 7.2% compared to $1.14 billion earned in the first nine months of 2004. Diluted earnings per share for the first nine months of 2005 totaled $2.22, an increase of 8.3% compared to the same period in 2004. Excluding merger-related charges or credits and nonrecurring items, operating earnings totaled $1.25 billion, and operating diluted earnings per share were $2.26, reflecting increases of 8.9% and 9.7%, respectively, compared to the first nine months of 2004.

Loan Growth Accelerates to 13.1% in Third Quarter

          Average loans and leases totaled $72.7 billion for the third quarter of 2005, reflecting an increase of $2.3 billion, or 13.1% on an annualized basis, compared to the second quarter of 2005. This growth was led by average mortgage loans, which increased at an annualized rate of 24.8% compared to the second quarter of 2005. Average consumer loans grew 10.4% on an annualized basis compared to the second quarter of 2005, with average direct retail loans and average revolving credit accounts increasing at annualized rates of 8.1% and 10.7%, respectively. Sales finance loans improved substantially compared to recent trends, increasing an annualized 15.6% on average compared to the second quarter of 2005. BB&T also benefited from continued positive growth trends in commercial loans, which increased an annualized 10.5% on average compared to the second quarter of 2005.

BB&T’s Fee-Based Businesses Enjoy Another Solid Quarter

          BB&T’s noninterest income generating businesses produced solid growth rates during the third quarter of 2005 compared to 2004. Total noninterest income was $605.1 million for the current quarter, an increase of 13.6% compared with the same period in 2004. The increase includes higher revenues from insurance operations, mortgage banking operations, service charges on deposit accounts, trust services, investment banking and brokerage fees and commissions and other nondeposit fees and commissions.

          BB&T’s insurance operations continue to expand through acquisitions and internal growth and are the largest provider of noninterest income. Insurance commissions increased 12.0% to $182.9 million in the current quarter compared with $163.4 million earned during the third quarter of 2004. The increase was the result of growth in commissions from the sale of property and casualty coverage and improved sales of employee benefit-related insurance products.

          Revenues from mortgage banking operations totaled $35.8 million for the third quarter of 2005, an increase of $13.8 million compared to the third quarter last year. The increase was primarily the result of fluctuations in the valuation allowance for mortgage servicing rights. Current quarter revenues include a net recapture of the valuation of mortgage servicing rights, including hedging activities, of $11.0 million compared to a $5.0 million net impairment for the valuation allowance in the same quarter of 2004. For the nine months, earnings include a net recapture of $12.8 million compared to a recapture of $21.1 million recorded during the first nine months of 2004.

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          Service charges on deposit accounts totaled $141.1 million for the third quarter of 2005, an increase of 4.1% compared to $135.5 million earned in the same quarter last year. The increase was primarily attributable to growth in revenues from overdraft items and a decrease in fee waivers, which were partially offset by a decline in commercial account revenues due to higher earnings credits and a decline in monthly account service fees on personal checking products.

          Trust revenues increased 26.6% to $36.6 million in the third quarter of 2005 compared with $28.9 million earned in the same quarter last year. This increase was primarily attributable to the previously announced merger with Charlotte, N.C. – based Sterling Capital Management LLC, which occurred on April 1, and growth in mutual fund administration fees.

          BB&T’s investment banking and brokerage operations enjoyed a strong quarter, as fees increased 17.1% to $70.0 million in the third quarter of 2005 compared to $59.8 million earned in the same quarter last year. The increase was primarily driven by growth in revenues from investment banking services and commissions on retail accounts at Scott & Stringfellow.

          Other nondeposit fees and commissions totaled $97.2 million for the third quarter of 2005, an increase of $14.4 million, or 17.4%, compared to the third quarter of 2004. This increase was generated primarily by growth in bankcard fees and debit card related services.

Asset Quality Remains Excellent – Nonperforming Assets Improve

          BB&T’s asset quality remained excellent during the third quarter of 2005. Nonperforming assets, as a percentage of total assets, decreased to .28% at Sept. 30 compared to .29% at June 30 and .40% at Sept. 30, 2004. Annualized net charge-offs were ..30% of average loans and leases for the third quarter of 2005, up from .25% in the second quarter of 2005, but down from .34% in the third quarter last year. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .19% of average loans and leases compared to .16% in the second quarter of 2005 and .19% in the third quarter of 2004.

Noninterest Expense

          BB&T’s noninterest expenses totaled $786.5 million for the third quarter of 2005. Excluding merger-related items and growth resulting from purchase acquisitions, noninterest expenses increased 7.5% compared to the third quarter of 2004. However, excluding purchase acquisitions, noninterest expenses decreased 1.0% on an annualized basis compared to the second quarter of this year. The cash basis operating efficiency ratio for the third quarter of 2005 improved to 49.7% compared to 50.3% in the second quarter of 2005.

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BB&T Recognized for Service Excellence in Business Banking

          During the third quarter,BB&T received six “Excellence in Business Banking” awards from Greenwich Associates, a strategic consulting and research firm based in Connecticut. BB&T was recognized at the national level for excellent overall customer satisfaction and excellence for business bankers, branch service, call center service and cash management quality. In addition, the bank received recognition at the regional level for excellence in overall customer satisfaction. BB&T was the only bank in the South region and one of only three banks in the United States to receive six awards.

          At Sept. 30, BB&T had $107.1 billion in assets and operated more than 1,400 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. The closing price of BB&T’s common stock on Oct. 13 was $38.12 per share.

          For additional information about BB&T’s financial performance, company news, products and services, please visit our Web site atwww.BBandT.com.

Earnings Webcast

          To hear a live webcast of BB&T’s third quarter 2005 earnings conference call at 10:30 a.m. (EDT) today, please visit our Web site atwww.BBandT.com. Replays of the conference call will be available through our Web site until 5 p.m. (EDT) on Friday, Oct. 28.

#

          This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles 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 could 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 could 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	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 5	Investor Relations	FAX (336) 733-3132

	For the Three Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/05			9/30/04			$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	1,451,212		$	1,179,010		$	272,202		23.1	%
Interest expense		531,457			303,282			228,175		75.2
Net interest income - taxable equivalent		919,755			875,728			44,027		5.0
Less: Taxable equivalent adjustment		20,763			20,072			691		3.4
Net interest income		898,992			855,656			43,336		5.1
Provision for credit losses		57,465			57,165			300		.5
Net interest income after provision for credit losses		841,527			798,491			43,036		5.4
Noninterest income		605,120			532,829			72,291		13.6
Noninterest expense		788,300			713,467			74,833		10.5
Operating earnings before income taxes		658,347			617,853			40,494		6.6
Provision for income taxes		217,471			206,933			10,538		5.1
Operating earnings (1)	$	440,876		$	410,920		$	29,956		7.3	%
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	.81		$	.74		$	.07		9.5	%
Diluted earnings		.80			.74			.06		8.1
Weighted average shares -         Basic		547,467,864			553,944,042
Diluted		552,058,757			558,576,819
Dividends paid per share	$	.38		$	.35		$	.03		8.6	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.64	%		1.68	%
Return on average equity		15.65			15.35
Net yield on earning assets (taxable equivalent)		3.88			4.07
Efficiency ratio (taxable equivalent) (2)		51.7			50.3
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings	$	462,350		$	430,155		$	32,195		7.5	%
Diluted earnings per share		.84			.77			.07		9.1
Return on average tangible assets		1.81	%		1.85	%
Return on average tangible equity		28.56			28.50
Efficiency ratio (taxable equivalent) (2)		49.7			48.3
	For the Three Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/05			9/30/04			$		%
INCOME STATEMENTS
Interest income	$	1,430,449		$	1,158,938		$	271,511		23.4	%
Interest expense		531,457			303,282			228,175		75.2
Net interest income		898,992			855,656			43,336		5.1
Provision for credit losses		57,465			57,165			300		.5
Net interest income after provision for credit losses		841,527			798,491			43,036		5.4
Noninterest income		605,120			532,829			72,291		13.6
Noninterest expense		786,476			710,408			76,068		10.7
Income before income taxes		660,171			620,912			39,259		6.3
Provision for income taxes		218,165			208,027			10,138		4.9
Net income	$	442,006		$	412,885		$	29,121		7.1	%
PER SHARE DATA
Basic earnings	$	.81		$	.75		$	.06		8.0	%
Diluted earnings		.80			.74			.06		8.1
Weighted average shares -         Basic		547,467,864			553,944,042
Diluted		552,058,757			558,576,819
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.65	%		1.69	%
Return on average equity		15.69			15.42
Efficiency ratio (taxable equivalent) (2)		51.5			50.0

NOTES: Applicable ratios are annualized.

(1) Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.1 million) and $(2.0 million), net of tax, in the third quarters of 2005 and 2004, respectively. See Reconciliation Tables included herein.

(2) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.

(3) 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, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 6	Investor Relations	FAX (336) 733-3132

	For the Nine Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/05			9/30/04			$			%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	4,068,082		$	3,420,120		$	647,962			18.9	%
Interest expense		1,381,485			856,659			524,826			61.3
Net interest income - taxable equivalent		2,686,597			2,563,461			123,136			4.8
Less: Taxable equivalent adjustment		61,457			61,279			178			.3
Net interest income		2,625,140			2,502,182			122,958			4.9
Provision for credit losses		147,934			184,116			(36,182	)		(19.7	)
Net interest income after provision for credit losses		2,477,206			2,318,066			159,140			6.9
Noninterest income		1,705,643			1,571,092			134,551			8.6
Noninterest expense		2,309,297			2,177,642			131,655			6.0
Operating earnings before income taxes		1,873,552			1,711,516			162,036			9.5
Provision for income taxes		625,744			565,495			60,249			10.7
Operating earnings (1)	$	1,247,808		$	1,146,021		$	101,787			8.9	%
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	2.28		$	2.08		$	.20			9.6	%
Diluted earnings		2.26			2.06			.20			9.7
Weighted average shares -        Basic		547,939,700			551,529,609
Diluted		552,313,670			555,547,611
Dividends paid per share	$	1.08		$	.99		$	.09			9.1	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.61	%		1.60	%
Return on average equity		15.10			14.59
Net yield on earning assets (taxable equivalent)		3.92			4.06
Noninterest income as a percentage of
total income (taxable equivalent) (2)		38.7			37.6
Efficiency ratio (taxable equivalent) (2)		52.3			52.5
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings	$	1,314,138		$	1,207,586		$	106,552			8.8	%
Diluted earnings per share		2.38			2.17			.21			9.7
Return on average tangible assets		1.78	%		1.77	%
Return on average tangible equity		27.81			26.96
Efficiency ratio (taxable equivalent) (2)		50.2			50.4
	For the Nine Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/05			9/30/04			$			%
INCOME STATEMENTS
Interest income	$	4,006,625		$	3,358,841		$	647,784			19.3	%
Interest expense		1,381,485			856,659			524,826			61.3
Net interest income		2,625,140			2,502,182			122,958			4.9
Provision for credit losses		147,934			184,116			(36,182	)		(19.7	)
Net interest income after provision for credit losses		2,477,206			2,318,066			159,140			6.9
Noninterest income		1,706,660			1,571,092			135,568			8.6
Noninterest expense		2,348,470			2,185,024			163,446			7.5
Income before income taxes		1,835,396			1,704,134			131,262			7.7
Provision for income taxes		611,201			562,643			48,558			8.6
Net income	$	1,224,195		$	1,141,491		$	82,704			7.2	%
PER SHARE DATA
Basic earnings	$	2.23		$	2.07		$	.16			7.7	%
Diluted earnings		2.22			2.05			.17			8.3
Weighted average shares -        Basic		547,939,700			551,529,609
Diluted		552,313,670			555,547,611
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.58	%		1.60	%
Return on average equity		14.82			14.53
Efficiency ratio (taxable equivalent) (2)		53.2			52.7

NOTES: Applicable ratios are annualized.

(1) Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $23.6 million and $4.5 million, net of tax, in 2005 and 2004, respectively. See Reconciliation Tables included herein.

(2) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.

(3) 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, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 7	Investor Relations	FAX (336) 733-3132

	As of / For the Nine Months Ended				Increase (Decrease)
(Dollars in thousands)	9/30/05		9/30/04		$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks	$	1,942,658	$	1,800,195	$	142,463			7.9	%
Interest-bearing deposits with banks		379,423		286,414		93,009			32.5
Federal funds sold and other earning assets		330,055		256,097		73,958			28.9
Securities available for sale		19,817,145		18,481,720		1,335,425			7.2
Securities held to maturity		--		125		(125	)		(100.0	)
Trading securities		433,652		445,571		(11,919	)		(2.7	)
Total securities		20,250,797		18,927,416		1,323,381			7.0
Commercial loans and leases		36,758,121		33,824,970		2,933,151			8.7
Direct retail loans		14,738,407		13,607,244		1,131,163			8.3
Sales finance loans		6,679,822		6,215,235		464,587			7.5
Revolving credit loans		1,294,804		1,221,404		73,400			6.0
Mortgage loans		14,200,691		11,924,077		2,276,614			19.1
Total loans and leases		73,671,845		66,792,930		6,878,915			10.3
Allowance for loan and lease losses		817,777		816,588		1,189			.1
Total earning assets		95,054,570		86,333,813		8,720,757			10.1
Premises and equipment, net		1,269,224		1,280,612		(11,388	)		(.9	)
Goodwill		4,237,451		4,096,066		141,385			3.5
Core deposit and other intangibles		503,686		526,106		(22,420	)		(4.3	)
Other assets		5,312,791		4,731,149		581,642			12.3
Total assets		107,080,153		97,880,397		9,199,756			9.4
Noninterest-bearing deposits		13,499,106		12,217,201		1,281,905			10.5
Savings and interest checking		4,443,177		4,344,138		99,039			2.3
Money rate savings		23,655,727		22,806,829		848,898			3.7
CDs and other time deposits		31,582,264		26,385,428		5,196,836			19.7
Total deposits		73,180,274		65,753,596		7,426,678			11.3
Fed funds purchased, repos and other borrowings		6,533,455		6,464,704		68,751			1.1
Long-term debt		12,376,759		11,145,504		1,231,255			11.0
Total interest-bearing liabilities		78,591,382		71,146,603		7,444,779			10.5
Other liabilities		3,793,747		3,721,712		72,035			1.9
Total liabilities		95,884,235		87,085,516		8,798,719			10.1
Total shareholders' equity	$	11,195,918	$	10,794,881	$	401,037			3.7	%
Average balances
Securities, at amortized cost	$	20,352,453	$	17,996,054	$	2,356,399			13.1	%
Commercial loans and leases		35,427,656		32,662,387		2,765,269			8.5
Direct retail loans		14,344,566		12,942,017		1,402,549			10.8
Sales finance loans		6,403,733		6,223,531		180,202			2.9
Revolving credit loans		1,260,921		1,188,091		72,830			6.1
Mortgage loans		13,137,726		12,642,421		495,305			3.9
Total loans and leases		70,574,602		65,658,447		4,916,155			7.5
Allowance for loan and lease losses		811,340		808,864		2,476			.3
Other earning assets		691,686		606,932		84,754			14.0
Total earning assets		91,618,741		84,261,433		7,357,308			8.7
Total assets		103,522,615		95,515,331		8,007,284			8.4
Noninterest-bearing deposits		12,721,383		11,429,899		1,291,484			11.3
Savings and interest checking		4,916,281		4,807,832		108,449			2.3
Money rate savings		23,113,376		21,559,799		1,553,577			7.2
CDs and other time deposits		28,718,342		26,468,662		2,249,680			8.5
Total deposits		69,469,382		64,266,192		5,203,190			8.1
Fed funds purchased, repos and other borrowings		7,475,829		6,770,711		705,118			10.4
Long-term debt		11,703,066		10,683,588		1,019,478			9.5
Total interest-bearing liabilities		75,926,894		70,290,592		5,636,302			8.0
Total shareholders' equity	$	11,044,890	$	10,492,415	$	552,475			5.3	%

		As of / For the Quarter Ended
(Dollars in thousands, except per share data)		9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
MISCELLANEOUS INFORMATION
Unrealized depreciation on
securities available for sale, net of tax		$	(266,690	)	$	(109,439	)	$	(270,708	)	$	(87,474	)	$	(48,057	)
Derivatives (notional value)			26,131,167			25,976,092			30,496,627			20,509,499			17,346,172
Fair value of derivatives portfolio			(1,869	)		157,437			39,680			73,325			116,599
Common stock prices:	High		43.00			40.95			42.24			43.25			40.46
	Low		38.56			37.04			37.68			38.67			36.38
	End of period		39.05			39.97			39.08			42.05			39.69
Weighted average shares -	Basic		547,467,864			547,089,165			549,282,008			552,053,611			553,944,042
	Diluted		552,058,757			551,245,112			553,654,679			557,510,572			558,576,819
End of period shares outstanding			548,051,351			546,796,870			548,638,822			550,406,287			552,488,008
End of period banking offices			1,402			1,407			1,409			1,413			1,416
ATMs			1,944			1,929			1,930			1,930			1,927
FTEs			27,080			26,945			26,526			26,148			26,158

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 8	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,227,374		$	1,135,417		$	1,059,777		$	1,016,346		$	990,783
Interest and dividends on securities		217,507			212,613			199,994			188,030			185,284
Interest on short-term investments		6,331			5,186			3,883			3,569			2,943
Total interest income - taxable equivalent		1,451,212			1,353,216			1,263,654			1,207,945			1,179,010
Interest expense
Interest on deposits		343,489			279,283			241,299			208,404			181,790
Interest on fed funds purchased, repos and other borrowings		58,169			58,546			42,466			28,806			25,948
Interest on long-term debt		129,799			117,890			110,544			104,603			95,544
Total interest expense		531,457			455,719			394,309			341,813			303,282
Net interest income - taxable equivalent		919,755			897,497			869,345			866,132			875,728
Less: Taxable equivalent adjustment		20,763			20,532			20,162			20,091			20,072
Net interest income		898,992			876,965			849,183			846,041			855,656
Provision for credit losses		57,465			49,424			41,045			65,153			57,165
Net interest income after provision for
credit losses		841,527			827,541			808,138			780,888			798,491
Noninterest income
Service charges on deposits		141,072			139,166			120,772			133,590			135,521
Mortgage banking income		35,840			12,367			30,193			26,939			22,061
Investment banking and brokerage fees and commissions		70,036			81,046			68,883			64,733			59,834
Trust revenue		36,552			36,722			30,407			29,113			28,862
Insurance commissions		182,915			181,612			152,290			167,278			163,359
Other nondeposit fees and commissions		97,208			91,558			80,382			84,723			82,774
Securities gains (losses), net		193			(6	)		7			52			6,590
Other noninterest income		41,304			41,437			33,687			41,751			33,828
Total noninterest income		605,120			583,902			516,621			548,179			532,829
Noninterest expense
Personnel expense		451,260			450,730			415,116			383,496			404,999
Occupancy and equipment expense		105,656			104,122			105,744			107,480			104,469
Foreclosed property expense		6,322			5,327			5,718			6,876			6,309
Amortization of intangibles		26,540			28,611			28,102			29,342			24,280
Loss on early extinguishment of debt		--			2,943			--			--			--
Other noninterest expense		198,522			196,001			178,583			185,509			173,410
Total noninterest expense		788,300			787,734			733,263			712,703			713,467
Operating earnings before income taxes		658,347			623,709			591,496			616,364			617,853
Provision for income taxes		217,471			210,534			197,739			200,556			206,933
Operating earnings (1)	$	440,876		$	413,175		$	393,757		$	415,808		$	410,920
PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.81		$	.76		$	.72		$	.75		$	.74
Diluted earnings		.80			.75			.71			.75			.74
Dividends paid per share		.38			.35			.35			.35			.35
PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets		1.64	%		1.60	%		1.59	%		1.68	%		1.68	%
Return on average equity		15.65			15.00			14.64			15.17			15.35
Net yield on earning assets (taxable equivalent)		3.88			3.92			3.95			3.97			4.07
Efficiency ratio (taxable equivalent) (2)		51.7			52.5			52.9			50.1			50.3
Noninterest income as a percentage of
total income (taxable equivalent) (2)		39.2			39.8			36.8			38.6			37.8
Average earning assets as a percentage of
average total assets		88.7			88.4			88.4			88.3			88.4
Average loans and leases as a percentage of
average deposits		100.9			102.1			101.9			101.5			102.5
CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	462,350		$	435,959		$	415,829		$	438,242		$	430,155
Diluted earnings per share		.84			.79			.75			.79			.77
Return on average tangible assets		1.81	%		1.77	%		1.76	%		1.86	%		1.85	%
Return on average tangible equity		28.56			27.82			27.00			27.77			28.50
Efficiency ratio (taxable equivalent) (2)		49.7			50.3			50.6			47.8			48.3

NOTES: Applicable ratios are annualized.

(1) Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.1 million), $26.4 million, $(1.6 million), $(1.1 million) and $(2.0 million), net of tax, for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. See Reconciliation Tables included herein.

(2) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, gains or losses on mortgage servicing rights-related derivatives, merger-related charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.

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

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 9	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,220,102		$	1,128,331		$	1,052,821		$	1,009,526		$	983,904
Interest and dividends on securities		204,016			199,167			186,788			174,759			172,091
Interest on short-term investments		6,331			5,186			3,883			3,569			2,943
Total interest income		1,430,449			1,332,684			1,243,492			1,187,854			1,158,938
Interest expense
Interest on deposits		343,489			279,283			241,299			208,404			181,790
Interest on fed funds purchased, repos and other borrowings		58,169			58,546			42,466			28,806			25,948
Interest on long-term debt		129,799			117,890			110,544			104,603			95,544
Total interest expense		531,457			455,719			394,309			341,813			303,282
Net interest income		898,992			876,965			849,183			846,041			855,656
Provision for credit losses		57,465			49,424			41,045			65,153			57,165
Net interest income after provision for
credit losses		841,527			827,541			808,138			780,888			798,491
Noninterest income
Service charges on deposits		141,072			139,166			120,772			133,590			135,521
Mortgage banking income		35,840			12,367			30,193			26,939			22,061
Investment banking and brokerage fees and commissions		70,036			81,046			68,883			64,733			59,834
Trust revenue		36,552			36,722			30,407			29,113			28,862
Insurance commissions		182,915			181,612			152,290			167,278			163,359
Other nondeposit fees and commissions		97,208			91,558			80,382			84,723			82,774
Securities gains (losses), net		193			(6	)		7			52			6,590
Other noninterest income		41,304			42,454			33,687			41,751			33,828
Total noninterest income		605,120			584,919			516,621			548,179			532,829
Noninterest expense
Personnel expense		451,260			450,730			415,116			383,496			404,999
Occupancy and equipment expense		105,656			148,080			105,744			107,480			104,469
Foreclosed property expense		6,322			5,327			5,718			6,876			6,309
Amortization of intangibles		26,540			28,611			28,102			29,342			24,280
Merger-related and restructuring charges or credits		(1,824	)		(404	)		(2,557	)		(1,864	)		(3,059	)
Loss on early extinguishment of debt		--			2,943			--			--			--
Other noninterest expense		198,522			196,001			178,583			185,509			173,410
Total noninterest expense		786,476			831,288			730,706			710,839			710,408
Income before income taxes		660,171			581,172			594,053			618,228			620,912
Provision for income taxes		218,165			194,367			198,669			201,344			208,027
Net income	$	442,006		$	386,805		$	395,384		$	416,884		$	412,885
PER SHARE DATA
Basic earnings	$	.81		$	.71		$	.72		$	.76		$	.75
Diluted earnings		.80			.70			.71			.75			.74
	For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities and other earning assets:
U.S. Government securities and other earning assets		3.77	%		3.78	%		3.73	%		3.69	%		3.75	%
Mortgage-backed securities		4.73			4.72			4.66			4.66			4.42
State and municipal securities		6.74			6.66			6.71			6.52			6.45
Trading securities		2.82			2.05			2.43			1.33			3.94
Total securities and other earning assets		4.14			4.10			4.03			3.92			3.96
Loans:
Commercial loans and leases		6.77			6.40			6.01			5.69			5.40
Consumer loans		7.38			7.20			7.11			6.83			6.90
Mortgage loans		5.45			5.42			5.43			5.41			5.55
Total loans		6.71			6.47			6.25			6.00			5.90
Total earning assets		6.12			5.92			5.75			5.53			5.47
Interest expense:
Interest-bearing deposits:
Savings and interest checking		.45			.36			.31			.26			.22
Money rate savings		1.53			1.25			1.12			.94			.75
CDs and other time deposits		3.19			2.89			2.60			2.28			2.09
Total interest-bearing deposits		2.31			1.99			1.78			1.53			1.36
Fed funds purchased, repos and other borrowings		3.24			2.86			2.43			1.89			1.47
Long-term debt		4.26			4.07			3.92			3.63			3.54
Total interest-bearing liabilities		2.70			2.40			2.17			1.90			1.70
Net yield on earning assets		3.88	%		3.92	%		3.95	%		3.97	%		4.07	%

NOTES: (1) Fully taxable equivalent yields. Securities yields calculated based on amortized cost.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 10	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	19,817,145		$	20,123,465		$	19,562,488		$	18,838,196		$	18,481,720
Securities held to maturity		--			--			--			125			125
Trading securities		433,652			675,146			478,661			334,256			445,571
Total securities		20,250,797			20,798,611			20,041,149			19,172,577			18,927,416
Commercial loans and leases		36,758,121			35,958,821			34,945,215			34,285,096			33,824,970
Direct retail loans		14,738,407			14,529,564			14,158,990			13,932,879			13,607,244
Sales finance loans		6,679,822			6,468,217			6,274,100			6,362,990			6,215,235
Revolving credit loans		1,294,804			1,271,397			1,236,692			1,276,876			1,221,404
Mortgage loans		14,200,691			13,512,617			12,772,935			12,304,760			11,924,077
Total loans and leases		73,671,845			71,740,616			69,387,932			68,162,601			66,792,930
Allowance for loan and lease losses		817,777			809,318			801,573			804,932			816,588
Other earning assets		709,478			798,810			566,506			1,243,512			542,511
Total earning assets		95,054,570			93,512,746			90,424,985			88,718,180			86,333,813
Total assets		107,080,153			105,835,324			102,015,086			100,508,641			97,880,397
Noninterest-bearing deposits		13,499,106			13,197,792			12,646,753			12,246,248			12,217,201
Savings and interest checking		4,443,177			4,641,866			4,481,740			4,490,214			4,344,138
Money rate savings		23,655,727			23,075,292			23,580,611			23,427,797			22,806,829
CDs and other time deposits		31,582,264			30,915,409			26,127,235			27,535,078			26,385,428
Total deposits		73,180,274			71,830,359			66,836,339			67,699,337			65,753,596
Fed funds purchased, repos and other borrowings		6,533,455			7,137,762			9,152,099			6,687,872			6,464,704
Long-term debt		12,376,759			11,955,683			11,126,988			11,419,624			11,145,504
Total interest-bearing liabilities		78,591,382			77,726,012			74,468,673			73,560,585			71,146,603
Total shareholders' equity		11,195,918			11,090,367			10,825,284			10,874,474			10,794,881
Goodwill		4,237,451			4,233,719			4,163,108			4,124,241			4,096,066
Core deposit and other intangibles		503,686			535,965			507,692			513,539			526,106
Total intangibles		4,741,137			4,769,684			4,670,800			4,637,780			4,622,172
Mortgage servicing rights	$	414,466		$	341,676		$	390,340		$	340,740		$	340,535
Average balances
Securities, at amortized cost	$	20,822,997		$	20,613,680		$	19,607,324		$	18,880,095		$	18,416,752
Commercial loans and leases		36,335,341			35,399,601			34,528,167			34,058,836			33,496,050
Direct retail loans		14,632,801			14,339,740			14,054,806			13,758,376			13,456,234
Sales finance loans		6,594,830			6,345,207			6,267,566			6,244,775			6,252,329
Revolving credit loans		1,281,964			1,248,176			1,252,297			1,239,100			1,210,728
Mortgage loans		13,869,588			13,052,966			12,475,302			12,143,726			12,462,966
Total loans and leases		72,714,524			70,385,690			68,578,138			67,444,813			66,878,307
Allowance for loan and lease losses		814,934			810,545			808,470			817,720			821,050
Other earning assets		795,338			657,433			620,364			660,714			569,256
Total earning assets		94,332,859			91,656,803			88,805,826			86,985,622			85,864,315
Total assets		106,360,541			103,663,680			100,478,992			98,541,446			97,129,491
Noninterest-bearing deposits		13,144,471			12,771,153			12,238,571			12,436,447			11,876,112
Savings and interest checking		4,928,280			5,010,228			4,809,025			4,767,397			4,813,519
Money rate savings		23,200,228			22,945,871			23,193,960			22,943,275			22,636,090
CDs and other time deposits		30,819,138			28,214,800			27,079,998			26,306,639			25,920,707
Total deposits		72,092,117			68,942,052			67,321,554			66,453,758			65,246,428
Fed funds purchased, repos and other borrowings		7,123,027			8,218,309			7,085,742			6,053,669			7,029,258
Long-term debt		12,111,140			11,599,714			11,390,424			11,489,627			10,759,965
Total interest-bearing liabilities		78,181,813			75,988,922			73,559,149			71,560,607			71,159,539
Total shareholders' equity	$	11,176,928		$	11,050,089		$	10,904,662		$	10,907,344		$	10,648,868
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	7,454,706		$	6,681,308		$	6,767,299		$	6,687,082		$	6,579,667
Total		11,648,384			10,854,492			10,575,173			10,571,126			9,884,833
Risk-weighted assets		78,443,321			76,415,717			73,936,837			72,675,079			70,657,372
Average quarterly tangible assets		102,009,126			99,316,641			96,134,396			94,162,547			92,913,439
Risk-based capital ratios:
Tier 1		9.5	%		8.7	%		9.2	%		9.2	%		9.3	%
Total		14.8			14.2			14.3			14.5			14.0
Leverage capital ratio		7.3			6.7			7.0			7.1			7.1
Equity as a percentage of total assets		10.5			10.5			10.6			10.8			11.0
Book value per share	$	20.43		$	20.28		$	19.73		$	19.76		$	19.54
Tangible book value per share (2)		11.78			11.56			11.22			11.33			11.17

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income.

(1) Current quarter risk-based capital information is preliminary.

(2) Excludes the carrying value of goodwill and other intangible assets from shareholders' equity.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 11	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	827,325		$	822,464		$	828,301		$	825,665		$	825,242
Allowance for acquired (sold) loans, net		--			--			--			1,795			(170	)
Provision for credit losses		57,465			49,424			41,045			65,153			57,165
Charge-offs
Commercial loans and leases		(19,414	)		(17,572	)		(12,892	)		(30,668	)		(23,858	)
Direct retail loans		(16,131	)		(12,368	)		(11,484	)		(13,149	)		(12,170	)
Sales finance loans		(22,517	)		(16,792	)		(21,689	)		(23,479	)		(22,225	)
Revolving credit loans		(13,179	)		(12,552	)		(12,693	)		(13,149	)		(12,383	)
Mortgage loans		(1,502	)		(1,728	)		(1,476	)		(1,352	)		(1,207	)
Total charge-offs		(72,743	)		(61,012	)		(60,234	)		(81,797	)		(71,843	)
Recoveries
Commercial loans and leases		8,863			6,626			4,043			7,788			6,210
Direct retail loans		2,381			2,714			2,399			2,566			2,090
Sales finance loans		3,973			4,333			4,275			4,559			4,317
Revolving credit loans		2,740			2,737			2,540			2,489			2,555
Mortgage loans		340			39			95			83			99
Total recoveries		18,297			16,449			13,352			17,485			15,271
Net charge-offs		(54,446	)		(44,563	)		(46,882	)		(64,312	)		(56,572	)
Ending balance	$	830,344		$	827,325		$	822,464		$	828,301		$	825,665
Allowance For Credit Losses
Allowance for loan and lease losses	$	817,777		$	809,318		$	801,573		$	804,932		$	816,588
Reserve for unfunded lending commitments		12,567			18,007			20,891			23,369			9,077
Total	$	830,344		$	827,325		$	822,464		$	828,301		$	825,665
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	111,954		$	115,367		$	127,220		$	143,420		$	173,303
Direct retail loans		46,668			44,672			47,194			46,187			48,792
Sales finance loans		20,463			17,237			17,306			14,670			15,484
Revolving credit loans		304			348			266			349			374
Mortgage loans		51,183			52,130			62,476			64,010			62,871
Total nonaccrual loans and leases		230,572			229,754			254,462			268,636			300,824
Foreclosed real estate		51,504			62,036			60,147			69,324			67,329
Other foreclosed property		21,692			16,550			18,199			19,579			20,821
Restructured loans		523			531			537			555			563
Nonperforming assets	$	304,291		$	308,871		$	333,345		$	358,094		$	389,537
Loans 90 days or more past due
and still accruing:
Commercial loans and leases	$	11,532		$	10,821		$	15,036		$	9,986		$	11,463
Direct retail loans		18,197			14,718			13,857			19,917			22,382
Sales finance loans		16,661			16,398			18,864			21,205			20,766
Revolving credit loans		4,840			3,886			4,067			4,837			4,797
Mortgage loans		33,385			33,494			31,432			44,225			40,397
Total loans 90 days or more past due
and still accruing		84,615			79,317			83,256			100,170			99,805
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases		.11	%		.11	%		.12	%		.15	%		.15	%
Asset Quality Ratios
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		.31	%		.32	%		.37	%		.39	%		.45	%
Nonperforming assets as a percentage of:
Total assets		.28			.29			.33			.36			.40
Loans and leases plus
foreclosed property		.41			.43			.48			.52			.58
Net charge-offs as a percentage of
average loans and leases		.30			.25			.28			.38			.34
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.19			.16			.17			.27			.19
Allowance for loan and lease losses as
a percentage of loans and leases		1.11			1.13			1.16			1.18			1.22
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.12			1.14			1.17			1.19			1.23
Ratio of allowance for loan and lease losses to:
Net charge-offs		3.79	x		4.53	x		4.22	x		3.15	x		3.63	x
Nonaccrual and restructured loans and leases		3.54			3.51			3.14			2.99			2.71

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.

(1) Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 12	Investor Relations	FAX (336) 733-3132

	As of / For the Nine Months Ended						Increase (Decrease)
(Dollars in thousands)	9/30/05			9/30/04			$			%
Allowance For Credit Losses
Beginning balance	$	828,301		$	793,398		$	34,903			4.4	%
Allowance for acquired (sold) loans, net		--			19,114			(19,114	)		NM
Provision for credit losses		147,934			184,116			(36,182	)		(19.7	)
Charge-offs
Commercial loans and leases		(49,878	)		(69,774	)		19,896			(28.5	)
Direct retail loans		(39,983	)		(35,003	)		(4,980	)		14.2
Sales finance loans		(60,998	)		(66,407	)		5,409			(8.1	)
Revolving credit loans		(38,424	)		(39,200	)		776			(2.0	)
Mortgage loans		(4,706	)		(4,498	)		(208	)		4.6
Total charge-offs		(193,989	)		(214,882	)		20,893			(9.7	)
Recoveries
Commercial loans and leases		19,532			16,483			3,049			18.5
Direct retail loans		7,494			7,254			240			3.3
Sales finance loans		12,581			11,993			588			4.9
Revolving credit loans		8,017			7,290			727			10.0
Mortgage loans		474			899			(425	)		(47.3	)
Total recoveries		48,098			43,919			4,179			9.5
Net charge-offs		(145,891	)		(170,963	)		25,072			14.7
Ending balance	$	830,344		$	825,665		$	4,679			.6	%
Allowance For Credit Losses
Allowance for loan and lease losses	$	817,777		$	816,588		$	1,189			.1	%
Reserve for unfunded lending commitments		12,567			9,077			3,490			38.4
Total	$	830,344		$	825,665		$	4,679			.6	%
Asset Quality Ratios
Net charge-offs as a percentage of
average loans and leases		.28	%		.35	%
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.17			.23
Ratio of allowance for loan and lease losses to
net charge-offs		4.19	x		3.58	x

	Percentage Increase (Decrease)
	QTD			Annualized Link QTD			YTD
	3Q05 vs. 3Q04			3Q05 vs. 2Q05			2005 vs. 2004
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (2)
Average Balances
Commercial loans and leases		8.5	%		10.5	%		7.5	%
Direct retail loans		8.4			8.1			9.3
Sales finance loans		5.4			15.6			2.8
Revolving credit loans		5.9			10.7			6.1
Mortgage loans (3)		15.5			24.8			9.5
Total loans and leases (3)		9.5			13.1			7.8
Noninterest-bearing deposits		10.7			11.6			10.7
Interest-bearing transaction accounts		4.1			(3.5	)		4.3
CDs and other time deposits		18.9			36.6			7.1
Other deposits		1.6			5.9			5.0
Total deposits		10.5	%		18.1	%		6.8	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS
BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (2)
Net interest income - taxable equivalent		4.9	%		9.8	%		3.7	%
Noninterest income
Service charges on deposits		4.1			5.4			2.6
Mortgage banking income (4)		(8.9	)		61.1			4.6
Investment banking and brokerage fees and commissions		10.6			(53.9	)		6.3
Trust revenue		6.2			(1.8	)		1.5
Insurance commissions		2.1			(4.1	)		1.5
Other nondeposit fees and commissions		17.3			24.5			14.6
Securities gains (losses), net		NM			NM			NM
Other income		21.8			(1.3	)		(0.5	)
Total noninterest income (4)		5.5			(1.4	)		3.8
Noninterest expense
Personnel expense		7.6			(1.0	)		1.0
Occupancy and equipment expense		0.1			5.3			(0.2	)
Other noninterest expense		10.9			(3.7	)		4.4
Total noninterest expense		7.5	%		(1.0	) %		1.8	%

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.

(1) Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.

(2) Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2005 and 2004.

(3) Excludes the average impact of $1.0 billion in mortgage loans securitized in the third quarter of 2004.

(4) Excludes the net impact of provisions for or recaptures of the impairment of mortgage servicing rights and gains or losses on mortgage servicing rights-related derivatives.

NM - not meaningful.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 13	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1):
Ending balance	$	447,942		$	442,424		$	432,618		$	434,053		$	440,327
Less: valuation allowance		(50,034	)		(116,978	)		(56,484	)		(107,636	)		(112,944	)
Net balance		397,908			325,446			376,134			326,417			327,383
Mortgage Servicing Rights Valuation Allowance:
Beginning balance	$	116,978		$	56,484		$	107,636		$	112,944		$	85,085
Provisions for impairment		--			61,161			--			--			40,185
Recaptures		(66,666	)		--			(51,079	)		(404	)		--
Other-than-temporary impairment		(278	)		(667	)		(73	)		(4,904	)		(12,326	)
Ending balance		50,034			116,978			56,484			107,636			112,944
Residential Mortgage Loan Originations	$	3,130,026		$	2,687,824		$	2,260,384		$	2,370,483		$	2,125,721
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	26,547,319		$	26,579,866		$	25,575,478		$	25,569,089		$	25,707,237
Bank owned loans serviced		14,200,691			13,512,617			12,772,935			12,304,760			11,924,077
Total servicing portfolio		40,748,010			40,092,483			38,348,413			37,873,849			37,631,314
Weighted Average Coupon Rate		5.82	%		5.83	%		5.84	%		5.86	%		5.84	%
Weighted Average Servicing Fee		.349			.349			.347			.347			.346
	For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/05			6/30/05			3/31/05			12/31/04			9/30/04
RECONCILIATION TABLE
Net income	$	442,006		$	386,805		$	395,384		$	416,884		$	412,885
Merger-related items, net of tax		(1,130	)		(249	)		(1,627	)		(1,076	)		(1,965	)
Other, net of tax (4)		--			26,619			--			--			--
Operating earnings		440,876			413,175			393,757			415,808			410,920
Amortization of intangibles, net of tax		16,718			18,026			17,705			18,557			15,358
Amortization of mark-to-market adjustments, net of tax		4,756			4,758			4,367			3,877			3,877
Cash basis operating earnings		462,350			435,959			415,829			438,242			430,155
Return on average assets		1.65	%		1.50	%		1.60	%		1.68	%		1.69	%
Effect of merger-related items, net of tax		(.01	)		--			(.01	)		--			(.01	)
Effect of other, net of tax (4)		--			.10			--			--			--
Operating return on average assets		1.64			1.60			1.59			1.68			1.68
Effect of amortization of intangibles, net of tax (2)		.15			.15			.15			.16			.15
Effect of amortization of mark-to-market adjustments,
net of tax		.02			.02			.02			.02			.02
Cash basis operating return on average
tangible assets		1.81			1.77			1.76			1.86			1.85
Return on average equity		15.69	%		14.04	%		14.70	%		15.21	%		15.42	%
Effect of merger-related items, net of tax		(.04	)		(.01	)		(.06	)		(.04	)		(.07	)
Effect of other, net of tax (4)		--			.97			--			--			--
Operating return on average equity		15.65			15.00			14.64			15.17			15.35
Effect of amortization of intangibles, net of tax (2)		12.62			12.52			12.07			12.36			12.89
Effect of amortization of mark-to-market adjustments,
net of tax		.29			.30			.29			.24			.26
Cash basis operating return on average
tangible equity		28.56			27.82			27.00			27.77			28.50
Efficiency ratio (taxable equivalent) (3)		51.5	%		55.4	%		52.7	%		49.9	%		50.0	%
Effect of merger-related items		.2			--			.2			.2			.3
Effect of other (4)		--			(2.9	)		--			--			--
Operating efficiency ratio (3)		51.7			52.5			52.9			50.1			50.3
Effect of amortization of intangibles		(1.8	)		(1.9	)		(2.0	)		(2.1	)		(1.8	)
Effect of amortization of mark-to-market adjustments		(.2	)		(.3	)		(.3	)		(.2	)		(.2	)
Cash basis operating efficiency ratio (3)		49.7			50.3			50.6			47.8			48.3
Basic earnings per share	$	.81		$	.71		$	.72		$	.76		$	.75
Effect of merger-related items, net of tax		--			--			--			(.01	)		(.01	)
Effect of other, net of tax (4)		--			.05			--			--			--
Operating basic earnings per share		.81			.76			.72			.75			.74
Diluted earnings per share	$	.80		$	.70		$	.71		$	.75		$	.74
Effect of merger-related items, net of tax		--			--			--			--			--
Effect of other, net of tax (4)		--			.05			--			--			--
Operating diluted earnings per share		.80			.75			.71			.75			.74
Effect of amortization of intangibles, net of tax		.03			.03			.03			.03			.02
Effect of amortization of mark-to-market adjustments,
net of tax		.01			.01			.01			.01			.01
Cash basis operating diluted earnings per share		.84			.79			.75			.79			.77

NOTES: Applicable ratios are annualized.

(1) Balances exclude commercial mortgage servicing rights totaling $16.6 million, $16.2 million, $14.2 million, $14.3 million and $13.2 million, as of September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively.

(2) Reflects the effect of excluding average intangible assets from average assets and average equity to calculate cash basis ratios.

(3) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related items and nonrecurring charges, where applicable.

(4) Reflects a one-time charge related to the accounting for leases totaling $26.6 million, net of tax, in the second quarter of 2005.

QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 14	Investor Relations	FAX (336) 733-3132

	For the Nine Months Ended
(Dollars in thousands, except per share data)	9/30/05			9/30/04
RECONCILIATION TABLE
Net income	$	1,224,195		$	1,141,491
Merger-related items, net of tax		(3,006	)		4,530
Other, net of tax (3)		26,619			--
Operating earnings		1,247,808			1,146,021
Amortization of intangibles, net of tax		52,449			48,707
Amortization of mark-to-market adjustments, net of tax		13,881			12,858
Cash basis operating earnings		1,314,138			1,207,586
Return on average assets		1.58	%		1.60	%
Effect of merger-related items, net of tax		--			--
Effect of other, net of tax (3)		.03			--
Operating return on average assets		1.61			1.60
Effect of amortization of intangibles, net of tax (1)		.15			.15
Effect of amortization of mark-to-market adjustments, net of tax		.02			.02
Cash basis operating return on average tangible assets		1.78			1.77
Return on average equity		14.82	%		14.53	%
Effect of merger-related items, net of tax		(.04	)		.06
Effect of other, net of tax (3)		.32			--
Operating return on average equity		15.10			14.59
Effect of amortization of intangibles, net of tax (1)		12.41			12.08
Effect of amortization of mark-to-market adjustments, net of tax		.30			.29
Cash basis operating return on average tangible equity		27.81			26.96
Efficiency ratio (taxable equivalent) (2)		53.2	%		52.7	%
Effect of merger-related items		.1			(.2	)
Effect of other (3)		(1.0	)		--
Operating efficiency ratio (2)		52.3			52.5
Effect of amortization of intangibles		(1.9	)		(1.9	)
Effect of amortization of mark-to-market adjustments		(.2	)		(.2	)
Cash basis operating efficiency ratio (2)		50.2			50.4
Basic earnings per share	$	2.23		$	2.07
Effect of merger-related items, net of tax		--			.01
Effect of other, net of tax (3)		.05			--
Operating basic earnings per share		2.28			2.08
Diluted earnings per share	$	2.22		$	2.05
Effect of merger-related items, net of tax		(.01	)		.01
Effect of other, net of tax (3)		.05			--
Operating diluted earnings per share		2.26			2.06
Effect of amortization of intangibles, net of tax		.09			.09
Effect of amortization of mark-to-market adjustments, net of tax		.03			.02
Cash basis operating diluted earnings per share		2.38			2.17

NOTES: Applicable ratios are annualized.

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

(2) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related items and nonrecurring charges, where applicable.

(3) Reflects a one-time charge related to the accounting for leases totaling $26.6 million, net of tax, in the second quarter of 2005.