October 16, 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 net income of $358 million

     WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE: BBT) reported today net income for the third quarter of 2008 totaling $358 million, or $.65 per diluted share, compared with $444 million, or $.80 per diluted share, earned during the third quarter of 2007. These results reflect decreases of 19.4% and 18.8%, respectively, compared to the same quarter last year.

BB&T’s third quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.04% and 10.86%, respectively, compared to prior year returns of 1.37% and 14.24%, respectively.

Operating earnings for the third quarter of 2008 totaled $355 million, or $.64 per diluted share, excluding $35 million in net after-tax securities gains, $26 million in after-tax charges for other-than-temporary impairment and $6 million in after-tax charges for nonrecurring professional fees and merger-related and restructuring charges. Operating earnings for the third quarter of 2007 totaled $448 million, or $.81 per diluted share, excluding $4 million in net after-tax merger-related and restructuring charges.

“While we are not immune to the unprecedented challenges in the financial markets, BB&T remains a strong and financially sound company,” said Chairman and Chief Executive Officer John A. Allison. “Our capital levels, debt ratings and earnings are among the best in the industry. Our pre-tax pre-provision operating earnings for the third quarter were $865 million, an increase of 12.0% compared to the same period last year, indicating that we are growing our client base and that our underlying businesses are performing well despite market and credit challenges. Our net interest margin improved for the fourth consecutive quarter and many of our fee income businesses continue to produce healthy revenue growth.

“There is tremendous turmoil in the financial services industry right now, creating a great deal of anxiety in our communities,” said Allison. “BB&T has grown and prospered in other challenging economic times and I believe we will not only navigate the current challenges but will be even more successful in the future.”

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GAAP and operating results for the third quarter of 2008 include a $364 million provision for credit losses. The provision exceeded net charge-offs by $122 million and resulted in an increase in the allowance for loan and lease losses as a percentage of loans and leases held for investment to 1.45% at Sept. 30 compared to 1.33% at June 30.

For the first nine months of 2008, BB&T’s net income was $1.21 billion compared to $1.32 billion earned in the first nine months of 2007, a decrease of 8.2% . Diluted earnings per share for the first nine months of 2008 totaled $2.20 compared to $2.40 earned during the same period in 2007. Excluding merger-related and restructuring charges or credits and nonrecurring items, operating earnings for the first nine months of 2008 totaled $1.13 billion, or $2.06 per diluted share, compared to $1.33 billion, or $2.42 per diluted share, earned during the first nine months of 2007.

Nonperforming Assets and Credit Losses Increase

BB&T’s nonperforming asset levels and credit losses increased further in the third quarter of 2008 compared to the second quarter of 2008. Nonperforming assets, as a percentage of total assets, increased to 1.20% at Sept. 30, compared to .95% at June 30. Annualized net charge-offs were 1.00% of average loans and leases for the third quarter of 2008, up from .72% in the second quarter of 2008. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .82% of average loans and leases compared to .53% in the second quarter of 2008.

The provision for credit losses totaled $364 million in the third quarter of 2008, an increase of $259 million compared to the same quarter last year, and exceeded net charge-offs by $122 million in the current quarter. 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.

BB&T Capital Levels Increase

BB&T’s tangible and regulatory capital levels increased and remained very healthy at Sept. 30. BB&T’s tangible capital ratio was 5.8% at Sept. 30, up from 5.7% at June 30, and the Tier 1 leverage ratio was 7.6%, up from 7.2% last quarter. In addition, BB&T’s Tier 1 risk-based capital and total risk-based capital ratios were 9.4% and 14.4%, respectively, up from 8.9% and 14.0%, respectively, at June 30. BB&T’s risk-based capital ratios are significantly higher than an average of its peers and remain well above regulatory standards for well-capitalized banks.

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

Net interest margin improves to 3.66%

BB&T’s fully taxable equivalent net interest income totaled $1.1 billion for the third quarter, an increase of 11.8% compared to the same quarter of 2007. The net interest margin was 3.66% for the current quarter, up from 3.65% for the second quarter of 2008 and up from 3.45% in the third quarter last year. The increase marks the fourth consecutive quarter that BB&T’s margin has improved.

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

On an operating basis, noninterest income increased $102 million, or 15.1%, during the third quarter of 2008 compared to 2007. These increases include higher revenues generated by BB&T’s insurance operations, service charges on deposit accounts, and other nondeposit fees and commissions, as well as a solid performance from BB&T’s mortgage banking operations.

Income from BB&T’s insurance operations increased 12.6% to $232 million in the current quarter compared with $206 million earned during the third quarter last year. 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 $176 million for the third quarter of 2008, an increase of 12.1% compared to $157 million earned in the same quarter last year. This increase was primarily attributable to growth in client relationships and revenues from overdraft items.

Other nondeposit fees and commissions totaled $137 million for the third quarter of 2008, an increase of 6.2% compared to the third quarter of 2007. This increase was generated primarily by growth in bankcard income and debit card related services.

Revenues from mortgage banking operations totaled $83 million for the third quarter of 2008, an increase of $56 million compared to the third quarter of 2007. This increase reflects the adoption of fair value accounting standards and the net change in the mortgage servicing rights valuation. Fair value accounting increased mortgage banking income by $13 million, and also resulted in an $11 million increase in personnel expense during the quarter. The net change in the valuation of mortgage servicing rights resulted in an increase of $18 million compared to the third quarter of 2007. The increase was the result of the mortgage servicing rights hedge outperforming the decline in the value of the asset. Excluding the impact of these items, mortgage banking income increased $25 million, or 119%, compared to the same period last year. The growth in mortgage banking income includes strong production revenues from both residential and commercial mortgage banking operations.

Other noninterest income totaled $30 million for the third quarter of 2008 compared to $23 million earned in the same quarter last year, an increase of 30.4% . The growth in noninterest income was generated by an increase of $16 million from trading and hedging activities due to losses incurred in the prior year’s third quarter, which were partially offset by reduced earnings of $9 million from investments in low income housing partnerships that generate tax benefits compared to the third quarter of 2007.

Balance Sheet Growth Remains Healthy

Average loans and leases totaled $95.9 billion for the third quarter of 2008, reflecting an increase of $6.9 billion, or 7.7%, compared to the third quarter of 2007. This increase was composed of growth in average commercial loans and leases, which increased $5.3 billion, or 12.4%; average mortgage loans, which increased $563 million, or 3.1%; average sales finance loans, which increased $286 million, or 4.8%; average revolving credit loans, which increased $203 million, or 13.7%; average loans originated by BB&T’s specialized lending subsidiaries, which increased $446 million, or 8.4%; and growth in average direct retail loans, which increased $61 million, or 0.4%, compared to the third quarter last year.

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Average deposits totaled $90.0 billion for the third quarter of 2008, an increase of 6.9% compared to $84.2 billion for the third quarter of 2007. The average growth rate in client deposits accelerated to 16.5%, on an annualized basis, compared to the second quarter of 2008, as BB&T is gaining many new client relationships. During the third quarter of 2008, BB&T’s banking network generated approximately 31,000 net new transaction accounts.

BB&T Continues to Expand Insurance Business

BB&T expanded its coastal South Carolina insurance operations with the acquisition of Puckett, Scheetz & Hogan of Myrtle Beach, S.C. The merger will give BB&T the largest insurance market share in greater Myrtle Beach. BB&T also acquired Sumter, S.C.-based Southern Risk Operations LLC, an insurance broker that specializes in finding coverage for a broad range of risks. Also, in early September, BB&T acquired Commercial Title Group, Inc. of Vienna, Va.

At Sept. 30, BB&T had $137.0 billion in assets and operated 1,501 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. BB&T’s common stock is traded on the New York Stock Exchange under the trading symbol BBT. The closing price of BB&T’s common stock on Oct. 15 was $32.16 per share.

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

Earnings Webcast

To hear a live webcast of BB&T’s third quarter 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 Friday, Oct. 31 or by dialing 1-888-203-1112 plus access code 6794434 until Tuesday, Oct. 21.

#

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)			9/30/08		9/30/07		$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent		$	1,821	$	2,051	$	(230	)	(11.2	) %
Interest expense			712		1,059		(347	)	(32.8	)
Net interest income - taxable equivalent			1,109		992		117		11.8
Less: Taxable equivalent adjustment			21		14		7		50.0
Net interest income			1,088		978		110		11.2
Provision for credit losses			364		105		259		246.7
Net interest income after provision for credit losses			724		873		(149	)	(17.1	)
Noninterest income			777		675		102		15.1
Noninterest expense			1,000		881		119		13.5
Operating earnings before income taxes			501		667		(166	)	(24.9	)
Provision for income taxes			146		219		(73	)	(33.3	)
Operating earnings (1)		$	355	$	448	$	(93	)	(20.8	) %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings		$	.64	$	.81	$	(.17	)	(21.0	) %
Diluted earnings			.64		.81		(.17	)	(21.0	)
Weighted average shares (in thousands) -	Basic		549,761		550,603
	Diluted		553,544		555,336
Dividends paid per share		$	.47	$	.46	$	.01		2.2	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets			1.03	%	1.38	%
Return on average equity			10.74		14.38
Net yield on earning assets (taxable equivalent)			3.66		3.45
Noninterest income as a percentage of
total income (taxable equivalent) (2)			40.5		40.1
Efficiency ratio (taxable equivalent) (2)			52.3		52.9
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings		$	371	$	466	$	(95	)	(20.4	) %
Diluted earnings per share			.67		.84		(.17	)	(20.2	)
Return on average tangible assets			1.12	%	1.50	%
Return on average tangible equity			19.77		26.86
Efficiency ratio (taxable equivalent) (2)			51.0		51.3
			For the Three Months Ended			Increase (Decrease)
(Dollars in millions, except per share data)			9/30/08		9/30/07		$		%
INCOME STATEMENTS
Interest income		$	1,793	$	2,030	$	(237	)	(11.7	) %
Interest expense			705		1,052		(347	)	(33.0	)
Net interest income			1,088		978		110		11.2
Provision for credit losses			364		105		259		246.7
Net interest income after provision for credit losses			724		873		(149	)	(17.1	)
Noninterest income			792		675		117		17.3
Noninterest expense			1,009		888		121		13.6
Income before income taxes			507		660		(153	)	(23.2	)
Provision for income taxes			149		216		(67	)	(31.0	)
Net income		$	358	$	444	$	(86	)	(19.4	) %
PER SHARE DATA
Basic earnings		$	.65	$	.81	$	(.16	)	(19.8	) %
Diluted earnings			.65		.80		(.15	)	(18.8	)
Weighted average shares (in thousands) -	Basic		549,761		550,603
	Diluted		553,544		555,336
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets			1.04	%	1.37	%
Return on average equity			10.86		14.24
Efficiency ratio (taxable equivalent) (2)			52.8		53.3

NOTES:	Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(3 million) and $4 million, net of tax, in the third 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

			For the Nine Months Ended			Increase (Decrease)
(Dollars in millions, except per share data)			9/30/08		9/30/07		$		%
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent		$	5,556	$	5,940	$	(384	)	(6.5	) %
Interest expense			2,323		3,000		(677	)	(22.6	)
Net interest income - taxable equivalent			3,233		2,940		293		10.0
Less: Taxable equivalent adjustment			60		51		9		17.6
Net interest income			3,173		2,889		284		9.8
Provision for credit losses			917		264		653		247.3
Net interest income after provision for credit losses			2,256		2,625		(369	)	(14.1	)
Noninterest income			2,294		2,056		238		11.6
Noninterest expense			2,942		2,676		266		9.9
Operating earnings before income taxes			1,608		2,005		(397	)	(19.8	)
Provision for income taxes			475		671		(196	)	(29.2	)
Operating earnings (1)		$	1,133	$	1,334	$	(201	)	(15.1	) %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings		$	2.07	$	2.44	$	(.37	)	(15.2	) %
Diluted earnings			2.06		2.42		(.36	)	(14.9	)
Weighted average shares (in thousands) -	Basic		547,543		546,978
	Diluted		551,144		552,153
Dividends paid per share		$	1.39	$	1.30	$	.09		6.9	%
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets			1.12	%	1.43	%
Return on average equity			11.63		14.86
Net yield on earning assets (taxable equivalent)			3.61		3.54
Noninterest income as a percentage of
total income (taxable equivalent) (2)			40.8		41.1
Efficiency ratio (taxable equivalent) (2)			52.9		53.3
CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(3)
Cash basis operating earnings		$	1,181	$	1,384	$	(203	)	(14.7	) %
Diluted earnings per share			2.14		2.51		(.37	)	(14.7	)
Return on average tangible assets			1.22	%	1.55	%
Return on average tangible equity			21.33		27.83
Efficiency ratio (taxable equivalent) (2)			51.5		51.7
			For the Nine Months Ended			Increase (Decrease)
(Dollars in millions, except per share data)			9/30/08		9/30/07		$		%
INCOME STATEMENTS
Interest income		$	5,478	$	5,882	$	(404	)	(6.9	) %
Interest expense			2,305		2,993		(688	)	(23.0	)
Net interest income			3,173		2,889		284		9.8
Provision for credit losses			917		264		653		247.3
Net interest income after provision for credit losses			2,256		2,625		(369	)	(14.1	)
Noninterest income			2,390		2,056		334		16.2
Noninterest expense			2,907		2,694		213		7.9
Income before income taxes			1,739		1,987		(248	)	(12.5	)
Provision for income taxes			525		664		(139	)	(20.9	)
Net income		$	1,214	$	1,323	$	(109	)	(8.2	) %
PER SHARE DATA
Basic earnings		$	2.22	$	2.42	$	(.20	)	(8.3	) %
Diluted earnings			2.20		2.40		(.20	)	(8.3	)
Weighted average shares (in thousands) -	Basic		547,543		546,978
	Diluted		551,144		552,153
PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets			1.20	%	1.42	%
Return on average equity			12.46		14.74
Efficiency ratio (taxable equivalent) (2)			51.5		53.6

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 $(81 million) and $11 million, net of tax, in 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 7	Investor Relations	FAX (336) 733-3132

				As of / For the Nine Months Ended						Increase (Decrease)
(Dollars in millions)					9/30/08			9/30/07			$			%
CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks				$	1,701		$	1,613		$	88			5.5	%
Interest-bearing deposits with banks					701			604			97			16.1
Federal funds sold and other earning assets					345			507			(162	)		(32.0	)
Securities available for sale					20,534			23,061			(2,527	)		(11.0	)
Trading securities					548			1,587			(1,039	)		(65.5	)
Total securities					21,082			24,648			(3,566	)		(14.5	)
Commercial loans and leases					48,694			43,365			5,329			12.3
Direct retail loans					15,569			15,586			(17	)		(.1	)
Sales finance loans					6,314			6,056			258			4.3
Revolving credit loans					1,718			1,535			183			11.9
Mortgage loans					17,259			17,051			208			1.2
Specialized lending					5,709			5,288			421			8.0
Total loans and leases held for investment					95,263			88,881			6,382			7.2
Loans held for sale					1,419			1,178			241			20.5
Total loans and leases					96,682			90,059			6,623			7.4
Allowance for loan and lease losses					1,377			934			443			47.4
Total earning assets					119,409			116,057			3,352			2.9
Premises and equipment, net					1,557			1,504			53			3.5
Goodwill					5,340			5,132			208			4.1
Core deposit and other intangibles					507			491			16			3.3
Other assets					10,503			7,157			3,346			46.8
Total assets					137,041			130,781			6,260			4.8
Noninterest-bearing deposits					13,534			13,197			337			2.6
Interest checking					2,189			1,128			1,061			94.1
Other client deposits					37,786			35,391			2,395			6.8
Client certificates of deposit					26,519			26,315			204			.8
Total client deposits					80,028			76,031			3,997			5.3
Other interest-bearing deposits					8,359			9,154			(795	)		(8.7	)
Total deposits					88,387			85,185			3,202			3.8
Fed funds purchased, repos and other borrowings					10,075			10,618			(543	)		(5.1	)
Long-term debt					21,337			19,059			2,278			12.0
Total interest-bearing liabilities					106,265			101,665			4,600			4.5
Other liabilities					4,307			3,517			790			22.5
Total liabilities					124,106			118,379			5,727			4.8
Total shareholders' equity				$	12,935		$	12,402		$	533			4.3	%
Average balances
Securities, at amortized cost				$	23,800		$	23,090		$	710			3.1	%
Commercial loans and leases					46,931			41,971			4,960			11.8
Direct retail loans					15,606			15,415			191			1.2
Sales finance loans					6,171			5,856			315			5.4
Revolving credit loans					1,639			1,430			209			14.6
Mortgage loans					18,653			17,217			1,436			8.3
Specialized lending					5,514			5,101			413			8.1
Total loans and leases					94,514			86,990			7,524			8.6
Allowance for loan and lease losses					1,140			914			226			24.7
Other earning assets					1,096			971			125			12.9
Total earning assets					119,410			111,051			8,359			7.5
Total assets					135,311			124,873			10,438			8.4
Noninterest-bearing deposits					12,981			13,188			(207	)		(1.6	)
Interest checking					2,412			2,299			113			4.9
Other client deposits					35,965			34,035			1,930			5.7
Client certificates of deposit					26,707			25,822			885			3.4
Total client deposits					78,065			75,344			2,721			3.6
Other interest-bearing deposits					9,707			7,564			2,143			28.3
Total deposits					87,772			82,908			4,864			5.9
Fed funds purchased, repos and other borrowings					10,004			8,848			1,156			13.1
Long-term debt					20,557			17,769			2,788			15.7
Total interest-bearing liabilities					105,352			96,337			9,015			9.4
Total shareholders' equity				$	13,015		$	12,001		$	1,014			8.4	%
	As of / For the Quarter Ended
(Dollars in millions, except per share data)		9/30/08			6/30/08			3/31/08			12/31/07			9/30/07
MISCELLANEOUS INFORMATION
Unrealized appreciation (depreciation) on
securities available for sale, net of tax	$	(398	)	$	(274	)	$	(18	)	$	(28	)	$	(150	)
Derivatives (notional value)		67,287			59,795			57,925			47,197			43,051
Fair value of derivatives portfolio		219			156			380			181			34
Common stock prices:	High	45.31			37.85			36.96			42.61			43.00
	Low	18.71			21.40			25.92			30.36			36.95
	End of period	37.80			22.77			32.06			30.67			40.39
Weighted average shares (in thousands) -	Basic	549,761			546,628			546,214			547,795			550,603
	Diluted	553,544			549,758			548,946			551,078			555,336
End of period shares outstanding (in thousands)		552,259			546,928			546,799			545,955			549,337
End of period banking offices		1,501			1,489			1,494			1,492			1,501
ATMs		2,178			2,173			2,165			2,158			2,166
FTEs		29,818			30,089			29,726			29,394			28,886

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

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

	As of / For the Quarter Ended
(Dollars in millions, except per share data)		9/30/08			6/30/08		3/31/08		12/31/07		9/30/07
OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,511		$	1,512	$	1,604	$	1,715	$	1,730
Interest and dividends on securities		303			299		303		308		307
Interest on short-term investments		7			6		11		14		14
Total interest income - taxable equivalent		1,821			1,817		1,918		2,037		2,051
Interest expense
Interest on deposits		449			455		564		655		679
Interest on fed funds purchased, repos and other borrowings		55			64		94		118		117
Interest on long-term debt		208			208		226		256		263
Total interest expense		712			727		884		1,029		1,059
Net interest income - taxable equivalent		1,109			1,090		1,034		1,008		992
Less: Taxable equivalent adjustment		21			22		17		17		14
Net interest income		1,088			1,068		1,017		991		978
Provision for credit losses		364			330		223		184		105
Net interest income after provision for
credit losses		724			738		794		807		873
Noninterest income
Insurance income		232			237		212		221		206
Service charges on deposits		176			172		154		165		157
Other nondeposit fees and commissions		137			139		128		133		129
Investment banking and brokerage fees and commissions		84			88		86		85		87
Trust and investment advisory revenues		37			38		40		42		40
Mortgage banking income		83			57		59		27		27
Securities gains (losses), net		(2	)		10		43		1		6
Other noninterest income		30			39		15		44		23
Total noninterest income		777			780		737		718		675
Noninterest expense
Personnel expense		552			565		547		516		514
Occupancy and equipment expense		127			124		123		126		118
Foreclosed property expense		22			17		13		13		5
Amortization of intangibles		25			25		27		27		26
Other noninterest expense		274			266		235		243		218
Total noninterest expense		1,000			997		945		925		881
Operating earnings before income taxes		501			521		586		600		667
Provision for income taxes		146			144		185		185		219
Operating earnings (1)	$	355		$	377	$	401	$	415	$	448
PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.64		$	.69	$	.73	$	.76	$	.81
Diluted earnings		.64			.69		.73		.75		.81
Dividends paid per share		.47			.46		.46		.46		.46
PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets		1.03	%		1.12	%	1.21	%	1.26	%	1.38	%
Return on average equity		10.74			11.69		12.47		13.00		14.38
Net yield on earning assets (taxable equivalent)		3.66			3.65		3.54		3.46		3.45
Efficiency ratio (taxable equivalent) (2)		52.3			52.5		54.0		52.8		52.9
Noninterest income as a percentage of
total income (taxable equivalent) (2)		40.5			41.6		40.2		41.7		40.1
Average earning assets as a percentage of
average total assets		88.4			88.4		88.0		88.6		89.0
Average loans and leases as a percentage of
average deposits		106.6			109.4		107.1		106.5		105.8
CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	371		$	392	$	418	$	432	$	466
Diluted earnings per share		.67			.71		.76		.78		.84
Return on average tangible assets		1.12	%		1.22	%	1.32	%	1.37	%	1.50	%
Return on average tangible equity		19.77			21.44		22.81		24.03		26.86
Efficiency ratio (taxable equivalent) (2)		51.0			51.2		52.4		51.3		51.3

NOTES:	Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(3 million), $(51 million), $(27 million), $4 million and $4 million, net of tax, for the quarters ended September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007, and September 30, 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 9	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended
(Dollars in millions, except per share data)		9/30/08		6/30/08		3/31/08		12/31/07		9/30/07
INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,499	$	1,501	$	1,595	$	1,706	$	1,719
Interest and dividends on securities		287		283		289		292		297
Interest on short-term investments		7		6		11		14		14
Total interest income		1,793		1,790		1,895		2,012		2,030
Interest expense
Interest on deposits		449		455		564		655		679
Interest on fed funds purchased, repos and other borrowings		48		59		88		110		110
Interest on long-term debt		208		208		226		256		263
Total interest expense		705		722		878		1,021		1,052
Net interest income		1,088		1,068		1,017		991		978
Provision for credit losses		364		330		223		184		105
Net interest income after provision for
credit losses		724		738		794		807		873
Noninterest income
Insurance income		232		237		212		221		206
Service charges on deposits		176		172		154		165		157
Other nondeposit fees and commissions		137		139		128		133		129
Investment banking and brokerage fees and commissions		84		88		86		85		87
Trust and investment advisory revenues		37		38		40		42		40
Mortgage banking income		83		57		59		27		27
Securities gains (losses), net		13		10		43		1		6
Other noninterest income		30		86		49		44		23
Total noninterest income		792		827		771		718		675
Noninterest expense
Personnel expense		552		565		547		516		514
Occupancy and equipment expense		127		124		123		126		118
Foreclosed property expense		22		17		13		13		5
Amortization of intangibles		25		25		27		27		26
Merger-related and restructuring charges (credits), net		5		1		5		3		7
Other noninterest expense		278		230		221		257		218
Total noninterest expense		1,009		962		936		942		888
Income before income taxes		507		603		629		583		660
Provision for income taxes		149		175		201		172		216
Net income	$	358	$	428	$	428	$	411	$	444
PER SHARE DATA
Basic earnings	$	.65	$	.78	$	.78	$	.75	$	.81
Diluted earnings		.65		.78		.78		.75		.80
	For the Quarter Ended
		9/30/08		6/30/08		3/31/08		12/31/07		9/30/07
ANNUALIZED INTEREST YIELDS / RATES (1) (2)
Interest income:
Securities:
U.S. government-sponsored entities (GSE)		5.08	%	5.12	%	4.69	%	4.62	%	4.62	%
Mortgage-backed securities issued by GSE		4.89		4.79		5.14		5.27		5.21
States and political subdivisions		6.40		6.07		6.32		6.73		6.36
Non-agency mortgage-backed securities		5.82		5.81		5.81		5.80		5.79
Other securities		3.88		5.44		6.12		7.20		6.33
Trading securities		2.99		2.81		5.89		4.06		4.54
Total securities		5.03		5.01		5.18		5.15		5.05
Loans:
Commercial loans and leases		5.42		5.59		6.47		7.41		7.85
Direct retail loans		6.35		6.47		6.94		7.29		7.40
Sales finance loans		6.57		6.60		6.72		6.88		6.71
Revolving credit loans		10.72		10.86		11.78		12.47		12.93
Mortgage loans		6.01		5.99		6.03		6.07		6.05
Specialized lending		12.49		12.99		13.22		13.10		13.02
Total loans		6.28		6.40		6.95		7.50		7.72
Other earning assets		2.61		2.48		3.41		4.48		4.96
Total earning assets		6.00		6.09		6.56		6.98		7.13
Interest expense:
Interest-bearing deposits:
Interest checking		1.32		.97		1.76		2.22		2.33
Other client deposits		1.62		1.57		2.11		2.69		2.94
Client certificates of deposit		3.33		3.73		4.30		4.58		4.64
Other interest-bearing deposits		2.61		2.74		3.38		4.72		5.22
Total interest-bearing deposits		2.32		2.49		3.07		3.60		3.80
Fed funds purchased, repos and other borrowings		2.44		2.51		3.50		4.37		4.71
Long-term debt		4.00		3.83		4.73		5.39		5.59
Total interest-bearing liabilities		2.66		2.77		3.42		4.02		4.23
Net yield on earning assets		3.66	%	3.65	%	3.54	%	3.46	%	3.45	%

NOTES:	(1)	Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
	(2)	Excludes basis adjustments for fair value hedges.

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

	As of / For the Quarter Ended
(Dollars in millions, except per share data)		9/30/08			6/30/08		3/31/08			12/31/07			9/30/07
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	20,534		$	22,657	$	23,487		$	22,419		$	23,061
Trading securities		548			514		609			1,009			1,587
Total securities		21,082			23,171		24,096			23,428			24,648
Commercial loans and leases		48,694			47,790		46,277			44,870			43,365
Direct retail loans		15,569			15,623		15,570			15,691			15,586
Sales finance loans		6,314			6,266		6,052			6,021			6,056
Revolving credit loans		1,718			1,667		1,598			1,618			1,535
Mortgage loans		17,259			17,304		17,446			17,467			17,051
Specialized lending		5,709			5,550		5,186			5,240			5,288
Total loans and leases held for investment		95,263			94,200		92,129			90,907			88,881
Loans held for sale		1,419			1,515		1,822			779			1,178
Total loans and leases		96,682			95,715		93,951			91,686			90,059
Allowance for loan and lease losses		1,377			1,257		1,097			1,004			934
Other earning assets		1,046			975		1,098			1,307			1,111
Total earning assets		119,409			120,300		119,174			116,466			116,057
Total assets		137,041			136,465		136,417			132,618			130,781
Noninterest-bearing deposits		13,534			13,567		13,377			13,059			13,197
Interest checking		2,189			2,542		1,150			1,201			1,128
Other client deposits		37,786			36,871		35,196			35,504			35,391
Client certificates of deposit		26,519			26,801		26,819			26,972			26,315
Total client deposits		80,028			79,781		76,542			76,736			76,031
Other interest-bearing deposits		8,359			8,433		10,939			10,030			9,154
Total deposits		88,387			88,214		87,481			86,766			85,185	-
Fed funds purchased, repos and other borrowings		10,075			10,804		9,610			10,634			10,618
Long-term debt		21,337			20,556		21,544			18,693			19,059
Total interest-bearing liabilities		106,265			106,007		105,258			103,034			101,665
Total shareholders' equity		12,935			12,800		12,842			12,632			12,402
Goodwill		5,340			5,306		5,226			5,194			5,132
Core deposit and other intangibles		507			505		474			489			491
Total intangibles		5,847			5,811		5,700			5,683			5,623
Mortgage servicing rights	$	696		$	702	$	496		$	560		$	567
Average balances
Securities, at amortized cost	$	24,083		$	23,898	$	23,414		$	23,967		$	24,246
Commercial loans and leases		48,132			47,098		45,549			43,969			42,838
Direct retail loans		15,595			15,584		15,639			15,640			15,534
Sales finance loans		6,292			6,188		6,031			6,042			6,006
Revolving credit loans		1,688			1,628		1,602			1,548			1,485
Mortgage loans		18,485			18,902		18,574			18,297			17,922
Specialized lending		5,751			5,466		5,323			5,309			5,305
Total loans and leases		95,943			94,866		92,718			90,805			89,090
Allowance for loan and lease losses		1,281			1,118		1,018			945			931
Other earning assets		975			1,035		1,282			1,257			1,105
Total earning assets		121,001			119,799		117,414			116,029			114,441
Total assets		136,933			135,557		133,425			131,009			128,633
Noninterest-bearing deposits		13,181			13,086		12,676			13,040			13,248
Interest checking		2,369			2,566		2,301			2,293			2,202
Other client deposits		38,369			34,650		34,851			34,981			34,836
Client certificates of deposit		26,317			26,742		27,061			26,682			26,456
Total client deposits		80,236			77,044		76,889			76,996			76,742
Other interest-bearing deposits		9,785			9,641		9,694			8,264			7,481
Total deposits		90,021			86,685		86,583			85,260			84,223
Fed funds purchased, repos and other borrowings		8,915			10,350		10,760			10,739			9,892
Long-term debt		20,770			21,697		19,201			18,864			18,721
Total interest-bearing liabilities		106,525			105,646		103,868			101,823			99,588
Total shareholders' equity	$	13,133		$	12,982	$	12,929		$	12,655		$	12,359
SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	10,008		$	9,317	$	9,287		$	9,085		$	9,048
Total		15,318			14,673		14,644			14,233			14,081
Risk-weighted assets		106,103			104,455		103,546			100,053			96,926
Average quarterly tangible assets		131,469			129,915		127,653			125,515			123,480
Risk-based capital ratios:
Tier 1		9.4	%		8.9	%	9.0	%		9.1	%		9.3	%
Total		14.4			14.0		14.1			14.2			14.5
Leverage capital ratio		7.6			7.2		7.3			7.2			7.3
Equity as a percentage of total assets		9.4			9.4		9.4			9.5			9.5
Tangible equity as a percentage of tangible assets (2)		5.8			5.7		5.6			5.7			5.7
Book value per share	$	23.42		$	23.40	$	23.49		$	23.14		$	22.58
Tangible book value per share (2)		13.91			13.60		13.47			13.18			13.09

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

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

	As of / For the Quarter Ended
(Dollars in millions)		9/30/08				6/30/08			3/31/08			12/31/07			9/30/07
ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	1,273			$	1,113		$	1,015		$	941		$	926
Allowance for acquired (sold) loans, net			(2	)		-			-			1			-
Provision for credit losses			364			330			223			184			105
Charge-offs
Commercial loans and leases			(87	)		(48	)		(18	)		(26	)		(18	)
Direct retail loans			(41	)		(38	)		(28	)		(18	)		(20	)
Sales finance loans			(15	)		(13	)		(13	)		(10	)		(9	)
Revolving credit loans			(20	)		(18	)		(18	)		(11	)		(12	)
Mortgage loans			(33	)		(13	)		(5	)		(6	)		(1	)
Specialized lending			(61	)		(55	)		(59	)		(54	)		(45	)
Total charge-offs		(257		)		(185	)		(141	)		(125	)		(105	)
Recoveries
Commercial loans and leases			3			2			4			2			3
Direct retail loans			3			3			3			3			3
Sales finance loans			2			2			2			2			2
Revolving credit loans			2			3			3			3			3
Specialized lending			5			5			4			4			4
Total recoveries			15			15			16			14			15
Net charge-offs		(242		)		(170	)		(125	)		(111	)		(90	)
Ending balance	$	1,393			$	1,273		$	1,113		$	1,015		$	941
Allowance For Credit Losses
Allowance for loan and lease losses	$	1,377			$	1,257		$	1,097		$	1,004		$	934
Reserve for unfunded lending commitments			16			16			16			11			7
Total	$	1,393			$	1,273		$	1,113		$	1,015		$	941
Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$		722		$	621		$	443		$	273		$	237
Direct retail loans			76			65			60			43			56
Sales finance loans			6			4			5			5			4
Mortgage loans			298			250			185			119			74
Specialized lending			94			76			67			62			48
Total nonaccrual loans and leases		1,196				1,016			760			502			419
Foreclosed real estate			382			232			178			143			82
Other foreclosed property			60			53			51			51			46
Nonperforming assets	$	1,638			$	1,301		$	989		$	696		$	547
Loans 90 days or more past due
and still accruing (1)
Commercial loans and leases	$		39		$	42		$	52		$	40		$	21
Direct retail loans			88			72			59			58			18
Sales finance loans			19			17			15			17			14
Revolving credit loans			17			15			16			15			7
Mortgage loans			123			126			106			85			76
Specialized lending			11			10			10			8			13
Total loans 90 days or more past due and still accruing	$		297		$	282		$	258		$	223		$	149
Loans 30 - 89 days past due (1)
Commercial loans and leases	$		355		$	492		$	364		$	284		$	216
Direct retail loans			200			175			185			192			148
Sales finance loans			119			93			86			105			89
Revolving credit loans			29			25			24			24			20
Mortgage loans			582			519			510			506			479
Specialized lending			294			258			216			243			187
Total loans 30 - 89 days past due	$	1,579			$	1,562		$	1,385		$	1,354		$	1,139
Asset Quality Ratios
Loans 30-89 days past due and still accruing
as a percentage of total loans and leases (1)		1.63		%		1.63	%		1.47	%		1.48	%		1.26	%
Loans 90 days or more past due and still accruing
as a percentage of total loans and leases (1)			.31			.29			.27			.24			.17
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		1.24				1.06			.81			.55			.47
Nonperforming assets as a percentage of:
Total assets		1.20				.95			.73			.52			.42
Loans and leases plus
foreclosed property		1.69				1.36			1.05			.76			.61
Net charge-offs as a percentage of
average loans and leases		1.00				.72			.54			.48			.40
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (2)			.82			.53			.32			.28			.23
Allowance for loan and lease losses as
a percentage of loans and leases		1.42				1.31			1.17			1.10			1.04
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.45				1.33			1.19			1.10			1.05
Ratio of allowance for loan and lease losses to:
Net charge-offs		1.43		x		1.84	x		2.18	x		2.29	x		2.61	x
Nonaccrual and restructured loans and leases		1.15				1.24			1.44			2.00			2.23

NOTES:	All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
	(1)	Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase.
	(2)	Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.

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

		As of / For the Nine Months Ended						Increase (Decrease)
(Dollars in millions)		9/30/08			9/30/07			$			%
Allowance For Credit Losses
Beginning balance	$	1,015		$	888		$	127			14.3	%
Allowance for acquired (sold) loans, net		(2	)		16			(18	)		NM
Provision for credit losses		917			264			653			247.3
Charge-offs
Commercial loans and leases		(153	)		(39	)		(114	)		292.3
Direct retail loans		(107	)		(54	)		(53	)		98.1
Sales finance loans		(41	)		(21	)		(20	)		95.2
Revolving credit loans		(56	)		(36	)		(20	)		55.6
Mortgage loans		(51	)		(4	)		(47	)		1,175.0
Specialized lending		(175	)		(126	)		(49	)		38.9
Total charge-offs		(583	)		(280	)		(303	)		108.2
Recoveries
Commercial loans and leases		9			15			(6	)		(40.0	)
Direct retail loans		9			10			(1	)		(10.0	)
Sales finance loans		6			6			-			-
Revolving credit loans		8			9			(1	)		(11.11	)
Specialized lending		14			13			1			7.69
Total recoveries		46			53			(7	)		(13.2	)
Net charge-offs		(537	)		(227	)		(310	)		136.6
Ending balance	$	1,393		$	941		$	452			48.0	%
Allowance For Credit Losses
Allowance for loan and lease losses	$	1,377		$	934		$	443			47.4	%
Reserve for unfunded lending commitments		16			7			9			128.6
Total	$	1,393		$	941		$	452			48.0	%
Asset Quality Ratios
Net charge-offs as a percentage of
average loans and leases		.76	%		.35	%
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.56			.19
Ratio of allowance for loan and lease losses to
net charge-offs		1.92	x		3.07	x
				Percentage Increase (Decrease)
				QTD			Annualized Link QTD			YTD
				3Q08 vs. 3Q07			3Q08 vs. 2Q08			2008 vs. 2007
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (2)
Average Balances
Commercial loans and leases (3)					13.6	%		9.2	%		12.0	%
Direct retail loans					0.4			0.3			1.0
Sales finance loans					4.8			6.7			5.4
Revolving credit loans					13.7			14.7			14.6
Mortgage loans					3.1			(8.8	)		7.3
Specialized lending					7.3			20.7			6.0
Total loans and leases (3)					8.2			4.7			8.4
Noninterest-bearing deposits					(0.5	)		2.9			(2.1	)
Interest checking					7.6			(30.5	)		2.7
Other client deposits					10.1			42.7			5.3
Client certificates of deposit					(0.5	)		(6.3	)		2.7
Total client deposits					4.6			16.5			3.0
Other interest-bearing deposits					30.8			5.9			28.3
Total deposits					6.9	%		15.3	%		5.3	%
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS BASED ON OPERATING EARNINGS
ADJUSTED FOR PURCHASE ACQUISITIONS AND THE IMPLEMENTATION OF FAIR VALUE ACCOUNTING (2)(5)
Net interest income - taxable equivalent					11.7	%		7.3	%		9.1	%
Noninterest income
Insurance income					0.4			(20.6	)		(0.5	)
Service charges on deposits					12.1			9.3			11.8
Other nondeposit fees and commissions					6.2			(5.7	)		8.6
Investment banking and brokerage fees and commissions					(4.5	)		(18.1	)		(0.4	)
Trust and investment advisory revenues					(7.5	)		(10.5	)		(4.2	)
Mortgage banking income (4) (5)					43.8			18.1			(1.6	)
Securities gains (losses), net					NM			NM			NM
Other income (5)					30.4			NM			(36.0	)
Total noninterest income (4) (5)					4.8			(20.7	)		3.4
Noninterest expense
Personnel expense (5)					0.6			(10.7	)		(1.1	)
Occupancy and equipment expense					6.7			3.2			4.7
Other noninterest expense					23.4			16.7			15.3
Total noninterest expense (5)					7.8	%		(.4	) %		4.3	%

NOTES:	All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
	(1)	Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.
	(2)	Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2008 and 2007.
	(3)	Adjusted for the sale of leveraged lease investments.
	(4)	Excludes the net impact of valuation adjustments for mortgage servicing rights and gains or losses on mortgage servicing rights-related derivatives.
	(5)	Adjusted for the impact of the implementation of fair value accounting standards on January 1, 2008.
	NM	- not meaningful.

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

	As of / For the Quarter Ended
(Dollars in millions)		9/30/08				6/30/08			3/31/08			12/31/07			9/30/07
SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (1)	$	601			$	611		$	406		$	472		$	533
Income Statement Impact of Mortgage Servicing
Rights Valuation:
MSRs fair value increase (decrease)	$		(41	)	$	152		$	(84	)	$	(85	)	$	(54	)
MSRs derivative hedge (losses) gains			65			(158	)		82			80			60
Net	$		24		$	(6	)	$	(2	)	$	(5	)	$	6
Residential Mortgage Loan Originations	$	3,743			$	4,721		$	4,393		$	3,240		$	3,225
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	39,292			$	36,810		$	33,977		$	32,762		$	31,081
Bank owned loans serviced		18,411				18,755			19,155			18,191			18,059
Total servicing portfolio		57,703				55,565			53,132			50,953			49,140
Weighted Average Coupon Rate		6.01		%		5.98	%		6.00	%		6.01	%		5.98	%
Weighted Average Servicing Fee		.366				.365			.363			.363			.359
	For the Quarter Ended
(Dollars in millions, except per share data)		9/30/08				6/30/08			3/31/08			12/31/07			9/30/07
RECONCILIATION TABLE
Net income	$		358		$	428		$	428		$	411		$	444
Merger-related and restructuring items, net of tax			3			1			3			2			4
Other, net of tax (4)			(6	)		(52	)		(30	)		2			-
Operating earnings			355			377			401			415			448
Amortization of intangibles, net of tax			15			15			17			16			17
Amortization of mark-to-market adjustments, net of tax			1			-			-			1			1
Cash basis operating earnings			371			392			418			432			466
Return on average assets		1.04		%		1.27	%		1.29	%		1.24	%		1.37	%
Effect of merger-related and restructuring items, net of tax			.01			-			.01			.01			.01
Effect of other, net of tax (4)			(.02	)		(.15	)		(.09	)		.01			-
Operating return on average assets		1.03				1.12			1.21			1.26			1.38
Effect of amortization of intangibles, net of tax (2)			.09			.10			.11			.11			.12
Effect of amortization of mark-to-market adjustments,
net of tax			-			-			-			-			-
Cash basis operating return on average
tangible assets		1.12				1.22			1.32			1.37			1.50
Return on average equity		10.86		%		13.27	%		13.30	%		12.89	%		14.24	%
Effect of merger-related and restructuring items, net of tax			.10			.02			.09			.05			.14
Effect of other, net of tax (4)			(.22	)		(1.60	)		(.92	)		.06			-
Operating return on average equity		10.74				11.69			12.47			13.00			14.38
Effect of amortization of intangibles, net of tax (2)		9.00				9.75			10.34			10.99			12.43
Effect of amortization of mark-to-market adjustments,
net of tax			.03			-			-			.04			.05
Cash basis operating return on average
tangible equity		19.77				21.44			22.81			24.03			26.86
Efficiency ratio (taxable equivalent) (3)		52.8		%		49.4	%		52.4	%		53.8	%		53.3	%
Effect of merger-related and restructuring items			(.3	)		(.1	)		(.2	)		(.2	)		(.4	)
Effect of other (4)			(.2	)		3.2			1.8			(.8	)		-
Operating efficiency ratio (3)		52.3				52.5			54.0			52.8			52.9
Effect of amortization of intangibles			(1.3	)		(1.3	)		(1.6	)		(1.5	)		(1.6	)
Effect of amortization of mark-to-market adjustments			-			-			-			-			-
Cash basis operating efficiency ratio (3)		51.0				51.2			52.4			51.3			51.3
Fee income ratio (3)		40.5		%		43.0	%		41.4	%		41.7	%		40.1	%
Effect of other (4)			-			(1.4	)		(1.2	)		-			-
Operating fee income ratio (3)		40.5				41.6			40.2			41.7			40.1
Basic earnings per share	$		.65		$	.78		$	.78		$	.75		$	.81
Effect of merger-related and restructuring items, net of tax			-			-			-			.01			-
Effect of other, net of tax (4)			(.01	)		(.09	)		(.05	)		-			-
Operating basic earnings per share			.64			.69			.73			.76			.81
Diluted earnings per share	$		.65		$	.78		$	.78		$	.75		$	.80
Effect of merger-related and restructuring items, net of tax			-			-			-			-			.01
Effect of other, net of tax (4)			(.01	)		(.09	)		(.05	)		-			-
Operating diluted earnings per share			.64			.69			.73			.75			.81
Effect of amortization of intangibles, net of tax			.03			.02			.03			.03			.03
Effect of amortization of mark-to-market adjustments,
net of tax			-			-			-			-			-
Cash basis operating diluted earnings per share			.67			.71			.76			.78			.84

NOTES:	Applicable ratios are annualized.
	(1)	Balances exclude commercial mortgage servicing rights totaling $95 million, $91 million, $90 million, $88 million and $34 million as of September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007 and September 30, 2007, respectively.
	(2)	Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.
	(3)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.
	(4)	The third quarter of 2008 reflects net securities gains, other-than-temporary impairment losses and other nonrecurring professional fees collectively totaling $6 million, net of tax.  The second quarter of 2008 reflects a gain from the sale of Visa, Inc. shares and a gain from the early extinguishment of certain FHLB advances collectively totaling $52 million, net of tax. The first quarter of 2008 reflects a gain from the IPO and the reversal of a reserve charge relating to the Visa, Inc settlement totaling $30 million, net of tax. The fourth quarter of 2007 reflects a reserve charge relating to the Visa, Inc settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes related to leveraged leases.

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

	For the Nine Months Ended
(Dollars in millions, except per share data)		9/30/08			9/30/07
RECONCILIATION TABLE
Net income	$	1,214		$	1,323
Merger-related and restructuring items, net of tax		7			11
Other, net of tax (3)		(88	)		-
Operating earnings		1,133			1,334
Amortization of intangibles, net of tax		47			49
Amortization of mark-to-market adjustments, net of tax		1			1
Cash basis operating earnings		1,181			1,384
Return on average assets		1.20	%		1.42	%
Effect of merger-related and restructuring items, net of tax		.01			.01
Effect of other, net of tax (3)		(.09	)		-
Operating return on average assets		1.12			1.43
Effect of amortization of intangibles, net of tax (1)		.10			.12
Effect of amortization of mark-to-market adjustments, net of tax		-			-
Cash basis operating return on average tangible assets		1.22			1.55
Return on average equity		12.46	%		14.74	%
Effect of merger-related and restructuring items, net of tax		.08			.12
Effect of other, net of tax (3)		(.91	)		-
Operating return on average equity		11.63			14.86
Effect of amortization of intangibles, net of tax (1)		9.69			12.95
Effect of amortization of mark-to-market adjustments, net of tax		.01			.02
Cash basis operating return on average tangible equity		21.33			27.83
Efficiency ratio (taxable equivalent) (2)		51.5	%		53.6	%
Effect of merger-related and restructuring items		(.2	)		(.3	)
Effect of other (3)		1.6			-
Operating efficiency ratio (2)		52.9			53.3
Effect of amortization of intangibles		(1.4	)		(1.6	)
Effect of amortization of mark-to-market adjustments		-			-
Cash basis operating efficiency ratio (2)		51.5			51.7
Fee income ratio (2)		41.6	%		41.1	%
Effect of other (3)		(.8	)		-
Operating fee income ratio (2)		40.8			41.1
Basic earnings per share	$	2.22		$	2.42
Effect of merger-related and restructuring items, net of tax		.01			.02
Effect of other, net of tax (3)		(.16	)		-
Operating basic earnings per share		2.07			2.44
Diluted earnings per share	$	2.20		$	2.40
Effect of merger-related and restructuring items, net of tax		.02			.02
Effect of other, net of tax (3)		(.16	)		-
Operating diluted earnings per share		2.06			2.42
Effect of amortization of intangibles, net of tax		.08			.09
Effect of amortization of mark-to-market adjustments, net of tax		-			-
Cash basis operating diluted earnings per share		2.14			2.51

NOTES:	Applicable ratios are annualized.
	(1)	Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.
	(2)	Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.
	(3)	2008 reflects net securities gains, other-than-temporary impairments, gains from the initial IPO and sale of Visa, Inc. shares, a reversal of a reserve charge relating to the Visa, Inc settlement, gains from the early extinguishment of certain FHLB advances and nonrecurring professional expenses collectively totaling $88 million, net of tax.

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

(Dollars in millions, except average loan and average client size)
SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1)
			As of / For the Period Ended September 30, 2008
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND			Builder /			Land / Land			Condos /
CONSTRUCTION LOANS (ADC)			Construction			Development			Townhomes			Total ADC
Total loans outstanding		$	3,093		$	4,581		$	654		$	8,328
Average loan size (in thousands)			294			600			1,438			447
Average client size (in thousands)			863			1,366			3,466			1,163
Percentage of total loans			3.2	%		4.7	%		.7	%		8.6	%
Nonaccrual loans and leases as a percentage of category			5.33			4.70			5.79			5.02
Gross charge-offs as a percentage of category			1.04			1.57			2.41			1.44
	As of / For the Period Ended September 30, 2008
												Gross Charge-
									Nonaccrual as a			Offs as a
RESIDENTIAL ACQUISITION, DEVELOPMENT, AND	Total		Percentage of			Nonaccrual Loans			Percentage of			Percentage of
CONSTRUCTION LOANS (ADC) BY STATE OF ORIGINATION	Outstandings		Total			and Leases			Outstandings			Outstandings
North Carolina	$	2,951	35.4	%	$	68			2.31	%		.10	%
Georgia		1,494	17.9			126			8.42			3.98
Virginia		1,311	15.7			68			5.17			1.48
Florida		872	10.5			109			12.48			2.24
South Carolina		656	7.9			10			1.54			.28
Washington, D.C.		267	3.2			2			.76			1.99
Tennessee		267	3.2			9			3.43			1.27
Kentucky		212	2.6			13			6.33			.10
Maryland		150	1.8			7			4.68			3.65
West Virginia		148	1.8			6			3.87			1.28
Total	$	8,328	100.0	%	$	418			5.02	%		1.44	%
		As of / For the Period Ended September 30, 2008
								Permanent				Total Other
			Commercial		Commercial Land/			Income Producing				Commercial Real
OTHER COMMERCIAL REAL ESTATE LOANS (2)			Construction		Development			Properties				Estate
Total loans outstanding		$	2,396		$	2,714		$	5,737		$	10,847
Average loan size (in thousands)			1,211			787			337			485
Average client size (in thousands)			1,586			951			499			684
Percentage of total loans			2.5	%		2.8	%		5.9	%		11.2	%
Nonaccrual loans and leases as a percentage of category			.53			2.02			.53			.90
Gross charge-offs as a percentage of category			.09			.13			.11			.11
	As of / For the Period Ended September 30, 2008
												Gross Charge-
									Nonaccrual as a			Offs as a
OTHER COMMERCIAL REAL ESTATE LOANS BY STATE OF	Total		Percentage of		Nonaccrual Loans				Percentage of			Percentage of
ORIGINATION	Outstandings		Total		and Leases				Outstandings			Outstandings
North Carolina	$	3,215	29.6	%	$	11			.35	%		.10	%
Georgia		1,925	17.7			25			1.28			.19
Virginia		1,688	15.6			3			.20			.03
South Carolina		878	8.1			5			.59			.15
Florida		821	7.6			39			4.69			.14
Washington, D.C.		565	5.2			-			.05			.06
Maryland		452	4.2			-			.08			-
Kentucky		437	4.0			5			1.04			.05
West Virginia		437	4.0			2			.44			.02
Tennessee		322	3.0			8			2.40			.51
Other		107	1.0			-			-			-
Total	$	10,847	100.0	%	$	98			.90	%		.11	%

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

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

(Dollars in millions, except average loan size)
SUPPLEMENTAL RESIDENTIAL MORTGAGE PORTFOLIO INFORMATION
		As of / For the Period Ended September 30, 2008
						Construction/
MORTGAGE LOANS		Prime		ALT-A		Permanent			Subprime (1)
Total loans outstanding	$	12,043	$	3,255	$	1,659		$	630
Average loan size (in thousands)		193		329		316			69
Average credit score		721		734		735			607
Percentage of total loans		12.5	%	3.4	%	1.7	%		.7	%
Percentage that are first mortgages		99.6		99.7		98.9			82.2
Average loan to value		74.4		67.3		77.4			81.1
Nonaccrual loans and leases as a percentage of category		1.36		2.04		3.14			4.08
Gross charge-offs as a percentage of category		.27		.47		.88			1.80
		As of / For the Period Ended September 30, 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	$	4,354		24.8	%	.53	%		.07	%
Virginia		3,576		20.3		1.22			.35
Florida		2,611		14.8		5.15			1.30
Maryland		1,864		10.6		1.23			.37
South Carolina		1,623		9.2		1.17			.10
Georgia		1,620		9.2		2.46			.60
West Virginia		384		2.2		.82			.15
Kentucky		363		2.1		.45			.28
Tennessee		260		1.5		1.05			.04
Washington, D.C.		195		1.1		1.28			.02
Other		737		4.2		2.06			.48
Total	$	17,587		100.0	%	1.75	%		.42	%
(Dollars in millions, except average loan size)
SUPPLEMENTAL HOME EQUITY PORTFOLIO INFORMATION (2)
						As of / For the Period Ended
						September 30, 2008
						Home Equity			Home Equity
HOME EQUITY LOANS & LINES						Loans			Lines
Total loans outstanding					$	9,217		$	5,254
Average loan size (in thousands) (3)						49			35
Average credit score						725			759
Percentage of total loans						9.5	%		5.4	%
Percentage that are first mortgages						77.1			23.5
Average loan to value						67.4			67.2
Nonaccrual loans and leases as a percentage of category						.63			.28
Gross charge-offs as a percentage of category						.54			.89
		As of / For the Period Ended September 30, 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	$	5,026		34.7	%	.47	%		.26	%
Virginia		3,245		22.4		.22			.83
South Carolina		1,418		9.8		.81			.44
Georgia		1,163		8.0		.48			1.14
West Virginia		880		6.1		.40			.30
Maryland		861		6.0		.30			.66
Florida		722		5.0		1.41			3.16
Kentucky		610		4.2		.65			.22
Tennessee		434		3.0		.89			.21
Washington, D.C.		91		.6		1.21			3.43
Other		21		.2		.32			.35
Total	$	14,471		100.0	%	.50	%		.66	%

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.