Quarterly Performance Summary issued January 14, 2005

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ELhpTVQ3VtR+Ij/YgxW1XqRpX/jSKs3646QSI3hU+X3NIPXryWw9PvPhtacdfSK9 +WhwnBJqC8q0UBEesRQHHg== 0000092230-05-000012.txt : 20050114 0000092230-05-000012.hdr.sgml : 20050114 20050114095658 ACCESSION NUMBER: 0000092230-05-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050114 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050114 DATE AS OF CHANGE: 20050114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BB&T CORP CENTRAL INDEX KEY: 0000092230 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 560939887 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10853 FILM NUMBER: 05529343 BUSINESS ADDRESS: STREET 1: 200 WEST SECOND STREET CITY: WINSTON-SALEM STATE: NC ZIP: 27101 BUSINESS PHONE: 3367332000 MAIL ADDRESS: STREET 1: 200 WEST SECOND STREET CITY: WINSTON-SALEM STATE: NC ZIP: 27101 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NATIONAL CORP /NC/ DATE OF NAME CHANGE: 19920703 8-K 1 pr4q04.htm Quarterly Performance Summary issued January 14, 2005

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K
Current Report

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

January 14, 2005

Date of Report (Date of earliest event reported)

BB&T Corporation
(Exact name of registrant as specified in its charter)

Commission file number : 1-10853


North Carolina	56-0939887
(State of incorporation)	(I.R.S. Employer Identification No.)


200 West Second Street
Winston-Salem, North Carolina	27101
(Address of principal executive offices)	(Zip Code)

(336) 733-2000
(Registrant's telephone number, including area code)

This Form 8-K has 14 pages.

ITEM 2.02 Results of Operations and Financial Condition

The purpose of this Current Report on Form 8-K is to furnish BB&T’s fourth quarter 2004 earnings release.

ITEM 9.01 Financial Statements and Exhibits

Ex 99.1 Quarterly Performance Summary issued January 14, 2005

S I G N A T U R E

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BB&T CORPORATION
(Registrant)

By: /S/ EDWARD D. VEST

                                                                                Edward D. Vest
                                                                                Senior Vice President and Controller
                                                                                (Principal Accounting Officer)

Date: January 14, 2005

EX-99.1 2 exhibit991.htm Exhibit 99.1

January 14, 2005

FOR IMMEDIATE RELEASE


Contacts:
ANALYSTS		MEDIA
Tom A. Nicholson	Scott E. Reed	Bob Denham
Executive Vice President	Sr. Exec. Vice President	Senior Vice President
Investor Relations	Chief Financial Officer	Public Relations
(336) 733-3058	(336) 733-3088	(910) 914-9073

BB&T reports 2004 net income of $1.56 billion, up 46.3%; surpasses $100 billion in assets

WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today earnings for the fourth quarter and the full year 2004. For the fourth quarter, net income totaled $416.9 million, or $.75 per diluted share, compared with $305.0 million, or $.55 per diluted share, earned during the fourth quarter of 2003. These results reflect increases of 36.7% and 36.4%, respectively, compared to the fourth quarter of 2003. Net income and diluted earnings per share for the fourth quarter of 2003 were negatively affected by merger-related and nonrecurring expenses, which collectively totaled $71.8 million on an after-tax basis.

BB&T’s fourth quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.68% and 15.21%, respectively, compared to prior year returns of 1.34% and 11.98%, respectively.

Operating earnings for the fourth quarter of 2004 totaled $415.8 million, or $.75 per diluted share, excluding $1.1 million in net after-tax merger-related gains. Excluding the effects of merger-related items and nonrecurring charges from both 2004 and 2003, operating earnings for the fourth quarter of 2004 increased 10.3% compared with the fourth quarter of 2003. Diluted operating earnings per share for the fourth quarter of 2004 increased 8.7% compared to the fourth quarter last year.

Cash basis operating results exclude the unamortized balances of intangibles from assets and shareholders’ equity and exclude the amortization of intangibles, the net amortization of purchase accounting mark-to-market adjustments, merger-related charges and nonrecurring items from earnings. Cash basis operating earnings totaled $438.2 million for the fourth quarter of 2004, or $.79 per diluted share, which represent increases of 11.3% and 9.7%, respectively, compared to the fourth quarter of 2003. Cash basis operating earnings for the fourth quarter of 2004 produced an annualized return on average tangible assets of 1.86% and an annualized return on average tangible shareholders’ equity of 27.77%.

For the full year 2004, BB&T’s net income was $1.56 billion, an increase of 46.3% compared to $1.06 billion earned in 2003. Diluted earnings per share for 2004 totaled $2.80 compared to $2.07 earned in 2003. Excluding $3.5 million in net after-tax merger-related charges from 2004 and $358.9 million in net after-tax merger-related and nonrecurring charges from 2003, operating earnings for 2004 were $1.56 billion, an increase of 9.7% compared to operating earnings of $1.42 billion in 2003. Diluted operating earnings per share totaled $2.81 for 2004 compared to $2.77 in 2003.

“I am very pleased to report record earnings for 2004,” said Chairman and Chief Executive Officer John A. Allison. “2004 marks the 23^rd consecutive year that BB&T has achieved record operating earnings. In addition to our earnings growth, we met substantially all of our key strategic objectives in 2004. We increased our ratio of fee-based revenues to total revenues, improved our already excellent asset quality, and became a more efficient company as evidenced by improvement in our cash basis efficiency ratio. Our company also reached a notable milestone by surpassing $100 billion in assets in the fourth quarter. I am optimistic about our opportunities for continued growth in 2005 as we work to become more productive and further integrate the new markets we entered through past acquisitions.”

“I am also pleased that our improved performance has been reflected in our returns to investors,” continued Allison. “During the fourth quarter, BB&T’s stock reached an all-time high and our 2004 returns to investors outperformed the market. Our total return to shareholders during 2004 was 12.7%, exceeding the S&P 500 Index, which increased 10.8% during the year. Likewise our five- and ten-year compound annual total returns to shareholders have been 12.5% and 19.4%, respectively, outperforming the S&P 500 Index, which provided compound annual total returns of -2.3% and 12.1%, respectively.”

Asset Quality Remains Excellent

BB&T’s asset quality remained strong during the fourth quarter and continues to compare favorably to the industry. Nonperforming assets, as a percentage of total assets, decreased to .36% at Dec. 31, 2004 compared to .40% at Sept. 30, 2004 and .49% at Dec. 31, 2003. Annualized net charge-offs were .38% of average loans and leases for the fourth quarter of 2004, down from the .42% achieved in the fourth quarter of 2003. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .27% of average loans and leases compared to .31% in the fourth quarter of 2003. For the full year 2004, net charge-offs were .36% of average loans and leases, down from ..43% in 2003.

Average Loans Grow 9.3%

Average loans and leases totaled $67.4 billion for the fourth quarter of 2004, an increase of 9.3% compared to the fourth quarter of 2003. Excluding the impact of growth resulting from acquisitions and a $1.0 billion mortgage loan securitization completed during the third quarter of 2004, average loan growth was 8.1% compared to the fourth quarter of 2003. This growth was led by average mortgage loans, which increased 11.1%, average consumer loans, which increased 7.6% and average commercial loans, which grew 7.2%, compared to the fourth quarter last year.

Noninterest Expenses Decrease – Reflecting Further Improvement in Efficiency

BB&T’s noninterest expenses totaled $710.8 million for the fourth quarter of 2004, a decrease of $19.6 million compared to the fourth quarter of 2003. Excluding merger-related items and growth resulting from purchase acquisitions, noninterest expenses declined 4.6% compared to the fourth quarter of 2003. The decline in noninterest expenses resulted in a cash basis operating efficiency ratio of 47.8% for the fourth quarter of 2004, marking the third consecutive quarter this ratio has improved. For the full year, noninterest expenses, excluding the impact of acquisitions, decreased 2.4%.

Solid Growth in Noninterest Income

BB&T’s noninterest income demonstrated solid growth during the fourth quarter. Total noninterest income was $548.2 million for the fourth quarter of 2004, an increase of 17.4% compared with the same period in 2003. Excluding fluctuations in income from mortgage banking and securities gains and losses, noninterest income increased 20.4% compared with the same quarter last year. Higher revenues from BB&T’s insurance operations as well as growth in income from service charges on deposit accounts and other nondeposit fees and commissions were the primary drivers of this growth.

BB&T’s insurance operations remained strong, as insurance commissions increased 63.9% to $167.3 million in the current quarter compared with $102.1 million earned during the fourth quarter of 2003. Revenues from BB&T’s insurance operations were the largest source of noninterest income during the quarter.

Service charges for deposit-related services totaled $133.6 million during the fourth quarter of 2004, an increase of 9.4% compared to the fourth quarter of 2003. This increase resulted primarily from growth in commercial account analysis fees and significantly lower fee waivers compared to last year. Excluding the effect of acquisitions, service charges on deposits for the fourth quarter of 2004 increased 8.1% compared to the fourth quarter last year.

Other nondeposit fees and commissions totaled $84.7 million for the fourth quarter of 2004, an increase of $11.1 million, or 15.1%, compared to the fourth quarter of 2003. This increase was generated primarily by growth in bankcard fees and debit card related services. Excluding the effect of acquisitions, other nondeposit fees and commissions increased 14.1% compared to the fourth quarter last year.

Revenues from mortgage banking operations totaled $26.9 million for the fourth quarter of 2004, a decrease of $14.5 million, compared to the fourth quarter last year. The primary cause for the decrease was the fluctuation in the valuation for mortgage servicing rights compared to the prior year’s fourth quarter. Current quarter revenues include a net recapture of the valuation for mortgage servicing rights, including hedging activities, of $4.0 million compared to a $20.1 million net recapture in the fourth quarter of 2003.

BB&T Recognized Nationally for Client Service

For the third year in a row, J.D. Power and Associates ranked BB&T 1^st in the nation among banks for home mortgage customer satisfaction. The annual ranking recognizes the home mortgage providers who are best at dealing with all aspects of originating and servicing mortgage loans.

At Dec. 31, 2004 BB&T had $100.5 billion in assets and operated more than 1,400 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 Jan. 13 was $40.17 per share.

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

Earnings Webcast

To hear a live webcast of BB&T’s fourth quarter 2004 earnings conference call at 10:00 a.m. (EST) today, please visit our Web site at www.BBandT.com/Investor. Replays of the conference call will be available through our Web site until 5 p.m. (EST) on Friday, Jan. 28.

This press release contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles (“GAAP”). BB&T’s management uses these non-GAAP measures in their analysis of the Company’s performance. These 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 essential to a proper understanding of the operating results of BB&T’s core businesses. These disclosures should not be viewed as a substitute for 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 forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could 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 could 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	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 5	Investor Relations	FAX (336) 733-3132

	For the Three Months Ended						Increase (Decrease)

(Dollars in thousands, except per share data)	12/31/04			12/31/03			$			%

OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	1,207,945		$	1,114,140		$	93,805			8.4	%
Interest expense		341,813			275,864			65,949			23.9
Net interest income - taxable equivalent		866,132			838,276			27,856			3.3
Less: Taxable equivalent adjustment		20,091			26,600			(6,509	)		(24.5	)
Net interest income		846,041			811,676			34,365			4.2
Provision for credit losses		65,153			58,088			7,065			12.2
Net interest income after provision for credit losses		780,888			753,588			27,300			3.6
Noninterest income (2)		548,179			466,859			81,320			17.4
Noninterest expense (3)		712,703			678,941			33,762			5.0
Operating earnings before income taxes		616,364			541,506			74,858			13.8
Provision for income taxes		200,556			164,657			35,899			21.8
Operating earnings (1)	$	415,808		$	376,849		$	38,959			10.3	%

PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	.75		$	.69		$	.06			8.7	%
Diluted earnings		.75			.69			.06			8.7
Weighted average shares - Basic		552,053,611			544,871,908
Diluted		557,510,572			549,858,403
Dividends paid per common share	$	.35		$	.32		$	.03			9.4	%

PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.68	%		1.66	%
Return on average equity		15.17			14.80
Net yield on earning assets (taxable equivalent)		3.97			4.22
Efficiency ratio (taxable equivalent) (4)		50.1			52.0

CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(5)
Cash basis operating earnings	$	438,242		$	393,646		$	44,596			11.3	%
Diluted earnings per share		.79			.72			.07			9.7
Return on average tangible assets		1.86	%		1.81	%
Return on average tangible equity		27.77			25.84
Efficiency ratio (taxable equivalent) (4)		47.8			50.2

	For the Three Months Ended						Increase (Decrease)

(Dollars in thousands, except per share data)	12/31/04			12/31/03			$			%

INCOME STATEMENTS
Interest income	$	1,187,854		$	1,155,813		$	32,041			2.8	%
Interest expense		341,813			275,864			65,949			23.9
Net interest income		846,041			879,949			(33,908	)		(3.9	)
Provision for credit losses		65,153			58,088			7,065			12.2
Net interest income after provision for credit losses		780,888			821,861			(40,973	)		(5.0	)
Noninterest income		548,179			466,859			81,320			17.4
Noninterest expense		710,839			730,392			(19,553	)		(2.7	)
Income before income taxes		618,228			558,328			59,900			10.7
Provision for income taxes		201,344			253,301			(51,957	)		(20.5	)
Net income	$	416,884		$	305,027		$	111,857			36.7	%

PER SHARE DATA
Basic earnings	$	.76		$	.56		$	.20			35.7	%
Diluted earnings		.75			.55			.20			36.4
Weighted average shares - Basic		552,053,611			544,871,908
Diluted		557,510,572			549,858,403

PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.68	%		1.34	%
Return on average equity		15.21			11.98
Efficiency ratio (taxable equivalent) (4)		49.9			58.9


NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.1 million) and $71.8 million, net of tax, in the fourth quarters of 2004 and 2003, respectively. See Reconciliation Tables included herein.
	(2)	Excluding purchase accounting transactions, noninterest income would have increased approximately 3.4% for the quarter, compared to the same period in 2003.
	(3)	Excluding purchase accounting transactions, noninterest expense would have decreased approximately 4.6% for the quarter, compared to the same period in 2003.
	(4)	Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related charges or credits and nonrecurring items, where applicable. See Reconciliation Tables included herein.
	(5)	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, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 6	Investor Relations	FAX (336) 733-3132

	For the Twelve Months Ended						Increase (Decrease)

(Dollars in thousands, except per share data)	12/31/04			12/31/03			$			%

OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	4,628,065		$	4,397,784		$	230,281			5.2	%
Interest expense		1,198,472			1,272,787			(74,315	)		(5.8	)
Net interest income - taxable equivalent		3,429,593			3,124,997			304,596			9.7
Less: Taxable equivalent adjustment		81,370			111,265			(29,895	)		(26.9	)
Net interest income		3,348,223			3,013,732			334,491			11.1
Provision for credit losses		249,269			247,585			1,684			.7
Net interest income after provision for credit losses		3,098,954			2,766,147			332,807			12.0
Noninterest income (2)		2,119,271			1,827,339			291,932			16.0
Noninterest expense (3)		2,890,345			2,548,990			341,355			13.4
Operating earnings before income taxes		2,327,880			2,044,496			283,384			13.9
Provision for income taxes		766,051			620,662			145,389			23.4
Operating earnings (1)	$	1,561,829		$	1,423,834		$	137,995			9.7	%

PER SHARE DATA BASED ON OPERATING EARNINGS (1)
Basic earnings	$	2.83		$	2.79		$	.04			1.4	%
Diluted earnings		2.81			2.77			.04			1.4
Weighted average shares - Basic		551,661,326			509,850,763
Diluted		556,041,033			514,082,392
Dividends paid on common shares	$	1.34		$	1.22		$	.12			9.8	%

PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)
Return on average assets		1.62	%		1.67	%
Return on average equity		14.74			16.01
Net yield on earning assets (taxable equivalent)		4.04			4.15
Noninterest income as a percentage of
total income (taxable equivalent) (4)		37.8			36.0
Efficiency ratio (taxable equivalent) (4)		51.9			51.8

CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(5)
Cash basis operating earnings	$	1,645,828		$	1,465,632		$	180,196			12.3	%
Diluted earnings per share		2.96			2.85			.11			3.9
Return on average tangible assets		1.79	%		1.78	%
Return on average tangible equity		27.17			24.81
Efficiency ratio (taxable equivalent) (4)		49.7			50.5

	For the Twelve Months Ended						Increase (Decrease)

(Dollars in thousands, except per share data)	12/31/04			12/31/03			$			%

INCOME STATEMENTS
Interest income	$	4,546,695		$	4,354,792		$	191,903			4.4	%
Interest expense		1,198,472			1,272,787			(74,315	)		(5.8	)
Net interest income		3,348,223			3,082,005			266,218			8.6
Provision for credit losses		249,269			247,585			1,684			.7
Net interest income after provision for credit losses		3,098,954			2,834,420			264,534			9.3
Noninterest income		2,119,271			1,827,339			291,932			16.0
Noninterest expense		2,895,863			3,044,729			(148,866	)		(4.9	)
Income before income taxes		2,322,362			1,617,030			705,332			43.6
Provision for income taxes		763,987			552,127			211,860			38.4
Net income	$	1,558,375		$	1,064,903		$	493,472			46.3	%

PER SHARE DATA
Basic earnings	$	2.82		$	2.09		$	.73			34.9	%
Diluted earnings		2.80			2.07			.73			35.3
Weighted average shares - Basic		551,661,326			509,850,763
Diluted		556,041,033			514,082,392

PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.62	%		1.25	%
Return on average equity		14.71			11.97
Efficiency ratio (taxable equivalent) (4)		52.0			62.8


NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related and nonrecurring charges. These charges totaled $3.5 million and $358.9 million, net of tax, in 2004 and 2003, respectively. See Reconciliation Tables included herein.
	(2)	Excluding purchase accounting transactions, noninterest income would have increased approximately 1.1% for the twelve months ended December 31, 2004 compared to 2003.
	(3)	Excluding purchase accounting transactions, noninterest expense would have decreased approximately 2.4% for the twelve months ended December 31, 2004 compared to 2003.
	(4)	Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Cash basis and operating ratios also exclude merger-related items and nonrecurring charges, where applicable. See Reconciliation Tables included herein.
	(5)	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, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 7	Investor Relations	FAX (336) 733-3132

	As of / For the Twelve Months Ended				Increase (Decrease)

(Dollars in thousands)	12/31/04		12/31/03		$			%

CONSOLIDATED BALANCE SHEETS
End of period balances
Cash and due from banks	$	1,782,323	$	2,217,961	$	(435,638	)		(19.6	) %
Interest-bearing deposits with banks		1,003,125		271,157		731,968			269.9
Federal funds sold and other earning assets		240,387		332,849		(92,462	)		(27.8	)
Securities available for sale		18,838,196		15,562,954		3,275,242			21.0
Securities held to maturity		125		60,122		(59,997	)		(99.8	)
Trading securities		334,256		693,819		(359,563	)		(51.8	)
Total securities		19,172,577		16,316,895		2,855,682			17.5
Commercial loans and leases		34,320,967		31,335,752		2,985,215			9.5
Direct retail loans		13,932,879		12,130,101		1,802,778			14.9
Sales finance loans		6,362,990		6,035,662		327,328			5.4
Revolving credit loans		1,276,876		1,180,480		96,396			8.2
Mortgage loans		12,268,889		11,623,391		645,498			5.6
Total loans and leases		68,162,601		62,305,386		5,857,215			9.4
Allowance for loan and lease losses		804,932		784,937		19,995			2.5
Total earning assets		88,718,180		79,208,578		9,509,602			12.0
Premises and equipment, net		1,283,546		1,201,342		82,204			6.8
Goodwill		4,124,241		3,616,526		507,715			14.0
Core deposit and other intangibles		513,539		401,944		111,595			27.8
Other assets		5,031,234		4,587,490		443,744			9.7
Total assets		100,508,641		90,466,613		10,042,028			11.1
Noninterest-bearing deposits		12,246,248		11,098,251		1,147,997			10.3
Savings and interest checking		4,490,214		4,307,069		183,145			4.3
Money rate savings		23,427,797		20,348,969		3,078,828			15.1
CDs and other time deposits		27,535,078		23,595,496		3,939,582			16.7
Total deposits		67,699,337		59,349,785		8,349,552			14.1
Fed funds purchased, repos and other borrowings		6,687,872		7,334,900		(647,028	)		(8.8	)
Long-term debt		11,419,624		10,807,700		611,924			5.7
Total interest-bearing liabilities		73,560,585		66,394,134		7,166,451			10.8
Other liabilities		3,827,334		3,039,497		787,837			25.9
Total liabilities		89,634,167		80,531,882		9,102,285			11.3
Total shareholders' equity	$	10,874,474	$	9,934,731	$	939,743			9.5	%

Average balances
Securities, at amortized cost	$	18,218,272	$	17,057,880	$	1,160,392			6.8	%
Commercial loans and leases		33,046,115		29,981,661		3,064,454			10.2
Direct retail loans		13,147,222		10,642,719		2,504,503			23.5
Sales finance loans		6,228,871		4,894,493		1,334,378			27.3
Revolving credit loans		1,200,913		1,079,692		121,221			11.2
Mortgage loans		12,484,358		11,258,504		1,225,854			10.9
Total loans and leases		66,107,479		57,857,069		8,250,410			14.3
Allowance for loan and lease losses		811,090		759,569		51,521			6.8
Other earning assets		620,451		548,403		72,048			13.1
Total earning assets		84,946,202		75,463,352		9,482,850			12.6
Total assets		96,275,994		85,327,728		10,948,266			12.8
Noninterest-bearing deposits		11,682,911		9,514,435		2,168,476			22.8
Savings and interest checking		4,797,668		3,904,880		892,788			22.9
Money rate savings		21,907,558		18,219,720		3,687,838			20.2
CDs and other time deposits		26,427,935		25,309,123		1,118,812			4.4
Total deposits		64,816,072		56,948,158		7,867,914			13.8
Fed funds purchased, repos and other borrowings		6,590,471		5,140,843		1,449,628			28.2
Long-term debt		10,886,199		11,710,281		(824,082	)		(7.0	)
Total interest-bearing liabilities		70,609,831		64,284,847		6,324,984			9.8
Total shareholders' equity	$	10,596,714	$	8,895,232	$	1,701,482			19.1	%

		As of / For the Quarter Ended

(Dollars in thousands)		12/31/04			9/30/04			6/30/04			3/31/04		12/31/03

MISCELLANEOUS INFORMATION

Unrealized appreciation (depreciation) on
securities available for sale, net of tax		$	(87,474	)	$	(48,057	)	$	(228,129	)	$	145,119	$	11,450
Derivatives (notional value)			20,509,499			17,346,172			19,980,873			20,219,582		14,608,690
Fair value of derivatives portfolio			73,325			116,599			23,345			214,865		136,025
Common stock prices:	High		43.25			40.46			37.91			38.80		39.69
	Low		38.67			36.38			33.02			34.48		35.98
	End of period		42.05			39.69			36.97			35.30		38.64
Weighted average shares -	Basic		552,053,611			553,944,042			554,041,770			546,576,484		544,871,908
	Diluted		557,510,572			558,576,819			557,485,680			550,547,045		549,858,403
End of period shares outstanding			550,406,287			552,488,008			555,337,965			548,022,164		541,942,987
End of period banking offices			1,413			1,416			1,420			1,353		1,359
ATMs			1,930			1,927			1,911			1,848		1,880
FTEs			26,148			26,158			26,761			26,575		26,283


NOTES:	All items referring to loans and leases include loans held for sale and are net of unearned income.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 8	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended

(Dollars in thousands, except per share data)	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest and fees on loans and leases	$	1,016,346		$	990,783		$	952,389		$	919,030		$	925,614
Interest and dividends on securities		188,030			185,284			185,476			179,639			186,210
Interest on short-term investments		3,569			2,943			2,067			2,509			2,316
Total interest income - taxable equivalent		1,207,945			1,179,010			1,139,932			1,101,178			1,114,140
Interest expense
Interest on deposits		208,404			181,790			172,689			166,777			171,380
Interest on fed funds purchased, repos and other borrowings		28,806			25,948			17,968			17,395			15,033
Interest on long-term debt		104,603			95,544			89,094			89,454			89,451
Total interest expense		341,813			303,282			279,751			273,626			275,864
Net interest income - taxable equivalent		866,132			875,728			860,181			827,552			838,276
Less: Taxable equivalent adjustment		20,091			20,072			20,478			20,729			26,600
Net interest income		846,041			855,656			839,703			806,823			811,676
Provision for credit losses		65,153			57,165			63,533			63,418			58,088
Net interest income after provision for
credit losses		780,888			798,491			776,170			743,405			753,588
Noninterest income
Service charges on deposits		133,590			135,521			131,445			122,763			122,120
Mortgage banking income		26,939			22,061			56,656			4,419			41,472
Investment banking and brokerage fees and commissions		64,733			59,834			63,624			76,598			68,667
Trust revenue		29,113			28,862			31,519			29,985			29,099
Insurance commissions		167,278			163,359			164,712			123,706			102,070
Other nondeposit fees and commissions		84,723			82,774			79,465			71,634			73,618
Securities gains (losses), net		52			6,590			2			(511	)		(7,529	)
Other noninterest income		41,751			33,828			35,353			46,893			37,342
Total noninterest income		548,179			532,829			562,776			475,487			466,859
Noninterest expense
Personnel expense		383,496			404,999			422,987			420,275			370,632
Occupancy and equipment expense		107,480			104,469			103,428			100,147			100,463
Foreclosed property expense		6,876			6,309			7,085			6,002			6,556
Amortization of intangibles		29,342			24,280			28,670			24,056			21,100
Other noninterest expense		185,509			173,410			177,278			174,247			180,190
Total noninterest expense		712,703			713,467			739,448			724,727			678,941
Operating earnings before income taxes		616,364			617,853			599,498			494,165			541,506
Provision for income taxes		200,556			206,933			199,041			159,521			164,657
Operating earnings (1)	$	415,808		$	410,920		$	400,457		$	334,644		$	376,849

PER SHARE DATA BASED ON
OPERATING EARNINGS (1)
Basic earnings	$	.75		$	.74		$	.72		$	.61		$	.69
Diluted earnings		.75			.74			.72			.61			.69
Dividends paid per common share		.35			.35			.32			.32			.32
Book value per share		19.76			19.54			18.95			19.03			18.33
Tangible book value per share (2)		11.33			11.17			10.56			11.01			10.92

PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS (1)
Return on average assets		1.68	%		1.68	%		1.66	%		1.46	%		1.66	%
Return on average equity		15.17			15.35			15.18			13.17			14.80
Net yield on earning assets (taxable equivalent)		3.97			4.07			4.02			4.09			4.22
Efficiency ratio (taxable equivalent) (3)		50.1			50.3			52.6			55.0			52.0
Noninterest income as a percentage of
total income (taxable equivalent) (3)		38.6			37.8			38.2			36.7			35.1
Equity as a percentage of total assets at
end of period		10.8			11.0			10.8			11.1			11.0
Average earning assets as a percentage of
average total assets		88.3			88.4			88.2			88.1			87.9
Average loans and leases as a percentage of
average deposits		101.5			102.5			101.3			102.7			100.7

CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (4)
Cash basis operating earnings	$	438,242		$	430,155		$	422,466		$	354,965		$	393,646
Diluted earnings per share		.79			.77			.76			.64			.72
Return on average tangible assets		1.86	%		1.85	%		1.83	%		1.62	%		1.81	%
Return on average tangible equity		27.77			28.50			28.41			23.93			25.84
Efficiency ratio (taxable equivalent) (3)		47.8			48.3			50.3			52.8			50.2


NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.1 million), $(2.0 million), $351 thousand, $6.1 million and $71.8 million, net of tax, for the quarters ended December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004 and December 31, 2003, respectively. See Reconciliation Tables included herein.
	(2)	Excludes the carrying value of goodwill and other intangible assets from shareholders' equity.
	(3)	Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, gains or losses on mortgage servicing rights-related derivatives, merger-related 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, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 9	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended

(Dollars in thousands, except per share data)	12/31/04			9/30/04			6/30/04		3/31/04			12/31/03

INCOME STATEMENTS
Interest income
Interest and fees on loans and leases	$	1,009,526		$	983,904		$	945,561	$	912,156		$	982,319
Interest and dividends on securities		174,759			172,091			171,826		165,784			171,178
Interest on short-term investments		3,569			2,943			2,067		2,509			2,316
Total interest income		1,187,854			1,158,938			1,119,454		1,080,449			1,155,813
Interest expense
Interest on deposits		208,404			181,790			172,689		166,777			171,380
Interest on fed funds purchased, repos and other borrowings		28,806			25,948			17,968		17,395			15,033
Interest on long-term debt		104,603			95,544			89,094		89,454			89,451
Total interest expense		341,813			303,282			279,751		273,626			275,864
Net interest income		846,041			855,656			839,703		806,823			879,949
Provision for credit losses		65,153			57,165			63,533		63,418			58,088
Net interest income after provision for
credit losses		780,888			798,491			776,170		743,405			821,861
Noninterest income
Service charges on deposits		133,590			135,521			131,445		122,763			122,120
Mortgage banking income		26,939			22,061			56,656		4,419			41,472
Investment banking and brokerage fees and commissions		64,733			59,834			63,624		76,598			68,667
Trust revenue		29,113			28,862			31,519		29,985			29,099
Insurance commissions		167,278			163,359			164,712		123,706			102,070
Other nondeposit fees and commissions		84,723			82,774			79,465		71,634			73,618
Securities gains (losses), net		52			6,590			2		(511	)		(7,529	)
Other noninterest income		41,751			33,828			35,353		46,893			37,342
Total noninterest income		548,179			532,829			562,776		475,487			466,859
Noninterest expense
Personnel expense		383,496			404,999			422,987		420,275			370,632
Occupancy and equipment expense		107,480			104,469			103,428		100,147			100,463
Foreclosed property expense		6,876			6,309			7,085		6,002			6,556
Amortization of intangibles		29,342			24,280			28,670		24,056			21,100
Merger-related and restructuring charges (gains)		(1,864	)		(3,059	)		791		9,650			51,451
Other noninterest expense		185,509			173,410			177,278		174,247			180,190
Total noninterest expense		710,839			710,408			740,239		734,377			730,392
Income before income taxes		618,228			620,912			598,707		484,515			558,328
Provision for income taxes		201,344			208,027			198,601		156,015			253,301
Net income	$	416,884		$	412,885		$	400,106	$	328,500		$	305,027

PER SHARE DATA
Basic earnings	$	.76		$	.75		$	.72	$	.60		$	.56
Diluted earnings		.75			.74			.72		.60			.55

	For the Quarter Ended

	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities and other earning assets:
U.S. Government securities and other earning assets		3.69	%		3.75	%		3.83	%		3.91	%		4.12	%
Mortgage-backed securities		4.66			4.42			4.19			4.91			5.03
State and municipal securities		6.52			6.45			6.58			6.46			6.30
Trading securities		1.33			3.94			1.89			1.45			3.70

Total securities and other earning assets		3.92			3.96			3.96			4.07			4.30
Loans:
Commercial loans and leases		5.69			5.40			5.22			5.31			5.42
Consumer loans		6.83			6.90			6.65			6.77			6.83
Mortgage loans		5.43			5.57			5.55			5.72			5.98

Total loans		6.00			5.90			5.72			5.84			5.96

Total earning assets		5.53			5.47			5.33			5.45			5.60



Interest expense:
Interest-bearing deposits:
Savings and interest checking		.26			.22			.20			.21			.24
Money rate savings		.94			.75			.64			.61			.63
CDs and other time deposits		2.28			2.09			1.98			2.07			2.11
Total interest-bearing deposits		1.53			1.36			1.28			1.32			1.35
Fed funds purchased, repos and other borrowings		1.89			1.47			1.08			1.06			.98
Long-term debt		3.63			3.54			3.36			3.38			3.55

Total interest-bearing liabilities		1.90			1.70			1.57			1.62			1.65

Net yield on earning assets		3.97	%		4.07	%		4.02	%		4.09	%		4.22	%


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


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 10	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended

(Dollars in thousands)	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	18,838,196		$	18,481,720		$	17,477,628		$	17,584,687		$	15,562,954
Securities held to maturity		125			125			125			125			60,122
Trading securities		334,256			445,571			388,998			364,481			693,819
Total securities		19,172,577			18,927,416			17,866,751			17,949,293			16,316,895
Commercial loans and leases		34,320,967			33,857,536			33,397,400			31,743,612			31,335,752
Direct retail loans		13,932,879			13,607,244			13,314,629			12,447,494			12,130,101
Sales finance loans		6,362,990			6,215,235			6,288,337			6,190,940			6,035,662
Revolving credit loans		1,276,876			1,221,404			1,204,479			1,167,467			1,180,480
Mortgage loans		12,268,889			11,891,511			12,831,806			12,821,573			11,623,391
Total loans and leases		68,162,601			66,792,930			67,036,651			64,371,086			62,305,386
Allowance for loan and lease losses		804,932			816,588			816,330			790,271			784,937
Other earning assets		1,243,512			542,511			490,738			510,292			604,006
Total earning assets		88,718,180			86,333,813			85,745,148			82,607,385			79,208,578
Total assets		100,508,641			97,880,397			97,348,285			94,281,503			90,466,613
Noninterest-bearing deposits		12,246,248			12,217,201			12,017,270			11,500,136			11,098,251
Savings and interest checking		4,490,214			4,344,138			4,506,042			4,379,735			4,307,069
Money rate savings		23,427,797			22,806,829			22,428,015			20,569,144			20,348,969
CDs and other time deposits		27,535,078			26,385,428			27,711,563			27,675,877			23,595,496
Total deposits		67,699,337			65,753,596			66,662,890			64,124,892			59,349,785
Fed funds purchased, repos and other borrowings		6,687,872			6,464,704			6,232,126			5,748,572			7,334,900
Long-term debt		11,419,624			11,145,504			10,524,646			10,625,382			10,807,700
Total interest-bearing liabilities		73,560,585			71,146,603			71,402,392			68,998,710			66,394,134
Total shareholders' equity		10,874,474			10,794,881			10,524,713			10,426,828			9,934,731
Goodwill		4,124,241			4,096,066			4,076,888			3,837,956			3,616,526
Core deposit and other intangibles		513,539			526,106			586,199			552,527			401,944
Total intangibles		4,637,780			4,622,172			4,663,087			4,390,483			4,018,470
Mortgage servicing rights	$	340,740		$	340,535		$	371,118		$	256,341		$	334,931

Average balances
Securities, at amortized cost	$	18,880,095		$	18,416,752		$	18,378,505		$	17,188,281		$	16,937,451
Commercial loans and leases		34,091,833			33,529,888			33,085,067			31,460,865			30,919,252
Direct retail loans		13,758,376			13,456,234			13,094,968			12,269,198			11,931,318
Sales finance loans		6,244,775			6,252,329			6,252,607			6,165,341			6,278,763
Revolving credit loans		1,239,100			1,210,728			1,184,780			1,168,516			1,136,268
Mortgage loans		12,110,729			12,429,128			13,246,064			12,156,224			11,425,458
Total loans and leases		67,444,813			66,878,307			66,863,486			63,220,144			61,691,059
Allowance for loan and lease losses		817,720			821,050			818,852			786,556			794,394
Other earning assets		660,714			569,256			554,295			697,659			590,519
Total earning assets		86,985,622			85,864,315			85,796,286			81,106,084			79,219,029
Total assets		98,541,446			97,129,491			97,286,405			92,112,359			90,116,726
Noninterest-bearing deposits		12,436,447			11,876,112			11,663,685			10,744,997			10,967,480
Savings and interest checking		4,767,397			4,813,519			5,034,541			4,575,373			4,425,717
Money rate savings		22,943,275			22,636,090			21,801,020			20,230,460			20,162,364
CDs and other time deposits		26,306,639			25,920,707			27,497,580			25,993,720			25,712,445
Total deposits		66,453,758			65,246,428			65,996,826			61,544,550			61,268,006
Fed funds purchased, repos and other borrowings		6,053,669			7,029,258			6,682,835			6,597,199			6,006,630
Long-term debt		11,489,627			10,759,965			10,668,414			10,621,546			9,936,570
Total interest-bearing liabilities		71,560,607			71,159,539			71,684,390			68,018,298			66,243,726
Total shareholders' equity	$	10,907,344		$	10,648,868		$	10,608,131		$	10,218,527		$	10,099,916

SELECTED CAPITAL INFORMATION (1)
Risk-based capital:
Tier 1	$	6,682,826		$	6,579,667		$	6,459,729		$	6,218,081		$	6,166,160
Total		10,566,869			9,884,833			8,497,373			8,270,138			8,211,674
Risk-weighted assets		72,553,652			70,657,372			70,349,535			67,264,355			65,511,840
Average quarterly tangible assets		94,158,272			92,913,439			92,923,669			87,835,595			86,157,150
Risk-based capital ratios:
Tier 1		9.2	%		9.3	%		9.2	%		9.2	%		9.4	%
Total		14.6			14.0			12.1			12.3			12.5
Leverage capital ratio		7.1			7.1			7.0			7.1			7.2
Equity as a percentage of total assets		10.8			11.0			10.8			11.1			11.0
Book value per share	$	19.76		$	19.54		$	18.95		$	19.03		$	18.33
Tangible book value per share (2)		11.33			11.17			10.56			11.01			10.92


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


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 11	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended

(Dollars in thousands)	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

ASSET QUALITY ANALYSIS
Allowance For Credit Losses
Beginning balance	$	825,665		$	825,242		$	799,650		$	793,398		$	800,400
Allowance for acquired (sold) loans, net		1,795			(170	)		19,284			--			--
Provision for credit losses		65,153			57,165			63,533			63,418			58,088
Charge-offs
Commercial loans and leases		(30,668	)		(23,858	)		(23,740	)		(22,176	)		(38,577	)
Direct retail loans		(13,149	)		(12,170	)		(11,538	)		(11,295	)		(12,395	)
Sales finance loans		(23,479	)		(22,225	)		(21,664	)		(22,518	)		(21,856	)
Revolving credit loans		(13,149	)		(12,383	)		(12,531	)		(14,286	)		(12,279	)
Mortgage loans		(1,352	)		(1,207	)		(1,916	)		(1,375	)		(1,733	)

Total charge-offs		(81,797	)		(71,843	)		(71,389	)		(71,650	)		(86,840	)

Recoveries
Commercial loans and leases		7,788			6,210			4,216			6,057			13,703
Direct retail loans		2,566			2,090			2,675			2,489			2,442
Sales finance loans		4,559			4,317			4,165			3,511			3,279
Revolving credit loans		2,489			2,555			2,557			2,178			2,205
Mortgage loans		83			99			551			249			121

Total recoveries		17,485			15,271			14,164			14,484			21,750

Net charge-offs		(64,312	)		(56,572	)		(57,225	)		(57,166	)		(65,090	)

Ending balance	$	828,301		$	825,665		$	825,242		$	799,650		$	793,398



Allowance For Credit Losses
Allowance for loan and lease losses	$	804,932		$	816,588		$	816,330		$	790,271		$	784,937
Reserve for unfunded lending commitments		23,369			9,077			8,912			9,379			8,461

Total	$	828,301		$	825,665		$	825,242		$	799,650		$	793,398



Nonperforming Assets
Nonaccrual loans and leases:
Commercial loans and leases	$	143,420		$	173,303		$	199,718		$	218,111		$	219,558
Direct retail loans		46,187			48,792			50,968			52,426			50,085
Sales finance loans		14,670			15,484			13,152			12,062			13,082
Revolving credit loans		349			374			369			367			342
Mortgage loans		64,010			62,871			61,132			62,756			67,373

Total nonaccrual loans and leases		268,636			300,824			325,339			345,722			350,440

Foreclosed real estate		69,324			67,329			68,035			74,832			78,964
Other foreclosed property		19,579			20,821			18,995			21,247			17,106
Restructured loans		555			563			566			573			592

Nonperforming assets	$	358,094		$	389,537		$	412,935		$	442,374		$	447,102



Loans 90 days or more past due
and still accruing:
Commercial loans and leases	$	9,986		$	11,463		$	11,180		$	18,885		$	17,759
Direct retail loans		19,917			22,382			21,015			20,359			25,695
Sales finance loans		21,205			20,766			20,732			26,091			27,863
Revolving credit loans		4,837			4,797			4,116			4,644			5,601
Mortgage loans		44,225			40,397			38,698			33,917			39,840

Total loans 90 days or more past due
and still accruing		100,170			99,805			95,741			103,896			116,758

Loans 90 days or more past due and still accruing
as a percentage of total loans and leases		.15	%		.15	%		.14	%		.16	%		.19	%



Asset Quality Ratios
Nonaccrual and restructured loans and leases
as a percentage of total loans and leases		.39	%		.45	%		.49	%		.54	%		.56	%
Nonperforming assets as a percentage of:
Total assets		.36			.40			.42			.47			.49
Loans and leases plus
foreclosed property		.52			.58			.62			.69			.72
Net charge-offs as a percentage of
average loans and leases		.38			.34			.34			.36			.42
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.27			.19			.24			.25			.31
Allowance for loan and lease losses as
a percentage of loans and leases		1.18			1.22			1.22			1.23			1.26
Allowance for loan and lease losses as
a percentage of loans and leases
held for investment		1.19			1.23			1.23			1.25			1.27
Ratio of allowance for loan and lease losses to:
Net charge-offs		3.15	x		3.63	x		3.55	x		3.44	x		3.04	x
Nonaccrual and restructured loans and leases		2.99			2.71			2.50			2.28			2.24


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


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 12	Investor Relations	FAX (336) 733-3132

	As of / For the Twelve Months Ended						Increase (Decrease)

	12/31/04			12/31/03			$			%

Allowance For Credit Losses

Beginning balance	$	793,398		$	723,685		$	69,713			9.6	%
Allowance for acquired (sold) loans, net		20,909			70,035			(49,126	)		NM
Provision for credit losses		249,269			247,585			1,684			.7
Charge-offs
Commercial loans and leases		(100,442	)		(122,752	)		22,310			(18.2	)
Direct retail loans		(48,152	)		(45,348	)		(2,804	)		6.2
Sales finance loans		(89,886	)		(92,149	)		2,263			(2.5	)
Revolving credit loans		(52,349	)		(50,044	)		(2,305	)		4.6
Mortgage loans		(5,850	)		(5,092	)		(758	)		14.9

Total charge-offs		(296,679	)		(315,385	)		18,706			(5.9	)

Recoveries
Commercial loans and leases		24,271			34,842			(10,571	)		(30.3	)
Direct retail loans		9,820			11,801			(1,981	)		(16.8	)
Sales finance loans		16,552			11,925			4,627			38.8
Revolving credit loans		9,779			8,420			1,359			16.1
Mortgage loans		982			490			492			100.4

Total recoveries		61,404			67,478			(6,074	)		(9.0	)

Net charge-offs		(235,275	)		(247,907	)		12,632			5.1

Ending balance	$	828,301		$	793,398		$	34,903			4.4	%



Allowance For Credit Losses
Allowance for loan and lease losses	$	804,932		$	784,937		$	19,995			2.5	%
Reserve for unfunded lending commitments		23,369			8,461			14,908			176.2

Total	$	828,301		$	793,398		$	34,903			4.4	%



Asset Quality Ratios
Net charge-offs as a percentage of
average loans and leases		.36	%		.43	%
Net charge-offs excluding specialized
lending as a percentage of average
loans and leases (1)		.24			.32
Ratio of allowance for loan and lease losses to
net charge-offs		3.42	x		3.17	x

	Percentage Increase (Decrease)

	QTD			Annualized Link QTD			YTD
	4Q04 vs. 4Q03			4Q04 vs. 3Q04			2004 vs. 2003

PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
PURCHASE ACQUISITIONS (2)
Average Balances
Commercial loans and leases		7.2	%		6.7	%		5.4	%
Direct retail loans		11.6			8.9			11.1
Sales finance loans		(0.5	)		(0.5	)		(0.9	)
Revolving credit loans		9.0			9.3			9.5
Mortgage loans (3)		11.1			8.3			10.4
Total loans and leases		8.1			6.8			6.8
Noninterest-bearing deposits		11.6			18.8			9.4
Interest-bearing transaction accounts		6.2			5.2			7.4
CDs and other time deposits		(1.4	)		5.9			(2.0	)
Other deposits		8.7			3.0			7.6
Total deposits		4.6	%		7.4	%		3.7	%

PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS
BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (2)
Net interest income - taxable equivalent		0.9	%		(4.3	) %		0.7	%
Noninterest income
Service charges on deposits		8.1			(5.7	)		9.3
Mortgage banking income		(36.0	)		88.0			(1.7	)
Investment banking and brokerage fees and commissions		(5.7	)		32.6			6.6
Trust revenue		(1.8	)		3.5			(1.8	)
Insurance commissions		4.1			(1.3	)		6.8
Other nondeposit fees and commissions		14.1			9.4			11.8
Securities gains (losses), net		100.7			NM			(95.5	)
Other income		7.6			92.7			14.1
Total noninterest income		3.4			8.0			1.1
Noninterest expense
Personnel expense		(6.6	)		(22.9	)		(2.6	)
Occupancy and equipment expense		1.2			10.7			(0.7	)
Other noninterest expense		(3.5	)		33.3			(3.0	)
Total noninterest expense		(4.6	) %		(2.0	) %		(2.4	) %


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 2004 and 2003.
	(3)	Excludes the average impact of $1.0 billion in mortgage loans securitized in the third quarter of 2004.
	NM	- not meaningful.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 13	Investor Relations	FAX (336) 733-3132

	As of / For the Quarter Ended

(Dollars in thousands)	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

SELECTED MORTGAGE BANKING INFORMATION
Residential Mortgage Servicing Rights (4):
Ending balance	$	434,053		$	440,327		$	441,506		$	419,937		$	463,876
Less: valuation allowance		(107,636	)		(112,944	)		(85,085	)		(178,424	)		(143,727	)
Net balance		326,417			327,383			356,421			241,513			320,149

Mortgage Servicing Rights Valuation Allowance:
Beginning balance	$	112,944		$	85,085		$	178,424		$	143,727		$	172,649
Provisions for impairment		--			40,185			--			43,590			--
Recaptures		(404	)		--			(91,867	)		--			(20,420	)
Other-than-temporary impairment		(4,904	)		(12,326	)		(1,472	)		(8,893	)		(8,502	)
Ending balance		107,636			112,944			85,085			178,424			143,727

Residential Mortgage Loan Originations	$	2,370,483		$	2,125,721		$	3,165,695		$	2,299,118		$	2,283,680
Residential Mortgage Servicing Portfolio:
Loans serviced for others	$	25,569,089		$	25,707,237		$	24,662,645		$	24,034,974		$	25,015,348
Bank owned loans serviced		12,268,889			11,891,511			12,831,806			12,821,573			11,623,391
Total servicing portfolio		37,837,978			37,598,748			37,494,451			36,856,547			36,638,739
Weighted Average Coupon Rate		5.86	%		5.84	%		5.85	%		5.94	%		5.98	%
Weighted Average Servicing Fee		.347			.346			.350			.349			.351

	For the Quarter Ended

(Dollars in thousands, except per share data)	12/31/04			9/30/04			6/30/04			3/31/04			12/31/03

RECONCILIATION TABLE
Net income	$	416,884		$	412,885		$	400,106		$	328,500		$	305,027
Merger-related items, net of tax		(1,076	)		(1,965	)		351			6,144			30,176
Other, net of tax (3)		--			--			--			--			41,646
Operating earnings		415,808			410,920			400,457			334,644			376,849
Amortization of intangibles, net of tax		18,557			15,358			18,135			15,215			12,871
Amortization of mark-to-market adjustments, net of tax		3,877			3,877			3,874			5,106			3,926
Cash basis operating earnings		438,242			430,155			422,466			354,965			393,646

Return on average assets		1.68	%		1.69	%		1.65	%		1.43	%		1.34	%
Effect of merger-related charges, net of tax		--			(.01	)		.01			.03			.13
Effect of other, net of tax (3)		--			--			--			--			.19
Operating return on average assets		1.68			1.68			1.66			1.46			1.66
Effect of amortization of intangibles, net of tax (2)		.16			.15			.16			.14			.13
Effect of amortization of mark-to-market adjustments,
net of tax		.02			.02			.01			.02			.02
Cash basis operating return on average
tangible assets		1.86			1.85			1.83			1.62			1.81

Return on average equity		15.21	%		15.42	%		15.17	%		12.93	%		11.98	%
Effect of merger-related charges, net of tax		(.04	)		(.07	)		.01			.24			1.19
Effect of other, net of tax (3)		--			--			--			--			1.63
Operating return on average equity		15.17			15.35			15.18			13.17			14.80
Effect of amortization of intangibles, net of tax (2)		12.36			12.89			12.97			10.42			10.89
Effect of amortization of mark-to-market adjustments,
net of tax		.24			.26			.26			.34			.15
Cash basis operating return on average
tangible equity		27.77			28.50			28.41			23.93			25.84

Efficiency ratio (taxable equivalent) (1)		49.9	%		50.0	%		52.6	%		55.7	%		58.9	%
Effect of merger-related charges		.2			.3			--			(.7	)		(3.9	)
Effect of other (3)		--			--			--			--			(3.0	)
Operating efficiency ratio (1)		50.1			50.3			52.6			55.0			52.0
Effect of amortization of intangibles		(2.1	)		(1.8	)		(2.0	)		(1.9	)		(1.5	)
Effect of amortization of mark-to-market adjustments		(.2	)		(.2	)		(.3	)		(.3	)		(.3	)
Cash basis operating efficiency ratio (1)		47.8			48.3			50.3			52.8			50.2

Fee income ratio (1)		38.6	%		37.8	%		38.2	%		36.7	%		37.0	%
Effect of other (3)		--			--			--			--			(1.9	)
Operating fee income ratio (1)		38.6			37.8			38.2			36.7			35.1

Basic earnings per share	$	.76		$	.75		$	.72		$	.60		$	.56
Effect of merger-related charges, net of tax		(.01	)		(.01	)		--			.01			.06
Effect of other, net of tax (3)		--			--			--			--			.07
Operating basic earnings per share		.75			.74			.72			.61			.69

Diluted earnings per share	$	.75		$	.74		$	.72		$	.60		$	.55
Effect of merger-related charges, net of tax		--			--			--			.01			.05
Effect of other, net of tax (3)		--			--			--			--			.09
Operating diluted earnings per share		.75			.74			.72			.61			.69
Effect of amortization of intangibles, net of tax		.03			.02			.03			.02			.02
Effect of amortization of mark-to-market adjustments,
net of tax		.01			.01			.01			.01			.01
Cash basis operating diluted earnings per share		.79			.77			.76			.64			.72

Net yield on earning assets (taxable equivalent)		3.97	%		4.07	%		4.02	%		4.09	%		3.89	%
Effect of other, net of tax (3)		--			--			--			--			.33
Operating net yield on earning assets
(taxable equivalent)		3.97			4.07			4.02			4.09			4.22


NOTES:		Applicable ratios are annualized.
	(1)	Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related items and nonrecurring charges, where applicable.
	(2)	Reflects the effect of excluding average intangible assets from average assets and average equity to calculate cash basis ratios.
	(3)	Reflects a one-time charge related to deferred income taxes associated with BB&T's leasing operations totaling $41.6 million in the fourth quarter of 2003.
	(4)	Balances exclude commercial mortgage servicing rights totaling $14.3 million, $13.2 million, $14.7 million, $14.8 million and $14.8 million, as of December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004 and December 31, 2003, respectively.


QUARTERLY PERFORMANCE SUMMARY	Tom A. Nicholson
BB&T Corporation (NYSE:BBT)	Executive Vice President	(336) 733-3058
Page 14	Investor Relations	FAX (336) 733-3132

	For the Twelve Months Ended

(Dollars in thousands, except per share data)	12/31/04			12/31/03

RECONCILIATION TABLE
Net income	$	1,558,375		$	1,064,903
Merger-related charges, net of tax		3,454			55,054
Other, net of tax (3)		--			303,877
Operating earnings		1,561,829			1,423,834
Amortization of intangibles, net of tax		67,264			33,947
Amortization of mark-to-market adjustments, net of tax		16,735			7,851
Cash basis operating earnings		1,645,828			1,465,632

Return on average assets		1.62	%		1.25	%
Effect of merger-related charges, net of tax		--			.06
Effect of other, net of tax (3)		--			.36
Operating return on average assets		1.62			1.67
Effect of amortization of intangibles, net of tax (2)		.16			.10
Effect of amortization of mark-to-market adjustments, net of tax		.01			.01
Cash basis operating return on average tangible assets		1.79			1.78

Return on average equity		14.71	%		11.97	%
Effect of merger-related charges, net of tax		.03			.62
Effect of other, net of tax (3)		--			3.42
Operating return on average equity		14.74			16.01
Effect of amortization of intangibles, net of tax (2)		12.15			7.90
Effect of amortization of mark-to-market adjustments, net of tax		.28			.90
Cash basis operating return on average tangible equity		27.17			24.81

Efficiency ratio (taxable equivalent) (1)		52.0	%		62.8	%
Effect of merger-related charges		(.1	)		(2.0	)
Effect of other (3)		--			(9.0	)
Operating efficiency ratio (1)		51.9			51.8
Effect of amortization of intangibles		(2.0	)		(1.2	)
Effect of amortization of mark-to-market adjustments		(.2	)		(.1	)
Cash basis operating efficiency ratio (1)		49.7			50.5

Fee income ratio (1)		37.8	%		36.5	%
Effect of other (3)		--			(.5	)
Operating fee income ratio (1)		37.8			36.0

Basic earnings per share	$	2.82		$	2.09
Effect of merger-related charges, net of tax		.01			.11
Effect of other, net of tax (3)		--			.59
Operating basic earnings per share		2.83			2.79

Diluted earnings per share	$	2.80		$	2.07
Effect of merger-related charges, net of tax		.01			.11
Effect of other, net of tax (3)		--			.59
Operating diluted earnings per share		2.81			2.77
Effect of amortization of intangibles, net of tax		.12			.07
Effect of amortization of mark-to-market adjustments, net of tax		.03			.01
Cash basis operating diluted earnings per share		2.96			2.85

Net yield on earning assets (taxable equivalent)		4.04	%		4.06	%
Effect of other, net of tax (3)		--			.09
Operating net yield on earning assets (taxable equivalent)		4.04			4.15


NOTES:		Applicable ratios are annualized.
	(1)	Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage servicing rights-related derivatives. Operating and cash basis ratios also exclude merger-related and nonrecurring charges, where applicable.
	(2)	Reflects the effect of excluding average intangible assets from average assets and average equity to calculate cash basis ratios.
	(3)	Reflects nonrecurring contributions made by an affiliated trust totaling $13.7 million, a loss on early extinguishment of debt totaling $248.5 million and a one-time charge related to deferred income taxes associated with BB&T's leasing operations totaling $41.6 million in 2003.

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