Truist Financial (TFC) 8-K Earnings per common share total $2.71

January 22, 2009
FOR IMMEDIATE RELEASE
Contacts:
ANALYSTS		MEDIA
Tamera Gjesdal	Daryl Bible	Bob Denham
Senior Vice President	Sr. Exec. Vice President	Senior Vice President
Investor Relations	Chief Financial Officer	Corporate Communications
(336) 733-3058	(336) 733-3031	(336)  733-1475

BB&T reports 2008 net income of $1.5 billion;

Earnings per common share total $2.71

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

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

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

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

     Cash basis performance measures exclude the unamortized balances of intangibles from assets and shareholders’ equity, and exclude the amortization of intangibles, the net amortization of purchase accounting

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

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

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

Nonperforming Assets and Credit Losses Increase

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

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

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

BB&T Begins Efforts to Effectively Deploy Treasury Capital Investment

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

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Capital Levels Grow Significantly in 4^th Quarter

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

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

Strong Balance Sheet Growth

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

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

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

Core net interest margin improves to 3.68%

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

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

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

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

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

BB&T Continues to Expand Through Acquisitions

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

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

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

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

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

Earnings Webcast

     To hear a live webcast of BB&T’s fourth quarter 2008 earnings conference call at 11:00 a.m. (EST) today, please visit our Web site atwww.BBT.com. Replays of the conference call will be available through our Web site until Friday, Feb. 6 or by dialing 1-888-203-1112 plus access code 6794434 until Wednesday, Jan. 28.

#

     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)		12/31/08		12/31/07		$			%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent		$	1,824	$	2,037	$	(213	)		(10.5	) %
Interest expense			669		1,029		(360	)		(35.0	)
Net interest income - taxable equivalent			1,155		1,008		147			14.6
Less: Taxable equivalent adjustment			23		17		6			35.3
Net interest income			1,132		991		141			14.2
Provision for credit losses			528		184		344			187.0
Net interest income after provision for credit losses			604		807		(203	)		(25.2	)
Noninterest income			766		718		48			6.7
Noninterest expense			1,010		925		85			9.2
Operating earnings before income taxes			360		600		(240	)		(40.0	)
Provision for income taxes			96		185		(89	)		(48.1	)
Operating earnings (1)			264		415		(151	)		(36.4	)
Dividends and accretion on preferred stock			21		-		21			100.0
Operating earnings available to common shareholders (1)		$	243	$	415	$	(172	)		(41.4	) %
PER COMMON SHARE DATA BASED ON OPERATING EARNINGS
AVAILABLE TO COMMON SHAREHOLDERS (1)
Basic earnings		$	.44	$	.76	$	(.32	)		(42.1	) %
Diluted earnings			.44		.75		(.31	)		(41.3	)
Weighted average common shares (in thousands) -	Basic		552,732		547,795
	Diluted		556,746		551,078
Dividends paid per common share		$	.47	$	.46	$	.01			2.2	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets			.74	%	1.26	%
Return on average common equity (2)			7.26		13.00
Net yield on earning assets (taxable equivalent)			3.68		3.46
Noninterest income as a percentage of
total income (taxable equivalent) (3)			39.0		41.7
Efficiency ratio (taxable equivalent) (3)			51.9		52.8
CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)
Cash basis operating earnings available to common shareholders		$	257	$	432	$	(175	)		(40.5	) %
Basic earnings per common share			.47		.79		(.32	)		(40.5	)
Diluted earnings per common share			.46		.78		(.32	)		(41.0	)
Return on average tangible assets			.81	%	1.37	%
Return on average common tangible equity (2)			13.45		24.03
Efficiency ratio (taxable equivalent) (3)			50.6		51.3
		For the Three Months Ended				Increase (Decrease)
(Dollars in millions, except per share data)		12/31/08		12/31/07		$			%
INCOME STATEMENTS
Interest income		$	1,729	$	2,012	$	(283	)		(14.1	) %
Interest expense			664		1,021		(357	)		(35.0	)
Net interest income			1,065		991		74			7.5
Provision for credit losses			528		184		344			187.0
Net interest income after provision for credit losses			537		807		(270	)		(33.5	)
Noninterest income			807		718		89			12.4
Noninterest expense			1,014		942		72			7.6
Income before income taxes			330		583		(253	)		(43.4	)
Provision for income taxes			25		172		(147	)		(85.5	)
Net income			305		411		(106	)		(25.8	)
Dividends and accretion on preferred stock			21		-		21			100.0
Net income available to common shareholders		$	284	$	411	$	(127	)		(30.9	) %
PER COMMON SHARE DATA
Basic earnings		$	.51	$	.75	$	(.24	)		(32.0	) %
Diluted earnings			.51		.75		(.24	)		(32.0	)
Weighted average common shares (in thousands) -	Basic		552,732		547,795
	Diluted		556,746		551,078
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets			.86	%	1.24	%
Return on average common equity (2)			8.47		12.89
Efficiency ratio (taxable equivalent) (3)			54.0		53.8

NOTES:	Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(41 million)and $4 million, net of tax, in the fourth quarters of 2008 and 2007, respectively. See Reconciliation Tables included herein.
	(2)	Based on earnings available to common shareholders.
	(3)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgageservicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, whereapplicable. See Reconciliation Tables included herein.
	(4)	Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances ofintangibles from assets and equity, net of deferred taxes, and the net amortization of purchase accounting mark-to-market adjustments. See ReconciliationTables 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

		For the Twelve Months Ended				Increase (Decrease)
(Dollars in millions, except per share data)		12/31/08		12/31/07		$			%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent		$	7,380	$	7,977	$	(597	)	(7.5	)%
Interest expense			2,992		4,029		(1,037	)	(25.7	)
Net interest income - taxable equivalent			4,388		3,948		440		11.1
Less: Taxable equivalent adjustment			83		68		15		22.1
Net interest income			4,305		3,880		425		11.0
Provision for credit losses			1,445		448		997		222.5
Net interest income after provision for credit losses			2,860		3,432		(572	)	(16.7	)
Noninterest income			3,060		2,774		286		10.3
Noninterest expense			3,952		3,601		351		9.7
Operating earnings before income taxes			1,968		2,605		(637	)	(24.5	)
Provision for income taxes			571		856		(285	)	(33.3	)
Operating earnings (1)			1,397		1,749		(352	)	(20.1	)
Dividends and accretion on preferred stock			21		-		21		100.0
Operating earnings available to common shareholders (1)		$	1,376	$	1,749	$	(373	)	(21.3	)%
PER COMMON SHARE DATA BASED ON OPERATING EARNINGS
AVAILABLE TO COMMON SHAREHOLDERS (1)
Basic earnings		$	2.51	$	3.20	$	(.69	)	(21.6	)%
Diluted earnings			2.49		3.17		(.68	)	(21.5	)
Weighted average common shares (in thousands) -	Basic		548,847		547,184
	Diluted		552,498		551,755
Dividends paid per common share		$	1.86	$	1.76	$	.10		5.7	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets			1.02	%	1.38	%
Return on average common equity (2)			10.51		14.37
Net yield on earning assets (taxable equivalent)			3.63		3.52
Noninterest income as a percentage of
total income (taxable equivalent) (3)			40.3		41.3
Efficiency ratio (taxable equivalent) (3)			52.6		53.1
CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)
Cash basis operating earnings available to common shareholders		$	1,438	$	1,816	$	(378	)	(20.8	)%
Basic earnings per common share			2.62		3.32		(.70	)	(21.1	)
Diluted earnings per common share			2.60		3.29		(.69	)	(21.0	)
Return on average tangible assets			1.11	%	1.50	%
Return on average common tangible equity (2)			19.30		26.82
Efficiency ratio (taxable equivalent) (3)			51.3		51.6
		For the Twelve Months Ended				Increase (Decrease)
(Dollars in millions, except per share data)		12/31/08		12/31/07		$			%
INCOME STATEMENTS
Interest income		$	7,207	$	7,894	$	(687	)	(8.7	)%
Interest expense			2,969		4,014		(1,045	)	(26.0	)
Net interest income			4,238		3,880		358		9.2
Provision for credit losses			1,445		448		997		222.5
Net interest income after provision for credit losses			2,793		3,432		(639	)	(18.6	)
Noninterest income			3,197		2,774		423		15.2
Noninterest expense			3,921		3,636		285		7.8
Income before income taxes			2,069		2,570		(501	)	(19.5	)
Provision for income taxes			550		836		(286	)	(34.2	)
Net income			1,519		1,734		(215	)	(12.4	)
Dividends and accretion on preferred stock			21		-		21		100.0
Net income available to common shareholders		$	1,498	$	1,734	$	(236	)	(13.6	)%
PER COMMON SHARE DATA
Basic earnings		$	2.73	$	3.17	$	(.44	)	(13.9	)%
Diluted earnings			2.71		3.14		(.43	)	(13.7	)
Weighted average common shares (in thousands) -	Basic		548,847		547,184
	Diluted		552,498		551,755
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets			1.11	%	1.37	%
Return on average common equity (2)			11.44		14.25
Efficiency ratio (taxable equivalent) (3)			52.1		53.7

NOTES:	Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(122 million)and $15 million, net of tax, in 2008 and 2007, respectively. See Reconciliation Tables included herein.
	(2)	Based on earnings available to common shareholders.
	(3)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgageservicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, whereapplicable. See Reconciliation Tables included herein.
	(4)	Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles fromassets 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 7	Investor Relations	FAX (336) 733-3132

					As of / For the Twelve Months Ended						Increase (Decrease)
(Dollars in millions)					12/31/08			12/31/07			$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks					$	1,687		$	2,054		$	(367	)		(17.9	) %
Interest-bearing deposits with banks						1,082			592			490			82.8
Federal funds sold and other earning assets						396			715			(319	)		(44.6	)
Securities available for sale						32,843			22,419			10,424			46.5
Trading securities						376			1,009			(633	)		(62.7	)
Total securities						33,219			23,428			9,791			41.8
Commercial loans and leases						50,480			44,870			5,610			12.5
Direct retail loans						15,454			15,691			(237	)		(1.5	)
Sales finance loans						6,354			6,021			333			5.5
Revolving credit loans						1,777			1,618			159			9.8
Mortgage loans						17,091			17,467			(376	)		(2.2	)
Specialized lending						6,089			5,240			849			16.2
Total loans and leases held for investment						97,245			90,907			6,338			7.0
Loans held for sale						1,424			779			645			82.8
Total loans and leases						98,669			91,686			6,983			7.6
Allowance for loan and lease losses						1,574			1,004			570			56.8
Total earning assets						133,735			116,466			17,269			14.8
Premises and equipment, net						1,580			1,529			51			3.3
Goodwill						5,483			5,194			289			5.6
Core deposit and other intangibles						542			489			53			10.8
Other assets						10,931			7,935			2,996			37.8
Total assets						152,015			132,618			19,397			14.6
Noninterest-bearing deposits						13,649			13,059			590			4.5
Interest checking						2,576			1,201			1,375			114.5
Other client deposits						39,413			35,504			3,909			11.0
Client certificates of deposit						27,937			26,972			965			3.6
Total client deposits						83,575			76,736			6,839			8.9
Other interest-bearing deposits						15,038			10,030			5,008			49.9
Total deposits						98,613			86,766			11,847			13.7
Fed funds purchased, repos and other borrowings						10,788			10,634			154			1.4
Long-term debt						18,032			18,693			(661	)		(3.5	)
Total interest-bearing liabilities						113,784			103,034			10,750			10.4
Other liabilities						8,545			3,893			4,652			119.5
Total liabilities						135,978			119,986			15,992			13.3
Total shareholders' equity					$	16,037		$	12,632		$	3,405			27.0	%
Average balances
Securities, at amortized cost					$	24,497		$	23,311		$	1,186			5.1	%
Commercial loans and leases						47,559			42,475			5,084			12.0
Direct retail loans						15,580			15,471			109			.7
Sales finance loans						6,216			5,903			313			5.3
Revolving credit loans						1,664			1,460			204			14.0
Mortgage loans						18,577			17,489			1,088			6.2
Specialized lending						5,599			5,154			445			8.6
Total loans and leases						95,195			87,952			7,243			8.2
Allowance for loan and lease losses						1,209			922			287			31.1
Other earning assets						1,160			1,042			118			11.3
Total earning assets						120,852			112,305			8,547			7.6
Total assets						136,881			126,420			10,461			8.3
Noninterest-bearing deposits						13,061			13,151			(90	)		(.7	)
Interest checking						2,376			2,297			79			3.4
Other client deposits						36,676			34,273			2,403			7.0
Client certificates of deposit						26,908			26,039			869			3.3
Total client deposits						79,021			75,760			3,261			4.3
Other interest-bearing deposits						9,810			7,741			2,069			26.7
Total deposits						88,831			83,501			5,330			6.4
Fed funds purchased, repos and other borrowings						10,580			9,325			1,255			13.5
Long-term debt						19,839			18,045			1,794			9.9
Total interest-bearing liabilities						106,189			97,720			8,469			8.7
Total shareholders' equity					$	13,495		$	12,166		$	1,329			10.9	%
	As of / For the Quarter Ended
(Dollars in millions, except per share data)			12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
MISCELLANEOUS INFORMATION
Unrealized appreciation (depreciation) on
securities available for sale, net of tax		$	(324	)	$	(398	)	$	(274	)	$	(18	)	$	(28	)
Derivatives (notional value)			74,177			67,287			59,795			57,925			47,197
Fair value of derivatives portfolio			626			219			156			380			181
Common stock prices:	High		40.00			45.31			37.85			36.96			42.61
	Low		21.47			18.71			21.40			25.92			30.36
End of period			27.46			37.80			22.77			32.06			30.67
Weighted average common shares (in thousands) -	Basic		552,732			549,761			546,628			546,214			547,795
	Diluted		556,746			553,544			549,758			548,946			551,078
End of period common shares outstanding (in thousands)			559,248			552,259			546,928			546,799			545,955
End of period banking offices			1,511			1,501			1,489			1,494			1,492
ATMs			2,195			2,178			2,173			2,165			2,158
FTEs			29,633			29,818			30,089			29,726			29,394

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

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)		12/31/08		9/30/08			6/30/08		3/31/08		12/31/07
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,488	$	1,511		$	1,512	$	1,604	$	1,715
Interest and dividends on securities		332		303			299		303		308
Interest on short-term investments		4		7			6		11		14
Total interest income - taxable equivalent		1,824		1,821			1,817		1,918		2,037
Interest expense
Interest on deposits		423		449			455		564		655
Interest on fed funds purchased, repos and other borrowings		45		55			64		94		118
Interest on long-term debt		201		208			208		226		256
Total interest expense		669		712			727		884		1,029
Net interest income - taxable equivalent		1,155		1,109			1,090		1,034		1,008
Less: Taxable equivalent adjustment		23		21			22		17		17
Net interest income		1,132		1,088			1,068		1,017		991
Provision for credit losses		528		364			330		223		184
Net interest income after provision for
credit losses		604		724			738		794		807
Noninterest income
Insurance income		247		232			237		212		221
Service charges on deposits		171		176			172		154		165
Other nondeposit fees and commissions		137		137			139		128		133
Investment banking and brokerage fees and commissions		96		84			88		86		85
Trust and investment advisory revenues		32		37			38		40		42
Mortgage banking income		76		83			57		59		27
Securities gains (losses), net		-		(2	)		10		43		1
Other noninterest income		7		30			39		15		44
Total noninterest income		766		777			780		737		718
Noninterest expense
Personnel expense		537		552			565		547		516
Occupancy and equipment expense		135		127			124		123		126
Foreclosed property expense		27		22			17		13		13
Amortization of intangibles		23		25			25		27		27
Other noninterest expense		288		274			266		235		243
Total noninterest expense		1,010		1,000			997		945		925
Operating earnings before income taxes		360		501			521		586		600
Provision for income taxes		96		146			144		185		185
Operating earnings (1)		264		355			377		401		415
Dividends and accretion on preferred stock		21		-			-		-		-
Operating earnings available to
common shareholders (1)	$	243	$	355		$	377	$	401	$	415
PER COMMON SHARE DATA BASED ON OPERATING EARNINGS
AVAILABLE TO COMMON SHAREHOLDERS (1)
Basic earnings	$	.44	$	.64		$	.69	$	.73	$	.76
Diluted earnings		.44		.64			.69		.73		.75
Dividends paid per common share		.47		.47			.46		.46		.46
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		.74	%	1.03	%		1.12	%	1.21	%	1.26	%
Return on average common equity (2)		7.26		10.74			11.69		12.47		13.00
Net yield on earning assets (taxable equivalent)		3.68		3.66			3.65		3.54		3.46
Efficiency ratio (taxable equivalent) (3)		51.9		52.3			52.5		54.0		52.8
Noninterest income as a percentage of
total income (taxable equivalent) (3)		39.0		40.5			41.6		40.2		41.7
Average earning assets as a percentage of
average total assets		88.4		88.4			88.4		88.0		88.6
Average loans and leases as a percentage of
average deposits		105.7		106.6			109.4		107.1		106.5
CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)
Cash basis operating earnings
available to common shareholders	$	257	$	371		$	392	$	418	$	432
Basic earnings per common share		.47		.67			.72		.76		.79
Diluted earnings per common share		.46		.67			.71		.76		.78
Return on average tangible assets		.81	%	1.12	%		1.22	%	1.32	%	1.37	%
Return on average common tangible equity (2)		13.45		19.77			21.44		22.81		24.03
Efficiency ratio (taxable equivalent) (3)		50.6		51.0			51.2		52.4		51.3

NOTES:	Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(41 million)$(3 million), $(51 million), $(27 million) and $4 million, net of tax, for the quarters ended December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008,and December 31, 2007, respectively. See Reconciliation Tables included herein.
	(2)	Based on earnings available to common shareholders.
	(3)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgageservicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, whereapplicable. See Reconciliation Tables included herein.
	(4)	Cash basis operating performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles fromassets 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 9	Investor Relations	FAX (336) 733-3132

		As of / For the Quarter Ended
(Dollars in millions, except per share data)		12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,408	$	1,499	$	1,501	$	1,595	$	1,706
Interest and dividends on securities		317		287		283		289		292
Interest on short-term investments		4		7		6		11		14
Total interest income		1,729		1,793		1,790		1,895		2,012
Interest expense
Interest on deposits		423		449		455		564		655
Interest on fed funds purchased, repos and other borrowings		40		48		59		88		110
Interest on long-term debt		201		208		208		226		256
Total interest expense		664		705		722		878		1,021
Net interest income		1,065		1,088		1,068		1,017		991
Provision for credit losses		528		364		330		223		184
Net interest income after provision for
credit losses		537		724		738		794		807
Noninterest income
Insurance income		247		232		237		212		221
Service charges on deposits		171		176		172		154		165
Other nondeposit fees and commissions		137		137		139		128		133
Investment banking and brokerage fees and commissions		96		84		88		86		85
Trust and investment advisory revenues		32		37		38		40		42
Mortgage banking income		76		83		57		59		27
Securities gains (losses), net		41		13		10		43		1
Other noninterest income		7		30		86		49		44
Total noninterest income		807		792		827		771		718
Noninterest expense
Personnel expense		537		552		565		547		516
Occupancy and equipment expense		135		127		124		123		126
Foreclosed property expense		27		22		17		13		13
Amortization of intangibles		23		25		25		27		27
Merger-related and restructuring charges (credits), net		4		5		1		5		3
Other noninterest expense		288		278		230		221		257
Total noninterest expense		1,014		1,009		962		936		942
Income before income taxes		330		507		603		629		583
Provision for income taxes		25		149		175		201		172
Net income		305		358		428		428		411
Dividends and accretion on preferred stock		21		-		-		-		-
Net income available to common shareholders	$	284	$	358	$	428	$	428	$	411
PER COMMON SHARE DATA
Basic earnings	$	.51	$	.65	$	.78	$	.78	$	.75
Diluted earnings		.51		.65		.78		.78		.75
	For the Quarter Ended
		12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
ANNUALIZED INTEREST YIELDS / RATES (1)(2)
Interest income:
Securities:
U.S. government-sponsored entities (GSE)		4.34	%	5.08	%	5.12	%	4.69	%	4.62	%
Mortgage-backed securities issued by GSE		5.01		4.89		4.79		5.14		5.27
States and political subdivisions		6.48		6.40		6.07		6.32		6.73
Non-agency mortgage-backed securities		5.81		5.82		5.81		5.81		5.80
Other securities		2.94		3.88		5.44		6.12		7.20
Trading securities		2.19		2.99		2.81		5.89		4.06
Total securities		5.00		5.03		5.01		5.18		5.15
Loans:
Commercial loans and leases (3)		5.16		5.42		5.59		6.47		7.41
Direct retail loans		6.11		6.35		6.47		6.94		7.29
Sales finance loans		6.61		6.57		6.60		6.72		6.88
Revolving credit loans		10.49		10.72		10.86		11.78		12.47
Mortgage loans		5.96		6.01		5.99		6.03		6.07
Specialized lending		12.47		12.49		12.99		13.22		13.10
Total loans (3)		6.09		6.28		6.40		6.95		7.50
Other earning assets		1.33		2.61		2.48		3.41		4.48
Total earning assets (3)		5.81		6.00		6.09		6.56		6.98
Interest expense:
Interest-bearing deposits:
Interest checking		.74		1.32		.97		1.76		2.22
Other client deposits		1.41		1.62		1.57		2.11		2.69
Client certificates of deposit		3.28		3.33		3.73		4.30		4.58
Other interest-bearing deposits		2.13		2.61		2.74		3.38		4.72
Total interest-bearing deposits		2.14		2.32		2.49		3.07		3.60
Fed funds purchased, repos and other borrowings		1.47		2.44		2.51		3.50		4.37
Long-term debt		4.52		4.00		3.83		4.73		5.39
Total interest-bearing liabilities		2.45		2.66		2.77		3.42		4.02
Net yield on earning assets (3)		3.68	%	3.66	%	3.65	%	3.54	%	3.46	%

NOTES:	(1)	Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
	(2)	Excludes basis adjustments for fair value hedges.
	(3)	Adjusted for the impact of a $67 million charge for leveraged leases in the fourth quarter of 2008.

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, except per share data)		12/31/08		9/30/08			6/30/08			3/31/08			12/31/07
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	32,843	$	20,534		$	22,657		$	23,487		$	22,419
Trading securities		376		548			514			609			1,009
Total securities		33,219		21,082			23,171			24,096			23,428
Commercial loans and leases		50,480		48,694			47,790			46,277			44,870
Direct retail loans		15,454		15,569			15,623			15,570			15,691
Sales finance loans		6,354		6,314			6,266			6,052			6,021
Revolving credit loans		1,777		1,718			1,667			1,598			1,618
Mortgage loans		17,091		17,259			17,304			17,446			17,467
Specialized lending		6,089		5,709			5,550			5,186			5,240
Total loans and leases held for investment		97,245		95,263			94,200			92,129			90,907
Loans held for sale		1,424		1,419			1,515			1,822			779
Total loans and leases		98,669		96,682			95,715			93,951			91,686
Allowance for loan and lease losses		1,574		1,377			1,257			1,097			1,004
Other earning assets		1,478		1,046			975			1,098			1,307
Total earning assets		133,735		119,409			120,300			119,174			116,466
Total assets		152,015		137,041			136,465			136,417			132,618
Noninterest-bearing deposits		13,649		13,534			13,567			13,377			13,059
Interest checking		2,576		2,189			2,542			1,150			1,201
Other client deposits		39,413		37,786			36,871			35,196			35,504
Client certificates of deposit		27,937		26,519			26,801			26,819			26,972
Total client deposits		83,575		80,028			79,781			76,542			76,736
Other interest-bearing deposits		15,038		8,359			8,433			10,939			10,030
Total deposits		98,613		88,387			88,214			87,481			86,766
Fed funds purchased, repos and other borrowings		10,788		10,075			10,804			9,610			10,634
Long-term debt		18,032		21,337			20,556			21,544			18,693
Total interest-bearing liabilities		113,784		106,265			106,007			105,258			103,034
Total shareholders' equity		16,037		12,935			12,800			12,842			12,632
Goodwill		5,483		5,340			5,306			5,226			5,194
Core deposit and other intangibles		542		507			505			474			489
Total intangibles		6,025		5,847			5,811			5,700			5,683
Mortgage servicing rights	$	468	$	696		$	702		$	496		$	560
Average balances
Securities, at amortized cost	$	26,573	$	24,083		$	23,898		$	23,414		$	23,967
Commercial loans and leases		49,430		48,132			47,098			45,549			43,969
Direct retail loans		15,501		15,595			15,584			15,639			15,640
Sales finance loans		6,352		6,292			6,188			6,031			6,042
Revolving credit loans		1,737		1,688			1,628			1,602			1,548
Mortgage loans		18,352		18,485			18,902			18,574			18,297
Specialized lending		5,852		5,751			5,466			5,323			5,309
Total loans and leases		97,224		95,943			94,866			92,718			90,805
Allowance for loan and lease losses		1,416		1,281			1,118			1,018			945
Other earning assets		1,347		975			1,035			1,282			1,257
Total earning assets		125,144		121,001			119,799			117,414			116,029
Total assets		141,555		136,933			135,557			133,425			131,009
Noninterest-bearing deposits		13,298		13,181			13,086			12,676			13,040
Interest checking		2,270		2,369			2,566			2,301			2,293
Other client deposits		38,791		38,369			34,650			34,851			34,981
Client certificates of deposit		27,509		26,317			26,742			27,061			26,682
Total client deposits		81,868		80,236			77,044			76,889			76,996
Other interest-bearing deposits		10,118		9,785			9,641			9,694			8,264
Total deposits		91,986		90,021			86,685			86,583			85,260
Fed funds purchased, repos and other borrowings		12,296		8,915			10,350			10,760			10,739
Long-term debt		17,700		20,770			21,697			19,201			18,864
Total interest-bearing liabilities		108,684		106,525			105,646			103,868			101,823
Total shareholders' equity	$	14,924	$	13,133		$	12,982		$	12,929		$	12,655
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	13,185	$	10,008		$	9,317		$	9,287		$	9,085
Total		18,852		15,318			14,673			14,644			14,233
Risk-weighted assets		110,060		106,097			104,455			103,546			100,053
Average quarterly tangible assets		136,325		131,469			129,915			127,653			125,515
Risk-based capital ratios:
Tier 1		12.0	%	9.4	%		8.9	%		9.0	%		9.1	%
Total		17.1		14.4			14.0			14.1			14.2
Leverage capital ratio		9.7		7.6			7.2			7.3			7.2
Equity as a percentage of total assets		10.5		9.4			9.4			9.4			9.5
Tangible equity as a percentage of tangible assets (2)		7.4		5.8			5.7			5.6			5.7
Tangible common equity as a percentage of tangible assets (2)		5.3		5.8			5.7			5.6			5.7
Book value per common share	$	23.16	$	23.42		$	23.40		$	23.49		$	23.14
Tangible book value per common share (2)		13.93		13.91			13.60			13.47			13.18

NOTES:	All items referring to average loans and leases include loans held for sale.
	(1)	Current quarter risk-based capital information is preliminary.
	(2)	Tangible common equity and assets are based on regulatory Tier 1 capital definition.

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

	As of / For the Quarter Ended
(Dollars in millions)		12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	1,393		$	1,273		$	1,113		$	1,015		$	941
Allowance for acquired (sold) loans, net		-			(2	)		-			-			1
Provision for credit losses		528			364			330			223			184
Charge-offs
Commercial loans and leases		(123	)		(87	)		(48	)		(18	)		(26	)
Direct retail loans		(49	)		(41	)		(38	)		(28	)		(18	)
Sales finance loans		(18	)		(15	)		(13	)		(13	)		(10	)
Revolving credit loans		(23	)		(20	)		(18	)		(18	)		(11	)
Mortgage loans		(45	)		(33	)		(13	)		(5	)		(6	)
Specialized lending		(76	)		(61	)		(55	)		(59	)		(54	)
Total charge-offs		(334	)		(257	)		(185	)		(141	)		(125	)
Recoveries
Commercial loans and leases		7			3			2			4			2
Direct retail loans		3			3			3			3			3
Sales finance loans		1			2			2			2			2
Revolving credit loans		3			2			3			3			3
Mortgage loans		1			-			-			-			-
Specialized lending		5			5			5			4			4
Total recoveries		20			15			15			16			14
Net charge-offs		(314	)		(242	)		(170	)		(125	)		(111	)
Ending balance	$	1,607		$	1,393		$	1,273		$	1,113		$	1,015
Allowance For Credit Losses
Allowance for loan and lease losses	$	1,574		$	1,377		$	1,257		$	1,097		$	1,004
Reserve for unfunded lending commitments		33			16			16			16			11
Total	$	1,607		$	1,393		$	1,273		$	1,113		$	1,015
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	845		$	722		$	621		$	443		$	273
Direct retail loans		89			76			65			60			43
Sales finance loans		7			6			4			5			5
Mortgage loans		375			298			250			185			119
Specialized lending		97			94			76			67			62
Total nonaccrual loans and leases		1,413			1,196			1,016			760			502
Foreclosed real estate		538			382			232			178			143
Other foreclosed property		79			60			53			51			51
Nonperforming assets	$	2,030		$	1,638		$	1,301		$	989		$	696
Loans 90 days or more past due
and still accruing (1)
Commercial loans and leases	$	86		$	39		$	42		$	52		$	40
Direct retail loans		117			88			72			59			58
Sales finance loans		26			19			17			15			17
Revolving credit loans		23			17			15			16			15
Mortgage loans		165			123			126			106			85
Specialized lending		14			11			10			10			8
Total loans 90 days or more past due and still accruing	$	431		$	297		$	282		$	258		$	223
Loans 30 - 89 days past due (1)
Commercial loans and leases	$	594		$	355		$	492		$	364		$	284
Direct retail loans		270			200			175			185			192
Sales finance loans		146			119			93			86			105
Revolving credit loans		34			29			25			24			24
Mortgage loans		690			582			519			510			506
Specialized lending		313			294			258			216			243
Total loans 30 - 89 days past due	$	2,047		$	1,579		$	1,562		$	1,385		$	1,354
Asset Quality Ratios
Loans 30-89 days past due and still accruing
as a percentage of total loans and leases (1)		2.07	%		1.63	%		1.63	%		1.47	%		1.48	%
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases (1)		.44			.31			.29			.27			.24
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		1.43			1.24			1.06			.81			.55
Nonperforming assets as a percentage of:
Total assets		1.34			1.20			.95			.73			.52
Loans and leases plus
foreclosed property		2.04			1.69			1.36			1.05			.76
Net charge-offs as a percentage of
average loans and leases		1.29			1.00			.72			.54			.48
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (2)		1.06			.82			.53			.32			.28
Allowance for loan and lease losses as
a percentage of loans and leases		1.60			1.42			1.31			1.17			1.10
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.62			1.45			1.33			1.19			1.10
Ratio of allowance for loan and lease losses to:
Net charge-offs		1.26	x		1.43	x		1.84	x		2.18	x		2.29	x
Nonaccrual and restructured loans and leases		1.11			1.15			1.24			1.44			2.00

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 mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase.
	(2)	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 12	Investor Relations	FAX (336) 733-3132

	As of / For the Twelve Months Ended						Increase (Decrease)
(Dollars in millions)		12/31/08			12/31/07			$			%
Allowance For Credit Losses
Beginning balance	$	1,015		$	888		$	127			14.3	%
Allowance for acquired (sold) loans, net		(2	)		17			(19	)		NM
Provision for credit losses		1,445			448			997			222.5
Charge-offs
Commercial loans and leases		(276	)		(65	)		(211	)		324.6
Direct retail loans		(156	)		(72	)		(84	)		116.7
Sales finance loans		(59	)		(31	)		(28	)		90.3
Revolving credit loans		(79	)		(47	)		(32	)		68.1
Mortgage loans		(96	)		(10	)		(86	)		860.0
Specialized lending		(251	)		(180	)		(71	)		39.4
Total charge-offs		(917	)		(405	)		(512	)		126.4
Recoveries
Commercial loans and leases		16			17			(1	)		(5.9	)
Direct retail loans		12			13			(1	)		(7.7	)
Sales finance loans		7			8			(1	)		(12.5	)
Revolving credit loans		11			12			(1	)		(8.3	)
Mortgage loans		1			-			1			NM
Specialized lending		19			17			2			11.8
Total recoveries		66			67			(1	)		(1.5	)
Net charge-offs		(851	)		(338	)		(513	)		151.8
Ending balance	$	1,607		$	1,015		$	592			58.3	%
Allowance For Credit Losses
Allowance for loan and lease losses	$	1,574		$	1,004		$	570			56.8	%
Reserve for unfunded lending commitments		33			11			22			200.0
Total	$	1,607		$	1,015		$	592			58.3	%
Asset Quality Ratios
Net charge-offs as a percentage of
average loans and leases		.89	%		.38	%
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.69			.21
Ratio of allowance for loan and lease losses to
net charge-offs		1.85	x		2.97	x
				Percentage Increase (Decrease)
					QTD		Annualized Link QTD			YTD
				4Q08 vs. 4Q07			4Q08 vs. 3Q08			2008 vs. 2007
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (2)
Average Balances
Commercial loans and leases (3)					13.6	%		10.9	%		12.4	%
Direct retail loans					(0.9	)		(2.4	)		0.5
Sales finance loans					5.1			3.8			5.3
Revolving credit loans					12.2			11.5			14.0
Mortgage loans					0.3			(2.9	)		5.5
Specialized lending					10.0			7.0			7.1
Total loans and leases (3)					7.6			5.4			8.2
Noninterest-bearing deposits					2.0			3.4			(1.1	)
Interest checking					(1.0	)		(16.8	)		1.8
Other client deposits					10.9			4.3			6.7
Client certificates of deposit					2.8			16.7			2.7
Total client deposits					6.2			7.6			3.8
Other interest-bearing deposits					22.4			13.5			26.7
Total deposits					7.8	%		8.2	%		5.9	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS BASED ON OPERATING EARNINGS
ADJUSTED FOR PURCHASE ACQUISITIONS AND THE IMPLEMENTATION OF FAIR VALUE ACCOUNTING (2)(5)
Net interest income - taxable equivalent					14.5	%		16.1	%		10.5	%
Noninterest income
Insurance income					-			15.0			(0.5	)
Service charges on deposits					3.0			(11.3	)		9.4
Other nondeposit fees and commissions					3.0			-			7.1
Investment banking and brokerage fees and commissions					14.3			56.8			3.2
Trust and investment advisory revenues					(23.8	)		(53.8	)		(9.3	)
Mortgage banking income (4) (5)					5.4			(60.5	)		-
Securities gains (losses), net					NM			NM			NM
Other income (5)					NM			NM			(52.1	)
Total noninterest income (4) (5)					(4.8	)		(14.9	)		1.3
Noninterest expense
Personnel expense (5)					(1.9	)		(13.9	)		(1.3	)
Occupancy and equipment expense					4.7			25.1			4.7
Other noninterest expense					16.1			21.0			15.5
Total noninterest expense (5)					4.5	%		2.4	%		4.3	%

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 2008 and 2007.
	(3)	Adjusted for the sale of leveraged lease investments.
	(4)	Excludes the net impact of valuation adjustments for mortgage servicing rights and gains or losses on mortgage servicing rights-related derivatives.
	(5)	Adjusted for the impact of the implementation of fair value accounting standards on January 1, 2008.
	NM -	not meaningful.

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

	As of / For the Quarter Ended
(Dollars in millions)		12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1)	$	370		$	601		$	611		$	406		$	472
Income Statement Impact of Mortgage Servicing
Rights Valuation:
MSRs fair value increase (decrease)	$	(247	)	$	(41	)	$	152		$	(84	)	$	(85	)
MSRs derivative hedge (losses) gains		273			65			(158	)		82			80
Net	$	26		$	24		$	(6	)	$	(2	)	$	(5	)
Residential Mortgage Loan Originations	$	3,581		$	3,743		$	4,721		$	4,393		$	3,240
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	41,250		$	39,292		$	36,810		$	33,977		$	32,762
Bank owned loans serviced		18,434			18,411			18,755			19,155			18,191
Total servicing portfolio		59,684			57,703			55,565			53,132			50,953
Weighted Average Coupon Rate		6.03	%		6.01	%		5.98	%		6.00	%		6.01	%
Weighted Average Servicing Fee		.370			.366			.365			.363			.363
	For the Quarter Ended
(Dollars in millions, except per share data)		12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
RECONCILIATION TABLE
Net income available to common shareholders	$	284		$	358		$	428		$	428		$	411
Merger-related and restructuring items, net of tax		3			3			1			3			2
Other, net of tax (4)		(44	)		(6	)		(52	)		(30	)		2
Operating earnings available to
common shareholders		243			355			377			401			415
Amortization of intangibles, net of tax		14			15			15			17			16
Amortization of mark-to-market adjustments, net of tax		-			1			-			-			1
Cash basis operating earnings available to
common shareholders		257			371			392			418			432
Return on average assets		.86	%		1.04	%		1.27	%		1.29	%		1.24	%
Effect of merger-related and restructuring items, net of tax		-			.01			-			.01			.01
Effect of other, net of tax (4)		(.12	)		(.02	)		(.15	)		(.09	)		.01
Operating return on average assets		.74			1.03			1.12			1.21			1.26
Effect of amortization of intangibles, net of tax (2)		.07			.09			.10			.11			.11
Effect of amortization of mark-to-market adjustments,
net of tax		-			-			-			-			-
Cash basis operating return on average
tangible assets		.81			1.12			1.22			1.32			1.37
Return on average common equity		8.47	%		10.86	%		13.27	%		13.30	%		12.89	%
Effect of merger-related and restructuring items, net of tax		.08			.10			.02			.09			.05
Effect of other, net of tax (4)		(1.29	)		(.22	)		(1.60	)		(.92	)		.06
Operating return on average common equity		7.26			10.74			11.69			12.47			13.00
Effect of amortization of intangibles, net of tax (2)		6.19			9.00			9.75			10.34			10.99
Effect of amortization of mark-to-market adjustments,
net of tax		-			.03			-			-			.04
Cash basis operating return on average
common tangible equity		13.45			19.77			21.44			22.81			24.03
Efficiency ratio (taxable equivalent) (3)		54.0	%		52.8	%		49.4	%		52.4	%		53.8	%
Effect of merger-related and restructuring items		(.2	)		(.3	)		(.1	)		(.2	)		(.2	)
Effect of other (4)		(1.9	)		(.2	)		3.2			1.8			(.8	)
Operating efficiency ratio (3)		51.9			52.3			52.5			54.0			52.8
Effect of amortization of intangibles		(1.3	)		(1.3	)		(1.3	)		(1.6	)		(1.5	)
Effect of amortization of mark-to-market adjustments		-			-			-			-			-
Cash basis operating efficiency ratio (3)		50.6			51.0			51.2			52.4			51.3
Fee income ratio (3)		40.5	%		40.5	%		43.0	%		41.4	%		41.7	%
Effect of other (4)		(1.5	)		-			(1.4	)		(1.2	)		-
Operating fee income ratio (3)		39.0			40.5			41.6			40.2			41.7
Net yield on earning assets		3.47	%		3.66	%		3.65	%		3.54	%		3.46	%
Effect of other (4)		.21			-			-			-			-
Operating net yield on earning assets		3.68			3.66			3.65			3.54			3.46
Basic earnings per common share	$	.51		$	.65		$	.78		$	.78		$	.75
Effect of merger-related and restructuring items, net of tax		.01			-			-			-			.01
Effect of other, net of tax (4)		(.08	)		(.01	)		(.09	)		(.05	)		-
Operating basic earnings per common share		.44			.64			.69			.73			.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		-			-			-			-			-
Cash basis operating basic earnings per common share		.47			.67			.72			.76			.79
Diluted earnings per common share	$	.51		$	.65		$	.78		$	.78		$	.75
Effect of merger-related and restructuring items, net of tax		.01			-			-			-			-
Effect of other, net of tax (4)		(.08	)		(.01	)		(.09	)		(.05	)		-
Operating diluted earnings per common share		.44			.64			.69			.73			.75
Effect of amortization of intangibles, net of tax		.02			.03			.02			.03			.03
Effect of amortization of mark-to-market adjustments,
net of tax		-			-			-			-			-
Cash basis operating diluted earnings per
common share		.46			.67			.71			.76			.78

NOTES:	Applicable ratios are annualized.
	(1)	Balances exclude commercial mortgage servicing rights totaling $98 million, $95 million, $91 million, $90 million and $88 million as of December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008 and December 31, 2007, 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 on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.
	(4)	The fourth quarter of 2008 reflects net securities gains, other-than-temporary impairment losses and an adjustment related to leveraged leases collectively totaling $44 million, net of tax. The third quarter of 2008 reflects net securities gains, other-than-temporary impairment losses and other nonrecurring professional fees collectively totaling $6 million, net of tax. The second quarter of 2008 reflects a gain from the sale of Visa, Inc. shares and a gain from the early extinguishment of certain FHLB advances collectively totaling $52 million, net of tax. The first quarter of 2008 reflects a gain from the IPO and the reversal of a reserve charge relating to the Visa, Inc. settlement totaling $30 million, net of tax. The fourth quarter of 2007 reflects a reserve charge relating to the Visa, Inc. settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes related to leveraged leas es.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
Page 14	Investor Relations	FAX (336) 733-3132

	For the Twelve Months Ended
(Dollars in millions, except per share data)		12/31/08			12/31/07
RECONCILIATION TABLE
Net income available to common shareholders	$	1,498		$	1,734
Merger-related and restructuring items, net of tax		10			13
Other, net of tax (3)		(132	)		2
Operating earnings available to common shareholders		1,376			1,749
Amortization of intangibles, net of tax		61			65
Amortization of mark-to-market adjustments, net of tax		1			2
Cash basis operating earnings available to common shareholders		1,438			1,816
Return on average assets		1.11	%		1.37	%
Effect of merger-related and restructuring items, net of tax		.01			.01
Effect of other, net of tax (3)		(.10	)		-
Operating return on average assets		1.02			1.38
Effect of amortization of intangibles, net of tax (1)		.09			.12
Effect of amortization of mark-to-market adjustments, net of tax		-			-
Cash basis operating return on average tangible assets		1.11			1.50
Return on average common equity		11.44	%		14.25	%
Effect of merger-related and restructuring items, net of tax		.08			.10
Effect of other, net of tax (3)		(1.01	)		.02
Operating return on average common equity		10.51			14.37
Effect of amortization of intangibles, net of tax (1)		8.79			12.42
Effect of amortization of mark-to-market adjustments, net of tax		-			.03
Cash basis operating return on average common tangible equity		19.30			26.82
Efficiency ratio (taxable equivalent) (2)		52.1	%		53.7	%
Effect of merger-related and restructuring items		(.2	)		(.3	)
Effect of other (3)		.7			(.3	)
Operating efficiency ratio (2)		52.6			53.1
Effect of amortization of intangibles		(1.3	)		(1.5	)
Effect of amortization of mark-to-market adjustments		-			-
Cash basis operating efficiency ratio (2)		51.3			51.6
Fee income ratio (2)		41.4	%		41.3	%
Effect of other (3)		(1.1	)		-
Operating fee income ratio (2)		40.3			41.3
Net yield on earning assets		3.58	%		3.52	%
Effect of other (4)		.05			-
Operating net yield on earning assets		3.63			3.52
Basic earnings per common share	$	2.73		$	3.17
Effect of merger-related and restructuring items, net of tax		.02			.02
Effect of other, net of tax (3)		(.24	)		.01
Operating basic earnings per common share		2.51			3.20
Effect of amortization of intangibles, net of tax		.11			.12
Effect of amortization of mark-to-market adjustments, net of tax		-			-
Cash basis operating basic earnings per common share		2.62			3.32
Diluted earnings per common share	$	2.71		$	3.14
Effect of merger-related and restructuring items, net of tax		.02			.02
Effect of other, net of tax (3)		(.24	)		.01
Operating diluted earnings per common share		2.49			3.17
Effect of amortization of intangibles, net of tax		.11			.12
Effect of amortization of mark-to-market adjustments, net of tax		-			-
Cash basis operating diluted earnings per common share		2.60			3.29

NOTES:	Applicable ratios are annualized.
	(1)	Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.
	(2)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgageservicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.
	(3)	2008 reflects net securities gains, other-than-temporary impairments, gains from the initial IPO and sale of Visa, Inc. shares, a reversal of a reserve charge relating to the Visa, Inc.settlement, gains from the early extinguishment of certain FHLB advances, an adjustment related to leveraged leases and nonrecurring professional expenses collectivelytotaling $132 million, net of tax. 2007 reflects a reserve charge relating to the Visa, Inc. settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for incometaxes related to leveraged leases.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
CREDIT SUPPLEMENT PAGE 1	Investor Relations	FAX (336) 733-3132

(Dollars in millions, except average loan and average client size)
SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1)
			As of / For the Period Ended December 31, 2008
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND			Builder /			Land / Land			Condos /
CONSTRUCTION LOANS (ADC)			Construction			Development			Townhomes			Total ADC
Total loans outstanding		$	2,905		$	4,533		$	543		$	7,981
Average loan size (in thousands)			296			602			1,280			449
Average client size (in thousands)			851			1,357			3,262			1,149
Percentage of total loans			2.9	%		4.6	%		.6	%		8.1	%
Nonaccrual loans and leases as a percentage of category			7.87			5.48			4.24			6.27
Gross charge-offs as a percentage of category			1.20			2.07			3.22			1.83
			As of / For the Period Ended December 31, 2008
												Gross Charge-
									Nonaccrual as a			Offs as a
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND	Total		Percentage of		Nonaccrual Loans				Percentage of			Percentage of
CONSTRUCTION LOANS (ADC) BY STATE OF ORIGINATION	Outstandings		Total		and Leases				Outstandings			Outstandings
North Carolina	$	2,926	36.7	%	$	127			4.35	%		.19	%
Georgia		1,364	17.1			133			9.77			5.49
Virginia		1,232	15.4			35			2.82			1.60
Florida		846	10.6			139			16.40			3.17
South Carolina		664	8.3			13			1.96			.25
Tennessee		258	3.2			13			4.94			1.73
Kentucky		224	2.8			28			12.56			.27
Washington, D.C.		219	2.7			6			2.87			3.15
West Virginia		140	1.8			6			4.29			1.01
Maryland		108	1.4			-			-			3.81
Total	$	7,981	100.0	%	$	500			6.27	%		1.83	%
			As of / For the Period Ended December 31, 2008
								Permanent			Total Other
			Commercial		Commercial Land/			Income Producing			Commercial Real
OTHER COMMERCIAL REAL ESTATE LOANS (2)			Construction		Development			Properties			Estate
Total loans outstanding		$	2,784		$	2,607		$	6,146		$	11,537
Average loan size (in thousands)			1,370			794			360			515
Average client size (in thousands)			1,793			970			538			733
Percentage of total loans			2.8	%		2.6	%		6.2	%		11.7	%
Nonaccrual loans and leases as a percentage of category			.36			1.99			.80			.97
Gross charge-offs as a percentage of category			.15			.64			.13			.25
		As of / For the Period Ended December 31, 2008
												Gross Charge-
									Nonaccrual as a			Offs as a
OTHER COMMERCIAL REAL ESTATE LOANS BY STATE OF	Total		Percentage of		Nonaccrual Loans				Percentage of			Percentage of
ORIGINATION	Outstandings		Total			and Leases			Outstandings			Outstandings
North Carolina	$	3,457	30.1	%	$	15			.44	%		.09	%
Georgia		2,068	17.9			28			1.35			.36
Virginia		1,777	15.4			8			.46			.06
South Carolina		900	7.8			9			.94			.13
Florida		830	7.2			35			4.20			1.61
Washington, D.C.		674	5.8			-			.04			.04
Maryland		511	4.4			1			.15			-
West Virginia		452	3.9			2			.52			.03
Kentucky		426	3.7			9			2.12			.04
Tennessee		334	2.9			4			1.25			.70
Other		108	.9			-			-			-
Total	$	11,537	100.0	%	$	111			.97	%		.25	%

NOTES:	(1)	Commercial real estate loans (CRE) are defined as loans to finance non-owner occupied real property where the primary repayment source is the sale or rental/lease of the real property. Definition is based on internal classification.
	(2)	Other CRE loans consist primarily of non-residential income producing CRE loans. C&I loans secured by real property are excluded.

QUARTERLY PERFORMANCE SUMMARY	Tamera L. Gjesdal
BB&T Corporation (NYSE:BBT)	Senior Vice President	(336) 733-3058
CREDIT SUPPLEMENT PAGE 2	Investor Relations	FAX (336) 733-3132

(Dollars in millions, except average loan size)
SUPPLEMENTAL RESIDENTIAL MORTGAGE PORTFOLIO INFORMATION
		As of / For the Period Ended December 31, 2008
						Construction/
MORTGAGE LOANS		Prime			ALT-A	Permanent				Subprime (1)
Total loans outstanding	$	12,103		$	3,193	$	1,538		$	637
Average loan size (in thousands)		195			329		335			69
Average credit score		721			735		735			590
Percentage of total loans		12.3	%		3.2	%	1.6	%		.6	%
Percentage that are first mortgages		99.7			99.7		98.9			83.1
Average loan to value		74.6			67.5		77.8			75.3
Nonaccrual loans and leases as a percentage of category		1.51			3.08		4.99			4.70
Gross charge-offs as a percentage of category		.41			.70		.87			2.19
		As of / For the Period Ended December 31, 2008
										Gross Charge-
							Nonaccrual as a			Offs as a
		Total Mortgages			Percentage of		Percentage of			Percentage of
RESIDENTIAL MORTGAGE LOANS BY STATE		Outstanding (1)			Total		Outstandings			Outstandings
North Carolina	$	4,315			24.7	%	.99	%		.09	%
Virginia		3,534			20.2		1.81			.41
Florida		2,589			14.8		5.78			1.97
Maryland		1,833			10.5		1.24			.42
Georgia		1,613			9.2		3.21			.71
South Carolina		1,609			9.2		1.76			.23
West Virginia		380			2.2		.89			.17
Kentucky		362			2.1		.67			.33
Tennessee		257			1.5		1.16			.21
Washington, D.C.		195			1.1		1.13			.02
Other		784			4.5		2.26			.60
Total	$	17,471			100.0	%	2.22	%		.57	%
(Dollars in millions, except average loan size)
SUPPLEMENTAL HOME EQUITY PORTFOLIO INFORMATION (2)
							As of / For the Period Ended
							December 31, 2008
							Home Equity			Home Equity
HOME EQUITY LOANS & LINES							Loans			Lines
Total loans outstanding						$	8,878		$	5,497
Average loan size (in thousands) (3)							48			36
Average credit score							725			759
Percentage of total loans							9.0	%		5.6	%
Percentage that are first mortgages							77.2			24.3
Average loan to value							67.4			66.7
Nonaccrual loans and leases as a percentage of category							.79			.28
Gross charge-offs as a percentage of category							.61			.88
		As of / For the Period Ended December 31, 2008
		Total Home								Gross Charge-
		Equity Loans and					Nonaccrual as a			Offs as a
		Lines			Percentage of		Percentage of			Percentage of
HOME EQUITY LOANS AND LINES BY STATE		Outstanding			Total		Outstandings			Outstandings
North Carolina	$	4,992			34.7	%	.54	%		.29	%
Virginia		3,232			22.5		.30			.83
South Carolina		1,407			9.8		1.03			.50
Georgia		1,158			8.1		.66			1.19
West Virginia		863			6.0		.34			.31
Maryland		861			6.0		.27			.68
Florida		721			5.0		1.69			3.51
Kentucky		605			4.2		.73			.35
Tennessee		425			3.0		.96			.21
Washington, D.C.		90			.6		1.13			3.89
Other		21			.1		.35			.27
Total	$	14,375			100.0	%	.60	%		.71	%

NOTES:	(1)	Includes $380 million in loans originated by Lendmark Financial Services, which are disclosed as a part of the specialized lending category, andexcludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase.
	(2)	Home equity portfolio is a component of direct retail loans and originated through the BB&T branching network.
	(3)	Home equity lines without an outstanding balance are excluded from this calculation.