EX-99.1 2 exhibit991a.htm exhibit991a.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
January 22, 2009        
 
 
FOR IMMEDIATE RELEASE    
 
Contacts:        
ANALYSTS       MEDIA
Tamera Gjesdal   Daryl Bible   Bob Denham
Senior Vice President   Sr. Exec. Vice President   Senior Vice President
Investor Relations   Chief Financial Officer   Corporate Communications
(336) 733-3058 (336) 733-3031 (336)  733-1475

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

Earnings per common share total $2.71

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

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

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

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

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

MORE

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

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

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

Nonperforming Assets and Credit Losses Increase

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

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

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

BB&T Begins Efforts to Effectively Deploy Treasury Capital Investment

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

MORE

Capital Levels Grow Significantly in 4th Quarter

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

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

Strong Balance Sheet Growth

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

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

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

Core net interest margin improves to 3.68%

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

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

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

MORE

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

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

BB&T Continues to Expand Through Acquisitions

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

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

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

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

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

Earnings Webcast

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

#

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

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

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

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

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(41 million) and $4 million, net of tax, in the fourth quarters of 2008 and 2007, respectively. See Reconciliation Tables included herein.
  (2) Based on earnings available to common shareholders.
  (3) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on 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.
  (4) 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 Twelve Months Ended Increase (Decrease)
(Dollars in millions, except per share data)   12/31/08 12/31/07 $ %
OPERATING EARNINGS STATEMENTS (1)                    
 Interest income - taxable equivalent   $ 7,380 $ 7,977 $ (597 ) (7.5 ) %
 Interest expense     2,992   4,029   (1,037 ) (25.7 )
     Net interest income - taxable equivalent     4,388   3,948   440   11.1  
 Less: Taxable equivalent adjustment     83   68   15   22.1  
     Net interest income     4,305   3,880   425   11.0  
 Provision for credit losses     1,445   448   997   222.5  
     Net interest income after provision for credit losses   2,860   3,432   (572 ) (16.7 )
 Noninterest income     3,060   2,774   286   10.3  
 Noninterest expense     3,952   3,601   351   9.7  
 Operating earnings before income taxes     1,968   2,605   (637 ) (24.5 )
 Provision for income taxes     571   856   (285 ) (33.3 )
     Operating earnings (1)     1,397   1,749   (352 ) (20.1 )
 Dividends and accretion on preferred stock     21   -   21   100.0  
     Operating earnings available to common shareholders (1) $ 1,376 $ 1,749 $ (373 ) (21.3 ) %
PER COMMON SHARE DATA BASED ON OPERATING EARNINGS                  
 AVAILABLE TO COMMON SHAREHOLDERS (1)                    
 Basic earnings   $ 2.51 $ 3.20 $ (.69 ) (21.6 ) %
 Diluted earnings     2.49   3.17   (.68 ) (21.5 )
 Weighted average common shares (in thousands) - Basic   548,847   547,184          
  Diluted   552,498   551,755          
 Dividends paid per common share   $ 1.86 $ 1.76 $ .10   5.7   %
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)                  
 Return on average assets     1.02  % 1.38  %        
 Return on average common equity (2)     10.51   14.37          
 Net yield on earning assets (taxable equivalent)     3.63   3.52          
 Noninterest income as a percentage of                    
     total income (taxable equivalent) (3)     40.3   41.3          
 Efficiency ratio (taxable equivalent) (3)     52.6   53.1          
CASH BASIS PERFORMANCE BASED ON OPERATING EARNINGS (1)(4)                  
 Cash basis operating earnings available to common shareholders $ 1,438 $ 1,816 $ (378 ) (20.8 ) %
 Basic earnings per common share 2.62 3.32 (.70 ) (21.1 )
 Diluted earnings per common share     2.60   3.29   (.69 ) (21.0 )
 Return on average tangible assets     1.11  % 1.50  %        
 Return on average common tangible equity (2)     19.30   26.82          
 Efficiency ratio (taxable equivalent) (3)     51.3   51.6          
 
 
 
    For the Twelve Months Ended Increase (Decrease)
(Dollars in millions, except per share data)   12/31/08 12/31/07 $   %
INCOME STATEMENTS                    
 Interest income   $ 7,207 $ 7,894 $ (687 ) (8.7 ) %
 Interest expense     2,969   4,014   (1,045 ) (26.0 )
     Net interest income     4,238   3,880   358   9.2  
 Provision for credit losses     1,445   448   997   222.5  
     Net interest income after provision for credit losses   2,793   3,432   (639 ) (18.6 )
 Noninterest income     3,197   2,774   423   15.2  
 Noninterest expense     3,921   3,636   285   7.8  
 Income before income taxes     2,069   2,570   (501 ) (19.5 )
 Provision for income taxes     550   836   (286 ) (34.2 )
     Net income     1,519 1,734 (215 ) (12.4 )
 Dividends and accretion on preferred stock     21   -   21   100.0  
     Net income available to common shareholders   $ 1,498 $ 1,734 $ (236 ) (13.6 ) %
PER COMMON SHARE DATA                    
 Basic earnings   $ 2.73 $ 3.17 $ (.44 ) (13.9 ) %
 Diluted earnings     2.71   3.14   (.43 ) (13.7 )
 Weighted average common shares (in thousands) - Basic   548,847   547,184          
  Diluted   552,498   551,755          
PERFORMANCE RATIOS BASED ON NET INCOME                    
 Return on average assets     1.11  % 1.37  %        
 Return on average common equity (2)     11.44   14.25          
 Efficiency ratio (taxable equivalent) (3)     52.1   53.7          

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(122 million) and $15 million, net of tax, in 2008 and 2007, respectively. See Reconciliation Tables included herein.
  (2)  Based on earnings available to common shareholders.
  (3)  Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on 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.
  (4)  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 Twelve Months Ended Increase (Decrease)
(Dollars in millions)         12/31/08 12/31/07 $ %
CONSOLIDATED BALANCE SHEETS                              
 End of period balances                              
Cash and due from banks         $ 1,687   $ 2,054   $ (367 )   (17.9 ) %
 Interest-bearing deposits with banks         1,082     592     490     82.8  
 Federal funds sold and other earning assets         396     715     (319 )   (44.6 )
 Securities available for sale         32,843     22,419     10,424     46.5  
 Trading securities         376     1,009     (633 )   (62.7 )
     Total securities         33,219     23,428     9,791     41.8  
 Commercial loans and leases         50,480     44,870     5,610     12.5  
 Direct retail loans         15,454     15,691     (237 )   (1.5 )
 Sales finance loans         6,354     6,021     333     5.5  
 Revolving credit loans         1,777     1,618     159     9.8  
 Mortgage loans         17,091     17,467     (376 )   (2.2 )
 Specialized lending         6,089     5,240     849     16.2  
     Total loans and leases held for investment         97,245     90,907     6,338     7.0  
 Loans held for sale         1,424     779     645     82.8  
     Total loans and leases         98,669     91,686     6,983     7.6  
 Allowance for loan and lease losses         1,574     1,004     570     56.8  
     Total earning assets         133,735     116,466     17,269     14.8  
 Premises and equipment, net         1,580     1,529     51     3.3  
 Goodwill         5,483     5,194     289     5.6  
 Core deposit and other intangibles         542     489     53     10.8  
 Other assets         10,931     7,935     2,996     37.8  
     Total assets         152,015     132,618     19,397     14.6  
 Noninterest-bearing deposits         13,649     13,059     590     4.5  
 Interest checking         2,576     1,201     1,375     114.5  
 Other client deposits         39,413     35,504     3,909     11.0  
 Client certificates of deposit         27,937     26,972     965     3.6  
     Total client deposits         83,575     76,736     6,839     8.9  
 Other interest-bearing deposits         15,038     10,030     5,008     49.9  
     Total deposits         98,613     86,766     11,847     13.7  
 Fed funds purchased, repos and other borrowings         10,788     10,634     154     1.4  
 Long-term debt         18,032     18,693     (661 )   (3.5 )
     Total interest-bearing liabilities         113,784     103,034     10,750     10.4  
 Other liabilities         8,545     3,893     4,652     119.5  
     Total liabilities         135,978     119,986     15,992     13.3  
     Total shareholders' equity         $ 16,037   $ 12,632   $ 3,405     27.0  %
 Average balances                              
 Securities, at amortized cost       $ 24,497   $ 23,311   $ 1,186     5.1  %
 Commercial loans and leases         47,559     42,475     5,084     12.0  
 Direct retail loans         15,580     15,471     109     .7  
 Sales finance loans         6,216     5,903     313     5.3  
 Revolving credit loans         1,664     1,460     204     14.0  
 Mortgage loans         18,577     17,489     1,088     6.2  
 Specialized lending         5,599     5,154     445     8.6  
     Total loans and leases         95,195     87,952     7,243     8.2  
 Allowance for loan and lease losses         1,209     922     287     31.1  
 Other earning assets         1,160     1,042     118     11.3  
     Total earning assets         120,852     112,305     8,547     7.6  
     Total assets         136,881     126,420     10,461     8.3  
 Noninterest-bearing deposits         13,061     13,151     (90 )   (.7 )
 Interest checking         2,376     2,297     79     3.4  
 Other client deposits         36,676     34,273     2,403     7.0  
 Client certificates of deposit         26,908     26,039     869     3.3  
     Total client deposits         79,021     75,760     3,261     4.3  
 Other interest-bearing deposits         9,810     7,741     2,069     26.7  
     Total deposits         88,831     83,501     5,330     6.4  
 Fed funds purchased, repos and other borrowings         10,580     9,325     1,255     13.5  
 Long-term debt         19,839     18,045     1,794     9.9  
     Total interest-bearing liabilities         106,189     97,720     8,469     8.7  
     Total shareholders' equity         $ 13,495   $ 12,166   $ 1,329     10.9  %
 
 
  As of / For the Quarter Ended
(Dollars in millions, except per share data)     12/31/08     9/30/08     6/30/08     3/31/08     12/31/07  
MISCELLANEOUS INFORMATION                              
 
 Unrealized appreciation (depreciation) on                              
     securities available for sale, net of tax $ (324 ) $ (398 ) $ (274 ) $ (18 ) $ (28 )
 Derivatives (notional value)   74,177     67,287     59,795     57,925     47,197  
 Fair value of derivatives portfolio   626     219     156     380     181  
 Common stock prices: High 40.00     45.31     37.85     36.96     42.61  
  Low 21.47     18.71     21.40     25.92     30.36  
End of period 27.46     37.80     22.77     32.06     30.67  
 Weighted average common shares (in thousands) - Basic 552,732     549,761     546,628     546,214     547,795  
  Diluted 556,746     553,544     549,758     548,946     551,078  
 End of period common shares outstanding (in thousands)   559,248     552,259     546,928     546,799     545,955  
 End of period banking offices   1,511     1,501     1,489     1,494     1,492  
 ATMs   2,195     2,178     2,173     2,165     2,158  
 FTEs     29,633     29,818     30,089     29,726     29,394  

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

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

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

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings exclude the effect of merger-related and restructuring charges or credits and nonrecurring items. These amounts totaled $(41 million) $(3 million), $(51 million), $(27 million) and $4 million, net of tax, for the quarters ended December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008, and December 31, 2007, respectively. See Reconciliation Tables included herein.
  (2) Based on earnings available to common shareholders.
  (3) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on 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.
  (4) 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)   12/31/08   9/30/08   6/30/08   3/31/08   12/31/07  
 
INCOME STATEMENTS                      
 Interest income                      
 Interest and fees on loans and leases $ 1,408 $ 1,499 $ 1,501 $ 1,595 $ 1,706  
 Interest and dividends on securities   317   287   283   289   292  
 Interest on short-term investments   4   7   6   11   14  
     Total interest income   1,729   1,793   1,790   1,895   2,012  
 Interest expense                      
 Interest on deposits   423   449   455   564   655  
 Interest on fed funds purchased, repos and other borrowings   40   48   59   88   110  
 Interest on long-term debt   201   208   208   226   256  
     Total interest expense   664   705   722   878   1,021  
 Net interest income   1,065   1,088   1,068   1,017   991  
 Provision for credit losses   528   364   330   223   184  
     Net interest income after provision for                      
         credit losses   537   724   738   794   807  
 Noninterest income                      
 Insurance income   247   232   237   212   221  
 Service charges on deposits   171   176   172   154   165  
 Other nondeposit fees and commissions   137   137   139   128   133  
 Investment banking and brokerage fees and commissions   96   84   88   86   85  
 Trust and investment advisory revenues   32   37   38   40   42  
 Mortgage banking income   76   83   57   59   27  
 Securities gains (losses), net   41   13   10   43   1  
 Other noninterest income   7   30   86   49   44  
     Total noninterest income   807   792   827   771   718  
 Noninterest expense                      
 Personnel expense   537   552   565   547   516  
 Occupancy and equipment expense   135   127   124   123   126  
 Foreclosed property expense   27   22   17   13   13  
 Amortization of intangibles   23   25   25   27   27  
 Merger-related and restructuring charges (credits), net   4   5   1   5   3  
 Other noninterest expense   288   278   230   221   257  
     Total noninterest expense   1,014   1,009   962   936   942  
 Income before income taxes   330   507   603   629   583  
 Provision for income taxes   25   149   175   201   172  
     Net income   305   358   428   428   411  
 Dividends and accretion on preferred stock   21   -            -            -              -  
     Net income available to common shareholders $ 284 $ 358 $ 428 $ 428 $ 411  
PER COMMON SHARE DATA                      
 Basic earnings $ .51 $ .65 $ .78 $ .78 $ .75  
 Diluted earnings   .51   .65   .78   .78   .75  
 
  For the Quarter Ended
    12/31/08   9/30/08   6/30/08   3/31/08   12/31/07  
ANNUALIZED INTEREST YIELDS / RATES (1)(2)                      
Interest income:                      
 Securities:                      
     U.S. government-sponsored entities (GSE)   4.34  % 5.08  % 5.12  % 4.69  % 4.62  %
     Mortgage-backed securities issued by GSE   5.01   4.89   4.79   5.14   5.27  
     States and political subdivisions   6.48   6.40   6.07   6.32   6.73  
     Non-agency mortgage-backed securities   5.81   5.82   5.81   5.81   5.80  
     Other securities   2.94   3.88   5.44   6.12   7.20  
     Trading securities   2.19   2.99   2.81   5.89   4.06  
         Total securities   5.00   5.03   5.01   5.18   5.15  
 Loans:                      
     Commercial loans and leases (3)   5.16   5.42   5.59   6.47   7.41  
     Direct retail loans   6.11   6.35   6.47   6.94   7.29  
     Sales finance loans   6.61   6.57   6.60   6.72   6.88  
     Revolving credit loans   10.49   10.72   10.86   11.78   12.47  
     Mortgage loans   5.96   6.01   5.99   6.03   6.07  
     Specialized lending   12.47   12.49   12.99   13.22   13.10  
         Total loans (3)   6.09   6.28   6.40   6.95   7.50  
 Other earning assets   1.33   2.61   2.48   3.41   4.48  
           Total earning assets (3)   5.81   6.00   6.09   6.56   6.98  
Interest expense:                      
 Interest-bearing deposits:                      
     Interest checking   .74   1.32   .97   1.76   2.22  
     Other client deposits   1.41   1.62   1.57   2.11   2.69  
     Client certificates of deposit   3.28   3.33   3.73   4.30   4.58  
     Other interest-bearing deposits   2.13   2.61   2.74   3.38   4.72  
         Total interest-bearing deposits   2.14   2.32   2.49   3.07   3.60  
         Fed funds purchased, repos and other borrowings   1.47   2.44   2.51   3.50   4.37  
         Long-term debt   4.52   4.00   3.83   4.73   5.39  
          Total interest-bearing liabilities   2.45   2.66   2.77   3.42   4.02  
 Net yield on earning assets (3)   3.68  % 3.66  % 3.65  % 3.54  % 3.46  %
 

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

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

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

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

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

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

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

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

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

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

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

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

NOTES:   Applicable ratios are annualized.
  (1) Balances exclude commercial mortgage servicing rights totaling $98 million, $95 million, $91 million, $90 million and $88 million as of December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008 and December 31, 2007, respectively.
  (2) Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.
  (3) Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items, where applicable.
  (4) The fourth quarter of 2008 reflects net securities gains, other-than-temporary impairment losses and an adjustment related to leveraged leases collectively totaling $44 million, net of tax. The third quarter of 2008 reflects net securities gains, other-than-temporary impairment losses and other nonrecurring professional fees collectively totaling $6 million, net of tax. The second quarter of 2008 reflects a gain from the sale of Visa, Inc. shares and a gain from the early extinguishment of certain FHLB advances collectively totaling $52 million, net of tax. The first quarter of 2008 reflects a gain from the IPO and the reversal of a reserve charge relating to the Visa, Inc. settlement totaling $30 million, net of tax. The fourth quarter of 2007 reflects a reserve charge relating to the Visa, Inc. settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for income taxes related to leveraged 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 Twelve Months Ended
(Dollars in millions, except per share data)   12/31/08     12/31/07  
RECONCILIATION TABLE            
     Net income available to common shareholders $ 1,498   $ 1,734  
         Merger-related and restructuring items, net of tax   10     13  
         Other, net of tax (3)   (132 )   2  
     Operating earnings available to common shareholders   1,376     1,749  
         Amortization of intangibles, net of tax   61     65  
         Amortization of mark-to-market adjustments, net of tax   1     2  
     Cash basis operating earnings available to common shareholders   1,438     1,816  
     Return on average assets   1.11  % 1.37  %
         Effect of merger-related and restructuring items, net of tax   .01     .01  
         Effect of other, net of tax (3)   (.10 )   -  
     Operating return on average assets   1.02     1.38  
         Effect of amortization of intangibles, net of tax (1)   .09     .12  
         Effect of amortization of mark-to-market adjustments, net of tax   -     -  
     Cash basis operating return on average tangible assets   1.11     1.50  
     Return on average common equity   11.44  % 14.25  %
         Effect of merger-related and restructuring items, net of tax   .08     .10  
         Effect of other, net of tax (3)   (1.01 )   .02  
     Operating return on average common equity   10.51     14.37  
         Effect of amortization of intangibles, net of tax (1)   8.79     12.42  
         Effect of amortization of mark-to-market adjustments, net of tax   -     .03  
     Cash basis operating return on average common tangible equity   19.30     26.82  
     Efficiency ratio (taxable equivalent) (2)   52.1  % 53.7  %
         Effect of merger-related and restructuring items   (.2 )   (.3 )
         Effect of other (3)   .7     (.3 )
     Operating efficiency ratio (2)   52.6     53.1  
         Effect of amortization of intangibles   (1.3 )   (1.5 )
         Effect of amortization of mark-to-market adjustments   -     -  
     Cash basis operating efficiency ratio (2)   51.3     51.6  
     Fee income ratio (2)   41.4  % 41.3  %
         Effect of other (3)   (1.1 )   -  
     Operating fee income ratio (2)   40.3     41.3  
     Net yield on earning assets   3.58  % 3.52  %
         Effect of other (4)   .05     -  
     Operating net yield on earning assets   3.63     3.52  
     Basic earnings per common share $ 2.73   $ 3.17  
         Effect of merger-related and restructuring items, net of tax   .02     .02  
         Effect of other, net of tax (3)   (.24 )   .01  
     Operating basic earnings per common share   2.51     3.20  
         Effect of amortization of intangibles, net of tax .11 .12
         Effect of amortization of mark-to-market adjustments, net of tax - -
     Cash basis operating basic earnings per common share   2.62     3.32  
     Diluted earnings per common share $ 2.71   $ 3.14  
         Effect of merger-related and restructuring items, net of tax   .02     .02  
         Effect of other, net of tax (3)   (.24 )   .01  
     Operating diluted earnings per common share   2.49     3.17  
         Effect of amortization of intangibles, net of tax   .11     .12  
         Effect of amortization of mark-to-market adjustments, net of tax   -     -  
     Cash basis operating diluted earnings per common share   2.60     3.29  

NOTES:   Applicable ratios are annualized.
  (1)  Reflects the effect of excluding average intangible assets from average assets and average equity, net of deferred taxes, to calculate cash basis ratios.
  (2)  Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on 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, an adjustment related to leveraged leases and nonrecurring professional expenses collectively totaling $132 million, net of tax. 2007 reflects a reserve charge relating to the Visa, Inc. settlement totaling $9 million, net of tax, and a credit of $7 million to the provision for 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 and average client size)                          
SUPPLEMENTAL COMMERCIAL REAL ESTATE LOAN PORTFOLIO INFORMATION (1)                    
 
      As of / For the Period Ended December 31, 2008
 
 RESIDENTIAL ACQUISITION, DEVELOPMENT, AND     Builder /   Land / Land     Condos /      
 CONSTRUCTION LOANS (ADC)     Construction   Development     Townhomes   Total ADC  
 
     Total loans outstanding   $ 2,905   $ 4,533   $ 543   $ 7,981  
 
     Average loan size (in thousands)     296     602     1,280     449  
     Average client size (in thousands)     851     1,357     3,262     1,149  
 
 
     Percentage of total loans     2.9  %   4.6  %   .6  %   8.1  %
 
     Nonaccrual loans and leases as a percentage of category     7.87     5.48     4.24     6.27  
     Gross charge-offs as a percentage of category     1.20     2.07     3.22     1.83  
 
 
 
 
      As of / For the Period Ended December 31, 2008        
 
                        Gross Charge-
                  Nonaccrual as a   Offs as a
 RESIDENTIAL ACQUISITION, DEVELOPMENT, AND Total Percentage of Nonaccrual Loans   Percentage of   Percentage of
 CONSTRUCTION LOANS (ADC) BY STATE OF ORIGINATION  Outstandings      Total   and Leases   Outstandings   Outstandings
     North Carolina $ 2,926 36.7  % $ 127     4.35  %   .19  %
     Georgia   1,364 17.1     133     9.77     5.49  
     Virginia   1,232 15.4     35     2.82     1.60  
     Florida   846 10.6     139     16.40     3.17  
     South Carolina   664 8.3     13     1.96     .25  
     Tennessee   258 3.2     13     4.94     1.73  
     Kentucky   224 2.8     28     12.56     .27  
     Washington, D.C.   219 2.7     6     2.87     3.15  
     West Virginia   140 1.8     6     4.29     1.01  
     Maryland   108 1.4                -     -     3.81  
Total $ 7,981 100.0  % $ 500     6.27  %   1.83  %
 
 
      As of / For the Period Ended December 31, 2008
 
 
                Permanent Total Other
      Commercial Commercial Land/ Income Producing Commercial Real
 OTHER COMMERCIAL REAL ESTATE LOANS (2)     Construction Development Properties Estate
 
     Total loans outstanding   $ 2,784   $ 2,607   $ 6,146   $ 11,537  
 
     Average loan size (in thousands)     1,370     794     360     515  
     Average client size (in thousands)     1,793     970     538     733  
 
 
     Percentage of total loans     2.8  %   2.6  %   6.2  %   11.7  %
 
     Nonaccrual loans and leases as a percentage of category     .36     1.99     .80     .97  
     Gross charge-offs as a percentage of category     .15     .64     .13     .25  
 
 
  
 
    As of / For the Period Ended December 31, 2008
 
                        Gross Charge-
                  Nonaccrual as a   Offs as a
 OTHER COMMERCIAL REAL ESTATE LOANS BY STATE OF Total Percentage of Nonaccrual Loans   Percentage of   Percentage of
 ORIGINATION  Outstandings      Total   and Leases   Outstandings   Outstandings
     North Carolina $ 3,457 30.1  % $ 15     .44  %   .09  %
     Georgia   2,068 17.9     28     1.35     .36  
     Virginia   1,777 15.4     8     .46     .06  
     South Carolina   900 7.8     9     .94     .13  
     Florida   830 7.2     35     4.20     1.61  
     Washington, D.C.   674 5.8                -     .04     .04  
     Maryland   511 4.4     1     .15                  -  
     West Virginia   452 3.9     2     .52     .03  
     Kentucky   426 3.7     9     2.12     .04  
     Tennessee   334 2.9     4     1.25     .70  
     Other   108 .9                -     -                  -  
        Total $ 11,537 100.0 % $ 111     .97  %   .25  %

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

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

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

NOTES: (1) Includes $380 million in loans originated by Lendmark Financial Services, which are disclosed as a part of the specialized lending category, 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.