BB&T reports first quarter net income of US$194 million; Earnings per common share total US$.27

Improving consumer credit outlook results in lower loan loss provision

WINSTON-SALEM, North Carolina, April 22, 2010 - BB&T Corporation (NYSE: BBT) today reported earnings for the first
quarter of 2010. For the first quarter, net income totaled US$194 million, or
US$.27 per diluted common share, compared with US$318 million, or US$.48 per
diluted common share, earned during the first quarter of 2009.

"BB&T enjoyed a solid first quarter of 2010 with continued improvement in
underlying credit trends," said Chairman and Chief Executive Officer Kelly S.
King. "The build in our allowance for credit losses slowed substantially
compared to recent quarters because of better consumer and specialized
lending credit trends. Growth in nonperforming assets slowed to 5.6%,
excluding covered loans, and early stage credit indicators continued to
improve for many of our portfolios.

"Our acquisition of Colonial is providing tremendous benefits. The net
interest margin and the margin outlook for 2010 increased in the quarter,
primarily due to the accretion benefits from Colonial and lower deposit
costs. The integration of Colonial is progressing smoothly and we are on
target for the systems conversion in the second quarter. Overall, the
acquisition is exceeding our expectations and we remain very excited about
its future strategic benefits," King said.

    - Outlook for credit continues to improve
      - Rate of increase in nonperforming assets slows to 5.6% in the first
        quarter, down for the fourth consecutive quarter
      - Early stage credit indicators for the consumer loan portfolios and
        specialized lending portfolios show continued signs of improvement
      - Net charge-offs totaled 1.84% for the quarter, up 1 basis point
        compared to the fourth quarter of 2009
      - The provision for credit losses totaled US$575 million, exceeding net
        charge-offs by US$100 million, or US$.09 per share
      - The provision for credit losses increased the allowance for loan and
        lease losses as a percentage of loans and leases held for investment
        to 2.65% at March 31 compared to 2.51% at Dec. 31, 2009
      - The outlook for net charge-offs remains unchanged for 2010 at 1.80%

    - Net interest income for the first quarter increased 14.7% compared to
      the first quarter of 2009
      - The net interest margin increased to 3.88% for the first quarter, a
        31 basis point increase compared to the first quarter of 2009
      - Net interest margin increased 8 basis points compared to Dec. 31,
        2009
      - The current quarter margin is BB&T's strongest since 2005
      - The margin increase was driven primarily by higher yields on acquired
        loans and lower deposit costs
      - 2010 margin outlook improves following a reassessment of cash flows
        from acquired loans
      - Approximately 80% of the margin increase from covered loans is offset
        through other noninterest income

    - Average client deposits were up a strong 24.5% in the first quarter
      compared to the first quarter of 2009 due largely to the Colonial
       acquisition
      - Net new client transaction accounts increased 38.1% compared with the
        first quarter of 2009 including Colonial
      - Deposit mix continued to improve with 33.5% growth in average
        noninterest bearing deposit accounts and 52.2% growth in average
        interest checking
      - Average client certificates of deposit increased 13.6%
      - Excluding the Colonial acquisition, average client deposits increased
        4.8%

    - Average total loans and leases increased 4.8% for the first quarter of
      2010 compared to the same period in 2009
      - The growth results from loans acquired through the Colonial
        acquisition, loans originated by BB&T's specialized lending group,
        which increased 15.2% in the first quarter and revolving credit
        loans, which increased 12.7%
      - Commercial loans decreased 2.5% reflecting a US$2.1 billion decrease
        in residential acquisition, development and construction loans
        compared to the first quarter last year and slower overall commercial
        loan demand
      - Excluding the Colonial acquisition, average total loans decreased
        4.3%

    - BB&T's capital levels improve
      - Tier 1 common ratio improved to 8.7% at March 31 from 8.5% at
        Dec. 31, 2009
      - Tier 1 risk-based capital ratio increased to 11.7% from 11.5%
      - Tangible common equity improved to 6.4% from 6.2%

    - Net revenue growth, excluding securities gains (losses), was 6.8% in
      the first quarter compared to the first quarter of 2009
      - Pre-tax pre-provision earnings totaled US$811 million
      - Excluding securities gains (losses) and mortgage banking revenues,
        net revenue increased 12.7%

Impact from reassessment of acquired loans

During the quarter, BB&T completed its first quarterly reassessment of
cash flows on acquired loans. The reassessment resulted in additional
accretion on loans of US$22 million, which is reflected in interest income.
This level of accretion reflects one month's results based on the timing of
the reassessment. The increase results from improving expectations for cash
flows. The reassessment also revealed additional impairment in certain loans
resulting in US$19 million in additional provision for loan and lease losses.
Combined with a US$2 million reduction in noninterest income due to the net
impact of these changes on the FDIC receivable, the net benefit to earnings
was less than US$1 million. Consistent with the provisions of the FDIC loss
sharing agreements, approximately 80% of both the additional accretion and
impairment is offset through the FDIC receivable.

Efforts to work with clients, reclassification of loan modifications
cause increase in restructured loans

BB&T's performing restructured loans increased to US$1.7 billion at March
31, and prior periods were revised to reflect the retrospective application
of more definitive regulatory guidance. BB&T has continued its efforts in
recent quarters to modify certain performing loans to assist clients that
otherwise might become troubled. BB&T has a long history of working with
clients in difficult times and has continued to do so during the last two
years. BB&T fully re-underwrites each borrower before approving a
modification and rarely forgives principal or interest on any loan.

For commercial loans, performing restructured loans increased to US$969
million at March 31. These loans are typically residential acquisition,
development and construction loans where BB&T has extended the maturity of
the loan for less than one year without a sufficient corresponding increase
in the interest rate, or principal payments have been deferred to assist the
borrower. The average rate on modified commercial loans was 4.09% compared to
4.25% earned on the entire commercial portfolio in the first quarter. For
mortgage loans, BB&T underwrites the modification to a 31% debt to income
ratio. BB&T's typical mortgage restructuring includes a rate reduction to the
conforming rate plus a premium at the time of the modification. The average
interest rate of modified mortgage loans for the first quarter was 5.36%,
compared to 5.51% for the entire mortgage portfolio, indicating that BB&T has
not substantially reduced rates in mortgage loan restructurings.

Noninterest revenues decreased 18.1%; excluding securities gains (losses)
and mortgage banking revenues, noninterest revenues increased 9.4%

Noninterest income decreased US$187 million, or 18.1%, in the first
quarter of 2010 compared to the same period last year because of US$153
million in lower securities gains and a US$99 million decrease in mortgage
banking revenues. Excluding the impact of these items, noninterest income
increased 9.4% due to growth in service charges on deposit accounts, other
nondeposit fees and commissions, checkcard fees, and trust and investment
advisory revenues.

BB&T earned US$89 million in mortgage-related revenue in the first
quarter of 2010, a decrease of 52.7% compared with the first quarter of 2009.
The significant decline in mortgage banking income is due to a similar
decrease in mortgage loan production as the refinance market has slowed
substantially compared to 2009. BB&T originated US$4.8 billion of mortgage
loans during the first quarter of 2010 compared to US$7.4 billion in
originations in the first quarter last year.

BB&T earned US$253 million in insurance-related revenue in the first
quarter of 2010, relatively flat compared with the first quarter of 2009,
reflecting continued softness in the industry's pricing for insurance
premiums.

Service charges on deposit accounts totaled US$164 million in the first
quarter of 2010, an increase of 5.1% compared to the same quarter of 2009.
The increase in service charges was primarily due to additional revenue
generated by the acquired Colonial Bank customers. Checkcard fees and other
nondeposit fees and commissions increased 24.5% and 22.6%, respectively,
compared to the first quarter of 2009. The increase in checkcard fees was
primarily due to increased usage by new and existing clients. The growth in
nondeposit fees and commissions was primarily the result of issuing more
letters of credit and other commercial loan servicing fees. Trust and
investment advisory revenue increased 18.8% due to improved market
conditions.

Other noninterest income totaled US$22 million during the first quarter
of 2010, compared with US$11 million for the same period of 2009. Other
income increased US$13 million as a result of market-related increases in
trading assets for post-employment benefits that are offset by a similar
increase in personnel expense.

Noninterest expenses increase primarily due to higher credit costs

BB&T's noninterest expenses increased US$272 million, or 25.4%, in the
first quarter of 2010 compared with the same period in 2009. The increase
included US$116 million of additional net losses on sale and writedowns in
the value of foreclosed properties; US$26 million in higher foreclosed
property maintenance expenses; an additional US$12 million in FDIC insurance
expense; and US$12 million for post-employment benefits expense that are
offset by additional noninterest income. This increase includes approximately
US$128 million of growth resulting from purchase acquisitions. BB&T also
announced that projected one-time costs associated with the acquisition of
Colonial would be US$140 million, a US$45 million reduction from the estimate
at Dec. 31, 2009. The company has already expensed US$44 million of the total
projected charges.

About BB&T

As of March 31, BB&T is the 10th largest financial services holding
company in the U.S. with US$163.7 billion in assets and market capitalization
of US$22.4 billion. Based in Winston-Salem, N.C., the company operates more
than 1,800 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.

Earnings Webcast and Quarterly Performance Summary

To hear a live webcast of BB&T's first quarter 2010 earnings conference
call at 8 a.m. (ET) today, please visit our Web site at www.BBT.com.
Replays of the conference call will be available on the BB&T Web site until
Thursday, May 6, or by dialing 1-888-203-1112 (access code 4313363) until
Tuesday, April 27.

BB&T's First Quarter 2010 Quarterly Performance Summary, which contains
detailed financial schedules, is available on BB&T's Web site at
www.bbt.com/bbt/about/financialprofile/statements.html.

Regulatory capital ratios are preliminary.

This news release contains 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. BB&T's
management uses these measures to evaluate the underlying performance and
efficiency of its operations. It 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. 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. BB&T's management uses these measures to assess the quality of
capital and believes that investors may find them useful in their analysis of
the corporation. These capital measures are not necessarily comparable to
similar capital measures that may be presented by other companies.

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.

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