Truist Financial (TFC) 8-K BB&T reports 3rd quarter net income of $417.0 million

EXHIBIT 99.1

October 19, 2006

FOR IMMEDIATE RELEASE

Contacts:
ANALYSTS		MEDIA
Tamera Gjesdal	Chris Henson	Bob Denham
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 reports 3rd quarter net income of $417.0 million

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today net income for the third quarter of 2006 totaling $417.0 million, or $.77 per diluted share, compared with $442.0 million, or $.80 per diluted share, earned during the third quarter of 2005. These results reflect decreases of 5.7% and 3.8%, respectively, compared to the third quarter last year. Third quarter earnings were negatively affected by a one-time charge related to an unforeseen legal matter totaling $9.8 million after-tax, or $.02 per diluted share.

          BB&T’s third quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.42% and 14.39%, respectively, compared to prior year returns of 1.65% and 15.69%, respectively.

          Operating earnings for the third quarter of 2006 totaled $429.8 million, or $.79 per diluted share, excluding $6.2 million in net after-tax merger-related charges and $6.5 million in after-tax equity-based compensation. Operating earnings for the third quarter of 2005 totaled $440.9 million, excluding $1.1 million in net after-tax merger-related credits. These results reflect decreases of 2.5% and 1.3%, respectively, compared to the same period last year. Operating results were also reduced by $.02 per diluted share because of the aforementioned legal charge.

          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 charges or credits, equity-based compensation and nonrecurring items from earnings. Cash basis operating earnings totaled $447.6 million for the third quarter of 2006, a decrease of 3.2% compared to the third quarter of 2005. Cash basis operating diluted earnings per share totaled $.82 for the third quarter of 2006, a decrease of 2.4% compared to $.84 earned during the same period in 2005. Cash basis operating earnings for the third quarter of 2006 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.59% and 28.53%, respectively, compared to prior year returns of 1.81% and 28.56%, respectively.

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          “The challenging interest rate environment continued to erode our margins and the legal charge we incurred late in the quarter negatively affected our earnings,” said Chairman and Chief Executive Officer John A. Allison. “While I am disappointed in our bottom-line results, I am pleased with a number of very positive trends in our performance. We experienced positive growth in loans and deposits, including a very favorable report on deposit market share released last week by the FDIC. Also, we enjoyed strong results from our investment banking division and our insurance operations, and continue to benefit from excellent asset quality levels and reasonable growth in total revenues.”

          For the first nine months of 2006, BB&T’s net income was $1.28 billion, an increase of 4.4% compared to $1.22 billion earned in the first nine months of 2005. Diluted earnings per share for the first nine months of 2006 totaled $2.35, an increase of 5.9% compared to the same period in 2005. Excluding merger-related charges or credits, equity-based compensation and nonrecurring items, operating earnings for the first nine months of 2006 totaled $1.29 billion, or $2.38 per diluted share, increases of 3.7% and 5.3%, respectively, compared to the first nine months of 2005.

Deposits Grow 9.8% Compared to Last Year, BB&T Gains Deposit Market Share

          BB&T’s deposit gathering efforts continued to be successful during the third quarter, as average deposits totaled $79.1 billion, an increase of 9.8% compared to $72.1 billion for the third quarter last year. Average client deposit growth was led by client certificates of deposit, which increased $5.8 billion, or 31.9%, and other client deposits, which increased $2.2 billion, or 7.5% compared to the third quarter of 2005. In addition, deposit growth accelerated during the third quarter, with annualized growth of 18.3% compared to the second quarter of 2006. During the first nine months of 2006, BB&T generated more than 115,000 net new transaction deposit accounts. According to the FDIC’s “Summary of Deposits” report released last week, based on data for commercial banks, BB&T maintained its leading market share in West Virginia and gained market share in every other state in the Company’s footprint. In addition, BB&T enjoyed double-digit deposit growth in six of the nine states where it has a significant presence.

BB&T Posts 11.5% Loan Growth during the Quarter

          Average loans and leases totaled $81.0 billion for the third quarter of 2006, reflecting an increase of $8.3 billion, or 11.5%, compared to the third quarter of 2005. This increase was composed of growth in average commercial loans and leases, which increased $4.5 billion, or 12.8%; average mortgage loans, which increased $1.9 billion, or 13.9%; average consumer loans, which increased $1.1 billion, or 5.4%; and growth in average loans originated by BB&T’s specialized lending subsidiaries, which increased $742.6 million, or 28.2%, compared to the third quarter last year.

BB&T’s Noninterest Income up 9.1%

          Noninterest income from BB&T’s fee generating businesses increased 9.1% during the third quarter of 2006 compared to 2005. Total noninterest income was $660.2 million for the current quarter and represented 40.8% of total revenues. This increase includes a record performance from BB&T’s investment banking and brokerage operations, as well as increased revenues from BB&T’s insurance operations, other nondeposit fees and commissions, and trust operations.

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          BB&T’s investment banking and brokerage operations enjoyed record results in the current quarter as fees increased 18.1% to $82.7 million compared to $70.0 million earned in the same quarter last year. This increase was primarily driven by growth in revenues at BB&T Capital Markets, a division of Scott & Stringfellow.

          Commissions from BB&T’s insurance operations increased 13.6% to $207.8 million in the current quarter compared with $182.9 million earned in the third quarter of 2005. 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.

          Other nondeposit fees and commissions totaled $115.0 million for the third quarter of 2006, an increase of 18.3% compared to the third quarter of 2005. This increase was generated primarily by growth in debit card related services.

          Trust revenues increased 8.6% to $39.7 million in the third quarter of 2006 compared with $36.6 million earned in the third quarter of 2005. This increase was primarily attributable to improved performance from institutional trust services and wealth management.

          Revenues from mortgage banking operations totaled $22.6 million for the third quarter of 2006 compared to $35.8 million earned in the third quarter last year. This decrease was primarily the result of fluctuations in the fair value of residential mortgage servicing rights and the related derivative hedge. Third quarter 2006 revenues include a net decrease in the fair value of mortgage servicing rights of $.5 million compared to a net increase in fair value of $11.0 million in the third quarter last year.

Asset Quality Remains Excellent

          BB&T’s asset quality remains excellent. Nonperforming assets, as a percentage of total assets, were .28% at Sept. 30 compared to .27% at Dec. 31, 2005, and .28% at Sept. 30, 2005. Annualized net charge-offs were .27% of average loans and leases for the third quarter of 2006, down from .30% in the third quarter of 2005. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .14% of average loans and leases compared to .19% in the same quarter last year.

BB&T Recognized Nationally for Home Mortgage Customer Service

          On July 19, the J.D. Power and Associates 2006 Primary Mortgage Servicer Study was released and BB&T Corporation ranked first in the nation among banks in home mortgage customer service satisfaction. The survey is based on responses from nearly 13,000 home mortgage customers and involves the largest home mortgage providers in the nation. The ranking recognizes BB&T as the best among banks at dealing with all aspects of servicing mortgage loans.

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BB&T Expands Specialized Lending Business

          On Aug. 24, BB&T Corporation announced plans to acquire insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc. The acquisition will significantly strengthen BB&T’s insurance premium finance franchise in the United States, as well as provide entry into Canada – a first for BB&T. The acquisition will advance BB&T from the ninth to the second largest provider of insurance premium financing in the United States and the largest in Canada. The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2007.

BB&T Completes Acquisition of First Citizens Bancorp

           On Aug. 1, BB&T completed its acquisition of First Citizens Bancorp of Cleveland, Tenn. With $722.9 million in assets at Sept. 30, First Citizens operated 16 full-service banking centers in Tennessee, two in North Carolina and one in Georgia. The acquisition provides BB&T with significant opportunities to increase the number of consumer and small business loans in First Citizens’ markets, as well as to develop additional commercial lending relationships.

           At Sept. 30, BB&T had $118.5 billion in assets and operated 1,462 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. 18 was $44.00 per share.

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

Earnings Webcast

           To hear a live webcast of BB&T’s third quarter 2006 earnings conference call at 11:00 a.m. (EDT) today, please visit our Web site at www.BBT.com. Replays of the conference call will be available through our Web site until 5 p.m. (EST) on Friday, Nov. 3.

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           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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			9/30/05			$			%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	1,824,658		$	1,451,212		$	373,446			25.7	%
Interest expense		864,603			531,457			333,146			62.7
Net interest income - taxable equivalent		960,055			919,755			40,300			4.4
Less: Taxable equivalent adjustment		22,267			20,763			1,504			7.2
Net interest income		937,788			898,992			38,796			4.3
Provision for credit losses		62,336			57,465			4,871			8.5
Net interest income after provision for credit losses		875,452			841,527			33,925			4.0
Noninterest income		660,182			605,120			55,062			9.1
Noninterest expense		894,779			788,300			106,479			13.5
Operating earnings before income taxes		640,855			658,347			(17,492	)		(2.7	)
Provision for income taxes		211,102			217,471			(6,369	)		(2.9	)
Operating earnings (1)	$	429,753		$	440,876		$	(11,123	)		(2.5	) %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	.80		$	.81		$	(.01	)		(1.2	) %
Diluted earnings		.79			.80			(.01	)		(1.3	)
Weighted average shares -            Basic		538,911,074			547,467,864
Diluted		544,285,889			552,058,757
Dividends paid per share	$	.42		$	.38		$	.04			10.5	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.46	%		1.64	%
Return on average equity		14.83			15.65
Net yield on earning assets (taxable equivalent)		3.68			3.88
Efficiency ratio (taxable equivalent) (2)		54.9			51.7
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings	$	447,598		$	462,350		$	(14,752	)		(3.2	) %
Diluted earnings per share		.82			.84			(.02	)		(2.4	)
Return on average tangible assets		1.59	%		1.81	%
Return on average tangible equity		28.53			28.56
Efficiency ratio (taxable equivalent) (2)		53.2			49.7

	For the Three Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/06			9/30/05			$			%
INCOME STATEMENTS
Interest income	$	1,802,391		$	1,430,449		$	371,942			26.0	%
Interest expense		864,603			531,457			333,146			62.7
Net interest income		937,788			898,992			38,796			4.3
Provision for credit losses		62,336			57,465			4,871			8.5
Net interest income after provision for credit losses		875,452			841,527			33,925			4.0
Noninterest income		660,182			605,120			55,062			9.1
Noninterest expense		915,478			786,476			129,002			16.4
Income before income taxes		620,156			660,171			(40,015	)		(6.1	)
Provision for income taxes		203,128			218,165			(15,037	)		(6.9	)
Net income	$	417,028		$	442,006		$	(24,978	)		(5.7	) %
PER SHARE DATA
Basic earnings	$	.77		$	.81		$	(.04	)		(4.9	) %
Diluted earnings		.77			.80			(.03	)		(3.8	)
Weighted average shares -            Basic		538,911,074			547,467,864
Diluted		544,285,889			552,058,757
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.42	%		1.65	%
Return on average equity		14.39			15.69
Efficiency ratio (taxable equivalent) (2)		56.2			51.5

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 $12.7 million and $(1.1 million), net of tax, in the third 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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			9/30/05			$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	5,093,118		$	4,068,082		$	1,025,036		25.2	%
Interest expense		2,275,067			1,381,485			893,582		64.7
Net interest income - taxable equivalent		2,818,051			2,686,597			131,454		4.9
Less: Taxable equivalent adjustment		65,442			61,457			3,985		6.5
Net interest income		2,752,609			2,625,140			127,469		4.9
Provision for credit losses		167,639			147,934			19,705		13.3
Net interest income after provision for credit losses		2,584,970			2,477,206			107,764		4.4
Noninterest income		1,919,054			1,705,643			213,411		12.5
Noninterest expense		2,566,484			2,309,297			257,187		11.1
Operating earnings before income taxes		1,937,540			1,873,552			63,988		3.4
Provision for income taxes		643,771			625,744			18,027		2.9
Operating earnings (1)	$	1,293,769		$	1,247,808		$	45,961		3.7	%
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	2.40		$	2.28		$	.12		5.3	%
Diluted earnings		2.38			2.26			.12		5.3
Weighted average shares -            Basic		538,578,229			547,939,700
Diluted		543,496,218			552,313,670
Dividends paid per share	$	1.18		$	1.08		$	.10		9.3	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.53	%		1.61	%
Return on average equity		15.33			15.10
Net yield on earning assets (taxable equivalent)		3.75			3.92
Noninterest income as a percentage of
total income (taxable equivalent) (2)		40.4			38.7
Efficiency ratio (taxable equivalent) (2)		54.0			52.3
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings	$	1,349,021		$	1,314,138		$	34,883		2.7	%
Diluted earnings per share		2.48			2.38			.10		4.2
Return on average tangible assets		1.67	%		1.78	%
Return on average tangible equity		28.63			27.81
Efficiency ratio (taxable equivalent) (2)		52.3			50.2

	For the Nine Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	9/30/06			9/30/05			$		%
INCOME STATEMENTS
Interest income	$	5,027,676		$	4,006,625		$	1,021,051		25.5	%
Interest expense		2,275,067			1,381,485			893,582		64.7
Net interest income		2,752,609			2,625,140			127,469		4.9
Provision for credit losses		167,639			147,934			19,705		13.3
Net interest income after provision for credit losses		2,584,970			2,477,206			107,764		4.4
Noninterest income		1,919,054			1,706,660			212,394		12.4
Noninterest expense		2,594,268			2,348,470			245,798		10.5
Income before income taxes		1,909,756			1,835,396			74,360		4.1
Provision for income taxes		632,115			611,201			20,914		3.4
Net income	$	1,277,641		$	1,224,195		$	53,446		4.4	%
PER SHARE DATA
Basic earnings	$	2.37		$	2.23		$	.14		6.3	%
Diluted earnings		2.35			2.22			.13		5.9
Weighted average shares -             Basic		538,578,229			547,939,700
Diluted		543,496,218			552,313,670
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.51	%		1.58	%
Return on average equity		15.13			14.82
Efficiency ratio (taxable equivalent) (2)		54.6			53.2

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 $16.1 million and $23.6 million, net of tax, in the first nine months 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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06		9/30/05		$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks	$	1,953,967	$	1,942,658	$	11,309			0.6	%
Interest-bearing deposits with banks		567,323		379,423		187,900			49.5
Federal funds sold and other earning assets		370,236		330,055		40,181			12.2
Securities available for sale		20,733,173		19,817,145		916,028			4.6
Trading securities		887,605		433,652		453,953			104.7
Total securities		21,620,778		20,250,797		1,369,981			6.8
Commercial loans and leases		40,354,582		35,848,589		4,505,993			12.6
Direct retail loans		15,317,659		14,279,817		1,037,842			7.3
Sales finance loans		5,553,067		5,368,126		184,941			3.4
Revolving credit loans		1,356,425		1,294,804		61,621			4.8
Mortgage loans		15,847,368		14,200,691		1,646,677			11.6
Specialized lending		3,520,978		2,679,818		841,160			31.4
Total loans and leases		81,950,079		73,671,845		8,278,234			11.2
Allowance for loan and lease losses		883,497		817,777		65,720			8.0
Total earning assets		105,000,543		95,054,570		9,945,973			10.5
Premises and equipment, net		1,387,080		1,269,224		117,856			9.3
Goodwill		4,822,813		4,237,451		585,362			13.8
Core deposit and other intangibles		478,853		503,686		(24,833	)		(4.9	)
Other assets		6,256,265		5,312,791		943,474			17.8
Total assets		118,523,897		107,080,153		11,443,744			10.7
Noninterest-bearing deposits		13,533,341		13,499,106		34,235			.3
Interest checking		1,303,510		1,414,364		(110,854	)		(7.8	)
Other client deposits		32,795,530		30,135,171		2,660,359			8.8
Client certificates of deposit		24,337,678		18,402,885		5,934,793			32.2
Other interest-bearing deposits		8,096,144		9,728,748		(1,632,604	)		(16.8	)
Total deposits		80,066,203		73,180,274		6,885,929			9.4
Fed funds purchased, repos and other borrowings		7,234,721		6,533,455		701,266			10.7
Long-term debt		16,159,379		12,376,759		3,782,620			30.6
Total interest-bearing liabilities		89,926,962		78,591,382		11,335,580			14.4
Other liabilities		3,329,669		3,793,747		(464,078	)		(12.2	)
Total liabilities		106,789,972		95,884,235		10,905,737			11.4
Total shareholders' equity	$	11,733,925	$	11,195,918	$	538,007			4.8	%
Average balances
Securities, at amortized cost	$	21,260,419	$	20,352,453	$	907,966			4.5	%
Commercial loans and leases		38,361,308		34,587,586		3,773,722			10.9
Direct retail loans		14,777,404		13,925,745		851,659			6.1
Sales finance loans		5,304,404		5,181,457		122,947			2.4
Revolving credit loans		1,321,446		1,260,921		60,525			4.8
Mortgage loans		15,273,524		13,137,726		2,135,798			16.3
Specialized lending		3,137,432		2,481,167		656,265			26.4
Total loans and leases		78,175,518		70,574,602		7,600,916			10.8
Allowance for loan and lease losses		853,623		811,340		42,283			5.2
Other earning assets		908,187		691,686		216,501			31.3
Total earning assets		100,344,124		91,618,741		8,725,383			9.5
Total assets		112,828,161		103,522,615		9,305,546			9.0
Noninterest-bearing deposits		13,125,282		12,721,383		403,899			3.2
Interest checking		2,099,489		1,780,774		318,715			17.9
Other client deposits		31,169,006		29,694,505		1,474,501			5.0
Client certificates of deposit		21,837,614		17,672,736		4,164,878			23.6
Other interest-bearing deposits		8,102,648		7,599,984		502,664			6.6
Total deposits		76,334,039		69,469,382		6,864,657			9.9
Fed funds purchased, repos and other borrowings		6,970,893		7,475,829		(504,936	)		(6.8	)
Long-term debt		14,131,826		11,703,066		2,428,760			20.8
Total interest-bearing liabilities		84,311,476		75,926,894		8,384,582			11.0
Total shareholders' equity	$	11,286,577	$	11,044,890	$	241,687			2.2	%

		As of / For the Quarter Ended
(Dollars in thousands, except per share data)		9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
MISCELLANEOUS INFORMATION
Unrealized depreciation on
securities available for sale, net of tax		$	(312,735	)	$	(535,078	)	$	(449,770	)	$	(337,578	)	$	(266,690	)
Derivatives (notional value)			25,054,319			24,282,135			21,133,941			23,679,972			26,131,167
Fair value of derivatives portfolio			(25,763	)		(215,469	)		(134,558	)		(10,600	)		(1,869	)
Common stock prices:	High		44.54			43.46			42.85			43.92			43.00
	Low		39.87			39.09			38.24			37.39			38.56
	End of period		43.78			41.59			39.20			41.91			39.05
Weighted average shares -	Basic		538,911,074			536,882,392			539,952,669			543,879,921			547,467,864
	Diluted		544,285,889			541,607,530			543,435,830			548,607,865			552,058,757
End of period shares outstanding			540,652,126			536,895,965			535,588,093			543,102,080			548,051,351
End of period banking offices			1,462			1,443			1,409			1,404			1,402
ATMs			2,106			2,057			1,964			1,951			1,944
FTEs			29,112			29,016			28,300			27,745			27,080

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

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,571,500		$	1,452,022		$	1,341,049		$	1,290,568		$	1,227,374
Interest and dividends on securities		242,925			228,204			229,743			223,240			217,507
Interest on short-term investments		10,233			10,222			7,220			6,609			6,331
Total interest income - taxable equivalent		1,824,658			1,690,448			1,578,012			1,520,417			1,451,212
Interest expense
Interest on deposits		585,115			497,238			438,420			387,763			343,489
Interest on fed funds purchased, repos and other borrowings		74,974			80,560			65,081			65,371			58,169
Interest on long-term debt		204,514			174,048			155,117			146,350			129,799
Total interest expense		864,603			751,846			658,618			599,484			531,457
Net interest income - taxable equivalent		960,055			938,602			919,394			920,933			919,755
Less: Taxable equivalent adjustment		22,267			21,833			21,342			21,200			20,763
Net interest income		937,788			916,769			898,052			899,733			898,992
Provision for credit losses		62,336			57,732			47,571			69,329			57,465
Net interest income after provision for
credit losses		875,452			859,037			850,481			830,404			841,527
Noninterest income
Insurance commissions		207,799			214,087			176,512			197,372			182,915
Service charges on deposits		137,950			138,112			131,241			141,645			141,072
Other nondeposit fees and commissions		114,952			111,489			101,635			100,157			97,208
Investment banking and brokerage fees and commissions		82,698			78,220			81,311			69,682			70,036
Trust revenue		39,699			37,739			37,020			36,949			36,552
Mortgage banking income		22,616			29,128			32,295			25,357			35,840
Securities gains (losses), net		179			153			2			(81	)		193
Other noninterest income		54,289			41,749			48,179			47,881			41,304
Total noninterest income		660,182			650,677			608,195			618,962			605,120
Noninterest expense
Personnel expense		513,539			495,454			487,467			468,098			451,260
Occupancy and equipment expense		113,808			109,707			107,785			112,018			105,656
Foreclosed property expense		4,490			3,929			3,912			5,809			6,322
Amortization of intangibles		26,776			25,225			25,108			29,054			26,540
Other noninterest expense		236,166			213,559			199,559			209,008			198,522
Total noninterest expense		894,779			847,874			823,831			823,987			788,300
Operating earnings before income taxes		640,855			661,840			634,845			625,379			658,347
Provision for income taxes		211,102			225,513			207,156			199,576			217,471
Operating earnings (1)	$	429,753		$	436,327		$	427,689		$	425,803		$	440,876
PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.80		$	.81		$	.79		$	.78		$	.81
Diluted earnings		.79			.81			.79			.78			.80
Dividends paid per share		.42			.38			.38			.38			.38
PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets		1.46	%		1.56	%		1.59	%		1.57	%		1.64	%
Return on average equity		14.83			15.60			15.58			15.18			15.65
Net yield on earning assets (taxable equivalent)		3.68			3.76			3.82			3.82			3.88
Efficiency ratio (taxable equivalent) (2)		54.9			53.2			53.8			53.0			51.7
Noninterest income as a percentage of
total income (taxable equivalent) (2)		40.8			40.8			39.7			40.3			39.2
Average earning assets as a percentage of
average total assets		88.8			89.0			89.0			88.9			88.7
Average loans and leases as a percentage of
average deposits		102.4			103.1			101.7			101.9			100.9
CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	447,598		$	454,775		$	446,648		$	448,866		$	462,350
Diluted earnings per share		.82			.84			.82			.82			.84
Return on average tangible assets		1.59	%		1.70	%		1.74	%		1.73	%		1.81	%
Return on average tangible equity		28.53			28.96			28.41			27.88			28.56
Efficiency ratio (taxable equivalent) (2)		53.2			51.5			52.0			50.9			49.7

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 $12.7 million, $7.2 million, $(3.8 million), $(3.8 million) and $(1.1 million), net of tax, for the quarters ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005, and September 30, 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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06		6/30/06		3/31/06			12/31/05			9/30/05
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,563,071	$	1,443,972	$	1,333,545		$	1,283,225		$	1,220,102
Interest and dividends on securities		229,087		214,421		215,905			209,383			204,016
Interest on short-term investments		10,233		10,222		7,220			6,609			6,331
Total interest income		1,802,391		1,668,615		1,556,670			1,499,217			1,430,449
Interest expense
Interest on deposits		585,115		497,238		438,420			387,763			343,489
Interest on fed funds purchased, repos and other borrowings		74,974		80,560		65,081			65,371			58,169
Interest on long-term debt		204,514		174,048		155,117			146,350			129,799
Total interest expense		864,603		751,846		658,618			599,484			531,457
Net interest income		937,788		916,769		898,052			899,733			898,992
Provision for credit losses		62,336		57,732		47,571			69,329			57,465
Net interest income after provision for
credit losses		875,452		859,037		850,481			830,404			841,527
Noninterest income
Insurance commissions		207,799		214,087		176,512			197,372			182,915
Service charges on deposits		137,950		138,112		131,241			141,645			141,072
Other nondeposit fees and commissions		114,952		111,489		101,635			100,157			97,208
Investment banking and brokerage fees and commissions		82,698		78,220		81,311			69,682			70,036
Trust revenue		39,699		37,739		37,020			36,949			36,552
Mortgage banking income		22,616		29,128		32,295			25,357			35,840
Securities gains (losses), net		179		153		2			(81	)		193
Other noninterest income		54,289		41,749		48,179			47,881			41,304
Total noninterest income		660,182		650,677		608,195			618,962			605,120
Noninterest expense
Personnel expense		513,539		495,454		487,467			468,098			451,260
Equity-based compensation		10,601		10,104		26,532			—			—
Occupancy and equipment expense		113,808		109,707		107,785			112,018			105,656
Foreclosed property expense		4,490		3,929		3,912			5,809			6,322
Amortization of intangibles		26,776		25,225		25,108			29,054			26,540
Merger-related and restructuring charges (credits), net		10,098		1,631		(2,976	)		(5,956	)		(1,824	)
Other noninterest expense		236,166		213,559		171,353			209,008			198,522
Total noninterest expense		915,478		859,609		819,181			818,031			786,476
Income before income taxes		620,156		650,105		639,495			631,335			660,171
Provision for income taxes		203,128		221,005		207,982			201,761			218,165
Net income	$	417,028	$	429,100	$	431,513		$	429,574		$	442,006
PER SHARE DATA
Basic earnings	$	.77	$	.80	$	.80		$	.79		$	.81
Diluted earnings		.77		.79		.79			.78			.80

	For the Quarter Ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities:
U.S. Treasury securities		3.72	%		3.19	%		3.11	%		2.95	%		2.94	%
U.S. government-sponsored entity securities		4.00			3.96			3.95			3.87			3.75
Mortgage-backed securities		5.10			4.83			4.81			4.76			4.73
States and political subdivisions		6.90			6.84			6.82			6.81			6.74
Other securities		5.24			5.25			6.01			5.41			4.96
Trading securities		3.31			2.94			3.70			3.17			2.82
Total securities		4.47			4.33			4.39			4.29			4.18
Loans:
Commercial loans and leases		7.99			7.73			7.39			7.01			6.71
Consumer loans		7.38			7.14			6.95			6.69			6.54
Mortgage loans		5.79			5.66			5.50			5.46			5.45
Specialized lending		15.32			15.12			15.14			14.63			14.69
Total loans		7.70			7.47			7.19			6.90			6.71
Other earning assets		4.16			4.23			3.76			3.29			3.16
Total earning assets		6.99			6.77			6.56			6.30			6.12
Interest expense:
Interest-bearing deposits:
Interest checking		1.92			1.77			1.38			1.13			.78
Other client deposits		2.60			2.29			2.03			1.80			1.61
Client certificates of deposit		4.32			3.99			3.66			3.29			3.03
Other interest-bearing deposits		5.36			5.00			4.54			4.03			3.47
Total interest-bearing deposits		3.53			3.19			2.90			2.58			2.31
Fed funds purchased, repos and other borrowings		4.43			4.30			3.95			3.64			3.24
Long-term debt		5.28			5.04			4.77			4.58			4.26
Total interest-bearing liabilities		3.90			3.60			3.29			3.00			2.70
Net yield on earning assets		3.68	%		3.76	%		3.82	%		3.82	%		3.88	%

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

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	20,733,173		$	20,090,945		$	19,433,575		$	19,782,966		$	19,817,145
Trading securities		887,605			918,621			745,169			706,518			433,652
Total securities		21,620,778			21,009,566			20,178,744			20,489,484			20,250,797
Commercial loans and leases		40,354,582			39,691,954			37,191,415			36,615,085			35,848,589
Direct retail loans		15,317,659			14,908,991			14,543,073			14,452,518			14,279,817
Sales finance loans		5,553,067			5,378,205			5,176,673			5,264,088			5,368,126
Revolving credit loans		1,356,425			1,327,623			1,299,396			1,347,309			1,294,804
Mortgage loans		15,847,368			15,671,640			15,036,187			14,481,561			14,200,691
Specialized lending		3,520,978			3,305,220			3,032,538			2,862,927			2,679,818
Total loans and leases		81,950,079			80,283,633			76,279,282			75,023,488			73,671,845
Allowance for loan and lease losses		883,497			869,880			833,231			825,300			817,777
Other earning assets		937,559			960,176			816,838			730,819			709,478
Total earning assets		105,000,543			103,097,439			97,984,757			96,777,005			95,054,570
Total assets		118,523,897			116,283,730			110,033,689			109,169,759			107,080,153
Noninterest-bearing deposits		13,533,341			13,625,502			13,413,099			13,476,939			13,499,106
Interest checking		1,303,510			1,539,064			1,338,847			1,426,715			1,414,364
Other client deposits		32,795,530			32,344,438			32,074,100			30,959,888			30,135,171
Client certificates of deposit		24,337,678			23,704,122			20,352,627			19,309,667			18,402,885
Other interest-bearing deposits		8,096,144			7,299,675			8,385,456			9,108,590			9,728,748
Total deposits		80,066,203			78,512,801			75,564,129			74,281,799			73,180,274
Fed funds purchased, repos and other borrowings		7,234,721			6,797,108			6,356,330			6,561,719			6,533,455
Long-term debt		16,159,379			15,195,145			13,045,058			13,118,559			12,376,759
Total interest-bearing liabilities		89,926,962			86,879,552			81,552,418			80,485,138			78,591,382
Total shareholders' equity		11,733,925			11,164,113			10,969,972			11,129,114			11,195,918
Goodwill		4,822,813			4,730,294			4,300,396			4,255,998			4,237,451
Core deposit and other intangibles		478,853			493,463			479,231			487,525			503,686
Total intangibles		5,301,666			5,223,757			4,779,627			4,743,523			4,741,137
Mortgage servicing rights	$	507,171		$	523,908		$	485,307		$	451,287		$	414,466
Average balances
Securities, at amortized cost	$	21,736,400		$	21,081,257		$	20,955,014		$	20,807,541		$	20,822,997
Commercial loans and leases		39,964,654			38,187,877			36,897,691			36,213,607			35,424,216
Direct retail loans		15,119,924			14,707,176			14,498,280			14,354,335			14,194,755
Sales finance loans		5,452,543			5,242,132			5,215,937			5,316,296			5,313,245
Revolving credit loans		1,338,798			1,308,461			1,316,837			1,307,724			1,281,964
Mortgage loans		15,795,190			15,348,385			14,664,573			14,381,114			13,869,588
Specialized lending		3,373,322			3,183,885			2,849,331			2,741,610			2,630,756
Total loans and leases		81,044,431			77,977,916			75,442,649			74,314,686			72,714,524
Allowance for loan and lease losses		880,383			852,045			827,863			818,743			814,934
Other earning assets		976,003			968,783			777,594			797,372			795,338
Total earning assets		103,756,834			100,027,956			97,175,257			95,919,599			94,332,859
Total assets		116,884,135			112,383,000			109,132,162			107,844,163			106,360,541
Noninterest-bearing deposits		13,339,523			13,179,022			12,851,943			13,343,220			13,144,471
Interest checking		2,164,673			2,225,377			1,905,570			1,845,732			1,846,994
Other client deposits		31,957,072			30,848,811			30,687,180			30,166,800			29,729,490
Client certificates of deposit		23,942,313			21,629,456			19,896,614			18,849,059			18,155,972
Other interest-bearing deposits		7,719,550			7,742,838			8,858,068			8,743,882			9,215,190
Total deposits		79,123,131			75,625,504			74,199,375			72,948,693			72,092,117
Fed funds purchased, repos and other borrowings		6,720,188			7,507,314			6,684,788			7,118,752			7,123,027
Long-term debt		15,433,191			13,825,503			13,111,268			12,717,191			12,111,140
Total interest-bearing liabilities		87,936,987			83,779,299			81,143,488			79,441,416			78,181,813
Total shareholders' equity	$	11,500,116		$	11,221,497		$	11,134,096		$	11,126,630		$	11,176,928
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	8,137,534		$	7,841,326		$	7,360,953		$	7,453,987		$	7,454,705
Total		12,921,304			11,863,873			11,418,033			11,610,547			11,648,384
Risk-weighted assets		88,546,317			86,412,021			81,623,098			80,390,559			78,417,224
Average quarterly tangible assets		112,401,583			108,026,743			105,038,107			103,741,007			102,009,127
Risk-based capital ratios:
Tier 1		9.2	%		9.1	%		9.0	%		9.3	%		9.5	%
Total		14.6			13.7			14.0			14.4			14.9
Leverage capital ratio		7.2			7.3			7.0			7.2			7.3
Equity as a percentage of total assets		9.9			9.6			10.0			10.2			10.5
Book value per share	$	21.70		$	20.79		$	20.48		$	20.49		$	20.43
Tangible book value per share (2)		11.90			11.06			11.56			11.76			11.78

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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Vice President	(336) 733-3058
Page 11	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands)	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	870,877		$	833,432		$	829,770		$	830,344		$	827,325
Allowance for acquired (sold) loans, net		5,669			25,043			3,731			(970	)		—
Provision for credit losses		62,336			57,732			47,571			69,329			57,465
Charge-offs
Commercial loans and leases		(10,339	)		(7,025	)		(5,407	)		(20,584	)		(7,440	)
Direct retail loans		(11,952	)		(11,638	)		(10,597	)		(10,293	)		(20,558	)
Sales finance loans		(5,007	)		(5,304	)		(5,610	)		(8,617	)		(6,874	)
Revolving credit loans		(10,207	)		(10,435	)		(11,337	)		(15,994	)		(13,179	)
Mortgage loans		(1,350	)		(1,238	)		(2,095	)		(1,347	)		(1,502	)
Specialized lending		(30,879	)		(26,306	)		(27,226	)		(26,923	)		(23,190	)
Total charge-offs		(69,734	)		(61,946	)		(62,272	)		(83,758	)		(72,743	)
Recoveries
Commercial loans and leases		3,648			5,392			3,203			4,550			4,822
Direct retail loans		3,233			3,012			3,065			2,653			5,214
Sales finance loans		1,646			1,732			1,739			1,866			2,145
Revolving credit loans		3,063			2,974			2,743			2,841			2,740
Mortgage loans		95			84			144			162			340
Specialized lending		3,311			3,422			3,738			2,753			3,036
Total recoveries		14,996			16,616			14,632			14,825			18,297
Net charge-offs		(54,738	)		(45,330	)		(47,640	)		(68,933	)		(54,446	)
Ending balance	$	884,144		$	870,877		$	833,432		$	829,770		$	830,344
Allowance For Credit Losses
Allowance for loan and lease losses	$	883,497		$	869,880		$	833,231		$	825,300		$	817,777
Reserve for unfunded lending commitments		647			997			201			4,470			12,567
Total	$	884,144		$	870,877		$	833,432		$	829,770		$	830,344
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	124,018		$	125,950		$	109,838		$	103,804		$	107,121
Direct retail loans		38,205			39,470			42,156			40,916			39,334
Sales finance loans		2,483			2,502			3,064			4,640			9,864
Revolving credit loans		203			222			177			233			304
Mortgage loans		49,817			46,705			49,643			48,126			48,301
Specialized lending		30,683			24,154			26,508			31,160			25,648
Total nonaccrual loans and leases		245,409			239,003			231,386			228,879			230,572
Foreclosed real estate		54,553			55,623			41,341			48,315			51,504
Other foreclosed property		30,555			24,304			22,895			22,420			21,692
Restructured loans		584			494			507			515			523
Nonperforming assets	$	331,101		$	319,424		$	296,129		$	300,129		$	304,291
Loans 90 days or more past due
and still accruing:
Commercial loans and leases	$	8,454		$	18,510		$	5,727		$	10,413		$	5,948
Direct retail loans		16,646			16,536			17,686			20,814			18,197
Sales finance loans		12,489			12,318			18,347			21,585			16,246
Revolving credit loans		6,254			5,456			4,172			4,713			4,840
Mortgage loans		36,300			32,221			28,251			38,828			33,385
Specialized lending		6,762			5,675			5,050			7,092			5,999
Total loans 90 days or more past due
and still accruing		86,905			90,716			79,233			103,445			84,615
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases		.11	%		.11	%		.10	%		.14	%		.11	%
Asset Quality Ratios
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		.30	%		.30	%		.30	%		.31	%		.31	%
Nonperforming assets as a percentage of:
Total assets		.28			.27			.27			.27			.28
Loans and leases plus
foreclosed property		.40			.40			.39			.40			.41
Net charge-offs as a percentage of
average loans and leases		.27			.23			.26			.37			.30
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.14			.12			.13			.25			.19
Allowance for loan and lease losses as
a percentage of loans and leases		1.08			1.08			1.09			1.10			1.11
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.09			1.09			1.10			1.11			1.12
Ratio of allowance for loan and lease losses to:
Net charge-offs		4.07	x		4.78	x		4.31	x		3.02	x		3.79	x
Nonaccrual and restructured loans and leases		3.59			3.63			3.59			3.60			3.54

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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			9/30/05			$			%
Allowance For Credit Losses
Beginning balance	$	829,770		$	828,301		$	1,469			.2	%
Allowance for acquired (sold) loans, net		34,443			—			34,443			NM
Provision for credit losses		167,639			147,934			19,705			13.3
Charge-offs
Commercial loans and leases		(22,771	)		(28,678	)		5,907			(20.6	)
Direct retail loans		(34,187	)		(36,155	)		1,968			(5.4	)
Sales finance loans		(15,921	)		(18,047	)		2,126			(11.8	)
Revolving credit loans		(31,979	)		(38,424	)		6,445			(16.8	)
Mortgage loans		(4,683	)		(4,706	)		23			(.5	)
Specialized lending		(84,411	)		(67,979	)		(16,432	)		24.2
Total charge-offs		(193,952	)		(193,989	)		37			(.0	)
Recoveries
Commercial loans and leases		12,243			12,528			(285	)		(2.3	)
Direct retail loans		9,310			9,221			89			1.0
Sales finance loans		5,117			7,017			(1,900	)		(27.1	)
Revolving credit loans		8,780			8,017			763			9.5
Mortgage loans		323			474			(151	)		(31.9	)
Specialized lending		10,471			10,841			(370	)		(3.4	)
Total recoveries		46,244			48,098			(1,854	)		(3.9	)
Net charge-offs		(147,708	)		(145,891	)		(1,817	)		(1.2	)
Ending balance	$	884,144		$	830,344		$	53,800			6.5	%
Allowance For Credit Losses
Allowance for loan and lease losses	$	883,497		$	817,777		$	65,720			8.0	%
Reserve for unfunded lending commitments		647			12,567			(11,920	)		(94.9	)
Total	$	884,144		$	830,344		$	53,800			6.5	%
Asset Quality Ratios
Net charge-offs as a percentage of
average loans and leases		.25	%		.28	%
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.13			.17
Ratio of allowance for loan and lease losses to
net charge-offs		4.47	x		4.19	x

	Percentage Increase (Decrease)
	QTD			Annualized Link QTD			YTD
	3Q06 vs. 3Q05			3Q06 vs. 2Q06			2006 vs. 2005
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (2)
Average Balances
Commercial loans and leases		7.0	%		4.2	%		8.1	%
Direct retail loans		5.0			6.5			5.4
Sales finance loans		2.6			15.9			2.4
Revolving credit loans		4.3			8.8			4.8
Mortgage loans (3)		15.3			11.5			17.8
Specialized lending		24.3			23.6			23.2
Total loans and leases (3)		8.4			7.6			9.4
Noninterest-bearing deposits		(0.7	)		(1.2	)		2.2
Interest checking		5.2			(34.3	)		11.0
Other client deposits		5.0			7.8			3.7
Client certificates of deposit		26.5			31.9			21.0
Other interest-bearing deposits		(17.6	)		(8.7	)		6.0
Total deposits		6.6	%		10.2	%		8.3	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS
BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (2)
Net interest income - taxable equivalent		0.3	%		(.1	) %		2.7	%
Noninterest income
Insurance commissions		9.9			(14.9	)		11.2
Service charges on deposits		(4.1	)		(5.8	)		0.7
Other nondeposit fees and commissions		16.7			8.6			21.1
Investment banking and brokerage fees and commissions		13.8			22.6			6.3
Trust revenue		8.6			20.6			4.5
Mortgage banking income (4)		(11.2	)		(41.6	)		12.3
Securities gains (losses), net		NM			NM			NM
Other income		25.9			109.0			20.1
Total noninterest income (4)		8.3			8.9			9.5
Noninterest expense
Personnel expense		9.4			8.0			10.5
Occupancy and equipment expense		4.3			4.6			3.4
Other noninterest expense		10.9			26.3			6.7
Total noninterest expense		9.2	%		12.8	%		8.4	%

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 2006 and 2005.

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

(4) 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	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Vice President	(336) 733-3058
Page 13	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in thousands)	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1)	$	480,839		$	499,706		$	462,920		$	431,213		$	397,908
Income Statement Impact of Mortgage Servicing
Rights Valuation:
MSRs fair value (decrease) increase	$	(40,620	)	$	32,389		$	28,883		$	—		$	—
MSRs valuation recaptures		—			—			—			29,407			66,666
MSRs derivative hedge gains (losses)		40,080			(28,873	)		(24,834	)		(32,747	)		(55,632	)
Net	$	(540	)	$	3,516		$	4,049		$	(3,340	)	$	11,034
Residential Mortgage Loan Originations	$	2,461,175		$	2,656,293		$	2,308,835		$	2,450,434		$	3,130,026
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	28,589,372		$	27,024,724		$	26,787,683		$	26,624,810		$	26,547,319
Bank owned loans serviced		15,847,368			15,671,640			15,036,187			14,481,561			14,200,691
Total servicing portfolio		44,436,740			42,696,364			41,823,870			41,106,371			40,748,010
Weighted Average Coupon Rate		5.90	%		5.86	%		5.84	%		5.83	%		5.82	%
Weighted Average Servicing Fee		.351			.351			.351			.349			.349

	For the Quarter Ended
(Dollars in thousands, except per share data)	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
RECONCILIATION TABLE
Net income	$	417,028		$	429,100		$	431,513		$	429,574		$	442,006
Merger-related items, net of tax		6,182			989			(1,853	)		(3,771	)		(1,130	)
Equity-based compensation, net of tax		6,543			6,238			16,363			—			—
Other, net of tax (4)		—			—			(18,334	)		—			—
Operating earnings		429,753			436,327			427,689			425,803			440,876
Amortization of intangibles, net of tax		16,869			15,892			15,818			18,305			16,718
Amortization of mark-to-market adjustments, net of tax		976			2,556			3,141			4,758			4,756
Cash basis operating earnings		447,598			454,775			446,648			448,866			462,350
Return on average assets		1.42	%		1.53	%		1.60	%		1.58	%		1.65	%
Effect of merger-related items, net of tax		.02			—			—			(.01	)		(.01	)
Effect of equity-based compensation, net of tax		.02			.03			.06			—			—
Effect of other, net of tax (4)		—			—			(.07	)		—			—
Operating return on average assets		1.46			1.56			1.59			1.57			1.64
Effect of amortization of intangibles, net of tax (2)		.13			.13			.14			.14			.15
Effect of amortization of mark-to-market adjustments,
net of tax		—			.01			.01			.02			.02
Cash basis operating return on average
tangible assets		1.59			1.70			1.74			1.73			1.81
Return on average equity		14.39	%		15.34	%		15.72	%		15.32	%		15.69	%
Effect of merger-related items, net of tax		.21			.04			(.07	)		(.14	)		(.04	)
Effect of equity-based compensation, net of tax		.23			.22			.60			—			—
Effect of other, net of tax (4)		—			—			(.67	)		—			—
Operating return on average equity		14.83			15.60			15.58			15.18			15.65
Effect of amortization of intangibles, net of tax (2)		13.64			13.27			12.63			12.40			12.62
Effect of amortization of mark-to-market adjustments,
net of tax		.06			.09			.20			.30			.29
Cash basis operating return on average
tangible equity		28.53			28.96			28.41			27.88			28.56
Efficiency ratio (taxable equivalent) (3)		56.2	%		54.0	%		53.5	%		52.6	%		51.5	%
Effect of merger-related items		(.6	)		(.1	)		.2			.4			.2
Effect of equity-based compensation		(.7	)		(.7	)		(1.7	)		—			—
Effect of other (4)		—			—			1.8			—			—
Operating efficiency ratio (3)		54.9			53.2			53.8			53.0			51.7
Effect of amortization of intangibles		(1.6	)		(1.6	)		(1.6	)		(1.9	)		(1.8	)
Effect of amortization of mark-to-market adjustments		(.1	)		(.1	)		(.2	)		(.2	)		(.2	)
Cash basis operating efficiency ratio (3)		53.2			51.5			52.0			50.9			49.7
Basic earnings per share	$	.77		$	.80		$	.80		$	.79		$	.81
Effect of merger-related items, net of tax		.01			—			(.01	)		(.01	)		—
Effect of equity-based compensation, net of tax		.02			.01			.03			—			—
Effect of other, net of tax (4)		—			—			(.03	)		—			—
Operating basic earnings per share		.80			.81			.79			.78			.81
Diluted earnings per share	$	.77		$	.79		$	.79		$	.78		$	.80
Effect of merger-related items, net of tax		.01			—			—			—			—
Effect of equity-based compensation, net of tax		.01			.02			.03			—			—
Effect of other, net of tax (4)		—			—			(.03	)		—			—
Operating diluted earnings per share		.79			.81			.79			.78			.80
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
Cash basis operating diluted earnings per share		.82			.84			.82			.82			.84

NOTES: Applicable ratios are annualized.

(1) Balances exclude commercial mortgage servicing rights totaling $26.3 million, $24.2 million, $22.4 million, $20.1 million and $16.6 million as of September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005 and September 30, 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 charges or credits, equity-based compensation and nonrecurring items, 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.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	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)	9/30/06			9/30/05
RECONCILIATION TABLE
Net income	$	1,277,641		$	1,224,195
Merger-related items, net of tax		5,318			(3,006	)
Equity-based compensation, net of tax		29,144			—
Other, net of tax (3)		(18,334	)		26,619
Operating earnings		1,293,769			1,247,808
Amortization of intangibles, net of tax		48,579			52,449
Amortization of mark-to-market adjustments, net of tax		6,673			13,881
Cash basis operating earnings		1,349,021			1,314,138
Return on average assets		1.51	%		1.58	%
Effect of merger-related items, net of tax		.01			—
Effect of equity-based compensation, net of tax		.03			—
Effect of other, net of tax (3)		(.02	)		.03
Operating return on average assets		1.53			1.61
Effect of amortization of intangibles, net of tax (1)		.13			.15
Effect of amortization of mark-to-market adjustments, net of tax		.01			.02
Cash basis operating return on average tangible assets		1.67			1.78
Return on average equity		15.13	%		14.82	%
Effect of merger-related items, net of tax		.06			(.04	)
Effect of equity-based compensation, net of tax		.35			—
Effect of other, net of tax (3)		(.21	)		.32
Operating return on average equity		15.33			15.10
Effect of amortization of intangibles, net of tax (1)		13.16			12.41
Effect of amortization of mark-to-market adjustments, net of tax		.14			.30
Cash basis operating return on average tangible equity		28.63			27.81
Efficiency ratio (taxable equivalent) (2)		54.6	%		53.2	%
Effect of merger-related items		(.2	)		.1
Effect of equity-based compensation		(1.0	)		—
Effect of other (3)		.6			(1.0	)
Operating efficiency ratio (2)		54.0			52.3
Effect of amortization of intangibles		(1.6	)		(1.9	)
Effect of amortization of mark-to-market adjustments		(.1	)		(.2	)
Cash basis operating efficiency ratio (2)		52.3			50.2
Basic earnings per share	$	2.37		$	2.23
Effect of merger-related items, net of tax		.01			—
Effect of equity-based compensation, net of tax		.05			—
Effect of other, net of tax (3)		(.03	)		.05
Operating basic earnings per share		2.40			2.28
Diluted earnings per share	$	2.35		$	2.22
Effect of merger-related items, net of tax		.01			(.01	)
Effect of equity-based compensation, net of tax		.05			—
Effect of other, net of tax (3)		(.03	)		.05
Operating diluted earnings per share		2.38			2.26
Effect of amortization of intangibles, net of tax		.09			.09
Effect of amortization of mark-to-market adjustments, net of tax		.01			.03
Cash basis operating diluted earnings per share		2.48			2.38

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

(3) 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.