-----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, CzjTXSMOma3cJ11h84a23LzH/59Hpcf/7Q9UKoD4ho7LW7MfBzlvNJFgQeABzCNx ERAFlcdjCUif46nxW1FUSw== 0000092230-05-000028.txt : 20050413 0000092230-05-000028.hdr.sgml : 20050413 20050413101629 ACCESSION NUMBER: 0000092230-05-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050413 DATE AS OF CHANGE: 20050413 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: 05747512 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 pr1q05.htm Quarterly Performance Summary Issued April 13, 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

April 13, 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)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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 first quarter 2005 earnings release.

ITEM 9.01   Financial Statements and Exhibits

           Ex 99.1 Quarterly Performance Summary issued April 13, 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
                                                                                Executive Vice President and Controller
                                                                                (Principal Accounting Officer)

Date:       April 13, 2005

 EX-99.1 2 exhibit991.htm Exhibit 99.1

Exhibit 99.1

April 13, 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’s 1st quarter net income up 20.4%

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today net income for the first quarter of 2005 totaling $395.4 million, or $.71 per diluted share. These results reflect increases of 20.4% and 18.3%, respectively, compared to net income of $328.5 million, or $.60 per diluted share, earned in the first quarter of 2004.

          BB&T’s first quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.60% and 14.70%, respectively, compared to prior year returns of 1.43% and 12.93%, respectively.

          Operating earnings for the first quarter of 2005 totaled $393.8 million, or $.71 per diluted share, excluding $1.6 million in net after-tax merger-related gains. Excluding the effects of merger-related items from both years, operating earnings for the first quarter of 2005 increased 17.7% compared with the first quarter of 2004. Diluted operating earnings per share for the first quarter of 2005 increased 16.4% compared to the first 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, and merger-related and nonrecurring items from earnings. Cash basis operating earnings totaled $415.8 million for the first quarter of 2005, an increase of 17.1% compared to the first quarter of 2004. Current quarter cash basis diluted earnings per share increased 17.2% to $.75, compared to $.64 earned during the same period in 2004. Cash basis operating earnings for the first quarter of 2005 produced annualized returns on average tangible assets and average tangible shareholders’ equity of 1.76% and 27.00%, respectively, compared to prior year returns of 1.62% and 23.93%, respectively.

MORE


          “I am pleased with the overall results for the first quarter,” said Chairman and Chief Executive Officer John A. Allison. “BB&T’s earnings improved significantly compared to last year and are ahead of our 2005 profit plan. The primary drivers of our performance were continued excellent credit quality, disciplined expense control and reasonably strong loan growth. We saw improvement in all key asset quality ratios during the quarter, including our nonperforming asset and net charge-off ratios, which are at their lowest levels in four years. We are experiencing significant seasonality in our noninterest income, particularly insurance commissions and service charges on deposits, and personnel expense compared to the fourth quarter last year. We believe these items will improve in the second quarter, and we are well positioned to meet our financial objectives for 2005.”

BB&T Recognized Nationally for Service and Performance

          For the fifth time in seven years, the U.S. Small Business Administration has named BB&T the top ranked “small business-friendly” financial holding company in the country. The annual rankings recognize the financial institutions from which small businesses have been most successful in obtaining loans. This designation underscores the effectiveness of BB&T’s credit culture and local decision-making process, which enable BB&T to meet the credit needs of small companies.

          During the first quarter, Mergent, Inc., a provider of global financial information, named BB&T to its elite “2005 Dividend Achiever Index” in recognition of BB&T’s exceptional dividend paying history, the longest among banks, and excellent record of annual dividend increases. This prestigious designation was awarded to only 2% of the approximately 15,000 publicly traded firms reviewed by Mergent.

          On April 7, Moody’s Investors Service announced that it had upgraded key ratings of BB&T Corporation and its subsidiary banks. Moody’s cited BB&T’s “good regional banking franchise, which is based on high quality customer service and successful cross sales” as well as BB&T’s “very strong core profitability and sound credit culture” as the primary drivers of its decision.

Asset Quality Strongest in Four Years

          BB&T’s already excellent asset quality continued to improve during the first quarter of 2005. Nonperforming assets, as a percentage of total assets, decreased to .33% at March 31 compared to .36% at Dec. 31, 2004 and .47% at March 31, 2004. Annualized net charge-offs were .28% of average loans and leases for the first quarter of 2005, down from .38% in the fourth quarter last year and .36% in the first quarter of 2004. Excluding losses incurred by BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were ..17% of average loans and leases compared to .25% in the first quarter of 2004.

MORE


Noninterest Expenses Decline – Reflecting Disciplined Expense Management

          BB&T’s noninterest expenses totaled $730.7 million for the first quarter of 2005, a decrease of $3.7 million compared to the first quarter of 2004. Excluding merger-related items and growth resulting from purchase acquisitions, noninterest expenses declined 5.3% compared to the first quarter of 2004. The cash basis operating efficiency ratio of 50.6% for the first quarter of 2005 was significantly improved compared to the 52.8% achieved in the first quarter of 2004.

Average Loans Grow 8.5%

          Average loans and leases totaled $68.6 billion for the first quarter of 2005, an increase of 8.5% compared to the first quarter of 2004. Excluding the impact of growth resulting from acquisitions, a $1.0 billion mortgage loan securitization completed during the third quarter of 2004, and fluctuations in average loans held for sale, average loan growth was 7.6% compared to the first quarter of 2004. This growth was led by average mortgage loans, which increased 9.5%, average consumer loans, which increased 7.6% and average commercial loans, which grew 6.8%, compared to the first quarter last year.

Noninterest Income Reflects 8.7% Increase

          Total noninterest income was $516.6 million for the first quarter of 2005, an increase of 8.7% compared with the same period in 2004. Higher revenues from mortgage banking and BB&T’s insurance operations, as well as an increase in other nondeposit fees and commissions, were the primary components of this growth.

          Revenues from mortgage banking operations totaled $30.2 million for the first quarter of 2005, an increase of $25.8 million compared to the first quarter last year. The increase was the result of higher revenues from the sale of residential mortgage loans, lower amortization expense related to mortgage servicing rights and a positive fluctuation in the valuation for mortgage servicing rights compared to the prior year’s first quarter. Current quarter revenues include a net recapture of the valuation for mortgage servicing rights, including hedging activities, of $10.9 million compared to a $4.2 million net provision in the first quarter of 2004.

          BB&T’s insurance operations continued to experience growth and are the largest provider of noninterest income. Insurance commissions increased 23.1% to $152.3 million in the current quarter compared with $123.7 million earned during the first quarter of 2004, primarily as a result of acquisitions. However, insurance commissions decreased $15.0 million, or 9.0% compared with the fourth quarter of 2004, reflecting the significant seasonality of BB&T’s insurance operations.

          Other nondeposit fees and commissions totaled $80.4 million for the first quarter of 2005, an increase of $8.7 million, or 12.2%, compared to the first quarter of 2004. This increase was generated primarily by growth in bankcard fees and debit card related services.

MORE


          Service charges on deposit accounts totaled $120.8 million for the first quarter of 2005, a slight decrease compared to the $122.8 million in the same quarter last year. In addition, service charges on deposit accounts reflect a decrease of $12.8 million, or 9.6%, compared to the fourth quarter of 2004, which includes a seasonal decrease. These decreases were primarily attributable to lower fees on transaction based services, personal overdraft items, and commercial accounts due to higher earnings credits.

BB&T Expands Asset Management Business – Partners with Sterling Capital Management

          On Feb. 16, BB&T Corporation announced plans to acquire a 70% ownership interest in Sterling Capital Management LLC (“Sterling”) of Charlotte, N.C. Privately-held Sterling, with more than $8.0 billion in assets under management, provides investment management services to institutional clients and high net worth individuals. This transaction, which was completed on April 1, greatly complements BB&T’s existing asset management products and services, which are provided through BB&T Asset Management.

          At March 31, BB&T had $102 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 April 12 was $39.56 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 first quarter 2005 earnings conference call at 10:30 a.m. (EDT) today, please visit our Web site at www.BBandT.com. Replays of the conference call will be available through our Web site until 5 p.m. (EDT) on Friday, April 29.

#

          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 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 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) 3/31/05 3/31/04 $ %
OPERATING EARNINGS STATEMENTS (1)
     Interest income - taxable equivalent     $ 1,263,654   $ 1,101,178   $ 162,476     14.8  %
     Interest expense       394,309     273,626     120,683     44.1  
       Net interest income - taxable equivalent       869,345     827,552     41,793     5.1  
     Less: Taxable equivalent adjustment       20,162     20,729     (567 )   (2.7 )
       Net interest income       849,183     806,823     42,360     5.3  
     Provision for credit losses       41,045     63,418     (22,373 )   (35.3 )
        Net interest income after provision for credit losses       808,138     743,405     64,733     8.7  
     Noninterest income (2)       516,621     475,487     41,134     8.7  
     Noninterest expense (3)       733,263     724,727     8,536     1.2  
     Operating earnings before income taxes       591,496     494,165     97,331     19.7  
     Provision for income taxes       197,739     159,521     38,218     24.0  
       Operating earnings (1)     $ 393,757   $ 334,644   $ 59,113     17.7  %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)    
     Basic earnings     $ .72   $ .61   $ .11     18.0  %
     Diluted earnings       .71     .61     .10     16.4  
     Weighted average shares -                                           Basic       549,282,008     546,576,484  
                                                                                     Diluted       553,654,679     550,547,045  
     Dividends paid per share     $ .35   $ .32   $ .03     9.4  %
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)    
     Return on average assets       1.59  %   1.46  %
     Return on average equity     14.64   13.17  
     Net yield on earning assets (taxable equivalent)       3.95     4.09  
     Efficiency ratio (taxable equivalent) (4)       52.9     55.0  
CASH BASIS PERFORMANCE    
     BASED ON OPERATING EARNINGS (1)(5)    
     Cash basis operating earnings     $ 415,829   $ 354,965   $ 60,864     17.1  %
     Diluted earnings per share       .75     .64     .11     17.2  
     Return on average tangible assets       1.76  %   1.62  %
     Return on average tangible equity       27.00     23.93  
     Efficiency ratio (taxable equivalent) (4)       50.6     52.8  

For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 3/31/05 3/31/04 $ %
INCOME STATEMENTS
     Interest income     $ 1,243,492   $ 1,080,449   $ 163,043     15.1  %
     Interest expense       394,309     273,626     120,683     44.1  
       Net interest income       849,183     806,823     42,360     5.3  
     Provision for credit losses       41,045     63,418     (22,373 )   (35.3 )
       Net interest income after provision for credit losses       808,138     743,405     64,733     8.7  
     Noninterest income       516,621     475,487     41,134     8.7  
     Noninterest expense       730,706     734,377     (3,671 )   (.5 )
     Income before income taxes       594,053     484,515     109,538     22.6  
     Provision for income taxes       198,669     156,015     42,654     27.3  
          Net income     $ 395,384   $ 328,500   $ 66,884     20.4  %
PER SHARE DATA    
     Basic earnings     $ .72   $ .60   $ .12     20.0  %
     Diluted earnings       .71     .60     .11     18.3  
     Weighted average shares -                                           Basic       549,282,008     546,576,484  
                                                                                     Diluted       553,654,679     550,547,045  
PERFORMANCE RATIOS BASED ON NET INCOME    
     Return on average assets       1.60  %   1.43  %
     Return on average equity       14.70     12.93  
     Efficiency ratio (taxable equivalent) (4)       52.7     55.7  

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.6 million) and $6.1 million, net of tax, in the first quarters of 2005 and 2004, respectively. See Reconciliation Tables included herein.
  (2) Excluding purchase accounting transactions, noninterest income would have increased approximately 1.7% for the quarter compared to the same period in 2004.
  (3) Excluding purchase accounting transactions, noninterest expense would have decreased approximately 5.3% for the quarter compared to the same period in 2004.
  (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  


As of / For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 3/31/05 3/31/04 $ %
CONSOLIDATED BALANCE SHEETS
  End of period balances
Cash and due from banks     $ 1,761,610   $ 1,867,913   $ (106,303 )   (5.7 ) %
Interest-bearing deposits with banks       291,293     250,179     41,114     16.4  
Federal funds sold and other earning assets       275,213     260,113     15,100     5.8  
Securities available for sale       19,562,488     17,584,687     1,977,801     11.2  
Securities held to maturity       --     125     (125 )   (100.0 )
Trading securities       478,661     364,481     114,180     31.3  
  Total securities       20,041,149     17,949,293     2,091,856     11.7  
Commercial loans and leases       34,984,863     31,743,612     3,241,251     10.2  
Direct retail loans       14,158,990     12,447,494     1,711,496     13.7  
Sales finance loans       6,274,100     6,190,940     83,160     1.3  
Revolving credit loans       1,236,692     1,167,467     69,225     5.9  
Mortgage loans       12,733,287     12,821,573     (88,286 )   (.7 )
  Total loans and leases       69,387,932     64,371,086     5,016,846     7.8  
Allowance for loan and lease losses       801,573     790,271     11,302     1.4  
  Total earning assets       90,424,985     82,607,385     7,817,600     9.5  
Premises and equipment, net       1,274,167     1,227,251     46,916     3.8  
Goodwill       4,163,108     3,837,956     325,152     8.5  
Core deposit and other intangibles       507,692     552,527     (44,835 )   (8.1 )
Other assets       5,114,495     4,755,456     359,039     7.6  
  Total assets       102,015,086     94,281,503     7,733,583     8.2  
Noninterest-bearing deposits       12,646,753     11,500,136     1,146,617     10.0  
Savings and interest checking       4,481,740     4,379,735     102,005     2.3  
Money rate savings       23,580,611     20,569,144     3,011,467     14.6  
CDs and other time deposits       26,127,235     27,675,877     (1,548,642 )   (5.6 )
  Total deposits       66,836,339     64,124,892     2,711,447     4.2  
Fed funds purchased, repos and other borrowings       9,152,099     5,748,572     3,403,527     59.2  
Long-term debt       11,126,988     10,625,382     501,606     4.7  
  Total interest-bearing liabilities       74,468,673     68,998,710     5,469,963     7.9  
Other liabilities       4,074,376     3,355,829     718,547     21.4  
  Total liabilities       91,189,802     83,854,675     7,335,127     8.7  
  Total shareholders' equity     $ 10,825,284   $ 10,426,828   $ 398,456     3.8  %
Average balances    
Securities, at amortized cost     $ 19,607,324   $ 17,188,281   $ 2,419,043     14.1  %
Commercial loans and leases       34,564,993     31,460,865     3,104,128     9.9  
Direct retail loans       14,054,806     12,269,198     1,785,608     14.6  
Sales finance loans       6,267,566     6,165,341     102,225     1.7  
Revolving credit loans       1,252,297     1,168,516     83,781     7.2  
Mortgage loans       12,438,476     12,156,224     282,252     2.3  
  Total loans and leases       68,578,138     63,220,144     5,357,994     8.5  
Allowance for loan and lease losses       808,470     786,556     21,914     2.8  
Other earning assets       620,364     697,659     (77,295 )   (11.1 )
  Total earning assets       88,805,826     81,106,084     7,699,742     9.5  
  Total assets       100,478,992     92,112,359     8,366,633     9.1  
Noninterest-bearing deposits       12,238,571     10,744,997     1,493,574     13.9  
Savings and interest checking       4,809,025     4,575,373     233,652     5.1  
Money rate savings       23,193,960     20,230,460     2,963,500     14.6  
CDs and other time deposits       27,079,998     25,993,720     1,086,278     4.2  
  Total deposits       67,321,554     61,544,550     5,777,004     9.4  
Fed funds purchased, repos and other borrowings       7,085,742     6,597,199     488,543     7.4  
Long-term debt       11,390,424     10,621,546     768,878     7.2  
  Total interest-bearing liabilities       73,559,149     68,018,298     5,540,851     8.1  
  Total shareholders' equity     $ 10,904,662   $ 10,218,527   $ 686,135     6.7  %

As of / For the Quarter Ended
(Dollars in thousands)   3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
MISCELLANEOUS INFORMATION
             
  Unrealized appreciation (depreciation) on
  securities available for sale, net of tax           $ (270,708 ) $ (87,474 ) $ (48,057 ) $ (228,129 ) $ 145,119  
Derivatives (notional value)             30,496,627     20,509,499     17,346,172     19,980,873     20,219,582  
Fair value of derivatives portfolio             39,680     73,325     116,599     23,345     214,865  
Common stock prices:       High     42.24     43.25     40.46     37.91     38.80  
        Low     37.68     38.67     36.38     33.02     34.48  
        End of period     39.08     42.05     39.69     36.97     35.30  
Weighted average shares -       Basic     549,282,008     552,053,611     553,944,042     554,041,770     546,576,484  
        Diluted     553,654,679     557,510,572     558,576,819     557,485,680     550,547,045  
End of period shares outstanding             548,638,822     550,406,287     552,488,008     555,337,965     548,022,164  
End of period banking offices             1,409     1,413     1,416     1,420     1,353  
ATMs             1,930     1,930     1,927     1,911     1,848  
FTEs             26,526     26,148     26,158     26,761     26,575  

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 7   Investor Relations   FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands, except per share data) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
OPERATING EARNINGS STATEMENTS (1)
  Interest income - taxable equivalent
     Interest and fees on loans and leases     $ 1,059,777   $ 1,016,346   $ 990,783   $ 952,389   $ 919,030  
     Interest and dividends on securities       199,994     188,030     185,284     185,476     179,639  
     Interest on short-term investments       3,883     3,569     2,943     2,067     2,509  
       Total interest income - taxable equivalent       1,263,654     1,207,945     1,179,010     1,139,932     1,101,178  
     Interest expense    
     Interest on deposits       241,299     208,404     181,790     172,689     166,777  
     Interest on fed funds purchased, repos and other borrowings       42,466     28,806     25,948     17,968     17,395  
     Interest on long-term debt       110,544     104,603     95,544     89,094     89,454  
       Total interest expense       394,309     341,813     303,282     279,751     273,626  
     Net interest income - taxable equivalent       869,345     866,132     875,728     860,181     827,552  
     Less: Taxable equivalent adjustment       20,162     20,091     20,072     20,478     20,729  
       Net interest income       849,183     846,041     855,656     839,703     806,823  
     Provision for credit losses       41,045     65,153     57,165     63,533     63,418  
       Net interest income after provision for                                  
          credit losses       808,138     780,888     798,491     776,170     743,405  
     Noninterest income    
     Service charges on deposits       120,772     133,590     135,521     131,445     122,763  
     Mortgage banking income       30,193     26,939     22,061     56,656     4,419  
     Investment banking and brokerage fees and commissions       68,883     64,733     59,834     63,624     76,598  
     Trust revenue       30,407     29,113     28,862     31,519     29,985  
     Insurance commissions       152,290     167,278     163,359     164,712     123,706  
     Other nondeposit fees and commissions       80,382     84,723     82,774     79,465     71,634  
     Securities gains (losses), net       7     52     6,590     2     (511 )
     Other noninterest income       33,687     41,751     33,828     35,353     46,893  
       Total noninterest income       516,621     548,179     532,829     562,776     475,487  
     Noninterest expense    
     Personnel expense       415,116     383,496     404,999     422,987     420,275  
     Occupancy and equipment expense       105,744     107,480     104,469     103,428     100,147  
     Foreclosed property expense       5,718     6,876     6,309     7,085     6,002  
     Amortization of intangibles       28,102     29,342     24,280     28,670     24,056  
     Other noninterest expense       178,583     185,509     173,410     177,278     174,247  
       Total noninterest expense       733,263     712,703     713,467     739,448     724,727  
     Operating earnings before income taxes       591,496     616,364     617,853     599,498     494,165  
     Provision for income taxes       197,739     200,556     206,933     199,041     159,521  
       Operating earnings (1)     $ 393,757   $ 415,808   $ 410,920   $ 400,457   $ 334,644  
PER SHARE DATA BASED ON    
     OPERATING EARNINGS (1)    
     Basic earnings     $ .72   $ .75   $ .74   $ .72   $ .61  
     Diluted earnings       .71     .75     .74     .72     .61  
     Dividends paid per share       .35     .35     .35     .32     .32  
     Book value per share       19.73     19.76     19.54     18.95     19.03  
     Tangible book value per share (2)       11.22     11.33     11.17     10.56     11.01  
PERFORMANCE RATIOS BASED ON    
     OPERATING EARNINGS (1)    
     Return on average assets       1.59  %   1.68  %   1.68  %   1.66  %   1.46  %
     Return on average equity       14.64     15.17     15.35     15.18     13.17  
     Net yield on earning assets (taxable equivalent)       3.95     3.97     4.07     4.02     4.09  
     Efficiency ratio (taxable equivalent) (3)       52.9     50.1     50.3     52.6     55.0  
     Noninterest income as a percentage of                                  
       total income (taxable equivalent) (3)       36.8     38.6     37.8     38.2     36.7  
     Equity as a percentage of total assets at    
       end of period       10.6     10.8     11.0     10.8     11.1  
     Average earning assets as a percentage of                                  
       average total assets       88.4     88.3     88.4     88.2     88.1  
     Average loans and leases as a percentage of    
       average deposits       101.9     101.5     102.5     101.3     102.7  
CASH BASIS PERFORMANCE BASED ON    
     OPERATING EARNINGS (1) (4)    
     Cash basis operating earnings     $ 415,829   $ 438,242   $ 430,155   $ 422,466   $ 354,965  
     Diluted earnings per share       .75     .79     .77     .76     .64  
     Return on average tangible assets       1.76  %   1.86  %   1.85  %   1.83  %   1.62  %
     Return on average tangible equity       27.00     27.77     28.50     28.41     23.93  
     Efficiency ratio (taxable equivalent) (3)       50.6     47.8     48.3     50.3     52.8  

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings exclude the effect of merger-related charges or credits and nonrecurring items. These amounts totaled $(1.6 million), $(1.1 million), $(2.0 million), $351 thousand and $6.1 million, net of tax, for the quarters ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004, 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 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 8   Investor Relations   FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands, except per share data) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
INCOME STATEMENTS
  Interest income
     Interest and fees on loans and leases     $ 1,052,821   $ 1,009,526   $ 983,904   $ 945,561   $ 912,156  
     Interest and dividends on securities       186,788     174,759     172,091     171,826     165,784  
     Interest on short-term investments       3,883     3,569     2,943     2,067     2,509  
       Total interest income       1,243,492     1,187,854     1,158,938     1,119,454     1,080,449  
     Interest expense    
     Interest on deposits       241,299     208,404     181,790     172,689     166,777  
     Interest on fed funds purchased, repos and other borrowings       42,466     28,806     25,948     17,968     17,395  
     Interest on long-term debt       110,544     104,603     95,544     89,094     89,454  
       Total interest expense       394,309     341,813     303,282     279,751     273,626  
     Net interest income       849,183     846,041     855,656     839,703     806,823  
     Provision for credit losses       41,045     65,153     57,165     63,533     63,418  
       Net interest income after provision for                                  
          credit losses       808,138     780,888     798,491     776,170     743,405  
     Noninterest income    
     Service charges on deposits       120,772     133,590     135,521     131,445     122,763  
     Mortgage banking income       30,193     26,939     22,061     56,656     4,419  
     Investment banking and brokerage fees and commissions       68,883     64,733     59,834     63,624     76,598  
     Trust revenue       30,407     29,113     28,862     31,519     29,985  
     Insurance commissions       152,290     167,278     163,359     164,712     123,706  
     Other nondeposit fees and commissions       80,382     84,723     82,774     79,465     71,634  
     Securities gains (losses), net       7     52     6,590     2     (511 )
     Other noninterest income       33,687     41,751     33,828     35,353     46,893  
       Total noninterest income       516,621     548,179     532,829     562,776     475,487  
     Noninterest expense    
     Personnel expense       415,116     383,496     404,999     422,987     420,275  
     Occupancy and equipment expense       105,744     107,480     104,469     103,428     100,147  
     Foreclosed property expense       5,718     6,876     6,309     7,085     6,002  
     Amortization of intangibles       28,102     29,342     24,280     28,670     24,056  
     Merger-related and restructuring charges or credits       (2,557 )   (1,864 )   (3,059 )   791     9,650  
     Other noninterest expense       178,583     185,509     173,410     177,278     174,247  
       Total noninterest expense       730,706     710,839     710,408     740,239     734,377  
     Income before income taxes       594,053     618,228     620,912     598,707     484,515  
     Provision for income taxes       198,669     201,344     208,027     198,601     156,015  
       Net income     $ 395,384   $ 416,884   $ 412,885   $ 400,106   $ 328,500  
PER SHARE DATA    
     Basic earnings     $ .72   $ .76   $ .75   $ .72   $ .60  
     Diluted earnings       .71     .75     .74     .72     .60  
         
For the Quarter Ended
3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:    
     Securities and other earning assets:    
       U.S. Government securities and other earning assets       3.73  %   3.69  %   3.75  %   3.83  %   3.91  %
       Mortgage-backed securities       4.66     4.66     4.42     4.19     4.91  
       State and municipal securities       6.71     6.52     6.45     6.58     6.46  
       Trading securities       2.43     1.33     3.94     1.89     1.45  
          Total securities and other earning assets       4.03     3.92     3.96     3.96     4.07  
     Loans:    
       Commercial loans and leases       6.00     5.69     5.40     5.22     5.31  
       Consumer loans       7.11     6.83     6.90     6.65     6.77  
       Mortgage loans       5.45     5.43     5.57     5.55     5.72  
          Total loans       6.25     6.00     5.90     5.72     5.84  
             Total earning assets       5.75     5.53     5.47     5.33     5.45  
Interest expense:    
     Interest-bearing deposits:    
       Savings and interest checking       .31     .26     .22     .20     .21  
       Money rate savings       1.12     .94     .75     .64     .61  
       CDs and other time deposits       2.60     2.28     2.09     1.98     2.07  
          Total interest-bearing deposits       1.78     1.53     1.36     1.28     1.32  
          Fed funds purchased, repos and other borrowings       2.43     1.89     1.47     1.08     1.06  
          Long-term debt       3.92     3.63     3.54     3.36     3.38  
             Total interest-bearing liabilities       2.17     1.90     1.70     1.57     1.62  
     Net yield on earning assets       3.95  %   3.97  %   4.07  %   4.02  %   4.09  %

NOTES: (1) Fully taxable equivalent yields. Excludes nonrecurring items, where applicable. 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 9   Investor Relations   FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
SELECTED BALANCE SHEET DATA
  End of period balances
     Securities available for sale     $ 19,562,488   $ 18,838,196   $ 18,481,720   $ 17,477,628   $ 17,584,687  
     Securities held to maturity       --     125     125     125     125  
     Trading securities       478,661     334,256     445,571     388,998     364,481  
       Total securities       20,041,149     19,172,577     18,927,416     17,866,751     17,949,293  
     Commercial loans and leases       34,984,863     34,320,967     33,857,536     33,397,400     31,743,612  
     Direct retail loans       14,158,990     13,932,879     13,607,244     13,314,629     12,447,494  
     Sales finance loans       6,274,100     6,362,990     6,215,235     6,288,337     6,190,940  
     Revolving credit loans       1,236,692     1,276,876     1,221,404     1,204,479     1,167,467  
     Mortgage loans       12,733,287     12,268,889     11,891,511     12,831,806     12,821,573  
       Total loans and leases       69,387,932     68,162,601     66,792,930     67,036,651     64,371,086  
     Allowance for loan and lease losses       801,573     804,932     816,588     816,330     790,271  
     Other earning assets       566,506     1,243,512     542,511     490,738     510,292  
       Total earning assets       90,424,985     88,718,180     86,333,813     85,745,148     82,607,385  
       Total assets       102,015,086     100,508,641     97,880,397     97,348,285     94,281,503  
     Noninterest-bearing deposits       12,646,753     12,246,248     12,217,201     12,017,270     11,500,136  
     Savings and interest checking       4,481,740     4,490,214     4,344,138     4,506,042     4,379,735  
     Money rate savings       23,580,611     23,427,797     22,806,829     22,428,015     20,569,144  
     CDs and other time deposits       26,127,235     27,535,078     26,385,428     27,711,563     27,675,877  
       Total deposits       66,836,339     67,699,337     65,753,596     66,662,890     64,124,892  
     Fed funds purchased, repos and other borrowings       9,152,099     6,687,872     6,464,704     6,232,126     5,748,572  
     Long-term debt       11,126,988     11,419,624     11,145,504     10,524,646     10,625,382  
       Total interest-bearing liabilities       74,468,673     73,560,585     71,146,603     71,402,392     68,998,710  
       Total shareholders' equity       10,825,284     10,874,474     10,794,881     10,524,713     10,426,828  
     Goodwill       4,163,108     4,124,241     4,096,066     4,076,888     3,837,956  
     Core deposit and other intangibles       507,692     513,539     526,106     586,199     552,527  
       Total intangibles       4,670,800     4,637,780     4,622,172     4,663,087     4,390,483  
       Mortgage servicing rights     $ 390,340   $ 340,740   $ 340,535   $ 371,118   $ 256,341  
     Average balances    
     Securities, at amortized cost     $ 19,607,324   $ 18,880,095   $ 18,416,752   $ 18,378,505   $ 17,188,281  
     Commercial loans and leases       34,564,993     34,091,833     33,529,888     33,085,067     31,460,865  
     Direct retail loans       14,054,806     13,758,376     13,456,234     13,094,968     12,269,198  
     Sales finance loans       6,267,566     6,244,775     6,252,329     6,252,607     6,165,341  
     Revolving credit loans       1,252,297     1,239,100     1,210,728     1,184,780     1,168,516  
     Mortgage loans       12,438,476     12,110,729     12,429,128     13,246,064     12,156,224  
       Total loans and leases       68,578,138     67,444,813     66,878,307     66,863,486     63,220,144  
     Allowance for loan and lease losses       808,470     817,720     821,050     818,852     786,556  
     Other earning assets       620,364     660,714     569,256     554,295     697,659  
       Total earning assets       88,805,826     86,985,622     85,864,315     85,796,286     81,106,084  
       Total assets       100,478,992     98,541,446     97,129,491     97,286,405     92,112,359  
     Noninterest-bearing deposits       12,238,571     12,436,447     11,876,112     11,663,685     10,744,997  
     Savings and interest checking       4,809,025     4,767,397     4,813,519     5,034,541     4,575,373  
     Money rate savings       23,193,960     22,943,275     22,636,090     21,801,020     20,230,460  
     CDs and other time deposits       27,079,998     26,306,639     25,920,707     27,497,580     25,993,720  
       Total deposits       67,321,554     66,453,758     65,246,428     65,996,826     61,544,550  
     Fed funds purchased, repos and other borrowings       7,085,742     6,053,669     7,029,258     6,682,835     6,597,199  
     Long-term debt       11,390,424     11,489,627     10,759,965     10,668,414     10,621,546  
       Total interest-bearing liabilities       73,559,149     71,560,607     71,159,539     71,684,390     68,018,298  
       Total shareholders' equity     $ 10,904,662   $ 10,907,344   $ 10,648,868   $ 10,608,131   $ 10,218,527  
SELECTED CAPITAL INFORMATION (1)    
     Risk-based capital:    
       Tier 1     $ 6,767,299   $ 6,687,082   $ 6,579,667   $ 6,459,729   $ 6,218,081  
       Total       10,576,922     10,571,126     9,884,833     8,497,373     8,270,138  
     Risk-weighted assets       73,987,016     72,675,079     70,657,372     70,349,535     67,264,355  
     Average quarterly tangible assets       96,134,396     94,162,547     92,913,439     92,923,669     87,835,595  
     Risk-based capital ratios:    
       Tier 1       9.1  %   9.2  %   9.3  %   9.2  %   9.2  %
       Total       14.3     14.5     14.0     12.1     12.3  
     Leverage capital ratio       7.0     7.1     7.1     7.0     7.1  
     Equity as a percentage of total assets       10.6     10.8     11.0     10.8     11.1  
     Book value per share     $ 19.73   $ 19.76   $ 19.54   $ 18.95   $ 19.03  
     Tangible book value per share (2)       11.22     11.33     11.17     10.56     11.01  

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 10   Investor Relations   FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
ASSET QUALITY ANALYSIS
  Allowance For Credit Losses
  Beginning balance     $ 828,301   $ 825,665   $ 825,242   $ 799,650   $ 793,398  
  Allowance for acquired (sold) loans, net       --     1,795     (170 )   19,284     --  
  Provision for credit losses       41,045     65,153     57,165     63,533     63,418  
     Charge-offs    
          Commercial loans and leases       (12,892 )   (30,668 )   (23,858 )   (23,740 )   (22,176 )
          Direct retail loans       (11,484 )   (13,149 )   (12,170 )   (11,538 )   (11,295 )
          Sales finance loans       (21,689 )   (23,479 )   (22,225 )   (21,664 )   (22,518 )
          Revolving credit loans       (12,693 )   (13,149 )   (12,383 )   (12,531 )   (14,286 )
          Mortgage loans       (1,476 )   (1,352 )   (1,207 )   (1,916 )   (1,375 )
     Total charge-offs       (60,234 )   (81,797 )   (71,843 )   (71,389 )   (71,650 )
     Recoveries    
          Commercial loans and leases       4,043     7,788     6,210     4,216     6,057  
          Direct retail loans       2,399     2,566     2,090     2,675     2,489  
          Sales finance loans       4,275     4,559     4,317     4,165     3,511  
          Revolving credit loans       2,540     2,489     2,555     2,557     2,178  
          Mortgage loans       95     83     99     551     249  
     Total recoveries       13,352     17,485     15,271     14,164     14,484  
  Net charge-offs       (46,882 )   (64,312 )   (56,572 )   (57,225 )   (57,166 )
  Ending balance     $ 822,464   $ 828,301   $ 825,665   $ 825,242   $ 799,650  
Allowance For Credit Losses    
  Allowance for loan and lease losses     $ 801,573   $ 804,932   $ 816,588   $ 816,330   $ 790,271  
  Reserve for unfunded lending commitments       20,891     23,369     9,077     8,912     9,379  
     Total     $ 822,464   $ 828,301   $ 825,665   $ 825,242   $ 799,650  
Nonperforming Assets    
  Nonaccrual loans and leases:    
          Commercial loans and leases     $ 127,220   $ 143,420   $ 173,303   $ 199,718   $ 218,111  
          Direct retail loans       47,194     46,187     48,792     50,968     52,426  
          Sales finance loans       17,306     14,670     15,484     13,152     12,062  
          Revolving credit loans       266     349     374     369     367  
          Mortgage loans       62,476     64,010     62,871     61,132     62,756  
  Total nonaccrual loans and leases       254,462     268,636     300,824     325,339     345,722  
  Foreclosed real estate       60,147     69,324     67,329     68,035     74,832  
  Other foreclosed property       18,199     19,579     20,821     18,995     21,247  
  Restructured loans       537     555     563     566     573  
     Nonperforming assets     $ 333,345   $ 358,094   $ 389,537   $ 412,935   $ 442,374  
Loans 90 days or more past due    
  and still accruing:    
          Commercial loans and leases     $ 15,036   $ 9,986   $ 11,463   $ 11,180   $ 18,885  
          Direct retail loans       13,857     19,917     22,382     21,015     20,359  
          Sales finance loans       18,864     21,205     20,766     20,732     26,091  
          Revolving credit loans       4,067     4,837     4,797     4,116     4,644  
          Mortgage loans       31,432     44,225     40,397     38,698     33,917  
  Total loans 90 days or more past due    
     and still accruing       83,256     100,170     99,805     95,741     103,896  
  Loans 90 days or more past due and still accruing                                  
     as a percentage of total loans and leases       .12  %   .15  %   .15  %   .14  %   .16  %
Asset Quality Ratios    
  Nonaccrual and restructured loans and leases                                  
     as a percentage of total loans and leases       .37  %   .39  %   .45  %   .49  %   .54  %
  Nonperforming assets as a percentage of:    
     Total assets       .33     .36     .40     .42     .47  
     Loans and leases plus                                  
        foreclosed property       .48     .52     .58     .62     .69  
  Net charge-offs as a percentage of    
     average loans and leases       .28     .38     .34     .34     .36  
  Net charge-offs excluding specialized                                  
     lending as a percentage of average                                  
     loans and leases (1)       .17     .27     .19     .24     .25  
  Allowance for loan and lease losses as    
     a percentage of loans and leases       1.16     1.18     1.22     1.22     1.23  
  Allowance for loan and lease losses as                                  
     a percentage of loans and leases                                  
     held for investment       1.17     1.19     1.23     1.23     1.25  
  Ratio of allowance for loan and lease losses to:    
     Net charge-offs       4.22  x   3.15  x   3.63  x   3.55  x   3.44  x
     Nonaccrual and restructured loans and leases       3.14     2.99     2.71     2.50     2.28  

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 11   Investor Relations   FAX (336) 733-3132  


Percentage Increase (Decrease)
QTD Annualized Link QTD
1Q05 vs. 1Q04 1Q05 vs. 4Q04
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR
  PURCHASE ACQUISITIONS (1)
  Average Balances
     Commercial loans and leases       6.8  %   5.6  %
     Direct retail loans       10.5     7.3  
     Sales finance loans       1.6     1.1  
     Revolving credit loans       7.1     4.3  
     Mortgage loans (2)       7.2     11.0  
       Total loans and leases (2)       7.1     6.5  
     Noninterest-bearing deposits       11.9     (6.5 )
     Interest-bearing transaction accounts       4.8     9.4  
     CDs and other time deposits       0.1     11.9  
     Other deposits       9.5     1.5  
       Total deposits       5.2  %   5.3  %
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS    
     BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)    
     Net interest income - taxable equivalent       2.1  %   0.9  
     Noninterest income    
       Service charges on deposits       (2.7 )   (38.9 )
       Mortgage banking income       NM     49.0  
       Investment banking and brokerage fees and commissions       (10.4 )   (7.8 )
       Trust revenue       (0.6 )   18.0  
       Insurance commissions       0.1     (45.2 )
       Other nondeposit fees and commissions       11.1     (21.3 )
       Securities gains (losses), net       NM     NM  
       Other income       (29.0 )   (78.6 )
     Total noninterest income       1.7     (30.1 )
     Noninterest expense    
       Personnel expense       (7.6 )   25.8  
       Occupancy and equipment expense       (0.3 )   (8.0 )
       Other noninterest expense       (2.8 )   (19.4 )
     Total noninterest expense       (5.3 ) %   6.8  %

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
  (1) Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2005 and 2004.
  (2) 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 12   Investor Relations   FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
SELECTED MORTGAGE BANKING INFORMATION
  Residential Mortgage Servicing Rights (3):
   Ending balance     $ 432,618   $ 434,053   $ 440,327   $ 441,506   $ 419,937  
      Less: valuation allowance       (56,484 )   (107,636 )   (112,944 )   (85,085 )   (178,424 )
   Net balance       376,134     326,417     327,383     356,421     241,513  
Mortgage Servicing Rights Valuation Allowance:    
   Beginning balance     $ 107,636   $ 112,944   $ 85,085   $ 178,424   $ 143,727  
      Provisions for impairment       --     --     40,185     --     43,590  
      Recaptures       (51,079 )   (404 )   --     (91,867 )   --  
      Other-than-temporary impairment       (73 )   (4,904 )   (12,326 )   (1,472 )   (8,893 )
   Ending balance       56,484     107,636     112,944     85,085     178,424  
Residential Mortgage Loan Originations     $ 2,260,384   $ 2,370,483   $ 2,125,721   $ 3,165,695   $ 2,299,118  
 
Residential Mortgage Servicing Portfolio:    
      Loans serviced for others     $ 25,575,478   $ 25,569,089   $ 25,707,237   $ 24,662,645   $ 24,034,974  
      Bank owned loans serviced       12,733,287     12,268,889     11,891,511     12,831,806     12,821,573  
        Total servicing portfolio       38,308,765     37,837,978     37,598,748     37,494,451     36,856,547  
      Weighted Average Coupon Rate       5.84  %   5.86  %   5.84  %   5.85  %   5.94  %
      Weighted Average Servicing Fee       .347     .347     .346     .350     .349  
           
  For the Quarter Ended
(Dollars in thousands, except per share data) 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04
RECONCILIATION TABLE          
Net income     $ 395,384   $ 416,884   $ 412,885   $ 400,106   $ 328,500  
   Merger-related items, net of tax       (1,627 )   (1,076 )   (1,965 )   351     6,144  
Operating earnings       393,757     415,808     410,920     400,457     334,644  
   Amortization of intangibles, net of tax       17,705     18,557     15,358     18,135     15,215  
   Amortization of mark-to-market adjustments, net of tax       4,367     3,877     3,877     3,874     5,106  
Cash basis operating earnings       415,829     438,242     430,155     422,466     354,965  
Return on average assets       1.60  %   1.68  %   1.69  %   1.65  %   1.43  %
   Effect of merger-related items, net of tax       (.01 )   --     (.01 )   .01     .03  
Operating return on average assets       1.59     1.68     1.68     1.66     1.46  
   Effect of amortization of intangibles, net of tax (2)       .15     .16     .15     .16     .14  
   Effect of amortization of mark-to-market adjustments,                                  
      net of tax       .02     .02     .02     .01     .02  
Cash basis operating return on average    
    tangible assets       1.76     1.86     1.85     1.83     1.62  
Return on average equity       14.70  %   15.21  %   15.42  %   15.17  %   12.93  %
   Effect of merger-related items, net of tax       (.06 )   (.04 )   (.07 )   .01     .24  
Operating return on average equity       14.64     15.17     15.35     15.18     13.17  
   Effect of amortization of intangibles, net of tax (2)       12.07     12.36     12.89     12.97     10.42  
   Effect of amortization of mark-to-market adjustments,                                  
      net of tax       .29     .24     .26     .26     .34  
Cash basis operating return on average    
   tangible equity       27.00     27.77     28.50     28.41     23.93  
Efficiency ratio (taxable equivalent) (1)       52.7  %   49.9  %   50.0  %   52.6  %   55.7  %
   Effect of merger-related items       .2     .2     .3     --     (.7 )
Operating efficiency ratio (1)       52.9     50.1     50.3     52.6     55.0  
   Effect of amortization of intangibles       (2.0 )   (2.1 )   (1.8 )   (2.0 )   (1.9 )
   Effect of amortization of mark-to-market adjustments       (.3 )   (.2 )   (.2 )   (.3 )   (.3 )
Cash basis operating efficiency ratio (1)       50.6     47.8     48.3     50.3     52.8  
Basic earnings per share     $ .72   $ .76   $ .75   $ .72   $ .60  
   Effect of merger-related items, net of tax       --     (.01 )   (.01 )   --     .01  
Operating basic earnings per share       .72     .75     .74     .72     .61  
Diluted earnings per share     $ .71   $ .75   $ .74   $ .72   $ .60  
   Effect of merger-related items, net of tax       --     --     --     --     .01  
Operating diluted earnings per share       .71     .75     .74     .72     .61  
   Effect of amortization of intangibles, net of tax       .03     .03     .02     .03     .02  
   Effect of amortization of mark-to-market adjustments,    
      net of tax       .01     .01     .01     .01     .01  
Cash basis operating diluted earnings per share       .75     .79     .77     .76     .64  

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) Balances exclude commercial mortgage servicing rights totaling $14.2 million, $14.3 million, $13.2 million, $14.7 million and $14.8 million, as of March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004, respectively.


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