EX-99.1 2 exhibit991.htm exhibit991.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
Exhibit 99.1
April 17, 2008        
 
 
FOR IMMEDIATE RELEASE    
 
Contacts:        
ANALYSTS       MEDIA
Tamera Gjesdal   Chris Henson   Bob Denham
Senior Vice President   Sr. Exec. Vice President   Senior Vice President
Investor Relations   Chief Financial Officer   Corporate Communications
(336) 733-3058 (336) 733-3008 (336)  733-1475

BB&T reports increase in 1st quarter earnings
Net income totals $428 million, up 1.7% compared to 2007

     WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE: BBT) reported today net income for the first quarter of 2008 totaling $428 million, or $.78 per diluted share, compared with $421 million, or $.77 per diluted share, earned during the first quarter of 2007. These results reflect increases of 1.7% and 1.3%, respectively, compared to the first quarter last year.

     BB&T’s first quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.29% and 13.30%, respectively, compared to prior year returns of 1.41% and 14.81%, respectively.

     Operating earnings for the first quarter of 2008 totaled $401 million, or $.73 per diluted share, excluding $30 million in net after-tax income associated with the initial public offering by Visa and $3 million in net after-tax merger-related and restructuring charges. Operating earnings for the first quarter of 2007 totaled $425 million, or $.78 per diluted share, excluding $4 million in net after-tax merger-related and restructuring charges. These results reflect decreases of 5.6% and 6.4%, respectively, compared to the same period last year.

     GAAP and operating results include $43 million in securities gains, a $12 million charge resulting from a valuation adjustment for bank owned life insurance, a $6 million reduction in earnings from trading activities and $223 million in provision for credit losses, all on a pre-tax basis. The securities gains resulted from a sale of available-for-sale securities, which allowed reinvestment at higher rates of return with no additional credit risk. The provision for credit losses exceeded net charge-offs by $98 million, which resulted in an increase in the allowance for loan and lease losses as a percentage of loans and leases held for investment to 1.19% .

     Cash basis operating results exclude the unamortized balances of intangibles from assets and shareholders’ equity, and exclude the amortization of intangibles, the net amortization of purchase accounting mark-to-market adjustments, merger-related and restructuring charges or credits and nonrecurring items from earnings. Cash basis operating earnings totaled $418 million for the first quarter of 2008, a decrease of 5.2% compared to the first quarter of 2007. Cash basis operating diluted earnings per share totaled $.76 for the first quarter of 2008, a decrease of 6.2% compared to $.81 earned during the same period in 2007. Cash basis operating earnings for the first quarter of 2008 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.32% and 22.81%, respectively, compared to prior year returns of 1.54% and 28.20%, respectively.

     “I am pleased to report solid first quarter results, particularly given the ongoing challenges in residential real estate markets and the broader financial markets,” said Chairman and Chief Executive Officer John A. Allison. “Our core businesses are performing reasonably well, producing healthy loan growth and improved revenue growth during the quarter. We are also benefiting from a liability sensitive balance sheet, which generated a very positive improvement in our net interest margin during the quarter. While market conditions are challenging, they have provided opportunities for BB&T to develop new client relationships and I believe we will emerge from this credit cycle a stronger institution.”

Net Interest Margin Improves to 3.54%

     BB&T’s fully taxable equivalent net interest income totaled $1.0 billion for the first quarter, an increase of 7.4% compared to the same quarter of 2007. The net interest margin was 3.54% for the current quarter, up 8 basis points from 3.46% in the fourth quarter of 2007. The increase reflects benefits realized from BB&T’s liability sensitive balance sheet, as short-term interest rates have decreased this quarter, and effective control of liability costs. The increase marks the second consecutive quarter that BB&T’s margin has improved.

Nonperforming Assets and Credit Losses Affected by Economic Conditions

     “We experienced significant credit deterioration during the first quarter,” said Allison. “While we expect further increases in nonperforming assets and charge-offs going forward, we continue to believe that these issues will be manageable. We have added resources in our special assets group, and are working with our clients to assist them during this challenging economic environment.”

     BB&T’s nonperforming asset levels and credit losses increased further in the first quarter of 2008 compared to the fourth quarter of 2007. Nonperforming assets, as a percentage of total assets, increased to .73% at Mar. 31, compared to .52% at Dec. 31, 2007, and .30% at Mar. 31, 2007. Annualized net charge-offs were .54% of average loans and leases for the first quarter of 2008, up from .48% in the fourth quarter of 2007, and .29% in the first quarter of 2007. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .32% of average loans and leases compared to .28% in the fourth quarter last year, and .13% in the first quarter of 2007.

     The provision for credit losses totaled $223 million in the first quarter of 2008, an increase of $152 million compared to the same quarter last year, and exceeded net charge-offs by $98 million in the current quarter. The higher provision included an $84 million increase that resulted from the allowance for loan and lease losses increasing to 1.19% of loans and leases held for investment at Mar. 31, compared to 1.10% at Dec. 31, 2007. The increases in net charge-offs, nonperforming assets and the provision for credit losses were largely driven by continued challenges in residential real estate markets with the largest concentration of credit issues occurring in Georgia, Florida and metro Washington, D.C.

Loan Growth Remains Healthy – Up 9.2%

     Average loans and leases totaled $92.7 billion for the first quarter of 2008, reflecting an increase of $7.8 billion, or 9.2%, compared to the first quarter of 2007. This increase was composed of growth in average commercial loans and leases, which increased $4.4 billion, or 10.8%; average mortgage loans, which increased $2.1 billion, or 12.7%; average consumer loans, which increased $879 million, or 3.9%; and growth in average loans originated by BB&T’s specialized lending subsidiaries, which increased $425 million, or 8.7%, compared to the first quarter last year.

BB&T’s Fee Income Producing Businesses Enjoy Healthy Growth

     On an operating basis, noninterest income increased $85 million, or 13.0%, during the first quarter of 2008 compared to 2007. These increases include the impact of securities gains, higher revenues from BB&T’s insurance operations, service charges on deposit accounts, and other nondeposit fees and commissions, as well as solid performances from both BB&T’s investment banking and brokerage operations and mortgage banking operations.

     Commissions from BB&T’s insurance operations increased 7.6% to $212 million in the current quarter compared with $197 million earned in the first quarter of 2007. This increase was primarily the result of new product initiatives that were introduced during the second half of 2007.

     Service charges on deposit accounts totaled $154 million for the first quarter of 2008, an increase of 11.6% compared to $138 million earned in the same quarter last year. This increase was attributable to growth in revenues from overdraft items.

     Other nondeposit fees and commissions totaled $128 million for the first quarter of 2008, an increase of 12.3% compared to the first quarter of 2007. This increase was generated primarily by growth in bankcard income and debit card related services.

     BB&T’s investment banking and brokerage operations produced increased revenues as fees increased 4.9% to $86 million compared to $82 million earned in the same quarter last year. This increase was primarily driven by increased sales at BB&T Investment Services.

     Revenues from mortgage banking operations totaled $59 million for the first quarter of 2008, an increase of $29 million, or 96.7% compared to the first quarter of 2007. This increase was affected by the adoption of new fair value accounting standards and the net change in the mortgage servicing rights valuation. Fair value accounting increased mortgage banking income by $31 million, and also resulted in a $16 million increase in personnel expense during the quarter. The net change in the valuation of mortgage servicing rights resulted in a $6 million decline compared to the first quarter of 2007. Excluding the impact of these items, mortgage banking income increased $4 million, or 15.4%, compared to the same period last year.

     Other noninterest income, on an operating basis, totaled $15 million for the first quarter of 2008 compared to $62 million earned in the same quarter last year, a decrease of 75.8% . This decrease resulted from a decline of $15 million in bank owned life insurance, a prior-period sale of an insurance operation which produced a gain of $19 million in the first quarter last year, a $6 million reduction in income from trading activities and a $6 million charge related to the adoption of fair value accounting.

Capital Levels Remain Very Strong

     BB&T’s tangible and regulatory capital levels exceeded all internal targets and remained very strong at Mar. 31. BB&T’s tangible capital ratio was 5.6% at Mar. 31, and the Tier 1 leverage ratio was 7.3% . In addition, BB&T’s Tier 1 risk-based capital and total risk-based capital ratios were 9.0% and 14.1%, respectively, all very healthy capital levels. Given these strong capital levels, management anticipates that BB&T will provide some increase in the cash dividend during 2008, which will mark the 37th consecutive year that BB&T has increased its dividend. This excellent history has gained BB&T recognition as a Mergent Dividend Achiever and a Standard and Poors Dividend Aristocrat.

BB&T Expands Insurance Business

     BB&T expanded its Florida insurance operations with the acquisition of Burkey Risk Services of metro Orlando. Burkey Risk Services provides risk management and employee benefits services. BB&T also acquired Savannah Reinsurance Underwriting Management LLC, a reinsurance broker based in Stamford, Ct. Also, in early January 2008, BB&T Insurance Services expanded its metro Atlanta operation with the acquisitions of Ott & Company of Alpharetta, Ga., and Ramsay Title Group of Norcross, Ga.

     At Mar. 31, BB&T had $136.4 billion in assets and operated 1,494 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. BB&T’s common stock is traded on the New York Stock Exchange under the trading symbol BBT. The closing price of BB&T’s common stock on Apr. 16 was $32.60 per share.

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

Earnings Webcast

     To hear a live webcast of BB&T’s first quarter 2008 earnings conference call at 11:00 a.m. (EDT) today, please visit our Web site at www.BBT.com. Replays of the conference call will be available through our Web site until 5 p.m. (EDT) on Friday, May 2.

#

     Risk-based capital ratios are preliminary.

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

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


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

    For the Three Months Ended Increase (Decrease)
(Dollars in millions, except per share data)   3/31/08 3/31/07 $ %
OPERATING EARNINGS STATEMENTS (1)                      
 Interest income - taxable equivalent   $ 1,918 $ 1,909   $ 9     .5  %
 Interest expense     884   946   (62 )   (6.6 )
     Net interest income - taxable equivalent     1,034   963   71     7.4  
 Less: Taxable equivalent adjustment     17   18   (1 )   (5.6 )
     Net interest income     1,017   945   72     7.6  
 Provision for credit losses     223   71   152     214.1  
     Net interest income after provision for credit losses   794   874   (80 )   (9.2 )
 Noninterest income     737   652   85     13.0  
 Noninterest expense     945   877   68     7.8  
 Operating earnings before income taxes     586   649   (63 )   (9.7 )
 Provision for income taxes     185   224   (39 )   (17.4 )
     Operating earnings (1)   $ 401        $ 425       $ (24 )   (5.6 ) %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)                    
 Basic earnings   $ .73       $ .78       $ (.05 )   (6.4 ) %
 Diluted earnings     .73   .78   (.05 )   (6.4 )
 Weighted average shares (in thousands) - Basic   546,214   541,851            
  Diluted   548,946   547,230            
 Dividends paid per share   $ .46       $ .42       $ .04     9.5  %
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)                    
 Return on average assets     1.21  % 1.42  %          
 Return on average equity     12.47   14.94            
 Net yield on earning assets (taxable equivalent)     3.54   3.61            
 Noninterest income as a percentage of                      
     total income (taxable equivalent) (2)     40.2   40.6            
 Efficiency ratio (taxable equivalent) (2)     54.0     53.7              
CASH BASIS PERFORMANCE                      
 BASED ON OPERATING EARNINGS (1)(3)                      
 Cash basis operating earnings   $ 418       $ 441       $ (23 )   (5.2 ) %
 Diluted earnings per share     .76   .81   (.05 )   (6.2 )
 Return on average tangible assets     1.32  % 1.54  %          
 Return on average tangible equity     22.81   28.20            
 Efficiency ratio (taxable equivalent) (2)     52.4     52.1              
 
 
    For the Three Months Ended Increase (Decrease)
(Dollars in millions, except per share data)   3/31/08 3/31/07 $ %
INCOME STATEMENTS                      
 Interest income   $ 1,895       $ 1,891       $ 4     .2  %
 Interest expense     878   946   (68 )   (7.2 )
     Net interest income     1,017   945   72     7.6  
 Provision for credit losses     223   71   152     214.1  
     Net interest income after provision for credit losses   794   874   (80 )   (9.2 )
 Noninterest income     771   652   119     18.3  
 Noninterest expense     936   883   53     6.0  
 Income before income taxes     629   643   (14 )   (2.2 )
 Provision for income taxes     201   222   (21 )   (9.5 )
       Net income   $ 428       $ 421        $ 7     1.7  %
PER SHARE DATA                      
 Basic earnings   $ .78       $ .78       $ -     -  %
 Diluted earnings     .78   .77   .01     1.3  
 Weighted average shares (in thousands) - Basic   546,214   541,851            
  Diluted   548,946     547,230              
PERFORMANCE RATIOS BASED ON NET INCOME                      
 Return on average assets     1.29  % 1.41  %          
 Return on average equity     13.30   14.81            
 Efficiency ratio (taxable equivalent) (2)     52.4     54.1              

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 $(27 million)
         and $4 million, net of tax, in the first quarters of 2008 and 2007, respectively. See Reconciliation Tables included herein.
  (2) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or
         losses on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring
         items, where applicable. See Reconciliation Tables included herein.
  (3) Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of
         intangibles from assets and equity, net of deferred taxes, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation
         Tables included herein.


QUARTERLY PERFORMANCE SUMMARY   Tamera L. Gjesdal    
BB&T Corporation (NYSE:BBT)   Senior Vice President   (336) 733-3058  
Page 6   Investor Relations   FAX (336) 733-3132  

 
        As of / For the Three Months Ended Increase (Decrease)
(Dollars in millions)         3/31/08 3/31/07 $ %
CONSOLIDATED BALANCE SHEETS                              
 End of period balances                              
 Cash and due from banks       $ 1,848   $ 1,749   $ 99     5.7 %
 Interest-bearing deposits with banks         716     484     232     47.9  
 Federal funds sold and other earning assets         382     298     84     28.2  
 Securities available for sale         23,487     20,898     2,589     12.4  
 Trading securities         609     906     (297 )   (32.8 )
     Total securities         24,096     21,804     2,292     10.5  
 Commercial loans and leases         46,277     41,238     5,039     12.2  
 Direct retail loans         15,570     15,283     287     1.9  
 Sales finance loans         6,052     5,774     278     4.8  
 Revolving credit loans         1,598     1,386     212     15.3  
 Mortgage loans         17,446     16,011     1,435     9.0  
 Specialized lending         5,186     4,956     230     4.6  
     Total loans and leases held for investment         92,129     84,648     7,481     8.8  
 Loans held for sale         1,822     672     1,150     171.1  
     Total loans and leases         93,951     85,320     8,631     10.1  
 Allowance for loan and lease losses         1,097     896     201     22.4  
     Total earning assets         119,174     108,193     10,981     10.1  
 Premises and equipment, net         1,544     1,431     113     7.9  
 Goodwill         5,226     4,860     366     7.5  
 Core deposit and other intangibles         474     479     (5 )   (1.0 )
 Other assets         9,277     6,165     3,112     50.5  
     Total assets         136,417     121,694     14,723     12.1  
 Noninterest-bearing deposits         13,377     13,533     (156 )   (1.2 )
 Interest checking         1,150     1,288     (138 )   (10.7 )
 Other client deposits         35,196     34,657     539     1.6  
 Client certificates of deposit         26,819     25,322     1,497     5.9  
     Total client deposits         76,542     74,800     1,742     2.3  
 Other interest-bearing deposits         10,939     5,039     5,900     117.1  
     Total deposits         87,481     79,839     7,642     9.6  
 Fed funds purchased, repos and other borrowings         8,610     6,770     1,840     27.2  
 Long-term debt         22,544     19,936     2,608     13.1  
     Total interest-bearing liabilities         105,258     93,012     12,246     13.2  
 Other liabilities         4,940     3,499     1,441     41.2  
     Total liabilities         123,575     110,044     13,531     12.3  
     Total shareholders' equity         $ 12,842   $ 11,650   $ 1,192     10.2  %
 Average balances                              
 Securities, at amortized cost       $ 23,414   $ 21,872   $ 1,542     7.1  %
 Commercial loans and leases         45,549     41,122     4,427     10.8  
 Direct retail loans         15,639     15,272     367     2.4  
 Sales finance loans         6,031     5,734     297     5.2  
 Revolving credit loans         1,602     1,387     215     15.5  
 Mortgage loans         18,574     16,481     2,093     12.7  
 Specialized lending         5,323     4,898     425     8.7  
     Total loans and leases         92,718     84,894     7,824     9.2  
 Allowance for loan and lease losses         1,018     894     124     13.9  
 Other earning assets         1,282     840     442     52.6  
     Total earning assets         117,414     107,606     9,808     9.1  
     Total assets         133,425     121,054     12,371     10.2  
 Noninterest-bearing deposits         12,676     12,946     (270 )   (2.1 )
 Interest checking         2,301     2,206     95     4.3  
 Other client deposits         34,851     33,393     1,458     4.4  
 Client certificates of deposit         27,061     25,076     1,985     7.9  
     Total client deposits         76,889     73,621     3,268     4.4  
 Other interest-bearing deposits         9,694     8,902     792     8.9  
     Total deposits         86,583     82,523     4,060     4.9  
 Fed funds purchased, repos and other borrowings         10,760     7,627     3,133     41.1  
 Long-term debt         19,201     16,086     3,115     19.4  
     Total interest-bearing liabilities         103,868     93,290     10,578     11.3  
     Total shareholders' equity         $ 12,929   $ 11,522   $ 1,407     12.2  %
 
 
   As of / For the Quarter Ended
(Dollars in millions, except per share data)   3/31/08 12/31/07 9/30/07 6/30/07 3/31/07
MISCELLANEOUS INFORMATION                              
 
 Unrealized appreciation (depreciation) on                              
     securities available for sale, net of tax $ (18 ) $ (28 ) $ (150 ) $ (339 ) $ (178 )
 Derivatives (notional value)   57,925     47,197     43,051     36,108     40,159  
 Fair value of derivatives portfolio   380     181     34     (175 )   (40 )
 Common stock prices: High 36.96     42.61     43.00     43.02     44.30  
  Low 25.92     30.36     36.95     39.13     39.54  
  End of period 32.06     30.67     40.39     40.68     41.02  
 Weighted average shares (in thousands) - Basic 546,214     547,795     550,603     548,385     541,851  
  Diluted 548,946     551,078     555,336     553,935     547,230  
 End of period shares outstanding (in thousands)   546,799     545,955     549,337     551,948     542,416  
 End of period banking offices   1,494     1,492     1,501     1,507     1,472  
 ATMs   2,165     2,158     2,166     2,170     2,121  
 FTEs     29,726     29,394     28,886     28,961     28,876  

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 7   Investor Relations   FAX (336) 733-3132  

 
  As of / For the Quarter Ended
(Dollars in millions, except per share data)    3/31/08   12/31/07   9/30/07   6/30/07   3/31/07    
OPERATING EARNINGS STATEMENTS (1)                      
 Interest income - taxable equivalent                        
 Interest and fees on loans and leases $ 1,604 $ 1,715 $ 1,730 $ 1,682 $ 1,622    
 Interest and dividends on securities   303   308   307   285   277    
 Interest on short-term investments   11   14   14   13   10    
     Total interest income - taxable equivalent   1,918   2,037   2,051   1,980   1,909    
 Interest expense                        
 Interest on deposits   564   655   679   639   647    
 Interest on fed funds purchased, repos and other borrowings   94   118   117   102   87    
 Interest on long-term debt   226   256   263   254   212    
     Total interest expense   884   1,029   1,059   995   946    
 Net interest income - taxable equivalent   1,034   1,008   992   985   963    
 Less: Taxable equivalent adjustment   17   17   14   19   18    
     Net interest income   1,017   991   978   966   945    
 Provision for credit losses   223   184   105   88   71    
     Net interest income after provision for                        
       credit losses   794   807   873   878   874    
 Noninterest income                        
 Insurance commissions   212   221   206   229   197    
 Service charges on deposits   154   165   157   151   138    
 Other nondeposit fees and commissions   128   133   129   127   114    
 Investment banking and brokerage fees and commissions   86   85   87   89   82    
 Trust revenue   40   42   40   40   40    
 Mortgage banking income   59   27   27   31   30    
 Securities gains (losses), net   43   1   6   1   (11 )  
 Other noninterest income   15   44   23   61   62    
     Total noninterest income   737   718   675   729   652    
 Noninterest expense                        
 Personnel expense   547   516   514   540   524    
 Occupancy and equipment expense   123   126   118   117   116    
 Foreclosed property expense   13   13   5   6   7    
 Amortization of intangibles   27   27   26   26   25    
 Other noninterest expense   235   243   218   229   205    
     Total noninterest expense   945   925   881   918   877    
 Operating earnings before income taxes   586   600   667   689   649    
 Provision for income taxes   185   185   219   228   224    
     Operating earnings (1) $ 401      $ 415      $ 448 $ 461      $ 425    
PER SHARE DATA BASED ON                        
 OPERATING EARNINGS (1)                        
 Basic earnings $ .73      $ .76      $ .81 $ .84      $ .78    
 Diluted earnings   .73   .75   .81   .83   .78    
 Dividends paid per share   .46   .46   .46   .42   .42    
PERFORMANCE RATIOS BASED ON                        
 OPERATING EARNINGS (1)                        
 Return on average assets   1.21  % 1.26  % 1.38  % 1.48  % 1.42  %
 Return on average equity   12.47   13.00   14.38   15.28   14.94    
 Net yield on earning assets (taxable equivalent)   3.54   3.46   3.45   3.55   3.61    
 Efficiency ratio (taxable equivalent) (2)   54.0   52.8   52.9   53.2   53.7    
 Noninterest income as a percentage of                        
     total income (taxable equivalent) (2)   40.2   41.7   40.1   42.6   40.6    
 Average earning assets as a percentage of                        
     average total assets   88.0   88.6   89.0   88.9   88.9    
 Average loans and leases as a percentage of                        
     average deposits   107.1   106.5   105.8   106.1   102.9    
CASH BASIS PERFORMANCE BASED ON                        
 OPERATING EARNINGS (1) (3)                        
 Cash basis operating earnings $ 418      $ 432      $ 466 $ 477      $ 441    
 Diluted earnings per share   .76   .78   .84   .86   .81    
 Return on average tangible assets   1.32  % 1.37  % 1.50  % 1.61  % 1.54  %
 Return on average tangible equity   22.81   24.03   26.86   28.48   28.20    
 Efficiency ratio (taxable equivalent) (2)   52.4   51.3   51.3   51.7   52.1    

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 $(27 million),
         $4 million, $4 million, $3 million and $4 million, net of tax, for the quarters ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007,
         and March 31, 2007, respectively. See Reconciliation Tables included herein.
  (2) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses
         on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related and restructuring charges or credits and nonrecurring items,
         where applicable. See Reconciliation Tables included herein.
  (3) Cash basis operating performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles from
         assets and equity, net of deferred taxes, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


QUARTERLY PERFORMANCE SUMMARY   Tamera L. Gjesdal    
BB&T Corporation (NYSE:BBT)   Senior Vice President   (336) 733-3058  
Page 8   Investor Relations   FAX (336) 733-3132  

   
    As of / For the Quarter Ended
(Dollars in millions, except per share data)     3/31/08   12/31/07   9/30/07   6/30/07   3/31/07  
 
INCOME STATEMENTS                      
 Interest income                      
 Interest and fees on loans and leases $ 1,595 $ 1,706 $ 1,719 $ 1,675 $ 1,613  
 Interest and dividends on securities   289   292   297   273   268  
 Interest on short-term investments   11   14   14   13   10  
     Total interest income   1,895   2,012   2,030   1,961   1,891  
 Interest expense                      
 Interest on deposits   564   655   679   639   647  
 Interest on fed funds purchased, repos and other borrowings   88   110   110   102   87  
 Interest on long-term debt   226   256   263   254   212  
     Total interest expense   878   1,021   1,052   995   946  
 Net interest income   1,017   991   978   966   945  
 Provision for credit losses   223   184   105   88   71  
     Net interest income after provision for                      
         credit losses   794   807   873   878   874  
 Noninterest income                      
 Insurance commissions   212   221   206   229   197  
 Service charges on deposits   154   165   157   151   138  
 Other nondeposit fees and commissions   128   133   129   127   114  
 Investment banking and brokerage fees and commissions   86   85   87   89   82  
 Trust revenue   40   42   40   40   40  
 Mortgage banking income   59   27   27   31   30  
 Securities gains (losses), net   43   1   6   1   (11 )
 Other noninterest income   49   44   23   61   62  
     Total noninterest income   771   718   675   729   652  
 Noninterest expense                      
 Personnel expense   547   516   514   540   524  
 Occupancy and equipment expense   123   126   118   117   116  
 Foreclosed property expense   13   13   5   6   7  
 Amortization of intangibles   27   27   26   26   25  
 Merger-related and restructuring charges (credits), net   5   3   7   5   6  
 Other noninterest expense   221   257   218   229   205  
     Total noninterest expense   936   942   888   923   883  
 Income before income taxes   629   583   660   684   643  
 Provision for income taxes   201   172   216   226   222  
     Net income $ 428 $ 411      $ 444 $ 458      $ 421  
PER SHARE DATA                      
 Basic earnings $ .78 $ .75      $ .81 $ .84      $ .78  
 Diluted earnings   .78   .75   .80   .83   .77  
 
  For the Quarter Ended
      3/31/08   12/31/07   9/30/07   6/30/07   3/31/07  
ANNUALIZED INTEREST YIELDS / RATES (1)                      
Interest income:                      
 Securities:                      
     U.S. Treasury securities   4.69  % 4.59  % 4.48  % 4.53  % 4.47  %
     U.S. government-sponsored entity securities   4.75   4.67   4.67   4.60   4.39  
     Mortgage-backed securities   5.14   5.27   5.21   5.02   5.09  
     States and political subdivisions   6.32   6.73   6.36   6.87   6.85  
     Other securities   5.93   6.43   6.01   5.94   7.03  
     Trading securities   5.89   4.06   4.54   4.36   5.89  
         Total securities   5.18   5.15   5.05   4.94   5.06  
 Loans:                      
     Commercial loans and leases   6.47   7.41   7.85   7.92   7.89  
     Consumer loans   7.22   7.53   7.58   7.53   7.51  
     Mortgage loans   6.03   6.07   6.05   5.96   5.90  
     Specialized lending   13.22   13.10   13.02   13.37   13.62  
         Total loans   6.95   7.50   7.72   7.75   7.73  
 Other earning assets   3.41   4.48   4.96   5.26   4.96  
           Total earning assets   6.56   6.98   7.13   7.14   7.17  
Interest expense:                      
 Interest-bearing deposits:                      
     Interest checking   1.76   2.22   2.33   2.30   2.38  
     Other client deposits   2.11   2.69   2.94   2.85   2.82  
     Client certificates of deposit   4.30   4.58   4.64   4.63   4.60  
     Other interest-bearing deposits   3.38   4.72   5.22   5.34   5.35  
         Total interest-bearing deposits   3.07   3.60   3.80   3.73   3.77  
         Fed funds purchased, repos and other borrowings   3.50   4.37   4.71   4.55   4.61  
         Long-term debt   4.73   5.39   5.59   5.51   5.32  
           Total interest-bearing liabilities   3.42   4.02   4.23   4.15   4.11  
 Net yield on earning assets   3.54  %  3.46  % 3.45  % 3.55  % 3.61  %

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


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

  As of / For the Quarter Ended
(Dollars in millions, except per share data)   3/31/08     12/31/07     9/30/07     6/30/07     3/31/07  
SELECTED BALANCE SHEET DATA                              
 End of period balances                              
 Securities available for sale $ 23,487   $ 22,419    $ 23,061   $ 22,254   $ 20,898  
 Trading securities   609     1,009     1,587     1,067     906  
     Total securities   24,096     23,428     24,648     23,321     21,804  
 Commercial loans and leases   46,277     44,870     43,365     42,632     41,238  
 Direct retail loans   15,570     15,691     15,586     15,520     15,283  
 Sales finance loans   6,052     6,021     6,056     5,889     5,774  
 Revolving credit loans   1,598     1,618     1,535     1,461     1,386  
 Mortgage loans   17,446     17,467     17,051     16,640     16,011  
 Specialized lending   5,186     5,240     5,288     5,248     4,956  
     Total loans and leases held for investment   92,129     90,907     88,881     87,390     84,648  
 Loans held for sale   1,822     779     1,178     1,152     672  
     Total loans and leases   93,951     91,686     90,059     88,542     85,320  
 Allowance for loan and lease losses   1,097     1,004     934     920     896  
 Other earning assets   1,098     1,307     1,111     1,188     782  
     Total earning assets   119,174     116,466     116,057     113,599     108,193  
     Total assets   136,417     132,618     130,781     127,577     121,694  
 Noninterest-bearing deposits   13,377     13,059     13,197     13,641     13,533  
 Interest checking   1,150     1,201     1,128     1,384     1,288  
 Other client deposits   35,196     35,504     35,391     35,741     34,657  
 Client certificates of deposit   26,819     26,972     26,315     27,445     25,322  
     Total client deposits   76,542     76,736     76,031     78,211     74,800  
 Other interest-bearing deposits   10,939     10,030     9,154     5,868     5,039  
     Total deposits   87,481     86,766     85,185     84,079     79,839  
 Fed funds purchased, repos and other borrowings   8,610     10,634     10,618     9,410     6,770  
 Long-term debt   22,544     18,693     19,059     18,313     19,936  
     Total interest-bearing liabilities   105,258     103,034     101,665     98,161     93,012  
     Total shareholders' equity   12,842     12,632     12,402     12,125     11,650  
 Goodwill   5,226     5,194     5,132     5,114     4,860  
 Core deposit and other intangibles   474     489     491     504     479  
     Total intangibles   5,700     5,683     5,623     5,618     5,339  
     Mortgage servicing rights $ 496   $ 560     $ 567   $ 609   $ 525  
 Average balances                              
 Securities, at amortized cost $ 23,414   $ 23,967   $ 24,246   $ 23,124   $ 21,872  
 Commercial loans and leases   45,549     43,969     42,838     41,935     41,122  
 Direct retail loans   15,639     15,640     15,534     15,438     15,272  
 Sales finance loans   6,031     6,042     6,006     5,823     5,734  
 Revolving credit loans   1,602     1,548     1,485     1,417     1,387  
 Mortgage loans   18,574     18,297     17,922     17,231     16,481  
 Specialized lending   5,323     5,309     5,305     5,095     4,898  
     Total loans and leases   92,718     90,805     89,090     86,939     84,894  
 Allowance for loan and lease losses   1,018     945     931     916     894  
 Other earning assets   1,282     1,257     1,105     967     840  
     Total earning assets   117,414     116,029     114,441     111,030     107,606  
     Total assets   133,425     131,009     128,633     124,848     121,054  
 Noninterest-bearing deposits   12,676     13,040     13,248     13,367     12,946  
 Interest checking   2,301     2,293     2,202     2,487     2,206  
 Other client deposits   34,851     34,981     34,836     33,860     33,393  
 Client certificates of deposit   27,061     26,682     26,456     25,919     25,076  
     Total client deposits   76,889     76,996     76,742     75,633     73,621  
 Other interest-bearing deposits   9,694     8,264     7,481     6,326     8,902  
     Total deposits   86,583     85,260     84,223     81,959     82,523  
 Fed funds purchased, repos and other borrowings   10,760     10,739     9,892     9,000     7,627  
 Long-term debt   19,201     18,864     18,721     18,471     16,086  
     Total interest-bearing liabilities   103,868     101,823     99,588     96,063     93,290  
     Total shareholders' equity $ 12,929   $ 12,655     $ 12,359   $ 12,113   $ 11,522  
SELECTED CAPITAL INFORMATION (1)                              
 Risk-based capital:                              
     Tier 1 $ 9,287   $ 9,085   $ 9,048   $ 8,936   $ 7,987  
     Total   14,644     14,233     14,081     13,968     12,791  
 Risk-weighted assets   103,571     100,278     96,926     94,732     92,192  
 Average quarterly tangible assets   127,662     125,515     123,480     119,636     116,161  
 Risk-based capital ratios:                              
     Tier 1   9.0  %   9.1  %  9.3  %   9.4  %   8.7  % 
     Total   14.1     14.2     14.5     14.7     13.9  
 Leverage capital ratio   7.3     7.2     7.3     7.5     6.9  
 Equity as a percentage of total assets   9.4     9.5     9.5     9.5     9.6  
 Tangible equity as a percentage of tangible assets (2)   5.6     5.6     5.5     5.5     5.5  
 Book value per share $ 23.49   $ 23.14   $ 22.58   $ 21.97   $ 21.48  
 Tangible book value per share (2)   13.30     12.98     12.60     12.05     11.89  

NOTES: All items referring to average loans and leases include loans held for sale.
  (1) Current quarter risk-based capital information is preliminary.
  (2) Excludes the carrying value of goodwill and other intangible assets from shareholders' equity and total assets, net of deferred taxes, where applicable.

 

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

  As of / For the Quarter Ended
(Dollars in millions) 3/31/08 12/31/07 9/30/07 6/30/07 3/31/07
ASSET QUALITY ANALYSIS                              
 Allowance For Credit Losses                              
     Beginning balance $ 1,015   $ 941   $ 926   $ 901   $ 888  
     Allowance for acquired (sold) loans, net   -     1     -     13     3  
     Provision for credit losses   223     184     105     88     71  
         Charge-offs                              
               Commercial loans and leases   (18 )   (26 )   (18 )   (11 )   (10 )
               Direct retail loans   (28 )   (18 )   (20 )   (22 )   (12 )
               Sales finance loans   (13 )   (10 )   (9 )   (6 )   (6 )
               Revolving credit loans   (18 )   (11 )   (12 )   (12 )   (12 )
               Mortgage loans   (5 )   (6 )   (1 )   (2 )   (1 )
               Specialized lending   (59 )   (54 )   (45 )   (40 )   (41 )
         Total charge-offs   (141 )   (125 )   (105 )   (93 )   (82 )
         Recoveries                              
               Commercial loans and leases   4     2     3     4     8  
               Direct retail loans   3     3     3     3     4  
               Sales finance loans   2     2     2     2     2  
               Revolving credit loans   3     3     3     3     3  
               Specialized lending   4     4     4     5     4  
         Total recoveries   16     14     15     17     21  
     Net charge-offs   (125 )   (111 )   (90 )   (76 )   (61 )
     Ending balance $ 1,113        $ 1,015        $ 941        $ 926   $ 901  
 
 Allowance For Credit Losses                              
     Allowance for loan and lease losses $ 1,097        $ 1,004        $ 934        $ 920   $ 896  
     Reserve for unfunded lending commitments   16     11     7     6     5  
         Total $ 1,113        $ 1,015        $ 941        $ 926   $ 901  
 Nonperforming Assets                              
     Nonaccrual loans and leases:                              
               Commercial loans and leases $  443        $ 273        $ 237        $ 178   $ 148  
               Direct retail loans   60     43     56     43     43  
               Sales finance loans   5     5     4     4     1  
               Mortgage loans   185     119     74     63     51  
               Specialized lending   67     62     48     36     33  
     Total nonaccrual loans and leases   760     502     419     324     276  
     Foreclosed real estate   178     143     82     61     56  
     Other foreclosed property   51     51     46     38     35  
         Nonperforming assets $ 989        $ 696        $ 547        $ 423   $ 367  
 Loans 90 days or more past due                              
     and still accruing:                              
               Commercial loans and leases $ 52        $ 40        $ 21        $ 18   $ 18  
               Direct retail loans   59     58     18     17     13  
               Sales finance loans   15     17     14     12     16  
               Revolving credit loans   16     15     7     6     7  
               Mortgage loans   106     85     76     48     39  
               Specialized lending   10     8     13     7     10  
     Total loans 90 days or more past due                              
         and still accruing   258     223     149     108     103  
     Loans 90 days or more past due and still accruing                              
         as a percentage of total loans and leases   .27  %   .24  %   .17  %   .12  %   .12  %
 
 Asset Quality Ratios                              
     Nonaccrual and restructured loans and leases                              
         as a percentage of total loans and leases   .81  % .55  % .47  % .37  % .32  %
     Nonperforming assets as a percentage of:                              
         Total assets   .73     .52     .42     .33     .30  
         Loans and leases plus                              
          foreclosed property   1.05     .76     .61     .48     .43  
     Net charge-offs as a percentage of                              
         average loans and leases   .54     .48     .40     .35     .29  
     Net charge-offs excluding specialized                              
         lending as a percentage of average                              
         loans and leases (1)   .32     .28     .23     .20     .13  
     Allowance for loan and lease losses as                              
         a percentage of loans and leases   1.17     1.10     1.04     1.04     1.05  
     Allowance for loan and lease losses as                              
         a percentage of loans and leases                              
         held for investment   1.19     1.10     1.05     1.05     1.06  
     Ratio of allowance for loan and lease losses to:                              
         Net charge-offs   2.18  x 2.29  x 2.61  x 3.04  x 3.58  x
         Nonaccrual and restructured loans and leases   1.44     2.00     2.23     2.83     3.24  

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
  (1) Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.

 


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

  Percentage Increase (Decrease)
  QTD    Annualized Link QTD
  1Q08 vs. 1Q07   1Q08 vs. 4Q07
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR          
 PURCHASE ACQUISITIONS (1)          
 Average Balances          
 Commercial loans and leases (2) 9.4  % 15.4 %
 Direct retail loans 1.8     -  
 Sales finance loans 5.2     (0.7 )
 Revolving credit loans 15.4     14.0  
 Mortgage loans 10.3     6.1  
 Specialized lending 7.1     0.2  
     Total loans and leases (2) 7.9     8.9  
 
 Noninterest-bearing deposits (3.3 )   (11.2 )
 Interest checking (0.8 )   1.4  
 Other client deposits 3.4     (1.5 )
 Client certificates of deposit 6.0     5.7  
     Total client deposits 3.0     (0.6 )
 Other interest-bearing deposits 8.9     69.6  
     Total deposits 3.6  %   6.2  %
  
 
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS          
 BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)          
 Net interest income - taxable equivalent 5.7  % 10.0  %
 Noninterest income          
     Insurance commissions 4.9     (19.8 )
     Service charges on deposits 9.2     (29.1 )
     Other nondeposit fees and commissions 11.3     (12.2 )
     Investment banking and brokerage fees and commissions 4.9     9.6  
     Trust revenue -     (19.2 )
     Mortgage banking income (3) 38.6     NM  
     Securities gains (losses), net NM     NM  
     Other income (76.2 )   NM  
 Total noninterest income (3) 9.3     5.0  
 Noninterest expense          
     Personnel expense 1.5     20.9  
     Occupancy and equipment expense 4.2     (12.7 )
     Other noninterest expense 10.8     (14.1 )
 Total noninterest expense 4.4  %   5.6  %

NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
  (1) Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2008 and 2007.
  (2) Adjusted for the sale of a leveraged lease investment in the fourth quarter of 2007.
  (3) Excludes the net impact of valuation adjustments for mortgage servicing rights and gains or losses on mortgage servicing rights-related derivatives.
  NM - not meaningful.

 


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

 

As of / For the Quarter Ended

(Dollars in millions) 3/31/08 12/31/07 9/30/07 6/30/07 3/31/07
SELECTED MORTGAGE BANKING INFORMATION                              
     Residential Mortgage Servicing Rights (1) $ 406   $ 472   $ 533   $ 577   $ 494  
 
     Income Statement Impact of Mortgage Servicing                              
     Rights Valuation:                              
         MSRs fair value (decrease) increase $ (84 ) $ (85 )      $ (54 )      $ 72   $ 7  
         MSRs derivative hedge gains (losses)   82     80     60     (73 )   (3 )
           Net $ (2 ) $ (5 )      $ 6        $ (1 ) $ 4  
 
     Residential Mortgage Loan Originations $ 4,393   $ 3,240        $ 3,225        $ 3,014   $ 2,461  
 
     Residential Mortgage Servicing Portfolio:                              
           Loans serviced for others $ 33,977   $ 32,762        $ 31,081        $ 30,077   $ 29,420  
           Bank owned loans serviced   19,155     18,191     18,059     17,611     16,571  
             Total servicing portfolio   53,132     50,953     49,140     47,688     45,991  
           Weighted Average Coupon Rate   6.00  % 6.01  % 5.98  % 5.95  % 5.93  %
           Weighted Average Servicing Fee   .363     .363     .359     .357     .356  
 
  For the Quarter Ended
(Dollars in millions, except per share data) 3/31/08 12/31/07 9/30/07 6/30/07 3/31/07
RECONCILIATION TABLE                              
     Net income $ 428   $ 411        $ 444        $ 458   $ 421  
         Merger-related and restructuring items, net of tax   3     2     4     3     4  
         Other, net of tax (4)   (30 )   2     -     -     -  
     Operating earnings   401     415     448     461     425  
         Amortization of intangibles, net of tax   17     16     17     16     16  
         Amortization of mark-to-market adjustments, net of tax   -     1     1     -     -  
     Cash basis operating earnings   418     432     466     477     441  
     Return on average assets   1.29  % 1.24  %  1.37  % 1.47  % 1.41  %
         Effect of merger-related and restructuring items, net of tax   .01     .01     .01     .01     .01  
         Effect of other, net of tax (4)   (.09 )   .01     -     -     -  
     Operating return on average assets   1.21     1.26     1.38     1.48     1.42  
         Effect of amortization of intangibles, net of tax (2)   .11     .11     .12     .13     .12  
         Effect of amortization of mark-to-market adjustments,                              
           net of tax   -     -     -     -     -  
     Cash basis operating return on average                              
         tangible assets   1.32     1.37     1.50     1.61     1.54  
     Return on average equity   13.30  % 12.89  % 14.24  % 15.18  % 14.81  %
         Effect of merger-related and restructuring items, net of tax   .09     .05     .14     .10     .13  
         Effect of other, net of tax (4)   (.92 )   .06     -     -     -  
     Operating return on average equity   12.47     13.00     14.38     15.28     14.94  
         Effect of amortization of intangibles, net of tax (2)   10.34     10.99     12.43     13.20     13.26  
         Effect of amortization of mark-to-market adjustments,                              
           net of tax   -     .04     .05     -     -  
     Cash basis operating return on average                              
         tangible equity   22.81     24.03     26.86     28.48     28.20  
     Efficiency ratio (taxable equivalent) (3)   52.4  % 53.8  % 53.3  % 53.5  % 54.1  %
         Effect of merger-related and restructuring items   (.2 )   (.2 )   (.4 )   (.3 )   (.4 )
         Effect of other (4)   1.8     (.8 )   -     -     -  
     Operating efficiency ratio (3)   54.0     52.8     52.9     53.2     53.7  
         Effect of amortization of intangibles   (1.6 )   (1.5 )   (1.6 )   (1.5 )   (1.6 )
         Effect of amortization of mark-to-market adjustments   -     -     -     -     -  
     Cash basis operating efficiency ratio (3)   52.4     51.3     51.3     51.7     52.1  
     Fee income ratio (3)   41.4  %  41.7  % 40.1  % 42.6  % 40.6  %
         Effect of other (4)   (1.2 )   -     -     -     -  
     Operating fee income ratio (3)   40.2     41.7     40.1     42.6     40.6  
     Basic earnings per share $ .78   $ .75        $ .81        $ .84   $ .78  
         Effect of merger-related and restructuring items, net of tax   -     .01     -     -     -  
         Effect of other, net of tax (4)   (.05 )   -     -     -     -  
     Operating basic earnings per share   .73     .76     .81     .84     .78  
     Diluted earnings per share $ .78   $ .75        $ .80        $ .83   $ .77  
         Effect of merger-related and restructuring items, net of tax   -     -     .01     -     .01  
         Effect of other, net of tax (4)   (.05 )   -     -     -     -  
     Operating diluted earnings per share   .73     .75     .81     .83     .78  
         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 diluted earnings per share   .76     .78     .84     .86     .81  

NOTES: Applicable ratios are annualized.
  (1) Balances exclude commercial mortgage servicing rights totaling $90 million, $88 million, $34 million, $32 million, and $31 million as of March 31, 2008, December 31, 2007,
          September 30, 2007, June 30, 2007, and March 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) Reflects a gain from the IPO and the reversal of a reserve charge relating to the Visa USA, Inc settlement totaling $30 million, net of tax, in the first quarter of 2008. The fourth quarter
          of 2007 reflects a reserve charge relating to the Visa USA, Inc settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes 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 size)                      
SUPPLEMENTAL RESIDENTIAL MORTGAGE PORTFOLIO INFORMATION                      
 
  As of / For the Period Ended March 31, 2008
 
 
 
              Construction/      
 Mortgage Loans   Prime     ALT-A   Permanent   Subprime (1)
 
     Total loans outstanding $ 12,153   $ 3,295 $ 1,785   $ 571  
 
     Average loan size (in thousands)   190     325   313     68  
     Average credit score   717     734   734     606  
 
     Percentage of total loans   12.9  %   3.5  % 1.9  %   .6  %
     Percentage that are first mortgages   99.7     99.7   98.7     82.0  
 
     Nonaccrual loans and leases as a percentage of category   .74     1.25   2.27     3.95  
     Gross charge-offs as a percentage of category   .08     .24   .12     .93  
 
 
  As of / For the Period Ended March 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 $ 4,387     24.7  % .37  %   .04  %
     Virginia   3,620     20.3   .75     .14  
     Florida   2,657     14.9   2.74     .23  
     Maryland   1,894     10.6   1.12     .05  
     South Carolina   1,665     9.4   .46     .04  
     Georgia   1,600     9.0   2.25     .32  
     West Virginia   395     2.2   .73     .05  
     Kentucky   360     2.0   .48     .15  
     Tennessee   257     1.4   .25                  -  
     Washington, D.C.   191     1.1   .32                  -  
     Other   778     4.4   .91     .72  
     Total $ 17,804     100.0  % 1.09  %   .14  %
 
 
(Dollars in millions, except average loan size)                      
SUPPLEMENTAL HOME EQUITY PORTFOLIO INFORMATION (2)                      
              As of / For the Period Ended  
              March 31, 2008  
 
 
 
            Home Equity Home Equity
 Home Equity Loans & Lines           Loans Lines
 
     Total loans outstanding           $ 9,832   $ 4,683  
 
     Average loan size (in thousands) (3)             47     33  
     Average credit score             724     757  
 
     Percentage of total loans             10.5  %   5.0  %
     Percentage that are first mortgages             77.1     22.8  
 
     Nonaccrual loans and leases as a percentage of category             .47     .26  
     Gross charge-offs as a percentage of category             .40     .68  
 
 
 
  As of / For the Period Ended March 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 $ 5,101     35.1  % .39  %   .20  %
     Virginia   3,206     22.1   .19     .65  
     South Carolina   1,438     9.9   .49     .26  
     Georgia   1,142     7.9   .52     .81  
     West Virginia   891     6.1   .37     .27  
     Maryland   846     5.8   .34     .22  
     Florida   720     5.0   .82     2.44  
     Kentucky   611     4.2   .49     .19  
     Tennessee   451     3.1   .70     .28  
     Washington, D.C.   87     .6   .55     2.55  
     Other   22     .2   .58     .29  
     Total $ 14,515     100.0  % .40  %   .49  %

NOTES: (1) Includes $358 million in loans originated by Lendmark Financial Services, which are disclosed as a part of the specialized lending category.
  (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.


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 and average client size)                                  
SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1)                          
 
  As of / For the Period Ended March 31, 2008
 
 
 
 Residential Acquisition, Development, and Construction   Builder / Land / Land Condos /       Other Commercial Total Commercial
 Loans (ADC)    Construction Development Townhomes   Total ADC   Real Estate (2) Real Estate
 
     Total loans outstanding $ 3,449  $ 4,644    $ 675   $ 8,768   $ 10,127   $ 18,895  
 
     Average loan size (in thousands)   290   586     1,377     431     449     440  
     Average client size (in thousands)   875   1,360     3,356     1,154     627     802  
 
 
     Percentage of total loans   3.7  % 4.9  %   .7  %   9.3  %   10.8  %   20.1  %
 
     Nonaccrual loans and leases as a percentage of category   3.05   2.43     3.47     2.75     .47     1.53  
     Gross charge-offs as a percentage of category   .12   .43     -     .27     .02     .14  
 
 
 
 
        As of / For the Period Ended March 31, 2008
 
                                Gross Charge-
                          Nonaccrual as a   Offs as a
 Residential Acquisition, Development, and Construction            Total     Percentage of Nonaccrual Loans   Percentage of   Percentage of
 Loans (ADC) by State of Origination       Outstandings     Total     and Leases     Outstandings   Outstandings
     North Carolina     $ 2,925     33.4 % $ 19     .66  %   .02  %
     Georgia       1,722     19.6     94     5.49     .94  
     Virginia       1,422     16.2     34     2.43     .24  
     Florida       942     10.8     46     4.87     -  
     South Carolina       684     7.8     11     1.62     .01  
     Tennessee       282     3.2     10     3.45     -  
     Washington, D.C.       264     3.0              -     -     -  
     Kentucky       222     2.5     9     4.12     .03  
     West Virginia       154     1.8     7     4.32     2.50  
     Maryland       151     1.7     11     7.14     -  
          Total     $ 8,768     100.0  % $ 241     2.75  %   .27  %

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.