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

April 20, 2006

FOR IMMEDIATE RELEASE

Contacts:
ANALYSTS		MEDIA
Tom Nicholson	Chris 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’s 1^st quarter EPS totals $.79, up 11.3%

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today net income for the first quarter of 2006 totaling $431.5 million, or $.79 per diluted share, compared with $395.4 million, or $.71 per diluted share, earned during the first quarter of 2005. These results reflect increases of 9.1% and 11.3%, respectively, compared to the first quarter last year.

          BB&T’s first quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.60% and 15.72%, respectively, compared to prior year returns of 1.60% and 14.70%, respectively.

          Operating earnings for the first quarter of 2006 totaled $427.7 million, or $.79 per diluted share, excluding an $18.3 million after-tax gain from the sale of duplicate facilities, $1.8 million in net after-tax merger-related credits and $16.4 million in after-tax equity-based compensation resulting from the adoption of SFAS 123(R) during the current quarter. Operating earnings for the first quarter of 2005 totaled $393.8 million, excluding $1.6 million in net after-tax merger-related credits. These results reflect increases of 8.6% and 11.3%, respectively, compared to the same period last year.

          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 $446.6 million for the first quarter of 2006, an increase of 7.4% compared to the first quarter of 2005. Cash basis operating diluted earnings per share totaled $.82 for the first quarter of 2006, an increase of 9.3% compared to $.75 earned during the same period in 2005. Cash basis operating earnings for the first quarter of 2006 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.74% and 28.41%, respectively, compared to prior year returns of 1.76% and 27.00%, respectively.

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          “I am very pleased to report strong results for the first quarter of 2006,” said Chairman and Chief Executive Officer John A. Allison. “The double-digit increase in earnings per share was driven by 10.2% growth in revenues, including a 17.7% increase in noninterest income, continued excellent asset quality, as evidenced by the lowest level of nonperforming assets in over ten years, and very strong combined loan and deposit growth. While expenses also increased significantly compared to the first quarter last year, this growth is consistent with our plan and reflects important investments for the future. Given that our first quarter is usually negatively affected by a number of seasonal factors, I am encouraged that these positive results reflect a very good start to 2006.”

BB&T’s Fee Based Businesses Enjoy Strong Quarterly Growth

          BB&T’s noninterest income generating businesses produced solid growth rates during the first quarter of 2006 compared to 2005. Total noninterest income was $608.2 million for the current quarter, an increase of 17.7% compared with the same period in 2005. This increase includes improved revenues from insurance operations, trust services, investment banking and brokerage fees and commissions, services charges on deposit accounts, other nondeposit fees and commissions and mortgage banking income.

          BB&T’s insurance operations continue to expand through acquisitions and internal growth and are the largest provider of noninterest income. Insurance commissions increased 15.9% to $176.5 million in the current quarter compared with $152.3 million earned during the first quarter last year. This increase was the result of growth in commissions from the sale of property and casualty coverage and improved sales of employee benefits-related insurance products.

          Trust revenues increased 21.7% to $37.0 million in the first quarter of 2006 compared with $30.4 million earned in the first quarter of 2005. This increase was primarily attributable to the merger with Sterling Capital Management LLC, which occurred on April 1, 2005.

          BB&T’s investment banking and brokerage operations enjoyed the strongest quarter in their history, as fees increased 18.0% to $81.3 million compared to $68.9 million earned in the same quarter last year. This increase was primarily driven by growth in revenues from investment banking services and commissions on retail accounts at Scott & Stringfellow.

          Service charges on deposit accounts totaled $131.2 million for the first quarter of 2006, an increase of 8.7% compared to $120.8 million earned in the same quarter last year. This increase was attributable to growth in revenues from overdraft items, which was partially offset by a decline in monthly account service fees due to growth in free checking accounts and free online services.

          Other nondeposit fees and commissions totaled $101.6 million for the first quarter of 2006, an increase of 26.4% compared to the first quarter of 2005. This increase was generated primarily by growth in bankcard fees and debit card related services.

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          Revenues from mortgage banking operations totaled $32.3 million for the first quarter of 2006, an increase of 7.0% compared to the $30.2 million earned in the first quarter last year. This increase was primarily the result of increased revenues from commercial mortgage banking operations, which increased $5.7 million compared to the first quarter of 2005.

Asset Quality Remains Excellent – Nonperforming Assets Improve

          BB&T’s asset quality remains excellent and improved further during the first quarter of 2006. Nonperforming assets, as a percentage of total assets, were .27% at both March 31 and Dec. 31, 2005, compared to .33% at March 31, 2005. Annualized net charge-offs were .26% of average loans and leases for the first quarter of 2006, down from .28% in the first quarter of 2005. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .13% of average loans and leases compared to .17% in the same quarter last year.

Combined Loan and Deposit Growth Remains Strong

          Average loans and leases totaled $75.4 billion for the first quarter of 2006, reflecting an increase of $6.9 billion, or 10.0% compared to the first quarter of 2005. This increase was composed of growth in average commercial loans and leases, which increased $3.1 billion, or 9.3%, average mortgage loans, which increased $2.2 billion, or 17.5%, average consumer loans, which increased $1.0 billion, or 5.1% and growth in average loans originated by BB&T’s specialized lending subsidiaries, which increased $530.9 million, or 22.9% compared to the first quarter last year.

          Average deposits totaled $74.2 billion for the first quarter of 2006, an increase of 10.2% compared to $67.3 billion for the first quarter of 2005. Average retail deposit growth was led by client certificates of deposit, which increased $2.5 billion, or 14.1%, and interest checking, which increased $247 million, or 14.9%. During the first quarter of 2006, BB&T’s banking network generated more than 49,000 net new transaction accounts.

S&P Announces Credit Ratings Upgrade for BB&T

          On Feb. 28, Standard & Poor’s (“S&P”) announced that it had raised all of the key ratings for BB&T Corporation and its subsidiary banks, including BB&T’s long-term credit rating, which was raised to A+ from A. S&P stated that “The ratings upgrade acknowledges the company’s good profitability, improving funding profile, strong asset quality and robust capital levels. The ratings also reflect the Company’s solid business profile, which blends an equal mix of retail and commercial product lines, and the benefits it derives from operating in diverse and fast-growing markets in the Southeast.” Additionally, S&P stated, “We expect the company’s financial performance and its balance sheet to remain strong as management continues to expand the company’s geographic and business franchise.”

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BB&T Re-Launches Brand and Introduces New Tagline

          On March 9, BB&T initiated a major new advertising campaign to introduce its new brand positioning and new tagline —“There’s opportunity here.” The campaign represents a significant new commitment to advertising the BB&T brand and BB&T’s products, services and community banking model, particularly in the Company’s new markets.

BB&T Expands Automobile-Lending Business with Acquisition of FSB Financial

           On Feb. 16, BB&T announced plans to acquire the assets of nonprime automobile finance company, FSB Financial Ltd., of Arlington, Texas. FSB Financial buys nonprime automobile lending portfolios from banks, credit unions and finance companies across the country. FSB Financial merged into Regional Acceptance Corporation, BB&T’s wholly owned nonprime automobile finance subsidiary on March 1.

          At March 31, BB&T had $110.0 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 April 19 was $40.10 per share.

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

Earnings Webcast

          To hear a live webcast of BB&T’s first quarter 2006 earnings conference call at 11:00 a.m. (EDT) today, please visit our Web site atwww.BBT.com.Replays of the conference call will be available through our Web site until 5 p.m. (EDT) on May 5.

#

          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 also exclude equity-based compensation in order to make the 2006 results comparable with prior periods presented and 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	Tom 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)	3/31/06			3/31/05			$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	1,578,012		$	1,263,654		$	314,358		24.9	%
Interest expense		658,618			394,309			264,309		67.0
Net interest income - taxable equivalent		919,394			869,345			50,049		5.8
Less: Taxable equivalent adjustment		21,342			20,162			1,180		5.9
Net interest income		898,052			849,183			48,869		5.8
Provision for credit losses		47,571			41,045			6,526		15.9
Net interest income after provision for credit losses		850,481			808,138			42,343		5.2
Noninterest income		608,195			516,621			91,574		17.7
Noninterest expense		823,831			733,263			90,568		12.4
Operating earnings before income taxes		634,845			591,496			43,349		7.3
Provision for income taxes		207,156			197,739			9,417		4.8
Operating earnings (1)	$	427,689		$	393,757		$	33,932		8.6	%
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	.79		$	.72		$	.07		9.7	%
Diluted earnings		.79			.71			.08		11.3
Weighted average shares -  Basic		539,952,669			549,282,008
Diluted		543,435,830			553,654,679
Dividends paid per share	$	.38		$	.35		$	.03		8.6	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.59	%		1.59	%
Return on average equity		15.58			14.64
Net yield on earning assets (taxable equivalent)		3.82			3.95
Efficiency ratio (taxable equivalent) (2)		53.8			52.9
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings	$	446,648		$	415,829		$	30,819		7.4	%
Diluted earnings per share		.82			.75			.07		9.3
Return on average tangible assets		1.74	%		1.76	%
Return on average tangible equity		28.41			27.00
Efficiency ratio (taxable equivalent) (2)		52.0			50.6

	For the Three Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	3/31/06			3/31/05			$		%
INCOME STATEMENTS
Interest income	$	1,556,670		$	1,243,492		$	313,178		25.2	%
Interest expense		658,618			394,309			264,309		67.0
Net interest income		898,052			849,183			48,869		5.8
Provision for credit losses		47,571			41,045			6,526		15.9
Net interest income after provision for credit losses		850,481			808,138			42,343		5.2
Noninterest income		608,195			516,621			91,574		17.7
Noninterest expense		819,181			730,706			88,475		12.1
Income before income taxes		639,495			594,053			45,442		7.6
Provision for income taxes		207,982			198,669			9,313		4.7
Net income	$	431,513		$	395,384		$	36,129		9.1	%
PER SHARE DATA
Basic earnings	$	.80		$	.72		$	.08		11.1	%
Diluted earnings		.79			.71			.08		11.3
Weighted average shares -  Basic		539,952,669			549,282,008
Diluted		543,435,830			553,654,679
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.60	%		1.60	%
Return on average equity		15.72			14.70
Efficiency ratio (taxable equivalent) (2)		53.5			52.7

NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related charges or credits, equity-based compensation and nonrecurring items. These amounts totaled $(3.8 million) and $(1.6 million), net of tax, in the first quarters of 2006 and 2005, respectively. See Reconciliation Tables included herein.
	(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. Cash basis and operating ratios also exclude merger-related charges or credits, equity-based compensation 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 Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 6	Investor Relations	FAX (336) 733-3132

  

	As of / For the Three Months Ended				Increase (Decrease)
(Dollars in thousands)	3/31/06		3/31/05		$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks	$	1,933,456	$	1,761,610	$	171,846			9.8	%
Interest-bearing deposits with banks		372,336		291,293		81,043			27.8
Federal funds sold and other earning assets		444,502		275,213		169,289			61.5
Securities available for sale		19,433,575		19,562,488		(128,913	)		(.7	)
Trading securities		745,169		478,661		266,508			55.7
Total securities		20,178,744		20,041,149		137,595			.7
Commercial loans and leases		37,191,415		34,144,061		3,047,354			8.9
Direct retail loans		14,543,073		13,746,284		796,789			5.8
Sales finance loans		5,176,673		5,083,149		93,524			1.8
Revolving credit loans		1,299,396		1,236,693		62,703			5.1
Mortgage loans		15,036,187		12,772,935		2,263,252			17.7
Specialized lending		3,032,538		2,404,810		627,728			26.1
Total loans and leases		76,279,282		69,387,932		6,891,350			9.9
Allowance for loan and lease losses		833,231		801,573		31,658			3.9
Total earning assets		97,984,757		90,424,985		7,559,772			8.4
Premises and equipment, net		1,267,647		1,274,167		(6,520	)		(.5	)
Goodwill		4,300,396		4,163,108		137,288			3.3
Core deposit and other intangibles		479,231		507,692		(28,461	)		(5.6	)
Other assets		5,611,326		5,114,495		496,831			9.7
Total assets		110,033,689		102,015,086		8,018,603			7.9
Noninterest-bearing deposits		13,413,099		12,646,753		766,346			6.1
Interest checking		1,338,847		1,277,754		61,093			4.8
Other client deposits		32,074,100		30,232,014		1,842,086			6.1
Client CDs		20,352,627		17,359,019		2,993,608			17.2
Other interest-bearing deposits		8,385,456		5,320,799		3,064,657			57.6
Total deposits		75,564,129		66,836,339		8,727,790			13.1
Fed funds purchased, repos and other borrowings		6,356,330		9,152,099		(2,795,769	)		(30.5	)
Long-term debt		13,045,058		11,126,988		1,918,070			17.2
Total interest-bearing liabilities		81,552,418		74,468,672		7,083,746			9.5
Other liabilities		4,098,200		4,074,376		23,824			.6
Total liabilities		99,063,717		91,189,802		7,873,915			8.6
Total shareholders' equity	$	10,969,972	$	10,825,284	$	144,688			1.3	%
Average balances
Securities, at amortized cost	$	20,955,014	$	19,607,324	$	1,347,690			6.9	%
Commercial loans and leases		36,897,691		33,772,824		3,124,867			9.3
Direct retail loans		14,498,280		13,653,410		844,870			6.2
Sales finance loans		5,215,937		5,105,891		110,046			2.2
Revolving credit loans		1,316,837		1,252,297		64,540			5.2
Mortgage loans		14,664,573		12,475,302		2,189,271			17.5
Specialized lending		2,849,331		2,318,414		530,917			22.9
Total loans and leases		75,442,649		68,578,138		6,864,511			10.0
Allowance for loan and lease losses		827,863		808,470		19,393			2.4
Other earning assets		777,594		620,364		157,230			25.3
Total earning assets		97,175,257		88,805,826		8,369,431			9.4
Total assets		109,132,162		100,478,992		8,653,170			8.6
Noninterest-bearing deposits		12,851,943		12,238,571		613,372			5.0
Interest checking		1,905,570		1,658,639		246,931			14.9
Other client deposits		30,687,180		29,796,666		890,514			3.0
Client CDs		19,896,614		17,440,368		2,456,246			14.1
Other interest-bearing deposits		8,858,068		6,187,310		2,670,758			43.2
Total deposits		74,199,375		67,321,554		6,877,821			10.2
Fed funds purchased, repos and other borrowings		6,684,788		7,085,742		(400,954	)		(5.7	)
Long-term debt		13,111,268		11,390,424		1,720,844			15.1
Total interest-bearing liabilities		81,143,488		73,559,149		7,584,339			10.3
Total shareholders' equity	$	11,134,096	$	10,904,662	$	229,434			2.1	%

		As of / For the Quarter Ended
(Dollars in thousands, except per share data)		3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
MISCELLANEOUS INFORMATION
Unrealized depreciation on
securities available for sale, net of tax		$	(449,770	)	$	(337,578	)	$	(266,690	)	$	(109,439	)	$	(270,708	)
Derivatives (notional value)			21,133,941			23,679,972			26,131,167			25,976,092			30,496,627
Fair value of derivatives portfolio			(134,558	)		(10,600	)		(1,869	)		157,437			39,680
Common stock prices:	High		42.85			43.92			43.00			40.95			42.24
	Low		38.24			37.39			38.56			37.04			37.68
	End of period		39.20			41.91			39.05			39.97			39.08
Weighted average shares -	Basic		539,952,669			543,879,921			547,467,864			547,089,165			549,282,008
	Diluted		543,435,830			548,607,865			552,058,757			551,245,112			553,654,679
End of period shares outstanding			535,588,093			543,102,080			548,051,351			546,796,870			548,638,822
End of period banking offices			1,409			1,404			1,402			1,407			1,409
ATMs			1,964			1,951			1,944			1,929			1,930
FTEs			28,300			27,745			27,080			26,945			26,526

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

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

	As of / For the Quarter Ended
(Dollars in thousands, except per share data)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,341,049		$	1,290,568		$	1,227,374		$	1,135,417		$	1,059,777
Interest and dividends on securities		229,743			223,240			217,507			212,613			199,994
Interest on short-term investments		7,220			6,609			6,331			5,186			3,883
Total interest income - taxable equivalent		1,578,012			1,520,417			1,451,212			1,353,216			1,263,654
Interest expense
Interest on deposits		438,420			387,763			343,489			279,283			241,299
Interest on fed funds purchased, repos and other borrowings		65,081			65,371			58,169			58,546			42,466
Interest on long-term debt		155,117			146,350			129,799			117,890			110,544
Total interest expense		658,618			599,484			531,457			455,719			394,309
Net interest income - taxable equivalent		919,394			920,933			919,755			897,497			869,345
Less: Taxable equivalent adjustment		21,342			21,200			20,763			20,532			20,162
Net interest income		898,052			899,733			898,992			876,965			849,183
Provision for credit losses		47,571			69,329			57,465			49,424			41,045
Net interest income after provision for
credit losses		850,481			830,404			841,527			827,541			808,138
Noninterest income
Insurance commissions		176,512			197,372			182,915			181,612			152,290
Service charges on deposits		131,241			141,645			141,072			139,166			120,772
Other nondeposit fees and commissions		101,635			100,157			97,208			91,558			80,382
Investment banking and brokerage fees and commissions		81,311			69,682			70,036			81,046			68,883
Trust revenue		37,020			36,949			36,552			36,722			30,407
Mortgage banking income		32,295			25,357			35,840			12,367			30,193
Securities gains (losses), net		2			(81	)		193			(6	)		7
Other noninterest income		48,179			47,881			41,304			41,437			33,687
Total noninterest income		608,195			618,962			605,120			583,902			516,621
Noninterest expense
Personnel expense		487,467			468,098			451,260			450,730			415,116
Occupancy and equipment expense		107,785			112,018			105,656			104,122			105,744
Foreclosed property expense		3,912			5,809			6,322			5,327			5,718
Amortization of intangibles		25,108			29,054			26,540			28,611			28,102
Loss on early extinguishment of debt		—			—			—			2,943			—
Other noninterest expense		199,559			209,008			198,522			196,001			178,583
Total noninterest expense		823,831			823,987			788,300			787,734			733,263
Operating earnings before income taxes		634,845			625,379			658,347			623,709			591,496
Provision for income taxes		207,156			199,576			217,471			210,534			197,739
Operating earnings (1)	$	427,689		$	425,803		$	440,876		$	413,175		$	393,757
PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.79		$	.78		$	.81		$	.76		$	.72
Diluted earnings		.79			.78			.80			.75			.71
Dividends paid per share		.38			.38			.38			.35			.35
PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets		1.59	%		1.57	%		1.64	%		1.60	%		1.59	%
Return on average equity		15.58			15.18			15.65			15.00			14.64
Net yield on earning assets (taxable equivalent)		3.82			3.82			3.88			3.92			3.95
Efficiency ratio (taxable equivalent) (2)		53.8			53.0			51.7			52.5			52.9
Noninterest income as a percentage of
total income (taxable equivalent) (2)		39.7			40.3			39.2			39.8			36.8
Average earning assets as a percentage of
average total assets		89.0			88.9			88.7			88.4			88.4
Average loans and leases as a percentage of
average deposits		101.7			101.9			100.9			102.1			101.9
CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	446,648		$	448,866		$	462,350		$	435,959		$	415,829
Diluted earnings per share		.82			.82			.84			.79			.75
Return on average tangible assets		1.74	%		1.73	%		1.81	%		1.77	%		1.76	%
Return on average tangible equity		28.41			27.88			28.56			27.82			27.00
Efficiency ratio (taxable equivalent) (2)		52.0			50.9			49.7			50.3			50.6

NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related charges or credits, equity-based compensation and nonrecurring items. These amounts totaled $(3.8 million), $(3.8 million), $(1.1 million), $26.4 million, and $(1.6 million), net of tax, for the quarters ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. See Reconciliation Tables included herein.
	(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. Cash basis and operating ratios also exclude merger-related charges or credits, equity-based compensation 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 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)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,333,545		$	1,283,225		$	1,220,102		$	1,128,331		$	1,052,821
Interest and dividends on securities		215,905			209,383			204,016			199,167			186,788
Interest on short-term investments		7,220			6,609			6,331			5,186			3,883
Total interest income		1,556,670			1,499,217			1,430,449			1,332,684			1,243,492
Interest expense
Interest on deposits		438,420			387,763			343,489			279,283			241,299
Interest on fed funds purchased, repos and other borrowings		65,081			65,371			58,169			58,546			42,466
Interest on long-term debt		155,117			146,350			129,799			117,890			110,544
Total interest expense		658,618			599,484			531,457			455,719			394,309
Net interest income		898,052			899,733			898,992			876,965			849,183
Provision for credit losses		47,571			69,329			57,465			49,424			41,045
Net interest income after provision for
credit losses		850,481			830,404			841,527			827,541			808,138
Noninterest income
Insurance commissions		176,512			197,372			182,915			181,612			152,290
Service charges on deposits		131,241			141,645			141,072			139,166			120,772
Other nondeposit fees and commissions		101,635			100,157			97,208			91,558			80,382
Investment banking and brokerage fees and commissions		81,311			69,682			70,036			81,046			68,883
Trust revenue		37,020			36,949			36,552			36,722			30,407
Mortgage banking income		32,295			25,357			35,840			12,367			30,193
Securities gains (losses), net		2			(81	)		193			(6	)		7
Other noninterest income		48,179			47,881			41,304			42,454			33,687
Total noninterest income		608,195			618,962			605,120			584,919			516,621
Noninterest expense
Personnel expense		487,467			468,098			451,260			450,730			415,116
Equity-based compensation		26,532			—			—			—			—
Occupancy and equipment expense		107,785			112,018			105,656			148,080			105,744
Foreclosed property expense		3,912			5,809			6,322			5,327			5,718
Amortization of intangibles		25,108			29,054			26,540			28,611			28,102
Merger-related and restructuring charges or credits		(2,976	)		(5,956	)		(1,824	)		(404	)		(2,557	)
Loss on early extinguishment of debt		—			—			—			2,943			—
Other noninterest expense		171,353			209,008			198,522			196,001			178,583
Total noninterest expense		819,181			818,031			786,476			831,288			730,706
Income before income taxes		639,495			631,335			660,171			581,172			594,053
Provision for income taxes		207,982			201,761			218,165			194,367			198,669
Net income	$	431,513		$	429,574		$	442,006		$	386,805		$	395,384
PER SHARE DATA
Basic earnings	$	.80		$	.79		$	.81		$	.71		$	.72
Diluted earnings		.79			.78			.80			.70			.71

	For the Quarter Ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities:
U.S. Treasury securities		3.11	%		2.95	%		2.94	%		3.11	%		3.20	%
U.S. government-sponsored entity securities		3.95			3.87			3.75			3.76			3.76
Mortgage-backed securities		4.81			4.76			4.73			4.72			4.66
States and political subdivisions		6.82			6.81			6.74			6.66			6.71
Other securities		6.01			5.41			4.96			4.87			4.41
Trading securities		3.70			3.17			2.82			2.05			2.43
Total securities		4.39			4.29			4.18			4.13			4.08
Loans:
Commercial loans and leases		7.39			7.01			6.71			6.33			5.93
Consumer loans		6.95			6.69			6.54			6.37			6.31
Mortgage loans		5.50			5.46			5.45			5.42			5.43
Specialized lending		15.14			14.63			14.69			14.60			14.82
Total loans		7.19			6.90			6.71			6.47			6.25
Other earning assets		3.76			3.29			3.16			3.16			2.54
Total earning assets		6.56			6.30			6.12			5.92			5.75
Interest expense:
Interest-bearing deposits:
Interest checking		1.38			1.13			.78			.68			.58
Other client deposits		2.03			1.80			1.61			1.37			1.25
Client CDs		3.66			3.29			3.03			2.73			2.53
Other interest-bearing deposits		4.54			4.03			3.47			3.09			2.50
Total interest-bearing deposits		2.90			2.58			2.31			1.99			1.78
Fed funds purchased, repos and other borrowings		3.95			3.64			3.24			2.86			2.43
Long-term debt		4.77			4.58			4.26			4.07			3.92
Total interest-bearing liabilities		3.29			3.00			2.70			2.40			2.17
Net yield on earning assets		3.82	%		3.82	%		3.88	%		3.92	%		3.95	%

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

QUARTERLY PERFORMANCE SUMMARY	Tom 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)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	19,433,575		$	19,782,966		$	19,817,145		$	20,123,465		$	19,562,488
Trading securities		745,169			706,518			433,652			675,146			478,661
Total securities		20,178,744			20,489,484			20,250,797			20,798,611			20,041,149
Commercial loans and leases		37,191,415			36,615,085			35,848,589			35,056,980			34,144,061
Direct retail loans		14,543,073			14,452,518			14,279,817			14,094,081			13,746,284
Sales finance loans		5,176,673			5,264,088			5,368,126			5,216,027			5,083,149
Revolving credit loans		1,299,396			1,347,309			1,294,804			1,271,395			1,236,693
Mortgage loans		15,036,187			14,481,561			14,200,691			13,512,617			12,772,935
Specialized lending		3,032,538			2,862,927			2,679,818			2,589,516			2,404,810
Total loans and leases		76,279,282			75,023,488			73,671,845			71,740,616			69,387,932
Allowance for loan and lease losses		833,231			825,300			817,777			809,318			801,573
Other earning assets		816,838			730,819			709,478			798,810			566,506
Total earning assets		97,984,757			96,777,005			95,054,570			93,512,746			90,424,985
Total assets		110,033,689			109,169,759			107,080,153			105,835,324			102,015,086
Noninterest-bearing deposits		13,413,099			13,476,939			13,499,106			13,197,792			12,646,753
Interest checking		1,338,847			1,426,715			1,414,364			1,512,588			1,277,754
Other client deposits		32,074,100			30,959,888			30,135,171			29,642,503			30,232,014
Client CDs		20,352,627			19,309,667			18,402,885			17,793,434			17,359,019
Other interest-bearing deposits		8,385,456			9,108,590			9,728,748			9,684,042			5,320,799
Total deposits		75,564,129			74,281,799			73,180,274			71,830,359			66,836,339
Fed funds purchased, repos and other borrowings		6,356,330			6,561,719			6,533,455			7,137,762			9,152,099
Long-term debt		13,045,058			13,118,559			12,376,759			11,955,683			11,126,988
Total interest-bearing liabilities		81,552,418			80,485,138			78,591,382			77,726,012			74,468,672
Total shareholders' equity		10,969,972			11,129,114			11,195,918			11,090,367			10,825,284
Goodwill		4,300,396			4,255,998			4,237,451			4,233,719			4,163,108
Core deposit and other intangibles		479,231			487,525			503,686			535,965			507,692
Total intangibles		4,779,627			4,743,523			4,741,137			4,769,684			4,670,800
Mortgage servicing rights	$	485,307		$	451,287		$	414,466		$	341,676		$	390,340
Average balances
Securities, at amortized cost	$	20,955,014		$	20,807,541		$	20,822,997		$	20,613,680		$	19,607,324
Commercial loans and leases		36,897,691			36,213,607			35,424,216			34,547,569			33,772,824
Direct retail loans		14,498,280			14,354,335			14,194,755			13,923,123			13,653,410
Sales finance loans		5,215,937			5,316,296			5,313,245			5,122,957			5,105,891
Revolving credit loans		1,316,837			1,307,724			1,281,964			1,248,176			1,252,297
Mortgage loans		14,664,573			14,381,114			13,869,588			13,052,966			12,475,302
Specialized lending		2,849,331			2,741,610			2,630,756			2,490,899			2,318,414
Total loans and leases		75,442,649			74,314,686			72,714,524			70,385,690			68,578,138
Allowance for loan and lease losses		827,863			818,743			814,934			810,545			808,470
Other earning assets		777,594			797,372			795,338			657,433			620,364
Total earning assets		97,175,257			95,919,599			94,332,859			91,656,803			88,805,826
Total assets		109,132,162			107,844,163			106,360,541			103,663,680			100,478,992
Noninterest-bearing deposits		12,851,943			13,343,220			13,144,471			12,771,153			12,238,571
Interest checking		1,905,570			1,845,732			1,846,994			1,834,619			1,658,639
Other client deposits		30,687,180			30,166,800			29,729,490			29,558,096			29,796,666
Client CDs		19,896,614			18,849,059			18,155,972			17,414,006			17,440,368
Other interest-bearing deposits		8,858,068			8,743,882			9,215,190			7,364,178			6,187,310
Total deposits		74,199,375			72,948,693			72,092,117			68,942,052			67,321,554
Fed funds purchased, repos and other borrowings		6,684,788			7,118,752			7,123,027			8,218,309			7,085,742
Long-term debt		13,111,268			12,717,191			12,111,140			11,599,714			11,390,424
Total interest-bearing liabilities		81,143,488			79,441,416			78,181,813			75,988,922			73,559,149
Total shareholders' equity	$	11,134,096		$	11,126,630		$	11,176,928		$	11,050,089		$	10,904,662
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	7,360,954		$	7,453,987		$	7,454,705		$	6,681,308		$	6,767,299
Total		11,418,033			11,610,547			11,648,384			10,854,492			10,575,173
Risk-weighted assets		81,657,414			80,390,559			78,417,224			76,415,717			73,936,837
Average quarterly tangible assets		105,038,107			103,741,007			102,009,127			99,316,641			96,134,396
Risk-based capital ratios:
Tier 1		9.0	%		9.3	%		9.5	%		8.7	%		9.2	%
Total		14.0			14.4			14.9			14.2			14.3
Leverage capital ratio		7.0			7.2			7.3			6.7			7.0
Equity as a percentage of total assets		10.0			10.2			10.5			10.5			10.6
Book value per share	$	20.48		$	20.49		$	20.43		$	20.28		$	19.73
Tangible book value per share (2)		11.56			11.76			11.78			11.56			11.22

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 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)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	829,770		$	830,344		$	827,325		$	822,464		$	828,301
Allowance for acquired (sold) loans, net		3,731			(970	)		—			—			—
Provision for credit losses		47,571			69,329			57,465			49,424			41,045
Charge-offs
Commercial loans and leases		(5,407	)		(20,584	)		(7,440	)		(11,818	)		(9,420	)
Direct retail loans		(10,597	)		(10,293	)		(20,558	)		(8,148	)		(7,449	)
Sales finance loans		(5,610	)		(8,617	)		(6,874	)		(3,881	)		(7,292	)
Revolving credit loans		(11,337	)		(15,994	)		(13,179	)		(12,552	)		(12,693	)
Mortgage loans		(2,095	)		(1,347	)		(1,502	)		(1,728	)		(1,476	)
Specialized lending		(27,226	)		(26,923	)		(23,190	)		(22,885	)		(21,904	)
Total charge-offs		(62,272	)		(83,758	)		(72,743	)		(61,012	)		(60,234	)
Recoveries
Commercial loans and leases		3,203			4,550			4,822			4,291			3,415
Direct retail loans		3,065			2,653			5,214			2,159			1,848
Sales finance loans		1,739			1,866			2,145			2,404			2,468
Revolving credit loans		2,743			2,841			2,740			2,737			2,540
Mortgage loans		144			162			340			39			95
Specialized lending		3,738			2,753			3,036			4,819			2,986
Total recoveries		14,632			14,825			18,297			16,449			13,352
Net charge-offs		(47,640	)		(68,933	)		(54,446	)		(44,563	)		(46,882	)
Ending balance	$	833,432		$	829,770		$	830,344		$	827,325		$	822,464
Allowance For Credit Losses
Allowance for loan and lease losses	$	833,231		$	825,300		$	817,777		$	809,318		$	801,573
Reserve for unfunded lending commitments		201			4,470			12,567			18,007			20,891
Total	$	833,432		$	829,770		$	830,344		$	827,325		$	822,464
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	109,838		$	103,804		$	107,121		$	110,662		$	121,613
Direct retail loans		42,156			40,916			39,334			37,640			39,198
Sales finance loans		3,064			4,640			9,864			9,908			9,702
Revolving credit loans		177			233			304			348			266
Mortgage loans		49,643			48,126			48,301			49,163			58,576
Specialized lending		26,508			31,160			25,648			22,033			25,107
Total nonaccrual loans and leases		231,386			228,879			230,572			229,754			254,462
Foreclosed real estate		41,341			48,315			51,504			62,036			60,147
Other foreclosed property		22,895			22,420			21,692			16,550			18,199
Restructured loans		507			515			523			531			537
Nonperforming assets	$	296,129		$	300,129		$	304,291		$	308,871		$	333,345
Loans 90 days or more past due
and still accruing:
Commercial loans and leases	$	5,727		$	10,413		$	5,948		$	6,040		$	9,188
Direct retail loans		17,686			20,814			18,197			14,718			13,857
Sales finance loans		18,347			21,585			16,246			16,015			18,291
Revolving credit loans		4,172			4,713			4,840			3,886			4,067
Mortgage loans		28,251			38,828			33,385			33,494			31,432
Specialized lending		5,050			7,092			5,999			5,164			6,421
Total loans 90 days or more past due
and still accruing		79,233			103,445			84,615			79,317			83,256
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases		.10	%		.14	%		.11	%		.11	%		.12	%
Asset Quality Ratios
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		.30	%		.31	%		.31	%		.32	%		.37	%
Nonperforming assets as a percentage of:
Total assets		.27			.27			.28			.29			.33
Loans and leases plus
foreclosed property		.39			.40			.41			.43			.48
Net charge-offs as a percentage of
average loans and leases		.26			.37			.30			.25			.28
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.13			.25			.19			.16			.17
Allowance for loan and lease losses as
a percentage of loans and leases		1.09			1.10			1.11			1.13			1.16
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.10			1.11			1.12			1.14			1.17
Ratio of allowance for loan and lease losses to:
Net charge-offs		4.31	x		3.02	x		3.79	x		4.53	x		4.22	x
Nonaccrual and restructured loans and leases		3.59			3.60			3.54			3.51			3.14

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 Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 11	Investor Relations	FAX (336) 733-3132

	Percentage Increase (Decrease)
	QTD			Annualized Link QTD
	1Q06 vs. 1Q05			1Q06 vs. 4Q05
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans and leases		9.3	%		7.7	%
Direct retail loans		6.2			4.1
Sales finance loans		2.2			(7.7	)
Revolving credit loans		5.2			2.8
Mortgage loans (2)		19.2			13.7
Specialized lending		21.6			16.2
Total loans and leases (2)		10.3			7.3
Noninterest-bearing deposits		5.0			(14.9	)
Interest checking		14.9			13.1
Other client deposits		3.0			7.0
Client CDs		14.1			22.5
Other interest-bearing deposits		43.2			5.3
Total deposits		10.2	%		7.0	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS
BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Net interest income - taxable equivalent		5.3	%		(2.3	) %
Noninterest income
Insurance commissions		8.7			(44.4	)
Service charges on deposits		8.7			(29.8	)
Other nondeposit fees and commissions		26.4			5.9
Investment banking and brokerage fees and commissions		13.7			50.4
Trust revenue		2.0			0.8
Mortgage banking income (3)		43.0			(6.4	)
Securities gains (losses), net		NM			NM
Other income		42.9			2.6
Total noninterest income (3)		15.1			(14.0	)
Noninterest expense
Personnel expense		14.7			12.5
Occupancy and equipment expense		1.3			(15.1	)
Other noninterest expense		5.4			(26.5	)
Total noninterest expense		10.1	%		(2.7	) %

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

(1) Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2006 and 2005.

(2) Adjusted for the average impact of $210 million in mortgage loans securitized in the fourth quarter of 2005.

(3) Excludes the net impact of valuation adjustments for mortgage servicing rights and gains or losses on mortgage servicing rights-related derivatives.

NM - not meaningful.

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

	As of / For the Quarter Ended
(Dollars in thousands)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1)	$	462,920		$	431,213		$	397,908		$	325,446		$	376,134
Income Statement Impact of Mortgage Servicing
Rights Valuation:
MSRs fair value increase	$	28,883		$	—		$	—		$	—		$	—
MSRs valuation recaptures (provisions)		—			29,407			66,666			(61,161	)		51,079
MSRs derivative hedge (losses) gains		(24,834	)		(32,747	)		(55,632	)		52,030			(40,168	)
Net	$	4,049		$	(3,340	)	$	11,034		$	(9,131	)	$	10,911
Residential Mortgage Loan Originations	$	2,308,835		$	2,450,434		$	3,130,026		$	2,687,824		$	2,260,384
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	26,787,683		$	26,624,810		$	26,547,319		$	26,579,866		$	25,575,478
Bank owned loans serviced		15,036,187			14,481,561			14,200,691			13,512,617			12,772,935
Total servicing portfolio		41,823,870			41,106,371			40,748,010			40,092,483			38,348,413
Weighted Average Coupon Rate		5.84	%		5.83	%		5.82	%		5.83	%		5.84	%
Weighted Average Servicing Fee		.351			.349			.349			.349			.347

	For the Quarter Ended
(Dollars in thousands, except per share data)	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
RECONCILIATION TABLE
Net income	$	431,513		$	429,574		$	442,006		$	386,805		$	395,384
Merger-related items, net of tax		(1,853	)		(3,771	)		(1,130	)		(249	)		(1,627	)
Equity-based compensation, net of tax		16,363			—			—			—			—
Other, net of tax (4)		(18,334	)		—			—			26,619			—
Operating earnings		427,689			425,803			440,876			413,175			393,757
Amortization of intangibles, net of tax		15,818			18,305			16,718			18,026			17,705
Amortization of mark-to-market adjustments, net of tax		3,141			4,758			4,756			4,758			4,367
Cash basis operating earnings		446,648			448,866			462,350			435,959			415,829
Return on average assets		1.60	%		1.58	%		1.65	%		1.50	%		1.60	%
Effect of merger-related items, net of tax		—			(.01	)		(.01	)		—			(.01	)
Effect of equity-based compensation, net of tax		.06			—			—			—			—
Effect of other, net of tax (4)		(.07	)		—			—			.10			—
Operating return on average assets		1.59			1.57			1.64			1.60			1.59
Effect of amortization of intangibles, net of tax (2)		.14			.14			.15			.15			.15
Effect of amortization of mark-to-market adjustments,
net of tax		.01			.02			.02			.02			.02
Cash basis operating return on average
tangible assets		1.74			1.73			1.81			1.77			1.76
Return on average equity		15.72	%		15.32	%		15.69	%		14.04	%		14.70	%
Effect of merger-related items, net of tax		(.07	)		(.14	)		(.04	)		(.01	)		(.06	)
Effect of equity-based compensation, net of tax		.60			—			—			—			—
Effect of other, net of tax (4)		(.67	)		—			—			.97			—
Operating return on average equity		15.58			15.18			15.65			15.00			14.64
Effect of amortization of intangibles, net of tax (2)		12.63			12.40			12.62			12.52			12.07
Effect of amortization of mark-to-market adjustments,
net of tax		.20			.30			.29			.30			.29
Cash basis operating return on average
tangible equity		28.41			27.88			28.56			27.82			27.00
Efficiency ratio (taxable equivalent) (3)		53.5	%		52.6	%		51.5	%		55.4	%		52.7	%
Effect of merger-related items		.2			.4			.2			—			.2
Effect of equity-based compensation		(1.7	)		—			—			—			—
Effect of other (4)		1.8			—			—			(2.9	)		—
Operating efficiency ratio (3)		53.8			53.0			51.7			52.5			52.9
Effect of amortization of intangibles		(1.6	)		(1.9	)		(1.8	)		(1.9	)		(2.0	)
Effect of amortization of mark-to-market adjustments		(.2	)		(.2	)		(.2	)		(.3	)		(.3	)
Cash basis operating efficiency ratio (3)		52.0			50.9			49.7			50.3			50.6
Basic earnings per share	$	.80		$	.79		$	.81		$	.71		$	.72
Effect of merger-related items, net of tax		(.01	)		(.01	)		—			—			—
Effect of equity-based compensation, net of tax		.03			—			—			—			—
Effect of other, net of tax (4)		(.03	)		—			—			.05			—
Operating basic earnings per share		.79			.78			.81			.76			.72
Diluted earnings per share	$	.79		$	.78		$	.80		$	.70		$	.71
Effect of merger-related items, net of tax		—			—			—			—			—
Effect of equity-based compensation, net of tax		.03			—			—			—			—
Effect of other, net of tax (4)		(.03	)		—			—			.05			—
Operating diluted earnings per share		.79			.78			.80			.75			.71
Effect of amortization of intangibles, net of tax		.03			.03			.03			.03			.03
Effect of amortization of mark-to-market adjustments,
net of tax		—			.01			.01			.01			.01
Cash basis operating diluted earnings per share		.82			.82			.84			.79			.75

NOTES: Applicable ratios are annualized.

(1) Balances exclude commercial mortgage servicing rights totaling $22.4 million, $20.1 million, $16.6 million, $16.2 million and $14.2 million as of March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. Effective January 1, 2006, residential mortgage servicing rights are carried at fair value.

(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, 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 items, equity-based compensation and nonrecurring charges, where applicable.

(4) Reflects a gain on the sale of duplicate facilities totaling $18.3 million, net of tax, in the first quarter of 2006 and a one-time charge related to the accounting for leases totaling $26.6 million, net of tax, in the second quarter of 2005.