8-K

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 21, 2016

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:

[ ] 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

On January 21, 2016, BB&T Corporation issued a press release reporting fourth quarter 2015 results and posted on its website its fourth quarter 2015 Earnings Release, Quarterly Performance Summary and Earnings Release Presentation. The release contains forward-looking statements regarding BB&T and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively.

ITEM 9.01	Financial Statements and Exhibits
Exhibit No.	Description of Exhibit
99.1	BB&T Corporation's Earnings Release issued January 21, 2016.
99.2	BB&T Corporation's Quarterly Performance Summary issued January 21, 2016.
99.3	BB&T Corporation's Earnings Release Presentation issued January 21, 2016.

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/ Cynthia B. Powell

Cynthia B. Powell

Executive Vice President and Corporate Controller

(Principal Accounting Officer)

Date: January 21, 2016

EX-99.1

Exhibit 99.1

January 21, 2016

FOR IMMEDIATE RELEASE

Contacts:
ANALYSTS		MEDIA
Alan Greer	Tamera Gjesdal	Cynthia A. Williams
Executive Vice President	Senior Vice President	Senior Executive Vice President
Investor Relations	Investor Relations	Corporate Communications
(336) 733-3021	(336) 733-3058	(336) 733-1470

BB&T reports revenue up 6.9% following acquisitions

Diluted EPS of $0.64 ($0.68 adjusted)

WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE: BBT) today reported quarterly earnings for the fourth quarter of 2015. Net income available to common shareholders was $502 million, or $0.64 per diluted common share for the fourth quarter of 2015. Excluding merger-related and restructuring charges, net income available to common shareholders was $535 million, or $0.68 per diluted share.

Net income available to common shareholders was $492 million ($0.64 per diluted share) and $551 million ($0.75 per diluted share) for the third quarter of 2015 and fourth quarter of 2014, respectively.

“We are pleased to report solid results for the quarter, driven by strong net interest income following our acquisition of Susquehanna Bancshares during the third quarter,” said Chairman and Chief Executive Officer Kelly S. King. “Our fee income remained steady and our net interest income was up more than 12% from the fourth quarter of last year.

“Revenues were $2.6 billion, up $164 million compared to the fourth quarter of 2014, reflecting our strategic acquisitions during the year. Revenues for the year were $9.8 billion, up 4% over 2014, led by record fee income of $4.0 billion,” said King. “With a strong balance sheet and cost reductions from acquisitions, I am looking forward to our continued success during 2016.

“After the successful conversion of Susquehanna’s systems in the fourth quarter, we were pleased to receive approval from our federal and state banking regulators for our acquisition of National Penn, which is expected to close April 1st and significantly expand our presence in the mid-Atlantic region,” said King.

- 1 - 

Fourth Quarter 2015 Performance Highlights

· Taxable equivalent revenues were $2.6 billion for the fourth quarter, up $68 million from the third quarter of 2015

o Net interest income was up $41 million, primarily driven by a full quarter of Susquehanna activity

o Net interest margin was 3.35%, flat compared to the prior quarter

o Noninterest income was up $27 million primarily due to insurance income

o Fee income ratio was 41.8%, compared to 42.1% for the prior quarter

· Noninterest expense was $1.6 billion, essentially flat compared to the third quarter

o Personnel expense and occupancy and equipment expense increased primarily due to the full quarter impact of Susquehanna’s operations

o Merger-related and restructuring charges were $27 million lower as Susquehanna related charges declined

o The adjusted efficiency ratio was 58.8%, down from 59.2% in the prior quarter

· Average loans and leases held for investment increased $4.3 billion compared to the third quarter of 2015; annualized growth of approximately 2.0% excluding acquisitions

o Average C&I loans increased 13.5% annualized; or 7.8% excluding acquisitions

o Average direct retail loans increased 38.8% annualized; or 11.2% excluding acquisitions

o Average other lending subsidiaries loans increased 13.7% annualized; or 7.3% excluding acquisitions

· Average deposits increased $4.7 billion compared to the prior quarter

o Average noninterest-bearing deposits increased an annualized 15.0%; or 7.5% excluding acquisitions

o Average interest-bearing deposit costs were 0.24%, flat compared to the prior quarter

o Deposit mix remained strong, with average noninterest-bearing deposits representing 30.9% of total deposits, compared to 30.7% in the prior quarter

· Asset quality remained strong

o Nonperforming assets decreased $32 million during the quarter

o Loans 90 days or more past due and still accruing were 0.23% of loans held for investment, compared to 0.28% in the prior quarter

o Loans 30-89 days past due and still accruing were 0.76% of loans held for investment, compared to 0.67% in the prior quarter

o The allowance for loan and lease losses was 1.07% of loans held for investment, compared to 1.08% in the prior quarter

o The allowance for loan loss coverage ratio was 2.53 times nonperforming loans held for investment, versus 2.49 times in the prior quarter

- 2 - 

· Capital levels remained strong across the board

o Common equity tier 1 to risk-weighted assets was 10.2%, or 10.0% on a fully phased-in basis

o Tier 1 risk-based capital was 11.8%

o Total capital was 14.2%

o Leverage capital was 9.8%

o Tangible common equity to tangible assets was 7.7%

EARNINGS HIGHLIGHTS								Change		Change
(dollars in millions, except per share data)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
		2015		2015		2014 (2)		Q3 15		Q4 14
Net income available to common shareholders		$	502	$	492	$	551	$	10	$	(49)
Diluted earnings per common share			0.64		0.64		0.75		―		(0.11)
Net interest income - taxable equivalent		$	1,542	$	1,501	$	1,371	$	41	$	171
Noninterest income			1,015		988		1,022		27		(7)
	Total revenue	$	2,557	$	2,489	$	2,393	$	68	$	164
Return on average assets (%)			1.03		1.04		1.28		(0.01)		(0.25)
Return on average risk-weighted assets (%)			1.29		1.32		1.68		(0.03)		(0.39)
Return on average common shareholders' equity (%)			8.06		8.14		9.99		(0.08)		(1.93)
Return on average tangible common shareholders'
	equity (1) (%)		13.37		13.23		15.45		0.14		(2.08)
Net interest margin - taxable equivalent (%)			3.35		3.35		3.36		―		(0.01)
Efficiency ratio (1) (%)			58.8		59.2		55.6		(0.4)		3.2

(1) Excludes certain items as detailed in the non-GAAP reconciliations in the Quarterly Performance Summary.

(2) Applicable Q4 2014 amounts were revised as a result of the January 1, 2015 adoption of new guidance related to the accounting for investments in qualified affordable housing projects.

Fourth Quarter 2015 compared to Third Quarter 2015

Total revenues were $2.6 billion for the fourth quarter of 2015, an increase of $68 million compared to the prior quarter, which reflects an increase in taxable-equivalent net interest income of $41 million and an increase in noninterest income of $27 million.

The net interest margin was 3.35% for the fourth quarter, flat compared to the prior quarter. Average earning assets increased $4.7 billion and average interest-bearing liabilities increased $3.0 billion, which primarily reflect the inclusion of Susquehanna’s operations for a full quarter.

The annualized yield on the total loan portfolio for the fourth quarter was 4.31%, flat compared to the prior quarter. The annualized fully taxable-equivalent yield on the average securities portfolio for the fourth quarter was 2.30%, up three basis points compared to the prior quarter.

The average annualized cost of interest-bearing deposits was 0.24%, flat compared to the prior quarter. The average annualized rate paid on long-term debt was 2.11%, a decrease of one basis point compared to the prior quarter.

- 3 - 

Excluding acquired from FDIC and purchased credit impaired (“PCI”) loans, the provision for credit losses was $128 million and net charge-offs were $130 million for the fourth quarter, compared to $100 million and $107 million, respectively, for the prior quarter. The current quarter included net charge-offs of $7 million related to the sale of approximately $50 million of nonperforming residential mortgage loans.

Noninterest income increased $27 million, primarily driven by higher insurance income and other income, partially offset by lower investment banking and brokerage fees and commissions.

Noninterest expense was $1.6 billion for the fourth quarter, essentially flat compared to the prior quarter. Higher personnel expense, occupancy and equipment expense and other expense were partially offset by lower merger-related and restructuring charges and lower professional services.

The provision for income taxes was $251 million for the fourth quarter, compared to $222 million for the prior quarter. This produced an effective tax rate for the fourth quarter of 31.7%, compared to 29.4% for the prior quarter. The increase is primarily attributable to a reduction in federal tax credits and higher pre-tax income.

Fourth Quarter 2015 compared to Fourth Quarter 2014

Total revenues were $2.6 billion for the fourth quarter of 2015, up $164 million compared to the earlier quarter. This increase was driven by a $171 million increase in taxable-equivalent net interest income, largely the result of the Susquehanna and The Bank of Kentucky acquisitions.

Net interest margin was 3.35%, compared to 3.36% for the earlier quarter. Average earning assets increased $20.6 billion, or 12.7%, while average interest-bearing liabilities increased $13.3 billion, or 11.4%, both of which were primarily driven by the Susquehanna and The Bank of Kentucky acquisitions. The annualized yield on the total loan portfolio for the fourth quarter was 4.31%, an increase of two basis points compared to the earlier quarter, which primarily reflects the impact of the current year acquisitions, partially offset by runoff of loans acquired from the FDIC. The annualized fully taxable-equivalent yield on the average securities portfolio for the fourth quarter was 2.30%, compared to 2.45% for the earlier period. This decline reflects lower rates on mortgage-backed securities, runoff of securities acquired from the FDIC and larger holdings in U.S. Treasuries.

The average annualized cost of interest-bearing deposits was 0.24%, a decline of one basis point compared to the earlier quarter. The average annualized rate paid on long-term debt was 2.11%, compared to 2.22% for the earlier quarter. This decrease was primarily due to early extinguishments of higher cost FHLB advances.

- 4 - 

Excluding acquired from FDIC and PCI loans, the provision for credit losses was $128 million, compared to $84 million in the earlier quarter. The earlier quarter included a $24 million allowance release related to the sale of nonperforming mortgage loans, which also resulted in $4 million of net recoveries. Net charge-offs for the fourth quarter of 2015, excluding loans acquired from the FDIC and PCI, totaled $130 million, compared to $102 million for the earlier quarter.

The $7 million decrease in noninterest income was driven by lower insurance income, mortgage banking income and investment banking and brokerage fees and commissions, partially offset by improved FDIC loss share income and higher other income.

Noninterest expense was $1.6 billion for the fourth quarter of 2015, an increase of $203 million compared to the earlier quarter. This increase was primarily driven by the Susquehanna and The Bank of Kentucky acquisitions, which resulted in higher personnel expense, occupancy and equipment expense, merger-related and restructuring charges and other expense. These increases were partially offset by a decrease in loan-related expense.

The provision for income taxes was $251 million for the fourth quarter of 2015, compared to $277 million for the earlier quarter. This produced an effective tax rate for the fourth quarter of 2015 of 31.7%, compared to 31.5% for the earlier quarter.

NONINTEREST INCOME								% Change		% Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
		2015		2015		2014		Q3 15		Q4 14
								(annualized)
Insurance income		$	380	$	354	$	409		29.1		(7.1)
Service charges on deposits			165		167		160		(4.8)		3.1
Mortgage banking income			104		111		128		(25.0)		(18.8)
Investment banking and brokerage fees and
	commissions		91		105		112		(52.9)		(18.8)
Trust and investment advisory revenues			64		63		56		6.3		14.3
Bankcard fees and merchant discounts			56		57		52		(7.0)		7.7
Checkcard fees			47		45		41		17.6		14.6
Operating lease income			33		32		29		12.4		13.8
Income from bank-owned life insurance			27		29		30		(27.4)		(10.0)
FDIC loss share income, net			(52)		(58)		(84)		(41.0)		(38.1)
Securities gains (losses), net			―		(2)		―		NM		NM
Other income (1)			100		85		89		70.0		12.4
	Total noninterest income	$	1,015	$	988	$	1,022		10.8		(0.7)
(1)	The Q4 2014 amount was revised as a result of the January 1, 2015 adoption of new guidance related to the accounting for investments in qualified affordable housing projects.
NM - not meaningful.

- 5 - 

Fourth Quarter 2015 compared to Third Quarter 2015

Noninterest income was $1.0 billion for the fourth quarter, an increase of $27 million compared to the prior quarter. This increase was driven by higher insurance income and other income, partially offset by lower investment banking and brokerage fees and commissions.

Insurance income increased $26 million, primarily due to seasonality. Other income increased $15 million, primarily due to a $25 million increase in income related to assets for certain post-employment benefits, which is offset in personnel expense. The increase in other income also reflects a $12 million improvement in client derivative income. These increases were partially offset by a decrease of $20 million in partnership and other investment income, which was the result of an opportunistic sale that resulted in a $28 million gain in the prior quarter.

Investment banking and brokerage fees and commissions were $14 million lower due to higher capital markets activity in the prior quarter.

Fourth Quarter 2015 compared to Fourth Quarter 2014

Noninterest income for the fourth quarter of 2015 decreased $7 million compared to the earlier quarter. This decrease was driven by lower insurance income, mortgage banking income and investment banking and brokerage fees and commissions, partially offset by improved FDIC loss share income and an increase in other income.

Insurance income declined $29 million primarily due to the second quarter sale of American Coastal, which resulted in a $36 million reduction in revenue, partially offset by higher commission income in the property and casualty insurance business.

Mortgage banking income declined $24 million, driven by $11 million of lower mortgage servicing rights valuation adjustments and lower saleable loan volume.

Investment banking and brokerage fees and commissions declined $21 million, primarily due to higher capital markets activity occurring in the earlier quarter.

FDIC loss share income improved $32 million primarily due to lower loan accretion. Other income increased $11 million primarily due to higher income from client derivatives and higher income related to assets for certain post-employment benefits (which is offset in personnel expense), partially offset by lower partnerships and investment income.

- 6 - 

NONINTEREST EXPENSE								% Change		% Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
		2015		2015		2014		Q3 15		Q4 14
								(annualized)
Personnel expense		$	893	$	882	$	794		4.9		12.5
Occupancy and equipment expense			192		183		168		19.5		14.3
Software expense			52		50		45		15.9		15.6
Loan-related expense			37		38		71		(10.4)		(47.9)
Outside IT services			41		35		27		68.0		51.9
Professional services			29		42		38		(122.8)		(23.7)
Amortization of intangibles			32		29		22		41.0		45.5
Regulatory charges			28		25		24		47.6		16.7
Foreclosed property expense			11		15		10		(105.8)		10.0
Merger-related and restructuring charges, net			50		77		18		(139.1)		177.8
Other expense			232		218		177		25.5		31.1
	Total noninterest expense	$	1,597	$	1,594	$	1,394		0.7		14.6
NM - not meaningful.

Fourth Quarter 2015 compared to Third Quarter 2015

Noninterest expense was $1.6 billion for the fourth quarter, up $3 million compared to the prior quarter. This change was driven by increases in other expense and personnel expense, as well as smaller increases in various other categories, partially offset by lower merger-related and restructuring charges and a decrease in professional services.

Other expense increased $14 million primarily reflecting higher operating charge-offs, charitable contributions and travel.

Personnel expense increased $11 million, driven by $14 million of higher salary expense due to a full quarter of increased headcount resulting from the Susquehanna acquisition. The higher personnel expense also reflects a $25 million increase in certain post-employment benefits expense (offset in other income). These increases were partially offset by an $18 million improvement in employee medical and insurance benefits and a $12 million reduction in equity-based compensation due to the acceleration of expense for retirement eligible employees in the prior quarter.

Merger-related and restructuring charges declined by $27 million, primarily due to the impact of the Susquehanna acquisition in the prior quarter. Professional services declined $13 million due to lower volume.

Fourth Quarter 2015 compared to Fourth Quarter 2014

Noninterest expense for the fourth quarter of 2015 was $1.6 billion, an increase of $203 million compared to the fourth quarter of 2014. This increase reflects higher expense in a number of categories primarily resulting from acquisition activity, partially offset by a reduction in loan-related expense.

- 7 - 

Personnel expense increased $99 million, driven by a $72 million increase in salaries, which reflects an increase in FTEs of approximately 3,800 primarily resulting from the current year acquisitions. Employee benefits expense increased $35 million, primarily due to $19 million of higher pension expense due to changes in actuarial assumptions as well as $9 million of higher expense related to certain post-employment benefits (offset in other income). These increases in personnel expense were partially offset by a $13 million reduction in incentives.

Other expense increased $55 million primarily due to a $15 million franchise tax benefit recognized in the earlier quarter and increases in various categories of other expense including taxes and licenses, depreciation on assets subject to operating leases, outsourced services, marketing and advertising. These increases and other smaller increases were partially offset by a reduction in business referral fee expense primarily due to the sale of American Coastal.

Merger-related and restructuring charges increased $32 million, primarily due to the Susquehanna acquisition and expenses related to the planned acquisition of National Penn.

Outside IT services increased $14 million due to ongoing information system enhancement projects and initiatives. Occupancy and equipment expense and amortization of intangibles both increased as a result of the current year acquisitions.

Loan-related expense decreased $34 million largely due to a $27 million charge in the earlier quarter related to a review of mortgage lending processes.

LOANS AND LEASES - average balances								% Change	% Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.	Q4 15 vs.
		2015		2015		2014		Q3 15	Q4 14
								(annualized)
Commercial and industrial		$	48,047	$	46,462	$	40,383	13.5	19.0
CRE - income producing properties			13,264		12,514		10,681	23.8	24.2
CRE - construction and development			3,766		3,502		2,772	29.9	35.9
Dealer floor plan			1,164		1,056		1,053	40.6	10.5
Direct retail lending			10,896		9,926		8,085	38.8	34.8
Sales finance			10,533		10,386		9,194	5.6	14.6
Revolving credit			2,458		2,421		2,427	6.1	1.3
Residential mortgage			30,334		30,384		31,046	(0.7)	(2.3)
Other lending subsidiaries			13,281		12,837		11,351	13.7	17.0
Acquired from FDIC and PCI			1,070		1,052		1,309	6.8	(18.3)
	Total loans and leases held for investment	$	134,813	$	130,540	$	118,301	13.0	14.0

Average loans held for investment for the fourth quarter of 2015 were $134.8 billion, up $4.3 billion compared to the third quarter of 2015. Excluding acquisitions (which comprises Susquehanna, The Bank of Kentucky, both branch acquisitions in Texas and BankAtlantic), average loans held for investment were up approximately 2.0% on an annualized basis.

- 8 - 

Average commercial and industrial loans increased $1.6 billion during the fourth quarter of 2015. Approximately $740 million of the increase was the result of acquisitions while the remaining increase reflects continued growth in large corporate lending. Average commercial real estate – income producing properties loans increased $750 million and average commercial real estate – construction and development loans increased $264 million, with the majority of both of these increases being attributable to acquisitions. Dealer floor plan average loans, which were not significantly impacted by acquisition activity, were up $108 million or 40.6% annualized, due to strong organic growth.

Direct retail lending average loans increased $970 million; approximately $735 million of the growth was due to acquisitions. Other lending subsidiaries average loans increased $444 million, with approximately half of the increase due to acquisitions.

Excluding acquisition activity, average sales finance loans declined approximately $400 million, which is partially due to dealer pricing structure changes implemented during the third quarter. Average residential mortgage loans decreased approximately $430 million excluding acquisitions, which reflects the continued strategy to sell conforming residential mortgage loan production.

DEPOSITS - average balances								% Change		% Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
		2015		2015		2014		Q3 15		Q4 14
								(annualized)
Noninterest-bearing deposits		$	45,824	$	44,153	$	39,130		15.0		17.1
Interest checking			24,157		22,593		19,308		27.5		25.1
Money market and savings			61,431		59,306		51,176		14.2		20.0
Time deposits			16,981		16,837		20,041		3.4		(15.3)
Foreign office deposits - interest-bearing			98		948		660		NM		(85.2)
	Total deposits	$	148,491	$	143,837	$	130,315		12.8		13.9

Average deposits for the fourth quarter were $148.5 billion, an increase of $4.7 billion compared to the prior quarter. Average noninterest-bearing deposits increased $1.7 billion, with approximately $870 million of the increase due to acquisitions. Interest checking grew $1.6 billion (approximately $220 million excluding acquisitions) and money market and savings grew $2.1 billion (approximately $535 million excluding acquisitions. Excluding acquisition activity, time deposits declined approximately $650 million, or an annualized 18.5%.

The growth in noninterest-bearing deposits and lower-cost deposits drove continued improvement in mix during the quarter. Noninterest-bearing deposits represented 30.9% of total average deposits for the fourth quarter, compared to 30.7% for the prior quarter and 30.0% a year ago.

The cost of interest-bearing deposits was 0.24% for the fourth quarter, flat compared to the prior quarter.

- 9 - 

SEGMENT RESULTS								Change		Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
Segment Net Income		2015		2015		2014		Q3 15		Q4 14
Community Banking		$	272	$	263	$	250	$	9	$	22
Residential Mortgage Banking			49		59		82		(10)		(33)
Dealer Financial Services			42		44		34		(2)		8
Specialized Lending			71		69		65		2		6
Insurance Services			36		21		65		15		(29)
Financial Services			103		82		79		21		24
Other, Treasury and Corporate			(31)		(5)		28		(26)		(59)
	Total net income	$	542	$	533	$	603	$	9	$	(61)

Fourth Quarter 2015 compared to Third Quarter 2015

The financial information related to Susquehanna’s operations was included in the Other, Treasury & Corporate segment until the systems conversion, which occurred during the fourth quarter of 2015.

Community Banking

Community Banking serves individual and business clients by offering a variety of loan and deposit products and other financial services. The segment is primarily responsible for acquiring and maintaining client relationships.

Community Banking net income was $272 million for the fourth quarter of 2015, an increase of $9 million compared to the prior quarter. The higher net income reflects the inclusion of Susquehanna’s operations in segment results for approximately half the quarter due to the November systems conversion. Segment net interest income increased $83 million, driven by the inclusion of Susquehanna since conversion and higher funding spreads on deposits, partially offset by lower interest rates on new commercial loans. Noninterest income decreased $3 million, primarily due to lower checkcard fees and letter of credit fees, partially offset by higher service charges on deposits and commercial loan fees. The allocated provision for credit losses increased $35 million primarily as a result of higher loss estimates. Noninterest expense increased $22 million driven by higher salary and employee insurance expense, primarily attributable to the Susquehanna acquisition, and higher operating charge-offs, partially offset by lower legal expense.

Average loans grew $5.8 billion, or 44.4% on an annualized basis and average transaction account deposits grew $4.8 billion, or 33.3% on an annualized basis, primarily attributable to the Susquehanna acquisition.

- 10 - 

Residential Mortgage Banking

Residential Mortgage Banking retains and services mortgage loans originated by BB&T as well as those purchased from various correspondent originators. Mortgage loan products include fixed and adjustable-rate government guaranteed and conventional loans for the purpose of constructing, purchasing or refinancing residential properties. Substantially all of the properties are owner-occupied.

Residential Mortgage Banking net income was $49 million for the fourth quarter of 2015, a decrease of $10 million compared to the prior quarter. This decrease was primarily the result of a $14 million decline in noninterest income, which was driven by lower gains on mortgage loan production as a result of lower saleable production volumes and margins. Noninterest expense decreased by $6 million, which primarily reflects lower incentive, professional services and loan processing expense.

Dealer Financial Services

Dealer Financial Services originates loans to consumers for the purchase of automobiles. These loans are originated on an indirect basis through approved franchised and independent automobile dealers throughout BB&T's market area through BB&T Dealer Finance, and on a national basis through Regional Acceptance Corporation. Dealer Financial Services also originates loans for the purchase of recreational and marine vehicles and, in conjunction with the Community Bank, provides financing and servicing to dealers for their inventories. The consumer auto leasing portfolio was moved to the Dealer Financial Services segment from the Other, Treasury, and Corporate segment in connection with the systems conversion during November.

Dealer Financial Services net income was $42 million for the fourth quarter of 2015, a decrease of $2 million compared to the prior quarter. Segment net interest income increased $9 million, primarily due to the consumer auto leasing business moving into the segment. The allocated provision for credit losses increased $11 million, primarily due to seasonally higher net charge-offs in the Dealer Finance and Regional Acceptance loan portfolios.

Dealer Financial Services' average loans increased by $695 million, or 20.3%, on an annualized basis as a result of the Susquehanna acquisition, partially offset by lower average balances in the core prime automobile loan portfolio.

- 11 - 

Specialized Lending

Specialized Lending consists of businesses that provide specialty finance alternatives to commercial and consumer clients including: commercial finance, mortgage warehouse lending, tax-exempt financing for local governments and special-purpose districts, equipment leasing, full-service commercial mortgage banking, commercial and retail insurance premium finance, and dealer-based financing of equipment for consumers and small businesses. The small business equipment finance business unit, a former subsidiary of Susquehanna Bancshares, was moved to the Specialized Lending segment from the Other, Treasury, and Corporate segment in connection with the systems conversion during November.

Specialized Lending net income was $71 million for the fourth quarter of 2015, an increase of $2 million compared to the prior quarter. Noninterest income increased $13 million driven by higher commercial mortgage income and operating lease income and higher gains on finance leases. Noninterest expense increased $8 million, primarily due to higher incentive expense, higher depreciation of property under operating leases and lower recoveries of operating charge-offs compared to the prior quarter.

Specialized Lending average loans were up $99 million, or 2.2% on an annualized basis, primarily due to the Susquehanna acquisition, partially offset by mortgage warehouse lending.

Insurance Services

BB&T's insurance agency / brokerage network is the fifth largest in the United States and sixth largest in the world. Insurance Services provides property and casualty, life and health insurance to businesses and individual clients. It also provides small business and corporate products, such as workers compensation and professional liability, as well as surety coverage and title insurance.

Insurance Services net income was $36 million in the fourth quarter of 2015, an increase of $15 million compared to the prior quarter. Insurance Service's noninterest income increased $35 million, which primarily reflects seasonality in the commercial property and casualty insurance business and higher life insurance commissions as a result of seasonality and improved production. Noninterest expense increased $11 million driven by higher salary and incentive expense, merger-related charges and operating charge-offs.

- 12 - 

Financial Services

Financial Services provides personal trust administration, estate planning, investment counseling, wealth management, asset management, employee benefits services, corporate banking and corporate trust services to individuals, corporations, institutions, foundations and government entities. In addition, Financial Services offers clients investment alternatives, including discount brokerage services, equities, fixed-rate and variable-rate annuities, mutual funds and governmental and municipal bonds through BB&T Investment Services, Inc. The segment also includes BB&T Securities, a full-service brokerage and investment banking firm, the Corporate Banking Division, which originates and services large corporate relationships, syndicated lending relationships and client derivatives, and BB&T Capital Partners, which manages the company's SBIC private equity investments. Various financial-related business units of Susquehanna moved into the Financial Services segment on a post-merger basis, with the financial history prior to systems conversion remaining in the Other, Treasury and Corporate segment.

Financial Services net income was $103 million in the fourth quarter of 2015, an increase of $21 million compared to the prior quarter. Segment net interest income increased $10 million driven by Corporate Banking and BB&T Wealth loan and deposit growth and higher funding spreads on deposits. Noninterest income decreased $16 million primarily due to lower capital markets fees and lower income from SBIC private equity investments, partially offset by higher investment advisory fees. The allocated provision for credit losses was a benefit of $3 million in the fourth quarter of 2015, compared to a $21 million charge in the prior quarter as a result of lower loss estimates for the Corporate Banking loan portfolio as well as changes in the portfolio mix and risk expectations related to the oil and energy sector in the prior quarter. Noninterest expense decreased $9 million compared to the prior quarter, primarily driven by lower professional services expense.

Financial Services generated significant loan growth, with Corporate Banking's average loan balances increasing $887 million, or an annualized 29.2%, over the prior quarter, while BB&T Wealth's average loan balances increased $61 million, or 15.6% on an annualized basis. BB&T Wealth’s average transaction account deposits grew $194 million, or 20.7% on an annualized basis.

Other, Treasury & Corporate

Net income in Other, Treasury & Corporate can vary due to the changing needs of the Corporation, including the size of the investment portfolio, the need for wholesale funding and income received from derivatives used to hedge the balance sheet.

- 13 - 

In the fourth quarter of 2015, Other, Treasury & Corporate generated a net loss of $31 million, compared to a net loss of $5 million in the prior quarter. Segment net interest income decreased $59 million driven primarily by an increase in long-term debt, lower funding spreads and the inclusion of Susquehanna in the segment for a greater period in the prior quarter. Noninterest income increased $11 million, primarily due to improved FDIC loss share income. Noninterest expense decreased $28 million, due to lower personnel expense primarily attributable to the post-conversion move of the Susquehanna business units into the operating segments and lower merger-related charges, partially offset by higher occupancy and equipment and IT professional services expense.

Fourth Quarter 2015 compared to Fourth Quarter 2014

Community Banking

Community Banking net income was $272 million for the fourth quarter of 2015, an increase of $22 million compared to the earlier quarter. Segment net interest income increased $125 million, driven by higher commercial and retail loans and deposits, partially attributable to acquisitions, and higher funding spreads on deposits, partially offset by lower interest rates on new commercial loans. Noninterest income increased $5 million, primarily due to higher service charges on deposits, bankcard and merchant services fees and commercial loan fees. The allocated provision for credit losses increased $19 million as a result of loan growth and higher loss estimates in the commercial loan portfolio. Noninterest expense increased $67 million driven by higher personnel and occupancy and equipment expense and merger-related charges, primarily attributable to the acquisitions.

Residential Mortgage Banking

Residential Mortgage Banking net income was $49 million for the fourth quarter of 2015, a decrease of $33 million compared to the earlier quarter. Segment net interest income decreased $9 million primarily resulting from lower average loan balances. Noninterest income decreased $22 million driven by lower net mortgage servicing rights valuation adjustments and lower gains on mortgage loan production and sales as a result of lower saleable production volumes and margins. The allocated provision for credit losses was $8 million in the fourth quarter of 2015, compared to a benefit of $38 million in the earlier quarter. The earlier quarter included a $24 million allowance release related to a loan sale. Noninterest expense decreased $27 million compared to the earlier quarter, which primarily reflects a charge related to a review of mortgage lending processes in the earlier quarter.

Dealer Financial Services

Dealer Financial Services net income was $42 million for the fourth quarter of 2015, an increase of $8 million compared to the earlier quarter. Segment net interest income increased $20 million, primarily attributable to Susquehanna’s consumer auto leasing business and growth in the Regional Acceptance loan portfolio. Noninterest expense increased $10 million driven by higher personnel and other expense, partially related to the acquired consumer auto leasing business.

- 14 - 

Specialized Lending

Specialized Lending net income was $71 million for the fourth quarter of 2015, an increase of $6 million compared to the earlier quarter. Segment net interest income increased $18 million, primarily attributable to Susquehanna’s small business equipment finance business and growth in the small ticket consumer finance portfolio, partially offset by lower interest rates on new loans. Noninterest income increased $4 million driven by higher operating lease income and higher gains on finance leases, partially offset by lower commercial mortgage income. Noninterest expense increased $13 million, primarily due to higher personnel expense and higher depreciation of property under operating leases.

Insurance Services

Insurance Services net income was $36 million for the fourth quarter of 2015, a decrease of $29 million compared to the earlier quarter. Insurance Service’s noninterest income decreased $33 million, primarily due to the sale of American Coastal in the second quarter of 2015. Noninterest expense increased $14 million driven by higher salary and pension expense, merger-related charges and operating charge-offs as well as a reduction in certain actuarially-determined loss reserves in the earlier period, partially offset by lower business referral expense attributable to the sale of American Coastal.

Financial Services

Financial Services net income was $103 million in the fourth quarter of 2015, an increase of $24 million compared to the earlier quarter. Segment net interest income increased $24 million driven by Corporate Banking and BB&T Wealth loan and deposit growth and higher funding spreads on deposits. Noninterest income decreased $10 million primarily due to lower capital market fees and lower income from SBIC private equity investments, partially offset by higher investment advisory fees, trust income and brokerage commissions. The allocated provision for credit losses was $20 million lower than the earlier quarter as a result of lower loss estimates in the Corporate Banking loan portfolio, partially offset by loan growth.

Other, Treasury & Corporate

In the fourth quarter of 2015, Other, Treasury & Corporate generated a net loss of $31 million compared to net income of $28 million in the earlier quarter. Segment net interest income decreased $8 million driven primarily by lower funding spreads on deposits. Noninterest income increased $46 million, primarily due to improved FDIC loss share income and higher service charges on deposits and checkcard fees primarily related to the inclusion of Susquehanna in operating results until the systems conversion in early November. Noninterest expense increased $120 million, primarily due to higher personnel and occupancy and equipment expense primarily related to Susquehanna, as well as higher IT professional services, software expense, franchise taxes and merger-related charges. Amortization of intangibles increased $12 million primarily due to core deposit intangible amortization related to 2015 acquisitions. Allocated corporate expense decreased by $11 million compared to the earlier quarter, reflecting modest increases in corporate expense allocated to the operating segments.

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CAPITAL RATIOS (1)
		Basel III				Basel I
		Q4	Q3	Q2	Q1	Q4
		2015	2015	2015	2015	2014
Risk-based:
	Common equity Tier 1 (%)	10.2	10.1	10.4	10.5	N/A
	Tier 1 (%)	11.8	11.7	12.1	12.2	12.4
	Total (%)	14.2	14.2	14.2	14.4	14.9
Leverage (%)		9.8	9.9	10.2	10.1	9.9
Tangible common equity to tangible assets (%) (2)		7.7	7.7	8.1	8.0	8.0

(1) Current quarter regulatory capital ratios are preliminary.

(2) Tangible common equity and related ratios are non-GAAP measures. See the calculations and management's reasons for using these measures in the Capital Information – Five Quarter Trend of the Quarterly Performance Summary.

Capital levels remained strong at December 31, 2015. BB&T declared total common dividends of $0.27 during the fourth quarter of 2015, which resulted in a dividend payout ratio of 42.2%. Risk-based capital ratios were up slightly compared to the prior quarter as earnings in excess of dividends was partially offset by higher risk-weighted assets.

BB&T’s estimated common equity Tier 1 ratio under Basel III, on a fully-phased in basis, was approximately 10.0% at December 31, 2015 and 9.9% at September 30, 2015.

BB&T’s liquidity coverage ratio was approximately 130% at December 31, 2015, compared to the regulatory minimum of 90%. In addition, the liquid asset buffer, which is defined as high quality unencumbered liquid assets as a percentage of total assets, was 13.5% at December 31, 2015.

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ASSET QUALITY (1)								Change		Change
(dollars in millions)		Q4		Q3		Q4		Q4 15 vs.		Q4 15 vs.
		2015		2015		2014		Q3 15		Q4 14
Total nonperforming assets		$	712	$	744	$	782	$	(32)	$	(70)
Total performing TDRs			982		976		1,050		6		(68)
Total loans 90 days past due and still accruing (2)			312		381		535		(69)		(223)
Total loans 30-89 days past due			1,028		906		896		122		132
Nonperforming loans and leases as a percentage of
	loans and leases held for investment (%)		0.42		0.43		0.51		(0.01)		(0.09)
Nonperforming assets as a percentage of total assets (%)			0.34		0.36		0.42		(0.02)		(0.08)
Allowance for loan and lease losses as a percentage of
	loans and leases held for investment (%)		1.07		1.08		1.23		(0.01)		(0.16)
Net charge-offs as a percentage of average loans and
	leases (%) annualized		0.38		0.32		0.39		0.06		(0.01)
Ratio of allowance for loan and lease losses to net
	charge-offs (times) annualized		2.83		3.44		3.21		(0.61)		(0.38)
Ratio of allowance for loan and lease losses to
	nonperforming loans and leases held for
	investment (times)		2.53		2.49		2.39		0.04		0.14

(1) Excludes amounts related to government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase. See footnotes on the Credit Quality pages of the Quarterly Performance Summary for additional information.

(2) The Q3 2015 amount has been revised from the previously reported amount. See the footnotes on page 14 of the Quarterly Performance Summary for additional information.

Nonperforming assets totaled $712 million at December 31, 2015, a decrease of $32 million compared to September 30, 2015. The decrease was driven by the fourth quarter sale of nonperforming residential mortgage loans, partially offset by a residential mortgage and direct retail lending policy change to move loans to nonaccrual status at 120 days past due instead of 180 days. At December 31, 2015, nonperforming loans and leases represented 0.42% of loans and leases held for investment, compared to 0.43% at September 30, 2015.

Loans 30-89 days past due and still accruing, excluding government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase, totaled $1.0 billion at December 31, 2015, an increase of $122 million compared to the prior quarter. This increase was primarily driven by a $31 million increase for residential mortgage loans, which was primarily the result of conforming the delinquency calculation methodology of Susquehanna loans to BB&T’s method upon conversion of the related loan system. The increase is also driven by a $30 million increase in the other lending subsidiaries portfolio, which reflects seasonality in the nonprime portfolio.

Loans 90 days or more past due and still accruing totaled $312 million at December 31, 2015, a decrease of $69 million compared to the prior quarter, primarily driven by loans acquired from the FDIC and PCI loans. Excluding acquired from FDIC and PCI loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.15% at December 31, 2015, a decline of one basis point compared to the prior quarter.

- 17 - 

Net charge-offs during the fourth quarter totaled $130 million, an increase of $23 million compared to the prior quarter, partially due to the previously mentioned nonperforming residential mortgage loan sale. As a percentage of average loans and leases, annualized net charge-offs were 0.38%, compared to 0.32% in the prior quarter.

The allowance for loan and lease losses, excluding the allowance for loans acquired from the FDIC and PCI loans, was $1.4 billion, essentially flat compared to the prior quarter. The allowance for loans acquired from the FDIC and PCI loans was $61 million, also essentially flat compared to the prior quarter. As of December 31, 2015, the total allowance for loan and lease losses was 1.07% of loans and leases held for investment, compared to 1.08% at September 30, 2015.

The allowance for loan and lease losses was 2.53 times nonperforming loans and leases held for investment, compared to 2.49 times at September 30, 2015. At December 31, 2015, the allowance for loan and lease losses was 2.83 times annualized net charge-offs, compared to 3.44 times at September 30, 2015.

Earnings presentation and Quarterly Performance Summary

To listen to BB&T’s live fourth quarter 2015 earnings conference call at 8 a.m. (ET) today, please call 1-888-632-5009 and enter the participant code 5184622. A presentation will be used during the earnings conference call and is available on our website at www.bbt.com. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 4313363).

The presentation, including an appendix reconciling non-GAAP disclosures, is available at www.bbt.com.

BB&T’s fourth quarter 2015 Quarterly Performance Summary, which contains detailed financial schedules, is available on BB&T’s website at www.bbt.com.

About BB&T

As of December 31, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $209.9 billion in assets and market capitalization of $29.5 billion. Based in Winston-Salem, N.C., the company operates 2,139 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.bbt.com.

#-#-#

Capital ratios are preliminary. Credit quality data excludes government guaranteed GNMA loans where applicable.

- 18 - 

This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). BB&T’s management uses these “non-GAAP” measures in their analysis of the Corporation’s performance and the efficiency of its operations. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges in the current period. The company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T’s management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

· Tangible common equity and related ratios are non-GAAP measures. The return on average risk-weighted assets is a non-GAAP measure. BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation.

· The ratio of loans greater than 90 days and still accruing interest as a percentage of loans held for investment has been adjusted to remove the impact of loans that are or were covered by FDIC loss sharing agreements and PCI loans. Management believes that their inclusion may result in distortion of these ratios such that they might not be comparable to other periods presented or to other portfolios that were not impacted by purchase accounting.

· Adjusted fee income and adjusted efficiency ratios are non-GAAP in that they exclude securities gains (losses), foreclosed property expense, amortization of intangible assets, merger-related and restructuring charges, the impact of FDIC loss share accounting and other selected items. BB&T’s management uses these measures in their analysis of the Corporation’s performance. BB&T’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges.

· Return on average tangible common shareholders’ equity is a non-GAAP measure that calculates the return on average common shareholders’ equity without the impact of intangible assets and their related amortization. This measure is useful for evaluating the performance of a business consistently, whether acquired or developed internally.

· Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of interest income and funding costs associated with loans and securities acquired in the Colonial acquisition and purchased credit impaired (“PCI”) loans acquired from Susquehanna. Core net interest margin is also adjusted to remove the purchase accounting marks and related amortization for non-PCI loans and deposits acquired from Susquehanna. BB&T’s management believes that the adjustments to the calculation of net interest margin for certain assets and deposits acquired provide investors with useful information related to the performance of BB&T’s earning assets.

- 19 - 

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in BB&T’s Fourth Quarter 2015 Quarterly Performance Summary, which is available on BB&T’s website at www.bbt.com.

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of BB&T that are based on the beliefs and assumptions of the management of BB&T and the information available to management at the time that these disclosures were prepared. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “could,” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following:

· general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit, insurance or other services;

· disruptions to the credit and financial markets, either nationally or globally, including the impact of a downgrade of U.S. government obligations by one of the credit ratings agencies, the adverse effects of recessionary conditions in Europe and the impact of recent market disruptions in China;

· changes in the interest rate environment, including interest rate changes made by the Federal Reserve, and cash flow reassessments may reduce NIM and/or the volumes and values of loans made or held as well as the value of other financial assets held;

· competitive pressures among depository and other financial institutions may increase significantly;

· legislative, regulatory or accounting changes, including changes resulting from the adoption and implementation of the Dodd-Frank Act may adversely affect the businesses in which BB&T is engaged;

· local, state or federal taxing authorities may take tax positions that are adverse to BB&T;

· a reduction may occur in BB&T’s credit ratings;

· adverse changes may occur in the securities markets;

· competitors of BB&T may have greater financial resources and develop products that enable them to compete more successfully than BB&T and may be subject to different regulatory standards than BB&T;

· natural or other disasters, including acts of domestic or foreign terrorism, could have an adverse effect on BB&T in that such events could materially disrupt BB&T’s operations or the ability or willingness of BB&T’s customers to access the financial services BB&T offers;

· costs or difficulties related to the integration of the businesses of BB&T and its merger partners may be greater than expected;

· expected cost savings or revenue growth associated with completed mergers and acquisitions may not be fully realized or realized within the expected time frames;

· significant litigation could have a material adverse effect on BB&T;

- 20 - 

· deposit attrition, customer loss and/or revenue loss following completed mergers and acquisitions may be greater than expected;

· cyber-security risks, including “denial of service,” “hacking” and “identity theft,” could adversely affect BB&T’s business, financial performance, or reputation;

· higher than expected costs related to information technology infrastructure or a failure to successfully implement future system enhancements could adversely impact BB&T’s financial condition and results of operations and could result in significant additional costs to BB&T;

· failure to execute on the Company’s strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions, could adversely impact BB&T’s financial condition and results of operations; and

· widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact BB&T’s financial conditions and results of operations.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed in or implied by any forward-looking statement. Except to the extent required by applicable law or regulation, BB&T undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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EX-99.2

BB&T Corporation

Quarterly Performance Summary

Fourth Quarter 2015

BB&T Corporation
Quarterly Performance Summary
Table of Contents
	Page
Financial Highlights	1
Financial Highlights - Five Quarter Trend	2
Consolidated Statements of Income	3
Consolidated Statements of Income - Five Quarter Trend	4
Lines of Business Financial Performance - Five Quarter Trend	5
Consolidated Balance Sheets	7
Consolidated Balance Sheets - Five Quarter Trend	8
Average Balance Sheets	9
Average Balance Sheets - Five Quarter Trend	10
Average Balances and Rates - Quarters	11
Credit Quality	14
Credit Quality - Supplemental Information	17
Preliminary Capital Information - Five Quarter Trend	18
Selected Items & Additional Information	19
Non-GAAP Reconciliations	20

BB&T Corporation
Financial Highlights
(Dollars in millions, except per share data, shares in thousands)
		Quarter Ended								Year-to-Date
		December 31						%		December 31						%
		2015			2014			Change		2015			2014			Change
Summary Income Statement
Interest income		$	1,733		$	1,554		11.5	%	$	6,473		$	6,286		3.0	%
Interest expense			191			183		4.4			735			769		(4.4)
	Net interest income - taxable equivalent		1,542			1,371		12.5			5,738			5,517		4.0
Less:  Taxable-equivalent adjustment			38			36		5.6			146			143		2.1
	Net interest income		1,504			1,335		12.7			5,592			5,374		4.1
Provision for credit losses			129			83		55.4			428			251		70.5
	Net interest income after provision for credit losses		1,375			1,252		9.8			5,164			5,123		0.8
Noninterest income			1,015			1,022		(0.7)			4,019			3,856		4.2
Noninterest expense			1,597			1,394		14.6			6,266			5,852		7.1
Income before income taxes			793			880		(9.9)			2,917			3,127		(6.7)
Provision for income taxes			251			277		(9.4)			794			921		(13.8)
	Net income		542			603		(10.1)			2,123			2,206		(3.8)
Noncontrolling interests			3			15		(80.0)			39			75		(48.0)
Preferred stock dividends			37			37		―			148			148		―
	Net income available to common shareholders		502			551		(8.9)			1,936			1,983		(2.4)
Per Common Share Data
Earnings:
	Basic	$	0.64		$	0.77		(16.9)	%	$	2.59		$	2.76		(6.2)	%
	Diluted		0.64			0.75		(14.7)			2.56			2.72		(5.9)
Cash dividends declared			0.27			0.24		12.5			1.05			0.95		10.5
Common equity			31.66			30.09		5.2			31.66			30.09		5.2
Tangible common equity (1)			19.82			19.86		(0.2)			19.82			19.86		(0.2)
End of period shares outstanding			780,337			720,698		8.3			780,337			720,698		8.3
Weighted average shares:
	Basic		780,261			720,418		8.3			748,010			718,140		4.2
	Diluted		790,244			730,652		8.2			757,765			728,372		4.0
Performance Ratios
Return on average assets			1.03	%		1.28	%				1.08	%		1.19	%
Return on average risk-weighted assets			1.29			1.68					1.35			1.58
Return on average common shareholders' equity			8.06			9.99					8.34			9.32
Return on average tangible common shareholders' equity (2)			13.37			15.45					13.34			14.68
Net interest margin - taxable equivalent			3.35			3.36					3.32			3.42
Fee income ratio (3)			41.8			46.2					43.9			44.7
Efficiency ratio (3)			58.8			55.6					58.9			57.7
Credit Quality
Nonperforming assets as a percentage of:
	Total assets		0.34	%		0.42	%				0.34	%		0.42	%
	Loans and leases plus foreclosed property		0.52			0.65					0.52			0.65
Net charge-offs as a percentage of average
	loans and leases		0.38			0.39					0.35			0.46
Allowance for loan and lease losses as a percentage
	of loans and leases held for investment		1.07			1.23					1.07			1.23
Ratio of allowance for loan and lease losses to
	nonperforming loans and leases held for investment		2.53	X		2.39	X				2.53	X		2.39	X
Average Balances
Total assets		$	209,217		$	186,462		12.2	%	$	197,347		$	185,095		6.6	%
Total securities (4)			43,468			40,817		6.5			42,103			40,541		3.9
Loans and leases			136,190			119,912		13.6			127,802			118,830		7.6
Deposits			148,491			130,315		13.9			138,498			129,077		7.3
Common shareholders' equity			24,736			21,895		13.0			23,206			21,280		9.1
Shareholders' equity			27,378			24,574		11.4			25,871			23,954		8.0
Period-End Balances
Total assets		$	209,947		$	186,834		12.4	%	$	209,947		$	186,834		12.4	%
Total securities (4)			43,827			41,147		6.5			43,827			41,147		6.5
Loans and leases			136,986			121,307		12.9			136,986			121,307		12.9
Deposits			149,124			129,040		15.6			149,124			129,040		15.6
Common shareholders' equity			24,703			21,686		13.9			24,703			21,686		13.9
Shareholders' equity			27,340			24,377		12.2			27,340			24,377		12.2
Capital Ratios - Preliminary
Risk-based:		Basel III			Basel I					Basel III			Basel I
	Common equity Tier 1		10.2	%		N/A					10.2	%		N/A
	Tier 1		11.8			12.4	%				11.8			12.4	%
	Total		14.2			14.9					14.2			14.9
Leverage			9.8			9.9					9.8			9.9
Tangible common equity to tangible assets (1)			7.7			8.0					7.7			8.0
NM - not meaningful.
Applicable ratios are annualized. Risk-based and leverage capital ratios for the first quarter of 2015 and later are determined in accordance with the Basel III Standardized Transitional Approach, which became effective January 1, 2015. Ratios for earlier periods were determined in accordance with Basel I.
(1)	Tangible common equity per share and tangible common equity to tangible assets ratios are non-GAAP measures.  See the calculations and management's reasons for using these measures in the Capital Information - Five Quarter Trend section of this supplement.
(2)	Return on average tangible common shareholders' equity is a non-GAAP measure. See the calculation and management's reasons for using this measure in the Non-GAAP Reconciliations section of this supplement.
(3)	Excludes certain items as detailed in the Non-GAAP Reconciliations section of this supplement.
(4)	Excludes trading securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.

1

BB&T Corporation
Financial Highlights - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands)
		Quarter Ended
		Dec. 31			Sept. 30			June 30			March 31			Dec. 31
		2015			2015			2015			2015			2014
Summary Income Statement
Interest income		$	1,733		$	1,687		$	1,525		$	1,528		$	1,554
Interest expense			191			186			177			181			183
	Net interest income - taxable equivalent		1,542			1,501			1,348			1,347			1,371
Less:  Taxable-equivalent adjustment			38			37			36			35			36
	Net interest income		1,504			1,464			1,312			1,312			1,335
Provision for credit losses			129			103			97			99			83
	Net interest income after provision for credit losses		1,375			1,361			1,215			1,213			1,252
Noninterest income			1,015			988			1,019			997			1,022
Noninterest expense			1,597			1,594			1,653			1,422			1,394
Income before income taxes			793			755			581			788			880
Provision for income taxes			251			222			80			241			277
	Net income		542			533			501			547			603
Noncontrolling interests			3			4			10			22			15
Preferred stock dividends			37			37			37			37			37
	Net income available to common shareholders		502			492			454			488			551
Per Common Share Data
Earnings:
	Basic	$	0.64		$	0.64		$	0.63		$	0.68		$	0.77
	Diluted		0.64			0.64			0.62			0.67			0.75
Cash dividends declared			0.27			0.27			0.27			0.24			0.24
Common equity			31.66			31.56			30.64			30.48			30.09
Tangible common equity (1)			19.82			19.77			20.21			20.13			19.86
End of period shares outstanding			780,337			780,150			733,481			723,159			720,698
Weighted average shares:
	Basic		780,261			764,435			724,880			721,639			720,418
	Diluted		790,244			774,023			734,527			731,511			730,652
Performance Ratios
Return on average assets			1.03	%		1.04	%		1.06	%		1.18	%		1.28	%
Return on average risk-weighted assets			1.29			1.32			1.32			1.48			1.68
Return on average common shareholders' equity			8.06			8.14			8.20			9.05			9.99
Return on average tangible common shareholders' equity (2)			13.37			13.23			12.76			14.00			15.45
Net interest margin - taxable equivalent			3.35			3.35			3.27			3.33			3.36
Fee income ratio (3)			41.8			42.1			46.3			45.8			46.2
Efficiency ratio (3)			58.8			59.2			59.2			58.5			55.6
Credit Quality
Nonperforming assets as a percentage of:
	Total assets		0.34	%		0.36	%		0.38	%		0.40	%		0.42	%
	Loans and leases plus foreclosed property		0.52			0.55			0.60			0.64			0.65
Net charge-offs as a percentage of average
	loans and leases		0.38			0.32			0.33			0.34			0.39
Allowance for loan and lease losses as a percentage
	of loans and leases held for investment		1.07			1.08			1.19			1.22			1.23
Ratio of allowance for loan and lease losses to
	nonperforming loans and leases held for investment		2.53	X		2.49	X		2.55	X		2.45	X		2.39	X
Average Balances
Total assets		$	209,217		$	203,531		$	189,033		$	187,297		$	186,462
Total securities (4)			43,468			43,048			40,727			41,133			40,817
Loans and leases			136,190			132,499			122,056			120,235			119,912
Deposits			148,491			143,837			131,868			129,531			130,315
Common shareholders' equity			24,736			23,957			22,210			21,883			21,895
Total shareholders' equity			27,378			26,612			24,888			24,566			24,574
Period-End Balances
Total assets		$	209,947		$	208,809		$	191,017		$	189,228		$	186,834
Total securities (4)			43,827			43,494			40,620			42,089			41,147
Loans and leases			136,986			136,967			124,770			122,027			121,307
Deposits			149,124			147,827			132,783			131,229			129,040
Common shareholders' equity			24,703			24,621			22,477			22,039			21,686
Shareholders' equity			27,340			27,264			25,132			24,738			24,377
Capital Ratios - Preliminary
Risk-based:		Basel III												Basel I
	Common equity Tier 1		10.2	%		10.1	%		10.4	%		10.5	%		N/A
	Tier 1		11.8			11.7			12.1			12.2			12.4	%
	Total		14.2			14.2			14.2			14.4			14.9
Leverage			9.8			9.9			10.2			10.1			9.9
Tangible common equity to tangible assets (1)			7.7			7.7			8.1			8.0			8.0
Applicable ratios are annualized. Risk-based and leverage capital ratios for the first quarter of 2015 and later are determined in accordance with the Basel III Standardized Transitional Approach, which became effective January 1, 2015. Ratios for earlier periods were determined in accordance with Basel I.
(1)	Tangible common equity per share and tangible common equity to tangible assets ratios are non-GAAP measures.  See the calculations and management's reasons for using these measures in the Capital Information - Five Quarter Trend section of this supplement.
(2)	Return on average tangible common shareholders' equity is a non-GAAP measure. See the calculation and management's reasons for using this measure in the Non-GAAP Reconciliations section of this supplement.
(3)	Excludes certain items as detailed in the Non-GAAP Reconciliations section of this supplement.
(4)	Excludes trading securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.

2

BB&T Corporation
Consolidated Statements of Income
(Dollars in millions, except per share data, shares in thousands)
			Quarter Ended								Year-to-Date
			Dec. 31				Change				Dec. 31				Change
			2015		2014		$		%		2015		2014		$		%
Interest Income
	Interest and fees on loans and leases		$	1,449	$	1,272	$	177	13.9	%	$	5,347	$	5,163	$	184	3.6	%
	Interest and dividends on securities			237		237		―	―			941		939		2	0.2
	Interest on other earning assets			9		9		―	―			39		40		(1)	(2.5)
		Total interest income		1,695		1,518		177	11.7			6,327		6,142		185	3.0
Interest Expense
	Interest on deposits			62		58		4	6.9			233		239		(6)	(2.5)
	Interest on short-term borrowings			1		1		―	―			4		4		―	―
	Interest on long-term debt			128		124		4	3.2			498		525		(27)	(5.1)
		Total interest expense		191		183		8	4.4			735		768		(33)	(4.3)
Net interest income				1,504		1,335		169	12.7			5,592		5,374		218	4.1
	Provision for credit losses			129		83		46	55.4			428		251		177	70.5
Net interest income after provision for credit losses				1,375		1,252		123	9.8			5,164		5,123		41	0.8
Noninterest income
	Insurance income			380		409		(29)	(7.1)			1,596		1,643		(47)	(2.9)
	Service charges on deposits			165		160		5	3.1			631		632		(1)	(0.2)
	Mortgage banking income			104		128		(24)	(18.8)			455		395		60	15.2
	Investment banking and brokerage fees and commissions			91		112		(21)	(18.8)			398		387		11	2.8
	Trust and investment advisory revenues			64		56		8	14.3			240		221		19	8.6
	Bankcard fees and merchant discounts			56		52		4	7.7			218		207		11	5.3
	Checkcard fees			47		41		6	14.6			174		163		11	6.7
	Operating lease income			33		29		4	13.8			124		95		29	30.5
	Income from bank-owned life insurance			27		30		(3)	(10.0)			113		110		3	2.7
	FDIC loss share income, net			(52)		(84)		32	(38.1)			(253)		(343)		90	(26.2)
	Securities gains (losses), net			―		―		―	NM			(3)		(3)		―	―
	Other income			100		89		11	12.4			326		349		(23)	(6.6)
		Total noninterest income		1,015		1,022		(7)	(0.7)			4,019		3,856		163	4.2
Noninterest Expense
	Personnel expense			893		794		99	12.5			3,469		3,180		289	9.1
	Occupancy and equipment expense			192		168		24	14.3			708		682		26	3.8
	Software expense			52		45		7	15.6			192		174		18	10.3
	Loan-related expense			37		71		(34)	(47.9)			150		267		(117)	(43.8)
	Outside IT services			41		27		14	51.9			135		115		20	17.4
	Professional services			29		38		(9)	(23.7)			130		139		(9)	(6.5)
	Amortization of intangibles			32		22		10	45.5			105		91		14	15.4
	Regulatory charges			28		24		4	16.7			101		106		(5)	(4.7)
	Foreclosed property expense			11		10		1	10.0			53		40		13	32.5
	Merger-related and restructuring charges, net			50		18		32	177.8			165		46		119	NM
	Loss on early extinguishment of debt			―		―		―	NM			172		122		50	41.0
	Other expense			232		177		55	31.1			886		890		(4)	(0.4)
		Total noninterest expense		1,597		1,394		203	14.6			6,266		5,852		414	7.1
Earnings
	Income before income taxes			793		880		(87)	(9.9)			2,917		3,127		(210)	(6.7)
	Provision for income taxes			251		277		(26)	(9.4)			794		921		(127)	(13.8)
		Net Income		542		603		(61)	(10.1)			2,123		2,206		(83)	(3.8)
	Noncontrolling interests			3		15		(12)	(80.0)			39		75		(36)	(48.0)
	Preferred stock dividends			37		37		―	―			148		148		―	―
		Net income available to common shareholders	$	502	$	551	$	(49)	(8.9)	%	$	1,936	$	1,983	$	(47)	(2.4)	%
Earnings Per Common Share
		Basic	$	0.64	$	0.77	$	(0.13)	(16.9)	%	$	2.59	$	2.76	$	(0.17)	(6.2)	%
		Diluted		0.64		0.75		(0.11)	(14.7)			2.56		2.72		(0.16)	(5.9)
Weighted Average Shares Outstanding
		Basic		780,261		720,418		59,843	8.3			748,010		718,140		29,870	4.2
		Diluted		790,244		730,652		59,592	8.2			757,765		728,372		29,393	4.0
NM - not meaningful.

3

BB&T Corporation
Consolidated Statements of Income - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands)
			Quarter Ended
			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Interest Income
	Interest and fees on loans and leases		$	1,449	$	1,412	$	1,249	$	1,237	$	1,272
	Interest and dividends on securities			237		232		232		240		237
	Interest on other earning assets			9		6		8		16		9
		Total interest income		1,695		1,650		1,489		1,493		1,518
Interest Expense
	Interest on deposits			62		61		55		55		58
	Interest on short-term borrowings			1		1		1		1		1
	Interest on long-term debt			128		124		121		125		124
		Total interest expense		191		186		177		181		183
Net interest income				1,504		1,464		1,312		1,312		1,335
	Provision for credit losses			129		103		97		99		83
Net interest income after provision for credit losses				1,375		1,361		1,215		1,213		1,252
Noninterest income
	Insurance income			380		354		422		440		409
	Service charges on deposits			165		167		154		145		160
	Mortgage banking income			104		111		130		110		128
	Investment banking and brokerage fees and commissions			91		105		108		94		112
	Trust and investment advisory revenues			64		63		57		56		56
	Bankcard fees and merchant discounts			56		57		55		50		52
	Checkcard fees			47		45		43		39		41
	Operating lease income			33		32		30		29		29
	Income from bank-owned life insurance			27		29		27		30		30
	FDIC loss share income, net			(52)		(58)		(64)		(79)		(84)
	Securities gains (losses), net			―		(2)		(1)		―		―
	Other income			100		85		58		83		89
		Total noninterest income		1,015		988		1,019		997		1,022
Noninterest Expense
	Personnel expense			893		882		864		830		794
	Occupancy and equipment expense			192		183		166		167		168
	Software expense			52		50		46		44		45
	Loan-related expense			37		38		37		38		71
	Outside IT services			41		35		29		30		27
	Professional services			29		42		35		24		38
	Amortization of intangibles			32		29		23		21		22
	Regulatory charges			28		25		25		23		24
	Foreclosed property expense			11		15		14		13		10
	Merger-related and restructuring charges, net			50		77		25		13		18
	Loss on early extinguishment of debt			―		―		172		―		―
	Other expense			232		218		217		219		177
		Total noninterest expense		1,597		1,594		1,653		1,422		1,394
Earnings
	Income before income taxes			793		755		581		788		880
	Provision for income taxes			251		222		80		241		277
		Net Income		542		533		501		547		603
	Noncontrolling interests			3		4		10		22		15
	Preferred stock dividends			37		37		37		37		37
		Net income available to common shareholders	$	502	$	492	$	454	$	488	$	551
Earnings Per Common Share
		Basic	$	0.64	$	0.64	$	0.63	$	0.68	$	0.77
		Diluted		0.64		0.64		0.62		0.67		0.75
Weighted Average Shares Outstanding
		Basic		780,261		764,435		724,880		721,639		720,418
		Diluted		790,244		774,023		734,527		731,511		730,652

4

BB&T Corporation
Lines of Business Financial Performance - Five Quarter Trend (1)
(Dollars in millions)
			Quarter Ended
Community Banking			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Net interest income (expense)			$	493	$	450	$	432	$	426	$	435
Net intersegment interest income (expense)				362		322		305		283		295
	Segment net interest income			855		772		737		709		730
Allocated provision (benefit) for credit losses				39		4		11		13		20
Noninterest income				301		304		290		271		296
Intersegment net referral fees (expense)				30		35		39		31		33
Noninterest expense				404		382		373		358		337
Amortization of intangibles				5		5		7		6		7
Allocated corporate expenses				309		305		306		305		301
	Income (loss) before income taxes			429		415		369		329		394
	Provision (benefit) for income taxes			157		152		135		120		144
		Segment net income (loss)	$	272	$	263	$	234	$	209	$	250
Identifiable assets (period end)			$	68,245	$	57,494	$	56,911	$	55,277	$	55,495
			Quarter Ended
Residential Mortgage Banking			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Net interest income (expense)			$	336	$	337	$	343	$	341	$	357
Net intersegment interest income (expense)				(225)		(221)		(227)		(232)		(237)
	Segment net interest income			111		116		116		109		120
Allocated provision (benefit) for credit losses				8		10		3		(12)		(38)
Noninterest income				78		92		101		84		100
Intersegment net referral fees (expense)				1		1		―		―		1
Noninterest expense				77		83		75		79		104
Amortization of intangibles				―		―		―		―		―
Allocated corporate expenses				25		22		23		23		23
	Income (loss) before income taxes			80		94		116		103		132
	Provision (benefit) for income taxes			31		35		44		39		50
		Segment net income (loss)	$	49	$	59	$	72	$	64	$	82
Identifiable assets (period end)			$	33,407	$	32,973	$	34,218	$	34,323	$	34,463
			Quarter Ended
Dealer Financial Services			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Net interest income (expense)			$	231	$	221	$	216	$	213	$	214
Net intersegment interest income (expense)				(39)		(38)		(38)		(38)		(42)
	Segment net interest income			192		183		178		175		172
Allocated provision (benefit) for credit losses				78		67		48		61		80
Noninterest income				4		3		―		―		1
Intersegment net referral fees (expense)				―		―		―		―		―
Noninterest expense				40		38		41		32		30
Amortization of intangibles				―		―		―		―		―
Allocated corporate expenses				10		10		10		9		8
	Income (loss) before income taxes			68		71		79		73		55
	Provision (benefit) for income taxes			26		27		30		28		21
		Segment net income (loss)	$	42	$	44	$	49	$	45	$	34
Identifiable assets (period end)			$	15,130	$	13,794	$	13,906	$	14,012	$	12,821
			Quarter Ended
Specialized Lending			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Net interest income (expense)			$	178	$	172	$	154	$	147	$	148
Net intersegment interest income (expense)				(52)		(49)		(43)		(42)		(40)
	Segment net interest income			126		123		111		105		108
Allocated provision (benefit) for credit losses				12		10		7		19		13
Noninterest income				73		60		74		64		69
Intersegment net referral fees (expense)				―		―		―		―		―
Noninterest expense				71		63		65		57		58
Amortization of intangibles				2		1		1		1		2
Allocated corporate expenses				17		16		16		15		16
	Income (loss) before income taxes			97		93		96		77		88
	Provision (benefit) for income taxes			26		24		26		19		23
		Segment net income (loss)	$	71	$	69	$	70	$	58	$	65
Identifiable assets (period end)			$	20,732	$	20,098	$	19,561	$	18,661	$	18,218
(1)	Lines of business results are preliminary.

5

BB&T Corporation
Lines of Business Financial Performance - Five Quarter Trend (1)
(Dollars in millions)
			Quarter Ended
Insurance Services			Dec. 31			Sept. 30		June 30		March 31		Dec. 31
			2015			2015		2015		2015		2014
Net interest income (expense)			$	―		$	1	$	―	$	1	$	1
Net intersegment interest income (expense)				2			2		1		2		2
	Segment net interest income			2			3		1		3		3
Allocated provision (benefit) for credit losses				―			―		―		―		―
Noninterest income				388			353		425		442		421
Intersegment net referral fees (expense)				―			―		―		―		―
Noninterest expense				295			284		310		302		281
Amortization of intangibles				12			12		11		12		13
Allocated corporate expenses				24			25		25		25		29
	Income (loss) before income taxes			59			35		80		106		101
	Provision (benefit) for income taxes			23			14		27		34		36
		Segment net income (loss)	$	36		$	21	$	53	$	72	$	65
Identifiable assets (period end)			$	2,804		$	2,668	$	2,907	$	2,811	$	2,965
			Quarter Ended
Financial Services			Dec. 31			Sept. 30		June 30		March 31		Dec. 31
			2015			2015		2015		2015		2014
Net interest income (expense)			$	58		$	53	$	53	$	49	$	50
Net intersegment interest income (expense)				86			81		74		72		70
	Segment net interest income			144			134		127		121		120
Allocated provision (benefit) for credit losses				(3)			21		23		24		17
Noninterest income				209			225		212		201		219
Intersegment net referral fees (expense)				11			5		3		3		7
Noninterest expense				167			176		176		161		171
Amortization of intangibles				1			1		―		1		―
Allocated corporate expenses				34			34		34		33		31
	Income (loss) before income taxes			165			132		109		106		127
	Provision (benefit) for income taxes			62			50		41		40		48
		Segment net income (loss)	$	103		$	82	$	68	$	66	$	79
Identifiable assets (period end)			$	16,374		$	15,436	$	14,486	$	14,012	$	12,849
			Quarter Ended
Other, Treasury & Corporate (2)(3)			Dec. 31			Sept. 30		June 30		March 31		Dec. 31
			2015			2015		2015		2015		2014
Net interest income (expense)			$	208		$	230	$	114	$	135	$	130
Net intersegment interest income (expense)				(134)			(97)		(72)		(45)		(48)
	Segment net interest income			74			133		42		90		82
Allocated provision (benefit) for credit losses				(5)			(9)		5		(6)		(9)
Noninterest income				(38)			(49)		(83)		(65)		(84)
Intersegment net referral fees (expense)				(42)			(41)		(42)		(34)		(41)
Noninterest expense				511			539		590		412		391
Amortization of intangibles				12			10		4		1		―
Allocated corporate expenses				(419)			(412)		(414)		(410)		(408)
	Income (loss) before income taxes			(105)			(85)		(268)		(6)		(17)
	Provision (benefit) for income taxes			(74)			(80)		(223)		(39)		(45)
		Segment net income (loss)	$	(31)		$	(5)	$	(45)	$	33	$	28
Identifiable assets (period end)			$	53,255		$	66,346	$	49,028	$	50,132	$	50,023
			Quarter Ended
Total BB&T Corporation			Dec. 31			Sept. 30		June 30		March 31		Dec. 31
			2015			2015		2015		2015		2014
Net interest income (expense)			$	1,504		$	1,464	$	1,312	$	1,312	$	1,335
Net intersegment interest income (expense)				―			―		―		―		―
	Segment net interest income			1,504			1,464		1,312		1,312		1,335
Allocated provision (benefit) for credit losses				129			103		97		99		83
Noninterest income				1,015			988		1,019		997		1,022
Intersegment net referral fees (expense)				―			―		―		―		―
Noninterest expense				1,565			1,565		1,630		1,401		1,372
Amortization of intangibles				32			29		23		21		22
Allocated corporate expenses				―			―		―		―		―
	Income (loss) before income taxes			793			755		581		788		880
	Provision (benefit) for income taxes			251			222		80		241		277
		Segment net income (loss)	$	542		$	533	$	501	$	547	$	603
Identifiable assets (period end)			$	209,947		$	208,809	$	191,017	$	189,228	$	186,834
(1)	Lines of business results are preliminary.
(2)	Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.
(3)	Includes financial data related to Susquehanna Bancshares, Inc. until the completion of the systems conversion, which occurred during the fourth quarter of 2015.

6

BB&T Corporation
Consolidated Balance Sheets
(Dollars in millions)
				As of December 31				Change
				2015		2014		$		%
Assets
	Cash and due from banks			$	2,123	$	1,639	$	484	29.5	%
	Interest-bearing deposits with banks				1,435		529		906	171.3
	Federal funds sold and securities purchased under
		resale agreements or similar arrangements			153		157		(4)	(2.5)
	Restricted cash				456		374		82	21.9
	Securities available for sale at fair value				25,297		20,907		4,390	21.0
	Securities held to maturity at amortized cost				18,530		20,240		(1,710)	(8.4)
	Loans and leases:
		Commercial:
			Commercial and industrial		48,430		41,454		6,976	16.8
			Commercial real estate-income producing properties		13,421		10,722		2,699	25.2
			Commercial real estate-construction and development		3,732		2,735		997	36.5
			Dealer floor plan		1,215		1,091		124	11.4
		Direct retail lending			11,140		8,146		2,994	36.8
		Sales finance			10,327		9,509		818	8.6
		Revolving credit			2,510		2,460		50	2.0
		Residential mortgage			30,533		31,090		(557)	(1.8)
		Other lending subsidiaries			13,521		11,462		2,059	18.0
		Acquired from FDIC and PCI			1,122		1,215		(93)	(7.7)
			Total loans and leases held for investment		135,951		119,884		16,067	13.4
		Loans held for sale			1,035		1,423		(388)	(27.3)
			Total loans and leases		136,986		121,307		15,679	12.9
	Allowance for loan and lease losses				(1,460)		(1,474)		14	(0.9)
	Premises and equipment				2,007		1,827		180	9.9
	Goodwill				8,548		6,869		1,679	24.4
	Core deposit and other intangible assets				686		505		181	35.8
	Residential mortgage servicing rights at fair value				880		844		36	4.3
	Other assets				14,306		13,110		1,196	9.1
		Total assets		$	209,947	$	186,834	$	23,113	12.4	%
Liabilities and Shareholders' Equity
	Deposits:
		Noninterest-bearing deposits		$	45,695	$	38,786	$	6,909	17.8	%
		Interest checking			25,410		20,262		5,148	25.4
		Money market and savings			60,461		50,604		9,857	19.5
		Time deposits			17,558		19,388		(1,830)	(9.4)
			Total deposits		149,124		129,040		20,084	15.6
	Short-term borrowings				3,593		3,717		(124)	(3.3)
	Long-term debt				23,769		23,312		457	2.0
	Accounts payable and other liabilities				6,121		6,388		(267)	(4.2)
		Total liabilities			182,607		162,457		20,150	12.4
	Shareholders' equity:
		Preferred stock			2,603		2,603		―	―
		Common stock			3,902		3,603		299	8.3
		Additional paid-in capital			8,365		6,517		1,848	28.4
		Retained earnings			13,464		12,317		1,147	9.3
		Accumulated other comprehensive loss			(1,028)		(751)		(277)	36.9
		Noncontrolling interests			34		88		(54)	(61.4)
			Total shareholders' equity		27,340		24,377		2,963	12.2
			Total liabilities and shareholders' equity	$	209,947	$	186,834	$	23,113	12.4	%

7

BB&T Corporation
Consolidated Balance Sheets - Five Quarter Trend
(Dollars in millions)
				As of
				Dec. 31		Sept. 30		June 30		March 31		Dec. 31
				2015		2015		2015		2015		2014
Assets
	Cash and due from banks			$	2,123	$	1,538	$	1,607	$	1,452	$	1,639
	Interest-bearing deposits with banks				1,435		1,115		824		325		529
	Federal funds sold and securities purchased under
		resale agreements or similar arrangements			153		127		190		222		157
	Restricted cash				456		578		379		513		374
	Securities available for sale at fair value				25,297		24,249		21,183		21,674		20,907
	Securities held to maturity at amortized cost				18,530		19,245		19,437		20,415		20,240
	Loans and leases:
		Commercial:
			Commercial and industrial		48,430		48,095		43,607		42,294		41,454
			Commercial real estate-income producing properties		13,421		13,313		11,132		10,719		10,722
			Commercial real estate-construction and development		3,732		3,807		2,874		2,655		2,735
			Dealer floor plan		1,215		1,093		1,066		1,008		1,091
		Direct retail lending			11,140		10,626		8,675		8,288		8,146
		Sales finance			10,327		10,772		9,427		9,605		9,509
		Revolving credit			2,510		2,429		2,407		2,390		2,460
		Residential mortgage			30,533		31,070		30,054		30,533		31,090
		Other lending subsidiaries			13,521		13,235		12,067		11,304		11,462
		Acquired from FDIC and PCI			1,122		1,075		992		1,110		1,215
			Total loans and leases held for investment		135,951		135,515		122,301		119,906		119,884
		Loans held for sale			1,035		1,452		2,469		2,121		1,423
			Total loans and leases		136,986		136,967		124,770		122,027		121,307
	Allowance for loan and lease losses				(1,460)		(1,458)		(1,457)		(1,464)		(1,474)
	Premises and equipment				2,007		2,038		1,900		1,879		1,827
	Goodwill				8,548		8,498		7,141		6,950		6,869
	Core deposit and other intangible assets				686		700		514		530		505
	Residential mortgage servicing rights at fair value				880		848		912		764		844
	Other assets				14,306		14,364		13,617		13,941		13,110
		Total assets		$	209,947	$	208,809	$	191,017	$	189,228	$	186,834
Liabilities and Shareholders' Equity
	Deposits:
		Noninterest-bearing deposits		$	45,695	$	44,700	$	42,234	$	41,414	$	38,786
		Interest checking			25,410		23,574		20,843		21,070		20,262
		Money market and savings			60,461		61,689		55,269		53,198		50,604
		Time deposits			17,558		17,864		14,437		15,547		19,388
			Total deposits		149,124		147,827		132,783		131,229		129,040
	Short-term borrowings				3,593		2,581		3,883		3,130		3,717
	Long-term debt				23,769		24,883		23,271		23,437		23,312
	Accounts payable and other liabilities				6,121		6,254		5,948		6,694		6,388
		Total liabilities			182,607		181,545		165,885		164,490		162,457
	Shareholders' equity:
		Preferred stock			2,603		2,603		2,603		2,603		2,603
		Common stock			3,902		3,901		3,667		3,616		3,603
		Additional paid-in capital			8,365		8,344		6,667		6,524		6,517
		Retained earnings			13,464		13,172		12,891		12,632		12,317
		Accumulated other comprehensive loss			(1,028)		(796)		(748)		(733)		(751)
		Noncontrolling interests			34		40		52		96		88
			Total shareholders' equity		27,340		27,264		25,132		24,738		24,377
			Total liabilities and shareholders' equity	$	209,947	$	208,809	$	191,017	$	189,228	$	186,834

8

BB&T Corporation
Average Balance Sheets
(Dollars in millions)
					Quarter Ended								Year-to-Date
					December 31				Change				December 31				Change
					2015		2014		$		%		2015		2014		$		%
Assets
	Securities at amortized cost (1):
		U.S. Treasury			$	2,794	$	2,118	$	676	31.9	%	$	2,650	$	1,969	$	681	34.6	%
		U.S. government-sponsored entities (GSE)				5,165		5,394		(229)	(4.2)			5,338		5,516		(178)	(3.2)
		Mortgage-backed securities issued by GSE				32,442		29,706		2,736	9.2			30,683		29,504		1,179	4.0
		States and political subdivisions				2,019		1,818		201	11.1			1,913		1,827		86	4.7
		Non-agency mortgage-backed				201		235		(34)	(14.5)			215		246		(31)	(12.6)
		Other				64		654		(590)	(90.2)			477		547		(70)	(12.8)
		Acquired from FDIC				783		892		(109)	(12.2)			827		932		(105)	(11.3)
			Total securities			43,468		40,817		2,651	6.5			42,103		40,541		1,562	3.9
	Other earning assets					3,493		1,830		1,663	90.9			2,768		1,881		887	47.2
	Loans and leases:
		Commercial:
			Commercial and industrial			48,047		40,383		7,664	19.0			44,648		39,537		5,111	12.9
			CRE-income producing properties			13,264		10,681		2,583	24.2			11,806		10,489		1,317	12.6
			CRE-construction and development			3,766		2,772		994	35.9			3,196		2,616		580	22.2
			Dealer floor plan			1,164		1,053		111	10.5			1,068		985		83	8.4
		Direct retail lending (2)				10,896		8,085		2,811	34.8			9,375		8,249		1,126	13.7
		Sales finance				10,533		9,194		1,339	14.6			9,975		9,022		953	10.6
		Revolving credit				2,458		2,427		31	1.3			2,406		2,385		21	0.9
		Residential mortgage (2)				30,334		31,046		(712)	(2.3)			30,252		31,528		(1,276)	(4.0)
		Other lending subsidiaries				13,281		11,351		1,930	17.0			12,291		10,848		1,443	13.3
		Acquired from FDIC and PCI				1,070		1,309		(239)	(18.3)			1,083		1,613		(530)	(32.9)
			Total loans and leases held for investment			134,813		118,301		16,512	14.0			126,100		117,272		8,828	7.5
		Loans held for sale				1,377		1,611		(234)	(14.5)			1,702		1,558		144	9.2
			Total loans and leases			136,190		119,912		16,278	13.6			127,802		118,830		8,972	7.6
				Total earning assets		183,151		162,559		20,592	12.7			172,673		161,252		11,421	7.1
	Nonearning assets					26,066		23,903		2,163	9.0			24,674		23,843		831	3.5
	Total assets				$	209,217	$	186,462	$	22,755	12.2	%	$	197,347	$	185,095	$	12,252	6.6	%
Liabilities and Shareholders' Equity
	Deposits:
		Noninterest-bearing deposits			$	45,824	$	39,130	$	6,694	17.1	%	$	42,816	$	37,327	$	5,489	14.7	%
		Interest checking				24,157		19,308		4,849	25.1			22,092		18,731		3,361	17.9
		Money market and savings				61,431		51,176		10,255	20.0			56,592		49,728		6,864	13.8
		Time deposits				16,981		20,041		(3,060)	(15.3)			16,405		22,569		(6,164)	(27.3)
		Foreign office deposits - interest-bearing				98		660		(562)	(85.2)			593		722		(129)	(17.9)
			Total deposits			148,491		130,315		18,176	13.9			138,498		129,077		9,421	7.3
	Short-term borrowings					2,698		3,095		(397)	(12.8)			3,221		3,421		(200)	(5.8)
	Long-term debt					24,306		22,139		2,167	9.8			23,343		22,210		1,133	5.1
	Accounts payable and other liabilities					6,344		6,339		5	0.1			6,414		6,433		(19)	(0.3)
		Total liabilities				181,839		161,888		19,951	12.3			171,476		161,141		10,335	6.4
		Shareholders' equity				27,378		24,574		2,804	11.4			25,871		23,954		1,917	8.0
	Total liabilities and shareholders' equity				$	209,217	$	186,462	$	22,755	12.2	%	$	197,347	$	185,095	$	12,252	6.6	%
Average balances exclude basis adjustments for fair value hedges.
(1)	Excludes trading securities.
(2)	During the first quarter of 2014, $8.3 billion of loans were transferred from direct retail lending to residential mortgage.

9

BB&T Corporation
Average Balance Sheets - Five Quarter Trend
(Dollars in millions)
					Quarter Ended
					Dec. 31		Sept. 30		June 30		March 31		Dec. 31
					2015		2015		2015		2015		2014
Assets
	Securities at amortized cost (1):
		U.S. Treasury			$	2,794	$	2,745	$	2,561	$	2,497	$	2,118
		U.S. government-sponsored entities (GSE)				5,165		5,395		5,400		5,394		5,394
		Mortgage-backed securities issued by GSE				32,442		31,329		29,245		29,679		29,706
		States and political subdivisions				2,019		1,975		1,834		1,823		1,818
		Non-agency mortgage-backed				201		211		220		228		235
		Other				64		579		623		643		654
		Acquired from FDIC				783		814		844		869		892
			Total securities			43,468		43,048		40,727		41,133		40,817
	Other earning assets					3,493		2,917		2,645		1,999		1,830
	Loans and leases:
		Commercial:
			Commercial and industrial			48,047		46,462		42,541		41,448		40,383
			Commercial real estate-income producing properties			13,264		12,514		10,730		10,680		10,681
			Commercial real estate-construction and development			3,766		3,502		2,767		2,734		2,772
			Dealer floor plan			1,164		1,056		1,010		1,040		1,053
		Direct retail lending				10,896		9,926		8,449		8,191		8,085
		Sales finance				10,533		10,386		9,507		9,458		9,194
		Revolving credit				2,458		2,421		2,365		2,385		2,427
		Residential mortgage				30,334		30,384		29,862		30,427		31,046
		Other lending subsidiaries				13,281		12,837		11,701		11,318		11,351
		Acquired from FDIC and PCI				1,070		1,052		1,055		1,156		1,309
			Total loans and leases held for investment			134,813		130,540		119,987		118,837		118,301
		Loans held for sale				1,377		1,959		2,069		1,398		1,611
			Total loans and leases			136,190		132,499		122,056		120,235		119,912
				Total earning assets		183,151		178,464		165,428		163,367		162,559
	Nonearning assets					26,066		25,067		23,605		23,930		23,903
	Total assets				$	209,217	$	203,531	$	189,033	$	187,297	$	186,462
Liabilities and Shareholders' Equity
	Deposits:
		Noninterest-bearing deposits			$	45,824	$	44,153	$	41,502	$	39,701	$	39,130
		Interest checking				24,157		22,593		20,950		20,623		19,308
		Money market and savings				61,431		59,306		53,852		51,644		51,176
		Time deposits				16,981		16,837		14,800		17,000		20,041
		Foreign office deposits - interest-bearing				98		948		764		563		660
			Total deposits			148,491		143,837		131,868		129,531		130,315
	Short-term borrowings					2,698		3,572		3,080		3,539		3,095
	Long-term debt					24,306		23,394		22,616		23,043		22,139
	Accounts payable and other liabilities					6,344		6,116		6,581		6,618		6,339
		Total liabilities				181,839		176,919		164,145		162,731		161,888
	Shareholders' equity					27,378		26,612		24,888		24,566		24,574
	Total liabilities and shareholders' equity				$	209,217	$	203,531	$	189,033	$	187,297	$	186,462
Average balances exclude basis adjustments for fair value hedges.
(1)	Excludes trading securities.

10

BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions)
					Quarter Ended
					December 31, 2015						September 30, 2015
					(1)		Interest		(2)		(1)		Interest		(2)
					Average		Income/		Yields/		Average		Income/		Yields/
					Balances		Expense		Rates		Balances		Expense		Rates
Assets
	Securities at amortized cost (3):
		U.S. Treasury			$	2,794	$	12	1.67	%	$	2,745	$	11	1.60	%
		U.S. government-sponsored entities (GSE)				5,165		27	2.12			5,395		29	2.13
		Mortgage-backed securities issued by GSE				32,442		156	1.94			31,329		147	1.89
		States and political subdivisions				2,019		28	5.42			1,975		27	5.49
		Non-agency mortgage-backed				201		5	8.53			211		4	8.45
		Other				64		―	1.25			579		3	1.42
		Acquired from FDIC				783		22	11.34			814		24	11.57
			Total securities			43,468		250	2.30			43,048		245	2.27
	Other earning assets					3,493		8	0.90			2,917		7	0.97
	Loans and leases:
		Commercial:
			Commercial and industrial			48,047		387	3.20			46,462		386	3.30
			Commercial real estate-income producing properties			13,264		135	4.02			12,514		118	3.74
			Commercial real estate-construction and development			3,766		36	3.80			3,502		33	3.73
			Dealer floor plan			1,164		6	1.89			1,056		4	1.91
		Direct retail lending				10,896		108	3.97			9,926		105	4.18
		Sales finance				10,533		76	2.86			10,386		83	3.14
		Revolving credit				2,458		55	8.81			2,421		53	8.70
		Residential mortgage				30,334		316	4.17			30,384		319	4.18
		Other lending subsidiaries				13,281		287	8.57			12,837		276	8.56
		Acquired from FDIC and PCI				1,070		56	20.85			1,052		40	14.87
			Total loans and leases held for investment			134,813		1,462	4.31			130,540		1,417	4.31
		Loans held for sale				1,377		13	3.73			1,959		18	3.75
			Total loans and leases			136,190		1,475	4.31			132,499		1,435	4.31
				Total earning assets		183,151		1,733	3.77			178,464		1,687	3.76
	Nonearning assets					26,066						25,067
	Total assets				$	209,217					$	203,531
Liabilities and Shareholders' Equity
	Interest-bearing deposits:
		Interest checking			$	24,157		6	0.09		$	22,593		4	0.08
		Money market and savings				61,431		32	0.21			59,306		30	0.20
		Time deposits				16,981		24	0.58			16,837		26	0.61
		Foreign office deposits - interest-bearing				98		―	0.34			948		1	0.13
			Total interest-bearing deposits			102,667		62	0.24			99,684		61	0.24
	Short-term borrowings					2,698		1	0.17			3,572		2	0.15
	Long-term debt					24,306		128	2.11			23,394		123	2.12
		Total interest-bearing liabilities				129,671		191	0.59			126,650		186	0.59
	Noninterest-bearing deposits					45,824						44,153
	Accounts payable and other liabilities					6,344						6,116
	Shareholders' equity					27,378						26,612
	Total liabilities and shareholders' equity				$	209,217					$	203,531
	Average interest-rate spread								3.18						3.17
	Net interest income / net interest margin						$	1,542	3.35	%			$	1,501	3.35	%
	Taxable-equivalent adjustment						$	38					$	37
Applicable ratios are annualized.
(1)	Excludes basis adjustments for fair value hedges.
(2)	Yields are on a fully taxable-equivalent basis.
(3)	Excludes trading securities.

11

BB&T Corporation
Average Balances and Rates - Quarters
(Dollars in millions)
					Quarter Ended
					June 30, 2015						March 31, 2015						December 31, 2014
					(1)		Interest		(2)		(1)		Interest		(2)		(1)		Interest		(2)
					Average		Income/		Yields/		Average		Income/		Yields/		Average		Income/		Yields/
					Balances		Expense		Rates		Balances		Expense		Rates		Balances		Expense		Rates
Assets
	Securities at amortized cost (3):
		U.S. Treasury			$	2,561	$	10	1.56	%	$	2,497	$	9	1.49	%	$	2,118	$	9	1.54	%
		U.S. government-sponsored entities (GSE)				5,400		28	2.13			5,394		29	2.13			5,394		29	2.13
		Mortgage-backed securities issued by GSE				29,245		149	2.05			29,679		153	2.04			29,706		148	2.01
		States and political subdivisions				1,834		27	5.80			1,823		26	5.80			1,818		27	5.81
		Non-agency mortgage-backed				220		5	7.88			228		4	7.87			235		5	7.81
		Other				623		2	1.11			643		2	1.39			654		2	1.42
		Acquired from FDIC				844		24	11.36			869		31	14.46			892		31	13.77
			Total securities			40,727		245	2.41			41,133		254	2.47			40,817		251	2.45
	Other earning assets					2,645		7	1.19			1,999		16	3.13			1,830		9	1.92
	Loans and leases:
		Commercial:
			Commercial and industrial			42,541		335	3.15			41,448		326	3.19			40,383		332	3.27
			CRE-income producing properties			10,730		90	3.37			10,680		89	3.39			10,681		93	3.43
			CRE-construction and development			2,767		23	3.31			2,734		22	3.32			2,772		24	3.38
			Dealer floor plan			1,010		5	1.81			1,040		5	1.80			1,053		5	1.83
		Direct retail lending				8,449		86	4.04			8,191		82	4.08			8,085		78	3.89
		Sales finance				9,507		64	2.70			9,458		63	2.72			9,194		64	2.77
		Revolving credit				2,365		51	8.68			2,385		52	8.85			2,427		54	8.72
		Residential mortgage				29,862		308	4.14			30,427		312	4.11			31,046		324	4.17
		Other lending subsidiaries				11,701		255	8.72			11,318		249	8.92			11,351		252	8.81
		Acquired from FDIC and PCI				1,055		38	14.66			1,156		45	15.85			1,309		52	15.93
			Total loans and leases held for investment			119,987		1,255	4.19			118,837		1,245	4.24			118,301		1,278	4.30
		Loans held for sale				2,069		18	3.48			1,398		13	3.61			1,611		16	3.91
			Total loans and leases			122,056		1,273	4.18			120,235		1,258	4.23			119,912		1,294	4.29
				Total earning assets		165,428		1,525	3.69			163,367		1,528	3.77			162,559		1,554	3.80
	Nonearning assets					23,605						23,930						23,903
	Total assets				$	189,033					$	187,297					$	186,462
Liabilities and Shareholders' Equity
	Interest-bearing deposits:
		Interest checking			$	20,950		4	0.08		$	20,623		4	0.07		$	19,308		4	0.07
		Money market and savings				53,852		23	0.18			51,644		22	0.17			51,176		21	0.17
		Time deposits				14,800		28	0.72			17,000		29	0.71			20,041		32	0.66
		Foreign office deposits - interest-bearing				764		―	0.09			563		―	0.08			660		1	0.08
			Total interest-bearing deposits			90,366		55	0.24			89,830		55	0.25			91,185		58	0.25
	Short-term borrowings					3,080		1	0.16			3,539		1	0.11			3,095		1	0.14
	Long-term debt					22,616		121	2.14			23,043		125	2.18			22,139		124	2.22
		Total interest-bearing liabilities				116,062		177	0.61			116,412		181	0.63			116,419		183	0.62
	Noninterest-bearing deposits					41,502						39,701						39,130
	Accounts payable and other liabilities					6,581						6,618						6,339
	Shareholders' equity					24,888						24,566						24,574
	Total liabilities and shareholders' equity				$	189,033					$	187,297					$	186,462
	Average interest-rate spread								3.08						3.14						3.18
	Net interest income / net interest margin						$	1,348	3.27	%			$	1,347	3.33	%			$	1,371	3.36	%
	Taxable-equivalent adjustment						$	36					$	35					$	36
Applicable ratios are annualized.
(1)	Excludes basis adjustments for fair value hedges.
(2)	Yields are on a fully taxable-equivalent basis.
(3)	Excludes trading securities.

12

BB&T Corporation
Average Balances and Rates - Year-To-Date
(Dollars in millions)
					Year-to-Date
					December 31, 2015						December 31, 2014
					(1)		Interest		(2)		(1)		Interest		(2)
					Average		Income/		Yields/		Average		Income/		Yields/
					Balances		Expense		Rates		Balances		Expense		Rates
Assets
	Securities at amortized cost (3):
		U.S. Treasury			$	2,650	$	42	1.58	%	$	1,969	$	30	1.51	%
		U.S. government-sponsored entities (GSE)				5,338		113	2.13			5,516		116	2.10
		Mortgage-backed securities issued by GSE				30,683		605	1.98			29,504		589	2.00
		States and political subdivisions				1,913		108	5.62			1,827		106	5.78
		Non-agency mortgage-backed				215		18	8.17			246		19	7.55
		Other				477		7	1.31			547		8	1.43
		Acquired from FDIC				827		101	12.22			932		125	13.35
			Total securities			42,103		994	2.36			40,541		993	2.45
	Other earning assets					2,768		38	1.39			1,881		40	2.13
	Loans and leases:
		Commercial:
			Commercial and industrial			44,648		1,434	3.21			39,537		1,325	3.35
			CRE-income producing properties			11,806		432	3.66			10,489		366	3.49
			CRE-construction and development			3,196		114	3.57			2,616		92	3.51
			Dealer floor plan			1,068		20	1.85			985		18	1.87
		Direct retail lending (4)				9,375		381	4.07			8,249		338	4.10
		Sales finance				9,975		286	2.86			9,022		253	2.80
		Revolving credit				2,406		211	8.76			2,385		208	8.70
		Residential mortgage (4)				30,252		1,255	4.15			31,528		1,325	4.20
		Other lending subsidiaries				12,291		1,067	8.68			10,848		985	9.08
		Acquired from FDIC and PCI				1,083		179	16.57			1,613		278	17.22
			Total loans and leases held for investment			126,100		5,379	4.27			117,272		5,188	4.42
		Loans held for sale				1,702		62	3.63			1,558		65	4.19
			Total loans and leases			127,802		5,441	4.26			118,830		5,253	4.42
				Total earning assets		172,673		6,473	3.75			161,252		6,286	3.90
	Nonearning assets					24,674						23,843
	Total assets				$	197,347					$	185,095
Liabilities and Shareholders' Equity
	Interest-bearing deposits:
		Interest checking			$	22,092		18	0.08		$	18,731		13	0.07
		Money market and savings				56,592		107	0.19			49,728		74	0.15
		Time deposits				16,405		107	0.66			22,569		151	0.67
		Foreign office deposits - interest-bearing				593		1	0.12			722		1	0.07
			Total interest-bearing deposits			95,682		233	0.24			91,750		239	0.26
	Short-term borrowings					3,221		5	0.15			3,421		5	0.13
	Long-term debt					23,343		497	2.13			22,210		525	2.36
		Total interest-bearing liabilities				122,246		735	0.60			117,381		769	0.65
	Noninterest-bearing deposits					42,816						37,327
	Accounts payable and other liabilities					6,414						6,433
	Shareholders' equity					25,871						23,954
	Total liabilities and shareholders' equity				$	197,347					$	185,095
	Average interest-rate spread								3.15						3.25
	Net interest income / net interest margin						$	5,738	3.32	%			$	5,517	3.42	%
	Taxable-equivalent adjustment						$	146					$	143
Applicable ratios are annualized.
(1)	Excludes basis adjustments for fair value hedges.
(2)	Yields are on a fully taxable-equivalent basis.
(3)	Excludes trading securities.
(4)	During the first quarter of 2014, $8.3 billion of loans were transferred from direct retail lending to residential mortgage.

13

BB&T Corporation
Credit Quality
(Dollars in millions)
				As of
				Dec. 31		Sept. 30		June 30		March 31		Dec. 31
				2015		2015		2015		2015		2014
Nonperforming assets (1)
	Nonaccrual loans and leases:
		Commercial:
			Commercial and industrial	$	237	$	211	$	198	$	230	$	239
			Commercial real estate-income producing properties		38		45		59		63		74
			Commercial real estate-construction and development		13		24		16		18		26
			Dealer floor plan		―		7		7		―		―
		Direct retail lending			43		39		41		47		48
		Sales finance			7		6		6		7		5
		Residential mortgage (2)			173		196		188		183		166
		Other lending subsidiaries			65		57		57		51		58
			Total nonaccrual loans and leases held for investment (2)		576		585		572		599		616
	Foreclosed real estate				82		85		86		90		87
	Foreclosed real estate-acquired from FDIC and PCI				26		45		47		53		56
	Other foreclosed property				28		29		24		23		23
			Total nonperforming assets (1)(2)	$	712	$	744	$	729	$	765	$	782
Performing troubled debt restructurings (TDRs) (3)
		Commercial:
			Commercial and industrial	$	49	$	54	$	75	$	54	$	64
			Commercial real estate-income producing properties		13		12		21		15		27
			Commercial real estate-construction and development		16		14		23		25		30
		Direct retail lending			72		75		81		84		84
		Sales finance			17		18		18		18		19
		Revolving credit			33		34		36		38		41
		Residential mortgage-nonguaranteed			288		275		273		269		261
		Residential mortgage-government guaranteed			316		321		328		325		360
		Other lending subsidiaries			178		173		172		168		164
			Total performing TDRs (3)	$	982	$	976	$	1,027	$	996	$	1,050
Loans 90 days or more past due and still accruing
		Direct retail lending		$	7	$	12	$	10	$	9	$	12
		Sales finance			5		4		4		3		5
		Revolving credit			10		9		9		10		9
		Residential mortgage-nonguaranteed			55		61		60		59		83
		Residential mortgage-government guaranteed (4)			121		128		154		157		238
		Acquired from FDIC and PCI (5)			114		167		124		154		188
			Total loans 90 days past due and still accruing (4)(5)	$	312	$	381	$	361	$	392	$	535
Loans 30-89 days past due
		Commercial:
			Commercial and industrial	$	36	$	26	$	16	$	20	$	23
			Commercial real estate-income producing properties		13		6		4		7		4
			Commercial real estate-construction and development		9		2		3		2		1
		Direct retail lending			58		46		41		40		41
		Sales finance			72		63		53		49		62
		Revolving credit			22		20		19		19		23
		Residential mortgage-nonguaranteed			397		368		362		356		392
		Residential mortgage-government guaranteed (6)			75		73		74		68		80
		Other lending subsidiaries			304		274		230		151		237
		Acquired from FDIC and PCI			42		28		31		47		33
			Total loans 30-89 days past due (6)	$	1,028	$	906	$	833	$	759	$	896
Excludes loans held for sale.
(1)	Loans acquired from the FDIC and PCI are accounted for using the accretion method.
(2)	During the fourth quarter of 2015, approximately $50 million of nonaccrual residential mortgage loans were sold.
(3)	Excludes TDRs that are nonperforming totaling $146 million, $154 million, $127 million, $127 million, and $126 million at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively. These amounts are included in total nonperforming assets.
(4)	Excludes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are past due 90 days or more totaling $365 million, $353 million, $338 million, $361 million and $410 million at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively.
(5)	Approximately $93 million of PCI loans 90 days or more past due and still accruing as of September 30, 2015 have been reclassified to current based on a correction to the aging methodology for these loans.
(6)	Excludes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase that are past due 30-89 days totaling $2 million, $3 million, $3 million, $2 million and $2 million at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively.

14

BB&T Corporation
Credit Quality
(Dollars in millions)
				As of/For the Quarter Ended
				Dec. 31		Sept. 30		June 30		March 31		Dec. 31
				2015		2015		2015		2015		2014
Allowance for credit losses
	Beginning balance			$	1,551	$	1,535	$	1,532	$	1,534	$	1,567
	Provision for credit losses (excluding loans acquired from FDIC and PCI)				128		100		97		105		84
	Provision (benefit) for loans acquired from FDIC and PCI				1		3		―		(6)		(1)
	Charge-offs:
		Commercial:
			Commercial and industrial		(19)		(16)		(32)		(14)		(27)
			Commercial real estate—income producing properties		(3)		(4)		(4)		(9)		(4)
			Commercial real estate—construction and development		(1)		(1)		―		(2)		(2)
		Direct retail lending			(14)		(15)		(13)		(12)		(14)
		Sales finance			(10)		(5)		(5)		(6)		(7)
		Revolving credit			(16)		(17)		(19)		(18)		(18)
		Residential mortgage-nonguaranteed			(14)		(7)		(8)		(11)		(10)
		Residential mortgage-government guaranteed			(2)		(3)		(1)		―		―
		Other lending subsidiaries			(85)		(77)		(57)		(67)		(71)
		Acquired from FDIC and PCI			―		―		―		(1)		(14)
			Total charge-offs		(164)		(145)		(139)		(140)		(167)
	Recoveries:
		Commercial:
			Commercial and industrial		8		8		13		8		13
			Commercial real estate—income producing properties		1		3		1		2		7
			Commercial real estate—construction and development		2		3		2		4		4
		Direct retail lending			6		8		7		8		7
		Sales finance			2		2		2		3		2
		Revolving credit			5		5		5		5		5
		Residential mortgage-nonguaranteed			1		1		1		―		5
		Other lending subsidiaries			9		8		10		9		8
			Total recoveries		34		38		41		39		51
	Net charge-offs				(130)		(107)		(98)		(101)		(116)
	Other				―		20		4		―		―
	Ending balance			$	1,550	$	1,551	$	1,535	$	1,532	$	1,534
Allowance for credit losses
	Allowance for loan and lease losses (excluding loans acquired from the FDIC and PCI)			$	1,399	$	1,398	$	1,400	$	1,407	$	1,410
	Allowance for loans acquired from the FDIC and PCI				61		60		57		57		64
	Reserve for unfunded lending commitments				90		93		78		68		60
		Total		$	1,550	$	1,551	$	1,535	$	1,532	$	1,534
											As of/For the
											Twelve Months Ended
											December 31
											2015		2014
Allowance for credit losses
	Beginning balance									$	1,534	$	1,821
	Provision for credit losses (excluding loans acquired from FDIC and PCI)										430		280
	Provision (benefit) for loans acquired from FDIC and PCI										(2)		(29)
	Charge-offs:
		Commercial:
			Commercial and industrial								(81)		(131)
			Commercial real estate—income producing properties								(20)		(31)
			Commercial real estate—construction and development								(4)		(11)
		Direct retail lending (1)									(54)		(69)
		Sales finance									(26)		(23)
		Revolving credit									(70)		(71)
		Residential mortgage-nonguaranteed (1)									(40)		(82)
		Residential mortgage-government guaranteed									(6)		(2)
		Other lending subsidiaries									(286)		(269)
		Acquired from FDIC and PCI									(1)		(21)
			Total charge-offs								(588)		(710)
	Recoveries:
		Commercial:
			Commercial and industrial								37		42
			Commercial real estate—income producing properties								7		14
			Commercial real estate—construction and development								11		19
		Direct retail lending (1)									29		29
		Sales finance									9		9
		Revolving credit									20		19
		Residential mortgage-nonguaranteed (1)									3		7
		Other lending subsidiaries									36		33
			Total recoveries								152		172
	Net charge-offs										(436)		(538)
	Other										24		―
	Ending balance									$	1,550	$	1,534
(1)	During the first quarter of 2014, $8.3 billion of loans were transferred from direct retail lending to residential mortgage.

15

BB&T Corporation
Credit Quality
			As of/For the Quarter Ended
			Dec. 31		Sept. 30		June 30		March 31		Dec. 31
			2015		2015		2015		2015		2014
Asset Quality Ratios (including acquired from FDIC and PCI)
	Loans 30-89 days past due and still accruing as a
		percentage of loans and leases (1)	0.76	%	0.67	%	0.68	%	0.63	%	0.75	%
	Loans 90 days or more past due and still accruing
		as a percentage of loans and leases (1)(3)	0.23		0.28		0.29		0.33		0.45
	Nonperforming loans and leases as a
		percentage of loans and leases	0.42		0.43		0.47		0.50		0.51
	Nonperforming assets as a percentage of:
		Total assets	0.34		0.36		0.38		0.40		0.42
		Loans and leases plus foreclosed property	0.52		0.55		0.60		0.64		0.65
	Net charge-offs as a percentage of average loans and leases		0.38		0.32		0.33		0.34		0.39
	Allowance for loan and lease losses as a percentage of
		loans and leases	1.07		1.08		1.19		1.22		1.23
	Ratio of allowance for loan and lease losses to:
		Net charge-offs	2.83	X	3.44	X	3.71	X	3.60	X	3.21	X
		Nonperforming loans and leases	2.53		2.49		2.55		2.45		2.39
Asset Quality Ratios (excluding acquired from FDIC and PCI) (2)
	Loans 90 days or more past due and still accruing
		as a percentage of loans and leases (1)	0.15	%	0.16	%	0.19	%	0.20	%	0.29	%
									As of/For the
									Twelve Months Ended
									December 31
									2015		2014
Asset Quality Ratios
	Including acquired from FDIC and PCI:
		Net charge-offs as a percentage of average loans and leases							0.35	%	0.46	%
		Ratio of allowance for loan and lease losses to net charge-offs							3.36	X	2.74	X
Applicable ratios are annualized. Loans and leases exclude loans held for sale.
(1)	Excludes government guaranteed GNMA mortgage loans that BB&T has the right but not the obligation to repurchase. Refer to the footnotes in the Credit Quality section of this supplement for amounts related to these loans. The prior quarters have been revised to include government guaranteed mortgage loans consistent with the current presentation.
(2)	These asset quality ratios have been adjusted to remove the impact of assets acquired from the FDIC and PCI.  Appropriate adjustments to the numerator and denominator have been reflected in the calculation of these ratios.  Management believes the inclusion of assets acquired from the FDIC and PCI in certain asset quality ratios results in distortion of these ratios and they may not be comparable to other periods presented or to other portfolios that were subject to different accounting requirements.
(3)	Approximately $93 million of PCI loans 90 days or more past due and still accruing as of September 30, 2015 have been reclassified to current based on a revision to the aging methodology for these loans.

16

BB&T Corporation
Credit Quality - Supplemental Information
(Dollars in millions)
			As of December 31, 2015
										Past Due 30-89						Past Due 90+
			Current Status							Days						Days								Total
Performing TDRs: (1)
	Commercial:
		Commercial and industrial	$	45		91.8		%		$	4		8.2		%	$		―		―		%		$	49
		Commercial real estate—income producing properties		13		100.0					―		―					―		―					13
		Commercial real estate—construction and development		16		100.0					―		―					―		―					16
	Direct retail lending			70		97.2					2		2.8					―		―					72
	Sales finance			16		94.1					1		5.9					―		―					17
	Revolving credit			28		84.9					4		12.1					1		3.0					33
	Residential mortgage—nonguaranteed			236		81.9					44		15.3					8		2.8					288
	Residential mortgage—government guaranteed			174		55.1					64		20.2					78		24.7					316
	Other lending subsidiaries			146		82.0					32		18.0					―		―					178
		Total performing TDRs		744		75.8					151		15.4					87		8.8					982
Nonperforming TDRs (2)				61		41.8					23		15.7					62		42.5					146
		Total TDRs	$	805		71.4				$	174		15.4			$		149		13.2				$	1,128
					Quarter Ended
					Dec. 31				Sept. 30					June 30					March 31				Dec. 31
					2015				2015					2015					2015				2014
Net charge-offs as a percentage of average loans and leases:
	Commercial:
		Commercial and industrial			0.09		%		0.07			%		0.18			%		0.06		%		0.13			%
		Commercial real estate—income producing properties			0.05				0.03					0.11					0.28				(0.13)
		Commercial real estate—construction and development			(0.10)				(0.25)					(0.20)					(0.36)				(0.18)
	Direct retail lending				0.30				0.29					0.29					0.18				0.36
	Sales finance				0.28				0.12					0.11					0.14				0.21
	Revolving credit				1.85				1.88					2.24					2.32				2.27
	Residential mortgage				0.19				0.11					0.12					0.15				0.06
	Other lending subsidiaries				2.30				2.12					1.60					2.07				2.20
	Acquired from FDIC and PCI				0.14				0.19					―					0.10				4.19
		Total loans and leases			0.38				0.32					0.33					0.34				0.39
																			Year-to-date
																			Dec. 31				Dec. 31
																			2015				2014
Net charge-offs as a percentage of average loans and leases:
	Commercial:
		Commercial and industrial																	0.10		%		0.22			%
		Commercial real estate—income producing properties																	0.11				0.16
		Commercial real estate—construction and development																	(0.22)				(0.28)
	Direct retail lending																		0.27				0.49
	Sales finance																		0.16				0.16
	Revolving credit																		2.07				2.20
	Residential mortgage																		0.14				0.24
	Other lending subsidiaries																		2.03				2.18
	Acquired from FDIC and PCI																		0.10				1.33
		Total loans and leases																	0.35				0.46
Applicable ratios are annualized.
(1)	Past due performing TDRs are included in past due disclosures.
(2)	Nonperforming TDRs are included in nonaccrual loan disclosures.

17

BB&T Corporation
Preliminary Capital Information - Five Quarter Trend
(Dollars in millions, except per share data, shares in thousands)
				As of / Quarter Ended
			Dec. 31			Sept. 30			June 30			March 31			Dec. 31
			2015			2015			2015			2015			2014
Selected Capital Information
	Risk-based capital:		Basel III												Basel I
		Common equity tier 1	$	17,081		$	16,822		$	16,031		$	15,755			N/A
		Tier 1		19,682			19,422			18,633			18,320		$	17,840
		Total		23,755			23,612			21,896			21,654			21,381
	Risk-weighted assets (1)			166,784			165,990			154,493			150,092			143,675
	Average quarterly tangible assets			209,131			195,623			182,444			180,790			179,785
	Risk-based capital ratios:
		Common equity tier 1		10.2	%		10.1	%		10.4	%		10.5	%		N/A
		Tier 1		11.8			11.7			12.1			12.2			12.4	%
		Total		14.2			14.2			14.2			14.4			14.9
	Leverage capital ratio			9.8			9.9			10.2			10.1			9.9
	Equity as a percentage of total assets			13.0			13.1			13.2			13.1			13.0
	Common equity per common share		$	31.66		$	31.56		$	30.64		$	30.48		$	30.09
Selected non-GAAP Capital Information (2)
	Tangible common equity as a percentage of tangible assets			7.7	%		7.7	%		8.1	%		8.0	%		8.0	%
	Tangible common equity per common share		$	19.82		$	19.77		$	20.21		$	20.13		$	19.86
Calculations of tangible common equity, tangible assets and related measures: (2)
Total shareholders' equity			$	27,340		$	27,264		$	25,132		$	24,738		$	24,377
Less:
	Preferred stock			2,603			2,603			2,603			2,603			2,603
	Noncontrolling interests			34			40			52			96			88
	Intangible assets			9,234			9,198			7,655			7,480			7,374
Tangible common equity			$	15,469		$	15,423		$	14,822		$	14,559		$	14,312
Total assets			$	209,947		$	208,809		$	191,017		$	189,228		$	186,834
Less:
	Intangible assets			9,234			9,198			7,655			7,480			7,374
Tangible assets			$	200,713		$	199,611		$	183,362		$	181,748		$	179,460
Tangible common equity as a percentage of tangible assets				7.7	%		7.7	%		8.1	%		8.0	%		8.0	%
Tangible common equity			$	15,469		$	15,423		$	14,822		$	14,559		$	14,312
Outstanding shares at end of period (in thousands)				780,337			780,150			733,481			723,159			720,698
Tangible common equity per common share			$	19.82		$	19.77		$	20.21		$	20.13		$	19.86
(1)	Risk-based capital, risk-weighted assets, leverage capital and related ratios for the first quarter of 2015 and later are determined in accordance with the Basel III Standardized Transitional Approach, which became effective January 1, 2015. Amounts and ratios for earlier periods were determined in accordance with Basel I.
(2)	Tangible common equity and related ratios are non-GAAP measures.  BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation.  These capital measures are not necessarily comparable to similar capital measures that may be presented by other companies.

18

BB&T Corporation
Selected Items & Additional Information
(Dollars in millions, except per share data)
													Favorable (Unfavorable)
Selected Items													Pre-Tax			After-Tax
Fourth Quarter 2015
	None
Third Quarter 2015
	None
Second Quarter 2015
	Gain on sale of American Coastal, excluding goodwill												$	23		$	15
	Allocation of non-deductible goodwill to American Coastal													(49)			(49)
		Net loss on sale of American Coastal		Other income										(26)			(34)
	Loss on early extinguishment of debt			Debt extinguishment charges										(172)			(107)
	Income tax adjustment			Provision for income taxes										N/A			107
First Quarter 2015
	None
Fourth Quarter 2014
	Mortgage reserve adjustments			Loan-related expense										(27)			(17)
	Franchise tax adjustment			Other expense										15			9
	Allowance release related to loan sale			Provision for credit losses										24			15
Third Quarter 2014
	Loss on early extinguishment of debt			Debt extinguishment charges										(122)			(76)
	Allowance release related to loan sale			Provision for credit losses										42			26
	Income tax adjustment			Provision for income taxes										N/A			50
Second Quarter 2014
	FHA-insured mortgage loan reserve adjustment			Other expense										(85)			(53)
	Mortgage loan indemnification reserve adjustment			Loan-related expense										(33)			(21)
	Income tax adjustment			Provision for income taxes										N/A			(14)
First Quarter 2014
	Reallocation of partnership profit rights			Noncontrolling interests										N/A			(16)
				As of / Quarter Ended
				Dec. 31			Sept. 30			June 30			March 31			Dec. 31
				2015			2015			2015			2015			2014
Selected Mortgage Banking Information
	Income statement impact of mortgage servicing rights valuation:
		MSRs fair value increase (decrease)		$	31		$	(89)		$	142		$	(71)		$	(105)
		MSRs hedge gains (losses)			(24)			94			(119)			81			123
			Net	$	7		$	5		$	23		$	10		$	18
	Residential mortgage loan originations			$	3,535		$	5,039		$	5,498		$	4,035		$	3,888
	Residential mortgage servicing portfolio (1):
		Loans serviced for others			91,132			90,446			89,235			89,192			90,230
		Bank-owned loans serviced			31,037			32,134			31,927			31,887			32,027
			Total servicing portfolio		122,169			122,580			121,162			121,079			122,257
	Weighted-average coupon rate				4.12	%		4.13	%		4.15	%		4.18	%		4.20	%
	Weighted-average servicing fee				0.286			0.287			0.289			0.291			0.292
Selected Miscellaneous Information
	Derivatives notional amount			$	67,525		$	72,978		$	76,205		$	77,592		$	72,321
	Fair value of derivatives, net				178			286			177			185			109
	Accumulated other comprehensive income related to securities,
		net of tax (2)			(330)			(51)			(148)			8			(99)
	Common stock prices:
		High			39.47			41.90			41.70			40.17			39.69
		Low			34.24			34.73			37.33			34.95			34.50
		End of period			37.81			35.60			40.31			38.99			38.89
	Banking offices				2,139			2,150			1,903			1,875			1,839
	ATMs				3,181			3,361			3,077			3,026			2,977
	FTEs (3)				36,059			35,002			32,598			32,109			32,265
													Quarter Ended			YTD Ended
													Dec. 31, 2014			Dec. 31, 2014
Impact of Retrospective Adoption of New Accounting Guidance for Affordable Housing Investments
	Increase to other income												$	35		$	141
	Increase to provision for income taxes													41			161
		Increase (decrease) to net income												(6)			(20)
	Cumulative impact to retained earnings at end of period													(49)			(49)
(1)	Amounts reported are unpaid principal balance.
(2)	Includes the impact of the FDIC loss sharing agreements on the acquired securities.
(3)	Represents a quarterly average.

19

BB&T Corporation
Non-GAAP Reconciliations
(Dollars in millions, except per share data, shares in thousands)
			Quarter Ended
			Dec. 31			Sept. 30			June 30			March 31					Dec. 31
Efficiency and Fee Income Ratios (1)			2015			2015			2015			2015					2014
Efficiency ratio - GAAP			62.4	%		64.1	%		69.8	%		60.7		%			58.3		%
	Effect of merger-related and restructuring charges, net		(1.9)			(3.1)			(1.1)			(0.5)					(0.7)
	Effect of loss on sale of American Coastal		―			―			(0.8)			―					―
	Effect of mortgage reserve adjustments		―			―			―			―					(1.1)
	Effect of loss on early extinguishment of debt		―			―			(7.1)			―					―
	Effect of franchise tax adjustment		―			―			―			―					0.6
	Effect of FDIC loss share accounting		―			―			(0.1)			(0.1)					(0.1)
	Effect of foreclosed property expense		(0.4)			(0.6)			(0.6)			(0.6)					(0.4)
	Effect of amortization of intangibles		(1.3)			(1.2)			(0.9)			(1.0)					(1.0)
Efficiency ratio - reported			58.8			59.2			59.2			58.5					55.6
Fee income ratio - GAAP			39.7	%		39.7	%		43.0	%		42.5		%			42.7		%
	Effect of loss on sale of American Coastal		―			―			0.6			―					―
	Effect of FDIC loss share accounting		2.1			2.4			2.7			3.3					3.5
Fee income ratio - reported			41.8			42.1			46.3			45.8					46.2
												Year-to-Date Dec. 31
												2015					2014
Efficiency ratio - GAAP												64.2		%			62.4		%
	Effect of merger-related and restructuring charges, net											(1.7)					(0.5)
	Effect of mortgage loan indemnification reserves											―					(0.4)
	Effect of loss on sale of American Coastal											(0.2)					―
	Effect of mortgage reserve adjustments											―					(0.3)
	Effect of loss on early extinguishment of debt											(1.8)					(1.3)
	Effect of franchise tax adjustment											―					0.2
	Effect of FDIC loss share accounting											―					(0.2)
	Effect of foreclosed property expense											(0.5)					(0.4)
	Effect of FHA-insured mortgage loan reserve adjustment											―					(0.9)
	Effect of amortization of intangibles											(1.1)					(0.9)
Efficiency ratio - reported												58.9					57.7
Fee income ratio - GAAP												41.2		%			41.1		%
	Effect of loss on sale of American Coastal											0.2					―
	Effect of FDIC loss share accounting											2.5					3.6
Fee income ratio - reported												43.9					44.7
			Quarter Ended
		Dec. 31			Sept. 30			June 30			March 31					Dec. 31
Return on Average Tangible Common Shareholders' Equity (2)		2015			2015			2015			2015					2014
Net income available to common shareholders		$	502		$	492		$	454		$		488			$		551
Plus: Amortization of intangibles, net of tax			21			18			14				13					14
Tangible net income available to common shareholders		$	523		$	510		$	468		$		501			$		565
Average common shareholders' equity		$	24,736		$	23,957		$	22,210		$		21,883			$		21,895
Less: Average intangible assets			9,224			8,666			7,496				7,366					7,385
Average tangible common shareholders' equity		$	15,512		$	15,291		$	14,714		$		14,517			$		14,510
Return on average tangible common shareholders' equity			13.37	%		13.23	%		12.76	%			14.00		%			15.45		%
											Year-to-Date Dec. 31,
											2015					2014
Net income available to common shareholders											$		1,936			$		1,983
Plus:
	Amortization of intangibles, net of tax												66					57
Tangible net income available to common shareholders											$		2,002			$		2,040
Average common shareholders' equity											$		23,206			$		21,280
Less:
	Average intangible assets												8,194					7,388
Average tangible common shareholders' equity											$		15,012			$		13,892
Return on average tangible common shareholders' equity													13.34		%			14.68		%
(1)	BB&T's management uses these measures in their analysis of the Corporation's performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges.
(2)	BB&T's management believes investors use this measure to evaluate the return on average common shareholders' equity without the impact of intangible assets and their related amortization.

20

EX-99.3

Exhibit 99.3

Forward - Looking Information This presentation contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 19 95, regarding the financial condition, results of operations, business plans and the future performance of BB&T that are based on the beliefs and assumptions of the management of BB&T and the information available to management at the time th at these disclosures were prepared. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “could,” and other similar expressions are intended to identify thes e f orward - looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following:  general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, amo ng other things, a deterioration in credit quality and/or a reduced demand for credit, insurance or other services;  disruptions to the credit and financial markets, either nationally or globally, including the impact of a downgrade of U.S. g ove rnment obligations by one of the credit ratings agencies and the adverse effects of recessionary conditions in Europe;  changes in the interest rate environment and cash flow reassessments may reduce NIM and/or the volumes and values of loans ma de or held as well as the value of other financial assets held;  competitive pressures among depository and other financial institutions may increase significantly;  legislative, regulatory or accounting changes, including changes resulting from the adoption and implementation of the Dodd - Fran k Act may adversely affect the businesses in which BB&T is engaged;  local, state or federal taxing authorities may take tax positions that are adverse to BB&T;  a reduction may occur in BB&T’s credit ratings;  adverse changes may occur in the securities markets;  competitors of BB&T may have greater financial resources and develop products that enable them to compete more successfully t han BB&T and may be subject to different regulatory standards than BB&T;  natural or other disasters could have an adverse effect on BB&T in that such events could materially disrupt BB&T’s operation s o r the ability or willingness of BB&T’s customers to access the financial services BB&T offers;  costs or difficulties related to the integration of the businesses of BB&T and its merger partners may be greater than expect ed;  expected cost savings or revenue growth associated with completed mergers and acquisitions may not be fully realized or reali zed within the expected time frames;  significant litigation could have a material adverse effect on BB&T;  deposit attrition, customer loss and/or revenue loss following completed mergers and acquisitions may be greater than expecte d ;  cyber - security risks, including “denial of service,” “hacking” and “identity theft,” could adversely affect our business and fin ancial performance, or our reputation;  h igher than expected costs related to information technology infrastructure or a failure to successfully implement future syst em enhancements could adversely impact BB&T’s financial condition and results of operations and could result in significant additional costs to BB&T;  f ailure to execute on the Company’s strategic or operational plans, including the ability to successfully complete and/or inte gra te mergers and acquisitions, could adversely impact BB&T’s financial condition and results of operations; and  widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, co uld adversely impact BB&T’s financial conditions and results of operations. Readers are cautioned not to place undue reliance on these forward - looking statements, which speak only as of the date of this r eport. Actual results may differ materially from those expressed in or implied by any forward - looking statement. Except to the extent required by applicable law or regulation, BB&T undertakes no obligation to revise or update publicly any forwar d - l ooking statements for any reason. Non - GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with ac counting principles generally accepted in the United States of America (“GAAP”). BB&T’s management uses these “non - GAAP” measures in their analysis of the Corporation’s performance and the efficiency of its operations. Management believes that these non - GAAP measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges in the current period. The c omp any believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T’s management believes that investors may use these non - GAAP financial measures to analyze financial performanc e without the impact of unusual items that may obscure trends in the company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they nece ssa rily comparable to non - GAAP performance measures that may be presented by other companies. Below is a listing of the types of non - GAAP measures used in this presentation:  Tangible common equity and related ratios are non - GAAP measures. The return on average risk - weighted assets is a non - GAAP measure . BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation.  The ratio of loans greater than 90 days and still accruing interest as a percentage of loans held for investment has been adjusted to remove the impact of loans that are or were covered by FDIC loss sharing agreements. Management believes that their inclusion may result in distortion of these ratios such that they might not be comparable to other periods presented or to other portfolios that were not impacted by purchase accounting .  Adjusted fee income and efficiency ratios are non - GAAP in that they exclude securities gains (losses), foreclosed property expen se, amortization of intangible assets, merger - related and restructuring charges, the impact of FDIC loss share accounting and other selected items. BB&T’s management uses these measures in their analysis of the Corporation’s per formance. BB&T’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significa nt gains and charges.  Return on average tangible common shareholders’ equity is a non - GAAP measure that calculates the return on average common shareholders’ equity without the impact of intangible assets and their related amortization . This measure is useful for evaluating the performance of a business consistently, whether acquired or developed internally.  Core net interest margin is a non - GAAP measure that adjusts net interest margin to exclude the impact of interest income and fun ding costs associated with loans and securities acquired in the Colonial acquisition and purchased credit impaired (“PCI”) loans acquired from Susquehanna. Core net interest margin is also adjusted to remove the purchase acc oun ting marks and related amortization for non - PCI loans and deposits acquired from Susquehanna. BB&T’s management believes that the adjustments to the calculation of net interest margin for certain assets and deposits acq uir ed provide investors with useful information related to the performance of BB&T’s earning assets. A reconciliation of these non - GAAP measures to the most directly comparable GAAP measure is included in BB&T’s Fourth Quarter 2015 Quarterly Performance Summary, which is available on BB&T’s website at www.bbt.com.

3 3 2015 Fourth Quarter Performance Highlights 1 ▪ Net income totaled $502 million 2 and diluted EPS totaled $0.64 ▪ Adjusted diluted EPS totaled $0.68 excluding merger - related charges ▪ GAAP ROA was 1.03 % and ROTCE was 13.37 % ▪ Adjusted ROA 3 was 1.09% and adjusted ROTCE 3 was 14.19% Earnings 1 Loans ▪ Average loans and leases held for investment totaled $134.8 billion in 4Q15 vs. $130.5 billion in 3Q15 ▪ Excluding acquisitions 5 , average loans held for investment grew approximately 2.0% annualized vs. 3Q15 ; or 4.5% excluding residential mortgage ▪ Organic loan growth led by C&I, Direct R etail and Equipment Finance Strategic Highlights 1 Returns and linked quarter growth rates are annualized, except credit metrics 2 Available to common shareholders 3 Refer to the Appendix for appropriate reconciliations of non - GAAP financial measures 4 Revenues presented on a taxable equivalent basis ▪ Received regulatory approval for National Penn Bancshares  Expected closing April 1 ▪ Successful systems conversion of Susquehanna Bancshares in November Revenues 4 ▪ Revenues totaled $ 2.6 billion, up $164 million vs. 4Q14, primarily due to the Susquehanna acquisition ▪ Full year revenues totaled $9.8 billion, up 4.1%; record fee income for 2015 ▪ Net interest margin remained stable at 3.35% Expenses 3 ▪ Efficiency improved to 58.8% ▪ Achieved positive operating leverage 5 “Acquisitions” include Susquehanna, Bank of Kentucky, BankAtlantic and certain other smaller acquisition activity

4 4 Pre - Tax After Tax Diluted EPS Impact Merger - related and restructuring charges $ 50 $ 33 $ (0.04) Selected Items Affecting Earnings ($ in millions, except per share impact)

5 5 Record Loans Following Successful Acquisitions 1 ▪ Average loan growth, excluding acquisitions 3 , was 2.0% annualized and 4.5% annualized excluding residential mortgage, vs. 3Q15 ▪ Experienced strong loan growth vs. 3Q15 in several categories (excludes acquisitions):  C&I, up 7.8% annualized 3  Direct Retail, up 11.2% annualized 3  BB&T Equipment Finance, up 13.5 % annualized ▪ Loan growth, excluding acquisitions, continues to reflect runoff in residential mortgage ($432 million lower) and sales finance ($406 million decline) 1 Excludes loans held for sale 2 Other lending subsidiaries consist of AFCO/CAFO/Prime Rate, BB&T Equipment Finance, Grandbridge Real Estate Capital, Sheffield Financial, Regional Acceptance, among others 3 Excludes the impact of acquisitions. See non - GAAP reconciliations included in the Appendix. $118.3 $118.8 $120.0 $130.5 $ 134.8 $100.0 $108.0 $116.0 $124.0 $132.0 $140.0 4Q14 1Q15 2Q15 3Q15 4Q15 Average Loans Held for Investment ($ in billions) C&I $ 48,047 13.5% CRE – IPP 13,264 23.8 CRE – C&D 3,766 29.9 Dealer floor plan 1,164 40.6 Direct retail lending 10,896 38.8 Sales finance 10,533 5.6 Revolving credit 2,458 6.1 Residential mortgage 30,334 (0.7) Other lending subsidiaries 2 13,281 13.7 Acquired from FDIC and PCI 1,070 6.8 Total $ 134,813 13.0% 4 Q15 Average Balance 4 Q15 v. 3Q15 Annualized Increase (Decrease) Average Loans Held for Investment ($ in millions) ▪ Oil and gas portfolio totals $1.4 billion, or 1% of total loans  No delinquencies, nonaccruals or losses this quarter ▪ Management expects loan growth of approximately 1% in 1Q16, slowed by seasonal portfolios

6 6 Improved Deposit Mix and Cost $130.3 $129.5 $131.9 $143.8 $ 148.5 0.25% 0.25% 0.24% 0.24% 0.24% 0.20% 0.25% 0.30% 0.35% 0.40% $105.0 $115.0 $125.0 $135.0 $145.0 $155.0 4Q14 1Q15 2Q15 3Q15 4Q15 Total Interest-Bearing Deposit Cost ▪ Average total deposits grew $4.7 billion, or 12.8% annualized ▪ Excluding acquisitions 1 , average noninterest - bearing deposits increased approximately $800 million; or 7.5% annualized ▪ Excluding acquisitions, average noninterest - bearing deposit mix was 32.3% in 4Q15 vs. 31.7% in 3Q15 1 ▪ Time deposits continue to decline ($650 million lower excluding acquired balances) 1 Average Total Deposits ($ in billions) $39.1 $39.7 $41.5 $44.2 $ 45.8 $30.0 $34.0 $38.0 $42.0 $46.0 4Q14 1Q15 2Q15 3Q15 4Q15 Average Noninterest - Bearing Deposits ($ in billions) Noninterest - bearing deposits $ 45,824 15.0% Interest checking 24,157 27.5 Money market & savings 61,431 14.2 Subtotal $ 131,412 16.9% Time deposits 16,981 3.4 Foreign office deposits – Interest - bearing 98 NM Total deposits $ 148,491 12.8% 4Q15 Average Balance 4Q15 v. 3Q15 Annualized Increase (Decrease) Average Deposits ($ in millions) 1 See non - GAAP reconciliations included in the Appendix

7 7 Credit Quality Remains Excellent 1,2 ▪ Loans 90 days or more past due and still accruing decreased $69 million vs. 3Q15 ▪ Loans 30 - 89 days increased 13.5% vs. 3Q15  Reflects conversion of Susquehanna mortgage portfolio to MBA methodology ▪ Management expects 1Q16 net charge - offs to be in the range of 35 to 45 bps, reflecting normal retail seasonality ▪ NPAs decreased 4.3% vs. 3Q15  Decline driven by mortgage loan sale (no gain or loss), offset by a methodology change for mortgage and HELOCs ▪ Management expects NPA levels to remain in a similar range in 1Q16 0.42% 0.40% 0.38% 0.36% 0.34% 0.00% 0.20% 0.40% 0.60% 4Q14 1Q15 2Q15 3Q15 4Q15 Total Nonperforming Assets as a Percentage of Total Assets Annualized Net Charge - offs / Average Loans 1 Includes acquired from FDIC and PCI; excludes loans held for sale 2 See non - GAAP reconciliations included in the Appendix 0.39% 0.34% 0.33% 0.32% 0.38% 0.00% 0.20% 0.40% 0.60% 4Q14 1Q15 2Q15 3Q15 4Q15

8 8 Allowance Coverage Ratios Remain Strong 3.21x 3.60x 3.71x 3.44x 2.83x 2.39x 2.45x 2.55x 2.49x 2.53x 1.00 2.00 3.00 4.00 4Q14 1Q15 2Q15 3Q15 4Q15 ALLL to Net Charge-offs ALLL to NPLs HFI ▪ Coverage ratios remain healthy at 2.83x and 2.53x for the allowance to net charge - offs and NPLs, respectively ▪ The ALLL to loans ratio was 1.07%, compared to 1.08% last quarter  Loan portfolios have a remaining mark of approximately $750 million  Total ACL is $1.55 billion ▪ Oil and gas - related loans reflect an allowance for credit losses of approximately 5%. ALLL Coverage Ratios

9 9 Net Interest Margin Expected to Increase 3.36% 3.33% 3.27% 3.35% 3.35% 3.20% 3.18% 3.16% 3.15% 3.12% 2.50% 3.00% 3.50% 4.00% 4Q14 1Q15 2Q15 3Q15 4Q15 Reported NIM Core NIM ▪ 4Q15 NIM stable at 3.35% as a result of:  Purchase accounting impact (+3 bps)  Impact from rate, volume and earning asset mix changes ( - 3 bps) ▪ 4Q15 core NIM was 3.12%, down 3 bps vs. 3Q15  Due to lower loan yields and larger balances held at the FRB ▪ Management expects GAAP and core net interest margin to increase modestly in 1Q16, assuming no changes in interest rates ▪ Asset sensitivity decreased slightly from 3Q15 due to investment and borrowing mix changes offset by loan mix and an increase in free funds Net Interest Margin 1 - 0.69% 0.78% 1.58% 2.23% - 0.01% 0.97% 1.89% 2.71% -1.00% 0.00% 1.00% 2.00% 3.00% Down 25 Up 50 Up 100 Up 200 Sensitivities as of 12/31/15 Sensitivities as of 9/30/15 Rate Sensitivities 1 See non - GAAP reconciliations included in the attached Appendix

10 10 Fee Income Increases 10.8% ▪ Insurance income increased $26 million vs. 3Q15 primarily due to seasonality  Decline vs. 4Q14 results from American Coastal sale ▪ Investment banking and brokerage fees and commissions decreased $14 million due to higher capital markets activity in the prior quarter ▪ Other income was up $15 million primarily due to:  $25 million increase in income related to assets for certain post - employment benefits, which is offset in personnel expense  $12 million improvement in client derivative income Offset by:  A decrease of $20 million in partnership and other investment income 46.2% 45.8% 46.3% 42.1% 41.8% 35.0% 40.0% 45.0% 50.0% 4Q14 1Q15 2Q15 3Q15 4Q15 Fee Income Ratio 1,3 4Q15 4Q15 v. 3Q15 2 Increase (Decrease) 4Q15 v. 4Q14 Increase (Decrease) Insurance income $ 380 29.1 % (7.1) % Service charges on deposits 165 (4.8) 3.1 Mortgage banking income 104 (25.0) (18.8) Investment banking and brokerage fees and commissions 91 (52.9) (18.8) Trust and investment advisory revenues 64 6.3 14.3 Bankcard fees and merchant discounts 56 (7.0) 7.7 Checkcard fees 47 17.6 14.6 Operating lease income 33 12.4 13.8 Income from bank - owned life insurance 27 (27.4) (10.0) FDIC loss share income, net (52) (41.0) (38.1) Securities gains (losses), net - NM NM Other income 3 100 70.0 12.4 Total noninterest income $ 1,015 10.8 % (0.7) % Noninterest Income ($ in millions) 1 Excludes securities gains (losses), the impact of FDIC loss share accounting and other selected items. See non - GAAP reconciliations incl uded in the attached Appendix 2 Linked quarter percentages are annualized 3 Effective 1/1/15, BB&T retrospectively adopted new accounting guidance for Qualified Affordable Housing investments. Prior period infor mat ion has been revised to conform to the current presentation ▪ Management expects modest growth in fee income in 1Q16 led by insurance and investment banking, offset by lower mortgage and service charges on deposits

11 11 Noninterest Expense Reflects Acquisitions 4Q15 4Q15 v. 3Q15 2 Increase (Decrease) 4Q15 v. 4Q14 Increase (Decrease) Personnel expense $ 893 4.9 % 12.5 % Occupancy and equipment expense 192 19.5 14.3 Software expense 52 15.9 15.6 Loan - related expense 37 (10.4) (47.9) Outside IT services 41 68 .0 51.9 Professional services 29 (122.8) (23.7) Amortization of intangibles 32 41.0 45.5 Regulatory charges 28 47.6 16.7 Foreclosed property expense 11 (105.8) 10.0 Merger - related and restructuring charges, net 50 (139.1) (177.8) Other expense 232 25.5 31.1 Total noninterest expense $ 1,597 0.7 % 14.6 % Noninterest Expense ($ in millions) 1 Excludes certain items as detailed in non - GAAP reconciliation section 2 Linked quarter percentages are annualized 3 Effective 1/1/15, BB&T retrospectively adopted new accounting guidance for Qualified Affordable Housing investments. Prior period infor mat ion has been revised to conform to the current presentation 55.6% 58.5% 59.2% 59.2% 58.8% 50.0% 55.0% 60.0% 65.0% 4Q14 1Q15 2Q15 3Q15 4Q15 Efficiency Ratio 1,3 ▪ Personnel expense increased $11 million vs. 3Q15 primarily due to:  Higher salary expenses from increased headcount from acquisitions and  I ncrease in post - employment benefits Offset by:  Improved expenses related to medical insurance benefits and  A reduction in equity - based compensation due to timing of expense recognition for retirement eligible employees ▪ Other expense increased $14 million primarily due to operating charge - off adjustments, charitable contributions and travel ▪ Average FTEs increased 1,057 primarily due to the Susquehanna acquisition ▪ 4Q15 effective tax rate was 31.7%. Management expects the effective tax rate for 1Q16 to be similar to this quarter. ▪ Management expects 1Q16 expenses to be flat vs. 4Q15 due to higher FICA / employee benefits expenses offset by lower merger - related costs

12 12 Capital and Liquidity Strength 10.6% 10.5% 10.4% 10.1% 10.2% 9.0% 9.5% 10.0% 10.5% 11.0% 4Q14 1Q15 2Q15 3Q15 4Q15 ▪ The common equity tier 1 ratio was 10.0% on a fully phased in basis. ▪ BB&T’s 4Q15 LCR was 130% driven by strong deposit growth and the acquisitions ▪ BB&T’s 4Q15 liquid asset buffer was 13.5% (high quality liquid assets as a percentage of total assets) 1 C urrent quarter regulatory capital information is preliminary. Risk - weighted assets are determined based on regulatory capital requirements in effect for the period presented. The ratio for periods prior to 2015 is the Tier 1 common equity ratio, which was based on the definition used for the SCAP assessment. This ratio was a non - GA AP measure. BB&T's management used this measure to assess the quality of capital and believes that investors found the measure useful in their analysis of the Corporation. This capital measure was not necessarily comparable to similar capital measures that may be presented by other companies. Management believes this measure was fairly comparable to Common Equity Tier 1 capital, which is required under Basel III . 2 Under Transitional Approach Common Equity Tier 1 1 Basel I Basel III 2

13 13 ($ in millions) Inc/(Dec) vs 3Q15 Inc/(Dec) vs 4Q14 4 Q15 Comments 3 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics $ 855 331 39 718 157 $ 272 $ 83 (8) 35 26 5 $ 9 $ 125 2 19 73 13 $ 22 ($ in billions) 4Q15 Like Total Commercial Loans Direct Retail Lending Money Market and Savings Noninterest Bearing Deposits 14.1% 27.3% 16.7% 15.9% Link 3 40.9% 66.4% 31.0% 25.3% Change Community Banking Segment ▪ Commercial production increased $617 million, or 16.7%, compared to 4Q14 ▪ Direct Retail Lending production increased $325 million, or 44.7%, compared to 4Q14 ▪ Approximately $47 million of the Net Interest Income increase on a linked quarter basis was attributable to the Susquehanna acquisition ▪ Noninterest Expense increase on a linked quarter basis was primarily due to the Susquehanna acquisition ▪ BB&T has received regulatory approval for its merger with National Penn, which is expected to close April 1, 2016 and systems conversion in the 3 rd quarter Serves individual and business clients by offering a variety of loan and deposit products and other financial services 4 $43.8 $10.1 $44.5 $40.3 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles and allocated corporate expense 3 Linked quarter growth rates annualized except for production 4 Community Bank’s financial results include the impact of the Susquehanna Bank branch performance from the system conversion date of No vem ber 9 th . Prior to conversion the banking performance was included in Other, Treasury & Corporate Segment

14 14 Retains and services mortgage loans originated by the Residential Mortgage Lending Division and through its referral relation shi p with the Community Bank and referral partners as well as those purchased from various correspondent originators ($ in millions) Inc /(Dec) vs 3Q15 Inc/(Dec) vs 4Q14 4Q15 Comments 4 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics $ 111 79 8 102 31 $ 49 $ (9) (22) 46 (25) (19) $ (33) ($ in billions) 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles and allocated corporate expense 3 Credit quality metrics are based on Loans Held for Investment Change Residential Mortgage Banking Segment $ (5) (14) (2) (3) (4) $ (10) 4 Linked quarter growth rates annualized except for production and sales 4Q15 Link 4 Like Retail Originations $ 1.5 (17.3%) (14.8%) Correspondent Purchases $ 2.0 (37.5%) (3.8%) Total Production $ 3.5 (29.9%) (9.1%) Loan Sales $ 3.1 (36.8%) (16.9%) Loans Serviced for others (EOP) $ 91.1 3.0% 1.0% ▪ The production mix was 58% purchase / 42% refinance in 4Q15 vs . 67% / 33% in 3Q15 ▪ Noninterest income decreased vs. 3Q15 due to lower production ▪ Decrease in net interest income vs. 4Q14 driven by lower HFI balances due to current strategy of selling substantially all conforming originations ▪ Decrease in noninterest expense vs. 4Q14 primarily reflects a charge related to a review of mortgage lending processes in the earlier quarter ▪ Credit quality 3 :  30+ days and still accruing delinquency of 2.70%  Nonaccruals of 0.57%  Net charge - offs of 0.19%

15 15 Primarily originates indirect loans to consumers on a prime and nonprime basis for the purchase of automobiles and other vehi cle s through approved dealers both in BB&T’s market and nationally (through Regional Acceptance Corporation) Comments 4 ($ in millions) Inc /(Dec) vs 3Q15 Inc /(Dec) vs 4Q14 4Q15 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics 4Q15 Like $ 192 4 78 50 26 $ 42 $ 9 1 11 2 (1) $ (2) $ 20 3 (2) 12 5 $ 8 Retail Loan Production Loan Yield Operating Margin 3 Net Charge - offs $ 1.0 6.57% 74.5% 2.02% (3.3%) (0.37%) (3.5%) 0.10% 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles and allocated corporate expense 3 Operating Margin excludes Provision for Credit Losses 4 Linked quarter growth rates annualized except for production and sales ($ in billions) Link 4 (12.7%) (0.02%) 0.3% 0.18% Change Dealer Financial Services Segment ▪ Asset quality in Dealer Finance continues to exhibit strong performance compared to industry norms  Regional Acceptance continues to perform within management’s risk appetite and seasonal expectations ▪ Regional Acceptance continues to generate solid loan growth  Regional Acceptance average loans increased 5.8% vs. 4Q14 ▪ Hann Financial auto leasing, part of the Susquehanna acquisition, is now included in Dealer Financial Services segment  These balances have started to run off as BB&T has ceased originations in this business  BB&T is expanding indirect auto lending in the Northeast

16 16 Provides specialty lending including: commercial finance, mortgage warehouse lending, tax - exempt governmental finance, equipment leasing, commercial mortgage banking, insurance premium finance, dealer - based equipment financing, and direct consumer finance Comments 4 ($ in millions) Inc/(Dec) vs 3Q15 Inc /(Dec) vs 4Q14 4Q15 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics 4Q15 Like $ 126 73 12 90 26 $ 71 $ 3 13 2 10 2 $ 2 $ 18 4 (1) 14 3 $ 6 ($ in billions) Loan Originations Loan Yield Operating Margin 3 Net Charge - offs $ 5.0 4.53% 54.8% 0.25% 11.5% 0.12% (2.3%) 0.04% 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles and allocated corporate expense 3 Operating Margin excludes Provision for Credit Losses 4 Linked quarter growth rates annualized except for production and sales 4.7% 0.12% (1.5%) (0.01%) Link 4 Change Specialized Lending Segment ▪ Sheffield Financial’s loan growth continues to be solid:  Average loans increased 14.0% vs. 4Q14  4Q15 production increased 6.9% compared to 4Q14 ▪ Grandbridge continued strong commercial mortgage banking production  4Q15 mortgage banking fees increased $7.7 million compared to 3Q15 ▪ Equipment Finance experienced strong new business volume  4Q15 production increased 7.3% compared to 4Q14

17 17 Comments 4 ($ in millions) Inc/(Dec) vs 3Q15 Inc/(Dec) 4Q14 4Q15 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics Noninterest Income Number of Stores 3 EBITDA Margin 5 4 Q15 Like Provides property and casualty, life, and health insurance to business and individual clients. It also provides workers comp ens ation and professional liability, as well as surety coverage and title insurance $ 2 388 - 331 23 $ 36 $ (1) 35 - 10 9 $ 15 $ (1) (33) - 8 (13) $ (29) $ 388 197 19.2% (7.8%) (1) (3.6%) Change 39.3% 1 5.3% Link 4 ($ in millions ) Insurance Services Segment 5 Excludes American Coastal and merger related and restructuring charges 6 Excludes American Coastal ▪ BB&T Insurance generated insurance commission revenue 6 growth vs 4Q14:  (0.9%) for Retail / 4.4% for Wholesale  1.6% for Total Insurance ▪ Higher noninterest income vs 3Q15 was primarily due to seasonality in property and casualty commissions ▪ Lower noninterest income vs. 4Q14 quarter was primarily due to the sale of American Coastal ▪ Insurance produced P&C and EB YTD new business growth vs 2014 :  1.8% for Retail / 4.1% for Wholesale  3.3% for Total Insurance ▪ YTD same store sales growth 6 of 1.4% vs 2014 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles, allocated corporate expense, and $2.6 million of one - time merger related charges 3 U.S . Locations, count includes shared locations 4 Linked quarter growth rates annualized except for production and sales

18 18 Provides trust services, wealth management, investment counseling, asset management, estate planning, employee benefits, corporate banking, and capital market services to individuals, corporations, governments, and other organizations Comments 4 ($ in millions) Inc/(Dec) vs 3Q15 Inc/(Dec) vs 4Q14 4Q15 Net Interest Income Noninterest Income 1 Provision for Credit Losses Noninterest Expense 2 Income Tax Expense Segment Net Income Highlighted Metrics Average Loan Balances Average Deposits Total Invested Assets Invested Assets Noninterest Income ($ in millions ) Operating Margin 3 4 Q15 Like $ 144 220 (3) 202 62 $ 103 $ 10 (10) (24) (9) 12 $ 21 $ 24 (6) (20) - 14 $ 24 $ 14.6 $ 29.9 $ 130.6 $ 131.1 44.5% 1 Noninterest Income includes intersegment net referral fees 2 Noninterest Expense includes amortization of intangibles and allocated corporate expense 3 Operating Margin excludes Provision for Credit Losses 4 Linked quarter growth rates annualized except for production and sales ($ in billions) Link 4 27.5% 6.0% 26.8% 10.2% 2.5% Change 28.6% 9.2% 5 9.8% 5.9% 2.9% Financial Services Segment ▪ Average loan and deposit growth was driven by :  Corporate Banking, which generated - 29.2% loan growth vs . 3 Q15 - 29.2% loan growth vs . 4Q14  BB&T Wealth, which generated - 15.6% loan growth and 20.7% transaction deposit growth vs. 3Q15 - 26.9% loan growth and 17.9% 5 transaction deposit growth vs. 4Q14 ▪ Decrease in noninterest income vs. 3Q15 was driven by lower SBIC partnership income and Investment Banking revenues ▪ BB&T Retirement and Institutional Services received the #1 distinction for client satisfaction for the 2nd year in a row and received 42 Best in Class Awards in the annual PlanSponsor survey ▪ Susquehanna acquisition provided $4.9 billion in invested assets and was the primary driver of the 4Q15 increase 5 Adjusted to exclude the 2015 inclusion of BB&T Wealth trust and other personal deposits residing in commercial products

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Capital Measures 1 (Dollars in millions, except per share data) 1 2 Current quarter regulatory capital is preliminary Risk - weighted assets are determined based on regulatory capital requirements in effect for the period presented 3 4 Tangible common equity and related ratios are non - GAAP measures. BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation. These capital measures are not necessarily comparable to similar capital measures that may be presented by othe r c ompanies . Under transitional approach 21 As of / Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2015 2015 2015 2015 2014 Selected Capital Information Risk - based capital: Basel III 4 Basel I Common equity tier 1 $ 17,081 $ 16,822 $ 16,031 $ 15,755 N/A Tier 1 19,682 19,422 18,633 18,320 $ 17,840 Total 23,755 23,612 21,896 21,654 21,381 Risk - weighted assets 2 166,784 165,990 154,493 150,092 143,675 Average quarterly tangible assets 209,131 195,623 182,444 180,790 179,785 Risk - based capital ratios: Common equity tier 1 10.2% 10.1% 10.4% 10.5% N/A Tier 1 11.8 11.7 12.1 12.2 12.4% Total 14.2 14.2 14.2 14.4 14.9 Leverage capital ratio 9.8 9.9 10.2 10.1 9.9 Equity as a percentage of total assets 13.0 13.1 13.2 13.1 13.0 Common equity per common share $ 31.66 $ 31.56 $ 30.64 $ 30.48 $ 30.09 Selected non - GAAP Capital Information 3 Tangible common equity as a percentage of tangible assets 7.7% 7.7% 8.1% 8.0% 8.0% Tangible common equity per common share $ 19.82 $ 19.77 $ 20.21 $ 20.13 $ 19.86

Non - GAAP Reconciliations 1 22 (Dollars in millions, except per share data) 1 2 Current quarter regulatory capital is preliminary Tangible common equity and related ratios are non - GAAP measures. BB&T's management uses these measures to assess the quality of capital and believes that investors may find them useful in their analysis of the Corporation. These capital measures are not necessarily comparable to similar capital measures that may be presented by oth er companies. Calculations of tangible common equity, tangible assets and related measures 2 : Total shareholders' equity $ 27,340 $ 27,264 $ 25,132 $ 24,738 $ 24,377 Less: Preferred stock 2,603 2,603 2,603 2,603 2,603 Noncontrolling interests 34 40 52 96 88 Intangible assets 9,234 9,198 7,655 7,480 7,374 Tangible common equity $ 15,469 $ 15,423 $ 14,822 $ 14,559 $ 14,312 Total assets $ 209,947 $ 208,809 $ 191,017 $ 189,228 $ 186,834 Less: Intangible assets 9,234 9,198 7,655 7,480 7,374 Tangible assets $ 200,713 $ 199,611 $ 183,362 $ 181,748 $ 179,460 Tangible common equity as a percentage of tangible assets 7.7% 7.7% 8.1% 8.0% 8.0% Tangible common equity $ 15,469 $ 15,423 $ 14,822 $ 14,559 $ 14,312 Outstanding shares at end of period (in thousands) 780,337 780,150 733,481 723,159 720,698 Tangible common equity per common share $ 19.82 $ 19.77 $ 20.21 $ 20.13 $ 19.86 As of / Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2015 2015 2015 2015 2014

Non - GAAP Reconciliations 1 23 1 BB&T’s management uses these measures in their analysis of the Corporation’s performance and believes these measures pro vide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges. Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Efficiency and Fee Income Ratios 2015 2015 2015 2015 2014 Efficiency ratio - GAAP 62.4% 64.1% 69.8% 60.7% 58.3% Effect of merger - related and restructuring charges, net (1.9) (3.1) (1.1) (0.5) ( 0.7) Effect of loss on sale of American Coastal - - (0.8) - - Effect of mortgage reserve adjustments - - - - ( 1.1) Effect of loss on early extinguishment of debt - - (7.1) - - Effect of franchise tax adjustment - - - - 0.6 Effect of FDIC loss share accounting - - (0.1) (0.1) ( 0.1) Effect of foreclosed property expense (0.4) (0.6) (0.6) (0.6) ( 0.4) Effect of amortization of intangibles (1.3) (1.2) (0.9) ( 1.0) ( 1.0) Efficiency ratio - reported 58.8% 59.2% 59.2% 58.5% 55.6% Fee Income ratio - GAAP 39.7% 39.7% 43.0% 42.5% 42.7% Effect of loss on sale of American Coastal - - 0.6 - - Effect of FDIC loss share accounting 2.1 2.4 2.7 3.3 3.5 Fee Income ratio - reported 41.8% 42.1% 46.3% 45.8% 46.2% Note: Effective 1/1/15, BB&T retrospectively adopted new accounting guidance for Qualified Affordable Housing investments. Pr io r period information has been revised to conform to the current presentation

24 1 BB&T’s management believes investors use this measure to evaluate the return on average common shareholders’ equity withou t t he impact of intangible assets and their related amortization. Non - GAAP Reconciliations 1 (Dollars in millions) Quarter Ended Dec. 31 Sept. 30 June 30 March 31 2015 Dec. 31 2014 Return on Average Tangible Common Shareholders' Equity 2015 2015 2015 Net income available to common shareholders $ 502 $ 492 $ 454 $ 488 $ 551 Plus: Amortization of intangibles, net of tax 21 18 14 13 14 Tangible net income available to common shareholders $ 523 $ 510 $ 468 $ 501 $ 565 Average common shareholders' equity $ 24,736 $ 23,957 $ 22,210 $ 21,883 $ 21,895 Less: Average intangible assets 9,224 8,666 7,496 7,366 7,385 Average tangible common shareholders' equity $ 15,512 $ 15,291 $ 14,714 $ 14,517 $ 14,510 Return on Average Tangible Common Shareholders ' Equity 13.37% 13.23% 12.76% 14.00% 15.45% Note: Effective 1/1/15, BB&T retrospectively adopted new accounting guidance for Qualified Affordable Housing investments. Pr io r period information has been revised to conform to the current presentation

Non - GAAP Reconciliations 1 Quarter Ended Reported net interest margin vs. core net interest margin Dec. 31 2015 Sept. 30 2015 June 30 2015 March 31 2015 Dec. 31 2014 Reported net interest margin - GAAP 3.35% 3.35% 3.27% 3.33% 3.36% Adjustments to interest income for assets acquired: Effect of securities acquired from FDIC (0.03) (0.04) (0.04) (0.06) (0.06) Effect of loans acquired from FDIC and PCI (0.11) (0.07) (0.08) (0.10) (0.11) Effect of purchase accounting marks on non - PCI loans acquired from Susquehanna (0.07) (0.08) - - - Adjustments to interest expense: Effect of purchase accounting marks on time deposits assumed from Susquehanna (0.02) (0.01) - - - Effect of interest expense related to acquired assets - - 0.01 0.01 0.01 Core net interest margin 3.12% 3.15% 3.16% 3.18% 3.20% 25 1 Core net interest margin is a non - GAAP measure that adjusts net interest margin to exclude the impact of interest income and funding costs associated with loans and securities acquired in the Colonial acquisition and purchased credit impaired (“PCI”) loans acquired from Susquehanna. Core net interest margin is also adjusted to remove th e p urchase accounting marks and related amortization for non - PCI loans and deposits acquired from Susquehanna. BB&T’s management believes that the adjustments to the calculation of net interest margin for cert ain assets and deposits acquired provide investors with useful information related to the performance of BB&T’s earning assets

Non - GAAP Reconciliations 1 26 1 BB&T’s management uses these measures in their analysis of the Corporation’s performance and believes these measures provide a g reater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges. (Dollars in millions) For the Quarter Ended Adjusted return on average assets Dec. 31, 2015 Net income $542 Plus: merger - related and restructuring charges, net of tax 33 Adjusted net income $575 Average assets $209,217 Plus: impact of merger - related and restructuring charges, net of tax 17 Adjusted average assets $209,234 Return on average assets (excluding merger - related and restructuring charges), as adjusted 1.09%

Non - GAAP Reconciliations 1 27 (Dollars in millions) 1 BB&T’s management uses these measures in their analysis of the Corporation’s performance and believes these measures provide a g reater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges. Adjusted return on average tangible common shareholders’ equity For the quarter ended December 31, 2015 Net Income Available to Common Shareholders $502 Plus: Amortization of intangibles, net of tax 21 Merger - related and restructuring charges, net of tax 33 Adjusted tangible net income available to common shareholders $556 Average common shareholders' equity $24,736 LESS: Average intangible assets 9,224 PLUS: Average merger - related and restructuring charges, net of tax 17 Adjusted average tangible shareholders' equity $15,529 Adjusted return on average tangible common shareholders' equity 14.19%

Non - GAAP Reconciliations 1 28 1 BB&T’s management uses these measures in their analysis of the Corporation’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges. (Dollars in millions) Loans December 31, 2015 Link Qtr Reported Acquired Adjusted Adj Growth Ann. Commercial and industrial $ 48,047 $ (4,070) $ 43,977 $ 848 7.8 % CRE - income producing properties 13,264 (2,381) 10,883 67 2.5 CRE - construction and development 3,766 (863) 2,903 12 1.6 Dealer floor plan 1,164 - 1,164 108 40.6 Direct retail lending 10,896 (2,255) 8,641 237 11.2 Sales finance 10,533 (1,710) 8,823 (406) (17.5) Revolving credit 2,458 (7) 2,451 37 6.1 Residential mortgage 30,334 (1,828) 28,506 (432) (5.9) Specialized lending subsidiaries 13,281 (744) 12,537 227 7.3 Subtotal 133,743 (13,858) 119,885 698 2.3 Purchased credit - impaired loans (PCI) 1,070 (229) 841 (98) (41.4) Total average loans and leases HFI $ 134,813 (14,087) $ 120,726 $ 600 2.0 % September 30 , 2015 Reported Acquired Adjusted Commercial and industrial $ 46,462 $ (3,333) $ 43,129 CRE - income producing properties 12,514 (1,698) 10,816 CRE - construction and development 3,502 (611) 2,891 Dealer floor plan 1,056 - 1,056 Direct retail lending 9,926 (1,522) 8,404 Sales finance 10,386 (1,157) 9,229 Revolving credit 2,421 (7) 2,414 Residential mortgage 30,384 (1,446) 28,938 Specialized lending subsidiaries 12,837 (527) 12,310 Subtotal 129,488 (10,301) 119,187 Purchased credit - impaired loans (PCI) 1,052 (113) 939 Total average loans and leases HFI $ 130,540 (10,414) $ 120,126 Link Quarter Average Balance Growth Adjusted for Acquisitions

Non - GAAP Reconciliations 1 29 1 BB&T’s management uses these measures in their analysis of the Corporation’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrating the effects of significant gains and charges. (Dollars in millions) September 30 , 2015 Reported Acquired Adjusted Noninterest - bearing deposits $ 44,153 (1,988) $ 42,165 Interest checking 22,593 (2,624) 19,969 Money market and savings 59,306 (3,397) 55,909 Subtotal 126,052 (8,009) 118,043 Time deposits 16,837 (2,949) 13,888 Foreign office deposits - interest - bearing 948 - 948 Total deposits $ 143,837 (10,958) $ 132,879 Deposits December 31, 2015 Link Qtr Reported Acquired Adjusted Adj Growth Ann. Noninterest - bearing deposits $ 45,824 $ (2,860) $ 42,964 799 7.5 % Interest checking 24,157 (3,966) 20,191 222 4.4 Money market and savings 61,431 (4,986) 56,445 536 3.8 Subtotal 131,412 (11,812) 119,600 1,557 5.2 Time deposits 16,981 (3,742) 13,239 (649) (18.5) Foreign office deposits - interest - bearing 98 - 98 (850) NM Total deposits $ 148,491 (15,554) $ 132,937 58 0.2 % Link Quarter Average Balance Growth Adjusted for Acquisitions