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

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

  PR Newswire

  WINSTON-SALEM, North Carolina, Jan. 17, 2013

WINSTON-SALEM, North Carolina, 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

  *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%

Earningspresentation 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,

To access the presentation, including an appendix reconciling non-GAAP
disclosures, go to 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 .

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 .

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
  *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 .

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.

Contact: ANALYSTS: Alan Greer, Executive Vice President, Investor Relations,
+1-336-733-3021; Bruce MacPherson, Vice President, Investor Relations,
+1-336-733-3058; MEDIA: Cynthia Williams, Senior Executive Vice President,
Corporate Communications, +1-336-733-1478
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