BB&T produces record annual earnings in 2012; 4th quarter earnings up 29% to $506 million; EPS totals $0.71, up 29%

Thu Jan 17, 2013 5:45am EST

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WINSTON-SALEM, N.C.,  Jan. 17, 2013  /PRNewswire/ -- BB&T Corporation (NYSE:
BBT) today reported fourth quarter net income available to common shareholders
of  $506 million, an increase of 29% compared to  $391 million  reported in the
fourth quarter of 2011. Earnings per diluted common share totaled  $0.71, an
increase of 29% compared to  $0.55  earned in the fourth quarter of last year.
The return on average assets increased to 1.20% in the quarter compared with
0.93% in the fourth quarter last year. The return on average common
shareholders' equity was 10.5%, up from 8.8% for the same quarter last year.

For 2012, BB&T reported record net income available to common shareholders of 
$1.9 billion, an increase of 49% compared to  $1.3 billion  in 2011. For 2012,
earnings per diluted common share totaled  $2.70  compared with  $1.83  per
diluted common share earned in 2011. This reflects an increase of 48%.

"2012 was an outstanding year for BB&T," said Chairman and Chief Executive
Officer  Kelly S. King. "We achieved record net income for the year and
accomplished most of our strategic initiatives. Noninterest income grew 23%
annually, led by record performances in mortgage banking, insurance and
investment banking and brokerage. Our performance benefited from strong
improvement in credit costs and more than 6% growth in net interest income. Net
interest margin remained strong at 3.84% for the quarter. We are pleased
noninterest expenses were essentially flat compared to a year ago even though we
added Crump Insurance and BankAtlantic during the year. We were also successful
in generating positive operating leverage.

"Despite a challenging environment and seasonal headwinds, average loans held
for investment continued to grow. The increase was led by C&I, direct retail and
residential mortgage, which were each up more than 5% compared to last quarter
on an annualized basis.

"Average deposits increased nearly 10% and noninterest-bearing deposits are up
25% on an annualized basis. The deposit mix also improved, which resulted in
interest-bearing deposit costs declining by 18 basis points from the fourth
quarter of last year.

"Importantly, we continue to produce broad-based improvement in credit," King
said. "Nonperforming assets declined 11% compared to last quarter. This
improvement includes a 23% reduction in foreclosed real estate to the lowest
level in five years. Net charge-offs, excluding covered loans, were 1.04%, the
lowest level in four years.

"I am equally proud we have accomplished our mission in other ways. BB&T's
associates won industry-leading recognition for serving our clients and
positively influenced the lives of more than 1.6 million people in our
communities through our annual Lighthouse Project. We also assumed a leadership
role in advocating the importance of the financial services industry to produce
a healthier economy."

Fourth Quarter 2012 Performance Highlights

* Average total loans and leases held for investment increased 3.0% on an
annualized basis compared to the third quarter of 2012

* Average C&I loans increased 5.4%  
* Average CRE - other loans increased 7.7%  
* Average direct retail loans increased 6.3%  
* Average residential mortgage loans increased 5.7%  
* Average revolving credit loans increased 8.2%  
* Average residential ADC loans declined 35.3%

* Total revenues for the fourth quarter were  $2.5 billion, up 8.0% annualized
link quarter

* Net interest income totaled  $1.5 billion, up 5.1% annualized compared to the
third quarter of 2012 adjusted for a  $26 million  benefit for accelerated
amortization of hedge gains  
* Noninterest income was  $1.0 billion, up 23.5% due to strong mortgage,
insurance and investment banking and brokerage results  
* Achieved positive operating leverage

* Average deposits increased  $3.1 billion, or 9.5% on an annualized linked
quarter basis

* Average noninterest-bearing deposits increased  $1.9 billion, or 24.7%  
* Interest-bearing deposits cost fell 4 basis points to 0.38% this quarter

* Asset quality measures improved significantly

* Nonperforming assets decreased  $182 million, or 10.6% excluding covered
assets  
* As a percentage of total assets, nonperforming assets, excluding covered
assets, decreased from 0.97% last quarter to 0.85%  
* Net charge-offs, excluding covered loans, totaled 1.04% of average loans for
the quarter.

* Capital levels remained strong

* Tangible common equity was 6.9%  
* Tier 1 common equity was 9.7%  
* Tier 1 risk-based capital was 11.4%  
* Leverage capital was 8.2%  
* Total capital was 14.3%

 EARNINGS HIGHLIGHTS                                                                                           Change            Change          
 (dollars in millions, except per share data)                        Q4             Q3             Q4             Q4 12 vs.         Q4 12 vs.       
                                                                   2012           2012           2011           Q3 12             Q4 11           
                                                                                                                                             
 Net income available to common shareholders                         $    506      $    469      $    391      $      37        $      115     
 Diluted earnings per common share                                        0.71          0.66          0.55            0.05             0.16    
                                                                                                                                             
 Net interest income - taxable equivalent                            $    1,513    $    1,520    $    1,489    $      (7)       $      24      
 Noninterest income                                                       1,020         963           922             57               98      
                       Total revenue                                $    2,533    $    2,483    $    2,411    $      50        $      122     
                                                                                                                                             
 Return on average assets (%)                                             1.20          1.10          0.93            0.10             0.27    
 Return on average common shareholders' equity (%)                        10.51         9.94          8.76            0.57             1.75    
 Return on average tangible common shareholders'  equity (%)              17.80         17.01         14.36           0.79             3.44    
 Net interest margin - taxable equivalent (%)                             3.84          3.94          4.02            (0.10)           (0.18)  
 Efficiency ratio (1) (%)                                                 55.3          55.2          53.5            0.1              1.8     


(1)  Excludes 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. See non-GAAP
reconciliations in the Quarterly Performance Summary.

Fourth Quarter 2012 compared to Fourth Quarter 2011

Consolidated net income available to common shareholders for the fourth quarter
of 2012 was  $506 million, up 29.4% compared to  $391 million  earned during the
same period in 2011. On a diluted per common share basis, earnings for the
fourth quarter of 2012 were  $0.71, up 29.1% compared to  $0.55  for the same
period in 2011. BB&T's results of operations for the fourth quarter of 2012
produced an annualized return on average assets of 1.20% and an annualized
return on average common shareholders' equity of 10.51% compared to prior year
ratios of 0.93% and 8.76%, respectively. BB&T's return on average tangible
common shareholders' equity was 17.80% for the fourth quarter of 2012 compared
to 14.36% for the same quarter of the prior year.

Total revenues were  $2.5 billion  for the fourth quarter of 2012, up  $122
million  compared to the fourth quarter of 2011. The increase in total revenues
included  $24 million  of higher taxable-equivalent net interest income, which
was primarily driven by a 21.4% decrease in funding costs from the same quarter
of the prior year. This decrease reflects the redemption of approximately  $3.2
billion  of junior debt to unconsolidated trusts that occurred during the second
and third quarters of 2012, and an 18 basis point reduction in interest-bearing
deposit costs for the fourth quarter of 2012 compared to the same period of the
prior year. Net interest margin was 3.84%, down 18 basis points compared to the
fourth quarter of 2011, which reflects covered loan run-off and lower yields on
new loans and securities partially offset by the lower funding costs described
above.  

Noninterest income increased  $98 million, primarily attributable to a  $108
million  increase in insurance income and a  $96 million  increase in mortgage
banking income offset by a  $103 million  decrease in net securities gains. The
increase in insurance income included approximately  $83 million  as a result of
the acquisition of the life and property and casualty insurance operating
divisions of Crump Group Inc. ("Crump Insurance") on  April 2, 2012, as well as
the benefit of other acquisitions that closed in the fourth quarter of 2011 and
firming market conditions for insurance premiums. The increase in mortgage
banking income included  $93 million  of higher gains on residential mortgage
loan originations and sales.

The provision for credit losses, excluding covered loans, for the fourth quarter
of 2012 totaled  $256 million, compared to  $223 million  for the fourth quarter
of 2011. The increase in the provision for credit losses reflects a smaller
reserve release in the fourth quarter of 2012 than was recorded in the same
quarter of the prior year. Net charge-offs, excluding covered loans, for the
fourth quarter of 2012 were  $85 million  lower than the fourth quarter of 2011
reflecting improved credit quality.

Noninterest expenses were  $1.5 billion  for the fourth quarter of 2012, a
decrease of  $130 million, or 8.0%, compared to the fourth quarter of 2011. The
decrease in noninterest expenses was primarily due to a  $298 million  decrease
in foreclosed property expense, which was the result of losses and writedowns in
the earlier quarter when management accelerated a more aggressive approach to
reduce foreclosed real estate. This decrease was partially offset by a  $144
million  increase in personnel expense primarily due to the Crump Insurance and
BankAtlantic acquisitions, increased production-related incentives and
commissions and certain other increases in salaries and benefits.  

The provision for income taxes was  $207 million  for the fourth quarter of 2012
compared to  $84 million  for the fourth quarter of 2011. The effective tax rate
for the fourth quarter of 2012 was 27.4% compared to 17.4% for the prior year's
fourth quarter. The increase in the effective tax rate was primarily due to
higher levels of pre-tax earnings relative to permanent tax differences in 2012
compared to 2011.

Fourth Quarter 2012 compared to Third Quarter 2012

Consolidated net income available to common shareholders for the fourth quarter
of 2012 was  $506 million, up  $37 million, compared to  $469 million  earned
during the third quarter of 2012. On a diluted per common share basis, earnings
for the fourth quarter of 2012 were  $0.71, up  $0.05, or an annualized 30.1%,
compared to the amount earned in the third quarter of 2012. BB&T's results of
operations for the fourth quarter of 2012 produced an annualized return on
average assets of 1.20% and an annualized return on average common shareholders'
equity of 10.51% compared to prior quarter ratios of 1.10% and 9.94%,
respectively. BB&T's return on average tangible common shareholders' equity was
17.80% for the fourth quarter of 2012 compared to 17.01% for the prior quarter.

Total revenues were  $2.5 billion  for the fourth quarter of 2012, up  $50
million  compared to the third quarter of 2012. The increase in total revenues
was primarily the result of higher noninterest income, largely attributable to a
 $29 million  increase in insurance income and a  $20 million  increase in
mortgage banking income. Net interest margin was 3.84% for the fourth quarter of
2012, down 10 basis points compared to the prior quarter. This decline is
largely attributable to a  $26 million  benefit from amortization of deferred
hedge gains and issuance costs recorded in the third quarter that resulted from
the accelerated redemption of the Company's trust preferred securities.

The provision for credit losses, excluding covered loans, for the fourth quarter
of 2012 increased  $12 million  compared to the third quarter of 2012 as a
result of a smaller reserve release in the fourth quarter of 2012 compared to
the prior quarter. Net charge-offs, excluding covered loans, for the fourth
quarter of 2012 were  $8 million  lower than the third quarter of 2012.

Noninterest expenses were  $1.5 billion  for the fourth quarter of 2012, a
decline of  $41 million  compared to the third quarter of 2012. The decrease in
noninterest expenses was primarily due to a  $32 million  decline in
merger-related and restructuring charges as a result of BankAtlantic
merger-related charges recorded in the third quarter, decreases in loan-related
expenses totaling  $12 million, and a  $27 million  decline in other expenses.
These decreases were partially offset by a  $26 million  increase in personnel
expense, primarily due to higher variable pay commissions and incentives, and a 
$10 million  increase in professional services expense.

The provision for income taxes was  $207 million  for the fourth quarter of 2012
compared to  $177 million  for the third quarter of 2012. This produced an
effective tax rate for the fourth quarter of 2012 of 27.4% compared to 26.3% for
the prior quarter.

 REVENUE, NET OF PROVISION IMPACT                                                                          Change           Change         
                FROM COVERED ASSETS  (1)                           Q4            Q3            Q4            Q4 12 vs.        Q4 12 vs.      
 (dollars in millions)                                              2012          2012          2011          Q3 12            Q4 11          
                                                                                                                                       
 Interest income - covered loans                                    $    166     $    175     $    244     $      (9)      $      (78)   
 Interest income - covered securities                                    48           44           43             4               5      
                Total interest income                                   214          219          287            (5)             (73)   
 Provision for covered loans                                             4            -            (49)           4               53     
 FDIC loss share income, net                                             (97)         (90)         (46)           (7)             (51)   
                Net revenue after provision for covered loans      $    121     $    129     $    192     $      (8)      $      (71)   
                                                                                                                                       
 FDIC loss share income, net                                                                                                             
                Offset to provision for covered loans              $    (3)     $    -       $    39      $      (3)      $      (42)   
                Accretion due to credit loss improvement                (74)         (73)         (71)           (1)             (3)    
                Accretion for securities                                (20)         (17)         (14)           (3)             (6)    
                                                                  $    (97)    $    (90)    $    (46)    $      (7)      $      (51)   


(1)  Presents amounts related to covered loans, covered securities and the FDIC
loss sharing asset recognized in the Colonial acquisition. Excludes all amounts
related to other assets acquired and liabilities assumed in the acquisition.

Fourth Quarter 2012 compared to Fourth Quarter 2011

Interest income for the fourth quarter of 2012 on covered loans and securities
acquired in the Colonial acquisition decreased  $73 million  compared to the
fourth quarter of 2011 primarily due to decreased interest income on covered
loans of  $78 million  reflecting lower average covered loan balances. The yield
on covered loans for the fourth quarter of 2012 was 18.98% compared to 18.96% in
2011. At  December 31, 2012, the accretable yield balance on these loans was 
$917 million. Accretable yield represents the excess of expected future cash
flows above the current net carrying amount of loans and will be recognized in
income over the remaining life of the covered and acquired loans.

There was a slight provision recovery for covered loans in the fourth quarter of
2012 compared to a provision of  $49 million  in the fourth quarter of 2011. The
provision for covered loans in the earlier quarter was primarily the result of
deterioration in certain loan pools based on the cash flow reassessment process.

FDIC loss share income, net was a negative  $97 million  for the fourth quarter
of 2012 primarily due to negative accretion attributable to the offset for the
cumulative impact of cash flow reassessments for covered loans and negative
accretion for covered securities. The negative accretion related to the
improvement in credit losses is recognized on a level yield basis over the life
of the related FDIC loss share asset, which has a shorter weighted average life
than the corresponding loans.

Fourth Quarter 2012 compared to Third Quarter 2012

Interest income on covered loans and securities acquired in the Colonial
acquisition was  $5 million  lower in the fourth quarter of 2012 compared to the
third quarter of 2012 primarily due to lower average covered loan balances. The
yield on covered loans for the fourth quarter of 2012 was 18.98%, up slightly
compared to 18.21% in the prior quarter.

 NONINTEREST INCOME                                                                        % Change             % Change         
 (dollars in millions)                             Q4             Q3            Q4            Q4 12 vs.            Q4 12 vs.        
                                                 2012           2012          2011          Q3 12                Q4 11            
                                                                                         (annualized)                         
 Insurance income                                  $    362      $    333     $    254              34.6              42.5     
 Service charges on deposits                            149           142          142              19.6              4.9      
 Mortgage banking income                                231           211          135              37.7              71.1     
 Investment banking and brokerage fees and                                                                                     
                 commissions                           98            90           75               35.4              30.7     
 Checkcard fees                                         49            48           42               8.3               16.7     
 Bankcard fees and merchant discounts                   61            62           55               (6.4)             10.9     
 Trust and investment advisory revenues                 47            46           42               8.6               11.9     
 Income from bank-owned life insurance                  29            30           30               (13.3)            (3.3)    
 FDIC loss share income, net                            (97)          (90)         (46)             30.9              110.9    
 Securities gains (losses), net                         -             (1)          103              NM                (100.0)  
 Other income                                           91            92           90               (4.3)             1.1      
                 Total noninterest income         $    1,020    $    963     $    922              23.5              10.6     


Fourth Quarter 2012 compared to Fourth Quarter 2011

Noninterest income was  $1.0 billion  for the fourth quarter of 2012 compared to
 $922 million  for the fourth quarter of 2011, an increase of  $98 million, or
10.6%. Insurance income was  $108 million  higher, primarily due to the
acquisition of Crump Insurance on  April 2, 2012, which added approximately  $83
million  in revenue for the quarter, and firming market conditions for insurance
premiums. Mortgage banking income improved  $96 million, or 71.1%, as a result
of  $93 million  in higher gains on residential mortgage loan production and
sales. Investment banking and brokerage fees and commissions increased  $23
million  compared to the prior year quarter as a result of a higher level of
debt and equity offerings in the current quarter and increased investment
commission fee income. FDIC loss share income decreased  $51 million  compared
to the fourth quarter of 2011 primarily as a result of a  $42 million  lower
offset to the provision for covered loans. Net securities gains (losses)
decreased  $103 million  compared to the fourth quarter of 2011 due to  $137
million  in lower gains on securities sold and a decrease in
other-than-temporary impairments totaling  $34 million.  

Fourth Quarter 2012 compared to Third Quarter 2012

Noninterest income for the fourth quarter of 2012 increased  $57 million, or
23.5% annualized, compared to the third quarter of 2012. Insurance income
increased  $29 million  compared to the third quarter of 2012, primarily due to
a seasonally stronger fourth quarter. Mortgage banking income was up  $20
million  compared to the prior quarter due to  $15 million  in higher gains on
residential mortgage production and sales. Investment banking and brokerage fees
and commissions increased 35.4% annualized, or  $8 million, due to improved
market conditions.

 NONINTEREST EXPENSE                                                                               % Change             % Change        
 (dollars in millions)                                   Q4             Q3             Q4             Q4 12 vs.            Q4 12 vs.       
                                                       2012           2012           2011           Q3 12                Q4 11           
                                                                                                 (annualized)                        
 Personnel expense                                       $    823      $    797      $    679               13.0              21.2    
 Foreclosed property expense                                  48            54            346               (44.2)            (86.1)  
 Occupancy and equipment expense                              172           166           159               14.4              8.2     
 Loan-related expense                                         73            85            59                (56.2)            23.7    
 Regulatory charges                                           35            40            46                (49.7)            (23.9)  
 Professional services                                        46            36            49                110.5             (6.1)   
 Software expense                                             38            36            33                22.1              15.2    
 Amortization of intangibles                                  28            31            24                (38.5)            16.7    
 Merger-related and restructuring charges, net                11            43            16                NM                (31.3)  
 Other expense                                                214           241           207               (44.6)            3.4     
                   Total noninterest expense            $    1,488    $    1,529    $    1,618             (10.7)            (8.0)   
                                                                                                                                    
 NM - not meaningful.                                                                                                                               


Fourth Quarter 2012 compared to Fourth Quarter 2011

Noninterest expense was  $1.5 billion  for fourth quarter of 2012, a decrease of
 $130 million  compared to the same quarter of 2011. This decrease was primarily
due to a decline in foreclosed property expense totaling  $298 million, or
86.1%, which reflects the impact of a more aggressive approach to reducing
foreclosed property that was undertaken in the fourth quarter of 2011.
Foreclosed real estate, excluding covered assets, has decreased  $429 million 
since  December 31, 2011, and is now at the lowest level since the third quarter
of 2007. Noninterest expense for the fourth quarter of 2012 also included an
increase in personnel expense of  $144 million, or 21.2%, compared to the same
quarter of the prior year. This includes  $66 million  in personnel expense
related to the Crump Insurance acquisition, a  $39 million  increase in
production-related incentives and commissions and other performance incentives,
and a  $14 million  increase in pension expense. Loan-related expense increased 
$14 million  compared to the same quarter of the prior year primarily due to
higher expenses related to investor-owned loans. Occupancy and equipment expense
increased  $13 million  largely the result of the Crump Insurance and
BankAtlantic acquisitions. Regulatory charges declined  $11 million, or 23.9%,
as a result of improved credit quality, which has led to lower deposit insurance
premiums.

Fourth Quarter 2012 compared to Third Quarter 2012

Noninterest expense was  $1.5 billion  for the fourth quarter of 2012, a
decrease of  $41 million  compared to the third quarter of 2012. Merger-related
and restructuring expense decreased  $32 million  compared to the prior quarter
as a result of contract termination and severance expense recorded in the third
quarter related to the BankAtlantic acquisition. Other expenses decreased  $27
million  due to lower insurance-related expenses and a higher level of operating
charge-offs and similar expenses recorded in the third quarter of 2012.
Loan-related expense declined  $12 million  compared to the prior quarter
primarily due to lower expenses related to mortgage loan repurchase activity.
Personnel expense increased  $26 million  due to increases in production-related
incentives and commissions.

 LOANS AND LEASES  - average balances                                                                                         % Change        % Change   
 (dollars in millions)                                                Q4                      Q3               Q4               Q4 12 vs.       Q4 12 vs.  
                                                                    2012                    2012             2011             Q3 12           Q4 11      
                                                                                                                           (annualized)               
 Commercial and industrial                                            $           38,022     $    37,516     $    35,232     5.4             7.9        
 Commercial real estate - other                                                   11,032          10,823          10,839     7.7             1.8        
 Commercial real estate - residential ADC                                         1,398           1,534           2,298      (35.3)          (39.2)     
 Direct retail lending                                                            15,767          15,520          14,183     6.3             11.2       
 Sales finance loans                                                              7,724           7,789           7,308      (3.3)           5.7        
 Revolving credit loans                                                           2,280           2,234           2,159      8.2             5.6        
 Residential mortgage loans                                                       23,820          23,481          20,051     5.7             18.8       
 Other lending subsidiaries                                                       10,051          9,998           8,627      2.1             16.5       
                 Total loans and leases held for investment                                                                                            
                                         (excluding covered loans)              110,094         108,895         100,697    4.4             9.3        
 Covered loans                                                                    3,477           3,826           5,109      (36.3)          (31.9)     
                 Total loans and leases held for investment          $           113,571    $    112,721    $    105,806    3.0             7.3        


Fourth Quarter 2012 compared to Fourth Quarter 2011

Average loans held for investment for the fourth quarter of 2012 totaled  $113.6
billion, up  $7.8 billion, or 7.3%, compared to the corresponding period of
2011. The increase in average loans and leases was broad-based with notable
growth in the residential mortgage, commercial and industrial, direct retail and
other lending subsidiaries portfolios. The increase in average loans and leases
was partially offset by continued runoff in the commercial real estate -
residential ADC and covered loan portfolios. During the fourth quarter of 2012,
the classification of certain loans was revised to more accurately depict the
nature of the underlying loans. These reclassifications resulted in a reduction
in commercial and industrial average balances of approximately  $130 million,
with a corresponding increase in commercial real estate - other average
balances.

Average residential mortgage loans increased  $3.8 billion, or 18.8%, compared
to the fourth quarter of 2011, which primarily reflects growth from management's
previous strategy of retaining a higher portion of residential mortgage
production in the held for investment portfolio. This strategy was modified late
in the second quarter such that the majority of future mortgage production will
be directed to the held for sale portfolio. Growth in the average residential
mortgage loan portfolio was also impacted by the acquisition of BankAtlantic in
the third quarter of 2012. Average commercial and industrial loans increased
7.9% (8.3% adjusted for the reclassification noted above), compared to the
fourth quarter of 2011, driven by geographic expansion and broadened industry
sector expertise in middle-market corporate lending. Average direct retail loans
were up  $1.6 billion, or 11.2%, as a result of growth in home equity loans and
non-real estate loans generated through the wealth and small business lending
channels. Average loans in other lending subsidiaries were up  $1.4 billion, or
16.5%, compared to the fourth quarter of 2011, based on strong growth from small
ticket consumer finance and equipment finance of 48.2% and 29.0%, respectively.
Average commercial real estate - other increased  $193 million, or 1.8%. The
increase was 0.6% adjusted for the loan reclassification described above.

Average commercial real estate - residential ADC declined  $900 million, or
39.2%, compared to the fourth quarter of 2011 due to continued weakness in
residential real estate development. In addition, covered loans continued to
runoff, resulting in a decline of  $1.6 billion  or 31.9%.

Fourth Quarter 2012 compared to Third Quarter 2012

Average loans held for investment for the fourth quarter of 2012 increased  $850
million, or an annualized 3.0%, compared to the third quarter of 2012. Average
commercial and industrial loans and leases increased  $506 million, or an
annualized 5.4% (6.7% adjusted for the loan reclassification), compared to the
prior quarter, reflecting continued growth in middle market corporate lending
throughout BB&T's footprint. Average loan balances in the commercial and
industrial loan portfolio were negatively impacted by the reclassification
previously noted. Average residential mortgage loans increased  $339 million, or
an annualized 5.7%, compared to the prior quarter, which primarily reflects the
impact of the BankAtlantic acquisition on average loan balances. Average direct
retail loans increased  $247 million, or an annualized 6.3%, as a result of the
BankAtlantic acquisition and higher loan production during the quarter. Average
loans in commercial real estate - other increased  $209 million, which was
primarily the result of the loan reclassification described above (adjusted
annualized increase of 2.9%).

Declines in average commercial real estate - residential ADC and the covered
loan portfolio of 35.3% and 36.3% on an annualized basis, respectively,
partially offset the loan growth described above. The decline in the commercial
real estate - residential ADC portfolio reflects continued weakness in certain
aspects of this portfolio. The decline in the covered loan portfolio reflects
expected loan runoff.

 DEPOSITS  - average balances                                                                         % Change             % Change       
 (dollars in millions)                                Q4               Q3               Q4               Q4 12 vs.            Q4 12 vs.      
                                                    2012             2012             2011             Q3 12                Q4 11          
                                                                                                     (annualized)                       
 Noninterest-bearing deposits                         $    31,849     $    29,990     $    25,216              24.7              26.3   
 Interest checking                                         19,837          20,157          19,467              (6.3)             1.9    
 Money market and savings                                  47,965          47,500          44,789              3.9               7.1    
 Certificates and other time deposits                      31,724          30,727          32,290              12.9              (1.8)  
 Foreign office deposits - interest-bearing                387             321             163                 81.8              137.4  
                  Total deposits                     $    131,762    $    128,695    $    121,925             9.5               8.1    


Fourth Quarter 2012 compared to Fourth Quarter 2011

Average deposits for the fourth quarter of 2012 increased  $9.8 billion, or
8.1%, compared to the same period of 2011. The mix of the portfolio has
continued to improve with growth of  $6.6 billion  and  $3.5 billion  in
noninterest-bearing and lower-cost interest-checking, money market and savings
accounts, respectively, and a decrease in certificates and other time deposits
totaling  $566 million. The cost of interest-bearing deposits was 0.38% for the
fourth quarter of 2012, a decrease of 18 basis points compared to the same
period of 2011.

The growth in noninterest-bearing deposits was led by commercial accounts, which
contributed  $4.4 billion  of the growth in this category. Noninterest-bearing
deposits for retail accounts and public funds grew  $1.2 billion  and  $978
million, respectively. The increase in interest checking and money market and
savings accounts was driven by increases in retail and commercial accounts of 
$4.1 billion  and  $1.7 billion, respectively. The growth in these accounts was
partially offset by a decrease in interest checking and money market and savings
accounts held by public funds totaling  $2.3 billion. Certificates and other
time deposits decreased  $566 million, while the cost for these products
declined 40 basis points.  

Fourth Quarter 2012 compared to Third Quarter 2012

Average deposits for the fourth quarter of 2012 increased  $3.1 billion, or 9.5%
on an annualized basis, compared to the third quarter of 2012. The cost of
interest-bearing deposits continued to improve based on strong growth in average
noninterest-bearing deposits, which increased  $1.9 billion, or 24.7% on an
annualized basis. Overall the cost of interest-bearing deposits decreased four
basis points to 0.38% during the fourth quarter of 2012.

The growth in average noninterest-bearing deposits was led by commercial
accounts, which increased  $1.2 billion, or an annualized 22.4%, while retail
and public fund noninterest bearing accounts increased  $261 million  and  $385
million, respectively. Average certificates and other time deposits increased 
$997 million, while the cost of this funding source declined nine basis points
to 0.90%. Money market and savings accounts increased  $465 million  during the
fourth quarter of 2012, based on strong growth in retail accounts, which
increased  $620 million  compared to the prior quarter.

 SEGMENT RESULTS                                                            Change           Change         
 (dollars in millions)                 Q4           Q3            Q4           Q4 12 vs.        Q4 12 vs.      
                                     2012         2012          2011         Q3 12            Q4 11          
                                                                                                         
 Community Banking                     $    220    $    250     $    50     $      (30)     $      170    
 Residential Mortgage Banking               86          83           37            3               49     
 Dealer Financial Services                  38          53           49            (15)            (11)   
 Specialized Lending                        72          43           64            29              8      
 Insurance Services                         39          16           25            23              14     
 Financial Services                         90          71           79            19              11     
 Other, Treasury and Corporate              4           (20)         96            24              (92)   
             Total net income         $    549    $    496     $    400    $      53       $      149    


Fourth Quarter 2012 compared to Fourth Quarter 2011

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. The
fourth quarter of 2012 results for Community Banking include BankAtlantic, which
was converted in  October 2012.

Community Banking net income was  $220 million  in the fourth quarter of 2012,
an increase of  $170 million  over the fourth quarter of 2011. The increase in
net income compared to the fourth quarter of 2011 was primarily due to a  $276
million  decrease in noninterest expense and a  $55 million  increase in
noninterest income, offset by a  $103 million  increase in the provision for
income taxes, a  $32 million  increase in allocated corporate expenses and a 
$30 million  decrease in segment net interest income. The decrease in
noninterest expense was driven by lower foreclosed property expenses. The
increase in noninterest income was primarily due to the allocation of losses on
commercial loans held for sale in the prior year. Community Banking also
benefited from an increase in debit interchange fees and service charges on
deposits in the current quarter partially due to BankAtlantic. The decrease in
segment net interest income was primarily due to lower funds transfer pricing
("FTP") credits earned on deposits compared to the prior year. The decrease in
net funds transfer pricing was partially offset by improvements in the deposit
mix as a result of checking balance growth and a managed reduction in client
certificates of deposits.

Residential Mortgage Banking

Residential Mortgage Banking retains and services mortgage loans originated by
Community Banking as well as those purchased from various correspondent
originators. Mortgage loan products include fixed- and adjustable-rate
government 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  $86 million  in the fourth quarter
of 2012, an increase of  $49 million  over the fourth quarter of 2011. The
increase in net income was primarily attributable to a  $95 million  increase in
noninterest income and a  $15 million  increase in segment net interest income,
partially offset by a  $30 million  increase in the provision for income taxes
and a  $17 million  increase in the allocated provision for loan and lease
losses. The increase in noninterest income was driven by higher mortgage loan
production and sales, partially offset by a decrease in the fair value of net
mortgage servicing rights. The increase in segment net interest income was
driven by growth of 18.4% in average residential mortgage loans held for
investment, when compared to the fourth quarter of 2011. The increase in the
allocated provision for loan and lease losses was primarily due to reserve rate
adjustments.

Dealer Financial Services

Dealer Financial Services primarily 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 provides financing and
servicing to dealers for their inventories.

Dealer Financial Services net income was  $38 million  in the fourth quarter of
2012, a decrease of  $11 million  from the fourth quarter of 2011. The decrease
in net income was primarily due to a  $25 million  increase in the allocated
provision for loan and lease losses partially offset by an  $11 million 
increase in segment net interest income. The increase in the allocated provision
for loan and lease losses was primarily due to loan growth and reserve rate
adjustments for Regional Acceptance Corporation. The increase in segment net
interest income was primarily attributable to Regional Acceptance Corporation,
which benefited from lower FTP cost of funding coupled with growth in the loan
portfolio. Dealer Financial Services grew average loans by 4.8% compared to the
fourth quarter of 2011.

Specialized Lending

BB&T's Specialized Lending segment 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, dealer-based
financing of equipment for consumers and small businesses, and direct consumer
finance.

Specialized Lending net income was  $72 million  in the fourth quarter of 2012,
an increase of  $8 million  over the fourth quarter of 2011. The increase in net
income was primarily due to a  $20 million  increase in segment net interest
income and an  $8 million  increase in noninterest income, partially offset by
an  $11 million  increase in noninterest expense and a  $10 million  increase in
the provision for income taxes. Segment net interest income growth was driven by
48.2% growth in average loan balances in small ticket financing, which resulted
from expanded dealer financing relationships. In addition, Mortgage Warehouse
Lending's average loan balances grew 31.5% when compared to the same period of
the prior year, as a result of increased market penetration, higher commitment
levels, and higher line usage. The increase in noninterest income was driven by
higher Equipment Finance leasing income and Grandbridge commercial mortgage
banking income. The increase in noninterest expense was the result of higher
personnel and incentive expense, depreciation on property held under Equipment
Finance operating leases and Grandbridge loan servicing provision expense.

Insurance Services

BB&T's insurance agency / brokerage network is the eighth largest in the world.
Insurance Services provides property and casualty, life, and health insurance to
business 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. In addition, Insurance Services underwrites
a limited amount of property and casualty coverage.

Insurance Services net income was  $39 million  in the fourth quarter of 2012,
an increase of  $14 million  over the fourth quarter of 2011. Noninterest income
growth of  $113 million  was primarily driven by the acquisition of Crump
Insurance on  April 2, 2012, which contributed  $83 million  of insurance income
in the fourth quarter of 2012. In addition, Insurance Services benefited from
organic growth through higher commissions on property and casualty insurance as
insurance pricing continues to firm. Employee benefit commission growth was
driven by revenues from two  California-based companies acquired in the fourth
quarter of 2011: Precept, a full-service employee benefits consulting and
administrative solutions firm, and Liberty Benefit Insurance Services, a
full-service employee benefits broker. Higher noninterest income growth was
offset by an  $84 million  increase in noninterest expense, primarily the result
of acquisition-related personnel costs.

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., a subsidiary of Branch Bank. The segment includes BB&T Securities, a
full-service brokerage and investment banking firm, and the Corporate Banking
Division, which originates and services large corporate relationships,
syndicated lending relationships, and client derivatives.

Financial Services net income was  $90 million, an increase of  $11 million 
over the fourth quarter of 2011. The increase in net income was driven by a  $17
million  decrease in the allocated provision for loan and lease losses, a  $12
million  increase in noninterest income and a  $9 million  increase in segment
net interest income. The decrease in provision expense was primarily due to
reserve rate adjustments related to the commercial and industrial loan
portfolio. The increase in noninterest income was driven by higher investment
banking and brokerage fees and commissions, and higher trust and investment
advisory revenues. The increase in segment net interest income was primarily due
to strong loan and transaction deposit growth generated by Corporate Banking and
BB&T Wealth. Corporate Banking's loan and transaction deposit growth over the
prior year totaled 39.9% and 129.6%, respectively. These increases were
generated through strong growth in both existing core markets as well as newer
markets, including  Texas. BB&T Wealth had loan and transaction deposit growth
over the prior year totaling 26.5% and 23.8%, which was driven by client
acquisition and cross-selling initiatives. The growth in noninterest income and
segment net interest income was offset by a  $20 million  increase in
noninterest expense primarily related to incentives for revenue producers and a 
$7 million  increase in the provision for income taxes.

BB&T Wealth has expanded its loan delivery platform to provide a tailored
origination and servicing experience to meet the unique needs of the wealth
client, making its lending products more competitive in the market and enabling
BB&T Wealth to better serve current clients and compete for new clients. Segment
net interest income for Financial Services includes the net interest margin and
FTP related to the loans and deposits assigned to the Wealth Division that are
housed in the Community Bank.

Other, Treasury & Corporate

Net income in Other, Treasury & Corporate can vary due to 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. In the fourth quarter of 2012, Other, Treasury & Corporate
generated net income of  $4 million, compared to net income of  $96 million  in
the fourth quarter of 2011. The decrease in net income was driven by a  $185
million  decrease in noninterest income, partially offset by a  $53 million 
decrease in the allocated provision for loan and lease losses and a  $42 million
 decrease in allocated corporate expenses. The decrease in noninterest income
was primarily due to securities gains on the investment portfolio in the prior
year, a decrease in the offset for provision of covered loans and allocation of
losses on commercial loans held for sale to the Community Banking segment in the
prior year, and offsets to higher mortgage loan and insurance referral income
generated by the Community Banking and Insurance segments. The decrease in the
allocated provision for loan and lease losses was the result of the decline in
the provision for covered loans, while the decrease in allocated corporate
expenses was primarily due to changes in intersegment service center
allocations.

Fourth Quarter 2012 compared to Third Quarter 2012

Community Banking

Community Banking net income was  $220 million  in the fourth quarter of 2012, a
 $30 million  decrease from the prior quarter. The decrease in net income
compared to the prior quarter was driven by a  $37 million  increase in
noninterest expense, primarily related to the inclusion of BankAtlantic in the
segment for the fourth quarter and an intersegment change in occupancy expenses.
There was also a  $37 million  increase in the allocated provision for loan and
lease losses, primarily due to segment loan growth and reserve rate adjustments.
These changes were partially offset by a  $16 million  decrease in the provision
for income taxes and a  $15 million  increase in noninterest income. The
increase in noninterest income was primarily due to higher debit interchange
fees and service charges on deposits partially due to BankAtlantic.

Residential Mortgage Banking

Residential Mortgage Banking net income was  $86 million  in the fourth quarter
of 2012, an increase of  $3 million  over the prior quarter. The increase in net
income compared to the prior quarter was primarily due to a  $16 million 
increase in noninterest income, a  $13 million  decrease in noninterest expense
and an  $8 million  increase in segment net interest income, partially offset by
a  $33 million  increase in the allocated provision for loan and lease losses.
The increase in noninterest income was driven by higher mortgage loan production
and sales, partially offset by a decrease in the fair value of net mortgage
servicing rights. The decrease in noninterest expense was driven by lower loan
repurchase reserve expense. The increase in the allocated provision for loan and
lease losses was primarily due to reserve rate adjustments.  

Dealer Financial Services

Dealer Financial Services net income was  $38 million  in the fourth quarter of
2012, a decrease of  $15 million  from the prior quarter. The decrease in net
income compared to the prior quarter was primarily due to a  $24 million 
increase in the allocated provision for loan and lease losses as a result of
reserve rate adjustments and seasonally higher loan charge-offs in the Regional
Acceptance loan portfolio, offset by a  $9 million  decrease in the provision
for income taxes.

Specialized Lending

Specialized Lending net income was  $72 million  in the fourth quarter of 2012,
an increase of  $29 million  over the prior quarter. The increase in net income
compared to the prior quarter was driven by a  $44 million  decrease in the
allocated provision for loan and lease losses, offset by a  $19 million 
increase in the provision for income taxes. This decrease in provision expense
was primarily the result of reserve rate adjustments on its commercial and
industrial loan portfolio, as well as prior quarter adjustments to loss factors
resulting from an acceleration in the timing of certain consumer loan
charge-offs.

Insurance Services

Insurance Services net income was  $39 million  in the fourth quarter of 2012, a
 $23 million  increase over the prior quarter. The increase in net income
compared to the prior quarter was primarily related to seasonality in the
property and casualty insurance and life insurance businesses, with insurance
noninterest income rising by  $34 million. This increase in insurance
noninterest income was offset by an  $11 million  increase in the provision for
income taxes.

Financial Services

Financial Services net income was  $90 million, a  $19 million  increase over
the prior quarter. The increase in net income compared to the prior quarter was
driven by a  $20 million  decrease in the allocated provision for loan and lease
losses and a  $12 million  increase in noninterest income, partially offset by
an  $11 million  increase in noninterest expense. The decrease in provision
expense was driven by reserve rate adjustments related to the commercial and
industrial loan portfolio and loan growth. The increase in noninterest income
was primarily due to higher investment banking and brokerage fees and
commissions, while the increase in noninterest expense was primarily related to
higher commissions and incentives for revenue producers.

Other, Treasury & Corporate

In the fourth quarter of 2012, Other, Treasury & Corporate generated net income
of  $4 million, compared to a net loss of  $20 million  in the prior quarter.
Fourth quarter results reflect intersegment transfer of BankAtlantic's banking
network to the Community Banking segment as of the conversion in  October 2012.
The increase in net income compared to the prior quarter was driven by a  $78
million  decrease in noninterest expense, partially offset by a  $28 million 
decrease in segment net interest income and a  $28 million  decrease in
noninterest income. Net income performance for the quarter was driven by the
reduction of merger-related costs associated with the BankAtlantic acquisition
in the prior quarter.

 CAPITAL RATIOS  (1)                                        2012                                     2011  
                                                            Q4       Q3       Q2       Q1      Q4    
 Risk-based                                                                                          
                              Tier 1 (%)                   11.4     10.9     10.2     12.8    12.5  
                              Total (%)                    14.3     14.0     13.5     16.2    15.7  
 Leverage (%)                                               8.2      7.9      7.3      9.1     9.0   
 Tangible common equity (%) (2)                             6.9      6.8      6.9      7.1     6.9   
 Tier 1 common equity to risk-weighted assets (%) (2)       9.7      9.5      9.7      10.0    9.7   


(1)  Current quarter regulatory capital ratios are preliminary.
(2)  Tangible common equity and Tier 1 common equity ratios are non-GAAP
measures. BB&T uses the Tier 1 common equity definition used in the SCAP
assessment to calculate these ratios. See the calculations and management's
reasons for using these measures in the Capital Information - Five Quarter Trend
of the Quarterly Performance Summary.

BB&T's capital levels remained strong at  December 31, 2012. The increases in
the regulatory risk-based capital and leverage ratios were primarily due to the
issuance of  $450 million  of Tier 1 qualifying non-cumulative perpetual
preferred stock during the fourth quarter of 2012.

BB&T declared total common dividends of  $0.20  during the fourth quarter of
2012, which resulted in a dividend payout ratio of 28%.

BB&T's Tier 1 common capital ratio under the currently proposed Basel III
capital standards was estimated to be 8.0% at each date based on proposed U.S.
rules and 9.3% at  December 31, 2012  compared to 9.2% at  September 30, 2012 
based on international rules.

 ASSET QUALITY  (1)                                                                                                  Change            Change          
 (dollars in millions)                                                     Q4             Q3             Q4             Q4 12 vs.         Q4 12 vs.       
                                                                          2012           2012           2011           Q3 12             Q4 11           
                                                                                                                                                    
 Total nonperforming assets                                                $    1,536    $    1,718    $    2,450    $      (182)     $      (914)   
 Total loans 90 days past due and still accruing                                167           152           202             15               (35)    
 Total loans 30-89 days past due                                                1,068         1,028         1,132           40               (64)    
 Allowance for loan and lease losses                                            1,890         1,914         2,107           (24)             (217)   
 Total performing TDRs                                                          1,302         1,074         1,109           228              193     
                                                                                                                                                    
 Nonperforming loans and leases as a percentage of total                                                                                             
                                loans and leases (%)                           1.20          1.35          1.76            (0.15)           (0.56)  
 Nonperforming assets as a percentage of total assets (%)                       0.85          0.97          1.45            (0.12)           (0.60)  
 Allowance for loan and lease losses as a percentage of                                                                                              
                                loans and leases held for investment (%)       1.70          1.73          2.05            (0.03)           (0.35)  
 Net charge-offs as a percentage of average loans and                                                                                                
                                leases (%) annualized                          1.04          1.08          1.46            (0.04)           (0.42)  
 Ratio of allowance for loan and lease losses to net                                                                                                 
                                charge-offs (times) annualized                 1.60          1.59          1.40            0.01             0.20    
 Ratio of allowance for loan and lease losses to                                                                                                     
                                nonperforming loans and leases held for                                                                             
                                investment (times)                             1.37          1.24          1.13            0.13             0.24    


(1)  Excludes amounts related to covered assets and government guaranteed loans.
See footnotes on the Credit Quality pages of the Quarterly Performance Summary
for additional information.

Nonperforming assets, excluding covered foreclosed real estate, decreased  $182
million  compared to  September 30, 2012  due to declines of  $160 million  in
nonperforming loans and  $22 million  in foreclosed real estate and other
foreclosed property. Nonperforming assets have declined 37.3% since  December
31, 2011, and are at the lowest level since the second quarter of 2008.

Total performing troubled debt restructurings ("TDRs"), excluding loans
guaranteed by the government, were  $1.3 billion  at  December 31, 2012, an
increase of  $228 million  compared to  September 30, 2012. During the third
quarter of 2012, a national bank regulatory agency issued guidance that requires
certain loans to be accounted for as TDRs and possibly as nonperforming,
regardless of their actual payment history and expected performance. As of 
December 31, 2012, the Company's primary regulators had not reached a final
decision on how this guidance may apply to its regulated entities. Based upon a
preliminary interpretation of this guidance, BB&T classified these loans as TDRs
in the fourth quarter, which resulted in the increase noted above. Approximately
77% of these loans have been current for two years or more and approximately 92%
are less than 60 days past due. As a result, the Company has concluded that it
has a reasonable expectation of collection of principal and interest and
therefore has classified these loans as performing. The Company's exposure to
any potential collateral shortfall has been considered in the allowance for loan
and lease losses recorded at  December 31, 2012. In addition, BB&T classified
approximately  $44 million  of loans already on nonaccrual status as TDRs as a
result of this evaluation, which had an insignificant impact on the allowance as
these loans had been previously charged down. BB&T will evaluate the impact of
any guidance related to this issue when it is issued by its primary regulators
or the SEC. This evaluation may result in additional nonperforming assets and
charge-offs in the future.

Loan delinquencies were up slightly during the fourth quarter of 2012. Loans
30-89 days past due and still accruing, excluding loans guaranteed by the
government, totaled  $1.1 billion  at  December 31, 2012, an increase of  $40
million  compared to  September 30, 2012, due primarily to normal seasonal
increases in retail loans. Loans 90 days past due and still accruing, excluding
loans guaranteed by the government, were  $167 million  at  December 31, 2012,
an increase of  $15 million  compared to  September 30, 2012.

Excluding covered loans, net charge-offs during the fourth quarter of 2012
totaled  $295 million  and were 1.04% of average loans and leases compared to 
$303 million  and 1.08% during the third quarter of 2012.

As of  December 31, 2012, the allowance for loan and lease losses was 1.70% of
total loans and leases held for investment, excluding covered loans, compared to
1.73% at  September 30, 2012, and 2.05% at  December 31, 2011. The decline in
the allowance as a percentage of total loans reflects improvement in the overall
quality of the loan portfolio. The allowance for loan and lease losses was 137%
of nonperforming loans and leases held for investment, excluding covered loans,
compared to 124% at  September 30, 2012.

Earnings presentation and Quarterly Performance Summary

To listen to BB&T's live fourth quarter 2012 earnings conference call at  7:30
a.m. (ET)  today, call (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. Replays of the conference call will be available on the BB&T
website or by dialing 1-888-203-1112 (access code 4313363) until  February 17,
2013.

To access the presentation, including an appendix reconciling non-GAAP
disclosures, go to  www.BBT.com  and click on "About" and proceed to "Investor
Relations." The presentation can be found under "View Recent Presentations."

BB&T's Fourth Quarter 2012 Quarterly Performance Summary, which contains
detailed financial schedules, is available on BB&T's website at 
www.BBT.com/financials.html.

About BB&T

As of  December 31, 2012, BB&T is one of the largest financial services holding
companies in the U.S. with  $183.9 billion  in assets and market capitalization
of  $20.4 billion. Based in  Winston-Salem, N.C., the company operates
approximately 1,830 financial centers in 12 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
J.D. Power and Associates, 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.

Current quarter capital ratios are preliminary. Credit quality data excludes
covered and government guaranteed loans where applicable.

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 Tier 1 common equity ratios are non-GAAP measures.
BB&T uses the Tier 1 common equity definition used in the SCAP assessment to
calculate these ratios. The Basel III Tier I common equity ratio is also a
non-GAAP measure and reflects management's best estimate of the proposed
regulatory requirements, which are subject to change. 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.
* Asset quality ratios have been adjusted to remove the impact of acquired loans
and foreclosed property covered by FDIC loss sharing agreements as management
believes their inclusion results in distortion of those ratios and may not be
comparable to other periods presented or to other portfolios that were not
impacted by purchase accounting.
* Fee income and 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.
* 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.

A reconciliation of these non-GAAP measures to the most directly comparable GAAP
measure is included on the Investor Relations section of BB&T's website and in
BB&T's Fourth Quarter 2012 Quarterly Performance Summary, which is available on
BB&T's website at  www.BBT.com/financials.html.

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

SOURCE  BB&T Corporation


Analysts, Alan Greer, Executive Vice President, Investor Relations,
+1-336-733-3021, or Bruce MacPherson, Vice President, Investor Relations,
+1-336-733-3058, or Media, Cynthia Williams, Senior Executive Vice President,
Corporate Communications, +1-336-733-1478

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