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

Exhibit 99.2

     BB&T Corporation
Quarterly Performance Summary
First Quarter 2009

BB&T Corporation
Quarterly Performance Summary
Table of Contents

 

	Page
Financial Highlights	3
Financial Highlights - Five Quarter Trend	4
Consolidated Statements of Income	5
Consolidated Statements of Income - Five Quarter Trend	6
Consolidated Balance Sheets	7
Consolidated Balance Sheets - Five Quarter Trend	8
Average Balance Sheets	9
Average Balance Sheets - Five Quarter Trend	10
Average Balances and Rates - Quarters	11-12
Credit Quality	13-14
Credit Quality - Supplemental Schedules	15-16
Additional Information - Five Quarter Trend	17
Selected Growth Rates Adjusted for Purchase
Acquisitions and Selected Items	18
Selected Items & NON-GAAP Reconciliation Table	19

 

BB&T Corporation
Financial Highlights
(Dollars in millions, except per share data, shares in thousands)

 

		Year-to-Date
		March 31					%
		2009			2008		Change
Summary Income Statement
Interest income	$	1,709		$	1,918		(10.9	) %
Interest expense		535			884		(39.5	)
Net interest income - taxable equivalent		1,174			1,034		13.5
Less: Taxable-equivalent adjustment		28			17		64.7
Net interest income		1,146			1,017		12.7
Provision for credit losses		676			223		203.1
Net interest income after provision for credit losses		470			794		(40.8	)
Noninterest income		1,031			771		33.7
Noninterest expense		1,069			935		14.3
Income before income taxes		432			630		(31.4	)
Provision for income taxes		114			201		(43.3	)
Net income		318			429		(25.9	)
Minority interest		6			1		NM
Dividends and accretion on preferred stock		41			-		NM
Net income available to common shareholders		271			428		(36.7	)
Per Common Share Data
Earnings
Basic	$	.48		$	.78		(38.5	) %
Diluted		.48			.78		(38.5	)
Cash dividends paid		.47			.46		2.2
Book value		23.29			23.49		(.9	)
Tangible book value (1)		14.00			13.47		3.9
End of period shares outstanding (in thousands)		560,563			546,799		2.5
Weighted average shares (in thousands)
Basic		559,801			546,214		2.5
Diluted		563,566			548,946		2.7
Performance Ratios
Return on average assets		.86	%		1.29	%
Return on average common shareholders' equity		8.29			13.30
Net interest margin - taxable equivalent		3.57			3.54
Noninterest income as a percentage of total income (2)		42.1			41.4
Efficiency ratio (2)		50.9			52.3
Cash Basis Performance Ratios (3)
Diluted earnings per common share	$	.51		$	.81		(37.0	) %
Return on average tangible assets		.93	%		1.40	%
Return on average tangible common shareholders' equity		15.62			24.27
Efficiency ratio (2)		49.8			50.8
Credit Quality
Nonperforming assets	$	2,750		$	989
Nonperforming assets as a percentage of:
Total assets		1.92	%		.73	%
Loans and leases plus foreclosed property		2.72			1.05
Net charge-offs as a percentage of average
loans and leases		1.58			.54
Allowance for loan and lease losses as a percentage
of loans and leases held for investment		1.94			1.19
Ratio of allowance for loan and lease losses to
nonperforming loans and leases		1.08	X		1.44	X
Average Balances
Total assets	$	149,876		$	133,425		12.3	%
Investment securities		31,427			23,414		34.2
Loans and leases		99,724			92,718		7.6
Deposits		93,934			86,583		8.5
Client deposits		84,133			76,889		9.4
Shareholders' equity		16,406			12,961		26.6
Period-End Balances
Total assets	$	143,425		$	136,417		5.1	%
Investment securities		19,489			24,096		(19.1	)
Loans and leases		100,239			93,951		6.7
Deposits		90,617			87,481		3.6
Client deposits		84,292			76,542		10.1
Shareholders' equity		16,182			12,875		25.7
Capital Ratios (4)
Risk-based
Tier 1		12.1	%		9.0	%
Total		17.1			14.1
Leverage		9.4			7.3
Tangible common equity (1)		5.7			5.7
Tangible common equity to risk-weighted assets (1)		7.1			7.1
Note: Applicable ratios are annualized.

(1	)	Tangible common equity and assets are based on regulatory Tier 1 capital definition.
(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.
(3	)	Cash basis performance information excludes the amortization of intangible assets and purchase accounting mark-to-market adjustments. In addition, cash basis performance excludes the unamortized balances of intangibles from assets and equity, net of deferred taxes.
(4	)	Current quarter regulatory capital information is preliminary.
		NM - not meaningful.

3

BB&T Corporation
Financial Highlights - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands)

 

		Quarter Ended
		March 31			Dec. 31			Sept. 30			June 30			March 31
		2009			2008			2008			2008			2008
Summary Income Statement
Interest income	$	1,709		$	1,757		$	1,821		$	1,817		$	1,918
Interest expense		535			669			712			727			884
Net interest income - taxable equivalent		1,174			1,088			1,109			1,090			1,034
Less: Taxable-equivalent adjustment		28			23			21			22			17
Net interest income		1,146			1,065			1,088			1,068			1,017
Provision for credit losses		676			528			364			330			223
Net interest income after provision for credit losses		470			537			724			738			794
Noninterest income		1,031			807			792			827			771
Noninterest expense		1,069			1,012			1,005			959			935
Income before income taxes		432			332			511			606			630
Provision for income taxes		114			25			149			175			201
Net income		318			307			362			431			429
Minority interest		6			2			4			3			1
Dividends and accretion on preferred stock		41			21			-			-			-
Net income available to common shareholders		271			284			358			428			428
Per Common Share Data
Earnings
Basic	$	.48		$	.51		$	.65		$	.78		$	.78
Diluted		.48			.51			.65			.78			.78
Cash dividends paid		.47			.47			.47			.46			.46
Book value		23.29			23.16			23.42			23.40			23.49
Tangible book value (1)		14.00			13.93			13.91			13.60			13.47
End of period shares outstanding (in thousands)		560,563			559,248			552,259			546,928			546,799
Weighted average shares (in thousands)
Basic		559,801			552,732			549,761			546,628			546,214
Diluted		563,566			556,746			553,544			549,758			548,946
Performance Ratios
Return on average assets		.86	%		.86	%		1.05	%		1.28	%		1.29	%
Return on average common shareholders' equity		8.29			8.47			10.86			13.27			13.30
Net interest margin - taxable equivalent (2)		3.57			3.47			3.66			3.65			3.54
Noninterest income as a percentage of total income (3)		42.1			40.5			40.5			43.0			41.4
Efficiency ratio (3)		50.9			53.9			52.7			49.2			52.3
Cash Basis Performance Ratios (4)
Diluted earnings per share	$	.51		$	.54		$	.68		$	.81		$	.81
Return on average tangible assets		.93	%		.94	%		1.15	%		1.38	%		1.40	%
Return on average tangible common shareholders' equity		15.62			15.57			19.97			24.22			24.27
Efficiency ratio (3)		49.8			52.6			51.3			47.9			50.8
Credit Quality
Nonperforming assets	$	2,750		$	2,030		$	1,638		$	1,301		$	989
Nonperforming assets as a percentage of:
Total assets		1.92	%		1.34	%		1.20	%		.95	%		.73	%
Loans and leases plus foreclosed property		2.72			2.04			1.69			1.36			1.05
Net charge-offs as a percentage of average
loans and leases		1.58			1.29			1.00			.72			.54
Allowance for loan and lease losses as a percentage
of loans and leases held for investment		1.94			1.62			1.45			1.33			1.19
Ratio of allowance for loan and lease losses to
nonperforming loans and leases		1.08	X		1.11	X		1.15	X		1.24	X		1.44	X
Average Balances
Total assets	$	149,876		$	141,555		$	136,933		$	135,557		$	133,425
Investment securities		31,427			26,573			24,083			23,898			23,414
Loans and leases		99,724			97,224			95,943			94,866			92,718
Deposits		93,934			91,986			90,021			86,685			86,583
Client deposits		84,133			81,868			80,236			77,044			76,889
Shareholders' equity		16,406			14,967			13,176			13,017			12,961
Period-End Balances
Total assets	$	143,425		$	152,015		$	137,041		$	136,465		$	136,417
Investment securities		19,489			33,219			21,082			23,171			24,096
Loans and leases		100,239			98,669			96,682			95,715			93,951
Deposits		90,617			98,613			88,387			88,214			87,481
Client deposits		84,292			83,575			80,028			79,781			76,542
Shareholders' equity		16,182			16,081			12,980			12,838			12,875
Capital Ratios (5)
Risk-based
Tier 1		12.1	%		12.3	%		9.4	%		8.9	%		9.0	%
Total		17.1			17.4			14.4			14.0			14.1
Leverage		9.4			9.9			7.6			7.2			7.3
Tangible common equity (1)		5.7			5.3			5.9			5.7			5.7
Tangible common equity to risk-weighted assets (1)		7.1			7.1			7.3			7.2			7.1
Note: Applicable ratios are annualized.

(1)	Tangible common equity and assets are based on regulatory Tier 1 capital definition.
(2)	The net interest margin for the fourth quarter of 2008 was 3.68% excluding the $67 million charge related to the leveraged lease settlement.
(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.
(4)	Cash basis performance information excludes the amortization of intangible assets and purchase accounting mark-to-market adjustments. In addition, cash basis performance excludes the unamortized balances of intangibles from assets and equity, net of deferred taxes.
(5)	Current quarter regulatory capital information is preliminary.

4

BB&T Corporation
Consolidated Statements of Income
(Dollars in millions, except per share data, shares in thousands)

 

		Year-to-Date
		March 31				Change
		2009		2008		$		%
Interest Income
Interest and fees on loans and leases	$	1,322	$	1,595	$	(273	)	(17.1	) %
Interest and dividends on securities		355		289		66		22.8
Interest on short-term investments		2		11		(9	)	(81.8	)
Total interest income		1,679		1,895		(216	)	(11.4	)
Interest Expense
Interest on deposits		346		564		(218	)	(38.7	)
Interest on federal funds purchased, securities sold under
repurchase agreements and short-term borrowed funds		23		88		(65	)	(73.9	)
Interest on long-term debt		164		226		(62	)	(27.4	)
Total interest expense		533		878		(345	)	(39.3	)
Net interest income		1,146		1,017		129		12.7
Provision for credit losses		676		223		453		203.1
Net interest income after provision for credit losses		470		794		(324	)	(40.8	)
Noninterest income
Insurance income		252		212		40		18.9
Service charges on deposits		156		154		2		1.3
Investment banking brokerage fees and commissions		82		86		(4	)	(4.7	)
Mortgage banking income		188		59		129		218.6
Checkcard fees		49		46		3		6.5
Other nondeposit fees and commissions		53		46		7		15.2
Trust and investment advisory revenues		32		40		(8	)	(20.0	)
Bankcard fees and merchant discounts		35		36		(1	)	(2.8	)
Income from bank-owned life insurance		23		13		10		76.9
Securities gains, net		150		43		107		NM
Other income		11		36		(25	)	(69.4	)
Total noninterest income		1,031		771		260		33.7
Noninterest Expense
Personnel expense		600		547		53		9.7
Occupancy and equipment expense		129		123		6		4.9
Professional services		53		37		16		43.2
Foreclosed property expense		36		13		23		176.9
Regulatory charges		33		5		28		NM
Loan processing expense		29		31		(2	)	(6.5	)
Amortization of intangibles		25		27		(2	)	(7.4	)
Merger-related and restructuring charges, net		12		5		7		140.0
Other expenses		152		147		5		3.4
Total noninterest expense		1,069		935		134		14.3
Earnings
Income before income taxes		432		630		(198	)	(31.4	)
Provision for income taxes		114		201		(87	)	(43.3	)
Net Income		318		429		(111	)	(25.9	)
Minority interest		6		1		5		NM
Dividends and accretion on preferred stock		41		-		41		NM
Net income available to common shareholders	$	271	$	428	$	(157	)	(36.7	) %
Earnings Per Common Share
Basic	$	.48	$	.78	$	(.30	)	(38.5	) %
Diluted		.48		.78		(.30	)	(38.5	)
Weighted Average Shares Outstanding
Basic		559,801		546,214		13,587		2.5
Diluted		563,566		548,946		14,620		2.7
NM - not meaningful.

5

BB&T Corporation
Consolidated Statements of Income - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands)

 

	Quarter Ended
		March 31		Dec. 31		Sept. 30			June 30		March 31
		2009		2008		2008			2008		2008
Interest Income
Interest and fees on loans and leases	$	1,322	$	1,408		$	1,499	$	1,501	$	1,595
Interest and dividends on securities		355		317			287		283		289
Interest on short-term investments		2		4			7		6		11
Total interest income		1,679		1,729			1,793		1,790		1,895
Interest Expense
Interest on deposits		346		423			449		455		564
Interest on federal funds purchased, securities sold under
repurchase agreements and short-term borrowed funds		23		40			48		59		88
Interest on long-term debt		164		201			208		208		226
Total interest expense		533		664			705		722		878
Net interest income		1,146		1,065			1,088		1,068		1,017
Provision for credit losses		676		528			364		330		223
Net interest income after provision for credit losses		470		537			724		738		794
Noninterest income
Insurance income		252		247			232		237		212
Service charges on deposits		156		171			176		172		154
Investment banking brokerage fees and commissions		82		96			84		88		86
Mortgage banking income		188		76			83		57		59
Checkcard fees		49		50			52		53		46
Other nondeposit fees and commissions		53		49			47		47		46
Trust and investment advisory revenues		32		32			37		38		40
Bankcard fees and merchant discounts		35		38			38		39		36
Income from bank-owned life insurance		23		22			24		25		13
Securities gains net		150		41			13		10		43
Other income (loss)		11		(15	)		6		61		36
Total noninterest income		1,031		807			792		827		771
Noninterest Expense
Personnel expense		600		537			552		565		547
Occupancy and equipment expense		129		135			127		124		123
Professional services		53		64			55		48		37
Foreclosed property expense		36		27			22		17		13
Regulatory charges		33		13			8		4		5
Loan processing expense		29		29			32		33		31
Amortization of intangibles		25		23			25		25		27
Merger-related and restructuring charges, net		12		4			5		1		5
Other expenses		152		180			179		142		147
Total noninterest expense		1,069		1,012			1,005		959		935
Earnings
Income before income taxes		432		332			511		606		630
Provision for income taxes		114		25			149		175		201
Net Income		318		307			362		431		429
Minority interest		6		2			4		3		1
Dividends and accretion on preferred stock		41		21			-		-		-
Net income available to common shareholders	$	271	$	284		$	358	$	428	$	428
Earnings Per Common Share
Basic	$	.48	$	.51		$	.65	$	.78	$	.78
Diluted		.48		.51			.65		.78		.78
Weighted Average Shares Outstanding
Basic		559,801		552,732			549,761		546,628		546,214
Diluted		563,566		556,746			553,544		549,758		548,946

6

BB&T Corporation
Consolidated Balance Sheets
(Dollars in millions)

 

		As of March 31,						Change
		2009			2008			$		%
Assets
Cash and due from banks	$	1,188		$	1,844		$	(656	)	(35.6	)%
Interest-bearing deposits with banks		511			395			116		29.4
Federal funds sold and securities purchased under
resale agreements or similar arrangements		301			342			(41	)	(12.0	)
Segregated cash due from banks		283			325			(42	)	(12.9	)
Trading securities at fair value		481			609			(128	)	(21.0	)
Securities available for sale at fair value		19,008			23,487			(4,479	)	(19.1	)
Loans and leases:
Commercial loans and leases		50,392			46,277			4,115		8.9
Direct retail loans		15,000			15,570			(570	)	(3.7	)
Sales finance loans		6,275			6,052			223		3.7
Revolving credit loans		1,760			1,598			162		10.1
Mortgage loans		16,336			17,446			(1,110	)	(6.4	)
Specialized lending		6,678			5,186			1,492		28.8
Total loans and leases held for investment		96,441			92,129			4,312		4.7
Loans held for sale		3,798			1,822			1,976		108.5
Total loans and leases		100,239			93,951			6,288		6.7
Allowance for loan and lease losses		(1,869	)		(1,097	)		(772	)	70.4
Premises and equipment		1,583			1,544			39		2.5
Goodwill		5,492			5,226			266		5.1
Core deposit and other intangible assets		521			474			47		9.9
Residential mortgage servicing rights at fair value		365			406			(41	)	(10.1	)
Other assets		15,322			8,911			6,411		71.9
Total assets	$	143,425		$	136,417		$	7,008		5.1	%
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	14,766		$	13,377		$	1,389		10.4	%
Interest checking		2,401			1,150			1,251		108.8
Other client deposits		40,604			35,196			5,408		15.4
Client certificates of deposit		26,521			26,819			(298	)	(1.1	)
Total client deposits		84,292			76,542			7,750		10.1
Other interest-bearing deposits		6,325			10,939			(4,614	)	(42.2	)
Total deposits		90,617			87,481			3,136		3.6
Fed funds purchased, repos and other borrowings		13,721			9,610			4,111		42.8
Long-term debt		17,955			21,544			(3,589	)	(16.7	)
Other liabilities		4,950			4,907			43		0.9
Total liabilities		127,243			123,542			3,701		3.0
Shareholders' equity:
Preferred stock		3,085			-			3,085		NM
Common stock		2,803			2,734			69		2.5
Additional paid-in capital		3,547			3,124			423		13.5
Retained earnings		7,385			7,087			298		4.2
Minority interest		45			33			12		36.4
Accumulated other comprehensive loss		(683	)		(103	)		(580	)	563.1
Total shareholders' equity		16,182			12,875			3,307		25.7
Total liabilities and shareholders' equity	$	143,425		$	136,417		$	7,008		5.1
NM - not meaningful.

7

BB&T Corporation
Consolidated Balance Sheets - Five Quarter Trend
(Dollars in millions)

 

		As of
		March 31			Dec. 31			Sept. 30			June 30			March 31
		2009			2008			2008			2008			2008
Assets
Cash and due from banks	$	1,188		$	1,639		$	1,675		$	1,888		$	1,844
Interest-bearing deposits with banks		511			751			420			577			395
Federal funds sold and securities purchased under
resale agreements or similar arrangements		301			350			297			178			342
Segregated cash due from banks		283			379			307			196			325
Trading securities at fair value		481			376			548			514			609
Securities available for sale at fair value		19,008			32,843			20,534			22,657			23,487
Loans and leases:
Commercial loans and leases		50,392			50,480			48,694			47,790			46,277
Direct retail loans		15,000			15,454			15,569			15,623			15,570
Sales finance loans		6,275			6,354			6,314			6,266			6,052
Revolving credit loans		1,760			1,777			1,718			1,667			1,598
Mortgage loans		16,336			17,091			17,259			17,304			17,446
Specialized lending		6,678			6,089			5,709			5,550			5,186
Total loans and leases held for investment		96,441			97,245			95,263			94,200			92,129
Loans held for sale		3,798			1,424			1,419			1,515			1,822
Total loans and leases		100,239			98,669			96,682			95,715			93,951
Allowance for loan and lease losses		(1,869	)		(1,574	)		(1,377	)		(1,257	)		(1,097	)
Premises and equipment		1,583			1,580			1,557			1,557			1,544
Goodwill		5,492			5,483			5,340			5,306			5,226
Core deposit and other intangible assets		521			542			507			505			474
Residential mortgage servicing rights at fair value		365			370			601			611			406
Other assets		15,322			10,607			9,950			8,018			8,911
Total assets	$	143,425		$	152,015		$	137,041		$	136,465		$	136,417
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	14,766		$	13,649		$	13,534		$	13,567		$	13,377
Interest checking		2,401			2,576			2,189			2,542			1,150
Other client deposits		40,604			39,413			37,786			36,871			35,196
Client certificates of deposit		26,521			27,937			26,519			26,801			26,819
Total client deposits		84,292			83,575			80,028			79,781			76,542
Other interest-bearing deposits		6,325			15,038			8,359			8,433			10,939
Total deposits		90,617			98,613			88,387			88,214			87,481
Fed funds purchased, repos and other borrowings		13,721			10,788			10,075			10,804			9,610
Long-term debt		17,955			18,032			21,337			20,556			21,544
Other liabilities		4,950			8,501			4,262			4,053			4,907
Total liabilities		127,243			135,934			124,061			123,627			123,542
Shareholders' equity:
Preferred stock		3,085			3,082			-			-			-
Common stock		2,803			2,796			2,761			2,735			2,734
Additional paid-in capital		3,547			3,510			3,278			3,146			3,124
Retained earnings		7,385			7,381			7,357			7,258			7,087
Minority interest		45			44			45			38			33
Accumulated other comprehensive loss		(683	)		(732	)		(461	)		(339	)		(103	)
Total shareholders' equity		16,182			16,081			12,980			12,838			12,875
Total liabilities and shareholders' equity	$	143,425		$	152,015		$	137,041		$	136,465		$	136,417

8

BB&T Corporation
Average Balance Sheets
(Dollars in millions)

 

		Year-to-Date
		March 31				Change
		2009		2008		$		%
Assets
Securities, at amortized cost
U.S. government-sponsored entities (GSE)	$	1,080	$	8,354	$	(7,274	)	(87.1	) %
Mortgage-backed securities issued by GSE		25,137		9,777		15,360		157.1
States and political subdivisions		2,282		1,413		869		61.5
Non-agency mortgage-backed securities		1,543		1,711		(168	)	(9.8	)
Other securities		937		1,275		(338	)	(26.5	)
Trading securities		448		884		(436	)	(49.3	)
Total securities		31,427		23,414		8,013		34.2
Other earning assets		1,180		1,282		(102	)	(8.0	)
Loans and leases
Commercial loans and leases		50,630		45,549		5,081		11.2
Direct retail loans		15,263		15,639		(376	)	(2.4	)
Sales finance loans		6,342		6,031		311		5.2
Revolving credit loans		1,767		1,602		165		10.3
Mortgage loans		16,759		17,462		(703	)	(4.0	)
Specialized lending		6,490		5,212		1,278		24.5
Total loans and leases held for investment		97,251		91,495		5,756		6.3
Loans held for sale		2,473		1,223		1,250		102.2
Total loans and leases		99,724		92,718		7,006		7.6
Total earning assets		132,331		117,414		14,917		12.7
Non-earning assets		17,545		16,011		1,534		9.6
Total assets	$	149,876	$	133,425	$	16,451		12.3	%
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing deposits	$	13,828	$	12,676	$	1,152		9.1	%
Interest checking		2,461		2,301		160		7.0
Other client deposits		40,701		34,851		5,850		16.8
Client certificates of deposit		27,143		27,061		82		0.3
Total client deposits		84,133		76,889		7,244		9.4
Other interest-bearing deposits		9,801		9,694		107		1.1
Total deposits		93,934		86,583		7,351		8.5
Fed funds purchased, repos and other borrowings		16,804		10,760		6,044		56.2
Long-term debt		17,436		19,201		(1,765	)	(9.2	)
Other liabilities		5,296		3,920		1,376		35.1
Total liabilities		133,470		120,464		13,006		10.8
Shareholders' equity		16,406		12,961		3,445		26.6
Total liabilities and shareholders' equity	$	149,876	$	133,425	$	16,451		12.3	%

9

BB&T Corporation
Average Balance Sheets - Five Quarter Trend
(Dollars in millions)

 

		Quarter Ended
		March 31		Dec. 31		Sept. 30		June 30		March 31
		2009		2008		2008		2008		2008
Assets
Securities, at amortized cost
U.S. government-sponsored entities (GSE)	$	1,080	$	1,497	$	3,619	$	4,730	$	8,354
Mortgage-backed securities issued by GSE		25,137		19,826		15,186		13,982		9,777
States and political subdivisions		2,282		2,146		2,070		1,729		1,413
Non-agency mortgage-backed securities		1,543		1,583		1,615		1,658		1,711
Other securities		937		982		1,068		1,228		1,275
Trading securities		448		539		525		571		884
Total securities		31,427		26,573		24,083		23,898		23,414
Other earning assets		1,180		1,347		975		1,035		1,282
Loans and leases
Commercial loans and leases		50,630		49,428		48,125		47,097		45,549
Direct retail loans		15,263		15,501		15,595		15,584		15,639
Sales finance loans		6,342		6,352		6,292		6,188		6,031
Revolving credit loans		1,767		1,737		1,688		1,628		1,602
Mortgage loans		16,759		17,198		17,279		17,373		17,462
Specialized lending		6,490		5,781		5,648		5,389		5,212
Total loans and leases held for investment		97,251		95,997		94,627		93,259		91,495
Loans held for sale		2,473		1,227		1,316		1,607		1,223
Total loans and leases		99,724		97,224		95,943		94,866		92,718
Total earning assets		132,331		125,144		121,001		119,799		117,414
Non-earning assets		17,545		16,411		15,932		15,758		16,011
Total assets	$	149,876	$	141,555	$	136,933	$	135,557	$	133,425
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing deposits	$	13,828	$	13,298	$	13,181	$	13,086	$	12,676
Interest checking		2,461		2,270		2,369		2,566		2,301
Other client deposits		40,701		38,791		38,369		34,650		34,851
Client certificates of deposit		27,143		27,509		26,317		26,742		27,061
Total client deposits		84,133		81,868		80,236		77,044		76,889
Other interest-bearing deposits		9,801		10,118		9,785		9,641		9,694
Total deposits		93,934		91,986		90,021		86,685		86,583
Fed funds purchased, repos and other borrowings		16,804		12,296		8,915		10,350		10,760
Long-term debt		17,436		17,700		20,770		21,697		19,201
Other liabilities		5,296		4,606		4,051		3,808		3,920
Total liabilities		133,470		126,588		123,757		122,540		120,464
Shareholders' equity		16,406		14,967		13,176		13,017		12,961
Total liabilities and shareholders' equity	$	149,876	$	141,555	$	136,933	$	135,557	$	133,425

10

BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions)

 

		Quarter Ended
		March 31, 2009					December 31, 2008
			Interest						Interest
		Average	Income/		Yields/		Average		Income/		Yields/
		Balances (1)	Expense		Rates (2)		Balances (1)		Expense		Rates (2)
Assets
Securities, at amortized cost
U.S. government-sponsored entities (GSE)	$	1,080	$	12	4.31	%	$	1,497	$	17	4.34	%
Mortgage-backed securities issued by GSE		25,137		295	4.69			19,826		248	5.01
States and political subdivisions		2,282		34	5.94			2,146		34	6.48
Non-agency mortgage-backed securities		1,543		22	5.83			1,583		23	5.81
Other securities		937		5	2.30			982		7	2.94
Trading securities		448		3	2.51			539		3	2.19
Total securities		31,427		371	4.73			26,573		332	5.00
Other earning assets		1,180		2	.74			1,347		4	1.33
Loans and leases
Commercial loans and leases		50,630		511	4.09			49,428		574	4.61
Direct retail loans		15,263		212	5.62			15,501		239	6.11
Sales finance loans		6,342		101	6.48			6,352		106	6.61
Revolving credit loans		1,767		43	9.89			1,737		46	10.49
Mortgage loans		16,759		246	5.88			17,198		255	5.95
Specialized lending		6,490		193	12.01			5,781		182	12.53
Total loans and leases held for investment		97,251		1,306	5.43			95,997		1,402	5.81
Loans held for sale		2,473		30	4.77			1,227		19	6.16
Total loans and leases		99,724		1,336	5.42			97,224		1,421	5.82
Total earning assets		132,331		1,709	5.21			125,144		1,757	5.59
Non-earning assets		17,545						16,411
Total assets	$	149,876					$	141,555
Liabilities and Shareholders' Equity
Interest-bearing liabilities
Interest checking	$	2,461		2	.35		$	2,270		4	.74
Other client deposits		40,701		97	.97			38,791		137	1.41
Client certificates of deposit		27,143		209	3.13			27,509		227	3.28
Other interest-bearing deposits		9,801		38	1.55			10,118		55	2.13
Total interest-bearing deposits		80,106		346	1.75			78,688		423	2.14
Fed funds purchased, repos and other borrowings		16,804		24	.59			12,296		45	1.47
Long-term debt		17,436		165	3.81			17,700		201	4.52
Total interest-bearing liabilities		114,346		535	1.90			108,684		669	2.45
Noninterest-bearing deposits		13,828						13,298
Other liabilities		5,296						4,606
Shareholders' equity		16,406						14,967
Total liabilities and shareholders' equity	$	149,876					$	141,555
Average interest-rate spread					3.31						3.14
Net interest income/ net interest margin (3)			$	1,174	3.57	%			$	1,088	3.47	%
Taxable-equivalent adjustment			$	28					$	23

(1	)	Excludes basis adjustments for fair value hedges.
(2	)	Yields are on a fully taxable-equivalent basis.
(3	)	The net interest margin for the fourth quarter of 2008 was 3.68% excluding the $67 million charge related to the leveraged lease settlement.

11

BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions)

 

		Quarter Ended
		September 30, 2008						June 30, 2008						March 31, 2008
				Interest						Interest						Interest
		Average		Income/	Yields/			Average		Income/	Yields/			Average		Income/	Yields/
		Balances (1)		Expense	Rates (2)			Balances (1)		Expense	Rates (2)			Balances (1)		Expense	Rates (2)
Assets
Securities, at amortized cost
U.S. government-sponsored entities (GSE)	$	3,619	$	46	5.08	%	$	4,730	$	60	5.12	%	$	8,354	$	98	4.69	%
Mortgage-backed securities issued by GSE		15,186		186	4.89			13,982		167	4.79			9,777		126	5.14
States and political subdivisions		2,070		33	6.40			1,729		27	6.07			1,413		22	6.32
Non-agency mortgage-backed securities		1,615		23	5.82			1,658		24	5.81			1,711		25	5.81
Other securities		1,068		11	3.88			1,228		17	5.44			1,275		19	6.12
Trading securities		525		4	2.99			571		4	2.81			884		13	5.89
Total securities		24,083		303	5.03			23,898		299	5.01			23,414		303	5.18
Other earning assets		975		7	2.61			1,035		6	2.48			1,282		11	3.41
Loans and leases
Commercial loans and leases		48,125		656	5.42			47,097		655	5.59			45,549		732	6.47
Direct retail loans		15,595		248	6.35			15,584		251	6.47			15,639		270	6.94
Sales finance loans		6,292		104	6.57			6,188		102	6.60			6,031		100	6.72
Revolving credit loans		1,688		45	10.72			1,628		44	10.86			1,602		47	11.78
Mortgage loans		17,279		259	6.00			17,373		261	6.01			17,462		264	6.04
Specialized lending		5,648		179	12.61			5,389		176	13.07			5,212		173	13.37
Total loans and leases held for investment		94,627		1,491	6.28			93,259		1,489	6.41			91,495		1,586	6.97
Loans held for sale		1,316		20	6.18			1,607		23	5.83			1,223		18	5.81
Total loans and leases		95,943		1,511	6.28			94,866		1,512	6.40			92,718		1,604	6.95
Total earning assets		121,001		1,821	6.00			119,799		1,817	6.09			117,414		1,918	6.56
Non-earning assets		15,932						15,758						16,011
Total assets	$	136,933					$	135,557					$	133,425
Liabilities and Shareholders' Equity
Interest-bearing liabilities
Interest checking	$	2,369		8	1.32		$	2,566		6	.97		$	2,301		10	1.76
Other client deposits		38,369		157	1.62			34,650		135	1.57			34,851		183	2.11
Client certificates of deposit		26,317		220	3.33			26,742		248	3.73			27,061		289	4.30
Other interest-bearing deposits		9,785		64	2.61			9,641		66	2.74			9,694		82	3.38
Total interest-bearing deposits		76,840		449	2.32			73,599		455	2.49			73,907		564	3.07
Fed funds purchased, repos and other borrowings		8,915		55	2.44			10,350		64	2.51			10,760		94	3.50
Long-term debt		20,770		208	4.00			21,697		208	3.83			19,201		226	4.73
Total interest-bearing liabilities		106,525		712	2.66			105,646		727	2.77			103,868		884	3.42
Noninterest-bearing deposits		13,181						13,086						12,676
Other liabilities		4,051						3,808						3,920
Shareholders' equity		13,176						13,017						12,961
Total liabilities and shareholders' equity	$	136,933					$	135,557					$	133,425
Average interest-rate spread					3.34						3.32						3.14
Net interest income/ net interest margin			$	1,109	3.66	%			$	1,090	3.65	%			$	1,034	3.54	%
Taxable-equivalent adjustment			$	21					$	22					$	17

(1)	Excludes basis adjustments for fair value hedges.
(2)	Yields are on a fully taxable-equivalent basis.

12

BB&T Corporation
Credit Quality
(Dollars in millions)

 

		As of/For the Quarter Ended
		March 31			Dec. 31			Sept. 30			June 30			March 31
		2009			2008			2008			2008			2008
Nonperforming assets
Nonaccrual loans and leases
Commercial loans and leases	$	1,028		$	845		$	722		$	621		$	443
Direct retail loans		119			89			76			65			60
Sales finance loans		7			7			6			4			5
Mortgage loans		479			375			298			250			185
Specialized lending		91			97			94			76			67
Total nonaccrual loans and leases		1,724			1,413			1,196			1,016			760
Foreclosed real estate		958			538			382			232			178
Other foreclosed property		65			79			60			53			51
Nonperforming restructured loans		3			-			-			-			-
Total nonperforming assets	$	2,750		$	2,030		$	1,638		$	1,301		$	989
Loans 90 days or more past due and still accruing (1)
Commercial loans and leases	$	7		$	86		$	39		$	42		$	52
Direct retail loans		127			117			88			72			59
Sales finance loans		28			26			19			17			15
Revolving credit loans		25			23			17			15			16
Mortgage loans		180			165			123			126			106
Specialized lending		14			14			11			10			10
Total loans 90 days past due and still accruing	$	381		$	431		$	297		$	282		$	258
Loans 30-89 days past due (1)
Commercial loans and leases	$	507		$	594		$	355		$	492		$	364
Direct retail loans		256			270			200			175			185
Sales finance loans		111			146			119			93			86
Revolving credit loans		32			34			29			25			24
Mortgage loans		706			690			582			519			510
Specialized lending		221			313			294			258			216
Total loans 30 - 89 days past due	$	1,833		$	2,047		$	1,579		$	1,562		$	1,385
Allowance for credit losses
Beginning balance	$	1,607		$	1,393		$	1,273		$	1,113		$	1,015
Allowance for acquired (sold) loans, net		-			-			(2	)		-			-
Provision for credit losses		676			528			364			330			223
Charge-offs
Commercial loans and leases		(144	)		(123	)		(87	)		(48	)		(18	)
Direct retail loans		(68	)		(49	)		(41	)		(38	)		(28	)
Sales finance loans		(22	)		(18	)		(15	)		(13	)		(13	)
Revolving credit loans		(30	)		(23	)		(20	)		(18	)		(18	)
Mortgage loans		(49	)		(45	)		(33	)		(13	)		(5	)
Specialized lending		(92	)		(76	)		(61	)		(55	)		(59	)
Total charge-offs		(405	)		(334	)		(257	)		(185	)		(141	)
Recoveries
Commercial loans and leases		3			7			3			2			4
Direct retail loans		4			3			3			3			3
Sales finance loans		2			1			2			2			2
Revolving credit loans		3			3			2			3			3
Mortgage loans		-			1			-			-			-
Specialized lending		5			5			5			5			4
Total recoveries		17			20			15			15			16
Net charge-offs		(388	)		(314	)		(242	)		(170	)		(125	)
Ending balance	$	1,895		$	1,607		$	1,393		$	1,273		$	1,113
Allowance for credit losses
Allowance for loan and lease losses		1,869			1,574			1,377			1,257			1,097
Reserve for unfunded lending commitments		26			33			16			16			16
Total	$	1,895		$	1,607		$	1,393		$	1,273		$	1,113

(1) Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase.

13

BB&T Corporation
Credit Quality

 

	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2009		2008		2008		2008		2008
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a
percentage of total loans and leases (1)	1.83	%	2.07	%	1.63	%	1.63	%	1.47	%
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases (1)	.38		.44		.31		.29		.27
Nonaccrual and restructured loans and leases as a
percentage of total loans and leases	1.72		1.43		1.24		1.06		.81
Nonperforming assets as a percentage of:
Total assets	1.92		1.34		1.20		.95		.73
Loans and leases plus foreclosed property	2.72		2.04		1.69		1.36		1.05
Net charge-offs as a percentage of average loans and leases	1.58		1.29		1.00		.72		.54
Net charge-offs excluding specialized lending as a
percentage of average loans and leases (2)	1.31		1.06		.82		.53		.32
Allowance for loan and lease losses as a percentage of
loans and leases held for investment	1.94		1.62		1.45		1.33		1.19
Ratio of allowance for loan and lease losses to:
Net charge-offs	1.19	X	1.26	X	1.43	X	1.84	X	2.18	X
Nonperforming loans and leases	1.08		1.11		1.15		1.24		1.44

(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.

14

BB&T Corporation
Credit Quality - Supplemental Schedules
(Dollars in millions, except average loan and average client size)

 

SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1)
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND CONSTRUCTION LOANS (ADC)
			As of / For the Period Ended March 31, 2009
			Builder /			Land / Land			Condos /
			Construction			Development			Townhomes				Total ADC
Total loans outstanding			$	2,618		$	4,341		$	515		$	7,474
Average loan size (in thousands)				287			591			1,308			444
Average client size (in thousands)				818			1,313			3,267			1,118
Percentage of total loans				2.6	%		4.3	%		.5	%		7.5	%
Nonaccrual loans and leases as a percentage of category				8.56			6.68			5.96			7.29
Gross charge-offs as a percentage of category				3.43			6.60			3.80			5.30
	As of / For the Period Ended March 31, 2009
													Gross Charge-
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND							Nonaccrual		Nonaccrual as				Offs as a
CONSTRUCTION LOANS (ADC) BY STATE OF	Total		Percentage of				Loans and		a Percentage of				Percentage of
ORIGINATION	Outstandings		Total				Leases		Outstandings				Outstandings
North Carolina	$	2,789		37.3	%	$	84			3.03	%		2.93	%
Georgia		1,190		15.9			168			14.16			11.27
Virginia		1,125		15.1			41			3.60			7.18
Florida		755		10.1			132			17.44			9.86
South Carolina		667		8.9			32			4.80			1.63
Tennessee		242		3.2			19			7.67			1.96
Washington, D.C.		229		3.1			7			3.06			-
Kentucky		218		2.9			36			16.74			2.46
West Virginia		136		1.8			14			9.93			2.84
Maryland		123		1.7			12			9.87			-
Total	$	7,474		100.0	%	$	545			7.29	%		5.30	%
OTHER COMMERCIAL REAL ESTATE LOANS (2)
			As of / For the Period Ended March 31, 2009
										Permanent
						Commercial				Income			Total Other
			Commercial			Land/				Producing			Commercial
			Construction			Development				Properties			Real Estate
Total loans outstanding			$	2,943		$	2,501		$	6,444		$	11,888
Average loan size (in thousands)				1,441			784			369			523
Average client size (in thousands)				1,913			955			555			752
Percentage of total loans				2.9	%		2.5	%		6.4	%		11.9	%
Nonaccrual loans and leases as a percentage of category				.54			2.72			.93			1.21
Gross charge-offs as a percentage of category				.15			.66			.26			.32
	As of / For the Period Ended March 31, 2009
													Gross Charge-
							Nonaccrual		Nonaccrual as				Offs as a
OTHER COMMERCIAL REAL ESTATE LOANS BY STATE OF	Total			Percentage of			Loans and		a Percentage of				Percentage of
ORIGINATION	Outstandings			Total			Leases		Outstandings				Outstandings
North Carolina	$	3,608		30.3	%	$	14			.38	%		.13	%
Georgia		2,119		17.8			39			1.85			1.18
Virginia		1,856		15.6			11			.62			-
South Carolina		952		8.0			11			1.16			.06
Florida		830		7.0			40			4.79			.74
Washington, D.C.		706		5.9			1			.10			-
Maryland		494		4.2			5			1.05			-
West Virginia		446		3.8			2			.39			.09
Kentucky		441		3.7			14			3.14			-
Tennessee		347		2.9			7			1.97			.14
Other		89		.8			-			-			-
Total	$	11,888		100.0	%	$	144			1.21	%		.32	%

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)	C&I loans secured by real property are excluded.

15

BB&T Corporation
Credit Quality - Supplemental Schedules
(Dollars in millions, except average loan size)

 

SUPPLEMENTAL RESIDENTIAL MORTGAGE PORTFOLIO INFORMATION
		As of / For the Period Ended March 31, 2009
						Construction/
MORTGAGE LOANS		Prime		ALT-A		Permanent			Subprime (1)
Total loans outstanding	$	11,665	$	3,060		$	1,363		$	626
Average loan size (in thousands)		194		330			348			69
Average credit score		720		734			736			588
Percentage of total loans		11.6	%	3.1	%		1.4	%		.6	%
Percentage that are first mortgages		99.7		99.7			99.0			83.3
Average loan to value		75.0		68.1			79.1			75.5
Nonaccrual loans and leases as a percentage of category		2.00		4.53			5.78			6.88
Gross charge-offs as a percentage of category		.79		1.79			2.41			3.32
		As of / For the Period Ended March 31, 2009
									Gross Charge-
						Nonaccrual as				Offs as a
	Total Mortgages			Percentage of		a Percentage of			Percentage of
RESIDENTIAL MORTGAGE LOANS BY STATE	Outstanding (1)			Total		Outstandings			Outstandings
North Carolina	$	4,066		24.3	%		1.52	%		.32	%
Virginia		3,368		20.1			2.33			.97
Florida		2,534		15.2			7.36			3.70
Maryland		1,741		10.4			1.69			.37
Georgia		1,539		9.2			3.55			1.92
South Carolina		1,530		9.2			2.54			.63
West Virginia		365		2.2			1.02			.58
Kentucky		349		2.1			.84			.15
Tennessee		254		1.5			2.23			.41
Washington, D.C.		184		1.1			1.89			.13
Other		784		4.7			3.61			1.69
Total	$	16,714		100.0	%		2.96	%		1.20	%
SUPPLEMENTAL HOME EQUITY PORTFOLIO INFORMATION (2)
							As of / For the Period Ended
							March 31, 2009
						Home Equity			Home Equity
HOME EQUITY LOANS & LINES						Loans			Lines
Total loans outstanding						$	8,391		$	5,574
Average loan size (in thousands) (3)							48			36
Average credit score							722			759
Percentage of total loans							8.4	%		5.6	%
Percentage that are first mortgages							77.8			25.3
Average loan to value							67.5			66.1
Nonaccrual loans and leases as a percentage of category							1.19			.29
Gross charge-offs as a percentage of category							1.09			1.29
	As of / For the Period Ended March 31, 2009
	Total Home								Gross Charge-
	Equity Loans and					Nonaccrual as			Offs as a
	Lines			Percentage of		a Percentage of			Percentage of
HOME EQUITY LOANS AND LINES BY STATE	Outstanding			Total		Outstandings			Outstandings
North Carolina	$	4,843		34.7	%		.88	%		.53	%
Virginia		3,132		22.4			.33			1.19
South Carolina		1,367		9.8			1.35			.85
Georgia		1,135		8.1			1.01			2.69
Maryland		843		6.0			.32			1.29
West Virginia		830		6.0			.42			.63
Florida		710		5.1			1.92			4.96
Kentucky		586		4.2			.74			.33
Tennessee		410		2.9			1.71			.66
Washington, D.C.		89		.6			1.42			3.15
Other		20		.2			.17			-
Total	$	13,965		100.0	%		.83	%		1.17	%

NOTES:	(1)	Includes $378 million in loans originated by Lendmark Financial Services, which are disclosed as a part of the specialized lending category, and excludes 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.

16

BB&T Corporation
Additional Information - Five Quarter Trend
(Dollars in millions, except per share data)

 

		As of / Quarter Ended
		March 31			Dec. 31			Sept. 30			June 30			March 31
		2009			2008			2008			2008			2008
Selected Capital Information (1)
Risk-based capital
Tier 1	$	13,494		$	13,446		$	10,008		$	9,317		$	9,287
Total		19,045			19,109			15,318			14,673			14,644
Risk-weighted assets		111,386			109,757			106,097			104,455			103,546
Average quarterly tangible assets		144,280			136,325			131,469			129,915			127,653
Risk-based capital ratios
Tier 1		12.1	%		12.3	%		9.4	%		8.9	%		9.0	%
Total		17.1			17.4			14.4			14.0			14.1
Leverage capital ratio		9.4			9.9			7.6			7.2			7.3
Equity as a percentage of total assets		11.3			10.6			9.5			9.4			9.4
Tangible equity as a percentage of tangible assets (2)		7.9			7.4			5.9			5.7			5.7
Tangible common equity as a percentage of tangible assets (2)		5.7			5.3			5.9			5.7			5.7
Tangible common equity as a percentage of risk-weighted assets (2)		7.1			7.1			7.3			7.2			7.1
Book value per common share	$	23.29		$	23.16		$	23.42		$	23.40		$	23.49
Tangible book value per common share (2)		14.00			13.93			13.91			13.60			13.47
Selected Mortgage Banking Information
Income statement impact of mortgage servicing rights valuation
MSRs fair value (decrease) increase	$	(46	)	$	(247	)	$	(41	)	$	152		$	(84	)
MSRs hedge gains (losses)		74			273			65			(158	)		82
Net	$	28		$	26		$	24		$	(6	)	$	(2	)
Residential mortgage loan originations	$	7,414		$	3,581		$	3,743		$	4,721		$	4,393
Residential mortgage servicing portfolio
Loans serviced for others		42,923			41,250			39,292			36,810			33,977
Bank-owned loans serviced		19,990			18,434			18,411			18,755			19,155
Total servicing portfolio		62,913			59,684			57,703			55,565			53,132
Weighted-average coupon rate		5.92	%		6.03	%		6.01	%		5.98	%		6.00	%
Weighted-average servicing fee		.376			.370			.366			.365			.363
Selected Miscellaneous Information
Derivatives notional amount	$	75,581		$	74,177		$	67,287		$	59,795		$	57,925
Fair value of derivatives		486			626			219			156			380
Unrealized depreciation on securities
available for sale, net of tax		(289	)		(324	)		(398	)		(274	)		(18	)
Common stock prices
High		27.72			40.00			45.31			37.85			36.96
Low		12.90			21.47			18.71			21.40			25.92
End of period		16.92			27.46			37.80			22.77			32.06
Banking offices		1,504			1,511			1,501			1,489			1,494
ATMs		2,193			2,195			2,178			2,173			2,165
FTEs		29,496			29,633			29,818			30,089			29,726

(1	)	Current quarter regulatory capital information is preliminary.
(2	)	Tangible common equity and assets are based on regulatory Tier 1 capital definition.

17

BB&T Corporation
Selected Growth Rates Adjusted for Purchase Acquisitions and Selected Items

 

	Percentage Increase (Decrease)
	QTD		Link QTD
PERCENTAGE CHANGES IN SELECTED BALANCE SHEET ITEMS (1)	1Q09 vs. 1Q08		1Q09 vs. 4Q08
Average Balances
Commercial loans and leases (2)	12.3	%	10.6	%
Direct retail loans	(2.4	)	(6.2	)
Sales finance loans	5.2		(0.6	)
Revolving credit loans	10.3		7.0
Mortgage loans	(4.0	)	(10.4	)
Specialized lending	6.7		2.1
Total loans and leases held for investment (2)	5.8		2.8
Loans held for sale	102.2		NM
Total loans and leases (2)	7.1		7.9
Noninterest-bearing deposits	8.9		15.7
Interest checking	6.8		33.7
Other client deposits	16.7		19.6
Client certificates of deposit	(0.4	)	(7.0	)
Total client deposits	9.1		10.4
Other interest-bearing deposits	1.1		(12.7	)
Total deposits	8.2		7.9
	Percentage Increase (Decrease)
	QTD		Link QTD
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS (1)(3)	1Q09 vs. 1Q08		1Q09 vs. 4Q08
Net interest income - taxable equivalent	11.9	%	1.7	%
Noninterest income
Insurance income	(2.7	)	(18.4	)
Service charges on deposits	1.3		(35.6	)
Investment banking and brokerage fees	(4.7	)	(59.1	)
Mortgage banking income	NM		NM
Checkcard fees	4.3		(15.9	)
Other nondeposit fees and commissions	17.8		33.1
Trust and investment advisory revenues	(20.0	)	-
Bankcard fees and merchant discounts	(2.8	)	(32.0	)
Other income	3.0		NM
Total noninterest income	15.1		49.6
Noninterest expense
Personnel expense	4.7		35.1
Occupancy and equipment expense	3.2		(20.9	)
Other noninterest expense	14.0		(17.4	)
Total noninterest expense	7.3		10.1

NOTES:		Applicable ratios are annualized.
	(1)	Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2009 and 2008.
	(2)	Adjusted for the sale of leveraged lease investments.
	(3)	Excludes securities gains or losses, merger-related and restructuring charges, the net impact of valuation adjustments for mortgage servicing rights, gains or losses on mortgage servicing rights-related derivatives and other selected items as noted onthe accompanying schedule.
		NM - not meaningful.

18

BB&T Corporation
Selected Items & NON-GAAP Reconciliation Table
(Dollars in millions, except per share data)

 

		Favorable (Unfavorable)
Selected Items		Pre-Tax			After-Tax
First Quarter 2009
Other-than-temporary impairment charges	Securities gains (losses), net	$	(36	)	$	(22	)
Severance expense	Merger-related and restructuring charges, net		(11	)		(7	)
Fourth Quarter 2008
Other-than-temporary impairment charges	Securities gains (losses), net		(63	)		(39	)
Leveraged lease settlement	Net interest income		(67	)		(43	)
Leveraged lease settlement	Provision for income tax		60			60
Third Quarter 2008
Other-than-temporary impairment charges	Securities gains (losses), net		(41	)		(26	)
Second Quarter 2008
Gain from sale of Visa stock	Other noninterest income		47			30
Gain from extinguishment of debt	Other noninterest expense		36			22
First Quarter 2008
Gain from Visa IPO	Other noninterest income		33			21
Reversal of Accrual for Visa settlement	Other noninterest expense		14			9
Valuation charge for bank-owned life insurance	Income from bank-owned life insurance		(12	)		(12	)
Implementation of fair value accounting standards	Other noninterest income		(6	)		(4	)
Implementation of fair value accounting standards	Mortgage banking income		23			14

		Quarter Ended
		March 31			Dec. 31			Sept. 30			June 30			March 31
NON-GAAP Reconciliation Table		2009			2008			2008			2008			2008
Diluted earnings per common share	$	.48		$	.51		$	.65		$	.78		$	.78
Effect of amortization of intangibles, net of tax		.03			.03			.03			.03			.03
Cash basis diluted earnings per common share		.51			.54			.68			.81			.81
Return on average assets		.86	%		.86	%		1.05	%		1.28	%		1.29	%
Effect of amortization of intangibles, net of tax		.08			.08			.09			.10			.11
Effect of amortization of mark-to-market adjustments, net of tax		(.01	)		-			.01			-			-
Cash basis return on average tangible assets		.93			.94			1.15			1.38			1.40
Return on average common shareholders' equity		8.29	%		8.47	%		10.86	%		13.27	%		13.30	%
Effect of amortization of intangibles, net of tax		7.39			7.09			9.10			10.94			10.96
Effect of amortization of mark-to-market adjustments, net of tax		(.06	)		.01			.01			.01			.01
Cash basis return on average tangible common shareholders' equity		15.62			15.57			19.97			24.22			24.27
Efficiency ratio		50.9	%		53.9	%		52.7	%		49.2	%		52.3	%
Effect of amortization of intangibles		(1.2	)		(1.3	)		(1.4	)		(1.3	)		(1.5	)
Effect of amortization of mark-to-market adjustments		.1			-			-			-			-
Cash basis efficiency ratio		49.8			52.6			51.3			47.9			50.8

19