Truist Financial (TFC) 8-K Operating earnings per share total $.78 for the quarter

April 19, 2007

FOR IMMEDIATE RELEASE

Contacts:
ANALYSTS		MEDIA
Tamera Gjesdal	Chris Henson	Bob Denham
Senior Vice President	Senior Executive Vice President	Senior Vice President
Investor Relations	Chief Financial Officer	Corporate Communications
(336) 733-3058	(336) 733-3008	(336) 733-1475

BB&T reports 1^st quarter net income of $421 million;

Operating earnings per share total $.78 for the quarter

WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE: BBT) reported today net income for the first quarter of 2007 totaling $421 million, or $.77 per diluted share, compared with $431 million, or $.79 per diluted share, earned during the first quarter of 2006. These results reflect decreases of 2.3% and 2.5%, 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 1.41% and 14.81%, respectively, compared to prior year returns of 1.60% and 15.72%, respectively.

Operating earnings for the first quarter of 2007 totaled $425 million, or $.78 per diluted share, excluding $4 million in net after-tax merger-related and restructuring charges. Operating earnings for the first quarter of 2006 totaled $411 million, excluding an $18 million after-tax gain from the sale of duplicate facilities and $2 million in net after-tax merger-related credits. These results reflect increases of 3.4% and 2.6%, 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 and restructuring charges or credits and nonrecurring items from earnings. Cash basis operating earnings totaled $441 million for the first quarter of 2007, an increase of 2.6% compared to the first quarter of 2006. Cash basis operating diluted earnings per share totaled $.81 for the first quarter of 2007, an increase of 2.5% compared to $.79 earned during the same period in 2006. Cash basis operating earnings for the first quarter of 2007 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.54% and 28.20%, respectively, compared to prior year returns of 1.67% and 26.73%, respectively.

MORE

     “Overall, I am pleased with our first quarter performance, particularly in light of a challenging  interest rate environment and a slowing economy,” said Chairman and Chief Executive Officer John A. Allison. “We continue to experience solid loan and deposit growth and have healthy asset quality. I am also pleased with the progress we made this quarter in operating efficiency, which improved to 52.1% on a cash basis, generating positive operating leverage of 6.2% compared with the fourth quarter of last year. Considering that our first quarter typically includes a number of adverse seasonal factors, I am encouraged that these results represent a good start for 2007.”

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 2007 compared to 2006. Total noninterest income was $652 million for the current quarter, an increase of 7.2% compared with the same period in 2006. This increase includes improved revenues from insurance operations, trust services, service charges on deposit accounts, and other nondeposit fees and commissions.

BB&T’s insurance operations continue to expand through acquisitions and internal growth and are the largest provider of noninterest income. Insurance commissions increased 11.9% to $197 million in the current quarter compared with $176 million earned during the first quarter last year. This increase was primarily the result of increased commissions from the sale of property and casualty coverage.

Trust revenues increased 8.1% to $40 million in the first quarter of 2007 compared with $37 million earned in the first quarter of 2006. This increase was primarily driven by improved performance in BB&T’s Wealth Management division.

Service charges on deposit accounts totaled $138 million for the first quarter of 2007, an increase of 5.3% compared to $131 million earned in the same quarter last year. This increase was primarily attributable to growth in revenues from overdraft items.

Other nondeposit fees and commissions totaled $114 million for the first quarter of 2007, an increase of 11.8% compared to the first quarter of 2006. This increase was generated primarily by growth in check card-related services.

Asset Quality Remains Excellent

BB&T’s asset quality remained excellent during the first quarter of 2007. Nonperforming assets, as a percentage of total assets, were .30% at March 31 and .29% at Dec. 31, 2006, compared to .27% at March 31, 2006. Annualized net charge-offs were .29% of average loans and leases for the first quarter of 2007, up slightly from .26% in the first quarter of 2006, but down from .33% in the fourth quarter of 2006. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs were .13% of average loans and leases for the current quarter and the first quarter last year.

MORE

BB&T Produces Positive Operating Leverage Driven By Improved Expense Control

BB&T produced positive operating leverage of 6.2% on an annualized basis during the first quarter of 2007 compared to the fourth quarter of 2006 and 2.6% compared to the first quarter last year. These results were driven primarily by better expense control. BB&T’s noninterest expenses totaled $883 million for the first quarter of 2007, a decrease of 17.2%, compared to $922 million for the fourth quarter of 2006. Excluding merger-related and restructuring charges or credits, nonrecurring items and growth resulting from purchase acquisitions, noninterest expenses decreased 19.4% on an annualized basis compared to the fourth quarter of 2006 and 1.0% compared to the first quarter of 2006. The decline in noninterest expenses is attributable to BB&T’s greater emphasis on cost control for 2007.

Combined Loan and Deposit Growth Remains Strong

Average loans and leases totaled $84.9 billion for the first quarter of 2007, reflecting an increase of $9.5 billion, or 12.5%, compared to the first quarter of 2006. This increase was composed of growth in average commercial loans and leases, which increased $4.2 billion, or 11.4%, average mortgage loans, which increased $1.8 billion, or 12.4%, average consumer loans, which increased $1.4 billion, or 6.5%, and growth in average loans originated by BB&T’s specialized lending subsidiaries, which increased $2.0 billion, or 71.9%, compared to the first quarter last year. The growth in loans originated by BB&T’s specialized lending subsidiaries was primarily driven by the acquisition of AFCO Credit Corporation, which added approximately $1.2 billion in loans. Excluding the impact of this acquisition, average loans in BB&T’s specialized lending group increased 25.5% compared to the first quarter last year.

Average deposits totaled $82.5 billion for the first quarter of 2007, an increase of 11.2% compared to $74.2 billion for the first quarter of 2006. Total average client deposits totaled $73.6 billion for the first quarter of 2007, an increase of 12.7% compared to $65.3 billion for the first quarter of 2006. Average retail deposit growth was led by client certificates of deposit, which increased $5.2 billion, or 26.0%, and other client deposits, which increased $2.7 billion, or 8.8%.During the first quarter of 2007, BB&T’s banking network generated approximately 33,000 net new transaction accounts.

BB&T Receives Recognition for Online Account Opening System

BB&T was ranked among the top five in the nation by Change Sciences Group, a national research firm, for the best online customer experience of the top forty national and regional banks. BB&T’s new online account opening system also received high marks from Forrester Research in a Feb. 2007 report titled, “How BB&T Built a Superior Online Application.” Forrester, a technology and marketing research company, said that BB&T’s new online application “promises to be the envy of the industry and has already led to more sales, reduced costs, and a better overall customer experience.” BB&T’s banking network generated approximately 5,000 net new transaction accounts via the new online account opening system during the first quarter of 2007.

MORE

Acquisition of AFCO, CAFO Completed in First Quarter

On Jan. 2, BB&T completed its acquisition of insurance premium finance company, AFCO Credit Corporation, and its Canadian affiliate, CAFO Inc. The acquisition moves BB&T from the ninth to the second largest provider of insurance premium financing in the United States and the largest in Canada.

Coastal Financial Acquisition Planned for 2^nd Quarter

In the fourth quarter last year, BB&T announced plans to acquire Coastal Financial Corporation, of Myrtle Beach, S.C. Coastal Financial operates 24 banking offices in high-growth markets in the Myrtle Beach, S.C., and the Wilmington, N.C., areas. The merger, which is subject to regulatory and shareholder approval, is expected to close in the second quarter this year.

     At March 31, BB&T had $121.7 billion in assets and operated 1,472 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 18 was $41.05 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 2007 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 4.

#

Prior period operating and cash basis results have been revised to include equity-based compensation expense to be comparable with the 2007 results presented herein.

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

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

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
Page 5	Investor Relations	FAX (336) 733-3132

		For the Three Months Ended				Increase (Decrease)
(Dollars in millions, except per share data)		3/31/07			3/31/06	$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent		$	1,909	$	1,578	$	331		21.0	%
Interest expense			946		659		287		43.6
Net interest income - taxable equivalent			963		919		44		4.8
Less: Taxable equivalent adjustment			18		22		(4)		(18.2	)
Net interest income			945		897		48		5.4
Provision for credit losses			71		47		24		51.1
Net interest income after provision for credit losses			874		850		24		2.8
Noninterest income			652		608		44		7.2
Noninterest expense			877		850		27		3.2
Operating earnings before income taxes			649		608		41		6.7
Provision for income taxes			224		197		27		13.7
Operating earnings (1)		$	425	$	411	$	14		3.4	%
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings		$	.78	$	.76	$	.02		2.6	%
Diluted earnings			.78		.76		.02		2.6
Weighted average shares -	Basic	541,850,632			539,952,669
	Diluted	547,229,662			543,435,830
Dividends paid per share		$	.42	$	.38	$	.04		10.5	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets			1.42	%	1.53	%
Return on average equity			14.94		14.98
Net yield on earning assets (taxable equivalent)			3.61		3.82
Efficiency ratio (taxable equivalent) (2)			53.7		55.6
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings		$	441	$	430	$	11		2.6	%
Diluted earnings per share			.81		.79		.02		2.5
Return on average tangible assets			1.54	%	1.67	%
Return on average tangible equity			28.20		26.73
Efficiency ratio (taxable equivalent) (2)			52.1		53.7
		For the Three Months Ended				Increase (Decrease)
(Dollars in millions, except per share data)		3/31/07			3/31/06	$		%
INCOME STATEMENTS
Interest income		$	1,891	$	1,556	$	335		21.5	%
Interest expense			946		659		287		43.6
Net interest income			945		897		48		5.4
Provision for credit losses			71		47		24		51.1
Net interest income after provision for credit losses			874		850		24		2.8
Noninterest income			652		608		44		7.2
Noninterest expense			883		819		64		7.8
Income before income taxes			643		639		4		.6
Provision for income taxes			222		208		14		6.7
Net income		$	421	$	431	$	(10)		(2.3)	%
PER SHARE DATA
Basic earnings		$	.78	$	.80	$	(.02)		(2.5)	%
Diluted earnings			.77		.79		(.02)		(2.5)
Weighted average shares -	Basic	541,850,632			539,952,669
	Diluted	547,229,662			543,435,830
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets			1.41	%	1.60	%
Return on average equity			14.81		15.72
Efficiency ratio (taxable equivalent) (2)			54.1		53.5

NOTES:	Prior period operating and cash basis results have been revised to include equity-based compensation expense to be comparable with the 2007 results presented herein.
	Applicable ratios are annualized.
(1)	Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $4 million and $(20 million), net of tax, in the first quarters of 2007 and 2006, 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 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, net of deferred taxes, 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)	Senior Vice President	(336) 733-3058
Page 6	Investor Relations	FAX (336) 733-3132

			As of / For the Three Months Ended								Increase (Decrease)
(Dollars in millions)					3/31/07			3/31/06			$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks			$		1,749	$		1,933	$		(184	)		(9.5	)%
Interest-bearing deposits with banks					484			373			111			29.8
Federal funds sold and other earning assets					298			444			(146	)		(32.9	)
Securities available for sale					20,898			19,434			1,464			7.5
Trading securities					906			745			161			21.6
Total securities					21,804			20,179			1,625			8.1
Commercial loans and leases					41,241			37,191			4,050			10.9
Direct retail loans					15,283			14,543			740			5.1
Sales finance loans					5,774			5,177			597			11.5
Revolving credit loans					1,386			1,299			87			6.7
Mortgage loans					16,674			15,036			1,638			10.9
Specialized lending					4,962			3,033			1,929			63.6
Total loans and leases					85,320			76,279			9,041			11.9
Allowance for loan and lease losses					896			833			63			7.6
Total earning assets					108,193			97,985			10,208			10.4
Premises and equipment, net					1,431			1,268			163			12.9
Goodwill					4,860			4,301			559			13.0
Core deposit and other intangibles					479			479			-			-
Other assets					6,165			5,611			554			9.9
Total assets					121,694			110,034			11,660			10.6
Noninterest-bearing deposits					13,533			13,413			120			.9
Interest checking					1,288			1,339			(51	)		(3.8	)
Other client deposits					34,657			32,074			2,583			8.1
Client certificates of deposit					25,322			20,353			4,969			24.4
Total client deposits					74,800			67,179			7,621			11.3
Other interest-bearing deposits					5,039			8,385			(3,346	)		(39.9	)
Total deposits					79,839			75,564			4,275			5.7
Fed funds purchased, repos and other borrowings					6,770			6,356			414			6.5
Long-term debt					19,936			13,046			6,890			52.8
Total interest-bearing liabilities					93,012			81,553			11,459			14.1
Other liabilities					3,499			4,098			(599	)		(14.6	)
Total liabilities					110,044			99,064			10,980			11.1
Total shareholders' equity			$		11,650	$		10,970	$		680			6.2	%
Average balances
Securities, at amortized cost			$		21,872	$		20,955	$		917			4.4	%
Commercial loans and leases					41,122			36,898			4,224			11.4
Direct retail loans					15,272			14,498			774			5.3
Sales finance loans					5,734			5,216			518			9.9
Revolving credit loans					1,387			1,317			70			5.3
Mortgage loans					16,481			14,665			1,816			12.4
Specialized lending					4,898			2,849			2,049			71.9
Total loans and leases					84,894			75,443			9,451			12.5
Allowance for loan and lease losses					894			828			66			8.0
Other earning assets					840			777			63			8.1
Total earning assets					107,606			97,175			10,431			10.7
Total assets					121,054			109,132			11,922			10.9
Noninterest-bearing deposits					12,946			12,852			94			.7
Interest checking					2,206			1,906			300			15.7
Other client deposits					33,393			30,687			2,706			8.8
Client certificates of deposit					25,076			19,897			5,179			26.0
Total client deposits					73,621			65,342			8,279			12.7
Other interest-bearing deposits					8,902			8,857			45			.5
Total deposits					82,523			74,199			8,324			11.2
Fed funds purchased, repos and other borrowings					7,627			6,685			942			14.1
Long-term debt					16,086			13,111			2,975			22.7
Total interest-bearing liabilities					93,290			81,143			12,147			15.0
Total shareholders' equity			$		11,522	$		11,134	$		388			3.5	%
		As of / For the Quarter Ended
(Dollars in millions, except per share data)		3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
MISCELLANEOUS INFORMATION
Unrealized depreciation on
securities available for sale, net of tax	$	(178	)	$	(249	)	$	(313	)	$	(535	)	$	(450)
Derivatives (notional value)		40,159			23,097			25,054			24,282			21,134
Fair value of derivatives portfolio		(40)			(45)			(26)			(215)			(135)
Common stock prices:	High	44.30			44.74			44.54			43.46			42.85
	Low	39.54			42.48			39.87			39.09			38.24
End of period		41.02			43.93			43.78			41.59			39.20
Weighted average shares -	Basic	541,850,632			540,807,172			538,911,074			536,882,392			539,952,669
	Diluted	547,229,662			546,618,368			544,285,889			541,607,530			543,435,830
End of period shares outstanding		542,415,919			541,475,305			540,652,126			536,895,965			535,588,093
End of period banking offices		1,472			1,459			1,462			1,443			1,409
ATMs		2,121			2,125			2,106			2,057			1,964
FTEs		28,876			29,344			29,112			29,016			28,300

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)	Senior Vice President	(336) 733-3058
Page 7	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions, except per share data)	3/31/07			12/31/06		9/30/06		6/30/06		3/31/06
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,622	$	1,609	$	1,571	$	1,452	$	1,341
Interest and dividends on securities		277		255		243		228		230
Interest on short-term investments		10		24		11		10		7
Total interest income - taxable equivalent	1,909			1,888		1,825		1,690		1,578
Interest expense
Interest on deposits		647		616		586		496		439
Interest on fed funds purchased, repos and other borrowings		87		80		75		81		65
Interest on long-term debt		212		214		204		174		155
Total interest expense		946		910		865		751		659
Net interest income - taxable equivalent		963		978		960		939		919
Less: Taxable equivalent adjustment		18		22		22		22		22
Net interest income		945		956		938		917		897
Provision for credit losses		71		73		62		58		47
Net interest income after provision for
credit losses		874		883		876		859		850
Noninterest income
Insurance commissions		197		214		209		214		176
Service charges on deposits		138		141		138		138		131
Other nondeposit fees and commissions		114		116		115		111		102
Investment banking and brokerage fees and commissions		82		75		82		79		81
Trust revenue		40		40		39		38		37
Mortgage banking income		30		24		23		29		32
Securities (losses) gains, net		(11	)	2		-		-		-
Other noninterest income		62		65		54		42		49
Total noninterest income		652		677		660		651		608
Noninterest expense
Personnel expense		524		533		524		506		514
Occupancy and equipment expense		116		118		114		109		108
Foreclosed property expense		7		6		4		4		4
Amortization of intangibles		25		27		27		25		25
Other noninterest expense		205		229		236		214		199
Total noninterest expense		877		913		905		858		850
Operating earnings before income taxes		649		647		631		652		608
Provision for income taxes		224		205		207		222		197
Operating earnings (1)	$	425	$	442	$	424	$	430	$	411
PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.78	$	.82	$	.79	$	.80	$	.76
Diluted earnings		.78		.81		.78		.79		.76
Dividends paid per share		.42		.42		.42		.38		.38
PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets	1.42		%	1.48	%	1.44	%	1.54	%	1.53	%
Return on average equity	14.94			14.70		14.60		15.37		14.98
Net yield on earning assets (taxable equivalent)	3.61			3.70		3.68		3.76		3.82
Efficiency ratio (taxable equivalent) (2)	53.7			54.8		55.6		53.9		55.6
Noninterest income as a percentage of
total income (taxable equivalent) (2)	40.6			40.9		40.8		40.8		39.7
Average earning assets as a percentage of
average total assets	88.9			88.6		88.8		89.0		89.0
Average loans and leases as a percentage of
average deposits	102.9			103.5		102.4		103.1		101.7
CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	441	$	460	$	441	$	449	$	430
Diluted earnings per share		.81		.84		.81		.83		.79
Return on average tangible assets	1.54		%	1.61	%	1.57	%	1.67	%	1.67	%
Return on average tangible equity	28.20			26.88		27.43		27.90		26.73
Efficiency ratio (taxable equivalent) (2)	52.1			53.1		53.9		52.1		53.7

NOTES:	Prior period operating and cash basis results have been revised to include equity-based compensation expense to be comparable with the 2007 results presented herein.
	Applicable ratios are annualized.
(1)	Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $4 million, $191 million, $7 million, $1 million and $(20 million), net of tax, for the quarters ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006, and March 31, 2006, 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 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, net of deferred taxes, 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)	Senior Vice President	(336) 733-3058
Page 8	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions, except per share data)	3/31/07			12/31/06		9/30/06		6/30/06		3/31/06
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,613	$	1,601	$	1,562	$	1,445	$	1,333
Interest and dividends on securities		268		241		230		213		216
Interest on short-term investments		10		24		11		10		7
Total interest income	1,891			1,866		1,803		1,668		1,556
Interest expense
Interest on deposits		647		616		586		496		439
Interest on fed funds purchased, repos and other borrowings		87		80		75		81		65
Interest on long-term debt		212		214		204		174		155
Total interest expense		946		910		865		751		659
Net interest income		945		956		938		917		897
Provision for credit losses		71		73		62		58		47
Net interest income after provision for
credit losses		874		883		876		859		850
Noninterest income
Insurance commissions		197		214		209		214		176
Service charges on deposits		138		141		138		138		131
Other nondeposit fees and commissions		114		116		115		111		102
Investment banking and brokerage fees and commissions		82		75		82		79		81
Trust revenue		40		40		39		38		37
Mortgage banking income		30		24		23		29		32
Securities (losses) gains, net		(11	)	(73	)	-		-		-
Other noninterest income		62		65		54		42		49
Total noninterest income		652		602		660		651		608
Noninterest expense
Personnel expense		524		533		524		506		514
Occupancy and equipment expense		116		118		114		109		108
Foreclosed property expense		7		6		4		4		4
Amortization of intangibles		25		27		27		25		25
Merger-related and restructuring charges (credits), net		6		9		10		2		(3	)
Other noninterest expense		205		229		236		214		171
Total noninterest expense		883		922		915		860		819
Income before income taxes		643		563		621		650		639
Provision for income taxes		222		312		204		221		208
Net income	$	421	$	251	$	417	$	429	$	431
PER SHARE DATA
Basic earnings	$	.78	$	.46	$	.77	$	.80	$	.80
Diluted earnings		.77		.46		.77		.79		.79
	For the Quarter Ended
	3/31/07			12/31/06		9/30/06		6/30/06		3/31/06
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities:
U.S. Treasury securities	4.47		%	4.48	%	3.72	%	3.19	%	3.11	%
U.S. government-sponsored entity securities	4.39			4.17		4.00		3.96		3.95
Mortgage-backed securities	5.09			5.10		5.10		4.83		4.81
States and political subdivisions	6.85			7.00		6.90		6.84		6.82
Other securities	7.03			6.45		5.24		5.25		6.01
Trading securities	5.89			3.45		3.31		2.94		3.70
Total securities	5.06			4.72		4.47		4.33		4.39
Loans:
Commercial loans and leases	7.89			7.97		8.00		7.73		7.39
Consumer loans	7.51			7.44		7.38		7.14		6.95
Mortgage loans	5.90			5.85		5.79		5.66		5.50
Specialized lending	13.62			15.29		15.32		15.12		15.14
Total loans	7.73			7.73		7.70		7.47		7.19
Other earning assets (2)	4.96			10.44		4.16		4.23		3.76
Total earning assets	7.17			7.14		6.99		6.77		6.56
Interest expense:
Interest-bearing deposits:
Interest checking	2.38			2.29		1.94		1.78		1.38
Other client deposits	2.82			2.76		2.61		2.29		2.03
Client certificates of deposit	4.60			4.53		4.33		3.99		3.66
Other interest-bearing deposits	5.35			5.35		5.36		5.00		4.54
Total interest-bearing deposits	3.77			3.67		3.54		3.20		2.90
Fed funds purchased, repos and other borrowings (2)	4.61			4.51		4.43		4.30		3.95
Long-term debt	5.32			5.27		5.28		5.04		4.77
Total interest-bearing liabilities	4.11			4.02		3.91		3.60		3.29
Net yield on earning assets	3.61		%	3.70	%	3.68	%	3.76	%	3.82	%

NOTES: (1) Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
              (2) The fourth quarter of 2006 includes interest income and expense associated with a deposit placed with the IRS to curtail the accrual of interest on disputed tax payments.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
Page 9	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions, except per share data)		3/31/07		12/31/06		9/30/06		6/30/06		3/31/06
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	20,898	$	20,721	$	20,733	$	20,091	$	19,434
Trading securities		906		2,147		888		919		745
Total securities		21,804		22,868		21,621		21,010		20,179
Commercial loans and leases		41,241		41,300		40,430		39,652		37,191
Direct retail loans		15,283		15,312		15,244		14,941		14,543
Sales finance loans		5,774		5,683		5,553		5,377		5,177
Revolving credit loans		1,386		1,414		1,355		1,328		1,299
Mortgage loans		16,674		16,257		15,847		15,681		15,036
Specialized lending		4,962		3,625		3,521		3,305		3,033
Total loans and leases		85,320		83,591		81,950		80,284		76,279
Allowance for loan and lease losses		896		888		883		870		833
Other earning assets		782		826		938		959		817
Total earning assets		108,193		107,676		105,001		103,097		97,985
Total assets		121,694		121,351		118,524		116,284		110,034
Noninterest-bearing deposits		13,533		13,393		13,560		13,820		13,413
Interest checking		1,288		1,333		1,323		1,597		1,339
Other client deposits		34,657		34,062		32,732		32,100		32,074
Client certificates of deposit		25,322		24,987		24,356		23,697		20,353
Total client deposits		74,800		73,775		71,971		71,214		67,179
Other interest-bearing deposits		5,039		7,196		8,095		7,299		8,385
Total deposits		79,839		80,971		80,066		78,513		75,564
Fed funds purchased, repos and other borrowings		6,770		8,087		7,235		6,797		6,356
Long-term debt		19,936		15,904		16,159		15,195		13,046
Total interest-bearing liabilities		93,012		91,569		89,900		86,685		81,553
Total shareholders' equity		11,650		11,745		11,734		11,164		10,970
Goodwill		4,860		4,827		4,824		4,731		4,301
Core deposit and other intangibles		479		455		478		493		479
Total intangibles		5,339		5,282		5,302		5,224		4,780
Mortgage servicing rights	$	525	$	512	$	507	$	524	$	485
Average balances
Securities, at amortized cost	$	21,872	$	21,609	$	21,736	$	21,081	$	20,955
Commercial loans and leases		41,122		40,758		39,977		38,175		36,898
Direct retail loans		15,272		15,291		15,100		14,718		14,498
Sales finance loans		5,734		5,623		5,453		5,242		5,216
Revolving credit loans		1,387		1,362		1,338		1,308		1,317
Mortgage loans		16,481		16,091		15,803		15,351		14,665
Specialized lending		4,898		3,565		3,373		3,184		2,849
Total loans and leases		84,894		82,690		81,044		77,978		75,443
Allowance for loan and lease losses		894		891		880		852		828
Other earning assets		840		917		977		969		777
Total earning assets		107,606		105,216		103,757		100,028		97,175
Total assets		121,054		118,777		116,884		112,383		109,132
Noninterest-bearing deposits		12,946		13,289		13,511		13,213		12,852
Interest checking		2,206		2,284		2,228		2,234		1,906
Other client deposits		33,393		32,616		31,713		30,809		30,687
Client certificates of deposit		25,076		24,712		23,951		21,627		19,897
Total client deposits		73,621		72,901		71,403		67,883		65,342
Other interest-bearing deposits		8,902		6,988		7,720		7,743		8,857
Total deposits		82,523		79,889		79,123		75,626		74,199
Fed funds purchased, repos and other borrowings		7,627		7,109		6,720		7,507		6,685
Long-term debt		16,086		16,101		15,433		13,826		13,111
Total interest-bearing liabilities		93,290		89,810		87,765		83,746		81,143
Total shareholders' equity	$	11,522	$	11,941	$	11,500	$	11,221	$	11,134
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	7,987	$	8,226	$	8,155	$	7,841	$	7,361
Total		12,791		13,016		12,938		11,864		11,418
Risk-weighted assets		92,187		90,982		88,619		86,412		81,623
Average quarterly tangible assets		116,161		114,007		112,402		108,027		105,038
Risk-based capital ratios:
Tier 1		8.7	%	9.0	%	9.2	%	9.1	%	9.0	%
Total		13.9		14.3		14.6		13.7		14.0
Leverage capital ratio		6.9		7.2		7.3		7.3		7.0
Equity as a percentage of total assets		9.6		9.7		9.9		9.6		10.0
Tangible equity as a percentage of tangible assets (2)		5.5		5.7		5.8		5.5		6.0
Book value per share	$	21.48	$	21.69	$	21.70	$	20.79	$	20.48
Tangible book value per share (2)		11.89		12.20		12.18		11.36		11.84

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 and total assets, net of deferred taxes, where applicable.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
Page 10	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions)		3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	888		$	884		$	871		$	833		$	830
Allowance for acquired (sold) loans, net		3			(1	)		6			25			4
Provision for credit losses		71			73			62			58			47
Charge-offs
Commercial loans and leases		(10	)		(15	)		(10	)		(7	)		(5	)
Direct retail loans		(12	)		(13	)		(12	)		(12	)		(11	)
Sales finance loans		(6	)		(5	)		(5	)		(5	)		(6	)
Revolving credit loans		(12	)		(12	)		(11	)		(11	)		(11	)
Mortgage loans		(1	)		(2	)		(1	)		(1	)		(2	)
Specialized lending		(41	)		(36	)		(31	)		(26	)		(27	)
Total charge-offs		(82	)		(83	)		(70	)		(62	)		(62	)
Recoveries
Commercial loans and leases		8			3			4			5			3
Direct retail loans		4			3			3			3			3
Sales finance loans		2			2			2			2			2
Revolving credit loans		3			3			3			3			2
Mortgage loans		-			-			-			1			-
Specialized lending		4			4			3			3			4
Total recoveries		21			15			15			17			14
Net charge-offs		(61	)		(68	)		(55	)		(45	)		(48	)
Ending balance	$	901		$	888		$	884		$	871		$	833
Allowance For Credit Losses
Allowance for loan and lease losses	$	896		$	888		$	883		$	870		$	833
Reserve for unfunded lending commitments		5			-			1			1			-
Total	$	901		$	888		$	884		$	871		$	833
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	148		$	129		$	124		$	126		$	110
Direct retail loans		43			39			38			39			42
Sales finance loans		1			2			2			3			3
Revolving credit loans		-			-			-			-			-
Mortgage loans		51			53			50			47			50
Specialized lending		33			37			31			24			26
Total nonaccrual loans and leases		276			260			245			239			231
Foreclosed real estate		56			54			55			56			41
Other foreclosed property		35			35			30			24			23
Restructured loans		-			-			1			-			1
Nonperforming assets	$	367		$	349		$	331		$	319		$	296
Loans 90 days or more past due
and still accruing:
Commercial loans and leases	$	18		$	14		$	8		$	19		$	6
Direct retail loans		13			20			17			17			18
Sales finance loans		16			17			13			12			18
Revolving credit loans		7			6			6			5			4
Mortgage loans		39			37			36			32			28
Specialized lending		10			8			7			6			5
Total loans 90 days or more past due
and still accruing		103			102			87			91			79
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases		.12	%		.12	%		.11	%		.11	%		.10	%
Asset Quality Ratios
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		.32	%		.31	%		.30	%		.30	%		.30	%
Nonperforming assets as a percentage of:
Total assets		.30			.29			.28			.27			.27
Loans and leases plus
foreclosed property		.43			.42			.40			.40			.39
Net charge-offs as a percentage of
average loans and leases		.29			.33			.27			.23			.26
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.13			.18			.14			.12			.13
Allowance for loan and lease losses as
a percentage of loans and leases		1.05			1.06			1.08			1.08			1.09
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.06			1.07			1.09			1.09			1.10
Ratio of allowance for loan and lease losses to:
Net charge-offs		3.58	x		3.29	x		4.07	x		4.78	x		4.31	x
Nonaccrual and restructured loans and leases		3.24			3.41			3.59			3.63			3.59

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)	Senior Vice President	(336) 733-3058
Page 11	Investor Relations	FAX (336) 733-3132

	Percentage Increase (Decrease)
	QTD		Annualized Link QTD
	1Q07 vs. 1Q06		1Q07 vs. 4Q06
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans and leases (2)	6.8	%		8.6	%
Direct retail loans	3.9			(0.5	)
Sales finance loans	9.9			8.0
Revolving credit loans	5.3			7.4
Mortgage loans (3)	12.5			11.0
Specialized lending (4)	14.4			(4.8	)
Total loans and leases (2) (3) (4)	7.9			6.5
Noninterest-bearing deposits	(2.0	)		(10.5	)
Interest checking	3.4			(13.8	)
Other client deposits	6.4			9.7
Client certificates of deposit	21.1			6.0
Total client deposits	9.2			4.0
Other interest-bearing deposits	(1.7	)		111.1
Total deposits	7.9	%		13.4	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS
BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Net interest income - taxable equivalent (2)	(.8	)%		(13.3	) %
Noninterest income
Insurance commissions	9.4			(32.1	)
Service charges on deposits	3.0			(8.6	)
Other nondeposit fees and commissions	10.7			(7.0	)
Investment banking and brokerage fees and commissions	1.2			37.9
Trust revenue	8.1			-
Mortgage banking income (5)	(10.3	)		(15.0	)
Securities gains (losses), net	NM			NM
Other income	19.2			(18.7	)
Total noninterest income (5)	5.3			(17.3	)
Noninterest expense
Personnel expense	(1.3	)		(9.8	)
Occupancy and equipment expense	3.6			(6.9	)
Other noninterest expense	(2.1	)		(42.7	)
Total noninterest expense	(1.0	) %		(19.4	) %

NOTES:	All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
(1)	Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2007 and 2006.
(2)	Adjusted for leveraged leases due to the impact of adopting FSP FAS 13-2.
(3)	Adjusted for the average impact of $51 million in mortgage loans securitized in the fourth quarter of 2006.
(4)	Loans from specialized lending, excluding AFCO/CAFO from both 2006 and 2007, grew 25.5% and 10.2%, respectively, comparing the first quarter 2007 to the first quarter of 2006 and the fourth quarter of 2006 annualized. In addition, total loans grew 8.2% and 7.4%, respectively, for the first quarter of 2007 compared to the first quarter of 2006 and the fourth quarter of 2006 annualized.
(5)	Excludes the net impact of valuation adjustments for mortgage servicing rights and gains or losses onmortgage servicing rights-related derivatives.
NM	- not meaningful

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
Page 12	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions)		3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1)	$	494		$	484		$	481		$	500		$	463
Income Statement Impact of Mortgage Servicing
Rights Valuation:
MSRs fair value (decrease) increase	$	7		$	-		$	(40	)	$	32		$	29
MSRs derivative hedge gains (losses)		(3	)		(3	)		40			(29	)		(25	)
Net	$	4		$	(3	)	$	-		$	3		$	4
Residential Mortgage Loan Originations	$	2,461		$	2,463		$	2,461		$	2,656		$	2,309
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	29,420		$	28,979		$	28,590		$	27,025		$	26,788
Bank owned loans serviced		16,571			16,257			15,847			15,681			15,036
Total servicing portfolio		45,991			45,236			44,437			42,706			41,824
Weighted Average Coupon Rate		5.93	%		5.92	%		5.90	%		5.86	%		5.84	%
Weighted Average Servicing Fee		.356			.353			.351			.351			.351
	For the Quarter Ended
(Dollars in millions, except per share data)		3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
RECONCILIATION TABLE
Net income	$	421		$	251		$	417		$	429		$	431
Merger-related and restructuring items, net of tax		4			5			7			1			(2	)
Other, net of tax (4)		-			186			-			-			(18	)
Operating earnings		425			442			424			430			411
Amortization of intangibles, net of tax		16			17			16			16			16
Amortization of mark-to-market adjustments, net of tax		-			1			1			3			3
Cash basis operating earnings		441			460			441			449			430
Return on average assets		1.41	%		.84	%		1.42	%		1.53	%		1.60	%
Effect of merger-related and restructuring items, net of tax		.01			.02			.02			.01			-
Effect of other, net of tax (4)		-			.62			-			-			(.07	)
Operating return on average assets		1.42			1.48			1.44			1.54			1.53
Effect of amortization of intangibles, net of tax (2)		.12			.13			.13			.12			.13
Effect of amortization of mark-to-market adjustments,
net of tax		-			-			-			.01			.01
Cash basis operating return on average
tangible assets		1.54			1.61			1.57			1.67			1.67
Return on average equity		14.81	%		8.33	%		14.39	%		15.34	%		15.72	%
Effect of merger-related and restructuring items, net of tax		.13			.19			.21			.03			(.07	)
Effect of other, net of tax (4)		-			6.18			-			-			(.67	)
Operating return on average equity		14.94			14.70			14.60			15.37			14.98
Effect of amortization of intangibles, net of tax (2)		13.26			12.12			12.77			12.37			11.56
Effect of amortization of mark-to-market adjustments,
net of tax		-			.06			.06			.16			.19
Cash basis operating return on average
tangible equity		28.20			26.88			27.43			27.90			26.73
Efficiency ratio (taxable equivalent) (3)		54.1	%		55.3	%		56.2	%		54.0	%		53.5	%
Effect of merger-related and restructuring items		(.4	)		(.5	)		(.6	)		(.1	)		.2
Effect of other (4)		-			-			-			-			1.9
Operating efficiency ratio (3)		53.7			54.8			55.6			53.9			55.6
Effect of amortization of intangibles		(1.6	)		(1.6	)		(1.6	)		(1.7	)		(1.7	)
Effect of amortization of mark-to-market adjustments		-			(.1	)		(.1	)		(.1	)		(.2	)
Cash basis operating efficiency ratio (3)		52.1			53.1			53.9			52.1			53.7
Basic earnings per share	$	.78		$	.46		$	.77		$	.80		$	.80
Effect of merger-related and restructuring items, net of tax		-			.01			.02			-			(.01	)
Effect of other, net of tax (4)		-			.35			-			-			(.03	)
Operating basic earnings per share		.78			.82			.79			.80			.76
Diluted earnings per share	$	.77		$	.46		$	.77		$	.79		$	.79
Effect of merger-related and restructuring items, net of tax		.01			.01			.01			-			-
Effect of other, net of tax (4)		-			.34			-			-			.03
Operating diluted earnings per share		.78			.81			.78			.79			.76
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			-
Cash basis operating diluted earnings per share		.81			.84			.81			.83			.79

NOTES:	Prior period operating and cash basis results have been revised to include equity-based compensation expense to be comparable with the 2007 results presented herein.
	Applicable ratios are annualized.
(1)	Balances exclude commercial mortgage servicing rights totaling $31 million, $28 million, $26 million, $24 million and $22 million as of March 31, 2007, December 31, 2006,September 30, 2006, June 30, 2006 and March 31, 2006, respectively.
(2)	Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, 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 onmortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related charges orcredits and nonrecurring items, where applicable.
(4)	Reflects an additional tax provision of $139 million related to leveraged leases and a loss on thesale of securities totaling $47 million, net of tax, in the fourth quarter of 2006 and a gain on the sale of duplicate facilities totaling $18 million, net of tax, in the first quarter of 2006