1. BB&T reports 2008 net income of $1.5 billion;
Earnings per common share total $2.71
January 22, 2009
On January 22, 2009, BB&T Corporation reported earnings The 2008 operating results exclude $66 million in after-tax
securities gains, $39 million in after-tax other than temporary
for the fourth quarter and the full year 2008. For the fourth
impairment charges, $17 million in net after-tax gains
quarter, net income totaled $305 million and net income
related to a settlement with the Internal Revenue Service in
available to common shareholders totaled $284 million,
connection with leveraged lease transactions and $3 million
or $.51 per diluted common share, compared with $411
in net after-tax merger-related and restructuring charges.
million, or $.75 per diluted common share, earned during
the fourth quarter of 2007.
For the full year 2008, BB&T’s net income available
to common shareholders was $1.50 billion compared to
“The year 2008 was very challenging and credit
$1.73 billion earned in 2007, a decrease of 13.6%. Diluted
deterioration remains a significant concern; however,
earnings per common share for 2008 totaled $2.71, a
BB&T’s results rank among the top performers in
decrease of 13.7% compared to $3.14 earned in 2007.
the financial services industry,” said Chief Executive Officer
Excluding net after-tax merger-related and restructuring
Kelly S. King. “Even though the cost of the current credit
charges or credits and nonrecurring items from 2008
cycle has depressed earnings, our overall results reflect
and 2007, operating results for 2008 totaled $1.38 billion,
a number of positive developments and demonstrate
a decrease of 21.3% compared to $1.75 billion earned in
that BB&T is gaining market share and growing. We are
2007. Diluted operating earnings per common share totaled
implementing initial plans to deploy the capital invested
$2.49 in 2008, a decrease of 21.5% compared to $3.17
in BB&T in connection with the U.S. Treasury’s Capital
earned in 2007.
Purchase Program, which include specific lending programs
where we are actively seeking new borrowers. In addition,
NoNperformiNg Assets ANd Credit Losses iNCreAse
our pretax pre-provision earnings increased 10.6% in the
“As anticipated, levels of nonperforming assets and credit
fourth quarter compared to the same period last year, and
losses increased further during the quarter as a result of
we generated positive operating leverage for the year.
the distressed residential real estate markets and economic
These indicators demonstrate solid underlying performance
recession,” said King. “These credit issues required an
and consistent earnings power.”
increase in the allowance for loan and lease losses which
“Other positives from the quarter include an improvement reduced fourth quarter earnings. While it is difficult to know
in the net interest margin compared to the third quarter, the full extent of the economic downturn and the resulting
solid production from lending and deposit gathering impact on BB&T’s credit quality, we expect further increases
efforts as we continue to benefit from a flight to quality in in nonperforming assets and net charge-offs into 2009.”
our markets, healthy growth in many of our fee income
Nonperforming assets, as a percentage of total assets,
producing businesses, industry-leading capital levels, and
increased to 1.34% at December 31, 2008, compared to
an improvement in efficiency.”
1.20% at September 30, 2008. Annualized net charge-offs
Operating earnings available to common shareholders for were 1.29% of average loans and leases for the fourth
the fourth quarter of 2008 totaled $243 million, or $.44 per quarter of 2008, up from 1.00% in the third quarter.
diluted common share, compared with $415 million, or Excluding losses incurred by BB&T’s specialized lending
subsidiaries, annualized net charge-offs for the current
$.75 per diluted common share for the fourth quarter 2007.

2. geNerAL iNformAtioN
and 14.4%, respectively, at September 30,
quarter were 1.06% of average loans and
2008. These increases reflect the $3.1 billion
leases compared to .82% in the third
of capital invested by the U.S. Treasury in the
quarter of 2008.
CorporAte HeAdquArters
fourth quarter of 2008. BB&T’s risk-based BB&T Corporation
The provision for credit losses totaled $528
capital ratios are significantly higher than an 200 West Second Street
million in the fourth quarter of 2008, an
average of its peers and remain well above Winston-Salem, NC 27101
increase of $344 million compared to the 336-733-2000
regulatory standards for well-capitalized
same quarter last year, and exceeded net www.BBT.com
banks. During the fourth quarter, BB&T
charge-offs by $214 million. The higher declared a quarterly cash dividend of $.47
CoNtACts
provision increased the allowance for loan and per share, up 2.2% compared to the fourth
Analysts, investors and others
lease losses as a percentage of loans held quarter of 2007. BB&T has increased the seeking additional financial
for investment to 1.62% at December 31, cash dividend for 37 consecutive years and information should contact:
2008, compared to 1.45% at September 30, Tamera L. Gjesdal
has paid a dividend every year since 1903.
2008, and 1.10% at December 31, 2007. The Senior Vice President
stroNg BALANCe sHeet growtH
increases in net charge-offs, nonperforming Investor Relations
336-733-3058
assets and the provision for credit losses Average loans and leases totaled $97.2
were driven by continued deterioration in billion for the fourth quarter of 2008, This report provides a summary
residential real estate markets and the overall reflecting an increase of $6.4 billion, or overview of BB&T’s performance for
economy with the largest concentration of 7.1%, compared to the fourth quarter of the fourth quarter of 2008. To obtain
credit issues occurring in Georgia, Florida complete financial disclosures as
2007. Average deposits totaled $92.0 billion
and metro Washington, D.C. contained in BB&T’s Forms 10-K
for the fourth quarter of 2008, an increase
and 10-Q filed with the Securities and
of $6.7 billion, or 7.9%, compared to the
BB&t BegiNs efforts to effeCtiveLy depLoy Exchange Commission, please contact:
fourth quarter of last year. The growth rate in
treAsury CApitAL iNvestmeNt Michael L. Nichols
average client deposits was 6.3% compared to Senior Vice President
During the fourth quarter of 2008, the the fourth quarter of 2007 and accelerated Shareholder Reporting
U.S. Treasury invested $3.1 billion in BB&T 336-733-3079
to 8.1%, on an annualized basis, compared
through the Capital Purchase Program to the third quarter of 2008. The pace of
Media representatives and others
(“CPP”). In compliance with the terms deposit growth accelerated throughout the
seeking general information
and conditions of the program, BB&T fourth quarter. Average securities available
should contact:
has incrementally increased loans and for sale totaled $26.6 billion for the fourth Robert A. Denham
investments, as evidenced by significant quarter of 2008, an increase of 10.9% Senior Vice President
balance sheet growth, which totaled $10.8 compared to the fourth quarter of 2007. The Corporate Communications
billion excluding trade date accounting for 336-733-1475
increase in the securities portfolio reflects
investments at December 31, 2008. The the initial deployment of the capital invested by
sHAreHoLder serviCes
additional lending programs include efforts the U.S. Treasury in connection with the CPP.
BB&T Shareholder Services offers
in corporate banking, consumer lending,
Online Shareholder Services, allowing
BB&t CoNtiNues to expANd
insurance premium finance and equipment
you secure, instant access to your
tHrougH ACquisitioNs
leasing. Loans and leases increased $2.0 BB&T Stock Account, including
billion during the fourth quarter and the your account balance, certificate
On December 12, 2008, BB&T announced
pace of loan growth accelerated late in history, dividend reinvestment
the acquisition of $506 million in deposits
plan information and more. Choose
the quarter. BB&T will continue to provide of Haven Trust Bank of Duluth, Georgia,
Shareholder Services in the Personal
incremental lending to qualified borrowers. through an agreement with the Federal
Services Logon at www.BBT.com. For
Deposit Insurance Corporation. In addition, more information, or for shareholder
CApitAL LeveLs grow sigNifiCANtLy
Grandbridge Real Estate Capital, LLC, a assistance, call Shareholder Services
iN fourtH quArter
commercial mortgage banking subsidiary of at 336-733-3477 or toll-free
BB&T’s regulatory capital levels increased at 800-213-4314.
BB&T, announced the acquisition of Live Oak
significantly at December 31, 2008. BB&T’s Capital Ltd. and BB&T Insurance Services
stoCk exCHANge ListiNg
leverage ratio was 9.7%, up from 7.6% last continued to expand with the acquisitions
The common stock of BB&T
quarter. In addition, BB&T’s Tier 1 risk-based of J. Rolfe Davis Insurance Agency Inc. of
Corporation is traded on the
capital and total risk-based capital ratios were Maitland, Florida, and TAPCO Underwriters New York Stock Exchange under
12.0% and 17.1%, respectively, up from 9.4% Inc. of Burlington, North Carolina. the ticker symbol BBT.

3. Consolidated financial Highlights
BB&T Corporation and Subsidiaries
(Dollars in millions, except per share data)
As of / for the three months ended As of / for the twelve months ended
12/31/08 12/31/07 % Change 12/31/08 12/31/07 % Change
earnings and performance ratios
$ 305 $ 1,519
Net income $ 411 (25.8) % $ 1,734 (12.4) %
284 1,498
Net income available to common shareholders 411 (30.9) 1,734 (13.6)
.51 2.71
Diluted earnings per common share .75 (32.0) 3.14 (13.7)
.47 1.86
Cash dividends per common share .46 2.2 1.76 5.7
.86 % 1.11 %
Return on average assets 1.24 % 1.37 %
8.47 11.44
Return on average common equity1 12.89 14.25
3.47 3.58
Net interest margin (taxable equivalent) 3.46 3.52
40.5 41.4
Fee income ratio (taxable equivalent)2 41.7 41.3
54.0 52.1
Efficiency ratio (taxable equivalent)2 53.8 53.7
operating earnings and performance ratios 3
$ 264 $ 1,397
Operating earnings $ 415 (36.4) % $ 1,749 (20.1) %
243 1,376
Operating earnings available to common shareholders 415 (41.4) 1,749 (21.3)
.44 2.49
Diluted earnings per common share .75 (41.3) 3.17 (21.5)
.74 % 1.02 %
Return on average assets 1.26 % 1.38 %
7.26 10.51
Return on average common equity1 13.00 14.37
3.68 3.63
Net interest margin (taxable equivalent) 3.46 3.52
39.0 40.3
Fee income ratio (taxable equivalent)2 41.7 41.3
51.9 52.6
Efficiency ratio (taxable equivalent)2 52.8 53.1
Cash Basis operating earnings and performance ratios3,4
Cash basis earnings available to common shareholders $ 257 $ 1,438
$ 432 (40.5) % $ 1,816 (20.8) %
.46 2.60
Diluted earnings per common share .78 (41.0) 3.29 (21.0)
.81 % 1.11 %
Return on average tangible assets 1.37 % 1.50 %
13.45 19.30
Return on average common tangible equity 24.03 26.82
1
50.6 51.3
Efficiency ratio (taxable equivalent)2 51.3 51.6
period-end Balances
$ 152,015 $ 152,015
Assets $ 132,618 14.6 % $ 132,618 14.6 %
33,219 33,219
Securities, at carrying value 23,428 41.8 23,428 41.8
98,669 98,669
Loans and leases 91,686 7.6 91,686 7.6
98,613 98,613
Deposits 86,766 13.7 86,766 13.7
16,037 16,037
Shareholders’ equity 12,632 27.0 12,632 27.0
23.16 23.16
Book value per common share 23.14 .1 23.14 .1
17.1 % 17.1 %
Total capital ratio 14.2 % 14.2 %
9.7 9.7
Leverage capital ratio 7.2 7.2
Average Balances
$ 141,555 $ 136,881
Assets $ 131,009 8.0 % $ 126,420 8.3 %
26,573 24,497
Securities, at amortized cost 23,967 10.9 23,311 5.1
97,224 95,195
Loans and leases 90,805 7.1 87,952 8.2
91,986 88,831
Deposits 85,260 7.9 83,501 6.4
14,924 13,495
Shareholders’ equity 12,655 17.9 12,166 10.9
Asset quality ratios
1.34 % 1.34 %
Nonperforming assets as a percentage of total assets .52 % .52 %
Annualized net charge-offs as a percentage
1.29 .89
of average loans and leases .48 .38
1 Based on earnings available to common shareholders.
2 Excludes securities gains (losses), foreclosed property expense, increases or decreases in the valuation of mortgage servicing rights, and gains or losses on mortgage servicing rights-related
derivatives. Operating and cash basis ratios also exclude merger-related and restructuring charges or credits and nonrecurring items.
3 Operating earnings exclude the effect on net income of merger-related and restructuring charges or credits and nonrecurring items, which totaled $(41 million) and $4 million, net of tax, for the fourth
quarters of 2008 and 2007, respectively, and $(122 million) and $15 million, net of tax, for 2008 and 2007, respectively.
4 Cash basis operating results exclude the unamortized balances of intangibles from assets and shareholders’ equity and exclude the effects of amortization of intangible assets and net amortization
of purchase accounting mark-to-market adjustments, which totaled $14 million and $17 million, net of tax, for the fourth quarters of 2008 and 2007, respectively, and $62 million and $67 million,
net of tax, for 2008 and 2007, respectively.